EX-99.1 2 d884289dex991.htm EX-99.1

Exhibit 99.1 Management Discussion & Analysis and Complete Financial Statements 4Q19 www.itau.com.br/investor-relations @Itaú @Itaú /Itaú /bancoitau facebook.com/Itaú Exhibit 99.1 Management Discussion & Analysis and Complete Financial Statements 4Q19 www.itau.com.br/investor-relations @Itaú @Itaú /Itaú /bancoitau facebook.com/Itaú

Contents Executive Summary 03 Management Income Statement and Balance Sheet Analysis 11 Discussion & Managerial Financial Margin 12 Analysis Cost of Credit 13 Credit Quality 15 Page 03 Commissions and Fees & Result from Insurance 17 Result from Insurance, Pension Plan and Premium Bonds 19 Non-interest Expenses 20 Balance Sheet 22 Credit Portfolio 23 Funding 25 Capital, Liquidity and Market Ratios 26 Results by Business Segments 27 Results by Region - Brazil and Latin America 29 Activities Abroad 30 Additional Information 32 Itaú Unibanco Shares 33 Glossary 34 Report of Independent Auditors 36 Complete Financial Statements Page 37 Contents Executive Summary 03 Management Income Statement and Balance Sheet Analysis 11 Discussion & Managerial Financial Margin 12 Analysis Cost of Credit 13 Credit Quality 15 Page 03 Commissions and Fees & Result from Insurance 17 Result from Insurance, Pension Plan and Premium Bonds 19 Non-interest Expenses 20 Balance Sheet 22 Credit Portfolio 23 Funding 25 Capital, Liquidity and Market Ratios 26 Results by Business Segments 27 Results by Region - Brazil and Latin America 29 Activities Abroad 30 Additional Information 32 Itaú Unibanco Shares 33 Glossary 34 Report of Independent Auditors 36 Complete Financial Statements Page 37

Management Discussion & Analysis Management Discussion & Analysis and Complete Financial Statements Management Discussion & Analysis Management Discussion & Analysis and Complete Financial Statements

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Executive Summary Management Discussion & Analysis Managerial Income Summary We present below the financial indicators of Itaú Unibanco determined at the end of the period. In R$ millions (except where indicated), end of period 4Q19 3Q19 4Q18 2019 2018 7,296 7,156 6,478 28,363 25,733 Recurring Net Income (1) 31,833 30,257 28,471 119,790 111,817 Operating Revenues (2) 19,439 19,071 17,382 74,630 69,084 Managerial Financial Margin (3) Recurring Return on Average Equity - Annualized - Consolidated 23.7% 23.5% 21.8% 23.7% 21.9% (3) Recurring Return on Average Equity - Annualized - Brazil 25.1% 24.6% 22.7% 24.9% 23.0% (4) Recurring Return on Average Assets - Annualized 1.7% 1.7% 1.6% 1.7% 1.6% Nonperforming Loans Ratio (90 days overdue) - Total 3.0% 2.9% 2.9% 3.0% 2.9% Nonperforming Loans Ratio (90 days overdue) - Brazil 3.4% 3.4% 3.5% 3.4% 3.5% Nonperforming Loans Ratio (90 days overdue) - Latin America 1.9% 1.4% 1.4% 1.9% 1.4% (5) Coverage Ratio (Total Allowance/NPL 90 days overdue) 229% 208% 221% 229% 221% (6) Efficiency Ratio (IE) 44.0% 45.5% 48.7% 45.5% 47.6% (7,8) 0.75 0.73 0.67 Recurring Net Income per Share (R$) (7,8) 0.77 0.57 0.64 Net Income per Share (R$) (8) 9,746 9,744 9,721 Number of Outstanding Shares at the end of the period - in millions (8) 13.54 12.90 13.55 Book Value per Share (R$) (9) Dividends and Interest on Own Capital net of Taxes 7,729 2,505 14,865 (10) 362,147 342,992 341,968 Market Capitalization (10) 89,847 82,363 88,254 Market Capitalization (US$ million) 1,738,713 1,738,339 1,649,613 Total Assets 706,664 688,993 636,934 Total Credit Portfolio, including Financial Guarantees Provided and Corporate Securities (11) 760,323 736,750 Deposits + Debentures + Securities + Borrowings and Onlending 687,640 (11) Loan Portfolio/Funding 76.7% 78.2% 77.4% Stockholders' Equity 131,987 125,719 131,757 Solvency Ratio - Prudential Conglomerate (BIS Ratio) 15.8% 15.4% 18.0% (12) Tier I Capital - BIS III 14.4% 14.1% 15.9% (12) Common Equity Tier I - BIS III 13.2% 12.8% 14.9% Liquidity Coverage Ratio (LCR) 149.1% 151.9% 171.7% (13) Net Stable Funding Ratio (NSFR) 122.2% 117.5% 127.7% 1,387,457 1,316,634 1,131,239 Assets Under Administration Total Number of Employees 94,881 96,764 100,335 Brazil 81,691 83,536 86,801 13,190 13,228 13,534 Abroad 4,504 4,704 4,940 Branches and CSBs - Client Service Branches (14) 46,271 47,518 48,476 ATM - Automated Teller Machines Note: (1) Operating Revenues are the sum of Managerial Financial Margin, Commissions and Fees and Revenues from Insurance, Pension Plan and Premium Bonds Operations before Retained Claims and Selling Expenses; (2) Detailed in Managerial Financial Margin section; (3) Annualized Return was calculated by dividing Recurring Net Income by Average Stockholders’ Equity. The quotient was multiplied by the number of periods in the year to derive the annualized rate. The calculation bases of returns were adjusted by the amount of dividends that has not yet been approved at shareholders’ or Board meetings, proposed after the balance sheet closing date; (4) The return was calculated by dividing Recurring Net Income by Average Assets; (5) Includes the balance of allowance for financial guarantees provided; (6) For further details on the calculation methodologies, please refer to the Glossary section; (7) Calculated based on the weighted average number of outstanding shares for the period; (8) Considers the 50% stock split occurred in November 2018; (9) Interest on own capital. Amounts paid/provisioned, declared and reserved in stockholders’ equity; (10) Total number of outstanding shares (common and non-voting shares) multiplied by the average price of the non-voting share on the last trading day in the period; (11) As detailed in the Balance Sheet section; (12) For periods prior to 2019, considers the immediate and full application of the Basel III rules; (13) We began to disclose the NSFR in 4Q18. For further details, please refer to the Capital, Liquidity and Market Ratios section; (14) Includes ESBs (electronic service branches) and service points at third-party locations and Banco24Horas ATMs. Itaú Unibanco Holding S.A. 05 Other Balance Sheet Shares Performance ResultsExecutive Summary Management Discussion & Analysis Managerial Income Summary We present below the financial indicators of Itaú Unibanco determined at the end of the period. In R$ millions (except where indicated), end of period 4Q19 3Q19 4Q18 2019 2018 7,296 7,156 6,478 28,363 25,733 Recurring Net Income (1) 31,833 30,257 28,471 119,790 111,817 Operating Revenues (2) 19,439 19,071 17,382 74,630 69,084 Managerial Financial Margin (3) Recurring Return on Average Equity - Annualized - Consolidated 23.7% 23.5% 21.8% 23.7% 21.9% (3) Recurring Return on Average Equity - Annualized - Brazil 25.1% 24.6% 22.7% 24.9% 23.0% (4) Recurring Return on Average Assets - Annualized 1.7% 1.7% 1.6% 1.7% 1.6% Nonperforming Loans Ratio (90 days overdue) - Total 3.0% 2.9% 2.9% 3.0% 2.9% Nonperforming Loans Ratio (90 days overdue) - Brazil 3.4% 3.4% 3.5% 3.4% 3.5% Nonperforming Loans Ratio (90 days overdue) - Latin America 1.9% 1.4% 1.4% 1.9% 1.4% (5) Coverage Ratio (Total Allowance/NPL 90 days overdue) 229% 208% 221% 229% 221% (6) Efficiency Ratio (IE) 44.0% 45.5% 48.7% 45.5% 47.6% (7,8) 0.75 0.73 0.67 Recurring Net Income per Share (R$) (7,8) 0.77 0.57 0.64 Net Income per Share (R$) (8) 9,746 9,744 9,721 Number of Outstanding Shares at the end of the period - in millions (8) 13.54 12.90 13.55 Book Value per Share (R$) (9) Dividends and Interest on Own Capital net of Taxes 7,729 2,505 14,865 (10) 362,147 342,992 341,968 Market Capitalization (10) 89,847 82,363 88,254 Market Capitalization (US$ million) 1,738,713 1,738,339 1,649,613 Total Assets 706,664 688,993 636,934 Total Credit Portfolio, including Financial Guarantees Provided and Corporate Securities (11) 760,323 736,750 Deposits + Debentures + Securities + Borrowings and Onlending 687,640 (11) Loan Portfolio/Funding 76.7% 78.2% 77.4% Stockholders' Equity 131,987 125,719 131,757 Solvency Ratio - Prudential Conglomerate (BIS Ratio) 15.8% 15.4% 18.0% (12) Tier I Capital - BIS III 14.4% 14.1% 15.9% (12) Common Equity Tier I - BIS III 13.2% 12.8% 14.9% Liquidity Coverage Ratio (LCR) 149.1% 151.9% 171.7% (13) Net Stable Funding Ratio (NSFR) 122.2% 117.5% 127.7% 1,387,457 1,316,634 1,131,239 Assets Under Administration Total Number of Employees 94,881 96,764 100,335 Brazil 81,691 83,536 86,801 13,190 13,228 13,534 Abroad 4,504 4,704 4,940 Branches and CSBs - Client Service Branches (14) 46,271 47,518 48,476 ATM - Automated Teller Machines Note: (1) Operating Revenues are the sum of Managerial Financial Margin, Commissions and Fees and Revenues from Insurance, Pension Plan and Premium Bonds Operations before Retained Claims and Selling Expenses; (2) Detailed in Managerial Financial Margin section; (3) Annualized Return was calculated by dividing Recurring Net Income by Average Stockholders’ Equity. The quotient was multiplied by the number of periods in the year to derive the annualized rate. The calculation bases of returns were adjusted by the amount of dividends that has not yet been approved at shareholders’ or Board meetings, proposed after the balance sheet closing date; (4) The return was calculated by dividing Recurring Net Income by Average Assets; (5) Includes the balance of allowance for financial guarantees provided; (6) For further details on the calculation methodologies, please refer to the Glossary section; (7) Calculated based on the weighted average number of outstanding shares for the period; (8) Considers the 50% stock split occurred in November 2018; (9) Interest on own capital. Amounts paid/provisioned, declared and reserved in stockholders’ equity; (10) Total number of outstanding shares (common and non-voting shares) multiplied by the average price of the non-voting share on the last trading day in the period; (11) As detailed in the Balance Sheet section; (12) For periods prior to 2019, considers the immediate and full application of the Basel III rules; (13) We began to disclose the NSFR in 4Q18. For further details, please refer to the Capital, Liquidity and Market Ratios section; (14) Includes ESBs (electronic service branches) and service points at third-party locations and Banco24Horas ATMs. Itaú Unibanco Holding S.A. 05 Other Balance Sheet Shares Performance Results

Executive Summary Management Discussion & Analysis Managerial Income Statement In this report, besides the adjustment of non-recurring events, we apply managerial criteria to present our income statement. In relation to the accounting statement, these criteria affect the breakdown of our income statement but not the net income. Among the managerial adjustments, we highlight the tax effects of the hedge of investments abroad - originally included in tax expenses (PIS and COFINS) and income tax and social contribution on net income, which are reclassified to the financial margin. These reclassifications enable us to carry out business analyses from the management point of view and are shown in the table below. th Accounting and Managerial Financial Statements Reconciliation | 4 quarter of 2019 Non-recurring Tax Effect Managerial Accounting Managerial Events of Hedge Reclassifications In R$ millions Operating Revenues 33,063 (1,020) ( 636) 426 3 1,833 Managerial Financial Margin 17,758 927 (636) 1 ,390 19,439 Financial Margin with Clients 15,815 927 - 1 ,390 18,132 Financial Margin with the Market 1,943 - ( 636) - 1 ,307 Commissions and Fees 1 1,131 60 - (835) 1 0,356 Revenues from Insurance, Pension Plan and Premium Bonds 1 ,266 (16) - 789 2,038 Operations Before Retained Claims and Selling Expenses Other Operating Income 408 - - (408) - Equity in Earnings of Affiliates and Other Investments 467 - - (467) - Non-operating Income 2 ,033 (1,991) - ( 42) - Cost of Credit (9,017) 4,460 - (1,254) ( 5,811) Provision for Loan Losses (9,945) 4,460 - (660) (6,145) Impairment - - - ( 230) (230) Discounts Granted - - - (379) ( 379) Recovery of Loans Written Off as Losses 928 - - 15 943 Retained Claims ( 330) - - - ( 330) Other Operating Expenses (17,788) 1 ,854 78 884 (14,972) Non-interest Expenses (15,826) 1 ,859 - 957 (13,011) Tax Expenses for ISS, PIS, Cofins and Other Taxes (1,960) ( 5) 78 (73) (1,959) Insurance Selling Expenses ( 2) - - - ( 2) Income before Tax and Profit Sharing 5,928 5 ,294 (558) 56 1 0,719 Income Tax and Social Contribution 1 ,587 (5,375) 558 (154) (3,384) Profit Sharing Management Members - Statutory ( 98) - - 98 - Minority Interests 65 ( 104) - - ( 39) Net Income 7 ,482 (186) - - 7 ,296 Non-Recurring Events Net of Tax Effects In R$ millions 4Q19 3Q19 4Q18 2019 2018 Net Income 7,482 5, 576 6, 206 26,583 24,977 186 ( 1,580) (272) ( 1,780) (755) (-) Non-Recurring Events 2 ,303 - - 2,303 - Revaluation of the tax credit balance (2,453) - - ( 2,453) - Constitution of provision for loan losses 1,974 - - 1,974 - Gain due to the primary issuance of XP Investimentos shares - ( 1,431) - (1,431) - Voluntary Severance Program Civil, Fiscal and Labor contingencies (1,307) - - ( 1,307) - ( 155) ( 149) (171) ( 622) ( 673) Goodwill Amortization Liability Adequacy Test 9 - ( 85) ( 59) (56) (37) - (18) (37) (112) Impairment, mainly related to technology Provision for contingencies (economic plans) - - - - 97 - - - - ( 9) Integration of Citibank ( 148) - 2 (148) ( 3) Other Recurring Net Income 7,296 7, 156 6,478 28, 363 25, 733 Itaú Unibanco Holding S.A. 06 Executive Summary Management Discussion & Analysis Managerial Income Statement In this report, besides the adjustment of non-recurring events, we apply managerial criteria to present our income statement. In relation to the accounting statement, these criteria affect the breakdown of our income statement but not the net income. Among the managerial adjustments, we highlight the tax effects of the hedge of investments abroad - originally included in tax expenses (PIS and COFINS) and income tax and social contribution on net income, which are reclassified to the financial margin. These reclassifications enable us to carry out business analyses from the management point of view and are shown in the table below. th Accounting and Managerial Financial Statements Reconciliation | 4 quarter of 2019 Non-recurring Tax Effect Managerial Accounting Managerial Events of Hedge Reclassifications In R$ millions Operating Revenues 33,063 (1,020) ( 636) 426 3 1,833 Managerial Financial Margin 17,758 927 (636) 1 ,390 19,439 Financial Margin with Clients 15,815 927 - 1 ,390 18,132 Financial Margin with the Market 1,943 - ( 636) - 1 ,307 Commissions and Fees 1 1,131 60 - (835) 1 0,356 Revenues from Insurance, Pension Plan and Premium Bonds 1 ,266 (16) - 789 2,038 Operations Before Retained Claims and Selling Expenses Other Operating Income 408 - - (408) - Equity in Earnings of Affiliates and Other Investments 467 - - (467) - Non-operating Income 2 ,033 (1,991) - ( 42) - Cost of Credit (9,017) 4,460 - (1,254) ( 5,811) Provision for Loan Losses (9,945) 4,460 - (660) (6,145) Impairment - - - ( 230) (230) Discounts Granted - - - (379) ( 379) Recovery of Loans Written Off as Losses 928 - - 15 943 Retained Claims ( 330) - - - ( 330) Other Operating Expenses (17,788) 1 ,854 78 884 (14,972) Non-interest Expenses (15,826) 1 ,859 - 957 (13,011) Tax Expenses for ISS, PIS, Cofins and Other Taxes (1,960) ( 5) 78 (73) (1,959) Insurance Selling Expenses ( 2) - - - ( 2) Income before Tax and Profit Sharing 5,928 5 ,294 (558) 56 1 0,719 Income Tax and Social Contribution 1 ,587 (5,375) 558 (154) (3,384) Profit Sharing Management Members - Statutory ( 98) - - 98 - Minority Interests 65 ( 104) - - ( 39) Net Income 7 ,482 (186) - - 7 ,296 Non-Recurring Events Net of Tax Effects In R$ millions 4Q19 3Q19 4Q18 2019 2018 Net Income 7,482 5, 576 6, 206 26,583 24,977 186 ( 1,580) (272) ( 1,780) (755) (-) Non-Recurring Events 2 ,303 - - 2,303 - Revaluation of the tax credit balance (2,453) - - ( 2,453) - Constitution of provision for loan losses 1,974 - - 1,974 - Gain due to the primary issuance of XP Investimentos shares - ( 1,431) - (1,431) - Voluntary Severance Program Civil, Fiscal and Labor contingencies (1,307) - - ( 1,307) - ( 155) ( 149) (171) ( 622) ( 673) Goodwill Amortization Liability Adequacy Test 9 - ( 85) ( 59) (56) (37) - (18) (37) (112) Impairment, mainly related to technology Provision for contingencies (economic plans) - - - - 97 - - - - ( 9) Integration of Citibank ( 148) - 2 (148) ( 3) Other Recurring Net Income 7,296 7, 156 6,478 28, 363 25, 733 Itaú Unibanco Holding S.A. 06

Executive Summary Management Discussion & Analysis th 4 quarter of 2019 Income Statement In R$ millions 4Q19 3Q19 D' 4Q18 D' 2019 2018 D' Operating Revenues 31,833 30,257 5.2% 28,471 11.8% 1 19,790 1 11,817 7.1% Managerial Financial Margin 1 9,439 19,071 1.9% 17,382 11.8% 7 4,630 69,084 8.0% Financial Margin with Clients 1 8,132 17,621 2.9% 16,233 11.7% 69,056 63,599 8.6% Financial Margin with the Market 1,307 1,450 -9.9% 1 ,149 13.7% 5,573 5,486 1.6% Commissions and Fees 1 0,356 9,267 11.8% 9 ,192 12.7% 3 7,307 3 5,079 6.4% Revenues from Insurance, Pension Plan and Premium Bonds 2,038 1,920 6.2% 1 ,897 7.4% 7,853 7,653 2.6% Operations Before Retained Claims and Selling Expenses Cost of Credit (5,811) (4,495) 29.3% (3,415) 70.1% (18,154) ( 14,066) 29.1% Provision for Loan Losses (6,145) ( 4,922) 24.8% (3,796) 61.9% (19,680) (16,082) 22.4% Impairment (230) ( 70) 230.7% ( 269) -14.4% (372) (546) -31.8% Discounts Granted (379) (300) 26.5% (312) 21.5% ( 1,377) (1,154) 19.3% Recovery of Loans Written Off as Losses 943 796 18.5% 961 -1.9% 3,275 3,716 -11.9% Retained Claims (330) (338) -2.5% (294) 12.4% (1,265) (1,228) 3.0% Other Operating Expenses ( 14,972) ( 14,573) 2.7% (14,687) 1.9% (57,819) (56,289) 2.7% Non-interest Expenses (13,011) (12,796) 1.7% (12,793) 1.7% (50,626) (49,376) 2.5% Tax Expenses for ISS, PIS, Cofins and Other Taxes (1,959) (1,771) 10.6% (1,881) 4.2% ( 7,168) ( 6,845) 4.7% Insurance Selling Expenses (2) (6) -62.4% (14) -83.5% (25) (68) -62.7% Income before Tax and Minority Interests 10,719 10,851 -1.2% 10,075 6.4% 42,552 40,234 5.8% Income Tax and Social Contribution (3,384) (3,516) -3.7% (3,352) 1.0% ( 13,496) ( 13,731) -1.7% Minority Interests in Subsidiaries ( 39) (179) -77.9% ( 245) -83.9% (693) (769) -9.9% Recurring Net Income 7,296 7,156 1.9% 6,478 12.6% 28,363 25,733 10.2% Performance: Recurring Net Income Recurring net income reached R$7.3 billion in the fourth quarter of 2019, a 1.9% increase from the previous quarter. The recurring return on average equity was 23.7%. The R$7.3 billion in 4Q19 continuous effect from the change in the mix of products and the increase in the loan portfolios for individuals and for very small, small and middle-market companies in Brazil R$ millions + 1.9% boosted the 2.9% increase in the financial margin with clients. A positive highlight was the +12.6% + 10.2% 11.8% growth in commissions and fees driven by higher revenues from fund management fees, investment banking, brokerage services and card issuing activities. On the other hand, non-interest expenses increased 1.7% mainly due to the higher expenses on 28,363 25,733 terminations and labor claims and seasonally higher administrative expenses. Higher 7,296 7,156 6,478 provisions for loan losses in Latin America led to an increase in the cost of credit in the period. In 2019, recurring net income increased 10.2%. Financial margin with clients increased 4Q18 3Q19 4Q19 8.6% mainly as a result of the growth in the loan portfolios for individuals and for very- 2018 2019 small, small and middle-market companies. Commissions and fees were up by 6.4% due to the increase in revenues from investment banking, brokerage services, fund management fees and credit card issuing activities. These increases were partially offset by the 29.1% increase in cost of credit, driven by the growth in loan portfolios for individuals in Brazil and the increase in provisions in Latin America. Non-interest expenses grew 2.5%, despite the inflation rate of 4.3% in the period and the impact of the collective wage agreement. Itaú Unibanco Holding S.A. 07 Executive Summary Management Discussion & Analysis th 4 quarter of 2019 Income Statement In R$ millions 4Q19 3Q19 D' 4Q18 D' 2019 2018 D' Operating Revenues 31,833 30,257 5.2% 28,471 11.8% 1 19,790 1 11,817 7.1% Managerial Financial Margin 1 9,439 19,071 1.9% 17,382 11.8% 7 4,630 69,084 8.0% Financial Margin with Clients 1 8,132 17,621 2.9% 16,233 11.7% 69,056 63,599 8.6% Financial Margin with the Market 1,307 1,450 -9.9% 1 ,149 13.7% 5,573 5,486 1.6% Commissions and Fees 1 0,356 9,267 11.8% 9 ,192 12.7% 3 7,307 3 5,079 6.4% Revenues from Insurance, Pension Plan and Premium Bonds 2,038 1,920 6.2% 1 ,897 7.4% 7,853 7,653 2.6% Operations Before Retained Claims and Selling Expenses Cost of Credit (5,811) (4,495) 29.3% (3,415) 70.1% (18,154) ( 14,066) 29.1% Provision for Loan Losses (6,145) ( 4,922) 24.8% (3,796) 61.9% (19,680) (16,082) 22.4% Impairment (230) ( 70) 230.7% ( 269) -14.4% (372) (546) -31.8% Discounts Granted (379) (300) 26.5% (312) 21.5% ( 1,377) (1,154) 19.3% Recovery of Loans Written Off as Losses 943 796 18.5% 961 -1.9% 3,275 3,716 -11.9% Retained Claims (330) (338) -2.5% (294) 12.4% (1,265) (1,228) 3.0% Other Operating Expenses ( 14,972) ( 14,573) 2.7% (14,687) 1.9% (57,819) (56,289) 2.7% Non-interest Expenses (13,011) (12,796) 1.7% (12,793) 1.7% (50,626) (49,376) 2.5% Tax Expenses for ISS, PIS, Cofins and Other Taxes (1,959) (1,771) 10.6% (1,881) 4.2% ( 7,168) ( 6,845) 4.7% Insurance Selling Expenses (2) (6) -62.4% (14) -83.5% (25) (68) -62.7% Income before Tax and Minority Interests 10,719 10,851 -1.2% 10,075 6.4% 42,552 40,234 5.8% Income Tax and Social Contribution (3,384) (3,516) -3.7% (3,352) 1.0% ( 13,496) ( 13,731) -1.7% Minority Interests in Subsidiaries ( 39) (179) -77.9% ( 245) -83.9% (693) (769) -9.9% Recurring Net Income 7,296 7,156 1.9% 6,478 12.6% 28,363 25,733 10.2% Performance: Recurring Net Income Recurring net income reached R$7.3 billion in the fourth quarter of 2019, a 1.9% increase from the previous quarter. The recurring return on average equity was 23.7%. The R$7.3 billion in 4Q19 continuous effect from the change in the mix of products and the increase in the loan portfolios for individuals and for very small, small and middle-market companies in Brazil R$ millions + 1.9% boosted the 2.9% increase in the financial margin with clients. A positive highlight was the +12.6% + 10.2% 11.8% growth in commissions and fees driven by higher revenues from fund management fees, investment banking, brokerage services and card issuing activities. On the other hand, non-interest expenses increased 1.7% mainly due to the higher expenses on 28,363 25,733 terminations and labor claims and seasonally higher administrative expenses. Higher 7,296 7,156 6,478 provisions for loan losses in Latin America led to an increase in the cost of credit in the period. In 2019, recurring net income increased 10.2%. Financial margin with clients increased 4Q18 3Q19 4Q19 8.6% mainly as a result of the growth in the loan portfolios for individuals and for very- 2018 2019 small, small and middle-market companies. Commissions and fees were up by 6.4% due to the increase in revenues from investment banking, brokerage services, fund management fees and credit card issuing activities. These increases were partially offset by the 29.1% increase in cost of credit, driven by the growth in loan portfolios for individuals in Brazil and the increase in provisions in Latin America. Non-interest expenses grew 2.5%, despite the inflation rate of 4.3% in the period and the impact of the collective wage agreement. Itaú Unibanco Holding S.A. 07

Executive Summary Management Discussion & Analysis Highlights in 4Q19 Commissions, Fees and Result from Financial Margin with Clients Cost of Credit 1 Insurance R$18.1 billion R$5.8 billion R$ millions R$ millions R$12.1 billion R$ millions + 2.9% + 8.6% + 29.3% + 29.1% + 11.3% + 5.9% 63,599 69,056 18,154 + 11.7% + 70.1% + 11.9% 41,436 43,870 1,377 5,811 14,066 372 12,062 379 37,307 17,621 18,132 1,154 35,079 4,495 10,782 10,842 16,233 230 3,415 546 300 312 70 16,405 10,356 269 5,202 12,366 9,192 9,267 4,126 2,834 6,357 6,563 1,590 1,575 1,706 2018 2019 4Q18 3Q19 4Q19 2018 2019 4Q18 3Q19 4Q19 2018 2019 4Q18 3Q19 4Q19 Discounts Granted Commissions and Fees Result from Insurance¹ Impairment Provision for Loan Losses Net of Recovery of Loans Cost of Credit The 2.9% increase in the quarter was driven by the In the quarter, the increase in provision for loan Higher revenues from fund management fees, continuous change in the mix of products and the losses in our Latin America operations was the investment banking, brokerage services and card increase in the loan portfolios for individuals and main responsible for the increase of 29.3% in the issuing activities resulted in the 11.3% growth in for very small, small and middle-market companies cost of credit. the quarter. in Brazil. The negative impacts of lower interest rates on the liability margin and lower credit In 2019, the higher provisioning for operations in The growth of 5.9% in 2019 is related to higher spreads, partially offset these positive effects. Latin America and the acceleration of credit revenues from: (i) investment banking and origination in the portfolios of individuals and of brokerage services, as a result of higher capital Loan portfolios for individuals and for very small, very small, small and middle-market companies led market activity; (ii) fund management fees driven small and middle-market companies in Brazil also to the 29.1% growth in the cost of credit. by the increase in balance of assets under increased in 2019. This increase was partially offset administration and performance fees; and (iii) credit by lower spreads in credit products and by the card issuing activities. These effects were partially impact of the interest rate reduction on our offset by the lower revenues from acquiring working capital and on the liability margin. This services. combination resulted in 8.6% higher margin with clients in the period. Further details on page 12 Further details on page 13 Further details on pages 17-18 Non-Interest Expenses Return on Equity R$13.0 billion R$ millions 23.7% 24.8% 24.6% 24.6% 25.1% 22.7% + 1.7 % + 2.5 % 23.6% 23.7% 23.5% 23.5% + 1.7 % 21.8% 3.0% 3.2% 49,376 50,626 3.1% 3.0% 3.0% 12,793 12,796 13,011 4Q18 1Q19 2Q19 3Q19 4Q19 Annualized Recurring Return on Average Equity (quarterly) - Consolidated 4Q18 3Q19 4Q19 2018 2019 Non-Interest Expenses (R$ million) Annualized Recurring Return on Average Equity (quarterly) - Brazil Non-Interest Expenses / Average Assets (Annualized) The 1.7% increase in the quarter was due to higher Efficiency Ratio (E.R.) expenses on employee terminations and labor claims, administrative expenses that are seasonally higher in the last quarter of the year and expenses in Latin America. 47.4 47.7 47.6 47.7 47.5 In 2019, non-interest expenses grew 2.5%, despite 46.4 47.0 46.6 45.5 inflation (IPCA) of 4.3% in the period and the impact of the collective wage agreement. 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Trailing 12-month Efficiency Ratio (%) Further details on pages 20-21 Further details on page 21 ¹ Result from insurance operations includes the revenues from insurance, pension plan and premium bonds, net of retained claims and selling expenses. 08 Itaú Unibanco Holding S.A. Executive Summary Management Discussion & Analysis Highlights in 4Q19 Commissions, Fees and Result from Financial Margin with Clients Cost of Credit 1 Insurance R$18.1 billion R$5.8 billion R$ millions R$ millions R$12.1 billion R$ millions + 2.9% + 8.6% + 29.3% + 29.1% + 11.3% + 5.9% 63,599 69,056 18,154 + 11.7% + 70.1% + 11.9% 41,436 43,870 1,377 5,811 14,066 372 12,062 379 37,307 17,621 18,132 1,154 35,079 4,495 10,782 10,842 16,233 230 3,415 546 300 312 70 16,405 10,356 269 5,202 12,366 9,192 9,267 4,126 2,834 6,357 6,563 1,590 1,575 1,706 2018 2019 4Q18 3Q19 4Q19 2018 2019 4Q18 3Q19 4Q19 2018 2019 4Q18 3Q19 4Q19 Discounts Granted Commissions and Fees Result from Insurance¹ Impairment Provision for Loan Losses Net of Recovery of Loans Cost of Credit The 2.9% increase in the quarter was driven by the In the quarter, the increase in provision for loan Higher revenues from fund management fees, continuous change in the mix of products and the losses in our Latin America operations was the investment banking, brokerage services and card increase in the loan portfolios for individuals and main responsible for the increase of 29.3% in the issuing activities resulted in the 11.3% growth in for very small, small and middle-market companies cost of credit. the quarter. in Brazil. The negative impacts of lower interest rates on the liability margin and lower credit In 2019, the higher provisioning for operations in The growth of 5.9% in 2019 is related to higher spreads, partially offset these positive effects. Latin America and the acceleration of credit revenues from: (i) investment banking and origination in the portfolios of individuals and of brokerage services, as a result of higher capital Loan portfolios for individuals and for very small, very small, small and middle-market companies led market activity; (ii) fund management fees driven small and middle-market companies in Brazil also to the 29.1% growth in the cost of credit. by the increase in balance of assets under increased in 2019. This increase was partially offset administration and performance fees; and (iii) credit by lower spreads in credit products and by the card issuing activities. These effects were partially impact of the interest rate reduction on our offset by the lower revenues from acquiring working capital and on the liability margin. This services. combination resulted in 8.6% higher margin with clients in the period. Further details on page 12 Further details on page 13 Further details on pages 17-18 Non-Interest Expenses Return on Equity R$13.0 billion R$ millions 23.7% 24.8% 24.6% 24.6% 25.1% 22.7% + 1.7 % + 2.5 % 23.6% 23.7% 23.5% 23.5% + 1.7 % 21.8% 3.0% 3.2% 49,376 50,626 3.1% 3.0% 3.0% 12,793 12,796 13,011 4Q18 1Q19 2Q19 3Q19 4Q19 Annualized Recurring Return on Average Equity (quarterly) - Consolidated 4Q18 3Q19 4Q19 2018 2019 Non-Interest Expenses (R$ million) Annualized Recurring Return on Average Equity (quarterly) - Brazil Non-Interest Expenses / Average Assets (Annualized) The 1.7% increase in the quarter was due to higher Efficiency Ratio (E.R.) expenses on employee terminations and labor claims, administrative expenses that are seasonally higher in the last quarter of the year and expenses in Latin America. 47.4 47.7 47.6 47.7 47.5 In 2019, non-interest expenses grew 2.5%, despite 46.4 47.0 46.6 45.5 inflation (IPCA) of 4.3% in the period and the impact of the collective wage agreement. 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Trailing 12-month Efficiency Ratio (%) Further details on pages 20-21 Further details on page 21 ¹ Result from insurance operations includes the revenues from insurance, pension plan and premium bonds, net of retained claims and selling expenses. 08 Itaú Unibanco Holding S.A.

Executive Summary Management Discussion & Analysis Highlights in 4Q19 Credit Portfolio with Financial Guarantees Provided and Corporate Securities In R$ billions, end of period 4Q19 3Q19 4Q18 D'D' Individuals 2 39.8 229.7 4.4% 2 11.3 13.5% Credit Card Loans 9 0.9 83.3 9.1% 7 7.5 17.4% Personal Loans 3 4.6 34.2 0.9% 29.2 18.2% 1 Payroll Loans 49.4 49.3 0.1% 46.7 5.8% Vehicle Loans 19.0 18.0 5.6% 15.9 19.3% Mortgage Loans 45.9 4 4.8 2.5% 4 2.0 9.3% 2 89.6 84.0 6.6% 70.8 26.6% Very Small, Small and Middle Market Loans 329.4 313.8 5.0% 2 82.1 16.8% Individuals + Very Small, Small and Middle Market Loans Companies 2 11.0 2 04.2 3.3% 1 91.6 10.1% Corporate Loans 1 54.1 157.0 -1.8% 1 53.3 0.5% 3 5 6.9 4 7.3 20.5% 38.3 48.4% Corporate Securities 5 40.4 5 18.0 4.3% 473.8 14.1% Total Brazil with Financial Guarantees Provided and Corporate 1 66.3 171.0 -2.8% 1 63.2 1.9% Latin America Argentina 8 .2 8 .8 -6.9% 10.3 -20.3% Chile 111.8 115.6 -3.3% 1 06.5 5.0% Colombia 27.5 2 7.4 0.6% 27.6 -0.1% Paraguay 7.4 7 .9 -6.3% 8.3 -10.8% Panama 1 .3 1 .6 -17.2% 1 .1 18.0% Uruguay 1 0.0 9 .7 3.3% 9.4 6.2% Total with Financial Guarantees Provided and Corporate Securities 706.7 689.0 2.6% 6 36.9 10.9% Total with Financial Guarantees Provided and Corporate Securities 706.7 679.5 4.0% 632.3 11.8% 4 (ex-foreign exchange rate variation) (1) Includes operations originated by the institution and acquired operations. (2) Includes Rural Loans to Individuals. (3) Includes Debentures, Certificates of Real Estate Receivables (CRI) and Com- mercial Paper. (4) Calculated based on the conversion of the foreign currency portfolio (U.S. dollar and Latin American currencies). Note: the Mortgage and Rural Loan portfolios from the companies segment are allocated according to the client’s size. Further details on pages 23 and 24. NPL Ratio (%) | over 90 days Coverage Ratio | 90 days NPL Ratio (%) | 15 to 90 days + 10 bps vs. third quarter of 2019 + 21 p.p. vs. third quarter of 2019 stable vs. third quarter of 2019 2.3% 3.0% 229% + 10 bps vs. fourth quarter of 2018 + 8 p.p. vs. fourth quarter of 2018 stable s vs. fourth quarter of 2018 248% 235% 229% 221% 3.1 3.1 208% 208% 208% 3.7 3.7 2.9 3.7 3.5 3.5 2.8 3.5 3.4 2.5 3.4 3.4 2.6 2.6 2.4 2.5 2.5 2.3 2.3 2.7 2.7 3.1 3.1 2.7 2.7 3.0 3.0 2.8 2.9 2.9 2.9 2.4 2.3 2.4 2.9 2.6 2.5 2.5 2.3 2.3 2.3 2.4 2.2 1.9 97% 1.6 95% 92% 1.5 1.5 1.4 90% 88% 1.3 1.4 1.4 1.4 87% 86% Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Total Brazil¹ Latin America² Total Brazil¹ Latin America² Total Total (Expanded³) Total non-performing over 90 days ratio increased The constitution of provision due to the The consolidated short-term delinquency ratio 10 basis points from the previous quarter. improvement of expected loss provisioning remained at its lowest level since the merger In Brazil the ratio remained stable since the 10 models led to the increase of 21 percentage between Itaú and Unibanco. basis point increase for individuals was offset by points in the coverage ratio and of 11 percentage the 80 basis point reduction for large companies. points in the expanded coverage ratio from the In Brazil, the short-term delinquency ratio for previous quarter. individuals decreased due to the lower delinquen- The increase in Latin America was observed in cy rate in the credit card, vehicles and mortgage specific operations in the corporate segment, both loan portfolios. For companies, delinquency rates in Chile and Colombia. increased both for very-small, small and middle- market companies and corporate segment, with no concentration in a specific client or sector. Further details on pages 15-16 Further details on pages 15-16 Further details on pages 15-16 ¹ Includes units abroad ex-Latin America. ² Excludes Brazil. ³ Calculated by dividing the total allowance by the balance of operations more than 90 days overdue and renegotiated operations, excluding double counting of renegotiated operations more than 90 days overdue. Itaú Unibanco Holding S.A. 09 Executive Summary Management Discussion & Analysis Highlights in 4Q19 Credit Portfolio with Financial Guarantees Provided and Corporate Securities In R$ billions, end of period 4Q19 3Q19 4Q18 D'D' Individuals 2 39.8 229.7 4.4% 2 11.3 13.5% Credit Card Loans 9 0.9 83.3 9.1% 7 7.5 17.4% Personal Loans 3 4.6 34.2 0.9% 29.2 18.2% 1 Payroll Loans 49.4 49.3 0.1% 46.7 5.8% Vehicle Loans 19.0 18.0 5.6% 15.9 19.3% Mortgage Loans 45.9 4 4.8 2.5% 4 2.0 9.3% 2 89.6 84.0 6.6% 70.8 26.6% Very Small, Small and Middle Market Loans 329.4 313.8 5.0% 2 82.1 16.8% Individuals + Very Small, Small and Middle Market Loans Companies 2 11.0 2 04.2 3.3% 1 91.6 10.1% Corporate Loans 1 54.1 157.0 -1.8% 1 53.3 0.5% 3 5 6.9 4 7.3 20.5% 38.3 48.4% Corporate Securities 5 40.4 5 18.0 4.3% 473.8 14.1% Total Brazil with Financial Guarantees Provided and Corporate 1 66.3 171.0 -2.8% 1 63.2 1.9% Latin America Argentina 8 .2 8 .8 -6.9% 10.3 -20.3% Chile 111.8 115.6 -3.3% 1 06.5 5.0% Colombia 27.5 2 7.4 0.6% 27.6 -0.1% Paraguay 7.4 7 .9 -6.3% 8.3 -10.8% Panama 1 .3 1 .6 -17.2% 1 .1 18.0% Uruguay 1 0.0 9 .7 3.3% 9.4 6.2% Total with Financial Guarantees Provided and Corporate Securities 706.7 689.0 2.6% 6 36.9 10.9% Total with Financial Guarantees Provided and Corporate Securities 706.7 679.5 4.0% 632.3 11.8% 4 (ex-foreign exchange rate variation) (1) Includes operations originated by the institution and acquired operations. (2) Includes Rural Loans to Individuals. (3) Includes Debentures, Certificates of Real Estate Receivables (CRI) and Com- mercial Paper. (4) Calculated based on the conversion of the foreign currency portfolio (U.S. dollar and Latin American currencies). Note: the Mortgage and Rural Loan portfolios from the companies segment are allocated according to the client’s size. Further details on pages 23 and 24. NPL Ratio (%) | over 90 days Coverage Ratio | 90 days NPL Ratio (%) | 15 to 90 days + 10 bps vs. third quarter of 2019 + 21 p.p. vs. third quarter of 2019 stable vs. third quarter of 2019 2.3% 3.0% 229% + 10 bps vs. fourth quarter of 2018 + 8 p.p. vs. fourth quarter of 2018 stable s vs. fourth quarter of 2018 248% 235% 229% 221% 3.1 3.1 208% 208% 208% 3.7 3.7 2.9 3.7 3.5 3.5 2.8 3.5 3.4 2.5 3.4 3.4 2.6 2.6 2.4 2.5 2.5 2.3 2.3 2.7 2.7 3.1 3.1 2.7 2.7 3.0 3.0 2.8 2.9 2.9 2.9 2.4 2.3 2.4 2.9 2.6 2.5 2.5 2.3 2.3 2.3 2.4 2.2 1.9 97% 1.6 95% 92% 1.5 1.5 1.4 90% 88% 1.3 1.4 1.4 1.4 87% 86% Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Total Brazil¹ Latin America² Total Brazil¹ Latin America² Total Total (Expanded³) Total non-performing over 90 days ratio increased The constitution of provision due to the The consolidated short-term delinquency ratio 10 basis points from the previous quarter. improvement of expected loss provisioning remained at its lowest level since the merger In Brazil the ratio remained stable since the 10 models led to the increase of 21 percentage between Itaú and Unibanco. basis point increase for individuals was offset by points in the coverage ratio and of 11 percentage the 80 basis point reduction for large companies. points in the expanded coverage ratio from the In Brazil, the short-term delinquency ratio for previous quarter. individuals decreased due to the lower delinquen- The increase in Latin America was observed in cy rate in the credit card, vehicles and mortgage specific operations in the corporate segment, both loan portfolios. For companies, delinquency rates in Chile and Colombia. increased both for very-small, small and middle- market companies and corporate segment, with no concentration in a specific client or sector. Further details on pages 15-16 Further details on pages 15-16 Further details on pages 15-16 ¹ Includes units abroad ex-Latin America. ² Excludes Brazil. ³ Calculated by dividing the total allowance by the balance of operations more than 90 days overdue and renegotiated operations, excluding double counting of renegotiated operations more than 90 days overdue. Itaú Unibanco Holding S.A. 09

Executive Summary Management Discussion & Analysis 2019 Forecast The results for 2019 compared to our previously disclosed forecast for 2019 are presented below. Consolidated Brazil ¹ Actual Expected Actual Expected 8.0% 11.0% 8.0% 11.0% Total Credit Portfolio ² 10.9% 14.1% 9.0% 12.0% 9.0% 12,0% Financial Margin with Clients 8.6% 9.1% R$4.6 bi R$5,6 bi R$3.6 bi R$4.6 bi Financial Margin with the Market R$5.6 bn R$3.8 bn R$14.5 bi R$17.5 bi R$12.5 bi R$15.5 bi Cost of Credit ³ R$18.2 bn R$15.5 bn 2.0% 5.0% 2.0% 5.0% 4 Commissions and Fees and Results from Insurance Operations 5.9% 6.3% 3.0% 6.0% 3.5% 6.5% Non-Interest Expenses 2.5% 3.0% 31.0% 33.0% 32.0% 34.0% Effective Tax Rate 32.5% 31.7% (1) Includes units abroad ex-Latin America; (2) Includes financial guarantees provided and corporate securities; (3) Includes Result from Loan Losses, Impairment and Discounts Granted; (4) Commis- sions and Fees (+) Revenues from Insurance, Pension Plan and Premium Bonds Operations (-) Expenses for Claims (-) Insurance, Pension Plan and Premium Bonds Selling Expenses. 2020 Forecast We present below our 2020 forecast: Consolidated Brazil ¹ Total Credit Portfolio ² 8.5% 11.5% 10.5% 13.5% Financial Margin with Clients 0.0% 3.0% 1.5% 4.5% Financial Margin with the Market R$5.7 bn R$6.7 bn R$3.8 bn R$4.8 bn Cost of Credit ³ R$18.5 bn R$17.1 bn R$22.0 bn R$20.1 bn 4 Commissions and Fees and Results from Insurance Operations 4.5% 7.5% 5.0% 8.0% Non-Interest Expenses - 2.0% 1.0% -1.5% 1.5% Effective Tax Rate 33.0% 33.5% 35.0% 35.5% (1) Includes units abroad ex-Latin America; (2) Includes financial guarantees provided and corporate securities; (3) Includes Result from Loan Losses, Impairment and Discounts Granted; (4) Commis- sions and Fees (+) Revenues from Insurance, Pension Plan and Premium Bonds Operations (-) Expenses for Claims (-) Insurance, Pension Plan and Premium Bonds Selling Expenses. Although the growth plans and projections of results presented above are based on management assumptions and information available in the market to date, these expectations involve inaccuracies and risks that are difficult to anticipate and there may be, therefore, results or consequences that differ from those anticipated. This information is not a guarantee of future performance. The use of these expectations should take into consideration the risks and uncertainties that involve any activities and that are beyond our control. These risks and uncertainties include, but are not limited to, our ability to perceive the dimension of the synergies projected and their timing, political and economic changes, volatility in interest and foreign exchange rates, technological changes, inflation, financial disintermediation, competitive pressures on products, prices and changes in tax legislation, among others. Itaú Unibanco Holding S.A. 10 Executive Summary Management Discussion & Analysis 2019 Forecast The results for 2019 compared to our previously disclosed forecast for 2019 are presented below. Consolidated Brazil ¹ Actual Expected Actual Expected 8.0% 11.0% 8.0% 11.0% Total Credit Portfolio ² 10.9% 14.1% 9.0% 12.0% 9.0% 12,0% Financial Margin with Clients 8.6% 9.1% R$4.6 bi R$5,6 bi R$3.6 bi R$4.6 bi Financial Margin with the Market R$5.6 bn R$3.8 bn R$14.5 bi R$17.5 bi R$12.5 bi R$15.5 bi Cost of Credit ³ R$18.2 bn R$15.5 bn 2.0% 5.0% 2.0% 5.0% 4 Commissions and Fees and Results from Insurance Operations 5.9% 6.3% 3.0% 6.0% 3.5% 6.5% Non-Interest Expenses 2.5% 3.0% 31.0% 33.0% 32.0% 34.0% Effective Tax Rate 32.5% 31.7% (1) Includes units abroad ex-Latin America; (2) Includes financial guarantees provided and corporate securities; (3) Includes Result from Loan Losses, Impairment and Discounts Granted; (4) Commis- sions and Fees (+) Revenues from Insurance, Pension Plan and Premium Bonds Operations (-) Expenses for Claims (-) Insurance, Pension Plan and Premium Bonds Selling Expenses. 2020 Forecast We present below our 2020 forecast: Consolidated Brazil ¹ Total Credit Portfolio ² 8.5% 11.5% 10.5% 13.5% Financial Margin with Clients 0.0% 3.0% 1.5% 4.5% Financial Margin with the Market R$5.7 bn R$6.7 bn R$3.8 bn R$4.8 bn Cost of Credit ³ R$18.5 bn R$17.1 bn R$22.0 bn R$20.1 bn 4 Commissions and Fees and Results from Insurance Operations 4.5% 7.5% 5.0% 8.0% Non-Interest Expenses - 2.0% 1.0% -1.5% 1.5% Effective Tax Rate 33.0% 33.5% 35.0% 35.5% (1) Includes units abroad ex-Latin America; (2) Includes financial guarantees provided and corporate securities; (3) Includes Result from Loan Losses, Impairment and Discounts Granted; (4) Commis- sions and Fees (+) Revenues from Insurance, Pension Plan and Premium Bonds Operations (-) Expenses for Claims (-) Insurance, Pension Plan and Premium Bonds Selling Expenses. Although the growth plans and projections of results presented above are based on management assumptions and information available in the market to date, these expectations involve inaccuracies and risks that are difficult to anticipate and there may be, therefore, results or consequences that differ from those anticipated. This information is not a guarantee of future performance. The use of these expectations should take into consideration the risks and uncertainties that involve any activities and that are beyond our control. These risks and uncertainties include, but are not limited to, our ability to perceive the dimension of the synergies projected and their timing, political and economic changes, volatility in interest and foreign exchange rates, technological changes, inflation, financial disintermediation, competitive pressures on products, prices and changes in tax legislation, among others. Itaú Unibanco Holding S.A. 10

Income Statement and Balance Sheet Analysis Management Discussion & Analysis and Complete Financial Statements Income Statement and Balance Sheet Analysis Management Discussion & Analysis and Complete Financial Statements

Income Statement Analysis Management Discussion & Analysis Managerial Financial Margin Highlights • Financial margin with clients increased by 2.9% in the quarter, driven by better mix of products and higher average volume of assets, partially offset by the decreased liabilities margin and lower asset spreads. These effects led to an increase of R$487 million in the spread-sensitive operations margin. • The 9.9% decrease in the financial margin with the market in the quarter was driven by the lower gains in the trading desk. 4Q19 3Q19 4Q18 2019 2018 R$ millions D D D Financial Margin with Clients 18,132 1 7,621 2.9% 16,233 11.7% 6 9,056 63,599 8.6% Financial Margin with the Market -9.9% 1,149 13.7% 1.6% 1,307 1,450 5,573 5,486 Total 19,071 1.9% 17,382 11.8% 69,084 8.0% 1 9,439 7 4,630 Financial Margin with Clients Change in the Financial Margin with Clients Breakdown R$ millions + R$487 million + 3.0% 1,563 18,132 (1,540) 17,621 320 (120) 16,569 364 (51) (27) 16,081 1 2 3 4 5 1 (1) (2) (1) 3Q19 Working Capital Spread-Sensitive Mix of products Asset Spreads Average Asset Liabilities Margin Others Spread-Sensitive Working Capital 4Q19 and other 3Q19 Operations 3Q19 Portfolio Operations 4Q19 and other 4Q19 1) (2) Includes capital allocated to business areas (except treasury) and the corporation working capital. Includes Latin America (ex-Brazil) spread-sensitive operations and structured operations from the wholesale segment. 1 Working capital and other (+ R$24 million): increase in the average balance exceeded the negative effect of the decrease in the interest rate on the remuneration of the working capital. 2 Mix of products (+ R$364 million): continuous effect from the change in the mix of the loan portfolio to products and segments with higher spreads, such as consumer credit and very small, small and middle-market companies. 3 Asset spreads ( - R$51 million): spread reduction in consumer credit. 4 Average asset portfolio (+ R$320 million): increase in individuals and very small, small and middle-market companies loan portfolios in the quarter. 5 Liabilities margin (- R$120 million): effect of the decrease in the interest rate. Annualized average rate of financial margin with clients 4Q19 3Q19 Average Financial Average Rate Average Financial Average Rate (1) (1) In R$ millions, end of period Balance Margin (p.a.) Balance Margin (p.a.) Financial Margin with Clients 745,921 18,132 10.0% 720,994 17,621 10.0% Spread-Sensitive Operations 6 43,659 16,569 10.6% 6 24,203 16,081 10.6% Working Capital and Other 1 02,262 1 ,563 6.2% 96,791 1 ,540 6.4% Cost of Credit (5,811) (4,495) Risk-Adjusted Financial Margin with Clients 745,921 12,321 6.7% 720,994 13,126 7.4% (1) Average daily balance. Consolidated Brazil 12.2% 12.1% 12.1% 12.2% 12.2% 12.0% 11.8% 11.9% 10.0% 10.0% 10.0% 10.0% 9.9% 9.9% 9.8% 9.8% 9.5% 9.6% 9.2% 9.2% 9.2% 9.0% 9.0% 8.4% 7.1% 6.7% 6.4% 6.4% 6.4% 6.4% 6.4% 6.0% 7.7% 7.6% 7.6% 7.6% 7.5% 7.4% 7.4% 5.0% 6.7% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Margin with clients Risk-adjusted margin with clients Excluding one-off effects in Latin America cost of credit CDI (annualized quarterly rate) Itaú Unibanco Holding S.A. 12 Income Statement Analysis Management Discussion & Analysis Managerial Financial Margin Highlights • Financial margin with clients increased by 2.9% in the quarter, driven by better mix of products and higher average volume of assets, partially offset by the decreased liabilities margin and lower asset spreads. These effects led to an increase of R$487 million in the spread-sensitive operations margin. • The 9.9% decrease in the financial margin with the market in the quarter was driven by the lower gains in the trading desk. 4Q19 3Q19 4Q18 2019 2018 R$ millions D D D Financial Margin with Clients 18,132 1 7,621 2.9% 16,233 11.7% 6 9,056 63,599 8.6% Financial Margin with the Market -9.9% 1,149 13.7% 1.6% 1,307 1,450 5,573 5,486 Total 19,071 1.9% 17,382 11.8% 69,084 8.0% 1 9,439 7 4,630 Financial Margin with Clients Change in the Financial Margin with Clients Breakdown R$ millions + R$487 million + 3.0% 1,563 18,132 (1,540) 17,621 320 (120) 16,569 364 (51) (27) 16,081 1 2 3 4 5 1 (1) (2) (1) 3Q19 Working Capital Spread-Sensitive Mix of products Asset Spreads Average Asset Liabilities Margin Others Spread-Sensitive Working Capital 4Q19 and other 3Q19 Operations 3Q19 Portfolio Operations 4Q19 and other 4Q19 1) (2) Includes capital allocated to business areas (except treasury) and the corporation working capital. Includes Latin America (ex-Brazil) spread-sensitive operations and structured operations from the wholesale segment. 1 Working capital and other (+ R$24 million): increase in the average balance exceeded the negative effect of the decrease in the interest rate on the remuneration of the working capital. 2 Mix of products (+ R$364 million): continuous effect from the change in the mix of the loan portfolio to products and segments with higher spreads, such as consumer credit and very small, small and middle-market companies. 3 Asset spreads ( - R$51 million): spread reduction in consumer credit. 4 Average asset portfolio (+ R$320 million): increase in individuals and very small, small and middle-market companies loan portfolios in the quarter. 5 Liabilities margin (- R$120 million): effect of the decrease in the interest rate. Annualized average rate of financial margin with clients 4Q19 3Q19 Average Financial Average Rate Average Financial Average Rate (1) (1) In R$ millions, end of period Balance Margin (p.a.) Balance Margin (p.a.) Financial Margin with Clients 745,921 18,132 10.0% 720,994 17,621 10.0% Spread-Sensitive Operations 6 43,659 16,569 10.6% 6 24,203 16,081 10.6% Working Capital and Other 1 02,262 1 ,563 6.2% 96,791 1 ,540 6.4% Cost of Credit (5,811) (4,495) Risk-Adjusted Financial Margin with Clients 745,921 12,321 6.7% 720,994 13,126 7.4% (1) Average daily balance. Consolidated Brazil 12.2% 12.1% 12.1% 12.2% 12.2% 12.0% 11.8% 11.9% 10.0% 10.0% 10.0% 10.0% 9.9% 9.9% 9.8% 9.8% 9.5% 9.6% 9.2% 9.2% 9.2% 9.0% 9.0% 8.4% 7.1% 6.7% 6.4% 6.4% 6.4% 6.4% 6.4% 6.0% 7.7% 7.6% 7.6% 7.6% 7.5% 7.4% 7.4% 5.0% 6.7% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Margin with clients Risk-adjusted margin with clients Excluding one-off effects in Latin America cost of credit CDI (annualized quarterly rate) Itaú Unibanco Holding S.A. 12

Income Statement Analysis Management Discussion & Analysis Cost of Credit Highlights • Increase of 24.8% in provision for loan losses in the quarter due to the increase in provisions of our operations in Latin America and to fewer rating upgrades in the Wholesale Banking in Brazil. • Compared to 2018, the 29.1% increase in cost of credit is related to the growth of the loan portfolio of individuals in Brazil and to the increase in provisions in Latin America. In R$ millions 4Q19 3Q19 D 4Q18 D 2019 2018 D Provision for Loan Losses ( 6,145) (4,922) 24.8% ( 3,796) 61.9% (19,680) (16,082) 22.4% Recovery of Loans Written Off as Losses 943 796 18.5% 961 -1.9% 3,275 3,716 -11.9% Result from Loan Losses (5,202) (4,126) 26.1% (2,834) 83.5% ( 16,405) (12,366) 32.7% Impairment (230) ( 70) 230.7% (269) -14.4% (372) (546) -31.8% Discounts Granted (379) (300) 26.5% (312) 21.5% (1,377) (1,154) 19.3% Cost of Credit (5,811) (4,495) 29.3% (3,415) 70.1% (18,154) (14,066) 29.1% Provision for Loan Losses by Segment Cost of credit increased R$1,316 million compared to the previous quarter. This increase was driven by the higher provision for loan R$ millions losses in operations in Chile and Colombia and in the Wholesale 4.2 3.7 3.4 3.5 Banking in Brazil, due to fewer rating upgrades, in addition to the 3.3 3.2 3.1 3.0 2.9 6,145 R$161 million growth in impairment charges on corporate securities. 4,922 4,407 4,483 4,271 4,206 4,111 3,796 1,252 3,904 638 These increases were partially offset by the higher recovery of loans 701 568 554 489 412 621 514 423 248 393 168 written off as losses in the Wholesale Banking in Brazil. 4,461 4,481 4,210 3,688 3,726 4,021 3,534 3,482 3,165 -298 -304 -177 -354 -371 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Cost of credit increased R$4,088 million compared to 2018 mainly due Latin America ex-Brazil to the higher provision for loan losses. The increase in provisions is Wholesale Banking - Brazil related to the higher credit origination and the growth of the Retail Retail Banking - Brazil Provision for Loan Losses / Loan portfolio (*) Annualized (%) Banking portfolio in Brazil and to the downgrades of specific corporate clients in Chile and in Colombia. Additionally, recovery of loans written (*) Average loan portfolio balance, considering the last two quarters. off as losses decreased, driven by the sales of portfolios in 2018 and Note: Retail Banking includes loan loss provisions expenses of Corporation segment. In the the increase in discounts granted. These effects were partially offset business segments section, Latin America is part of Wholesale Banking. by the decrease of R$135 million in impairment charges on corporate securities in the Wholesale Banking in Brazil. • Wholesale Banking - Brazil: fewer clients rating upgrades led to the increase in provision for loan losses of the segment. • Retail Banking - Brazil: relatively stable from the previous quarter. Cost of Credit • Latin America ex-Brazil: increase from the previous quarter, mainly R$ millions driven by downgrades of specific corporate clients in Chile and in Colombia. 3.3% 2.9% 2.5% 2.7% 2.4% 2.4% 2.5% 2.1% 2.1% 2.9% 5,811 Recovery of Loans Written off as Losses 379 4,495 4,257 4,044 3,804 230 3,601 3,788 300 3,415 3,263 390 336 70 308 284 273 R$ millions 282 312 43 285 30 1 187 ' 89 269 5,202 4,126 3,639 3,612 3,316 3,326 3,466 1,015 2,889 2,834 945 961 943 844 795 795 796 741 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Discounts Granted Impairment Result from Loan Losses 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Cost of Credit Cost of Credit / Total Risk (*) Annualized (%) Excluding specific provision expenses from Latin America In the quarter, the sale of portfolios that had already been written off (*) Average loan portfolio balance with financial guarantees provided and corporate securities, as losses in the amount of R$840 million generated a positive impact considering the last two quarters. of R$97 million in recovery of loans written off as losses and of R$58 million on recurring net income. Itaú Unibanco Holding S.A. 13 Income Statement Analysis Management Discussion & Analysis Cost of Credit Highlights • Increase of 24.8% in provision for loan losses in the quarter due to the increase in provisions of our operations in Latin America and to fewer rating upgrades in the Wholesale Banking in Brazil. • Compared to 2018, the 29.1% increase in cost of credit is related to the growth of the loan portfolio of individuals in Brazil and to the increase in provisions in Latin America. In R$ millions 4Q19 3Q19 D 4Q18 D 2019 2018 D Provision for Loan Losses ( 6,145) (4,922) 24.8% ( 3,796) 61.9% (19,680) (16,082) 22.4% Recovery of Loans Written Off as Losses 943 796 18.5% 961 -1.9% 3,275 3,716 -11.9% Result from Loan Losses (5,202) (4,126) 26.1% (2,834) 83.5% ( 16,405) (12,366) 32.7% Impairment (230) ( 70) 230.7% (269) -14.4% (372) (546) -31.8% Discounts Granted (379) (300) 26.5% (312) 21.5% (1,377) (1,154) 19.3% Cost of Credit (5,811) (4,495) 29.3% (3,415) 70.1% (18,154) (14,066) 29.1% Provision for Loan Losses by Segment Cost of credit increased R$1,316 million compared to the previous quarter. This increase was driven by the higher provision for loan R$ millions losses in operations in Chile and Colombia and in the Wholesale 4.2 3.7 3.4 3.5 Banking in Brazil, due to fewer rating upgrades, in addition to the 3.3 3.2 3.1 3.0 2.9 6,145 R$161 million growth in impairment charges on corporate securities. 4,922 4,407 4,483 4,271 4,206 4,111 3,796 1,252 3,904 638 These increases were partially offset by the higher recovery of loans 701 568 554 489 412 621 514 423 248 393 168 written off as losses in the Wholesale Banking in Brazil. 4,461 4,481 4,210 3,688 3,726 4,021 3,534 3,482 3,165 -298 -304 -177 -354 -371 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Cost of credit increased R$4,088 million compared to 2018 mainly due Latin America ex-Brazil to the higher provision for loan losses. The increase in provisions is Wholesale Banking - Brazil related to the higher credit origination and the growth of the Retail Retail Banking - Brazil Provision for Loan Losses / Loan portfolio (*) Annualized (%) Banking portfolio in Brazil and to the downgrades of specific corporate clients in Chile and in Colombia. Additionally, recovery of loans written (*) Average loan portfolio balance, considering the last two quarters. off as losses decreased, driven by the sales of portfolios in 2018 and Note: Retail Banking includes loan loss provisions expenses of Corporation segment. In the the increase in discounts granted. These effects were partially offset business segments section, Latin America is part of Wholesale Banking. by the decrease of R$135 million in impairment charges on corporate securities in the Wholesale Banking in Brazil. • Wholesale Banking - Brazil: fewer clients rating upgrades led to the increase in provision for loan losses of the segment. • Retail Banking - Brazil: relatively stable from the previous quarter. Cost of Credit • Latin America ex-Brazil: increase from the previous quarter, mainly R$ millions driven by downgrades of specific corporate clients in Chile and in Colombia. 3.3% 2.9% 2.5% 2.7% 2.4% 2.4% 2.5% 2.1% 2.1% 2.9% 5,811 Recovery of Loans Written off as Losses 379 4,495 4,257 4,044 3,804 230 3,601 3,788 300 3,415 3,263 390 336 70 308 284 273 R$ millions 282 312 43 285 30 1 187 ' 89 269 5,202 4,126 3,639 3,612 3,316 3,326 3,466 1,015 2,889 2,834 945 961 943 844 795 795 796 741 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Discounts Granted Impairment Result from Loan Losses 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Cost of Credit Cost of Credit / Total Risk (*) Annualized (%) Excluding specific provision expenses from Latin America In the quarter, the sale of portfolios that had already been written off (*) Average loan portfolio balance with financial guarantees provided and corporate securities, as losses in the amount of R$840 million generated a positive impact considering the last two quarters. of R$97 million in recovery of loans written off as losses and of R$58 million on recurring net income. Itaú Unibanco Holding S.A. 13

Income Statement Analysis Management Discussion & Analysis Allowance for Loan Losses and for Financial Guarantees Loan Portfolio by Risk Level Provided Brazil¹ Consolidated Compared to the end of September 2019, the allowance for loan losses and for financial guarantees provided were up 15.3%. This increase was Total Allowance for Loan Losses (R$ million) driven by the constitution of provision due to the improvement of 29,541 29,613 32,825 34,261 34,477 39,747 expected loss provisioning models. R$ millions Loan Portfolio by Risk Level 39,747 34,261 34,206 34,477 33,091 10,023 43.0% 43.0% 43.6% 42.9% 44.6% 44.6% 5,784 6,375 5,964 5,748 858 1,010 1,158 1,136 1,139 28,865 27,683 26,750 27,084 34.9% 31.3% 26,205 32.4% 38.2% 37.5% 36.1% 9.7% 9.8% 5.7% 10.2% 6.2% 5.5% 4.0% 4.4% 6.2% 6.0% 5.5% 4.0% Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 9.2% 8.8% 8.3% 8.0% 7.7% 8.3% Complementary Allowance Dec-18 Sep-19 Dec-19 Dec-18 Sep-19 Dec-19 Allowance for Financial Guarantees Provided AA A B C D-H Minimum Allowance We present below the total allowance allocation by type of risk Overdue Risk: Allowances for overdue loans, as required by the Brazilian Central Bank, related to the provision required for overdue operations according to CMN Resolution No. 2,682/1999. We also present the amount for loans 100% provisioned and for loans that do not require 100% of provision. Aggravated Risk: Allowances for overdue loans with aggravated risk ratings above the minimum, and allowances for renegotiated loans. Regarding renegotiated loans, we segregate allowances over the minimum for overdue operations and allowances for non-overdue operations. Potential Risk: Allowances for expected losses related to Retail Banking operations and allowances for potential losses related to Wholesale Banking operations, which includes allowance for financial guarantees provided. R$ millions Allocation of Total Allowance by Type of Risk - Consolidated Dec-19 11,523 10,828 17,396 39,747 Sep-19 11,213 10,123 13,141 34,477 Dec-18 10,335 10,399 13,527 34,261 Overdue operations according to the Renegotiations and overdue loans Potential Loss Brazilian Central Bank 17,396 Renegotiations Provision < 100% 3,999 13,527 799 13,141 564 11,523 233 2,270 10,828 11,213 2,281 10,335 10,399 3,859 10,123 79% 4,337 33% 1,419 3,419 1,326 1,504 1,208 1,258 1,241 524 1,074 3,498 3,046 4,973 1,075 3,576 4,296 3,714 Fully Provisioned Overdue 855 9,579 9,538 8,813 292 8,018 705 7,363 5,748 6,284 5,151 4,894 67% 21% 1,411 157 6,533 Dec-18 Sep-19 Dec-19 Dec-18 Sep-19 Dec-19 Dec-18 Sep-19 Dec-19 Retail - Brazil ¹ Wholesale - Brazil ¹ Latin America ² ¹ Includes units abroad ex-Latin America.² Excludes Brazil. Itaú Unibanco Holding S.A. 14 Income Statement Analysis Management Discussion & Analysis Allowance for Loan Losses and for Financial Guarantees Loan Portfolio by Risk Level Provided Brazil¹ Consolidated Compared to the end of September 2019, the allowance for loan losses and for financial guarantees provided were up 15.3%. This increase was Total Allowance for Loan Losses (R$ million) driven by the constitution of provision due to the improvement of 29,541 29,613 32,825 34,261 34,477 39,747 expected loss provisioning models. R$ millions Loan Portfolio by Risk Level 39,747 34,261 34,206 34,477 33,091 10,023 43.0% 43.0% 43.6% 42.9% 44.6% 44.6% 5,784 6,375 5,964 5,748 858 1,010 1,158 1,136 1,139 28,865 27,683 26,750 27,084 34.9% 31.3% 26,205 32.4% 38.2% 37.5% 36.1% 9.7% 9.8% 5.7% 10.2% 6.2% 5.5% 4.0% 4.4% 6.2% 6.0% 5.5% 4.0% Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 9.2% 8.8% 8.3% 8.0% 7.7% 8.3% Complementary Allowance Dec-18 Sep-19 Dec-19 Dec-18 Sep-19 Dec-19 Allowance for Financial Guarantees Provided AA A B C D-H Minimum Allowance We present below the total allowance allocation by type of risk Overdue Risk: Allowances for overdue loans, as required by the Brazilian Central Bank, related to the provision required for overdue operations according to CMN Resolution No. 2,682/1999. We also present the amount for loans 100% provisioned and for loans that do not require 100% of provision. Aggravated Risk: Allowances for overdue loans with aggravated risk ratings above the minimum, and allowances for renegotiated loans. Regarding renegotiated loans, we segregate allowances over the minimum for overdue operations and allowances for non-overdue operations. Potential Risk: Allowances for expected losses related to Retail Banking operations and allowances for potential losses related to Wholesale Banking operations, which includes allowance for financial guarantees provided. R$ millions Allocation of Total Allowance by Type of Risk - Consolidated Dec-19 11,523 10,828 17,396 39,747 Sep-19 11,213 10,123 13,141 34,477 Dec-18 10,335 10,399 13,527 34,261 Overdue operations according to the Renegotiations and overdue loans Potential Loss Brazilian Central Bank 17,396 Renegotiations Provision < 100% 3,999 13,527 799 13,141 564 11,523 233 2,270 10,828 11,213 2,281 10,335 10,399 3,859 10,123 79% 4,337 33% 1,419 3,419 1,326 1,504 1,208 1,258 1,241 524 1,074 3,498 3,046 4,973 1,075 3,576 4,296 3,714 Fully Provisioned Overdue 855 9,579 9,538 8,813 292 8,018 705 7,363 5,748 6,284 5,151 4,894 67% 21% 1,411 157 6,533 Dec-18 Sep-19 Dec-19 Dec-18 Sep-19 Dec-19 Dec-18 Sep-19 Dec-19 Retail - Brazil ¹ Wholesale - Brazil ¹ Latin America ² ¹ Includes units abroad ex-Latin America.² Excludes Brazil. Itaú Unibanco Holding S.A. 14

Income Statement Analysis Management Discussion & Analysis Credit Quality Highlights • NPL ratio 90 days overdue (NPL 90) increased from the previous quarter due to the operations in Latin America. In Brazil, the NPL ratio remained stable since the increase for individuals was offset by the decrease in the corporate segment. • NPL ratio 15 to 90 days overdue (NPL 15-90) remained stable in the quarter. The increase in the NPL ratio for very small, small and middle- market companies in Brazil was offset by the decrease in Latin America. Nonperforming Loans NPL Ratio (%) | 15 to 90 days R$ billions 3.6 3.3 3.1 3.3 3.0 3.2 3.2 17.3 2.9 2.9 2.8 2.6 3.1 16.6 16.4 2.8 2.7 15.9 2.8 15.6 2.8 2.7 15.2 2.7 15.5 2.5 15.1 2.6 14.6 14.3 14.4 3.2 2.5 2.5 3.1 2.3 14.3 2.4 13.8 2.9 13.4 2.7 13.2 13.3 2.7 2.7 13.0 2.7 2.6 2.6 12.3 2.5 2.5 2.6 2.5 2.3 2.3 2.3 2.3 2.1 2.4 2.1 2.4 2.4 2.3 2.3 2.2 1.8 * 1.5 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Nonperforming Loans over 90 days - Total Nonperforming Loans over 90 days - Brazil¹ Dec-15Mar-16Jun-16 Sep-16Dec-16Mar-17Jun-17 Sep-17Dec-17Mar-18Jun-18 Sep-18Dec-18Mar-19Jun-19 Sep-19Dec-19 • Nonperforming loans - 90 days - Total: the 4.4% increase from the Total Brazil¹ Latin America² previous quarter is mainly due to the increase in nonperforming loans * Note: Total and Latin America NPL Ratio (15-90 days) prior to June 2016 do not include of individuals in Brazil and of companies in Latin America . CorpBanca. • Consolidated: the ratio remained stable compared to the previous NPL Ratio (%) | over 90 days quarter driven by the lower delinquency rates in Latin America, offset by the increase in Brazil. 4.8 4.5 • Brazil¹: the ratio increased from the previous quarter with higher 4.4 4.2 4.2 3.9 3.9 3.8 3.7 3.7 3.7 3.5 3.5 3.5 3.4 delinquency rates in the corporate and very small, small and middle- 3.4 3.4 3.9 3.6 market companies segments. 3.5 3.4 3.4 3.2 3.2 3.1 3.0 3.2 3.1 3.0 2.9 2.9 2.9 2.8 2.9 1.6 • Latin America²: the ratio decreased from the previous quarter driven 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.3 1.3 1.2 1.2 1.2 1.1 1.9 1.1 1.1 by individuals operations in Chile and companies operations in Chile, Colombia and Uruguay. Dec-15Mar-16 Jun-16 Sep-16 Dec-16Mar-17 Jun-17 Sep-17 Dec-17Mar-18 Jun-18 Sep-18Dec-18Mar-19 Jun-19 Sep-19Dec-19 Total Brazil¹ Latin America² NPL Ratio - Brazil¹ (%) | 15 to 90 days • Consolidated: the ratio increased compared to the previous quarter driven by the Latin America operations. • Brazil¹: the ratio remained stable in the quarter, with the increase in 4.2 4.3 4.2 3.9 4.0 3.6 3.7 delinquency rates in the individuals segment, being offset by the 3.5 3.5 3.5 4.2 4.2 3.4 3.4 3.3 3.2 3.2 3.1 3.9 3.8 2.9 3.7 decrease in the corporate segment. 3.5 2.5 2.3 2.4 2.3 3.0 2.0 2.8 1.7 • Latin America²: the ratio increased in the quarter driven by 1.8 1.8 1.7 1.5 1.5 1.6 1.5 1.0 1.0 1.8 1.0 0.9 0.8 corporate operations in Chile and Colombia. 1.7 0.9 0.7 0.7 0.7 1.5 1.1 Dec-15Mar-16Jun-16Sep-16Dec-16Mar-17Jun-17Sep-17Dec-17Mar-18Jun-18 Sep-18Dec-18Mar-19Jun-19 Sep-19Dec-19 NPL Ratio - Brazil¹ (%) | over 90 days Individuals Very Small, Small and Middle Market Companies Corporate 6.3 6.0 5.8 6.0 5.8 5.6 5.2 5.1 4.9 • Individuals: the decreased from the previous quarter, driven by the 4.8 4.5 4.7 5.9 4.6 4.5 5.7 4.4 4.5 4.4 5.6 5.6 5.3 5.1 4.9 lower delinquency rates in the credit card, vehicles and mortgage loan 4.7 4.5 4.3 2.9 3.7 2.5 2.4 2.4 3.4 portfolios. 3.2 2.8 2.6 • Very small, small and middle-market companies: the ratio 1.8 1.7 1.5 1.8 1.5 1.6 1.4 1.6 1.1 1.3 1.2 1.0 1.0 1.0 0.6 increased from the previous quarter. Dec-15Mar-16Jun-16 Sep-16Dec-16Mar-17Jun-17Sep-17Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19 • Corporate: the ratio increased from the previous quarter for clients Individuals Corporate Very Small, Small and Middle Market Companies that were already adequately provisioned. There was no concentration • Individuals: the ratio increased from the previous quarter, driven by in a specific client or sector. the increase of higher risk loan portfolios in the mix of products, however within our risk appetite. • Very small, small and middle-market companies: the ratio remained stable in the quarter, still in the lowest level since the merger of Itaú and Unibanco. • Corporate: the ratio decreased from the previous quarter, mainly due to the debt restructuring and settlement of a specific corporate ¹ Includes units abroad ex-Latin America.² Excludes Brazil. client. Itaú Unibanco Holding S.A. 15 Income Statement Analysis Management Discussion & Analysis Credit Quality Highlights • NPL ratio 90 days overdue (NPL 90) increased from the previous quarter due to the operations in Latin America. In Brazil, the NPL ratio remained stable since the increase for individuals was offset by the decrease in the corporate segment. • NPL ratio 15 to 90 days overdue (NPL 15-90) remained stable in the quarter. The increase in the NPL ratio for very small, small and middle- market companies in Brazil was offset by the decrease in Latin America. Nonperforming Loans NPL Ratio (%) | 15 to 90 days R$ billions 3.6 3.3 3.1 3.3 3.0 3.2 3.2 17.3 2.9 2.9 2.8 2.6 3.1 16.6 16.4 2.8 2.7 15.9 2.8 15.6 2.8 2.7 15.2 2.7 15.5 2.5 15.1 2.6 14.6 14.3 14.4 3.2 2.5 2.5 3.1 2.3 14.3 2.4 13.8 2.9 13.4 2.7 13.2 13.3 2.7 2.7 13.0 2.7 2.6 2.6 12.3 2.5 2.5 2.6 2.5 2.3 2.3 2.3 2.3 2.1 2.4 2.1 2.4 2.4 2.3 2.3 2.2 1.8 * 1.5 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Nonperforming Loans over 90 days - Total Nonperforming Loans over 90 days - Brazil¹ Dec-15Mar-16Jun-16 Sep-16Dec-16Mar-17Jun-17 Sep-17Dec-17Mar-18Jun-18 Sep-18Dec-18Mar-19Jun-19 Sep-19Dec-19 • Nonperforming loans - 90 days - Total: the 4.4% increase from the Total Brazil¹ Latin America² previous quarter is mainly due to the increase in nonperforming loans * Note: Total and Latin America NPL Ratio (15-90 days) prior to June 2016 do not include of individuals in Brazil and of companies in Latin America . CorpBanca. • Consolidated: the ratio remained stable compared to the previous NPL Ratio (%) | over 90 days quarter driven by the lower delinquency rates in Latin America, offset by the increase in Brazil. 4.8 4.5 • Brazil¹: the ratio increased from the previous quarter with higher 4.4 4.2 4.2 3.9 3.9 3.8 3.7 3.7 3.7 3.5 3.5 3.5 3.4 delinquency rates in the corporate and very small, small and middle- 3.4 3.4 3.9 3.6 market companies segments. 3.5 3.4 3.4 3.2 3.2 3.1 3.0 3.2 3.1 3.0 2.9 2.9 2.9 2.8 2.9 1.6 • Latin America²: the ratio decreased from the previous quarter driven 1.5 1.5 1.4 1.4 1.4 1.4 1.4 1.3 1.3 1.2 1.2 1.2 1.1 1.9 1.1 1.1 by individuals operations in Chile and companies operations in Chile, Colombia and Uruguay. Dec-15Mar-16 Jun-16 Sep-16 Dec-16Mar-17 Jun-17 Sep-17 Dec-17Mar-18 Jun-18 Sep-18Dec-18Mar-19 Jun-19 Sep-19Dec-19 Total Brazil¹ Latin America² NPL Ratio - Brazil¹ (%) | 15 to 90 days • Consolidated: the ratio increased compared to the previous quarter driven by the Latin America operations. • Brazil¹: the ratio remained stable in the quarter, with the increase in 4.2 4.3 4.2 3.9 4.0 3.6 3.7 delinquency rates in the individuals segment, being offset by the 3.5 3.5 3.5 4.2 4.2 3.4 3.4 3.3 3.2 3.2 3.1 3.9 3.8 2.9 3.7 decrease in the corporate segment. 3.5 2.5 2.3 2.4 2.3 3.0 2.0 2.8 1.7 • Latin America²: the ratio increased in the quarter driven by 1.8 1.8 1.7 1.5 1.5 1.6 1.5 1.0 1.0 1.8 1.0 0.9 0.8 corporate operations in Chile and Colombia. 1.7 0.9 0.7 0.7 0.7 1.5 1.1 Dec-15Mar-16Jun-16Sep-16Dec-16Mar-17Jun-17Sep-17Dec-17Mar-18Jun-18 Sep-18Dec-18Mar-19Jun-19 Sep-19Dec-19 NPL Ratio - Brazil¹ (%) | over 90 days Individuals Very Small, Small and Middle Market Companies Corporate 6.3 6.0 5.8 6.0 5.8 5.6 5.2 5.1 4.9 • Individuals: the decreased from the previous quarter, driven by the 4.8 4.5 4.7 5.9 4.6 4.5 5.7 4.4 4.5 4.4 5.6 5.6 5.3 5.1 4.9 lower delinquency rates in the credit card, vehicles and mortgage loan 4.7 4.5 4.3 2.9 3.7 2.5 2.4 2.4 3.4 portfolios. 3.2 2.8 2.6 • Very small, small and middle-market companies: the ratio 1.8 1.7 1.5 1.8 1.5 1.6 1.4 1.6 1.1 1.3 1.2 1.0 1.0 1.0 0.6 increased from the previous quarter. Dec-15Mar-16Jun-16 Sep-16Dec-16Mar-17Jun-17Sep-17Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19 • Corporate: the ratio increased from the previous quarter for clients Individuals Corporate Very Small, Small and Middle Market Companies that were already adequately provisioned. There was no concentration • Individuals: the ratio increased from the previous quarter, driven by in a specific client or sector. the increase of higher risk loan portfolios in the mix of products, however within our risk appetite. • Very small, small and middle-market companies: the ratio remained stable in the quarter, still in the lowest level since the merger of Itaú and Unibanco. • Corporate: the ratio decreased from the previous quarter, mainly due to the debt restructuring and settlement of a specific corporate ¹ Includes units abroad ex-Latin America.² Excludes Brazil. client. Itaú Unibanco Holding S.A. 15

Income Statement Analysis Management Discussion & Analysis (*) NPL Creation over Credit Portfolio Coverage Ratio | 90 days 248% 245% 236% 235% 229% 221% 1.7% 1.6% 1.6% 1.6% 208% 208% 208% 1.6% 1.6% 1.5% 1.5% 1.4% 1.0% 1.0% 1.0% 1.0% 0.9% 0.9% 0.9% 0.8% 0.8% 100% 96% 95% 97% 92% 90% 88% 87% 86% 0.8% 0.5% 0.8% 0.4% 0.4% 0.7% 0.3% 0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.3% 0.2% Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 0.1% -0.3% Total Total (Expanded) -0.2% 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 952% 930% 908% Total Retail Banking - Brazil Wholesale Banking - Brazil Latin America ex-Brazil 639% 618% 517% 487% • Consolidated: decreased from the previous period, mainly driven by 253% 399% 249% 241% 338% the decrease in the portfolio of loans more than 90 days overdue in the 238% 235% 227% 221% 223% 215% Wholesale Banking in Brazil. 235% 228% 221% 219% 220% 206% 207% (*) 205% 204% 183% Credit portfolio of the previous quarter without financial guarantees provided and corporate 172% 169% 172% 169% 168% 169% 166% 169% securities Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Sale of Financial Assets Total - Brazil¹ Latin America ex-Brazil Retail Banking - Brazil Wholesale Banking - Brazil In the fourth quarter of 2019 we recorded sales of assets with no risk • Consolidated: the increase of 21 percentage points in total coverage retention to non-related companies with face value of R$342 million. ratio was caused by higher provisions, mainly driven by the This operation had positive impact of R$44 million on net income, constitution of provision due to the improvement of expected loss negative of R$64 million on financial margin with clients and positive of provisioning models. R$138 million on cost of credit, with an impact of 20 basis points on the NPL 90 days ratio of the corporate segment in Brazil, but without material impact on the consolidated ratio. Loan Portfolio Write-Off In addition, student credit portfolios were sold in Chile with face value R$ millions of R$419 million, with an impact of R$34 million on net income and of 5,250 4,714 4,776 4,623 R$56 million on financial margin with clients. This kind of operation 4,412 4,422 4,305 4,151 4,064 0.9% 1.0% 0.9% 0.8% 1.0% 0.8% 0.8% 0.8% 0.7% occurs annually on this period. Also in our Latin America operations we sold active portfolios with face 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 value of R$60 million, which had positive impacts of R$7 million on net Write-Off Write-Off / Loan Portfolio (*) income and of R$12 million on the cost of credit. (*) Loan portfolio average balance for the previous two quarters. Loan portfolio write-off decreased 6.9% when compared to the Finally, we recorded sales of assets already written off as losses with no previous quarter, mainly in Latin America. The ratio of written-off risk retention to non-related companies with face value of R$840 operations to the average balance of loan portfolio decreased, million. This sale had a positive impact of R$58 million on net income reaching the lowest level since 2014. with no impact on credit quality ratios. ¹ Includes units abroad ex-Latin America. Renegotiated Loans Operations Some exposures of the corporate segment in Brazil led to the decrease By overdue period measured at the in renegotiated loan operations portfolio in the quarter. Part of these renegotiation moment exposures were more than 90 days overdue. Accordingly, the R$ billions Brazil delinquency rate decreased, with no significant changes in the coverage ratio level. 25.2 25.4 24.7 26.0 25.7 28.4 27.6 27.3 26.9 28.1 2.5 2.1 2.3 2.4 2.3 2.0 2.0 1.8 1.8 1.3 41.4% 41.4% 39.5% 39.2% 39.3% 7.6 7.3 7.3 8.2 8.0 4.9 5.2 5.5 4.9 4.8 19.1% 1.4 1.3 1.3 1.4 17.5% 1.4 16.8% 16.8% 15.3% 9.9 9.0 9.2 9.8 9.6 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Coverage Ratio (LLP/Portfolio) When non-overdue When up to 30 days overdue When 31-90 days overdue Total of Renegotiated Loans Portfolio 90-day NPL ratio (%) When over 90 days overdue When Written-off as a Loss Latin America Itaú Unibanco Holding S.A. 16 Income Statement Analysis Management Discussion & Analysis (*) NPL Creation over Credit Portfolio Coverage Ratio | 90 days 248% 245% 236% 235% 229% 221% 1.7% 1.6% 1.6% 1.6% 208% 208% 208% 1.6% 1.6% 1.5% 1.5% 1.4% 1.0% 1.0% 1.0% 1.0% 0.9% 0.9% 0.9% 0.8% 0.8% 100% 96% 95% 97% 92% 90% 88% 87% 86% 0.8% 0.5% 0.8% 0.4% 0.4% 0.7% 0.3% 0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.3% 0.2% Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 0.1% -0.3% Total Total (Expanded) -0.2% 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 952% 930% 908% Total Retail Banking - Brazil Wholesale Banking - Brazil Latin America ex-Brazil 639% 618% 517% 487% • Consolidated: decreased from the previous period, mainly driven by 253% 399% 249% 241% 338% the decrease in the portfolio of loans more than 90 days overdue in the 238% 235% 227% 221% 223% 215% Wholesale Banking in Brazil. 235% 228% 221% 219% 220% 206% 207% (*) 205% 204% 183% Credit portfolio of the previous quarter without financial guarantees provided and corporate 172% 169% 172% 169% 168% 169% 166% 169% securities Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Sale of Financial Assets Total - Brazil¹ Latin America ex-Brazil Retail Banking - Brazil Wholesale Banking - Brazil In the fourth quarter of 2019 we recorded sales of assets with no risk • Consolidated: the increase of 21 percentage points in total coverage retention to non-related companies with face value of R$342 million. ratio was caused by higher provisions, mainly driven by the This operation had positive impact of R$44 million on net income, constitution of provision due to the improvement of expected loss negative of R$64 million on financial margin with clients and positive of provisioning models. R$138 million on cost of credit, with an impact of 20 basis points on the NPL 90 days ratio of the corporate segment in Brazil, but without material impact on the consolidated ratio. Loan Portfolio Write-Off In addition, student credit portfolios were sold in Chile with face value R$ millions of R$419 million, with an impact of R$34 million on net income and of 5,250 4,714 4,776 4,623 R$56 million on financial margin with clients. This kind of operation 4,412 4,422 4,305 4,151 4,064 0.9% 1.0% 0.9% 0.8% 1.0% 0.8% 0.8% 0.8% 0.7% occurs annually on this period. Also in our Latin America operations we sold active portfolios with face 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 value of R$60 million, which had positive impacts of R$7 million on net Write-Off Write-Off / Loan Portfolio (*) income and of R$12 million on the cost of credit. (*) Loan portfolio average balance for the previous two quarters. Loan portfolio write-off decreased 6.9% when compared to the Finally, we recorded sales of assets already written off as losses with no previous quarter, mainly in Latin America. The ratio of written-off risk retention to non-related companies with face value of R$840 operations to the average balance of loan portfolio decreased, million. This sale had a positive impact of R$58 million on net income reaching the lowest level since 2014. with no impact on credit quality ratios. ¹ Includes units abroad ex-Latin America. Renegotiated Loans Operations Some exposures of the corporate segment in Brazil led to the decrease By overdue period measured at the in renegotiated loan operations portfolio in the quarter. Part of these renegotiation moment exposures were more than 90 days overdue. Accordingly, the R$ billions Brazil delinquency rate decreased, with no significant changes in the coverage ratio level. 25.2 25.4 24.7 26.0 25.7 28.4 27.6 27.3 26.9 28.1 2.5 2.1 2.3 2.4 2.3 2.0 2.0 1.8 1.8 1.3 41.4% 41.4% 39.5% 39.2% 39.3% 7.6 7.3 7.3 8.2 8.0 4.9 5.2 5.5 4.9 4.8 19.1% 1.4 1.3 1.3 1.4 17.5% 1.4 16.8% 16.8% 15.3% 9.9 9.0 9.2 9.8 9.6 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Coverage Ratio (LLP/Portfolio) When non-overdue When up to 30 days overdue When 31-90 days overdue Total of Renegotiated Loans Portfolio 90-day NPL ratio (%) When over 90 days overdue When Written-off as a Loss Latin America Itaú Unibanco Holding S.A. 16

Income Statement Analysis Management Discussion & Analysis Commissions and Fees and Result from Insurance Operations¹ Highlights • The higher revenues from investment banking, brokerage, fund management and card issuing activities account for the increases of 11.3% from the previous quarter and 5.9% from 2018. These positive effects were partially offset by the lower revenues from the acquiring business from the previous year. In R$ millions 4Q19 3Q19 D 4Q18 D 2019 2018 D Credit and Debit Cards 3 ,368 3 ,194 5.5% 3 ,487 -3.4% 13,034 13,450 -3.1% Card Issuance 2,460 2,262 8.8% 2,234 10.1% 9,125 8,514 7.2% Acquiring 908 932 -2.6% 1,252 -27.5% 3,909 4,936 -20.8% Current Account Services 1 ,979 1,885 5.0% 1,854 6.7% 7 ,537 7,320 3.0% Asset Management 1 ,759 1 ,375 27.9% 1 ,192 47.5% 5,471 4,380 24.9% Fund Management Fees 1,584 1,200 32.0% 1,009 56.9% 4,771 3,699 29.0% Consórcio Administration Fees 175 176 -0.4% 182 -4.2% 700 681 2.8% Advisory Services and Brokerage 1,143 698 63.8% 559 104.6% 2,826 1,576 79.3% Credit Operations and Guarantees Provided 615 607 1.4% 615 -0.1% 2 ,481 2 ,518 -1.5% Collection Services 488 498 -2.0% 480 1.7% 1 ,943 1 ,893 2.6% Other 269 294 -8.5% 237 13.5% 1 ,098 1 ,034 6.2% Latin America (ex-Brazil) 734 715 2.6% 768 -4.4% 2 ,917 2 ,907 0.3% Commissions and Fees 10,356 9 ,267 11.8% 9 ,192 12.7% 37,307 35,079 6.4% Result from Insurance Operations¹ 1,706 1,575 8.3% 1,590 7.3% 6,563 6,357 3.2% Total 1 2,062 10,842 11.3% 10,782 11.9% 43,870 4 1,436 5.9% ¹ Revenues from Insurance, Pension Plan and Premium Bonds Operations net of retained claims and selling expenses. Credit and Debit Cards Credit and debit card issuing activities revenues were up 8.8% in the quarter driven by the higher revenues from interchange fees, related to the greater transaction volume. In the year, the 7.2% increase was related to higher revenues from credit card, partially offset by higher expenses on the rewards program and by the new Central Bank regulation that established a cap on debit interchange fee as of October 2018. Acquiring activities revenues decreased 2.6% in the quarter due to lower revenues from MDR (Merchant Discount Rates). In 2019, the lower revenues from MDR, prepayment and rental of machines led to a decrease of 20.8% in acquiring revenues. The end of the prepayment rate on credit card transactions without installments and the evolution of Pop Credicard contributed to the increase in the equipment base of 19.2% when compared to the same period of the previous year. Acquiring Activities Card Issuance Activities R$ millions R$ millions Transaction Volume Transaction Volume 1,465 1,463 32.4 34.1 34.5 4Q19 4Q19 29.8 29.5 1,228 28.1 141,862 150,490 R$150.5 billion R$141.9 billion 127,193 133,276 118,877 131,700 37,740 51,362 + 12.9% (vs. 3Q19) + 19.3% (vs. 3Q19) 31,988 34,055 46,057 42,242 + 14.3% (vs. 4Q18) + 11.5% (vs. 4Q18) credit credit 112,751 101,289 90,499 97,645 81,136 + 11.3% (vs. 3Q19) + 18.1% (vs. 3Q19) 76,636 + 15.5% (vs. 4Q18) + 11.5% (vs. 4Q18) debit 4Q18 3Q19 4Q19 4Q18 3Q19 4Q19 debit + 21.6% (vs. 3Q19) + 18.0% (vs. 3Q19) Credit Card Transactions Volume Debit Card Transactions Volume + 11.5% (vs. 4Q18) Debit Card Transactions Volume + 10.8% (vs. 4Q18 Credit Card Transactions Volume Equipment Base (thousands) Credit card accounts - does not include additional cards (millions) Debit card accounts - does not include additional cards (millions) Note: Debit cards include account holders only. Itaú Unibanco Holding S.A. 17 Income Statement Analysis Management Discussion & Analysis Commissions and Fees and Result from Insurance Operations¹ Highlights • The higher revenues from investment banking, brokerage, fund management and card issuing activities account for the increases of 11.3% from the previous quarter and 5.9% from 2018. These positive effects were partially offset by the lower revenues from the acquiring business from the previous year. In R$ millions 4Q19 3Q19 D 4Q18 D 2019 2018 D Credit and Debit Cards 3 ,368 3 ,194 5.5% 3 ,487 -3.4% 13,034 13,450 -3.1% Card Issuance 2,460 2,262 8.8% 2,234 10.1% 9,125 8,514 7.2% Acquiring 908 932 -2.6% 1,252 -27.5% 3,909 4,936 -20.8% Current Account Services 1 ,979 1,885 5.0% 1,854 6.7% 7 ,537 7,320 3.0% Asset Management 1 ,759 1 ,375 27.9% 1 ,192 47.5% 5,471 4,380 24.9% Fund Management Fees 1,584 1,200 32.0% 1,009 56.9% 4,771 3,699 29.0% Consórcio Administration Fees 175 176 -0.4% 182 -4.2% 700 681 2.8% Advisory Services and Brokerage 1,143 698 63.8% 559 104.6% 2,826 1,576 79.3% Credit Operations and Guarantees Provided 615 607 1.4% 615 -0.1% 2 ,481 2 ,518 -1.5% Collection Services 488 498 -2.0% 480 1.7% 1 ,943 1 ,893 2.6% Other 269 294 -8.5% 237 13.5% 1 ,098 1 ,034 6.2% Latin America (ex-Brazil) 734 715 2.6% 768 -4.4% 2 ,917 2 ,907 0.3% Commissions and Fees 10,356 9 ,267 11.8% 9 ,192 12.7% 37,307 35,079 6.4% Result from Insurance Operations¹ 1,706 1,575 8.3% 1,590 7.3% 6,563 6,357 3.2% Total 1 2,062 10,842 11.3% 10,782 11.9% 43,870 4 1,436 5.9% ¹ Revenues from Insurance, Pension Plan and Premium Bonds Operations net of retained claims and selling expenses. Credit and Debit Cards Credit and debit card issuing activities revenues were up 8.8% in the quarter driven by the higher revenues from interchange fees, related to the greater transaction volume. In the year, the 7.2% increase was related to higher revenues from credit card, partially offset by higher expenses on the rewards program and by the new Central Bank regulation that established a cap on debit interchange fee as of October 2018. Acquiring activities revenues decreased 2.6% in the quarter due to lower revenues from MDR (Merchant Discount Rates). In 2019, the lower revenues from MDR, prepayment and rental of machines led to a decrease of 20.8% in acquiring revenues. The end of the prepayment rate on credit card transactions without installments and the evolution of Pop Credicard contributed to the increase in the equipment base of 19.2% when compared to the same period of the previous year. Acquiring Activities Card Issuance Activities R$ millions R$ millions Transaction Volume Transaction Volume 1,465 1,463 32.4 34.1 34.5 4Q19 4Q19 29.8 29.5 1,228 28.1 141,862 150,490 R$150.5 billion R$141.9 billion 127,193 133,276 118,877 131,700 37,740 51,362 + 12.9% (vs. 3Q19) + 19.3% (vs. 3Q19) 31,988 34,055 46,057 42,242 + 14.3% (vs. 4Q18) + 11.5% (vs. 4Q18) credit credit 112,751 101,289 90,499 97,645 81,136 + 11.3% (vs. 3Q19) + 18.1% (vs. 3Q19) 76,636 + 15.5% (vs. 4Q18) + 11.5% (vs. 4Q18) debit 4Q18 3Q19 4Q19 4Q18 3Q19 4Q19 debit + 21.6% (vs. 3Q19) + 18.0% (vs. 3Q19) Credit Card Transactions Volume Debit Card Transactions Volume + 11.5% (vs. 4Q18) Debit Card Transactions Volume + 10.8% (vs. 4Q18 Credit Card Transactions Volume Equipment Base (thousands) Credit card accounts - does not include additional cards (millions) Debit card accounts - does not include additional cards (millions) Note: Debit cards include account holders only. Itaú Unibanco Holding S.A. 17

Income Statement Analysis Management Discussion & Analysis Current Account Services Loan Operations and Financial Guarantees Provided Revenues from current account services were up 5.0% from the previous quarter driven by higher volume of payment transactions and higher revenues from companies current account holders. Revenues from loan operations and financial guarantees provided increased by 1.4% from the previous quarter, driven by the higher Compared to 2018, these revenues increased by 3.0% driven by the revenues from loan operations. increase in the number of current account holders, which was partially offset by the higher exemptions in current account types, and by Compared to 2018, these revenues were down by 1.5% driven by the higher volume of payment transactions. lower volume of financial guarantees provided, which was partially offset by the higher revenues from loan operations. New Accounts Individuals accounts (in thousands) 1,073 1,001 952 Collection Services 268 225 Revenues from collection services decreased by 2.0% compared to the previous quarter, due to the reduction of average fee. 61 Compared to 2018, these revenues grew by 2.6% driven by higher volume and pricing from payment of taxes and contributions. 4Q17 4Q18 4Q19 Abreconta App Brick and Mortar Branches Asset Management Advisory Services and Brokerage Higher capital market activity, which reflected both in investment • Fund Management banking and brokerage operations, led to the R$445 million increase in the quarter and to the R$1,249 million increase when compared to Fund management fees were higher by R$384 million in the quarter 2018. driven by higher revenues from performance fees and the 5.6% increase in assets under administration. Fixed Income: we took part in local operations with debentures, promissory notes and securitization, which totaled R$39.1 billion in Compared to 2018, fund management fees grew 29.0% driven by a 2019, maintaining the leadership position in the ANBIMA(Brazilian 23.1% increase in assets under administration and higher revenues Financial and Capital Markets Association) ranking. from performance fees. We highlight the 46.9% growth in the balance of funds distributed through our open investment platform initiative. Equities: we undertook 32 offerings in South America in 2019, which totaled US$3.5 billion, reaching the leadership position in the Dealogic ranking. Managed Portfolio and Investment Funds Mergers and Acquisitions: in 2019, we provided financial advisory on R$ billions 50 transactions in South America, totaling US$15.7 billion in the +5.6% +23.1% Dealogic ranking. 1,363 1,290 1,176 183 1,135 1,107 172 155 142 125 1,180 1,118 1,021 983 993 4Q18 1Q19 2Q19 3Q19 4Q19 Total Balance (ex- Open Platform) Open Platform Note: Does not include Latin America (ex-Brazil). • Consórcio Administration Fees Consórcio administration fees remained stable in the quarter. Compared to 2018, consórcio administration fees grew by 2.8% due to the higher volume. Installments receivable totaled R$12.6 billion at the end of December 2019, increasing by 6.9% from December 2018. Itaú Unibanco Holding S.A. 18 Income Statement Analysis Management Discussion & Analysis Current Account Services Loan Operations and Financial Guarantees Provided Revenues from current account services were up 5.0% from the previous quarter driven by higher volume of payment transactions and higher revenues from companies current account holders. Revenues from loan operations and financial guarantees provided increased by 1.4% from the previous quarter, driven by the higher Compared to 2018, these revenues increased by 3.0% driven by the revenues from loan operations. increase in the number of current account holders, which was partially offset by the higher exemptions in current account types, and by Compared to 2018, these revenues were down by 1.5% driven by the higher volume of payment transactions. lower volume of financial guarantees provided, which was partially offset by the higher revenues from loan operations. New Accounts Individuals accounts (in thousands) 1,073 1,001 952 Collection Services 268 225 Revenues from collection services decreased by 2.0% compared to the previous quarter, due to the reduction of average fee. 61 Compared to 2018, these revenues grew by 2.6% driven by higher volume and pricing from payment of taxes and contributions. 4Q17 4Q18 4Q19 Abreconta App Brick and Mortar Branches Asset Management Advisory Services and Brokerage Higher capital market activity, which reflected both in investment • Fund Management banking and brokerage operations, led to the R$445 million increase in the quarter and to the R$1,249 million increase when compared to Fund management fees were higher by R$384 million in the quarter 2018. driven by higher revenues from performance fees and the 5.6% increase in assets under administration. Fixed Income: we took part in local operations with debentures, promissory notes and securitization, which totaled R$39.1 billion in Compared to 2018, fund management fees grew 29.0% driven by a 2019, maintaining the leadership position in the ANBIMA(Brazilian 23.1% increase in assets under administration and higher revenues Financial and Capital Markets Association) ranking. from performance fees. We highlight the 46.9% growth in the balance of funds distributed through our open investment platform initiative. Equities: we undertook 32 offerings in South America in 2019, which totaled US$3.5 billion, reaching the leadership position in the Dealogic ranking. Managed Portfolio and Investment Funds Mergers and Acquisitions: in 2019, we provided financial advisory on R$ billions 50 transactions in South America, totaling US$15.7 billion in the +5.6% +23.1% Dealogic ranking. 1,363 1,290 1,176 183 1,135 1,107 172 155 142 125 1,180 1,118 1,021 983 993 4Q18 1Q19 2Q19 3Q19 4Q19 Total Balance (ex- Open Platform) Open Platform Note: Does not include Latin America (ex-Brazil). • Consórcio Administration Fees Consórcio administration fees remained stable in the quarter. Compared to 2018, consórcio administration fees grew by 2.8% due to the higher volume. Installments receivable totaled R$12.6 billion at the end of December 2019, increasing by 6.9% from December 2018. Itaú Unibanco Holding S.A. 18

Insurance, Pension Plan and Premium Bonds Management Discussion and Analysis Result from Insurance, Pension Plan and Premium Bonds Highlights • Increase in the Result from Insurance, Pension Plan and Premium Bonds Operations in the quarter, driven by the increases in premiums earned from life and personal accidents insurance and from financial margin on pension plan. • Compared to 2018, the increase in premiums earned, earnings of affiliates and commissions and fees from pension plan were partially offset by lower gains from liability adequacy test, revenues from premium bonds and managerial financial margin. Result from Insurance, Pension Plan and Premium Bonds In R$ millions 4Q19 3Q19 D 4Q18 D 2019 2018 D Earned Premiums 1, 124 1, 105 1.7% 1,045 7.6% 4,356 4,055 7.4% Revenues from Pension Plan 35 57 -37.9% 114 -68.9% 267 463 -42.4% Revenues from Premium Bonds 104 113 -8.4% 108 -4.0% 426 444 -4.1% Managerial Financial Margin 90 (41) - (24) - 141 188 -24.8% Commissions and Fees 553 556 -0.4% 505 9.6% 2,114 2,028 4.2% Earnings of Affiliates 132 129 2.1% 150 -11.6% 549 474 15.8% Revenues from Insurance, Pension Plan and 2,038 1,920 6.2% 1,897 7.4% 7 ,853 7,653 2.6% Premium Bonds Retained Claims (330) (338) -2.5% (294) 12.4% ( 1,265) ( 1,228) 3.0% Insurance Selling Expenses (2) (6) -62.4% (14) -83.5% ( 25) (68) -62.8% Result from Insurance, Pension Plan and 1,706 1,575 8.3% 1,590 7.3% 6,563 6,357 3.2% Premium Bonds Recurring Net Income 656 627 4.7% 547 19.9% 2,624 2,457 6.8% The increase in the result from insurance, pension plan and premium Earned Premiums Breakdown R$ millions bonds operations in the quarter was driven by (i) the increase in premiums earned, mainly due to higher sales of life and personal accidents insurance 1,105 1,045 1,052 1,075 1,124 policies and (ii) the increase in managerial financial margin driven by the 10.7% 10.4% 9.2% 9.3% 9.3% 9.6% 9.4% 9.3% 9.5% 9.7% higher remuneration on pension plan assets. 1.4% 1.4% 1.3% 1.5% 1.4% 16.7% 17.3% 17.6% 17.3% 16.2% 14.7% 15.5% 15.8% 15.1% 15.6% Compared to 2018, the 3.2% increase in the result from insurance, pension plan and premium bonds operations was due to higher premiums earned 47.2% 46.8% 47.0% 46.7% 46.9% from credit life, protected card and life and personal accidents insurance 4Q18 1Q19 2Q19 3Q19 4Q19 policies. There was also an increase in earnings of affiliates and pension Life and Personal Accidents Protected Card plans commissions and fees, in addition to lower selling expenses. On the Credit Life Property risk other hand, the liability adequacy test of pension plans, revenues from Mortgage Other premium bonds and managerial financial margin were lower in the period. Retained Claims Breakdown Technical Provisions R$ millions R$ billions 26.7% 27.7% 26.4% 28.9% 28.7% + 5.7% (vs. 4Q18) 3.63.47.4 Insurance 294 297 338 330 299 24.5% 26.1% 25.5% 29.2% 32.6% Premiums Bonds + 0.8% vs. 4Q18) 4.2% 6.2% 3.8% 4.9% 44.9 1.1% 5.6% 0.8% 1.6% 1.4% 10.1% 10.6% 10.9% 11.3% R$220.7 + 5.8% (vs. 4Q18) 9.1% Traditional 13.2% 14.2% 13.4% 15.6% 13.2% billions 161.4 43.8% 46.4% 41.3% 39.6% 39.9% + 10.5% (vs. 4Q18) PGBL 4Q18 1Q19 2Q19 3Q19 4Q19 VGBL + 8.3% vs. 4Q18) Life and Personal Accidents Protected Card Credit Life Property risk Mortgage Other Insurance Claims/Earned Premiums Pro Forma Income Statement of the Insurance Segment (Recurring Activities) In R$ millions 4Q19 4Q18 D Earned Premiums 1,057 970 9.0% As from this quarter, we have disclosed the results of Insurance Retained Claims ( 262) ( 211) 24.2% Recurring Activities, which consist of the bancassurance products Selling Expenses ( 3) ( 3) -11.9% related to life, property, credit life, third-party insurance policies Underwriting Margin 792 756 4.8% and our interest in Porto Seguro. This operation had a 4.8% growth Managerial Financial Margin 17 2 818.6% in the underwriting margin driven by higher sales of life and credit Commissions and Fees 117 104 11.9% life insurance policies, despite the increase in the retained claims of Other Income and Expenses ¹ (535) ( 526) 1.7% these portfolios. Recurring Net Income 392 336 16.5% Recurring Return on Allocated Capital 94.9% 178.9% -84.0 p.p. Combined Ratio 60.6% 62.1% -1.6 p.p. 1 Includes earnings of affiliates, non-interest expenses, tax expenses for ISS, PIS and COFINS, income tax/social contribution and minority interests. Itaú Unibanco Holding S.A. 19 Insurance, Pension Plan and Premium Bonds Management Discussion and Analysis Result from Insurance, Pension Plan and Premium Bonds Highlights • Increase in the Result from Insurance, Pension Plan and Premium Bonds Operations in the quarter, driven by the increases in premiums earned from life and personal accidents insurance and from financial margin on pension plan. • Compared to 2018, the increase in premiums earned, earnings of affiliates and commissions and fees from pension plan were partially offset by lower gains from liability adequacy test, revenues from premium bonds and managerial financial margin. Result from Insurance, Pension Plan and Premium Bonds In R$ millions 4Q19 3Q19 D 4Q18 D 2019 2018 D Earned Premiums 1, 124 1, 105 1.7% 1,045 7.6% 4,356 4,055 7.4% Revenues from Pension Plan 35 57 -37.9% 114 -68.9% 267 463 -42.4% Revenues from Premium Bonds 104 113 -8.4% 108 -4.0% 426 444 -4.1% Managerial Financial Margin 90 (41) - (24) - 141 188 -24.8% Commissions and Fees 553 556 -0.4% 505 9.6% 2,114 2,028 4.2% Earnings of Affiliates 132 129 2.1% 150 -11.6% 549 474 15.8% Revenues from Insurance, Pension Plan and 2,038 1,920 6.2% 1,897 7.4% 7 ,853 7,653 2.6% Premium Bonds Retained Claims (330) (338) -2.5% (294) 12.4% ( 1,265) ( 1,228) 3.0% Insurance Selling Expenses (2) (6) -62.4% (14) -83.5% ( 25) (68) -62.8% Result from Insurance, Pension Plan and 1,706 1,575 8.3% 1,590 7.3% 6,563 6,357 3.2% Premium Bonds Recurring Net Income 656 627 4.7% 547 19.9% 2,624 2,457 6.8% The increase in the result from insurance, pension plan and premium Earned Premiums Breakdown R$ millions bonds operations in the quarter was driven by (i) the increase in premiums earned, mainly due to higher sales of life and personal accidents insurance 1,105 1,045 1,052 1,075 1,124 policies and (ii) the increase in managerial financial margin driven by the 10.7% 10.4% 9.2% 9.3% 9.3% 9.6% 9.4% 9.3% 9.5% 9.7% higher remuneration on pension plan assets. 1.4% 1.4% 1.3% 1.5% 1.4% 16.7% 17.3% 17.6% 17.3% 16.2% 14.7% 15.5% 15.8% 15.1% 15.6% Compared to 2018, the 3.2% increase in the result from insurance, pension plan and premium bonds operations was due to higher premiums earned 47.2% 46.8% 47.0% 46.7% 46.9% from credit life, protected card and life and personal accidents insurance 4Q18 1Q19 2Q19 3Q19 4Q19 policies. There was also an increase in earnings of affiliates and pension Life and Personal Accidents Protected Card plans commissions and fees, in addition to lower selling expenses. On the Credit Life Property risk other hand, the liability adequacy test of pension plans, revenues from Mortgage Other premium bonds and managerial financial margin were lower in the period. Retained Claims Breakdown Technical Provisions R$ millions R$ billions 26.7% 27.7% 26.4% 28.9% 28.7% + 5.7% (vs. 4Q18) 3.63.47.4 Insurance 294 297 338 330 299 24.5% 26.1% 25.5% 29.2% 32.6% Premiums Bonds + 0.8% vs. 4Q18) 4.2% 6.2% 3.8% 4.9% 44.9 1.1% 5.6% 0.8% 1.6% 1.4% 10.1% 10.6% 10.9% 11.3% R$220.7 + 5.8% (vs. 4Q18) 9.1% Traditional 13.2% 14.2% 13.4% 15.6% 13.2% billions 161.4 43.8% 46.4% 41.3% 39.6% 39.9% + 10.5% (vs. 4Q18) PGBL 4Q18 1Q19 2Q19 3Q19 4Q19 VGBL + 8.3% vs. 4Q18) Life and Personal Accidents Protected Card Credit Life Property risk Mortgage Other Insurance Claims/Earned Premiums Pro Forma Income Statement of the Insurance Segment (Recurring Activities) In R$ millions 4Q19 4Q18 D Earned Premiums 1,057 970 9.0% As from this quarter, we have disclosed the results of Insurance Retained Claims ( 262) ( 211) 24.2% Recurring Activities, which consist of the bancassurance products Selling Expenses ( 3) ( 3) -11.9% related to life, property, credit life, third-party insurance policies Underwriting Margin 792 756 4.8% and our interest in Porto Seguro. This operation had a 4.8% growth Managerial Financial Margin 17 2 818.6% in the underwriting margin driven by higher sales of life and credit Commissions and Fees 117 104 11.9% life insurance policies, despite the increase in the retained claims of Other Income and Expenses ¹ (535) ( 526) 1.7% these portfolios. Recurring Net Income 392 336 16.5% Recurring Return on Allocated Capital 94.9% 178.9% -84.0 p.p. Combined Ratio 60.6% 62.1% -1.6 p.p. 1 Includes earnings of affiliates, non-interest expenses, tax expenses for ISS, PIS and COFINS, income tax/social contribution and minority interests. Itaú Unibanco Holding S.A. 19

Income Statement Analysis Management Discussion & Analysis Non-interest Expenses Highlights • Compared to the previous quarter, non-interest expenses increased only 1.7%, despite the impact of the collective wage agreement, driven by higher expenses on employee terminations and labor claims, administrative expenses and expenses in Latin America. • The continuous investment in technology allowed some cost efficiency actions, such as brick and mortar branches closures and the voluntary severance program, that led to an increase of only 2.5% in non-interest expenses from the previous year, below the inflation (4.3% - IPCA) and the collective wage agreement for the period. In R$ millions 4Q19 3Q19 D 4Q18 D 2019 2018 D Personnel Expenses ( 5,664) (5,634) 0.5% ( 5,618) 0.8% (22,144) ( 21,300) 4.0% Compensation, Charges and Social Benefits ( 3,411) ( 3,592) -5.0% (3,759) -9.3% (14,099) ( 14,346) -1.7% (1) ( 1,426) ( 1,395) 2.2% ( 1,226) 16.3% (5,346) (4,657) 14.8% Management and Employees' Profit Sharing Employee Terminations and Labor Claims (777) ( 616) 26.1% (552) 40.7% ( 2,538) ( 2,061) 23.1% Training (50) ( 31) 58.0% (81) -39.0% ( 161) ( 236) -31.5% Administrative Expenses (4,262) (4,169) 2.2% (4,454) -4.3% ( 16,777) ( 16,659) 0.7% Third-Party Services (1,200) (1,075) 11.7% ( 1,226) -2.1% (4,354) (4,179) 4.2% Data Processing and Telecommunications (919) ( 952) -3.5% ( 1,029) -10.6% ( 3,800) ( 3,699) 2.7% Facilities and Materials (741) (726) 2.0% (783) -5.3% (2,965) ( 2,998) -1.1% Depreciation and Amortization ( 587) (556) 5.7% ( 558) 5.4% (2,221) ( 2,133) 4.1% Advertising, Promotions and Publications (222) ( 274) -18.8% (234) -4.9% ( 1,069) (1,214) -12.0% Security ( 163) (167) -2.5% ( 170) -4.2% (677) (678) -0.3% Financial System Services ( 166) ( 137) 20.5% ( 155) 7.1% (585) (585) 0.0% Transportation and Travel ( 143) ( 133) 7.3% ( 147) -2.7% (550) (527) 4.4% Other ( 120) (147) -18.8% ( 153) -22.0% (558) (645) -13.6% Operating Expenses ( 1,284) ( 1,300) -1.2% (948) 35.5% ( 4,844) ( 4,609) 5.1% Selling - Credit Cards (759) (627) 20.9% ( 679) 11.7% (2,645) (2,348) 12.7% Contingencies and Other (386) (567) -32.0% ( 153) 151.7% (1,755) (1,905) -7.9% Claims (139) (105) 32.2% (115) 21.0% ( 444) (357) 24.4% (2) (98) ( 84) 17.1% (89) 9.7% (361) (329) 9.9% Other Tax Expenses (3) (1,704) ( 1,610) 5.8% ( 1,683) 1.2% (6,500) (6,478) 0.3% Latin America (ex-Brazil) Total (13,011) (12,796) 1.7% ( 12,793) 1.7% (50,626) (49,376) 2.5% (1) (2) (3) Includes variable compensation and stock option plans. Does not include ISS, PIS and Cofins. Does not consider overhead allocation. Compared to the third quarter of 2019, expenses grew driven by In 2019, our expenses were positively impacted by some events. We employee terminations and labor claims due to repricing of labor have closed brick and mortar branches which caused a reduction in lawsuits, third-party services, driven by higher expenses on consulting fixed costs and in the total number of employees, which also decreased services, and expenses in Latin America. These effects were partially in consequence of the voluntary severance program carried out in the offset by lower expenses on compensation, charges and social year. These reductions absorbed much of the increase in expenses on benefits, despite the collective wage agreement, due to the impact of profit sharing, employee terminations and labor claims, and credit card the voluntary severance program on the number of employees in the selling expenses related to the accreditation of REDE and banking fourth quarter and by operating expenses, leading to a 1.7% increase correspondents and to expenses on brands and partnerships. The sum in total non-interest expenses in the quarter. of these effects led to the increase of only 2.5% in total non-interest expenses in the year, below inflation (4.3% - IPCA) and the collective wage agreement for the period. Number of Employees - in thousands 94.9 thousand 100.3 99.7 98.4 96.8 94.9 employees at the end of the 4Q19 13.0 12.9 12.7 12.7 12.7 0.6 0.5 0.5 0.5 0.5 - 1.9% (4Q19/3Q19) - 5.4% (4Q19/4Q18) 86.8 86.2 85.2 83.5 81.7 Committed to speed up our digital transformation process, we hired more personnel for the technology area. Nevertheless, the number of employees decreased in the last 12 months as a result of the voluntary Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 severance program and the closing of brick and mortar branches in Brazil. Brazil Abroad (ex-Latin America) Latin America Note: Includes the employees of companies controlled by the Bank. Itaú Unibanco Holding S.A. 20 Income Statement Analysis Management Discussion & Analysis Non-interest Expenses Highlights • Compared to the previous quarter, non-interest expenses increased only 1.7%, despite the impact of the collective wage agreement, driven by higher expenses on employee terminations and labor claims, administrative expenses and expenses in Latin America. • The continuous investment in technology allowed some cost efficiency actions, such as brick and mortar branches closures and the voluntary severance program, that led to an increase of only 2.5% in non-interest expenses from the previous year, below the inflation (4.3% - IPCA) and the collective wage agreement for the period. In R$ millions 4Q19 3Q19 D 4Q18 D 2019 2018 D Personnel Expenses ( 5,664) (5,634) 0.5% ( 5,618) 0.8% (22,144) ( 21,300) 4.0% Compensation, Charges and Social Benefits ( 3,411) ( 3,592) -5.0% (3,759) -9.3% (14,099) ( 14,346) -1.7% (1) ( 1,426) ( 1,395) 2.2% ( 1,226) 16.3% (5,346) (4,657) 14.8% Management and Employees' Profit Sharing Employee Terminations and Labor Claims (777) ( 616) 26.1% (552) 40.7% ( 2,538) ( 2,061) 23.1% Training (50) ( 31) 58.0% (81) -39.0% ( 161) ( 236) -31.5% Administrative Expenses (4,262) (4,169) 2.2% (4,454) -4.3% ( 16,777) ( 16,659) 0.7% Third-Party Services (1,200) (1,075) 11.7% ( 1,226) -2.1% (4,354) (4,179) 4.2% Data Processing and Telecommunications (919) ( 952) -3.5% ( 1,029) -10.6% ( 3,800) ( 3,699) 2.7% Facilities and Materials (741) (726) 2.0% (783) -5.3% (2,965) ( 2,998) -1.1% Depreciation and Amortization ( 587) (556) 5.7% ( 558) 5.4% (2,221) ( 2,133) 4.1% Advertising, Promotions and Publications (222) ( 274) -18.8% (234) -4.9% ( 1,069) (1,214) -12.0% Security ( 163) (167) -2.5% ( 170) -4.2% (677) (678) -0.3% Financial System Services ( 166) ( 137) 20.5% ( 155) 7.1% (585) (585) 0.0% Transportation and Travel ( 143) ( 133) 7.3% ( 147) -2.7% (550) (527) 4.4% Other ( 120) (147) -18.8% ( 153) -22.0% (558) (645) -13.6% Operating Expenses ( 1,284) ( 1,300) -1.2% (948) 35.5% ( 4,844) ( 4,609) 5.1% Selling - Credit Cards (759) (627) 20.9% ( 679) 11.7% (2,645) (2,348) 12.7% Contingencies and Other (386) (567) -32.0% ( 153) 151.7% (1,755) (1,905) -7.9% Claims (139) (105) 32.2% (115) 21.0% ( 444) (357) 24.4% (2) (98) ( 84) 17.1% (89) 9.7% (361) (329) 9.9% Other Tax Expenses (3) (1,704) ( 1,610) 5.8% ( 1,683) 1.2% (6,500) (6,478) 0.3% Latin America (ex-Brazil) Total (13,011) (12,796) 1.7% ( 12,793) 1.7% (50,626) (49,376) 2.5% (1) (2) (3) Includes variable compensation and stock option plans. Does not include ISS, PIS and Cofins. Does not consider overhead allocation. Compared to the third quarter of 2019, expenses grew driven by In 2019, our expenses were positively impacted by some events. We employee terminations and labor claims due to repricing of labor have closed brick and mortar branches which caused a reduction in lawsuits, third-party services, driven by higher expenses on consulting fixed costs and in the total number of employees, which also decreased services, and expenses in Latin America. These effects were partially in consequence of the voluntary severance program carried out in the offset by lower expenses on compensation, charges and social year. These reductions absorbed much of the increase in expenses on benefits, despite the collective wage agreement, due to the impact of profit sharing, employee terminations and labor claims, and credit card the voluntary severance program on the number of employees in the selling expenses related to the accreditation of REDE and banking fourth quarter and by operating expenses, leading to a 1.7% increase correspondents and to expenses on brands and partnerships. The sum in total non-interest expenses in the quarter. of these effects led to the increase of only 2.5% in total non-interest expenses in the year, below inflation (4.3% - IPCA) and the collective wage agreement for the period. Number of Employees - in thousands 94.9 thousand 100.3 99.7 98.4 96.8 94.9 employees at the end of the 4Q19 13.0 12.9 12.7 12.7 12.7 0.6 0.5 0.5 0.5 0.5 - 1.9% (4Q19/3Q19) - 5.4% (4Q19/4Q18) 86.8 86.2 85.2 83.5 81.7 Committed to speed up our digital transformation process, we hired more personnel for the technology area. Nevertheless, the number of employees decreased in the last 12 months as a result of the voluntary Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 severance program and the closing of brick and mortar branches in Brazil. Brazil Abroad (ex-Latin America) Latin America Note: Includes the employees of companies controlled by the Bank. Itaú Unibanco Holding S.A. 20

Income Statement Analysis Management Discussion & Analysis Efficiency Ratio 48.7 49.2 48.8 45.9 47.1 46.3 46.2 44.0 45.5 47.7 47.4 47.7 47.6 47.5 46.4 47.0 46.6 45.5 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Trailing 12-month Efficiency Ratio (%) Quarterly Efficiency Ratio (%) Efficiency Ratio: Branches Efficiency Ratio (%): • 12-month period: decrease of 220 basis points from the same period of the previous year. Our non-interest expenses increased 74.8 2.5%, whereas inflation for the period was 4.3% (IPCA). Additionally, 70.5 69.5 68.9 66.0 63.3 our revenues increased 7.1%. 28.6 26.6 27.5 26.5 26.5 25.6 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Brick and Mortar Branches Digital Branches Distribution Network Points of Service | Brazil and Abroad Branches and Client Service Branches | Brazil and Abroad The number of available ATMs of Banco24Horas increased by 3.2% The search for efficiency and the higher demand for services from the same period of the previous year, driven by the agreement through digital channels led to the annual decrease of 10.5% in with Tecban establishing the replacement of our external ATMs physical branches in Brazil. In Latin America, we launched six digital network. branches in the year: two in Argentina, two in Chile, one in Paraguay and one in Uruguay. 4,940 4,934 4,722 4,704 4,504 48,476 47,953 47,505 47,518 195 195 46,271 196 196 196 3,530 3,527 3,332 3,330 23,049 3,158 22,605 23,053 23,173 23,780 1,169 1,175 703 691 686 675 1,167 671 1,162 589 1,107 592 584 512 521 508 503 585 479 576 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 23,660 23,590 22,701 22,598 20,808 Branches + CSB (Latin America ex-Brazil) CSB - Brazil Brick and Mortar Branches - Brazil Digital Branches - Brazil Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 (i) Includes IBBA representative offices abroad. Note: Includes Banco Itaú BBA, Banco Itaú Argentina and companies in Chile, Colombia, Panama, Paraguay and Uruguay. Brazil ESB Latin America Banco24Horas (*) Geographical Distribution of Service Network Number of Branches and Client Service Branches North Northeast Midwest Southeast South Note: (i) Includes Banco Itaú Argentina and banks in Chile, Colombia, Paraguay and Uruguay; (ii) Includes ESBs (Electronic Service Branches) and points of service in third-parties’ 107 304 287 2,702 611 establishments. (iii) Does not include points of sale. (*) In December 2019. Does not include branches and CSBs in Latin America and Itaú BBA. Itaú Unibanco Holding S.A. 21 Income Statement Analysis Management Discussion & Analysis Efficiency Ratio 48.7 49.2 48.8 45.9 47.1 46.3 46.2 44.0 45.5 47.7 47.4 47.7 47.6 47.5 46.4 47.0 46.6 45.5 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Trailing 12-month Efficiency Ratio (%) Quarterly Efficiency Ratio (%) Efficiency Ratio: Branches Efficiency Ratio (%): • 12-month period: decrease of 220 basis points from the same period of the previous year. Our non-interest expenses increased 74.8 2.5%, whereas inflation for the period was 4.3% (IPCA). Additionally, 70.5 69.5 68.9 66.0 63.3 our revenues increased 7.1%. 28.6 26.6 27.5 26.5 26.5 25.6 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Brick and Mortar Branches Digital Branches Distribution Network Points of Service | Brazil and Abroad Branches and Client Service Branches | Brazil and Abroad The number of available ATMs of Banco24Horas increased by 3.2% The search for efficiency and the higher demand for services from the same period of the previous year, driven by the agreement through digital channels led to the annual decrease of 10.5% in with Tecban establishing the replacement of our external ATMs physical branches in Brazil. In Latin America, we launched six digital network. branches in the year: two in Argentina, two in Chile, one in Paraguay and one in Uruguay. 4,940 4,934 4,722 4,704 4,504 48,476 47,953 47,505 47,518 195 195 46,271 196 196 196 3,530 3,527 3,332 3,330 23,049 3,158 22,605 23,053 23,173 23,780 1,169 1,175 703 691 686 675 1,167 671 1,162 589 1,107 592 584 512 521 508 503 585 479 576 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 23,660 23,590 22,701 22,598 20,808 Branches + CSB (Latin America ex-Brazil) CSB - Brazil Brick and Mortar Branches - Brazil Digital Branches - Brazil Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 (i) Includes IBBA representative offices abroad. Note: Includes Banco Itaú BBA, Banco Itaú Argentina and companies in Chile, Colombia, Panama, Paraguay and Uruguay. Brazil ESB Latin America Banco24Horas (*) Geographical Distribution of Service Network Number of Branches and Client Service Branches North Northeast Midwest Southeast South Note: (i) Includes Banco Itaú Argentina and banks in Chile, Colombia, Paraguay and Uruguay; (ii) Includes ESBs (Electronic Service Branches) and points of service in third-parties’ 107 304 287 2,702 611 establishments. (iii) Does not include points of sale. (*) In December 2019. Does not include branches and CSBs in Latin America and Itaú BBA. Itaú Unibanco Holding S.A. 21

Balance Sheet Management Discussion & Analysis Balance Sheet Highlights • Total assets grew 5.4% in 12 months and remained stable in the quarter. In the year, we highlight the increase of 9.5% in loan operations and of 19.2% in securities and derivatives. • Deposits grew 9.4% in 12 months and 3.3% in the quarter. Fund from acceptances and issue of securities grew 28.7% in 12 months and 9.7% in the quarter, boosted by funds from financial bills. Assets In R$ millions, end of period 4Q19 3Q19 4Q18 D' D' Current and Long-term Assets 1,702,123 1,703,925 -0.1% 1,615,235 5.4% Cash 30,367 27,721 9.5% 37,159 -18.3% Interbank Investments 232,362 274,139 -15.2% 304,747 -23.8% Securities and Derivative Financial Instruments 545,286 510,656 6.8% 457,513 19.2% Interbank and Interbranch Accounts 135,499 131,052 3.4% 132,776 2.1% Loan, Lease and Other Loan Operations 583,017 576,020 1.2% 532,481 9.5% (Allowance for Loan Losses) (38,888) (33,467) 16.2% (33,125) 17.4% Other Assets 214,480 217,805 -1.5% 183,684 16.8% Permanent Assets 36,590 34,414 6.3% 34,378 6.4% Total Assets 1,738,713 1,738,339 0.0% 1,649,613 5.4% Liabilities In R$ millions, end of period 4Q19 3Q19 4Q18 D' D' Current and Long-Term Liabilities 1,593,167 1,597,176 -0.3% 1,502,865 6.0% Deposits 507,060 490,838 3.3% 463,424 9.4% Deposits Received under Securities Repurchase Agreements 269,838 296,503 -9.0% 343,236 -21.4% Fund from Acceptances and Issue of Securities 143,569 130,883 9.7% 111,566 28.7% Interbank and Interbranch Accounts 54,180 60,317 -10.2% 46,863 15.6% Borrowings and Onlendings 76,393 77,770 -1.8% 67,947 12.4% Derivative Financial Instruments 47,815 47,441 0.8% 27,485 74.0% Technical Provisions for Insurance, Pension Plans and Premium Bonds 220,666 216,060 2.1% 203,417 8.5% Other Liabilities 273,647 277,364 -1.3% 238,925 14.5% Deferred Income 2,698 2,632 2.5% 2,625 2.8% Minority Interest in Subsidiaries 10,861 12,812 -15.2% 12,367 -12.2% Stockholders' Equity 131,987 125,719 5.0% 131,757 0.2% Total Liabilities and Equity 1,738,713 1,738,339 0.0% 1,649,613 5.4% Assets and liabilities denominated in foreign currencies We have a foreign exchange risk management policy associated with our asset and liability positions, primarily intended to mitigate impacts from fluctuations in foreign exchange rates on consolidated results. Brazilian tax legislation determines that gains and losses from exchange rate variation on permanent foreign investments must not be included in the tax basis. On the other hand, gains and losses arising from financial instruments used to hedge such asset positions are affected by tax effects. Therefore, in order not to expose net income to exchange rate variations, a liability position must be built at a higher volume than the hedged assets. In R$ millions, end of period 4Q19 3Q19 D' The net foreign exchange position includes Investments Abroad 78,230 79,911 -2.1% not only hedge positions of our investments Net Foreign Exchange Position (Except Investments Abroad) (145,611) (134,589) 8.2% abroad, but also directional positions in Total ( 67,381) (54,678) 23.2% foreign currencies. Total in US$ (16,717) (13,130) 27.3% I Ita taú ú U Uni nib ba anc nco o H Hol old di ing ng S S. .A A. . 22 Balance Sheet Management Discussion & Analysis Balance Sheet Highlights • Total assets grew 5.4% in 12 months and remained stable in the quarter. In the year, we highlight the increase of 9.5% in loan operations and of 19.2% in securities and derivatives. • Deposits grew 9.4% in 12 months and 3.3% in the quarter. Fund from acceptances and issue of securities grew 28.7% in 12 months and 9.7% in the quarter, boosted by funds from financial bills. Assets In R$ millions, end of period 4Q19 3Q19 4Q18 D' D' Current and Long-term Assets 1,702,123 1,703,925 -0.1% 1,615,235 5.4% Cash 30,367 27,721 9.5% 37,159 -18.3% Interbank Investments 232,362 274,139 -15.2% 304,747 -23.8% Securities and Derivative Financial Instruments 545,286 510,656 6.8% 457,513 19.2% Interbank and Interbranch Accounts 135,499 131,052 3.4% 132,776 2.1% Loan, Lease and Other Loan Operations 583,017 576,020 1.2% 532,481 9.5% (Allowance for Loan Losses) (38,888) (33,467) 16.2% (33,125) 17.4% Other Assets 214,480 217,805 -1.5% 183,684 16.8% Permanent Assets 36,590 34,414 6.3% 34,378 6.4% Total Assets 1,738,713 1,738,339 0.0% 1,649,613 5.4% Liabilities In R$ millions, end of period 4Q19 3Q19 4Q18 D' D' Current and Long-Term Liabilities 1,593,167 1,597,176 -0.3% 1,502,865 6.0% Deposits 507,060 490,838 3.3% 463,424 9.4% Deposits Received under Securities Repurchase Agreements 269,838 296,503 -9.0% 343,236 -21.4% Fund from Acceptances and Issue of Securities 143,569 130,883 9.7% 111,566 28.7% Interbank and Interbranch Accounts 54,180 60,317 -10.2% 46,863 15.6% Borrowings and Onlendings 76,393 77,770 -1.8% 67,947 12.4% Derivative Financial Instruments 47,815 47,441 0.8% 27,485 74.0% Technical Provisions for Insurance, Pension Plans and Premium Bonds 220,666 216,060 2.1% 203,417 8.5% Other Liabilities 273,647 277,364 -1.3% 238,925 14.5% Deferred Income 2,698 2,632 2.5% 2,625 2.8% Minority Interest in Subsidiaries 10,861 12,812 -15.2% 12,367 -12.2% Stockholders' Equity 131,987 125,719 5.0% 131,757 0.2% Total Liabilities and Equity 1,738,713 1,738,339 0.0% 1,649,613 5.4% Assets and liabilities denominated in foreign currencies We have a foreign exchange risk management policy associated with our asset and liability positions, primarily intended to mitigate impacts from fluctuations in foreign exchange rates on consolidated results. Brazilian tax legislation determines that gains and losses from exchange rate variation on permanent foreign investments must not be included in the tax basis. On the other hand, gains and losses arising from financial instruments used to hedge such asset positions are affected by tax effects. Therefore, in order not to expose net income to exchange rate variations, a liability position must be built at a higher volume than the hedged assets. In R$ millions, end of period 4Q19 3Q19 D' The net foreign exchange position includes Investments Abroad 78,230 79,911 -2.1% not only hedge positions of our investments Net Foreign Exchange Position (Except Investments Abroad) (145,611) (134,589) 8.2% abroad, but also directional positions in Total ( 67,381) (54,678) 23.2% foreign currencies. Total in US$ (16,717) (13,130) 27.3% I Ita taú ú U Uni nib ba anc nco o H Hol old di ing ng S S. .A A. . 22

Balance Sheet Management Discussion & Analysis Credit Portfolio Highlights • The individuals loan portfolio grew 13.6% in 12 months and 4.4% in the quarter, boosted by credit card, vehicle and unsecured personal loans. • The companies portfolio grew 11.9% in 12 months and 1.2% in the quarter, boosted by working capital, vehicle and export/import financing, mainly to very small, small and middle-market companies. Credit Portfolio by Product In R$ billions, end of period 4Q19 3Q19 D 4Q18 D ( 1 ) Individuals - Brazil 239.0 229.0 4.4% 210.4 13.6% Credit Card Loans 90.9 83.3 9.1% 77.5 17.4% Personal Loans 33.7 33.4 0.9% 28.2 19.4% (2) Payroll Loans 49.4 49.3 0.1% 46.7 5.8% Vehicle Loans 19.0 18.0 5.6% 15.9 19.3% Mortgage Loans 45.9 44.8 2.5% 42.0 9.3% Rural Loans 0.1 0 .1 -6.9% 0 .1 -24.9% ( 1 ) Companies - Brazil 190.4 188.1 1.2% 170.2 11.9% (3) Working Capital 108.2 1 03.7 4.3% 93.5 15.7% BNDES/Onlending 10.6 12.2 -13.5% 16.9 -37.2% Export / Import Financing 48.6 49.7 -2.1% 40.4 20.4% Vehicle Loans 9 .1 7 .3 24.8% 4 .3 112.7% Mortgage Loans 4 .3 4 .9 -12.2% 6 .3 -31.1% Rural Loans 9.5 10.3 -7.3% 8 .9 7.3% ( 4 ) Latin America 153.7 158.9 -3.3% 151.9 1.1% Total without Financial Guarantees Provided 583.0 576.0 1.2% 532.5 9.5% Financial Guarantees Provided 66.7 65.7 1.5% 66.1 0.9% Total with Financial Guarantees Provided 649.7 641.7 1.2% 598.6 8.5% (5) Corporate Securities 56.9 47.3 20.5% 38.3 48.4% Total Risk 706.7 689.0 2.6% 636.9 10.9% (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, Certificates of Real Estate Receivables (CRI) and Commercial Paper. Credit Concentration Companies Credit Portfolio by Business Sector With Financial Guarantees Provided As of December 31, 2019 In R$ billions, end of period 4Q19 3Q19 D Only 15.1% of the credit risk is concentrated on the 100 largest debtors. Public Sector 3.8 2. 2 74.4% Private Sector 344.3 346. 3 -0.6% % of total % of total Risk Real Estate 23.0 22.8 0.7% In R$ billions credits Assets Food and beverage 2 0.8 20.3 2.5% Largest Debtor 5.4 0.8 0.3 10 Largest Debtors 2 9.3 4.5 1 .7 Transportation 20.7 1 9.3 7.2% 20 Largest Debtors 44.7 6.9 2.6 Agribusiness and fertilizers 18.8 1 8.8 -0.2% 50 Largest Debtors 7 2.0 11.1 4.1 Energy and water treatment 1 6.2 15.8 2.4% 100 Largest Debtors 97.7 15.1 5 .6 Vehicles and auto parts 15.6 15.1 3.4% (*) Including financial guarantees provided Banks and other financial institutions 14.3 1 4.2 0.1% Petrochemical and chemical 1 1.7 1 2.1 -3.2% Credit Portfolio without Financial Infrastructure work 10.9 1 2.3 -11.5% Guarantees Provided by Vintage Steel and metallurgy 9.8 9.6 2.6% In R$ billions Telecommunications 9.2 9.1 0.5% Mining 8.8 8.8 -0.5% 583 576 532 Pharmaceutical and cosmetics 8.5 8.2 3.5% Electronic and IT 7.4 7.3 1.6% 34.3% 32.7% 36.5% Oil and gas 6.8 6.8 0.7% Capital Assets 6.5 6.9 -6.1% 4.7% 4.5% 4.6% 5.4% 6.4% Construction Material 6.2 6.5 -3.7% 6.2% 8.8% 7.1% 8.5% Entertainment and tourism 5.8 5.8 0.9% 11.4% 12.2% 10.1% Sugar and Alcohol 4.2 5.1 -16.3% Services - Other 4 2.8 44.3 -3.3% 35.5% 37.0% 34.0% Commerce - Other 23.1 23.1 -0.2% Industry - Other 9.4 1 0.3 -8.9% 4Q18 3Q19 4Q19 Other 43.9 43.8 0.2% Actual Quarter (q) q-1 q-2 q-3 q-4 q=<-5 Total 348. 1 348.5 -0.1% Itaú Unibanco Holding S.A. 23 Balance Sheet Management Discussion & Analysis Credit Portfolio Highlights • The individuals loan portfolio grew 13.6% in 12 months and 4.4% in the quarter, boosted by credit card, vehicle and unsecured personal loans. • The companies portfolio grew 11.9% in 12 months and 1.2% in the quarter, boosted by working capital, vehicle and export/import financing, mainly to very small, small and middle-market companies. Credit Portfolio by Product In R$ billions, end of period 4Q19 3Q19 D 4Q18 D ( 1 ) Individuals - Brazil 239.0 229.0 4.4% 210.4 13.6% Credit Card Loans 90.9 83.3 9.1% 77.5 17.4% Personal Loans 33.7 33.4 0.9% 28.2 19.4% (2) Payroll Loans 49.4 49.3 0.1% 46.7 5.8% Vehicle Loans 19.0 18.0 5.6% 15.9 19.3% Mortgage Loans 45.9 44.8 2.5% 42.0 9.3% Rural Loans 0.1 0 .1 -6.9% 0 .1 -24.9% ( 1 ) Companies - Brazil 190.4 188.1 1.2% 170.2 11.9% (3) Working Capital 108.2 1 03.7 4.3% 93.5 15.7% BNDES/Onlending 10.6 12.2 -13.5% 16.9 -37.2% Export / Import Financing 48.6 49.7 -2.1% 40.4 20.4% Vehicle Loans 9 .1 7 .3 24.8% 4 .3 112.7% Mortgage Loans 4 .3 4 .9 -12.2% 6 .3 -31.1% Rural Loans 9.5 10.3 -7.3% 8 .9 7.3% ( 4 ) Latin America 153.7 158.9 -3.3% 151.9 1.1% Total without Financial Guarantees Provided 583.0 576.0 1.2% 532.5 9.5% Financial Guarantees Provided 66.7 65.7 1.5% 66.1 0.9% Total with Financial Guarantees Provided 649.7 641.7 1.2% 598.6 8.5% (5) Corporate Securities 56.9 47.3 20.5% 38.3 48.4% Total Risk 706.7 689.0 2.6% 636.9 10.9% (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, Certificates of Real Estate Receivables (CRI) and Commercial Paper. Credit Concentration Companies Credit Portfolio by Business Sector With Financial Guarantees Provided As of December 31, 2019 In R$ billions, end of period 4Q19 3Q19 D Only 15.1% of the credit risk is concentrated on the 100 largest debtors. Public Sector 3.8 2. 2 74.4% Private Sector 344.3 346. 3 -0.6% % of total % of total Risk Real Estate 23.0 22.8 0.7% In R$ billions credits Assets Food and beverage 2 0.8 20.3 2.5% Largest Debtor 5.4 0.8 0.3 10 Largest Debtors 2 9.3 4.5 1 .7 Transportation 20.7 1 9.3 7.2% 20 Largest Debtors 44.7 6.9 2.6 Agribusiness and fertilizers 18.8 1 8.8 -0.2% 50 Largest Debtors 7 2.0 11.1 4.1 Energy and water treatment 1 6.2 15.8 2.4% 100 Largest Debtors 97.7 15.1 5 .6 Vehicles and auto parts 15.6 15.1 3.4% (*) Including financial guarantees provided Banks and other financial institutions 14.3 1 4.2 0.1% Petrochemical and chemical 1 1.7 1 2.1 -3.2% Credit Portfolio without Financial Infrastructure work 10.9 1 2.3 -11.5% Guarantees Provided by Vintage Steel and metallurgy 9.8 9.6 2.6% In R$ billions Telecommunications 9.2 9.1 0.5% Mining 8.8 8.8 -0.5% 583 576 532 Pharmaceutical and cosmetics 8.5 8.2 3.5% Electronic and IT 7.4 7.3 1.6% 34.3% 32.7% 36.5% Oil and gas 6.8 6.8 0.7% Capital Assets 6.5 6.9 -6.1% 4.7% 4.5% 4.6% 5.4% 6.4% Construction Material 6.2 6.5 -3.7% 6.2% 8.8% 7.1% 8.5% Entertainment and tourism 5.8 5.8 0.9% 11.4% 12.2% 10.1% Sugar and Alcohol 4.2 5.1 -16.3% Services - Other 4 2.8 44.3 -3.3% 35.5% 37.0% 34.0% Commerce - Other 23.1 23.1 -0.2% Industry - Other 9.4 1 0.3 -8.9% 4Q18 3Q19 4Q19 Other 43.9 43.8 0.2% Actual Quarter (q) q-1 q-2 q-3 q-4 q=<-5 Total 348. 1 348.5 -0.1% Itaú Unibanco Holding S.A. 23

Balance Sheet Management Discussion & Analysis 1 Credit Portfolio (Individuals and Companies) - Brazil Loan Portfolio Mix - Individuals Loan Portfolio Mix - Companies Dec-19 7.9% 38.1% 14.1% 19.2% 20.7% Dec-19 45.1% 54.9% Dec-14 21.8% Dec-14 15.6% 32.0% 15.1% 15.6% 32.0% 68.0% Very Small, Small and Middle Market Loans Corporate Loans Vehicles Credit Card Personal Loans Mortgage Loans Payroll Loans 2 Payroll Loans Mortgage loans Corporate R$49.4 billion as of December 31, 2019 R$50.3 billion as of December 31, 2019 R$104.6 billion as of December 31, 2019 + 0.1% (vs. Sep-19) + 5.8% (vs. Dec-18) + 1.0% (vs. Sep-19) + 4.0% (vs. Dec-18) - 3.0% (vs. Sep-19) + 2.4% (vs. Dec-18) The payroll loans portfolio for INSS 91% of the mortgage portfolio is Individuals pensioners grew 6.7% compared to the same period of the previous year. In the fourth quarter of 2019, the 99.7% guaranteed by fiduciary alienation 3 origination of credit increased 21% when compared to the same period of the previous year. Portfolio 4Q19 Originations in 4Q19 67.3% of total credit mortgage is done by By origination By Sector borrowers (%) (R$ billions) + 35.8% (vs. 4Q18) R$5.1 billion 6.5 3.9 44% 56% Loan-to-Value 39.0 Ratio of the amount of the financing to the value of the real estate property Branches INSS Itaú Consignado S.A. Vintage (quarterly average) Portfolio Public Sector Private Sector 62.1% 38.6% Credit Cards Vehicle Financing Very Small, Small and Middle Market R$90.9 billion as of December 31, 2019 R$19.0 billion as of December 31, 2019 R$85.8 billion as of December 31, 2019 + 9.1% (vs. Sep-19) + 17.4% (vs. Dec-18) + 5.6% (vs. Sep-19) + 19.3% (vs. Dec-18) + 6.8% (vs. Sep-19) + 25.9% (vs. Dec-18) In the fourth quarter of 2019, the 3 7.9% 8.7% 9.9% origination of credits for very small, small 8.0% 8.6% Originations in 4Q19 9.6% and middle-market companies increased 24% from the previous year. R$3.5 billion + 20.1% (vs. 4Q18) 84.2% 82.7% 80.5% Average Term % Average Average Ticket Down Payment 43 months R$35.9 thousand 39% Dec-18 Sep-19 Dec-19 Revolving Credit + Overdue Loans¹ Loan-to-Value Installment with Interest Transactor² Vintage (quarterly average) Portfolio 57.8% 59.6% (1) Includes nonperforming loans more than 1 day overdue; (2) includes installment without interest. (1) (2) (3) Without financial guarantees provided. Includes Individuals and Companies. Average origination per working day in the quarter. Note: For further information on products, please see to our Institutional Presentation, available on our Investor Relations website. Itaú Unibanco Holding S.A. 24 Balance Sheet Management Discussion & Analysis 1 Credit Portfolio (Individuals and Companies) - Brazil Loan Portfolio Mix - Individuals Loan Portfolio Mix - Companies Dec-19 7.9% 38.1% 14.1% 19.2% 20.7% Dec-19 45.1% 54.9% Dec-14 21.8% Dec-14 15.6% 32.0% 15.1% 15.6% 32.0% 68.0% Very Small, Small and Middle Market Loans Corporate Loans Vehicles Credit Card Personal Loans Mortgage Loans Payroll Loans 2 Payroll Loans Mortgage loans Corporate R$49.4 billion as of December 31, 2019 R$50.3 billion as of December 31, 2019 R$104.6 billion as of December 31, 2019 + 0.1% (vs. Sep-19) + 5.8% (vs. Dec-18) + 1.0% (vs. Sep-19) + 4.0% (vs. Dec-18) - 3.0% (vs. Sep-19) + 2.4% (vs. Dec-18) The payroll loans portfolio for INSS 91% of the mortgage portfolio is Individuals pensioners grew 6.7% compared to the same period of the previous year. In the fourth quarter of 2019, the 99.7% guaranteed by fiduciary alienation 3 origination of credit increased 21% when compared to the same period of the previous year. Portfolio 4Q19 Originations in 4Q19 67.3% of total credit mortgage is done by By origination By Sector borrowers (%) (R$ billions) + 35.8% (vs. 4Q18) R$5.1 billion 6.5 3.9 44% 56% Loan-to-Value 39.0 Ratio of the amount of the financing to the value of the real estate property Branches INSS Itaú Consignado S.A. Vintage (quarterly average) Portfolio Public Sector Private Sector 62.1% 38.6% Credit Cards Vehicle Financing Very Small, Small and Middle Market R$90.9 billion as of December 31, 2019 R$19.0 billion as of December 31, 2019 R$85.8 billion as of December 31, 2019 + 9.1% (vs. Sep-19) + 17.4% (vs. Dec-18) + 5.6% (vs. Sep-19) + 19.3% (vs. Dec-18) + 6.8% (vs. Sep-19) + 25.9% (vs. Dec-18) In the fourth quarter of 2019, the 3 7.9% 8.7% 9.9% origination of credits for very small, small 8.0% 8.6% Originations in 4Q19 9.6% and middle-market companies increased 24% from the previous year. R$3.5 billion + 20.1% (vs. 4Q18) 84.2% 82.7% 80.5% Average Term % Average Average Ticket Down Payment 43 months R$35.9 thousand 39% Dec-18 Sep-19 Dec-19 Revolving Credit + Overdue Loans¹ Loan-to-Value Installment with Interest Transactor² Vintage (quarterly average) Portfolio 57.8% 59.6% (1) Includes nonperforming loans more than 1 day overdue; (2) includes installment without interest. (1) (2) (3) Without financial guarantees provided. Includes Individuals and Companies. Average origination per working day in the quarter. Note: For further information on products, please see to our Institutional Presentation, available on our Investor Relations website. Itaú Unibanco Holding S.A. 24

Balance Sheet Management Discussion & Analysis Funding Highlights The funding from clients grew 10.4% in 12 months and 4.8% in the quarter, boosted by time deposits that increased 10.3% in 12 months and 3.8% in the quarter; by demand deposits, that increased 13.4% in 12 months and 0.1% in the quarter; and by funds from bills, that grew 43.4% in 12 months and 16.7% in the quarter. In R$ millions, end of period 4Q19 3Q19 D 4Q18 D 6 08,991 5 81,328 4.8% 5 51,676 10.4% Funding from Clients (A) Demand Deposits 82,306 8 2,245 0.1% 72,581 13.4% Savings Deposits 144,558 140,122 3.2% 136,865 5.6% Time Deposits 277,166 267,029 3.8% 251,301 10.3% Debentures (Linked to Repurchase Agreements and Third Parties' Operations) 5,259 6,492 -19.0% 21,417 -75.4% (1) Funds from Bills and Structured Operations Certificates 99,703 85,440 16.7% 69,512 43.4% 151,331 1 55,422 -2.6% 135,963 11.3% Other Funding (B) Onlending 11,648 13,246 -12.1% 17,907 -35.0% Borrowings 64,745 64,524 0.3% 50,040 29.4% Funds from Acceptance and Issuance of Securities 43,866 45,443 -3.5% 42,054 4.3% (2) Other 31,073 3 2,209 -3.5% 2 5,962 19.7% 1,204,339 1,144,597 5.2% 1,006,594 19.6% Portfolio Managed and Investment Funds (C) 1 97,349 1 87,134 5.5% 1 37,149 43.9% Open Platform (D) Investment Funds 183,118 172,037 6.4% 124,645 46.9% (3) Other 14,231 1 5,097 -5.7% 1 2,505 13.8% Total (A) +(B) + (C) + (D) 2,162,011 2,068,481 4.5% 1,831,383 18.1% (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). Loans and Funding The ratio between the loan portfolio and the funds raised net of reserve required by Brazilian Central Bank and cash reached 91.9% in the fourth quarter of 2019. 96.3% 96.9% 94.6% 96.0% 91.8% 93.3% 91.9% 78.6% 79.0% 77.8% 76.1% 77.4% 78.2% 76.7% In R$ Billions 760 737 697 699 691 688 667 635 618 578 583 571 576 566 553 553 548 544 531 532 519 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Funding from Clients and Other Funding Funding from Clients and Other Funding net of reserve required by Brazilian Central Bank and Cash Loan portfolio Loan Portfolio / Funding from Clients and Other Funding net of reserve required by Brazilian Central Bank and Cash Loan Portfolio / Funding from Clients and Other Funding Itaú Unibanco Holding S.A. 25 Balance Sheet Management Discussion & Analysis Funding Highlights The funding from clients grew 10.4% in 12 months and 4.8% in the quarter, boosted by time deposits that increased 10.3% in 12 months and 3.8% in the quarter; by demand deposits, that increased 13.4% in 12 months and 0.1% in the quarter; and by funds from bills, that grew 43.4% in 12 months and 16.7% in the quarter. In R$ millions, end of period 4Q19 3Q19 D 4Q18 D 6 08,991 5 81,328 4.8% 5 51,676 10.4% Funding from Clients (A) Demand Deposits 82,306 8 2,245 0.1% 72,581 13.4% Savings Deposits 144,558 140,122 3.2% 136,865 5.6% Time Deposits 277,166 267,029 3.8% 251,301 10.3% Debentures (Linked to Repurchase Agreements and Third Parties' Operations) 5,259 6,492 -19.0% 21,417 -75.4% (1) Funds from Bills and Structured Operations Certificates 99,703 85,440 16.7% 69,512 43.4% 151,331 1 55,422 -2.6% 135,963 11.3% Other Funding (B) Onlending 11,648 13,246 -12.1% 17,907 -35.0% Borrowings 64,745 64,524 0.3% 50,040 29.4% Funds from Acceptance and Issuance of Securities 43,866 45,443 -3.5% 42,054 4.3% (2) Other 31,073 3 2,209 -3.5% 2 5,962 19.7% 1,204,339 1,144,597 5.2% 1,006,594 19.6% Portfolio Managed and Investment Funds (C) 1 97,349 1 87,134 5.5% 1 37,149 43.9% Open Platform (D) Investment Funds 183,118 172,037 6.4% 124,645 46.9% (3) Other 14,231 1 5,097 -5.7% 1 2,505 13.8% Total (A) +(B) + (C) + (D) 2,162,011 2,068,481 4.5% 1,831,383 18.1% (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). Loans and Funding The ratio between the loan portfolio and the funds raised net of reserve required by Brazilian Central Bank and cash reached 91.9% in the fourth quarter of 2019. 96.3% 96.9% 94.6% 96.0% 91.8% 93.3% 91.9% 78.6% 79.0% 77.8% 76.1% 77.4% 78.2% 76.7% In R$ Billions 760 737 697 699 691 688 667 635 618 578 583 571 576 566 553 553 548 544 531 532 519 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Funding from Clients and Other Funding Funding from Clients and Other Funding net of reserve required by Brazilian Central Bank and Cash Loan portfolio Loan Portfolio / Funding from Clients and Other Funding net of reserve required by Brazilian Central Bank and Cash Loan Portfolio / Funding from Clients and Other Funding Itaú Unibanco Holding S.A. 25

Capital and Risk Management Discussion & Analysis Capital, Liquidity and Market ratios Itaú Unibanco assesses its capital adequacy to face the incurred risks, represented by the regulatory capital for credit, market and operational risks and by the capital necessary to cover other risks, in accordance with the set of rules disclosed by the Central Bank of Brazil, which implements the Basel III capital requirements in Brazil. Tier I Capital Ratio On December 31, 2019, our Tier I Capital reached 14.4%, consisting of 13.2% Common Equity Tier I and of 1.3% Additional Tier I. 14.4% 14.1% 0.5% -0.1% 1.3% 1.3% 13.2% 12.8% Tier I Net income and Prudential Adjustments and RWA Tier I Sep-19 other equity changes Dec-19 in the quarter Additional Tier I (AT1) Common Equity Tier I (CET I) 4Q19 3Q19 Capital Ratios In R$ millions, end of period Common Equity Tier I 117,328 113,235 Main changes in the quarter: Tier I (Common Equity + Additional Capital) 128,696 124,856 Referential Equity (Tier I and Tier II) 140,596 136,755 - - Referential Equity: Increase of 2.8% mainly due to the net income of the period. Total Risk-weighted Exposure (RWA) 891,300 887,513 Credit Risk-weighted Assets (RWA ) CPAD 784,730 75 9,358 RWA: Increase of R$3,787 million mainly due to the growth in the credit risk- Operational Risk-weighted Assets (RWA ) OPAD 81,568 81,568 weighted assets (RWA ) driven by the expansion in credit portfolio, CPAD Market Risk-weighted Assets (RWA ) 25,002 46,587 MINT partially offset by the decrease in market risk-weighted assets (RWA ). MINT - - Core Capital Ratio 13.2% 12.8% BIS ratio: Increase of 40 basis points driven by the net income in the period. Tier I Ratio 14.4% 14.1% BIS (Referential Equity / Total Risk-weighted Exposure) 15.8% 15.4% Note: The ratios were calculated based on the Prudential information, which includes financial institutions, consórcio managers, payment institutions, companies that acquire operations or directly or indirectly assume credit risk and investment funds in which the conglomerate substantially retains risks and benefits. 1 Value at Risk - VaR Liquidity Ratios These ratios are calculated based on the methodology defined by the This is one of the main market risk indicators and a statistical Brazilian Central Bank, which is in line with Basel III international guidelines. metric that quantifies the maximum potential economic loss expected in normal market conditions. Liquidity Coverage Ratio (LCR) In R$ millions, end of period 4Q19 3Q19 In R$ millions 4Q19 3Q19 VaR by Risk Factor 170,004 HQLA 1 52,914 Interest Rates 813.1 6 82.0 Potential Cash Outflows 1 14,035 100,642 Currency 10.9 29.3 LCR (%) 149.1% 151.9% Shares of Stock Exchange 2 9.4 1 3.5 Net Stable Funding Ratio (NSFR) Commodities 1.0 1.5 Diversification Effect (576.1) (505.9) In R$ millions 4Q19 3Q19 Total VaR 278.3 220.4 733,242 Available Stable Funding 6 99,997 Maximum VaR in the quarter 398.2 398.3 Required Stable Funding 599,963 595,943 Average VaR in the quarter 279.6 305.6 NSFR (%) 122.2% 117.5% Minimum VaR in the quarter 210.5 208.7 (1) Values represented above consider a 1-day time horizon and a 99% confidence level. For 2019, the minimum liquidity ratio indicators required by the Brazilian Central Bank is 100%. Note: For further information on risk and capital management, please access the Investor Relations website at www.itau.com.br/investor-relations, section Reports - Pillar 3 and Global Systemically Important Banks. 26 Itaú Unibanco Holding S.A. Capital and Risk Management Discussion & Analysis Capital, Liquidity and Market ratios Itaú Unibanco assesses its capital adequacy to face the incurred risks, represented by the regulatory capital for credit, market and operational risks and by the capital necessary to cover other risks, in accordance with the set of rules disclosed by the Central Bank of Brazil, which implements the Basel III capital requirements in Brazil. Tier I Capital Ratio On December 31, 2019, our Tier I Capital reached 14.4%, consisting of 13.2% Common Equity Tier I and of 1.3% Additional Tier I. 14.4% 14.1% 0.5% -0.1% 1.3% 1.3% 13.2% 12.8% Tier I Net income and Prudential Adjustments and RWA Tier I Sep-19 other equity changes Dec-19 in the quarter Additional Tier I (AT1) Common Equity Tier I (CET I) 4Q19 3Q19 Capital Ratios In R$ millions, end of period Common Equity Tier I 117,328 113,235 Main changes in the quarter: Tier I (Common Equity + Additional Capital) 128,696 124,856 Referential Equity (Tier I and Tier II) 140,596 136,755 - - Referential Equity: Increase of 2.8% mainly due to the net income of the period. Total Risk-weighted Exposure (RWA) 891,300 887,513 Credit Risk-weighted Assets (RWA ) CPAD 784,730 75 9,358 RWA: Increase of R$3,787 million mainly due to the growth in the credit risk- Operational Risk-weighted Assets (RWA ) OPAD 81,568 81,568 weighted assets (RWA ) driven by the expansion in credit portfolio, CPAD Market Risk-weighted Assets (RWA ) 25,002 46,587 MINT partially offset by the decrease in market risk-weighted assets (RWA ). MINT - - Core Capital Ratio 13.2% 12.8% BIS ratio: Increase of 40 basis points driven by the net income in the period. Tier I Ratio 14.4% 14.1% BIS (Referential Equity / Total Risk-weighted Exposure) 15.8% 15.4% Note: The ratios were calculated based on the Prudential information, which includes financial institutions, consórcio managers, payment institutions, companies that acquire operations or directly or indirectly assume credit risk and investment funds in which the conglomerate substantially retains risks and benefits. 1 Value at Risk - VaR Liquidity Ratios These ratios are calculated based on the methodology defined by the This is one of the main market risk indicators and a statistical Brazilian Central Bank, which is in line with Basel III international guidelines. metric that quantifies the maximum potential economic loss expected in normal market conditions. Liquidity Coverage Ratio (LCR) In R$ millions, end of period 4Q19 3Q19 In R$ millions 4Q19 3Q19 VaR by Risk Factor 170,004 HQLA 1 52,914 Interest Rates 813.1 6 82.0 Potential Cash Outflows 1 14,035 100,642 Currency 10.9 29.3 LCR (%) 149.1% 151.9% Shares of Stock Exchange 2 9.4 1 3.5 Net Stable Funding Ratio (NSFR) Commodities 1.0 1.5 Diversification Effect (576.1) (505.9) In R$ millions 4Q19 3Q19 Total VaR 278.3 220.4 733,242 Available Stable Funding 6 99,997 Maximum VaR in the quarter 398.2 398.3 Required Stable Funding 599,963 595,943 Average VaR in the quarter 279.6 305.6 NSFR (%) 122.2% 117.5% Minimum VaR in the quarter 210.5 208.7 (1) Values represented above consider a 1-day time horizon and a 99% confidence level. For 2019, the minimum liquidity ratio indicators required by the Brazilian Central Bank is 100%. Note: For further information on risk and capital management, please access the Investor Relations website at www.itau.com.br/investor-relations, section Reports - Pillar 3 and Global Systemically Important Banks. 26 Itaú Unibanco Holding S.A.

Segment Analysis Management Discussion and Analysis Results by Business Segment The Pro Forma financial statements of Retail Banking, Wholesale Banking and Activities with the Market + Corporation presented below are based on managerial information derived from internal models to more accurately reflect the activities of the business units. Retail Banking Retail banking products and services offered to both current account and non-current account holders include: personal loans, mortgage loans, payroll loans, credit cards, acquiring services, vehicle financing, insurance, pension plan and premium bond products, among others. Current account holders are segmented into: (i) Retail, (ii) Uniclass, (iii) Personnalité and (iv) Very small and small companies. Highlights • Compared to the last quarter, the increases of 2.6% in the financial margin with clients and of 5.7% in commissions and fees, mainly driven by credit card issuing activities, contributed to the 10.0% increase in net income. • Compared to the fourth quarter of 2018, the increase in financial margin with clients more than offset the increase in provision for loan losses. 4Q19 3Q19 4Q18 In R$ millions D D Operating Revenues 2 0,965 2 0,215 3.7% 1 8,335 14.3% Managerial Financial Margin 1 2,452 12,131 2.6% 1 0,247 21.5% Commissions and Fees 6,667 6 ,308 5.7% 6,418 3.9% Revenues from Insurance, Pension Plans and Premium Bonds Operations before 1 ,846 1 ,777 3.9% 1 ,670 10.5% Retained Claims and Selling Expenses Cost of Credit ( 4,230) ( 4,238) -0.2% ( 3,340) 26.7% Retained Claims ( 315) ( 321) -2.0% ( 281) 11.9% Other Operating Expenses (10,698) ( 10,541) 1.5% ( 10,287) 4.0% Income before Tax and Minority Interests 5,722 5,116 11.9% 4,427 29.3% Income Tax and Social Contribution (2,032) ( 1,768) 14.9% ( 1,637) 24.1% Minority Interests in Subsidiaries ( 47) (37) 29.2% (57) -17.2% Recurring Net Income 3,311 10.0% 2,733 33.3% 3 ,643 - - - - - Recurring Return on Average Allocated Capital 35.2% 33.2% 200 bps 30.4% 480 bps Efficiency Ratio (ER) 48.3% 49.7% -140 bps 54.0% -570 bps Loan Portfolio (R$ billion) Segment highlights +5.2% Black Friday - 2019 +16.2% 283.1 On the last Friday of November, the 29th, Itaú Unibanco reached its daily financial volume 269.2 record including card transactions, electronic transfers (TED and DOC), invoices and 259.0 251.0 processing of the acquiring company Rede. 243.6 Rede recorded a 25% increase in transaction volume in the physical retail segment on this date when compared to 2018, whereas in the digital retail segment the increase was 97%. Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Digital Transformation in the Retail Banking 1 Use of Digital Channels Share of Retail Operating Revenues Share of Transactions number of current account holders through digital channels* (in millions) 2017 2019 Efficiency Ratio 12.5 29% 11.1 32% of branches in the 2019 Credit 18% 20% 9.6 27% Digital Investments 38% 48% 71% 68% 67% Brick-and- 1.2 1.1 1.1 Payments 68% 81% Mortar Dec-17 Dec-18 Dec-19 2017 2019 * Note: Share of digital channels in the total volume (R$) of Individuals Companies Digital Branches transactions in the Retail Bank segment. Brick-and-Mortar Branches ¹ Internet, mobile and SMS on Retail Bank. Itaú Unibanco Holding S.A. 27 Segment Analysis Management Discussion and Analysis Results by Business Segment The Pro Forma financial statements of Retail Banking, Wholesale Banking and Activities with the Market + Corporation presented below are based on managerial information derived from internal models to more accurately reflect the activities of the business units. Retail Banking Retail banking products and services offered to both current account and non-current account holders include: personal loans, mortgage loans, payroll loans, credit cards, acquiring services, vehicle financing, insurance, pension plan and premium bond products, among others. Current account holders are segmented into: (i) Retail, (ii) Uniclass, (iii) Personnalité and (iv) Very small and small companies. Highlights • Compared to the last quarter, the increases of 2.6% in the financial margin with clients and of 5.7% in commissions and fees, mainly driven by credit card issuing activities, contributed to the 10.0% increase in net income. • Compared to the fourth quarter of 2018, the increase in financial margin with clients more than offset the increase in provision for loan losses. 4Q19 3Q19 4Q18 In R$ millions D D Operating Revenues 2 0,965 2 0,215 3.7% 1 8,335 14.3% Managerial Financial Margin 1 2,452 12,131 2.6% 1 0,247 21.5% Commissions and Fees 6,667 6 ,308 5.7% 6,418 3.9% Revenues from Insurance, Pension Plans and Premium Bonds Operations before 1 ,846 1 ,777 3.9% 1 ,670 10.5% Retained Claims and Selling Expenses Cost of Credit ( 4,230) ( 4,238) -0.2% ( 3,340) 26.7% Retained Claims ( 315) ( 321) -2.0% ( 281) 11.9% Other Operating Expenses (10,698) ( 10,541) 1.5% ( 10,287) 4.0% Income before Tax and Minority Interests 5,722 5,116 11.9% 4,427 29.3% Income Tax and Social Contribution (2,032) ( 1,768) 14.9% ( 1,637) 24.1% Minority Interests in Subsidiaries ( 47) (37) 29.2% (57) -17.2% Recurring Net Income 3,311 10.0% 2,733 33.3% 3 ,643 - - - - - Recurring Return on Average Allocated Capital 35.2% 33.2% 200 bps 30.4% 480 bps Efficiency Ratio (ER) 48.3% 49.7% -140 bps 54.0% -570 bps Loan Portfolio (R$ billion) Segment highlights +5.2% Black Friday - 2019 +16.2% 283.1 On the last Friday of November, the 29th, Itaú Unibanco reached its daily financial volume 269.2 record including card transactions, electronic transfers (TED and DOC), invoices and 259.0 251.0 processing of the acquiring company Rede. 243.6 Rede recorded a 25% increase in transaction volume in the physical retail segment on this date when compared to 2018, whereas in the digital retail segment the increase was 97%. Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Digital Transformation in the Retail Banking 1 Use of Digital Channels Share of Retail Operating Revenues Share of Transactions number of current account holders through digital channels* (in millions) 2017 2019 Efficiency Ratio 12.5 29% 11.1 32% of branches in the 2019 Credit 18% 20% 9.6 27% Digital Investments 38% 48% 71% 68% 67% Brick-and- 1.2 1.1 1.1 Payments 68% 81% Mortar Dec-17 Dec-18 Dec-19 2017 2019 * Note: Share of digital channels in the total volume (R$) of Individuals Companies Digital Branches transactions in the Retail Bank segment. Brick-and-Mortar Branches ¹ Internet, mobile and SMS on Retail Bank. Itaú Unibanco Holding S.A. 27

Segment Analysis Management Discussion and Analysis Results by Business Segment Wholesale Banking Wholesale Banking comprises: i) the activities of Itaú BBA, the unit responsible for commercial operations with large companies and for investment banking services, ii) the activities of our units abroad, iii) the Itaú Asset Management, specialized asset manager, and iv) the products and services offered to high-net worth clients (Private Banking), middle market companies and institutional clients. Highlights • Net income in the Wholesale Banking segment decreased by 11.7% from the last quarter due to the higher provision for loan losses, driven by fewer rating upgrades in Brazil and the downgrade of specific clients in our operations in Latin America. This negative effect was partially offset by higher revenues from fund management, advisory and brokerage services. • Compared to the fourth quarter of 2018, the higher revenues from fund management fees and advisory services were offset by the higher cost of credit. In R$ millions 4Q19 3Q19 D 4Q18 D Operating Revenues 8 ,451 7,580 11.5% 7,727 9.4% Managerial Financial Margin 4,787 4 ,661 2.7% 4,860 -1.5% Commissions and Fees 3,470 2 ,804 23.8% 2,725 27.4% Revenues from Insurance, Pension Plans and Premium Bonds Operations before 194 115 68.9% 142 36.4% Retained Claims and Selling Expenses Cost of Credit (1,581) (257) 515.6% ( 76) 1993.8% Retained Claims ( 16) ( 18) -11.3% ( 13) 23.8% Other Operating Expenses (4,092) ( 3,858) 6.1% ( 3,941) 3.8% Income before Tax and Minority Interests 2 ,762 3,447 -19.9% 3,699 -25.3% Income Tax and Social Contribution (788) ( 1,055) -25.2% ( 1,228) -35.8% Minority Interests in Subsidiaries 23 ( 130) -117.8% ( 177) -113.1% Recurring Net Income 2,262 -11.7% 2,294 -12.9% 1,997 - - - - - Recurring Return on Average Allocated Capital 17.2% 20.0% -280 bps 18.9% -170 bps Efficiency Ratio (ER) 45.8% 48.5% -270 bps 48.4% -260 bps Loan Portfolio (R$ billions) Assets under management -ANBIMA ranking (R$ billions) -2.2% 14.7% 14.4% 14.0% 14.2% 14.2% +3.8% 770.8 745.6 707.6 680.6 686.5 306.8 299.9 288.9 292.7 293.9 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Assets under management (Itaú Unibanco e Intrag) Market share Activities with the Market + Corporation Includes: (i) result from capital surplus, excess subordinated debt and the net balance of tax assets and liabilities; (ii) financial margin with the market; (iii) costs of Treasury operations and (iv) the equity pickup from companies not linked to each segment. 4Q19 3Q19 4Q18 In R$ millions D D Operating Revenues 2 ,417 2,462 -1.9% 2,409 0.3% Managerial Financial Margin 2,201 2,279 -3.5% 2 ,274 -3.2% Commissions and Fees 218 155 40.1% 49 340.3% Revenues from Insurance, Pension Plans and Premium Bonds Operations before ( 2) 28 -106.0% 85 -101.9% Retained Claims and Selling Expenses Other Operating Expenses (182) (174) 4.3% (459) -60.4% Income before Tax and Minority Interests 2,235 2 ,288 -2.3% 1,950 14.6% Income Tax and Social Contribution (564) (692) -18.6% (488) 15.6% Minority Interests in Subsidiaries ( 15) (12) 32.1% (11) 41.7% Recurring Net Income 1,584 4.5% 1,452 14.1% 1 ,656 - - - - - Recurring Return on Average Allocated Capital 18.9% 17.2% 170 bps 17.0% 190 bps Efficiency Ratio (ER) 1.4% 2.3% -90 bps 7.0% -560 bps Itaú Unibanco Holding S.A. 28 Segment Analysis Management Discussion and Analysis Results by Business Segment Wholesale Banking Wholesale Banking comprises: i) the activities of Itaú BBA, the unit responsible for commercial operations with large companies and for investment banking services, ii) the activities of our units abroad, iii) the Itaú Asset Management, specialized asset manager, and iv) the products and services offered to high-net worth clients (Private Banking), middle market companies and institutional clients. Highlights • Net income in the Wholesale Banking segment decreased by 11.7% from the last quarter due to the higher provision for loan losses, driven by fewer rating upgrades in Brazil and the downgrade of specific clients in our operations in Latin America. This negative effect was partially offset by higher revenues from fund management, advisory and brokerage services. • Compared to the fourth quarter of 2018, the higher revenues from fund management fees and advisory services were offset by the higher cost of credit. In R$ millions 4Q19 3Q19 D 4Q18 D Operating Revenues 8 ,451 7,580 11.5% 7,727 9.4% Managerial Financial Margin 4,787 4 ,661 2.7% 4,860 -1.5% Commissions and Fees 3,470 2 ,804 23.8% 2,725 27.4% Revenues from Insurance, Pension Plans and Premium Bonds Operations before 194 115 68.9% 142 36.4% Retained Claims and Selling Expenses Cost of Credit (1,581) (257) 515.6% ( 76) 1993.8% Retained Claims ( 16) ( 18) -11.3% ( 13) 23.8% Other Operating Expenses (4,092) ( 3,858) 6.1% ( 3,941) 3.8% Income before Tax and Minority Interests 2 ,762 3,447 -19.9% 3,699 -25.3% Income Tax and Social Contribution (788) ( 1,055) -25.2% ( 1,228) -35.8% Minority Interests in Subsidiaries 23 ( 130) -117.8% ( 177) -113.1% Recurring Net Income 2,262 -11.7% 2,294 -12.9% 1,997 - - - - - Recurring Return on Average Allocated Capital 17.2% 20.0% -280 bps 18.9% -170 bps Efficiency Ratio (ER) 45.8% 48.5% -270 bps 48.4% -260 bps Loan Portfolio (R$ billions) Assets under management -ANBIMA ranking (R$ billions) -2.2% 14.7% 14.4% 14.0% 14.2% 14.2% +3.8% 770.8 745.6 707.6 680.6 686.5 306.8 299.9 288.9 292.7 293.9 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Assets under management (Itaú Unibanco e Intrag) Market share Activities with the Market + Corporation Includes: (i) result from capital surplus, excess subordinated debt and the net balance of tax assets and liabilities; (ii) financial margin with the market; (iii) costs of Treasury operations and (iv) the equity pickup from companies not linked to each segment. 4Q19 3Q19 4Q18 In R$ millions D D Operating Revenues 2 ,417 2,462 -1.9% 2,409 0.3% Managerial Financial Margin 2,201 2,279 -3.5% 2 ,274 -3.2% Commissions and Fees 218 155 40.1% 49 340.3% Revenues from Insurance, Pension Plans and Premium Bonds Operations before ( 2) 28 -106.0% 85 -101.9% Retained Claims and Selling Expenses Other Operating Expenses (182) (174) 4.3% (459) -60.4% Income before Tax and Minority Interests 2,235 2 ,288 -2.3% 1,950 14.6% Income Tax and Social Contribution (564) (692) -18.6% (488) 15.6% Minority Interests in Subsidiaries ( 15) (12) 32.1% (11) 41.7% Recurring Net Income 1,584 4.5% 1,452 14.1% 1 ,656 - - - - - Recurring Return on Average Allocated Capital 18.9% 17.2% 170 bps 17.0% 190 bps Efficiency Ratio (ER) 1.4% 2.3% -90 bps 7.0% -560 bps Itaú Unibanco Holding S.A. 28

Activities Abroad Management Discussion & Analysis Results by Region (Brazil and Latin America) We present below the income statement segregated between our operations in Brazil, which include units abroad excluding Latin America, and our operations in Latin America excluding Brazil. Our operations in Brazil¹ represent 96.2% of Recurring net income in the quarter and 95.1% in the year. Quarterly Income Statement Annual Income Statement Brazil ¹ (In R$ millions, end of period) 4Q19 3Q19 D 2019 2018 D Operating Revenues 2 8,701 27,309 5.1% 107,844 100,446 7.4% Managerial Financial Margin 17,073 16,871 1.2% 65,727 60,768 8.2% Financial Margin with Clients 16,333 15,841 3.1% 61,958 56,796 9.1% Financial Margin with the Market 740 1,030 -28.1% 3 ,769 3 ,972 -5.1% Commissions and Fees 9,622 8,551 12.5% 34,390 32,172 6.9% Revenues from Insurance ² 2,006 1,887 6.3% 7 ,726 7,507 2.9% Cost of Credit (4,624) ( 3,945) 17.2% (15,492) (12,319) 25.8% Provision for Loan Losses (4,893) (4,284) 14.2% ( 16,734) (13,971) 19.8% Impairment (230) (70) 230.7% ( 372) (546) -31.8% Discounts Granted (344) ( 295) 16.5% (1,300) (1,136) 14.5% Recovery of Loans Written Off as Losses 843 704 19.8% 2,914 3 ,334 -12.6% Retained Claims ( 316) (326) -3.2% ( 1,216) ( 1,164) 4.4% Other Operating Expenses (13,134) (12,871) 2.0% (50,790) (49,262) 3.1% Non-interest Expenses (11,208) ( 11,095) 1.0% ( 43,716) ( 42,443) 3.0% Tax Expenses and Other ³ (1,926) (1,776) 8.4% (7,074) (6,819) 3.7% Income before Tax and Minority Interests 10,628 1 0,168 4.5% 4 0,346 3 7,700 7.0% Income Tax and Social Contribution ( 3,546) ( 3,322) 6.7% (13,110) (13,084) 0.2% Minority Interests in Subsidiaries (63) (48) 29.9% (249) (219) 13.6% Recurring Net Income 7,019 6,798 3.3% ## 26,987 24,398 10.6% Share 96.2% 95.0% 120 bps 95.1% 94.8% 30 bps Recurring Return on Average Allocated Capital 25.1% 24.6% 50 bps 24.9% 23.0% 190 bps Quarterly Income Statement Annual Income Statement Latin America (ex-Brazil) (In R$ millions, end of period) 4Q19 3Q19 D 2019 2018 D Operating Revenues 3,132 2,948 6.2% 1 1,946 1 1,371 5.1% Managerial Financial Margin 2 ,365 2 ,200 7.5% 8 ,902 8,317 7.0% Financial Margin with Clients 1 ,799 1 ,780 1.0% 7 ,098 6,803 4.3% Financial Margin with the Market 567 420 34.9% 1,804 1 ,514 19.2% Commissions and Fees 734 715 2.6% 2 ,917 2,907 0.3% Revenues from Insurance ² 32 32 -0.2% 127 147 -13.3% Cost of Credit (1,187) (550) 115.7% (2,662) (1,747) 52.4% Provision for Loan Losses (1,252) (638) 96.2% (2,946) (2,112) 39.5% Discounts Granted (35) ( 5) 667.8% (76) (18) 324.1% Recovery of Loans Written Off as Losses 100 92 8.5% 361 383 -5.7% Retained Claims (15) (12) 16.5% (49) (63) -23.0% Other Operating Expenses ( 1,838) ( 1,702) 8.0% ( 7,029) (7,027) 0.0% Non-interest Expenses (1,803) (1,701) 5.9% (6,910) (6,933) -0.3% Tax Expenses and Other ³ (36) (1) 4168.0% ( 120) (94) 27.9% Income before Tax and Minority Interests 92 683 -86.6% 2,206 2,533 -12.9% Income Tax and Social Contribution 161 (194) -183.2% (386) (648) -40.4% Minority Interests in Subsidiaries 23 ( 130) -117.8% (444) ( 550) -19.3% Recurring Net Income 276 359 -23.0% ## 1,376 1,335 3.0% Share 3.8% 5.0% -120 bps 4.9% 5.2% -30 bps Recurring Return on Average Allocated Capital 9.8% 12.5% -270 bps 12.0% 11.5% 50 bps (1) Includes units abroad ex-Latin America. (2) Result from Insurance includes the Revenues 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. Itaú Unibanco Holding S.A. 29 Activities Abroad Management Discussion & Analysis Results by Region (Brazil and Latin America) We present below the income statement segregated between our operations in Brazil, which include units abroad excluding Latin America, and our operations in Latin America excluding Brazil. Our operations in Brazil¹ represent 96.2% of Recurring net income in the quarter and 95.1% in the year. Quarterly Income Statement Annual Income Statement Brazil ¹ (In R$ millions, end of period) 4Q19 3Q19 D 2019 2018 D Operating Revenues 2 8,701 27,309 5.1% 107,844 100,446 7.4% Managerial Financial Margin 17,073 16,871 1.2% 65,727 60,768 8.2% Financial Margin with Clients 16,333 15,841 3.1% 61,958 56,796 9.1% Financial Margin with the Market 740 1,030 -28.1% 3 ,769 3 ,972 -5.1% Commissions and Fees 9,622 8,551 12.5% 34,390 32,172 6.9% Revenues from Insurance ² 2,006 1,887 6.3% 7 ,726 7,507 2.9% Cost of Credit (4,624) ( 3,945) 17.2% (15,492) (12,319) 25.8% Provision for Loan Losses (4,893) (4,284) 14.2% ( 16,734) (13,971) 19.8% Impairment (230) (70) 230.7% ( 372) (546) -31.8% Discounts Granted (344) ( 295) 16.5% (1,300) (1,136) 14.5% Recovery of Loans Written Off as Losses 843 704 19.8% 2,914 3 ,334 -12.6% Retained Claims ( 316) (326) -3.2% ( 1,216) ( 1,164) 4.4% Other Operating Expenses (13,134) (12,871) 2.0% (50,790) (49,262) 3.1% Non-interest Expenses (11,208) ( 11,095) 1.0% ( 43,716) ( 42,443) 3.0% Tax Expenses and Other ³ (1,926) (1,776) 8.4% (7,074) (6,819) 3.7% Income before Tax and Minority Interests 10,628 1 0,168 4.5% 4 0,346 3 7,700 7.0% Income Tax and Social Contribution ( 3,546) ( 3,322) 6.7% (13,110) (13,084) 0.2% Minority Interests in Subsidiaries (63) (48) 29.9% (249) (219) 13.6% Recurring Net Income 7,019 6,798 3.3% ## 26,987 24,398 10.6% Share 96.2% 95.0% 120 bps 95.1% 94.8% 30 bps Recurring Return on Average Allocated Capital 25.1% 24.6% 50 bps 24.9% 23.0% 190 bps Quarterly Income Statement Annual Income Statement Latin America (ex-Brazil) (In R$ millions, end of period) 4Q19 3Q19 D 2019 2018 D Operating Revenues 3,132 2,948 6.2% 1 1,946 1 1,371 5.1% Managerial Financial Margin 2 ,365 2 ,200 7.5% 8 ,902 8,317 7.0% Financial Margin with Clients 1 ,799 1 ,780 1.0% 7 ,098 6,803 4.3% Financial Margin with the Market 567 420 34.9% 1,804 1 ,514 19.2% Commissions and Fees 734 715 2.6% 2 ,917 2,907 0.3% Revenues from Insurance ² 32 32 -0.2% 127 147 -13.3% Cost of Credit (1,187) (550) 115.7% (2,662) (1,747) 52.4% Provision for Loan Losses (1,252) (638) 96.2% (2,946) (2,112) 39.5% Discounts Granted (35) ( 5) 667.8% (76) (18) 324.1% Recovery of Loans Written Off as Losses 100 92 8.5% 361 383 -5.7% Retained Claims (15) (12) 16.5% (49) (63) -23.0% Other Operating Expenses ( 1,838) ( 1,702) 8.0% ( 7,029) (7,027) 0.0% Non-interest Expenses (1,803) (1,701) 5.9% (6,910) (6,933) -0.3% Tax Expenses and Other ³ (36) (1) 4168.0% ( 120) (94) 27.9% Income before Tax and Minority Interests 92 683 -86.6% 2,206 2,533 -12.9% Income Tax and Social Contribution 161 (194) -183.2% (386) (648) -40.4% Minority Interests in Subsidiaries 23 ( 130) -117.8% (444) ( 550) -19.3% Recurring Net Income 276 359 -23.0% ## 1,376 1,335 3.0% Share 3.8% 5.0% -120 bps 4.9% 5.2% -30 bps Recurring Return on Average Allocated Capital 9.8% 12.5% -270 bps 12.0% 11.5% 50 bps (1) Includes units abroad ex-Latin America. (2) Result from Insurance includes the Revenues 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. Itaú Unibanco Holding S.A. 29

Activities Abroad Management Discussion & Analysis Global Footprint We want to achieve, in the countries where we operate, the same management quality and level of results we have in Brazil. Through our internationalization strategy, we seek to understand different markets, business, products and services, identifying opportunities to integrate our units and to expand our operations to new countries. 1 Corporate & Investment Banking 2 Asset Management 3 Private Banking 4 Retail Our business abroad focuses on these activities: 1 France 1 Germany 1 2 England 1 Spain 3 Switzerland 1 Portugal 1 2 3 USA 1 1 2 3 Mexico Cayman 1 3 1 4 Bahamas Panama 1 4 Colombia 1 2 3 4 Brazil 1 Peru 1 2 3 Paraguay 1 4 1 2 3 4 Uruguay Chile 1 2 4 Argentina 1 2 3 Uruguay Chile Argentina Paraguay Colombia Latin America Other Countries Tota Countries Employees 869 94,881 1,101 5,755 1,613 3,326 12,664 526 Branches & CSBs 26 194 87 44 128 479 4,504 - ATMs 298 147 1,107 46,271 62 424 176 - Note: The Global Footprint map does not include localities and regions in run-off or closing operations; (1) Does not include the 35 OCA’s Points of Service; (2) Includes employees in Panamá; (3) Latin America ex-Brazil (Argentina, Chile, Colombia, Paraguay and Uruguay). Focus on Latin America Key strategic drivers We want to be recognized as the Bank of Latin America. Over the past years, Growth Efficiency we have consolidated our presence in • Expand our presence and customer base. • Continuously increase the efficiency of our Argentina, Chile, Paraguay and Uruguay, and operations. • Focus on retail banking operations. intensified our internationalization process • Detail the cost allocation model for the in Latin America. Customer centricity product level. • Continuous focus and discipline in identify- • Segmentation model with well-defined value ing cost reduction opportunities across the proposition identity. The recent merger between Banco Itaú Chile institution. • Product development and service culture and CorpBanca ensured a greater presence focused on customer satisfaction and in countries such as Colombia and Panama Generation of capital long-term relationships. and further expanded our operations in the • Efficient management of capital allocation region. Digital transformation through the appropriate cost of capital. • Metrics and value creation tools as the driver • Culture of innovation and transformation. throughout the organization. • Efficiency and better user experience. Not only to gain access to new markets and scale up our business, but also to think of our customers, to be closer to them and to provide better experiences. Itaú CorpBanca Itaú CorpBanca is a universal bank with headquarters in Chile and operations in Colombia and Panama. Access Itaú Corpbanca’s Investor Relations website . Itaú Unibanco Holding S.A. 30 Activities Abroad Management Discussion & Analysis Global Footprint We want to achieve, in the countries where we operate, the same management quality and level of results we have in Brazil. Through our internationalization strategy, we seek to understand different markets, business, products and services, identifying opportunities to integrate our units and to expand our operations to new countries. 1 Corporate & Investment Banking 2 Asset Management 3 Private Banking 4 Retail Our business abroad focuses on these activities: 1 France 1 Germany 1 2 England 1 Spain 3 Switzerland 1 Portugal 1 2 3 USA 1 1 2 3 Mexico Cayman 1 3 1 4 Bahamas Panama 1 4 Colombia 1 2 3 4 Brazil 1 Peru 1 2 3 Paraguay 1 4 1 2 3 4 Uruguay Chile 1 2 4 Argentina 1 2 3 Uruguay Chile Argentina Paraguay Colombia Latin America Other Countries Tota Countries Employees 869 94,881 1,101 5,755 1,613 3,326 12,664 526 Branches & CSBs 26 194 87 44 128 479 4,504 - ATMs 298 147 1,107 46,271 62 424 176 - Note: The Global Footprint map does not include localities and regions in run-off or closing operations; (1) Does not include the 35 OCA’s Points of Service; (2) Includes employees in Panamá; (3) Latin America ex-Brazil (Argentina, Chile, Colombia, Paraguay and Uruguay). Focus on Latin America Key strategic drivers We want to be recognized as the Bank of Latin America. Over the past years, Growth Efficiency we have consolidated our presence in • Expand our presence and customer base. • Continuously increase the efficiency of our Argentina, Chile, Paraguay and Uruguay, and operations. • Focus on retail banking operations. intensified our internationalization process • Detail the cost allocation model for the in Latin America. Customer centricity product level. • Continuous focus and discipline in identify- • Segmentation model with well-defined value ing cost reduction opportunities across the proposition identity. The recent merger between Banco Itaú Chile institution. • Product development and service culture and CorpBanca ensured a greater presence focused on customer satisfaction and in countries such as Colombia and Panama Generation of capital long-term relationships. and further expanded our operations in the • Efficient management of capital allocation region. Digital transformation through the appropriate cost of capital. • Metrics and value creation tools as the driver • Culture of innovation and transformation. throughout the organization. • Efficiency and better user experience. Not only to gain access to new markets and scale up our business, but also to think of our customers, to be closer to them and to provide better experiences. Itaú CorpBanca Itaú CorpBanca is a universal bank with headquarters in Chile and operations in Colombia and Panama. Access Itaú Corpbanca’s Investor Relations website . Itaú Unibanco Holding S.A. 30

Activities Abroad Management Discussion & Analysis Latin America Latin America is our priority in international expansion due to the geographical and cultural proximity of its countries with Brazil. In the fourth quarter of 2019, Latam's consolidated recurring net income reached R$276 million, a decrease of 23.0% in relation to the previous quarter. We present the results of the Latin American countries in constant currency, thus eliminating the effect of exchange rate variation and hedge adjustments, and in the managerial concept, which considers Brazilian accounting criteria, in addition to the allocation of Brazil’s cost structure, the impact of Brazilian income tax and social contribution and the allocation of the tax benefit of interest on own capital. Banco Banco Banco Banco Itaú Corpbanca Itaú Argentina Itaú Paraguay Itaú Uruguay In R$ millions (in constant currency) 4Q19 3Q19 D 4Q19 3Q19 D 4Q19 3Q19 D 4Q19 3Q19 D Operating Revenues 1,786 1,728 3% 394 276 43% 284 265 7% 458 446 3% Managerial Financial Margin 1 ,444 1,387 4% 325 213 53% 178 185 -4% 248 241 3% Financial Margin with Clients 1 ,177 1 ,112 6% 240 232 3% 148 148 0% 210 214 -2% Financial Margin with the Market 266 275 -3% 85 (19) -551% 30 36 -18% 38 27 40% Commissions and Fees 342 341 0% 69 63 10% 106 81 31% 210 205 3% Cost of Credit (774) (485) 59% (23) (8) 208% (0) (31) -100% (17) (9) 91% Provision for Loan Losses 46% 200% -90% 148% ( 833) (570) (24) ( 8) (3) (33) (18) ( 7) Discounts Granted 2297% - - (36) (1) - - - - - - - Recovery of Loans Written Off as Losses 10% 16% 43% -7% 94 86 1 1 3 2 1 2 Other Operating Expenses (1,129) (1,022) 11% (256) (200) 28% ( 132) (127) 4% ( 293) (279) 5% Non-Interest Expenses (1,127) (1,018) 11% ( 230) (177) 30% (128) (123) 4% ( 292) (278) 5% Tax Expenses for ISS, PIS, Cofins and Other Taxes ( 2) ( 3) -33% (26) (23) 11% (4) (4) 7% (0) (1) - Income before Tax and Minority Interests ( 117) 221 -153% 115 68 70% 151 108 40% 149 159 -6% Income Tax and Social Contribution 222 (46) -580% (38) (18) 114% (56) (38) 47% (53) (57) -7% Minority Interests in Subsidiaries ¹ 20 ( 127) -115% - - - - - - - - - Recurring Net Income 125 48 161% 76 50 54% 96 70 37% 96 102 -6% Return on Average Equity - Annualized 8.3% 3.2% 510 bps 22.0% 14.0% 800 bps 36.4% 26.5% 990 bps 25.7% 28.5% -280 bps Efficiency Ratio 63.2% 59.0% 410 bps 62.5% 70.2% -770 bps 45.8% 47.1% -130 bps 63.8% 62.4% 150 bps (1) Minority interests are calculated based on the accounting result of the transaction in BRGAAP. Banco Itaú Corpbanca Banco Itaú Argentina • Higher margin with clients due to the sale of a student credit • Higher margin with the market related to the macroeconomic portfolio, that occurs on a recurring basis. scenario. • Higher cost of credit mainly due to downgrade of clients from • Higher cost of credit due to downgrade of corporate clients in the corporate segment. the quarter. • Higher operating expenses as a consequence of the social • Higher operating expenses due to personnel expenses and to manifestations in Chile and of the closing of physical branches. variable compensation, arising from the inflation rate in the period and from the voluntary severance program. • Seasonal recognition of tax credit for the year 2019. Banco Itaú Paraguay Banco Itaú Uruguay • Higher commissions and fees due to the expansion of a • Lower margin with clients due to lower deposit spreads. commercial partnership in credit card operations. • Higher cost of credit related to the sale of a credit portfolio in • Lower cost of credit due to the improvement of the risk of a the corporate segment in the previous quarter. client in the companies segment in the quarter. • Higher operating expenses due to the voluntary severance program and to the lower inflation rate adjustment. Main foreign exchange variations R$ 1.00 How much is compared to the currencies in the countries where we operate compared to Brazilian real. U.S. dollar Colombian peso Uruguayan peso Argentine peso Chilean peso Paraguayan Guarani + 4.0% + 4.0% + 10.4% + 52.9% + 4.2% + 4.4% - 2.8% + 7.5% - 3.2% + 4.1% + 6.5% - 2.6% 1,598 14.85 R$ 4.031 9.21 186.43 813.67 8.34 175.01 R$ 4.164 835.42 13.82 178.86 1,530 R$ 3.875 837.52 8.85 1,537 9.72 4Q18 3Q19 4Q19 4Q18 3Q19 4Q19 4Q18 4Q19 4Q18 4Q19 4Q18 4Q19 3Q19 3Q19 3Q19 3Q19 4Q18 4Q19 Itaú Unibanco Holding S.A. 31 Activities Abroad Management Discussion & Analysis Latin America Latin America is our priority in international expansion due to the geographical and cultural proximity of its countries with Brazil. In the fourth quarter of 2019, Latam's consolidated recurring net income reached R$276 million, a decrease of 23.0% in relation to the previous quarter. We present the results of the Latin American countries in constant currency, thus eliminating the effect of exchange rate variation and hedge adjustments, and in the managerial concept, which considers Brazilian accounting criteria, in addition to the allocation of Brazil’s cost structure, the impact of Brazilian income tax and social contribution and the allocation of the tax benefit of interest on own capital. Banco Banco Banco Banco Itaú Corpbanca Itaú Argentina Itaú Paraguay Itaú Uruguay In R$ millions (in constant currency) 4Q19 3Q19 D 4Q19 3Q19 D 4Q19 3Q19 D 4Q19 3Q19 D Operating Revenues 1,786 1,728 3% 394 276 43% 284 265 7% 458 446 3% Managerial Financial Margin 1 ,444 1,387 4% 325 213 53% 178 185 -4% 248 241 3% Financial Margin with Clients 1 ,177 1 ,112 6% 240 232 3% 148 148 0% 210 214 -2% Financial Margin with the Market 266 275 -3% 85 (19) -551% 30 36 -18% 38 27 40% Commissions and Fees 342 341 0% 69 63 10% 106 81 31% 210 205 3% Cost of Credit (774) (485) 59% (23) (8) 208% (0) (31) -100% (17) (9) 91% Provision for Loan Losses 46% 200% -90% 148% ( 833) (570) (24) ( 8) (3) (33) (18) ( 7) Discounts Granted 2297% - - (36) (1) - - - - - - - Recovery of Loans Written Off as Losses 10% 16% 43% -7% 94 86 1 1 3 2 1 2 Other Operating Expenses (1,129) (1,022) 11% (256) (200) 28% ( 132) (127) 4% ( 293) (279) 5% Non-Interest Expenses (1,127) (1,018) 11% ( 230) (177) 30% (128) (123) 4% ( 292) (278) 5% Tax Expenses for ISS, PIS, Cofins and Other Taxes ( 2) ( 3) -33% (26) (23) 11% (4) (4) 7% (0) (1) - Income before Tax and Minority Interests ( 117) 221 -153% 115 68 70% 151 108 40% 149 159 -6% Income Tax and Social Contribution 222 (46) -580% (38) (18) 114% (56) (38) 47% (53) (57) -7% Minority Interests in Subsidiaries ¹ 20 ( 127) -115% - - - - - - - - - Recurring Net Income 125 48 161% 76 50 54% 96 70 37% 96 102 -6% Return on Average Equity - Annualized 8.3% 3.2% 510 bps 22.0% 14.0% 800 bps 36.4% 26.5% 990 bps 25.7% 28.5% -280 bps Efficiency Ratio 63.2% 59.0% 410 bps 62.5% 70.2% -770 bps 45.8% 47.1% -130 bps 63.8% 62.4% 150 bps (1) Minority interests are calculated based on the accounting result of the transaction in BRGAAP. Banco Itaú Corpbanca Banco Itaú Argentina • Higher margin with clients due to the sale of a student credit • Higher margin with the market related to the macroeconomic portfolio, that occurs on a recurring basis. scenario. • Higher cost of credit mainly due to downgrade of clients from • Higher cost of credit due to downgrade of corporate clients in the corporate segment. the quarter. • Higher operating expenses as a consequence of the social • Higher operating expenses due to personnel expenses and to manifestations in Chile and of the closing of physical branches. variable compensation, arising from the inflation rate in the period and from the voluntary severance program. • Seasonal recognition of tax credit for the year 2019. Banco Itaú Paraguay Banco Itaú Uruguay • Higher commissions and fees due to the expansion of a • Lower margin with clients due to lower deposit spreads. commercial partnership in credit card operations. • Higher cost of credit related to the sale of a credit portfolio in • Lower cost of credit due to the improvement of the risk of a the corporate segment in the previous quarter. client in the companies segment in the quarter. • Higher operating expenses due to the voluntary severance program and to the lower inflation rate adjustment. Main foreign exchange variations R$ 1.00 How much is compared to the currencies in the countries where we operate compared to Brazilian real. U.S. dollar Colombian peso Uruguayan peso Argentine peso Chilean peso Paraguayan Guarani + 4.0% + 4.0% + 10.4% + 52.9% + 4.2% + 4.4% - 2.8% + 7.5% - 3.2% + 4.1% + 6.5% - 2.6% 1,598 14.85 R$ 4.031 9.21 186.43 813.67 8.34 175.01 R$ 4.164 835.42 13.82 178.86 1,530 R$ 3.875 837.52 8.85 1,537 9.72 4Q18 3Q19 4Q19 4Q18 3Q19 4Q19 4Q18 4Q19 4Q18 4Q19 4Q18 4Q19 3Q19 3Q19 3Q19 3Q19 4Q18 4Q19 Itaú Unibanco Holding S.A. 31

Additional Information Management Discussion & Analysis and Complete Financial Statements Additional Information Management Discussion & Analysis and Complete Financial Statements

Management Discussion & Analysis Itaú Unibanco Shares Itaú Unibanco Shares Market Consensus (ITUB4) Our capital stock is comprised of common Market Capitalization shares (ITUB3) and non-voting shares R$362 billion US$90 billion Sell Buy (ITUB4), both traded on B3 (São Paulo Stock Exchange). Non-voting shares are also traded Market capitalization is the total number of outstanding shares (common and non-voting shares) multiplied by the average price of the Buy 07 Hold 06 Sell 02 as depositary receipts - ADRs - on the NYSE non-voting share on the last trading day in the period. (New York Stock Exchange). Source: Thomson Reuters Corporate Structure Chart and Free Float Participation Non Voting Shares Egydio de Souza Moreira Salles Family Strengths of our structure Free Float* Free Float Aranha Family 100.00% Total Foreigners Brazilian Investors in NYSE • Family controlling ownership ensuring in B3 36.73% ON 63.27% ON 28% 81.43% PN 18.57% PN 34% Cia. E. Johnston de a long-term view 66.07% Total 33.93% Total 4.8 bn Participações (number of shares) 38% • Professional management team 50.00% ON Foreigners 33.47% Total in B3 • Broad shareholder base 50.00% ON (52.90% of our shares in free float) 100.00% PN Itaúsa IUPAR Free Float* 66.53% Total 7.82% ON 39.21% ON 51.71% ON • Strong corporate governance 99.60% PN 0.004% PN 26.31% Total 52.90% Total 19.95% Total Itaú Unibanco Holding S.A. Note: ON = Common Share; PN = Non-voting Share; (*) Excluding shares held by majority owners and treasury shares. Performance in the Capital Market (R$) (R$) (US$) ITUB4 ITUB3 ITUB Price and Volume (PN Shares) (ON Shares) (ADR) R$18.8 billion Closing Price at 12/30/2019 37.10 32.03 9.15 Paid, provisioned and reserved in Stockholder’s Equity. Maximum price in the quarter 37.99 32.59 9.37 Average price in the quarter 35.52 30.58 8.61 89.2% 83.0% 66.2% 2.0% Minimum price in the quarter 32.56 28.04 7.92 12.4% 0.0% Closing Price at 09/28/2019 35.03 30.12 8.41 87.2% 70.6% 66.2% Closing price at 12/28/2018 35.50 30.05 9.14 Change in the 4Q19 5.9% 6.3% 8.8% 2017 2018 2019 Change in the last 12 months 4.5% 6.6% 0.1% Payout Shares buyback Average Daily Trading Volume in 4Q19 - million 732.0 16.2 154.2 Average daily trading financial 727.6 16.6 174.0 volume in 12 months - million In 2019, Itaú Unibanco did not acquire any Shareholder Base and Indicators 12/31/19 09/30/19 12/31/18 preferred shares. In 2018, we acquired 19.7 million preferred shares at the average price Number of Shares - million 9,804 9,804 9,804 of R$25.39 per share, totaling R$510 million. Common Shares (ON) - million 4 ,958 4,958 4,958 Non-Voting Shares (PN) - million 4 ,846 4 ,846 4,846 Treasury Shares - million 5 8.5 6 0.0 8 3.6 Number of Outstanding Shares - million 9,746 9 ,744 9,721 Recurring Net Income per Share in the Quarter (R$) 0 .75 0.73 0 .67 Net Income per Share in the Quarter (R$) 0.77 0 .57 0 .64 Book Value per Share (R$) 13.54 12.90 13.55 (1) 1 3.59 13.47 13.81 Price/Earnings (P/E) (2) 2 .74 2 .72 2.62 Price/Book Value (P/B) (1) Closing price of non-voting shares at end of the period/earnings per share. For calculation purposes, the retained earnings of the last 12 months (2) were included; Closing price of non-voting shares at end of the period/Book value per share at end of the period. Itaú Unibanco Holding S.A. 33 Management Discussion & Analysis Itaú Unibanco Shares Itaú Unibanco Shares Market Consensus (ITUB4) Our capital stock is comprised of common Market Capitalization shares (ITUB3) and non-voting shares R$362 billion US$90 billion Sell Buy (ITUB4), both traded on B3 (São Paulo Stock Exchange). Non-voting shares are also traded Market capitalization is the total number of outstanding shares (common and non-voting shares) multiplied by the average price of the Buy 07 Hold 06 Sell 02 as depositary receipts - ADRs - on the NYSE non-voting share on the last trading day in the period. (New York Stock Exchange). Source: Thomson Reuters Corporate Structure Chart and Free Float Participation Non Voting Shares Egydio de Souza Moreira Salles Family Strengths of our structure Free Float* Free Float Aranha Family 100.00% Total Foreigners Brazilian Investors in NYSE • Family controlling ownership ensuring in B3 36.73% ON 63.27% ON 28% 81.43% PN 18.57% PN 34% Cia. E. Johnston de a long-term view 66.07% Total 33.93% Total 4.8 bn Participações (number of shares) 38% • Professional management team 50.00% ON Foreigners 33.47% Total in B3 • Broad shareholder base 50.00% ON (52.90% of our shares in free float) 100.00% PN Itaúsa IUPAR Free Float* 66.53% Total 7.82% ON 39.21% ON 51.71% ON • Strong corporate governance 99.60% PN 0.004% PN 26.31% Total 52.90% Total 19.95% Total Itaú Unibanco Holding S.A. Note: ON = Common Share; PN = Non-voting Share; (*) Excluding shares held by majority owners and treasury shares. Performance in the Capital Market (R$) (R$) (US$) ITUB4 ITUB3 ITUB Price and Volume (PN Shares) (ON Shares) (ADR) R$18.8 billion Closing Price at 12/30/2019 37.10 32.03 9.15 Paid, provisioned and reserved in Stockholder’s Equity. Maximum price in the quarter 37.99 32.59 9.37 Average price in the quarter 35.52 30.58 8.61 89.2% 83.0% 66.2% 2.0% Minimum price in the quarter 32.56 28.04 7.92 12.4% 0.0% Closing Price at 09/28/2019 35.03 30.12 8.41 87.2% 70.6% 66.2% Closing price at 12/28/2018 35.50 30.05 9.14 Change in the 4Q19 5.9% 6.3% 8.8% 2017 2018 2019 Change in the last 12 months 4.5% 6.6% 0.1% Payout Shares buyback Average Daily Trading Volume in 4Q19 - million 732.0 16.2 154.2 Average daily trading financial 727.6 16.6 174.0 volume in 12 months - million In 2019, Itaú Unibanco did not acquire any Shareholder Base and Indicators 12/31/19 09/30/19 12/31/18 preferred shares. In 2018, we acquired 19.7 million preferred shares at the average price Number of Shares - million 9,804 9,804 9,804 of R$25.39 per share, totaling R$510 million. Common Shares (ON) - million 4 ,958 4,958 4,958 Non-Voting Shares (PN) - million 4 ,846 4 ,846 4,846 Treasury Shares - million 5 8.5 6 0.0 8 3.6 Number of Outstanding Shares - million 9,746 9 ,744 9,721 Recurring Net Income per Share in the Quarter (R$) 0 .75 0.73 0 .67 Net Income per Share in the Quarter (R$) 0.77 0 .57 0 .64 Book Value per Share (R$) 13.54 12.90 13.55 (1) 1 3.59 13.47 13.81 Price/Earnings (P/E) (2) 2 .74 2 .72 2.62 Price/Book Value (P/B) (1) Closing price of non-voting shares at end of the period/earnings per share. For calculation purposes, the retained earnings of the last 12 months (2) were included; Closing price of non-voting shares at end of the period/Book value per share at end of the period. Itaú Unibanco Holding S.A. 33

Glossary Management Discussion & Analysis Glossary Executive Summary Operating Revenues Dividends and Interest on Own Mix of Products The sum of Managerial Financial Margin, Capital net of Taxes Change in the composition of credit risk Commissions and Fees and Result from Corresponds to the distribution of part of the assets between periods. Insurance, Pension Plan and Premium Bonds profits to stockholders, paid or provisioned, Operations before Retained Claims and declared and posted in Stockholders' Equity. Average asset portfolio Selling Expenses. Includes credit and private securities Market Capitalization portfolio net of loans more than 60 days Managerial Financial Margin Obtained by multiplying the total number of overdue, while the balances do not include The sum of the Financial Margin with outstanding shares (common and non-voting the effect of the average exchange rate Clients and the Financial Margin with shares) by the average price of the non- variation in the periods. the Market. voting share on the last trading day in the period. Asset spreads Recurring Return on Average Spreads variation on credit risk assets Equity – Annualized Tier I Capital Ratio between periods. Obtained by dividing Recurring Net Income The sum of the Common Equity Tier I and the by Average Stockholders’ Equity. The Additional Tier I Capital, divided by the Total Annualized average rate of financial margin resulting quotient is multiplied by the Risk Weighted Assets. with clients number of periods in the year to derive the Obtained by dividing the Financial Margin annualized rate. The calculation bases of Cost of Credit with Clients by the average daily balances of returns were adjusted by the amount of Composed of Result from Loan Losses, spread-sensitive operations, working capital dividends proposed after the balance sheet Impairment and Discounts Granted. and others. The quotient of this division is closing dates, which have not yet been divided by the number of calendar days in approved in annual stockholders' or Board the quarter and meetings. annualized (rising to 360) to obtain the annual rate. Managerial Financial Margin Recurring Return on Average Assets – Annualized Obtained by dividing Recurring Net Income Financial margin with clients Credit Quality by Average Assets. Consists of spread-sensitive operations, working capital and others. Spread-sensitive NPL Ratio (over 90 days) Coverage Ratio operations are: (i) the assets margin, which is Calculated by dividing the balance of non- Obtained by dividing the total allowance the difference between the amount received performing loans over 90 days by total loan balance by the balance of operations more in loan operations and corporate securities portfolio. Loans more than 90 days overdue than 90 days overdue. and the cost of money charged by treasury include the total balance of transactions with banking and (ii) the liabilities margin, which is at least one installment more than 90 days Efficiency Ratio the difference between the cost of funding overdue. Obtained by dividing Non-Interest Expenses and the amount received from treasury by the sum of Managerial Financial Margin, banking. Working capital margin is the NPL Creation Commissions and Fees, Result of Insurance, interest on working capital at the Selic The balance of loans that became overdue Pension Plan and Premium Bonds Operations interest rate. for more than 90 days in the quarter. and Tax Expenses (ISS, PIS, Cofins and Other Taxes). Financial margin with the market NPL Creation Coverage Includes treasury banking, which manages Obtained by dividing the provision for loans Recurring Net Income per Share mismatches of assets and liabilities (ALM - losses by NPL Creation in the quarter. Calculated based on the weighted average Asset and Liability Management), terms, and number of outstanding shares for the period interest, foreign exchange and other rates, Cost of Credit over Total Risk and includes stock splits when they take and treasury trading, which manages Calculated by dividing the Cost of Credit by place. proprietary portfolios and may assume the average Loan Portfolio of the last two guiding positions, in compliance with the quarters. limits established by our risk appetite. Itaú Unibanco Holding S.A. 34 Glossary Management Discussion & Analysis Glossary Executive Summary Operating Revenues Dividends and Interest on Own Mix of Products The sum of Managerial Financial Margin, Capital net of Taxes Change in the composition of credit risk Commissions and Fees and Result from Corresponds to the distribution of part of the assets between periods. Insurance, Pension Plan and Premium Bonds profits to stockholders, paid or provisioned, Operations before Retained Claims and declared and posted in Stockholders' Equity. Average asset portfolio Selling Expenses. Includes credit and private securities Market Capitalization portfolio net of loans more than 60 days Managerial Financial Margin Obtained by multiplying the total number of overdue, while the balances do not include The sum of the Financial Margin with outstanding shares (common and non-voting the effect of the average exchange rate Clients and the Financial Margin with shares) by the average price of the non- variation in the periods. the Market. voting share on the last trading day in the period. Asset spreads Recurring Return on Average Spreads variation on credit risk assets Equity – Annualized Tier I Capital Ratio between periods. Obtained by dividing Recurring Net Income The sum of the Common Equity Tier I and the by Average Stockholders’ Equity. The Additional Tier I Capital, divided by the Total Annualized average rate of financial margin resulting quotient is multiplied by the Risk Weighted Assets. with clients number of periods in the year to derive the Obtained by dividing the Financial Margin annualized rate. The calculation bases of Cost of Credit with Clients by the average daily balances of returns were adjusted by the amount of Composed of Result from Loan Losses, spread-sensitive operations, working capital dividends proposed after the balance sheet Impairment and Discounts Granted. and others. The quotient of this division is closing dates, which have not yet been divided by the number of calendar days in approved in annual stockholders' or Board the quarter and meetings. annualized (rising to 360) to obtain the annual rate. Managerial Financial Margin Recurring Return on Average Assets – Annualized Obtained by dividing Recurring Net Income Financial margin with clients Credit Quality by Average Assets. Consists of spread-sensitive operations, working capital and others. Spread-sensitive NPL Ratio (over 90 days) Coverage Ratio operations are: (i) the assets margin, which is Calculated by dividing the balance of non- Obtained by dividing the total allowance the difference between the amount received performing loans over 90 days by total loan balance by the balance of operations more in loan operations and corporate securities portfolio. Loans more than 90 days overdue than 90 days overdue. and the cost of money charged by treasury include the total balance of transactions with banking and (ii) the liabilities margin, which is at least one installment more than 90 days Efficiency Ratio the difference between the cost of funding overdue. Obtained by dividing Non-Interest Expenses and the amount received from treasury by the sum of Managerial Financial Margin, banking. Working capital margin is the NPL Creation Commissions and Fees, Result of Insurance, interest on working capital at the Selic The balance of loans that became overdue Pension Plan and Premium Bonds Operations interest rate. for more than 90 days in the quarter. and Tax Expenses (ISS, PIS, Cofins and Other Taxes). Financial margin with the market NPL Creation Coverage Includes treasury banking, which manages Obtained by dividing the provision for loans Recurring Net Income per Share mismatches of assets and liabilities (ALM - losses by NPL Creation in the quarter. Calculated based on the weighted average Asset and Liability Management), terms, and number of outstanding shares for the period interest, foreign exchange and other rates, Cost of Credit over Total Risk and includes stock splits when they take and treasury trading, which manages Calculated by dividing the Cost of Credit by place. proprietary portfolios and may assume the average Loan Portfolio of the last two guiding positions, in compliance with the quarters. limits established by our risk appetite. Itaú Unibanco Holding S.A. 34

Glossary Management Discussion & Analysis Results from Insurance, Pension Additional Tier I Capital Activities with the Market + Corporation Plan and Premium Bonds Consists of instruments of perpetual nature, The Activities with the Market + Corporation Underwriting Margin which meet eligibility requirements column presents the result from the capital The sum of earned premiums, retained claims surplus, excess subordinated debt and the and selling expenses. Tier I Capital net balance of tax assets and liabilities. It also The sum of the Common Equity Tier I and the shows financial margin with the market, costs Combined Ratio Additional Tier I Capital. of Treasury operations, the equity pickup The sum of retained claims, selling expenses, from companies not linked to each segment administrative expenses, other operating Tier II Capital and our interest in Porto Seguro. income and expenses, tax expenses for ISS, Consists of subordinated debt instruments PIS and Cofins and other taxes divided by with defined maturity dates that meet earned premiums. eligibility requirements. Our Shares Total Capital The sum of the Tier I and Tier II Capital. Book Value per Share Credit Portfolio Calculated by dividing the Stockholders' Loan-to-Value Total Risk Weighted Assets Equity at the last date of the period by the Ratio of the amount of the financing to the Consists of the sum of the portion related number of outstanding shares. value of the real estate property. to credit risk exposures (RWA ), to the CPAD market risk capital requirement (RWA ) MINT and to the operational risk capital requirement (RWA ). OPAD Funding Loan Portfolio over Gross Funding Obtained by dividing Loans by Gross Funding (Funding from Clients, Funds from Results by Business Acceptance and Issuance of Securities Segment Abroad, Borrowings and Others) at the end of the period. Retail Banking Consists of banking products and services to Currency both current account and non-current Includes cash, bank deposits of institutions account holders. Products and services without reserve requirements, foreign offered include: personal loans, credit cards, currency deposits in Brazil, foreign currency payroll loans, vehicle financing, mortgage deposits abroad, and cash and cash loans, insurance, pension plan and premium equivalents in foreign currency. bonds products, and acquiring services, among others. Wholesale Banking Consists of the activities of Itaú BBA, the unit Capital, Liquidity and responsible for commercial operations with Market Indicators large companies and for investment banking services, the activities of our units abroad, Value at Risk (VaR) and the products and services offered to A statistical metric that quantifies the high-net worth clients (Private Banking) and maximum potential economic loss expected to middle market companies and institutional in normal market conditions. clients. Common Equity Tier I The sum of social capital, reserves and retained earnings, less deductions and prudential adjustments. Itaú Unibanco Holding S.A. 35 Glossary Management Discussion & Analysis Results from Insurance, Pension Additional Tier I Capital Activities with the Market + Corporation Plan and Premium Bonds Consists of instruments of perpetual nature, The Activities with the Market + Corporation Underwriting Margin which meet eligibility requirements column presents the result from the capital The sum of earned premiums, retained claims surplus, excess subordinated debt and the and selling expenses. Tier I Capital net balance of tax assets and liabilities. It also The sum of the Common Equity Tier I and the shows financial margin with the market, costs Combined Ratio Additional Tier I Capital. of Treasury operations, the equity pickup The sum of retained claims, selling expenses, from companies not linked to each segment administrative expenses, other operating Tier II Capital and our interest in Porto Seguro. income and expenses, tax expenses for ISS, Consists of subordinated debt instruments PIS and Cofins and other taxes divided by with defined maturity dates that meet earned premiums. eligibility requirements. Our Shares Total Capital The sum of the Tier I and Tier II Capital. Book Value per Share Credit Portfolio Calculated by dividing the Stockholders' Loan-to-Value Total Risk Weighted Assets Equity at the last date of the period by the Ratio of the amount of the financing to the Consists of the sum of the portion related number of outstanding shares. value of the real estate property. to credit risk exposures (RWA ), to the CPAD market risk capital requirement (RWA ) MINT and to the operational risk capital requirement (RWA ). OPAD Funding Loan Portfolio over Gross Funding Obtained by dividing Loans by Gross Funding (Funding from Clients, Funds from Results by Business Acceptance and Issuance of Securities Segment Abroad, Borrowings and Others) at the end of the period. Retail Banking Consists of banking products and services to Currency both current account and non-current Includes cash, bank deposits of institutions account holders. Products and services without reserve requirements, foreign offered include: personal loans, credit cards, currency deposits in Brazil, foreign currency payroll loans, vehicle financing, mortgage deposits abroad, and cash and cash loans, insurance, pension plan and premium equivalents in foreign currency. bonds products, and acquiring services, among others. Wholesale Banking Consists of the activities of Itaú BBA, the unit Capital, Liquidity and responsible for commercial operations with Market Indicators large companies and for investment banking services, the activities of our units abroad, Value at Risk (VaR) and the products and services offered to A statistical metric that quantifies the high-net worth clients (Private Banking) and maximum potential economic loss expected to middle market companies and institutional in normal market conditions. clients. Common Equity Tier I The sum of social capital, reserves and retained earnings, less deductions and prudential adjustments. Itaú Unibanco Holding S.A. 35

Itaú Unibanco Holding S.A. 36 Itaú Unibanco Holding S.A. 36

Complete Financial Statements December 31, 2019 Itaú Unibanco Holding S.A. www.itau.com.br/investor-relations @Itaú @Itaú /Itaú /bancoitau facebook.com/Itaú Complete Financial Statements December 31, 2019 Itaú Unibanco Holding S.A. www.itau.com.br/investor-relations @Itaú @Itaú /Itaú /bancoitau facebook.com/Itaú

Creation Income Management Report 2019 Value Capital Surplus & Trading in billions of reais Recurring Net 28.4 (0.8) 25.7 in billions of reais 24.9 Credit 3.8 12.8 23.7% Total Recurring 21.8% 21.9% ROE 9.8 2017 2018 2019 Services & Insurance Net Dividends & Interest on Own Capital Efficiency 46.4% 47.6% 45.5% Ratio% billion R$18.8 2017 2018 2019 Dividend Number of 241 Shareholders Yield¹ 5.5% Annual 150 in thousands 121 2017 2018 2019 Credit Commissions portfolio² and fees in billions of reais +10.9% 706.7 636.9 +6.1% Individuals 239.8 600.1 211.3 R$37.3 billion Total 191.5 Very Small, Small 89.6 and Middle Market 70.8 Companies 61.9 +7.2% 211.0 191.6 Large Companies Credit and debit cards (issued) 201.1 +24.9% Asset Management 166.3 Latin America 163.2 145.6 +79.3% Economic and financial advisory 2017 2018 2019 and brokerage (1) Show the return from net dividends and interest on capital invested, taking into account the average daily price in 2019. (2) Includes financial guarantees provided and corporate.Creation Income Management Report 2019 Value Capital Surplus & Trading in billions of reais Recurring Net 28.4 (0.8) 25.7 in billions of reais 24.9 Credit 3.8 12.8 23.7% Total Recurring 21.8% 21.9% ROE 9.8 2017 2018 2019 Services & Insurance Net Dividends & Interest on Own Capital Efficiency 46.4% 47.6% 45.5% Ratio% billion R$18.8 2017 2018 2019 Dividend Number of 241 Shareholders Yield¹ 5.5% Annual 150 in thousands 121 2017 2018 2019 Credit Commissions portfolio² and fees in billions of reais +10.9% 706.7 636.9 +6.1% Individuals 239.8 600.1 211.3 R$37.3 billion Total 191.5 Very Small, Small 89.6 and Middle Market 70.8 Companies 61.9 +7.2% 211.0 191.6 Large Companies Credit and debit cards (issued) 201.1 +24.9% Asset Management 166.3 Latin America 163.2 145.6 +79.3% Economic and financial advisory 2017 2018 2019 and brokerage (1) Show the return from net dividends and interest on capital invested, taking into account the average daily price in 2019. (2) Includes financial guarantees provided and corporate.

Dear reader, Our business environment in 2019 was influenced by the continuing cycle of reductions in the SELIC rate, supported by low inflation levels in Brazil and by the structural economic reforms, such as the social security reform. Against this backdrop, several indicators point to a resumption of economic activity, such as the growth in the volume of credit extended and a gradual reduction in the unemployment rate. The banking sector is experiencing a healthy movement that encourages competition and a reduction in interest rates charged to clients. Several changes in the regulations have opened the doors to new competitors while improving the quality of the information on creditworthiness, such as the positive financial track record system, known as “Positive Credit Report”. The significant reduction in the SELIC rate has triggered a structural change in how our clients finance themselves and how they invest their wealth. With a higher demand for credit, we have seen our portfolio grow, especially in loans to individuals and very small, small and middle market companies. We have reduced our interest rates across a range of different types of credit, in addition to exempting or reducing the cost of services such as acquiring activities, investments and overdrafts fees. The macroeconomic scenario and the competitive environment within the financial sector support the strategy disclosed in 2017, with client centricity as one of the fronts. This front has become increasingly relevant, because the advances in the digital world have had an impact on consumption habits, making people more demanding and selective when contracting products and services. We are part of this change, and we have continually transformed ourselves to delight our clients. In 2019, we pushed ahead with our business models and consolidated client centricity as the driving force of our strategy. Our challenge is a daring one – we want to be one of the world’s best companies in client satisfaction, what we call “changing leagues”. Client centricity involves a two-fold approach: in-house Cultural Transformation and Transformation of the Experience we offer to our clients. People Cultural Transformation: it is essential for the entire organization to embark on this objective. To that end, we have a clear idea of what we expect from each one of our 95,000 employees, by adopting 7 principles of client centricity that determine how we perform. These are: 1. We know and understand our clients. WE WANT TO 2. We prioritize the client when decisions are made. change leagues 3. The client’s problem is my problem. and the 7 PRINCIPLES 4. Captivating clients is everyone’s responsibility. 5. We innovate; we try things out with the client, learning quickly from our mistakes OF customer and from what we do right. centricity 6. Our communication with the client is clear, simple and transparent. will lead us there 7. We recognize and we reward for client satisfaction. 3 9Dear reader, Our business environment in 2019 was influenced by the continuing cycle of reductions in the SELIC rate, supported by low inflation levels in Brazil and by the structural economic reforms, such as the social security reform. Against this backdrop, several indicators point to a resumption of economic activity, such as the growth in the volume of credit extended and a gradual reduction in the unemployment rate. The banking sector is experiencing a healthy movement that encourages competition and a reduction in interest rates charged to clients. Several changes in the regulations have opened the doors to new competitors while improving the quality of the information on creditworthiness, such as the positive financial track record system, known as “Positive Credit Report”. The significant reduction in the SELIC rate has triggered a structural change in how our clients finance themselves and how they invest their wealth. With a higher demand for credit, we have seen our portfolio grow, especially in loans to individuals and very small, small and middle market companies. We have reduced our interest rates across a range of different types of credit, in addition to exempting or reducing the cost of services such as acquiring activities, investments and overdrafts fees. The macroeconomic scenario and the competitive environment within the financial sector support the strategy disclosed in 2017, with client centricity as one of the fronts. This front has become increasingly relevant, because the advances in the digital world have had an impact on consumption habits, making people more demanding and selective when contracting products and services. We are part of this change, and we have continually transformed ourselves to delight our clients. In 2019, we pushed ahead with our business models and consolidated client centricity as the driving force of our strategy. Our challenge is a daring one – we want to be one of the world’s best companies in client satisfaction, what we call “changing leagues”. Client centricity involves a two-fold approach: in-house Cultural Transformation and Transformation of the Experience we offer to our clients. People Cultural Transformation: it is essential for the entire organization to embark on this objective. To that end, we have a clear idea of what we expect from each one of our 95,000 employees, by adopting 7 principles of client centricity that determine how we perform. These are: 1. We know and understand our clients. WE WANT TO 2. We prioritize the client when decisions are made. change leagues 3. The client’s problem is my problem. and the 7 PRINCIPLES 4. Captivating clients is everyone’s responsibility. 5. We innovate; we try things out with the client, learning quickly from our mistakes OF customer and from what we do right. centricity 6. Our communication with the client is clear, simple and transparent. will lead us there 7. We recognize and we reward for client satisfaction. 3 9

Additionally, we have structured the Executive Client Forum, consisting of regular meetings of our executive board in which the focus is on integrating client centricity into all our executive areas. Aims of the Executive Client Forum To monitor the progress on To analyze client client centricity satisfaction 2 1 initiatives To take decisions To analyze what we do involving client and how we can 4 centricity and our 3 improve strategic fronts Putting ourselves in our client’s shoes has to be part of our day-to-day. We have defined a series of behaviors that need to become second nature if we are to feel what the client is feeling and to learn from what upsets them. Based on the 7 Principles, we have created work routines in order to understand our clients’ needs and to create mechanisms in order to enhance their experience. One of the programs developed based on our rituals is the “Posso te Ajudar?” (May I help you?), in which officers from the administrative areas work in and experience – during business hours – the routine of our front-line employees. This affords the administration a more concrete view of our clients’ experience, making it possible to identify opportunities for improving the service and renewing the way in which we create products and services. MAY I HELP YOU? Setting an example from the top down: members of our executive board (including our president and CEO) organized lines, handed out vouchers and personally attended to clients in the branches. We started listening more to our clients and their needs to improve the experience of using our products and services. To that end, we have created Itaú Escuta (Itaú Listens), within the Retail Bank, and Callback, within the Wholesale Bank. Retail Bank (Itaú Escuta): 650,000 Wholesale Bank (Callback): more telephone calls involving than 7,500 telephone calls by 7,500 employees 924 employees 40Additionally, we have structured the Executive Client Forum, consisting of regular meetings of our executive board in which the focus is on integrating client centricity into all our executive areas. Aims of the Executive Client Forum To monitor the progress on To analyze client client centricity satisfaction 2 1 initiatives To take decisions To analyze what we do involving client and how we can 4 centricity and our 3 improve strategic fronts Putting ourselves in our client’s shoes has to be part of our day-to-day. We have defined a series of behaviors that need to become second nature if we are to feel what the client is feeling and to learn from what upsets them. Based on the 7 Principles, we have created work routines in order to understand our clients’ needs and to create mechanisms in order to enhance their experience. One of the programs developed based on our rituals is the “Posso te Ajudar?” (May I help you?), in which officers from the administrative areas work in and experience – during business hours – the routine of our front-line employees. This affords the administration a more concrete view of our clients’ experience, making it possible to identify opportunities for improving the service and renewing the way in which we create products and services. MAY I HELP YOU? Setting an example from the top down: members of our executive board (including our president and CEO) organized lines, handed out vouchers and personally attended to clients in the branches. We started listening more to our clients and their needs to improve the experience of using our products and services. To that end, we have created Itaú Escuta (Itaú Listens), within the Retail Bank, and Callback, within the Wholesale Bank. Retail Bank (Itaú Escuta): 650,000 Wholesale Bank (Callback): more telephone calls involving than 7,500 telephone calls by 7,500 employees 924 employees 40

Our clients are constantly in our minds; but, to reflect on how we are moving together towards the future and spread the idea that the client has to be present in our every attitude, we held the so-called “Semana do Cliente” (Client Week). The event involved talks and actions to inspire and transform the client’s experience in the bank. The topics covered included listening to and understanding what our clients are looking for; the use of data to enhance the client’s experience and deliver value; the importance of mapping the entire customer service experience; and how to delight our clients. We are on a journey of transformation, and there is still a long way to go in our change of leagues. That is why we have listed 10 priority journeys of operation. Chosen based on feedbacks and for having a great impact on our clients satisfaction, we detailed the path of each journey to identify points for improvement. Opening and use Opening and use Acquisition and use of Opening and use of of credit cards of overdrafts the Rede network individual current accounts Retail Opening and use Opening and use of Opening and use of of consumer working capital loans business current 10 priority credit lines accounts JOURNEYS Opening of Acquisition and use of Financial Advisory Wholesale accounts with domestic currency cash products To this end, we inaugurated a location whose goal is to understand the needs, find solutions and redesign priority journeys from the client’s point of view: our “Centro de Experiência do Cliente” (Client’s Experience Center). The space provides an immersive experience of what our clients feel and think, including interview and chat rooms. Teams from different departments are redesigning and improving these journeys in the search for solutions that increase our clients’ satisfaction. The process consists of two main phases: (i) identifying clients’ real needs and coming up with ideas for meeting them; and (ii) review the ideas with the clients and, once approved, implement them, test them, put them into practice and monitor the outcomes. Delivery room where the phases of the journey take place Work methodology panel Hologram of our president and CEO 41Our clients are constantly in our minds; but, to reflect on how we are moving together towards the future and spread the idea that the client has to be present in our every attitude, we held the so-called “Semana do Cliente” (Client Week). The event involved talks and actions to inspire and transform the client’s experience in the bank. The topics covered included listening to and understanding what our clients are looking for; the use of data to enhance the client’s experience and deliver value; the importance of mapping the entire customer service experience; and how to delight our clients. We are on a journey of transformation, and there is still a long way to go in our change of leagues. That is why we have listed 10 priority journeys of operation. Chosen based on feedbacks and for having a great impact on our clients satisfaction, we detailed the path of each journey to identify points for improvement. Opening and use Opening and use Acquisition and use of Opening and use of of credit cards of overdrafts the Rede network individual current accounts Retail Opening and use Opening and use of Opening and use of of consumer working capital loans business current 10 priority credit lines accounts JOURNEYS Opening of Acquisition and use of Financial Advisory Wholesale accounts with domestic currency cash products To this end, we inaugurated a location whose goal is to understand the needs, find solutions and redesign priority journeys from the client’s point of view: our “Centro de Experiência do Cliente” (Client’s Experience Center). The space provides an immersive experience of what our clients feel and think, including interview and chat rooms. Teams from different departments are redesigning and improving these journeys in the search for solutions that increase our clients’ satisfaction. The process consists of two main phases: (i) identifying clients’ real needs and coming up with ideas for meeting them; and (ii) review the ideas with the clients and, once approved, implement them, test them, put them into practice and monitor the outcomes. Delivery room where the phases of the journey take place Work methodology panel Hologram of our president and CEO 41

To change leagues, we have to go beyond. We believe this is an inside-out change. That is why we are striving to improve not only our client’s experience, but also that of our employees. Each employee’s attitude is essential, both for those directly in the front line, and for those in the administration area. We need to constantly revisit and develop our culture, in addition to encouraging the types of behavior required. We have created a work model based on integrated communities focused on the priority journeys. These communities consist of technology, business, operations and support teams. The result implies a change in mentality which essence is client centricity, greater speed and disruption in improving the client’s experience. One has to recognize and value the differences intrinsic to each person, if we are to put this cultural transformation into practice. We foster a safe and inclusive environment, with equal opportunity for all. We are committed to positioning the theme of diversity in our institutional processes and projects. In other words, we are increasingly striving to raise awareness within the organization, deconstruct stereotypes and implement initiatives to change specific scenarios. Consequently, we have adopted a program for valuing diversity and respect for people whose pillars are: Age Gender Race Breaking the limitations of paradigms and We are working for equality, so that We are working to make racial encouraging actions designed for men and women enjoy equal representativeness a reality, with the employees over the age of 55+, striving to opportunities for development, objective of increasing attractiveness, increasingly improve their experiences in the growth within the bank and the number of admissions and so that bank. compensation. all employees have the same opportunities. Religion LGBT+ PwD Promoting accessibility, qualification A safe and respectful environment, A safe and respectful environment, and equal opportunity. irrespective of sexual orientation and irrespective of beliefs or non-beliefs. gender identity. Within this program, we sponsor debates in which we emphasize that differences are not viewed as obstacles, rather as characteristics that differentiate people, contributing to improving our performance by fostering respect for diversity. As an example, in November 2019 we held the “Semana da Diversidade Racial” (Racial Diversity Week) during which we dealt with issues referring to the importance of the representativeness of race and inclusion, coming out, life experiences and trajectories and racial diversity at work. In this respect, the Department for the Rights of Persons with Disabilities of the State Government of São Paulo elected us one of the Best Companies for Persons with Disabilities. For each of us to manage to be the best version of ourselves, we have to look after our minds as we do our bodies. In this sense, in October 2019, we initiated the “Jornada da Saúde” (Health Journey). The first initiative was the “Semana da Saúde Mental” (Mental Health Week), which dealt with issues such as anxiety, depression, burnout syndrome and stress. Our aim is to reduce the stigma surrounding mental health, expand the dialog on this issue and divulge our support programs and channels such as the Personal Support Program, “Fique OK” (Be Alright). 42To change leagues, we have to go beyond. We believe this is an inside-out change. That is why we are striving to improve not only our client’s experience, but also that of our employees. Each employee’s attitude is essential, both for those directly in the front line, and for those in the administration area. We need to constantly revisit and develop our culture, in addition to encouraging the types of behavior required. We have created a work model based on integrated communities focused on the priority journeys. These communities consist of technology, business, operations and support teams. The result implies a change in mentality which essence is client centricity, greater speed and disruption in improving the client’s experience. One has to recognize and value the differences intrinsic to each person, if we are to put this cultural transformation into practice. We foster a safe and inclusive environment, with equal opportunity for all. We are committed to positioning the theme of diversity in our institutional processes and projects. In other words, we are increasingly striving to raise awareness within the organization, deconstruct stereotypes and implement initiatives to change specific scenarios. Consequently, we have adopted a program for valuing diversity and respect for people whose pillars are: Age Gender Race Breaking the limitations of paradigms and We are working for equality, so that We are working to make racial encouraging actions designed for men and women enjoy equal representativeness a reality, with the employees over the age of 55+, striving to opportunities for development, objective of increasing attractiveness, increasingly improve their experiences in the growth within the bank and the number of admissions and so that bank. compensation. all employees have the same opportunities. Religion LGBT+ PwD Promoting accessibility, qualification A safe and respectful environment, A safe and respectful environment, and equal opportunity. irrespective of sexual orientation and irrespective of beliefs or non-beliefs. gender identity. Within this program, we sponsor debates in which we emphasize that differences are not viewed as obstacles, rather as characteristics that differentiate people, contributing to improving our performance by fostering respect for diversity. As an example, in November 2019 we held the “Semana da Diversidade Racial” (Racial Diversity Week) during which we dealt with issues referring to the importance of the representativeness of race and inclusion, coming out, life experiences and trajectories and racial diversity at work. In this respect, the Department for the Rights of Persons with Disabilities of the State Government of São Paulo elected us one of the Best Companies for Persons with Disabilities. For each of us to manage to be the best version of ourselves, we have to look after our minds as we do our bodies. In this sense, in October 2019, we initiated the “Jornada da Saúde” (Health Journey). The first initiative was the “Semana da Saúde Mental” (Mental Health Week), which dealt with issues such as anxiety, depression, burnout syndrome and stress. Our aim is to reduce the stigma surrounding mental health, expand the dialog on this issue and divulge our support programs and channels such as the Personal Support Program, “Fique OK” (Be Alright). 42

Technology Transformation of the Experience: the technology is one of the main instruments for transforming our client’s journey, thereby fulfilling their new expectations. We have strengthened our strategy of being at the forefront in the search for innovative solutions for solving the real problems of our clients. Between December 2016 and December 2019, we increased by 54% our investments in technology, which shows our commitment to the advance of digital solutions and better experiences. Investment in technology (Base 100: 2016) 154 Investment in technology 130 122 11% 100 Accumulated Non-interest expense (IPCA) Inflation 100 101 106 109 in the period 2016 2017 2018 2019 In our search to accelerate the development of digital transformation projects and to offer our clients new functionalities 1 and products, we announced the acquisition of 51% of Zup. With over 900 employees, Zup provides technology solutions according to each client’s needs, using systems that facilitate the integration of new digital developments with legacy corporate systems. We believe that technology is more valuable when used to improve our clients’ experience. We have the world’s largest voice transcription operation, with approximately 130 million calls a year, in which we listen to and analyze 100% of the calls received at our service hubs. This operation enables us to measure the degree of our clients’ satisfaction, mapping opportunities and identifying the objective of each one, thus enabling us to anticipate solutions for each demand. We have inaugurated a totally new concept for transforming our physical agencies, where the focus is on client centricity, enhancing technologies and functionalities, such as removing revolving doors, providing Wi-Fi access, envelope-free deposit services and self-service. Joaquim Floriano Branch in São Paulo 43 (1) The purchase will take place in three phases over four years, whereby in year four we will have 100% of total and voting capital.Technology Transformation of the Experience: the technology is one of the main instruments for transforming our client’s journey, thereby fulfilling their new expectations. We have strengthened our strategy of being at the forefront in the search for innovative solutions for solving the real problems of our clients. Between December 2016 and December 2019, we increased by 54% our investments in technology, which shows our commitment to the advance of digital solutions and better experiences. Investment in technology (Base 100: 2016) 154 Investment in technology 130 122 11% 100 Accumulated Non-interest expense (IPCA) Inflation 100 101 106 109 in the period 2016 2017 2018 2019 In our search to accelerate the development of digital transformation projects and to offer our clients new functionalities 1 and products, we announced the acquisition of 51% of Zup. With over 900 employees, Zup provides technology solutions according to each client’s needs, using systems that facilitate the integration of new digital developments with legacy corporate systems. We believe that technology is more valuable when used to improve our clients’ experience. We have the world’s largest voice transcription operation, with approximately 130 million calls a year, in which we listen to and analyze 100% of the calls received at our service hubs. This operation enables us to measure the degree of our clients’ satisfaction, mapping opportunities and identifying the objective of each one, thus enabling us to anticipate solutions for each demand. We have inaugurated a totally new concept for transforming our physical agencies, where the focus is on client centricity, enhancing technologies and functionalities, such as removing revolving doors, providing Wi-Fi access, envelope-free deposit services and self-service. Joaquim Floriano Branch in São Paulo 43 (1) The purchase will take place in three phases over four years, whereby in year four we will have 100% of total and voting capital.

We have undertaken several initiatives that focus on transforming the client’s experience. We facilitate the process of overseas fund transfers, which is now 100% digital 24 hours a day, 7 days a week to practically all countries in just a few Cyber security is essential for minutes. protecting our clients’ information. We have the resilient and appropriate structure and governance for We begun to enable the purchase of dollars and euros using the Itaú identifying, detecting and reacting to threats, as well as establishing application, tariff-free and 24 hours a day. recovery procedures in situations that require us to protect ourselves from 100% of Itaú Unibanco credit, debit and additional cards can be used on cyber-attacks. In addition, we invest in awareness campaigns for employees digital wallets: Apple Pay, Google Pay, Samsung Pay and PayPal. and clients, so that they are always in a position to identify and deal with We launched Itaucard Click, with no annual fee for clients who spend at least risks and threats. R$100 per invoice, and they do not need to have an account with us. We have developed our digital payments platform: iti. Iti is a platform that benefits buyers and sellers. Storeowners, the self-employed and entrepreneurs instantly receive their sales, with no advance cost and a rate of 1%. Payments can be made using their cellphones, QR codes printed at points of sale or using the Rede bankcard machines. Users can also transfer money between one another using the balance on the app or any registered credit card. iti is available to both iOS and Android users, and there is no need to be an account holder. Directly on cellphones Rede bankcard machines Printed QR codes The best experience for clients is also to pay less for quality products and services We reduced interest rates on several credit lines, passing on to clients the cuts in the basic interest rate (SELIC). For individual clients, we have reduced average interest rates on four credit lines: real estate and vehicle finance, personal loans and payroll loans. For companies, we have reduced the average interest rates on six credit lines: working capital loans, advances against foreign exchange contracts, advances on future card receivables, vendor transactions, check and trade bill discounts. 44We have undertaken several initiatives that focus on transforming the client’s experience. We facilitate the process of overseas fund transfers, which is now 100% digital 24 hours a day, 7 days a week to practically all countries in just a few Cyber security is essential for minutes. protecting our clients’ information. We have the resilient and appropriate structure and governance for We begun to enable the purchase of dollars and euros using the Itaú identifying, detecting and reacting to threats, as well as establishing application, tariff-free and 24 hours a day. recovery procedures in situations that require us to protect ourselves from 100% of Itaú Unibanco credit, debit and additional cards can be used on cyber-attacks. In addition, we invest in awareness campaigns for employees digital wallets: Apple Pay, Google Pay, Samsung Pay and PayPal. and clients, so that they are always in a position to identify and deal with We launched Itaucard Click, with no annual fee for clients who spend at least risks and threats. R$100 per invoice, and they do not need to have an account with us. We have developed our digital payments platform: iti. Iti is a platform that benefits buyers and sellers. Storeowners, the self-employed and entrepreneurs instantly receive their sales, with no advance cost and a rate of 1%. Payments can be made using their cellphones, QR codes printed at points of sale or using the Rede bankcard machines. Users can also transfer money between one another using the balance on the app or any registered credit card. iti is available to both iOS and Android users, and there is no need to be an account holder. Directly on cellphones Rede bankcard machines Printed QR codes The best experience for clients is also to pay less for quality products and services We reduced interest rates on several credit lines, passing on to clients the cuts in the basic interest rate (SELIC). For individual clients, we have reduced average interest rates on four credit lines: real estate and vehicle finance, personal loans and payroll loans. For companies, we have reduced the average interest rates on six credit lines: working capital loans, advances against foreign exchange contracts, advances on future card receivables, vendor transactions, check and trade bill discounts. 44

We reduced to zero variable income custody fees, including real estate funds. In 2018, we had already announced zero custody fees on the Brazilian Treasure Bounds (Tesouro Direto) transactions and fixed income products. In addition, we have reduced the administation fees and minimum additional investment amounts on several products in the Personnalité segment. We decided to eliminate tariffs on overdrafts for all clients. The Central Bank of Brazil has issued a resolution that allows banks to charge a monthly rate of up to 0.25% on overdraft limits where this limit exceeds R$500.00. The resolution also limits monthly interest rates on overdrafts to 8%. 2 We announced a groundbreaking initiative for the acquiring sector : we are anticipating by two days, at zero cost, credit cards sales without installments on Rede bankcard machines for clients with annual billings of up to R$ 30 million, including those without accounts at Itaú Unibanco. As a result, the more than 15 million small and middle market companies in Brazil, that is, 98% of the country’s retail market, can now sign up for the benefit. This movement reflects our desire to promote the development of entrepreneurs and small and middle market companies while, at the same time, pursuing even greater levels of customer satisfaction. To render our decisions more effective, we have reviewed our metrics for measuring and monitoring how our clients’ satisfaction evolves Since 2018, we have adopted the Net Promoter Score (NPS), a universal satisfaction appraisal method. We ask clients about the probability of them recommending Itaú Unibanco to a friend, on a scale of 0 to 10. Those who attribute a score of 9 or 10 are considered promoters; scores of 7 and 8 are neutral, while 6 and below are considered detrators. In 16 months, we increased 9 points in our Global NPS, which represents 90% of our target for the end of 2020. Since 2016, we have been improving our position in the complaints ranking of the Central Bank of Brazil, reaching eighth position, the best classification among the large Brazilian banks. Ranking of complaints - Central Bank th 4 Lowest number of complaints th th per client 6 6 th 8 2016 2017 2018 2019 Source: Central Bank of Brazil We obtained recognition at the Época Magazine “Reclame Aqui” Awards as one of the companies providing good services in the categories: Banks, Credit Cards, Vehicle Finance and Card Operators and Administrators. 45 (2) Acquiring refers to the market where companies that accept payment for purchases using “bankcard machines” . We reduced to zero variable income custody fees, including real estate funds. In 2018, we had already announced zero custody fees on the Brazilian Treasure Bounds (Tesouro Direto) transactions and fixed income products. In addition, we have reduced the administation fees and minimum additional investment amounts on several products in the Personnalité segment. We decided to eliminate tariffs on overdrafts for all clients. The Central Bank of Brazil has issued a resolution that allows banks to charge a monthly rate of up to 0.25% on overdraft limits where this limit exceeds R$500.00. The resolution also limits monthly interest rates on overdrafts to 8%. 2 We announced a groundbreaking initiative for the acquiring sector : we are anticipating by two days, at zero cost, credit cards sales without installments on Rede bankcard machines for clients with annual billings of up to R$ 30 million, including those without accounts at Itaú Unibanco. As a result, the more than 15 million small and middle market companies in Brazil, that is, 98% of the country’s retail market, can now sign up for the benefit. This movement reflects our desire to promote the development of entrepreneurs and small and middle market companies while, at the same time, pursuing even greater levels of customer satisfaction. To render our decisions more effective, we have reviewed our metrics for measuring and monitoring how our clients’ satisfaction evolves Since 2018, we have adopted the Net Promoter Score (NPS), a universal satisfaction appraisal method. We ask clients about the probability of them recommending Itaú Unibanco to a friend, on a scale of 0 to 10. Those who attribute a score of 9 or 10 are considered promoters; scores of 7 and 8 are neutral, while 6 and below are considered detrators. In 16 months, we increased 9 points in our Global NPS, which represents 90% of our target for the end of 2020. Since 2016, we have been improving our position in the complaints ranking of the Central Bank of Brazil, reaching eighth position, the best classification among the large Brazilian banks. Ranking of complaints - Central Bank th 4 Lowest number of complaints th th per client 6 6 th 8 2016 2017 2018 2019 Source: Central Bank of Brazil We obtained recognition at the Época Magazine “Reclame Aqui” Awards as one of the companies providing good services in the categories: Banks, Credit Cards, Vehicle Finance and Card Operators and Administrators. 45 (2) Acquiring refers to the market where companies that accept payment for purchases using “bankcard machines” .

Our financial results are the outcome of our long-term strategy We present below the key indicators comprising our result: In R$ billions (except where indicated) 2019 2018 Variation Income Information 1 Operating Revenues 119.8 111.8 7.1% Managerial Financial Margin 74.6 69.1 8.0% Financial Margin with Clients 69.1 63.6 8.6% Financial Margin with the Market 5.6 5.5 1.6% Commissions and Fees 37.3 35.1 6.4% Revenues from Insurance, Pension Plans and Premium Bonds operations before 7.9 7.7 2.6% Retained Claims and Selling Expenses Cost of Credit (18.2) (14.1) 29.1% . Non-Interest Expenses (50.6) (49.4) 2.5% Recurring Net Income 28.4 25.7 10.2% Net Income 26.6 25.0 6.4% Recurring Return on 23.7% 21.9% 180 bps 2 Annualized Average Equity 2019 2018 Variation Balance Sheet Information Total Assets 1,739 1,650 5.4% 3 L o a n P o r t f o l i o 706.7 636.9 10.9 . % NPL Ratio (90 days) 3.0% 2.9% 10 bps 4 Tier 1 Capital - BIS III 14.4% 15.9% 2019 2018 Variation Shares Weighted Average Number of Outstanding Shares - in thousands 9,740,146 9,718,162 0.2% Net Income per Share - Basic - R$ 2.73 2.57 6.2% Book Value per Share R$ ( Outstanding on 12/31) 13.54 13.55 -0.1% 5 Dividends and Net Interest on Own Capital 18.78 22.44 -16.3% 2019 2018 Variation (1) Fonte: Banco Central do Brasil Other information Branches and Client Service Branches (CBSs) 4,504 4,940 -8.8% Physical 4,308 4,745 -9.2% Digital 196 195 0.5% Employees - in thousands 94.9 100.3 -5.4% Brazil 81.7 86.8 -5.9% Overseas 13.2 13.5 -2.5% (1) Operating Revenues are the sum of the Managerial Financial Margin, Commissions and Fees and Revenues from Insurance, Pension Plans and Pre,mium Bonds, before the Retained Claims and Sales Expenses; (2) The return is calculated by dividing the Recurring Net Income by the Average Stockholders’ Equity; (3) Includes Financial Guarantees Provided and Corporate Securities; (4) For periods prior to 2019, considers the immediate and full application of Basel III rules. It does not take into account the additional portion of dividends and interest on own capital; (5) Amounts paid/provisioned, declared and highlighted in the shareholders’ equity. 46 - 150 bpsOur financial results are the outcome of our long-term strategy We present below the key indicators comprising our result: In R$ billions (except where indicated) 2019 2018 Variation Income Information 1 Operating Revenues 119.8 111.8 7.1% Managerial Financial Margin 74.6 69.1 8.0% Financial Margin with Clients 69.1 63.6 8.6% Financial Margin with the Market 5.6 5.5 1.6% Commissions and Fees 37.3 35.1 6.4% Revenues from Insurance, Pension Plans and Premium Bonds operations before 7.9 7.7 2.6% Retained Claims and Selling Expenses Cost of Credit (18.2) (14.1) 29.1% . Non-Interest Expenses (50.6) (49.4) 2.5% Recurring Net Income 28.4 25.7 10.2% Net Income 26.6 25.0 6.4% Recurring Return on 23.7% 21.9% 180 bps 2 Annualized Average Equity 2019 2018 Variation Balance Sheet Information Total Assets 1,739 1,650 5.4% 3 L o a n P o r t f o l i o 706.7 636.9 10.9 . % NPL Ratio (90 days) 3.0% 2.9% 10 bps 4 Tier 1 Capital - BIS III 14.4% 15.9% 2019 2018 Variation Shares Weighted Average Number of Outstanding Shares - in thousands 9,740,146 9,718,162 0.2% Net Income per Share - Basic - R$ 2.73 2.57 6.2% Book Value per Share R$ ( Outstanding on 12/31) 13.54 13.55 -0.1% 5 Dividends and Net Interest on Own Capital 18.78 22.44 -16.3% 2019 2018 Variation (1) Fonte: Banco Central do Brasil Other information Branches and Client Service Branches (CBSs) 4,504 4,940 -8.8% Physical 4,308 4,745 -9.2% Digital 196 195 0.5% Employees - in thousands 94.9 100.3 -5.4% Brazil 81.7 86.8 -5.9% Overseas 13.2 13.5 -2.5% (1) Operating Revenues are the sum of the Managerial Financial Margin, Commissions and Fees and Revenues from Insurance, Pension Plans and Pre,mium Bonds, before the Retained Claims and Sales Expenses; (2) The return is calculated by dividing the Recurring Net Income by the Average Stockholders’ Equity; (3) Includes Financial Guarantees Provided and Corporate Securities; (4) For periods prior to 2019, considers the immediate and full application of Basel III rules. It does not take into account the additional portion of dividends and interest on own capital; (5) Amounts paid/provisioned, declared and highlighted in the shareholders’ equity. 46 - 150 bps

In 2019, our recurring net income stood at R$28.4 billion, an increase of 10.2% over 2018, with a Recurring Return on Equity of 23.7%. Worthy of note is the 8.6% increase in the financial margin with clients, primarily driven by the growth in the credit portfolios: An increase of 13.5% in our individual customer portfolio, reflecting higher demand from clients, the highlights being growth of 17.4% in credit cards; The very small, small and middle market companies’ portfolio grew by 26.6%, also on the back of stronger demand in this segment; The resumption of growth of 10.1% in the corporate loan portfolio. There was a strong growth in credit origination across practically all segments. In Brazil, the total growth in origination was 25.6%, of which: 23.4% for individuals; 31.3% for very small, small and middle market companies; 23.2% for corporate. The impact of the growth in the credit portfolio was partially offset by lower spreads on assets because of lower interest rates. The growth of 5.9% in revenues from services provided and insurance was primarily due to the following increases: 7.2% in credit cards issued, given the increase in revenues from annual fees and interchange fees. Worthy of note is the 6.5% growth in the number of credit cards accounts and 5.0% in debit cards accounts, while the total transaction amount in credit and debit cards rose by 14.3% in the last quarter of 2019; 29.0% in management fees, resulting from a 22.6% increase in the balance of assets under management. Also worthy of note is the increase of 46.9% in the balance of funds managed by third parties and distributed on our open investments platform; 79.3% in financial advisory and brokerage, as a result of increased activity on the capital markets. In the local fixed income sector, we participated in operations with debentures, promissory notes and securitization, having distributed R$39.1 billion in 2019. In the case of variable income business, we undertook 32 transactions totaling US$ 3.5 billion in South America. In the case of mergers and acquisitions, we provided financial advisory on 50 transactions in South America; and 3.2% in the result from insurance, given the increase in premiums earned from credit life, protected card, and life and personal accident insurance policies, in addition to lower selling expenses. There was an increase in earnings of affiliates, resulting from our equity holding in IRB-Brazil Resseguros and in Porto Seguro. There was also a growth in commissions and fees from pension plan services provided. On the downside, the liability adequacy test in the pension plans, revenues from premium bonds and revenues from premium bonds were lower for the period. The results were partly offset by lower revenues from acquiring activities, given the lower revenues from the Merchant Discount Rate - MDR and prepayment rates. The new commercial proposal for Rede, which ended the prepayment rate on advances in part of the credit card transactions without installments, in addition to the growth in the Pop Credicard, contributed to the increase of 19.2% in the equipment (bankcard machine) base compared to the same period of last year. 47In 2019, our recurring net income stood at R$28.4 billion, an increase of 10.2% over 2018, with a Recurring Return on Equity of 23.7%. Worthy of note is the 8.6% increase in the financial margin with clients, primarily driven by the growth in the credit portfolios: An increase of 13.5% in our individual customer portfolio, reflecting higher demand from clients, the highlights being growth of 17.4% in credit cards; The very small, small and middle market companies’ portfolio grew by 26.6%, also on the back of stronger demand in this segment; The resumption of growth of 10.1% in the corporate loan portfolio. There was a strong growth in credit origination across practically all segments. In Brazil, the total growth in origination was 25.6%, of which: 23.4% for individuals; 31.3% for very small, small and middle market companies; 23.2% for corporate. The impact of the growth in the credit portfolio was partially offset by lower spreads on assets because of lower interest rates. The growth of 5.9% in revenues from services provided and insurance was primarily due to the following increases: 7.2% in credit cards issued, given the increase in revenues from annual fees and interchange fees. Worthy of note is the 6.5% growth in the number of credit cards accounts and 5.0% in debit cards accounts, while the total transaction amount in credit and debit cards rose by 14.3% in the last quarter of 2019; 29.0% in management fees, resulting from a 22.6% increase in the balance of assets under management. Also worthy of note is the increase of 46.9% in the balance of funds managed by third parties and distributed on our open investments platform; 79.3% in financial advisory and brokerage, as a result of increased activity on the capital markets. In the local fixed income sector, we participated in operations with debentures, promissory notes and securitization, having distributed R$39.1 billion in 2019. In the case of variable income business, we undertook 32 transactions totaling US$ 3.5 billion in South America. In the case of mergers and acquisitions, we provided financial advisory on 50 transactions in South America; and 3.2% in the result from insurance, given the increase in premiums earned from credit life, protected card, and life and personal accident insurance policies, in addition to lower selling expenses. There was an increase in earnings of affiliates, resulting from our equity holding in IRB-Brazil Resseguros and in Porto Seguro. There was also a growth in commissions and fees from pension plan services provided. On the downside, the liability adequacy test in the pension plans, revenues from premium bonds and revenues from premium bonds were lower for the period. The results were partly offset by lower revenues from acquiring activities, given the lower revenues from the Merchant Discount Rate - MDR and prepayment rates. The new commercial proposal for Rede, which ended the prepayment rate on advances in part of the credit card transactions without installments, in addition to the growth in the Pop Credicard, contributed to the increase of 19.2% in the equipment (bankcard machine) base compared to the same period of last year. 47

The cost of credit rose by 29.1% over 2018, due in the main to higher expenses with provisions for delinquencies: (i) in the Retail Bank in Brazil, associated with the growth of our credit portfolio, and (ii) in corporate in Latin America on account of the downgrading of the ratings of specific clients. Additionally, there was a reduction in the recovery of credits written off as losses, due to the credits assigned in 2018 and the increase in the discounts granted. The reduction of R$135 million in the impairment of private securities in the Wholesale Bank in Brazil partially offset these effects. Our continuous investment in technology has enabled initiatives where the focus is on cost efficiency, with the closure of 372 branches in Brazil. As a result, non-recurring interest expenses rose by 2.5% for the year, below the accumulated inflation in the period (4.3% - IPCA). Our expenses in 2019 were primarily affected by: The launch of the Voluntary Severance Program in the second half of 2019, for which around 3,500 employees signed up, out of approximately 7,000 eligible candidates, slightly higher than our initial expectation. The objective of the program was to provide an opportunity for a secure career transition while adapting our structures to market reality; Higher personnel expenses resulting from the impact of the negotiation of the collective bargaining agreement, tariff adjustments by health insurance plan operators, the higher volume of redundancies and labor lawsuits, as well as advances in profit sharing due to retirements and redundancies; and Higher administrative expenses, primarily from outsourced services and data processing, partially offset by lower expenses with marketing campaigns. The concept of client centricity involves valuing our shareholders. We seek to optimize the resources they invest and to guarantee our solidness. To achieve these objectives, capital management is a significant component. The Tier 1 Capital Ratio measures the ratios of the bank’s capital and the risk level of its assets. Maintaining adequate levels aims to protect the institution against severe stress events. We give below the main events that affected our ratio in 2019 : Full Tier 1 Capital Ratio 3.0% -0.6% -0.6% -1.2% 14.4% 0.3% 13.5% 1.3% 1.0% Prudential Earnings and Dividends Risk-Weighted Additional Adjustments other equity and Interest Assets Capital 12.5% changes on Own Capital 13.2% Dec/18* Dec/19 Common Equity Tier I (CET I) Additional Tier 1 Capital (AT1) *After the effects of the additional installment of dividends and Interest on Own Capital referring to the net income for 2018. As the chart shows, the growth in our credit portfolio demands higher capital requirements (Risk-Adjusted Assets). In accordance with our shareholder remuneration policy, this effect combined with our profitability in 2019 enabled the distribution of net dividends and Interest on Own Capital of R$ 18.8 billion. 48The cost of credit rose by 29.1% over 2018, due in the main to higher expenses with provisions for delinquencies: (i) in the Retail Bank in Brazil, associated with the growth of our credit portfolio, and (ii) in corporate in Latin America on account of the downgrading of the ratings of specific clients. Additionally, there was a reduction in the recovery of credits written off as losses, due to the credits assigned in 2018 and the increase in the discounts granted. The reduction of R$135 million in the impairment of private securities in the Wholesale Bank in Brazil partially offset these effects. Our continuous investment in technology has enabled initiatives where the focus is on cost efficiency, with the closure of 372 branches in Brazil. As a result, non-recurring interest expenses rose by 2.5% for the year, below the accumulated inflation in the period (4.3% - IPCA). Our expenses in 2019 were primarily affected by: The launch of the Voluntary Severance Program in the second half of 2019, for which around 3,500 employees signed up, out of approximately 7,000 eligible candidates, slightly higher than our initial expectation. The objective of the program was to provide an opportunity for a secure career transition while adapting our structures to market reality; Higher personnel expenses resulting from the impact of the negotiation of the collective bargaining agreement, tariff adjustments by health insurance plan operators, the higher volume of redundancies and labor lawsuits, as well as advances in profit sharing due to retirements and redundancies; and Higher administrative expenses, primarily from outsourced services and data processing, partially offset by lower expenses with marketing campaigns. The concept of client centricity involves valuing our shareholders. We seek to optimize the resources they invest and to guarantee our solidness. To achieve these objectives, capital management is a significant component. The Tier 1 Capital Ratio measures the ratios of the bank’s capital and the risk level of its assets. Maintaining adequate levels aims to protect the institution against severe stress events. We give below the main events that affected our ratio in 2019 : Full Tier 1 Capital Ratio 3.0% -0.6% -0.6% -1.2% 14.4% 0.3% 13.5% 1.3% 1.0% Prudential Earnings and Dividends Risk-Weighted Additional Adjustments other equity and Interest Assets Capital 12.5% changes on Own Capital 13.2% Dec/18* Dec/19 Common Equity Tier I (CET I) Additional Tier 1 Capital (AT1) *After the effects of the additional installment of dividends and Interest on Own Capital referring to the net income for 2018. As the chart shows, the growth in our credit portfolio demands higher capital requirements (Risk-Adjusted Assets). In accordance with our shareholder remuneration policy, this effect combined with our profitability in 2019 enabled the distribution of net dividends and Interest on Own Capital of R$ 18.8 billion. 48

Debit issuance in 2019 TYPE OF ISSUANCE AND COMPOSITION OF CAPITAL MATURITY DATE ISSUE AMOUNT Perpetual with a repurchase Subordinated Financial Notes – Additional Capital Tier I R$3.05 billion option from 2024 Subordinated Financial Notes – Tier II Capital 9 and 10 years R$2 . 3 billion Subordinated Notes – Tier II Capital US$750 million 10 years In January 2020, we issued US$1.5 billion in Senior Notes, maturing in 3 and 5 years, at rates of 2.90% and 3.25% respectively. In 2019, we paid and provisioned R$18.8 billion in dividends and Interest on Own Capital. This amount is equivalent to 66% of the recurring net income for the period. The financial results sustain the long-term appreciation of our shares. We give below the evolution of R$100 invested since the announcement of the merger between Itaú and Unibanco in October 2008. 630 384 310 285 190 100 Oct-08 Jun-09 Feb-10 Oct-10 Jun-11 Feb-12 Oct-12 Jun-13 Feb-14 Oct-14 Jun-15 Feb-16 Oct-16 Jun-17 Feb-18 Oct-18 Jun-19 Dec-19 ITUB4 reinvested dividends ITUB4 without reinvested dividends CDI Ibovespa Dollar Average Daily Trading Volume of Itaú Unibanco Shares (R$ millions) +59% 1,388 1,253 Our shares continue to trade 874 744 with high liquidity, both in Brazil and 653 in the United States, with a 59% increase in B3 (Common+Preferred) 442 the average daily volume traded since 2017. 644 NYSE (ADR) 600 432 2017 2018 2019 49Debit issuance in 2019 TYPE OF ISSUANCE AND COMPOSITION OF CAPITAL MATURITY DATE ISSUE AMOUNT Perpetual with a repurchase Subordinated Financial Notes – Additional Capital Tier I R$3.05 billion option from 2024 Subordinated Financial Notes – Tier II Capital 9 and 10 years R$2 . 3 billion Subordinated Notes – Tier II Capital US$750 million 10 years In January 2020, we issued US$1.5 billion in Senior Notes, maturing in 3 and 5 years, at rates of 2.90% and 3.25% respectively. In 2019, we paid and provisioned R$18.8 billion in dividends and Interest on Own Capital. This amount is equivalent to 66% of the recurring net income for the period. The financial results sustain the long-term appreciation of our shares. We give below the evolution of R$100 invested since the announcement of the merger between Itaú and Unibanco in October 2008. 630 384 310 285 190 100 Oct-08 Jun-09 Feb-10 Oct-10 Jun-11 Feb-12 Oct-12 Jun-13 Feb-14 Oct-14 Jun-15 Feb-16 Oct-16 Jun-17 Feb-18 Oct-18 Jun-19 Dec-19 ITUB4 reinvested dividends ITUB4 without reinvested dividends CDI Ibovespa Dollar Average Daily Trading Volume of Itaú Unibanco Shares (R$ millions) +59% 1,388 1,253 Our shares continue to trade 874 744 with high liquidity, both in Brazil and 653 in the United States, with a 59% increase in B3 (Common+Preferred) 442 the average daily volume traded since 2017. 644 NYSE (ADR) 600 432 2017 2018 2019 49

We are committed to disclosing information that is useful, simple and objective to investors, clients, capital market analysts and shareholders. st Our Annual Report was acknowledged at the Abrasca Awards, taking 1 place in the category “Public Companies with revenue equal to or exceeding R$3 billion”. In addition, our financial statements in IFRS took first place in the global ranking compiled by Bespoke Benchmarking. In 2019, we held 16 public meetings, with an attendance of 3,000 people, up by 23.4% over 2018. The main issues discussed at the presentations in 2019 included topics involving digital initiatives, client satisfaction results, changes to the National Financial System, investment in technology and CICLO th shareholder remuneration. Our 24 Apimec São Paulo 2019 meeting attracted a record audience apimec of 791 guests. During the meeting, the co-chairmen of our Board of Directors gave an interview and commented on the tenth anniversary of the merger between Itaú and Unibanco and the 2019 bank’s prospects for the future. Our Executive Committee commented on the results, the evolution of client satisfaction, investment in technology and digital strategy. We were considered for the Best Quality Apimec São Paulo Meeting Award for the second consecutive year. We believe that our shareholders are also our clients, which is why we seek to innovate the channels and how we communicate with these stakeholders. We are the first public company in Brazil to have a podcast designed for Investor Relations. With the aim of contributing to financial education, Investcast Itaú Unibanco is produced in the format of interviews lasting an average of 10 minutes and disclosed monthly. In 2019, Investcast episodes were heard over 10,000 times. 3 All episodes are available on the Investor Relations site and on the Spotify, Deezer and iTunes platforms. Besides our shareholders, our operations create value for a range of stakeholders. In 2019, we distributed to society R$ 76 billlion in payments of taxes, employees, shareholders and others. 4 Distribution of value added in billions of Reais Others Reinvestments 2% 11% 1.4 Taxes 8.8 31% 23.2 Shareholders 27% 76 20.3 22.4 Employees 29% 50 (3) www.itau.com.br/investor-relations (4) Includes recurring net income and the reclassification of hedge tax effects of investments abroad to the financial margin. We are committed to disclosing information that is useful, simple and objective to investors, clients, capital market analysts and shareholders. st Our Annual Report was acknowledged at the Abrasca Awards, taking 1 place in the category “Public Companies with revenue equal to or exceeding R$3 billion”. In addition, our financial statements in IFRS took first place in the global ranking compiled by Bespoke Benchmarking. In 2019, we held 16 public meetings, with an attendance of 3,000 people, up by 23.4% over 2018. The main issues discussed at the presentations in 2019 included topics involving digital initiatives, client satisfaction results, changes to the National Financial System, investment in technology and CICLO th shareholder remuneration. Our 24 Apimec São Paulo 2019 meeting attracted a record audience apimec of 791 guests. During the meeting, the co-chairmen of our Board of Directors gave an interview and commented on the tenth anniversary of the merger between Itaú and Unibanco and the 2019 bank’s prospects for the future. Our Executive Committee commented on the results, the evolution of client satisfaction, investment in technology and digital strategy. We were considered for the Best Quality Apimec São Paulo Meeting Award for the second consecutive year. We believe that our shareholders are also our clients, which is why we seek to innovate the channels and how we communicate with these stakeholders. We are the first public company in Brazil to have a podcast designed for Investor Relations. With the aim of contributing to financial education, Investcast Itaú Unibanco is produced in the format of interviews lasting an average of 10 minutes and disclosed monthly. In 2019, Investcast episodes were heard over 10,000 times. 3 All episodes are available on the Investor Relations site and on the Spotify, Deezer and iTunes platforms. Besides our shareholders, our operations create value for a range of stakeholders. In 2019, we distributed to society R$ 76 billlion in payments of taxes, employees, shareholders and others. 4 Distribution of value added in billions of Reais Others Reinvestments 2% 11% 1.4 Taxes 8.8 31% 23.2 Shareholders 27% 76 20.3 22.4 Employees 29% 50 (3) www.itau.com.br/investor-relations (4) Includes recurring net income and the reclassification of hedge tax effects of investments abroad to the financial margin.

Corporate citizenship goes hand-in-hand with our history. We support and finance projects that contribute to society’s development and make a difference in the lives of thousands of people. In our capacity as a financial institution, we are aware of our role as an agent of transformation and a promoter of local development, thus our strategy is related to our actions in the fields of education, culture, sport, urban mobility, aging and entrepreneurship. These causes manifest themselves in three ways: through direct injections of financial resources; promotion of projects subject to incentive laws; and our Institutes and Foundations. The highlights of our actions in 2019 were the Leia para Uma Criança (Read to a Child) Program, the bicycle sharing system, the Solidarity Sports Day and the Allocation of Income Tax. In 2019, we invested R$ 846 million in projects, of which R$ 599 million through Itaú Unibanco’s donations and sponsorships, and R$ 247 million using resources under the Rouanet Law on Incentives, the Federal law on Sports Incentives, the Senior Citizens Law, and the Pronas, Pronon and FUMCAD federal programs. In addition, we have included the activities and investments by our international units located in Argenti-na, Chile, Colombia, Uruguay and Paraguay. Below is a detailed breakdown of our operations: 3 BRAZIL LATAM Total Number of Projects Number of Projects (R$ millions) Amount (R$ millions) Amount (R$ millions) Sponsorship 1 562.4 1,087 36.9 107 599.3 Non-incentivated Education 308.6 445 1.9 35 310.5 Sport 1.6 6 0.01 1 1.6 135.3 298 3.8 36 Culture 139.1 57.6 28 28.6 4 Urban Mobility 86.1 4.8 26 - - Diversity 4.8 Innovation and Entrepreneuship 47.2 211 0.1 6 47.3 Local Develop. and Participation 7.3 73 2.6 25 9.9 2 235.5 403 246.8 Incentivated 11.3 7 Culture 118.2 146 8.4 3 126.5 Sport - 30.1 63 - 30.1 Education 29.9 118 2.9 32.8 4 Healthcare 24.7 18 - - 24.7 Senior Citizens Law and 32.8 58 - 32.8 - Civil Society Organizations Total 797.9 1,490 48.2 114 846.0 (1) Own funds of the bank’s companies and in-house budgets of the foundations and institutions. (2) Tax incentive resources under laws such as the Rouanet Law, Sports Incentive and so on. (3) Foreign currency amounts were converted to Brazilian Reais as at December 31, 2019. 5 1Corporate citizenship goes hand-in-hand with our history. We support and finance projects that contribute to society’s development and make a difference in the lives of thousands of people. In our capacity as a financial institution, we are aware of our role as an agent of transformation and a promoter of local development, thus our strategy is related to our actions in the fields of education, culture, sport, urban mobility, aging and entrepreneurship. These causes manifest themselves in three ways: through direct injections of financial resources; promotion of projects subject to incentive laws; and our Institutes and Foundations. The highlights of our actions in 2019 were the Leia para Uma Criança (Read to a Child) Program, the bicycle sharing system, the Solidarity Sports Day and the Allocation of Income Tax. In 2019, we invested R$ 846 million in projects, of which R$ 599 million through Itaú Unibanco’s donations and sponsorships, and R$ 247 million using resources under the Rouanet Law on Incentives, the Federal law on Sports Incentives, the Senior Citizens Law, and the Pronas, Pronon and FUMCAD federal programs. In addition, we have included the activities and investments by our international units located in Argenti-na, Chile, Colombia, Uruguay and Paraguay. Below is a detailed breakdown of our operations: 3 BRAZIL LATAM Total Number of Projects Number of Projects (R$ millions) Amount (R$ millions) Amount (R$ millions) Sponsorship 1 562.4 1,087 36.9 107 599.3 Non-incentivated Education 308.6 445 1.9 35 310.5 Sport 1.6 6 0.01 1 1.6 135.3 298 3.8 36 Culture 139.1 57.6 28 28.6 4 Urban Mobility 86.1 4.8 26 - - Diversity 4.8 Innovation and Entrepreneuship 47.2 211 0.1 6 47.3 Local Develop. and Participation 7.3 73 2.6 25 9.9 2 235.5 403 246.8 Incentivated 11.3 7 Culture 118.2 146 8.4 3 126.5 Sport - 30.1 63 - 30.1 Education 29.9 118 2.9 32.8 4 Healthcare 24.7 18 - - 24.7 Senior Citizens Law and 32.8 58 - 32.8 - Civil Society Organizations Total 797.9 1,490 48.2 114 846.0 (1) Own funds of the bank’s companies and in-house budgets of the foundations and institutions. (2) Tax incentive resources under laws such as the Rouanet Law, Sports Incentive and so on. (3) Foreign currency amounts were converted to Brazilian Reais as at December 31, 2019. 5 1

We are the only bank in Latin America listed on the Dow Jones Sustainability Indexes since its creation in 1999, reflecting our long-term commitments to ethical business conduct, transparency, respect for the law, and corporate governance, in addition to creating sustainable value shared with th our employees, clients, shareholders and society. In 2019/2020, we were selected, for the 20 consecutive time, to be part of the Dow Jones Sustainability World Index (DJSI World 2019/2020). th For the 15 consecutive year, we were selected to be part of the Corporate Sustainability Index (ISE) of B3, which reflects the return on a portfolio consisting of the shares of companies with the best performance in all dimensions that measure corporate sustainability. We believe that people have the power to transform the world. The 8 positive impact commitments we have publicly embraced reflect our aim of encouraging this transformation. Financing in Positive Inclusion and Transparency in Inclusive Impact Sectors Entrepreneurship Comunication Management Responsible Financial Ethics in Relations Responsible Investment Citizenship and in Business Management Our commitments define our operating priorities, targets and indicators, matching them to the challenges of our business and the UN Sustainable Development Goals. A practical demonstration of our way of doing business, always with an eye on people and the environment. For videos and details of about each commitment go to: https://www.itau.com.br/sustentabilidade/compromissos/ Disclosure of information and events Reference Form (for the year 2019) 05/29/2020 Information on the Brazilian Code of Corporate Governance 07/31/2020 Disclosure of the results for: st 1 Quarter 05/04/2020 nd 2 Quarter 08/03/2020 rd 11/03/2020 3 Quarter Annual Meeting of Shareholders 04/28/2020 Public Meeting with Shareholders APIMEC - SÃO PAULO / SP 09/23/2020 Acknowledgements We wish to thank our employees for their commitment and dedication, which has enabled us to leverage sound results in the market, and to our customers and shareholders for the interest and trust they have placed in us, which motivate us to do our best, always. (Approved at the Meeting of the Board of Directors on February 10, 2020). 52We are the only bank in Latin America listed on the Dow Jones Sustainability Indexes since its creation in 1999, reflecting our long-term commitments to ethical business conduct, transparency, respect for the law, and corporate governance, in addition to creating sustainable value shared with th our employees, clients, shareholders and society. In 2019/2020, we were selected, for the 20 consecutive time, to be part of the Dow Jones Sustainability World Index (DJSI World 2019/2020). th For the 15 consecutive year, we were selected to be part of the Corporate Sustainability Index (ISE) of B3, which reflects the return on a portfolio consisting of the shares of companies with the best performance in all dimensions that measure corporate sustainability. We believe that people have the power to transform the world. The 8 positive impact commitments we have publicly embraced reflect our aim of encouraging this transformation. Financing in Positive Inclusion and Transparency in Inclusive Impact Sectors Entrepreneurship Comunication Management Responsible Financial Ethics in Relations Responsible Investment Citizenship and in Business Management Our commitments define our operating priorities, targets and indicators, matching them to the challenges of our business and the UN Sustainable Development Goals. A practical demonstration of our way of doing business, always with an eye on people and the environment. For videos and details of about each commitment go to: https://www.itau.com.br/sustentabilidade/compromissos/ Disclosure of information and events Reference Form (for the year 2019) 05/29/2020 Information on the Brazilian Code of Corporate Governance 07/31/2020 Disclosure of the results for: st 1 Quarter 05/04/2020 nd 2 Quarter 08/03/2020 rd 11/03/2020 3 Quarter Annual Meeting of Shareholders 04/28/2020 Public Meeting with Shareholders APIMEC - SÃO PAULO / SP 09/23/2020 Acknowledgements We wish to thank our employees for their commitment and dedication, which has enabled us to leverage sound results in the market, and to our customers and shareholders for the interest and trust they have placed in us, which motivate us to do our best, always. (Approved at the Meeting of the Board of Directors on February 10, 2020). 52

Independent Auditor – CVM Instruction No. 381 Procedures Adopted by the Company Our operating policy, including subsidiaries, when contracting non-external audit-related services from our independent auditors, is based on applicable regulations and internationally accepted principles that protect the independence of the auditors. These principles state that: (a) the auditors must not audit their own work, (b) the auditors must not hold managerial positions at their clients, and (c) the auditors must not promote their clients’ interests. In the period from January to December 2019, we did not contract from the independent auditors and their related parties, non-external audit related services in an amount exceeding 5% of the total fees for external audit services. In accordance with CVM Instruction No. 381, we list below the other services provided and the dates on which they were contracted: - January 3, 18 and 31, April 11 and 26 – review of the calculations and taxes settlement and compliance with tax regulations; - March 8 and April 23 and November 22 – training, acquisition of technical materials; - April 26 – required regulatory review on the impact study of the new accounting standard; - September 23 – consultation review about tax aspects with tax authorities. Justification of the Independent Auditors – PricewaterhouseCoopers The non-external audit-related services described above does not affect either the independence or the objectivity in conducting external audit examinations at Itaú Unibanco and its subsidiaries. The policy for providing Itaú Unibanco with non-external audit-related services is based on principles that protect the independent auditor’s independence, all of which were observed in providing said services, including their approval by the Audit Committee. Central Bank – Circular No. 3.068/01 We warrant having the financial capacity and the intention to hold until maturity securities classified in the category “Held until maturity”, amounting to R$ 36.1 billion, representing 6.6% of the total securities and derivative financial instruments in December 2019. International Financial Reporting Standards (IFRS) We are disclosing the full accounting statements in accordance with the international financial accounting standards (IFRS) on the same date as this publication, as per Official Circular CVM/SEP/01/13. The full accounting statements are available on the Investor Relations site (www.itau.com.br/investor-relations > Results Center). The Management’s Report and Full Accounting Statements of Itaú Unibanco Holding S.A. and of its subsidiaries, for the period January to September 2019, abide by the rules established by Brazilian Company Law, the National Monetary Council (CMN), the Central Bank of Brazil (BACEN), the Brazilian Securities Exchange Commission (CVM), the National Council for Private Insurance (CNSP), the Superintendence for Private Insurance (SUSEP), the National Superintendence for Supplementary Pension Plans (PREVIC), and the recommendations of the International Accounting Standards Board (IASB). The information shown in this material is available on the Investor relations (IR) site of Itaú Unibanco. Go to: www.itau.com.br/investor-relations > Results Center. 53Independent Auditor – CVM Instruction No. 381 Procedures Adopted by the Company Our operating policy, including subsidiaries, when contracting non-external audit-related services from our independent auditors, is based on applicable regulations and internationally accepted principles that protect the independence of the auditors. These principles state that: (a) the auditors must not audit their own work, (b) the auditors must not hold managerial positions at their clients, and (c) the auditors must not promote their clients’ interests. In the period from January to December 2019, we did not contract from the independent auditors and their related parties, non-external audit related services in an amount exceeding 5% of the total fees for external audit services. In accordance with CVM Instruction No. 381, we list below the other services provided and the dates on which they were contracted: - January 3, 18 and 31, April 11 and 26 – review of the calculations and taxes settlement and compliance with tax regulations; - March 8 and April 23 and November 22 – training, acquisition of technical materials; - April 26 – required regulatory review on the impact study of the new accounting standard; - September 23 – consultation review about tax aspects with tax authorities. Justification of the Independent Auditors – PricewaterhouseCoopers The non-external audit-related services described above does not affect either the independence or the objectivity in conducting external audit examinations at Itaú Unibanco and its subsidiaries. The policy for providing Itaú Unibanco with non-external audit-related services is based on principles that protect the independent auditor’s independence, all of which were observed in providing said services, including their approval by the Audit Committee. Central Bank – Circular No. 3.068/01 We warrant having the financial capacity and the intention to hold until maturity securities classified in the category “Held until maturity”, amounting to R$ 36.1 billion, representing 6.6% of the total securities and derivative financial instruments in December 2019. International Financial Reporting Standards (IFRS) We are disclosing the full accounting statements in accordance with the international financial accounting standards (IFRS) on the same date as this publication, as per Official Circular CVM/SEP/01/13. The full accounting statements are available on the Investor Relations site (www.itau.com.br/investor-relations > Results Center). The Management’s Report and Full Accounting Statements of Itaú Unibanco Holding S.A. and of its subsidiaries, for the period January to September 2019, abide by the rules established by Brazilian Company Law, the National Monetary Council (CMN), the Central Bank of Brazil (BACEN), the Brazilian Securities Exchange Commission (CVM), the National Council for Private Insurance (CNSP), the Superintendence for Private Insurance (SUSEP), the National Superintendence for Supplementary Pension Plans (PREVIC), and the recommendations of the International Accounting Standards Board (IASB). The information shown in this material is available on the Investor relations (IR) site of Itaú Unibanco. Go to: www.itau.com.br/investor-relations > Results Center. 53

ITAÚ UNIBANCO HOLDING S.A. BOARD OF DIRECTORS BOARD OF EXECUTIVE OFFICERS Co-Chairmen Chief Executive Officer Pedro Moreira Salles Candido Botelho Bracher Roberto Egydio Setubal Senior Vice Presidents ( Diretores Gerais ) Members Caio Ibrahim David Alfredo Egydio Setubal Márcio de Andrade Schettini Ana Lúcia de Mattos Barretto Villela Fábio Colletti Barbosa Executive Vice-Presidents Gustavo Jorge Laboissière Loyola André Sapoznik João Moreira Salles Claudia Politanski José Galló Milton Maluhy Filho Marco Ambrogio Crespi Bonomi Pedro Luiz Bodin de Moraes Ricardo Villela Marino Executive Officers (*) Alexsandro Broedel Lopes Fernando Barçante Tostes Malta Leila Cristiane Barboza Braga de Melo Paulo Sergio Miron AUDIT COMMITTEE Chairman Officers Gustavo Jorge Laboissière Loyola Adriano Cabral Volpini Álvaro Felipe Rizzi Rodrigues Andre Balestrin Cestare Members Emerson Macedo Bortoloto Antonio Carlos Barbosa de Oliveira Gilberto Frussa Antonio Francisco de Lima Neto José Virgilio Vita Neto Diego Fresco Gutierrez Renato Barbosa do Nascimento Maria Helena dos Santos Fernandes de Santana Rodrigo Luís Rosa Couto Rogério Paulo Calderón Peres Sergio Mychkis Goldstein Tatiana Grecco FISCAL COUNCIL Chairman José Caruso Cruz Henriques Members Alkimar Ribeiro Moura Eduardo Azevedo do Valle (*) Group Executive Finance Director and Head of Investor Relations. Accountant Arnaldo Alves dos Santos CRC - 1SP - 210,058/O-3 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 54 ITAÚ UNIBANCO HOLDING S.A. BOARD OF DIRECTORS BOARD OF EXECUTIVE OFFICERS Co-Chairmen Chief Executive Officer Pedro Moreira Salles Candido Botelho Bracher Roberto Egydio Setubal Senior Vice Presidents ( Diretores Gerais ) Members Caio Ibrahim David Alfredo Egydio Setubal Márcio de Andrade Schettini Ana Lúcia de Mattos Barretto Villela Fábio Colletti Barbosa Executive Vice-Presidents Gustavo Jorge Laboissière Loyola André Sapoznik João Moreira Salles Claudia Politanski José Galló Milton Maluhy Filho Marco Ambrogio Crespi Bonomi Pedro Luiz Bodin de Moraes Ricardo Villela Marino Executive Officers (*) Alexsandro Broedel Lopes Fernando Barçante Tostes Malta Leila Cristiane Barboza Braga de Melo Paulo Sergio Miron AUDIT COMMITTEE Chairman Officers Gustavo Jorge Laboissière Loyola Adriano Cabral Volpini Álvaro Felipe Rizzi Rodrigues Andre Balestrin Cestare Members Emerson Macedo Bortoloto Antonio Carlos Barbosa de Oliveira Gilberto Frussa Antonio Francisco de Lima Neto José Virgilio Vita Neto Diego Fresco Gutierrez Renato Barbosa do Nascimento Maria Helena dos Santos Fernandes de Santana Rodrigo Luís Rosa Couto Rogério Paulo Calderón Peres Sergio Mychkis Goldstein Tatiana Grecco FISCAL COUNCIL Chairman José Caruso Cruz Henriques Members Alkimar Ribeiro Moura Eduardo Azevedo do Valle (*) Group Executive Finance Director and Head of Investor Relations. Accountant Arnaldo Alves dos Santos CRC - 1SP - 210,058/O-3 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 54

ITAÚ UNIBANCO S.A. Senior Vice President ( Diretores Gerais ) Officers (continued) Caio Ibrahim David Eduardo Cardoso Armonia Márcio de Andrade Schettini Eduardo Corsetti Eduardo Esteban Mato Amorin Eduardo Estefan Ventura Eduardo Hiroyuki Miyaki Executive Vice-Presidents Eduardo Queiroz Tracanella André Sapoznik Emerson Savi Junqueira Claudia Politanski Emilio Pedro Borsari Filho Milton Maluhy Filho Eric André Altafim Estevão Carcioffi Lazanha Fabiana Pascon Bastos Fábio Napoli Felipe de Souza Wey Executive Officers Felipe Weil Wilberg (1) Fernando Della Torre Chagas Alexandre Grossmann Zancani Alexsandro Broedel Lopes Fernando Julião de Souza Amaral André Luís Teixeira Rodrigues Fernando Kontopp de Oliveira Carlos Eduardo Monico Flavio Ribeiro Iglesias Carlos Fernando Rossi Constantini Francisco Vieira Cordeiro Neto Carlos Orestes Vanzo Gabriel Guedes Pinto Teixeira Carlos Rodrigo Formigari Gabriela Rodrigues Ferreira Christian George Egan Gilberto Frussa Fernando Barçante Tostes Malta Guilhermo Luiz Bressane Gomes Flávio Augusto Aguiar de Souza Gustavo Trovisco Lopes João Marcos Pequeno de Biase José de Castro Araújo Rudge Filho Leila Cristiane Barboza Braga de Melo José Virgilio Vita Neto Luís Eduardo Gross Siqueira Cunha Laila Regina de Oliveira Pena de Antonio Marcos Antônio Vaz de Magalhães Leandro Roberto Dominiquini Ricardo Ribeiro Mandacaru Guerra Leon Gottlieb Sergio Guillinet Fajerman Lineu Carlos Ferraz de Andrade Livia Martines Chanes Luís Fernando Staub Luiz Felipe Monteiro Arcuri Trevisan Luiz Fernando Butori Reis Santos Officers Luiz Severiano Ribeiro Adriana Maria dos Santos Manoela Varanda Adriano Cabral Volpini Marcio Luis Domingues da Silva Adriano Maciel Pedroti Marco Antonio Sudano Alessandro Anastasi Mário Lúcio Gurgel Pires Álvaro Felipe Rizzi Rodrigues Mario Magalhães Carvalho Mesquita Ana Lúcia Gomes de Sá Drumond Pardo Matias Granata Andre Balestrin Cestare Milena de Castilho Lefon Martins André Henrique Caldeira Daré Moisés João do Nascimento Andrea Carpes Blanco Pedro Barros Barreto Fernandes (1) Atilio Luiz Magila Albiero Junior Renata Cristina de Oliveira Badi Maani Shaikhzadeh Renato Cesar Mansur Bruno Bianchi Ricardo Nuno Delgado Gonçalves Bruno Machado Ferreira Ricardo Urquijo Lazcano Carlos Augusto Salamonde Rodnei Bernardino de Souza Carlos Eduardo Mori Peyser Rodrigo Jorge Dantas de Oliveira Carlos Henrique Donegá Aidar Rodrigo Luís Rosa Couto Cesar Ming Pereira da Silva Rodrigo Rodrigues Baia Cesar Padovan Rogerio Vasconcelos Costa Cintia Carbonieri Fleury de Camargo Rubens Luiz dos Santos Henriques Claudio César Sanches Sergio Mychkis Goldstein Cláudio José Coutinho Arromatte Tatiana Grecco Cristiane Magalhães Teixeira Portella Thales Ferreira Silva Cristiano Guimarães Duarte Thiago Luiz Charnet Ellero Valéria Aparecida Marretto Vanessa Lopes Reisner Wagner Bettini Sanches (1) Elected at the ESM of 11/29/2019, approval from BACEN at the 01/15/2020. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 55 ITAÚ UNIBANCO S.A. Senior Vice President ( Diretores Gerais ) Officers (continued) Caio Ibrahim David Eduardo Cardoso Armonia Márcio de Andrade Schettini Eduardo Corsetti Eduardo Esteban Mato Amorin Eduardo Estefan Ventura Eduardo Hiroyuki Miyaki Executive Vice-Presidents Eduardo Queiroz Tracanella André Sapoznik Emerson Savi Junqueira Claudia Politanski Emilio Pedro Borsari Filho Milton Maluhy Filho Eric André Altafim Estevão Carcioffi Lazanha Fabiana Pascon Bastos Fábio Napoli Felipe de Souza Wey Executive Officers Felipe Weil Wilberg (1) Fernando Della Torre Chagas Alexandre Grossmann Zancani Alexsandro Broedel Lopes Fernando Julião de Souza Amaral André Luís Teixeira Rodrigues Fernando Kontopp de Oliveira Carlos Eduardo Monico Flavio Ribeiro Iglesias Carlos Fernando Rossi Constantini Francisco Vieira Cordeiro Neto Carlos Orestes Vanzo Gabriel Guedes Pinto Teixeira Carlos Rodrigo Formigari Gabriela Rodrigues Ferreira Christian George Egan Gilberto Frussa Fernando Barçante Tostes Malta Guilhermo Luiz Bressane Gomes Flávio Augusto Aguiar de Souza Gustavo Trovisco Lopes João Marcos Pequeno de Biase José de Castro Araújo Rudge Filho Leila Cristiane Barboza Braga de Melo José Virgilio Vita Neto Luís Eduardo Gross Siqueira Cunha Laila Regina de Oliveira Pena de Antonio Marcos Antônio Vaz de Magalhães Leandro Roberto Dominiquini Ricardo Ribeiro Mandacaru Guerra Leon Gottlieb Sergio Guillinet Fajerman Lineu Carlos Ferraz de Andrade Livia Martines Chanes Luís Fernando Staub Luiz Felipe Monteiro Arcuri Trevisan Luiz Fernando Butori Reis Santos Officers Luiz Severiano Ribeiro Adriana Maria dos Santos Manoela Varanda Adriano Cabral Volpini Marcio Luis Domingues da Silva Adriano Maciel Pedroti Marco Antonio Sudano Alessandro Anastasi Mário Lúcio Gurgel Pires Álvaro Felipe Rizzi Rodrigues Mario Magalhães Carvalho Mesquita Ana Lúcia Gomes de Sá Drumond Pardo Matias Granata Andre Balestrin Cestare Milena de Castilho Lefon Martins André Henrique Caldeira Daré Moisés João do Nascimento Andrea Carpes Blanco Pedro Barros Barreto Fernandes (1) Atilio Luiz Magila Albiero Junior Renata Cristina de Oliveira Badi Maani Shaikhzadeh Renato Cesar Mansur Bruno Bianchi Ricardo Nuno Delgado Gonçalves Bruno Machado Ferreira Ricardo Urquijo Lazcano Carlos Augusto Salamonde Rodnei Bernardino de Souza Carlos Eduardo Mori Peyser Rodrigo Jorge Dantas de Oliveira Carlos Henrique Donegá Aidar Rodrigo Luís Rosa Couto Cesar Ming Pereira da Silva Rodrigo Rodrigues Baia Cesar Padovan Rogerio Vasconcelos Costa Cintia Carbonieri Fleury de Camargo Rubens Luiz dos Santos Henriques Claudio César Sanches Sergio Mychkis Goldstein Cláudio José Coutinho Arromatte Tatiana Grecco Cristiane Magalhães Teixeira Portella Thales Ferreira Silva Cristiano Guimarães Duarte Thiago Luiz Charnet Ellero Valéria Aparecida Marretto Vanessa Lopes Reisner Wagner Bettini Sanches (1) Elected at the ESM of 11/29/2019, approval from BACEN at the 01/15/2020. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 55

ITAÚ UNIBANCO HOLDING S.A. Consolidated Balance Sheet (Note 2a) (In thousands of Reais) Assets Note 12/31/2019 12/31/2018 Current assets 1 ,235,586,947 1,209,421,782 Cash 0 30,366,518 3 7,158,576 Interbank investments 3b and 4 228,693,818 303,955,310 Money market 0 1 96,557,792 2 75,671,932 Money market – Assets Guaranteeing Technical Provisions 8b 1,065,958 2,556,545 Interbank deposits 0 3 1,070,068 2 5,726,833 Securities and derivative financial instruments 3c, 3d and 5 3 63,879,832 328,125,382 Own portfolio 0 8 5,504,939 7 9,728,358 Subject to repurchase commitments 0 3 5,467,185 3 5,361,170 Pledged in guarantee 0 7 ,892,932 2 ,805,395 Securities under resale agreements with free movement 0 3,627,258 4 ,985,360 Deposited with the Central Bank of Brazil 0 3 ,573,098 2 ,917,625 Derivative financial instruments 0 1 7,764,279 10,278,463 Assets guaranteeing technical provisions 8b 2 10,050,141 192,049,011 Interbank accounts 0 135,116,391 1 32,204,682 Pending settlement 0 4 3,466,230 3 7,647,435 Central Bank of Brazil deposits 0 9 1,248,117 9 4,148,242 National Housing System (SFH) 0 4 ,636 11,705 Correspondents 0 4 0,534 45,481 Interbank onlending 0 3 56,874 351,819 Interbranch accounts 0 373,425 517,560 Loan, lease and other credit operations 6 313,281,404 2 72,099,729 Operations with credit granting characteristics 3e 3 33,016,775 2 89,099,802 (Provision for Loan Losses) 3f (19,735,371) ( 17,000,073) Other receivables 10a 161,384,621 1 32,953,570 Other assets 3g 2,490,938 2,406,973 Assets held for sale 0 1,219,818 1 ,498,597 (Valuation allowance) 0 ( 642,432) ( 618,515) Unearned reinsurance premiums 7,043 6 ,729 Prepaid expenses 3g and 10c 1 ,906,509 1,520,162 Long term receivables 0 466,535,779 4 05,813,608 Interbank investments 3b and 4 3 ,668,491 791,348 Money market 0 162,312 1 03,235 Interbank deposits 0 3 ,506,179 6 88,113 Securities and derivative financial instruments 3c, 3d and 5 1 81,406,217 129,387,670 Own portfolio 0 93,082,361 4 3,466,424 Subject to repurchase commitments 0 34,240,466 2 5,538,391 Pledged in guarantee 0 2,771,106 4,942,554 Securities under resale agreements with free movement 0 1 6,589,488 31,639,584 Deposited with the Central Bank of Brazil 589,608 5 53,557 Derivative financial instruments 0 2 3,912,213 1 3,193,240 Assets guaranteeing technical provisions 8b 1 0,220,975 1 0,053,920 Interbank accounts 0 9 ,367 5 4,096 Pending settlement 9 ,367 49,809 National Housing System (SFH) - 4,287 Loan, lease and other credit operations 6 230,847,422 2 27,256,829 Operations with credit granting characteristics 3e 2 50,000,170 2 43,381,694 (Provision for Loan Losses) 3f ( 19,152,748) ( 16,124,865) Other receivables 10a 4 9,566,085 47,777,991 Other assets - Prepaid expenses 3g and 10c 1,038,197 5 45,674 Permanent assets 0 3 6,590,283 3 4,378,004 Investments 3h 15,852,503 1 2,949,833 Investments in associates and joint ventures 0 15,577,117 12,658,166 Other investments 0 484,109 500,454 (Allowance for losses) 0 ( 208,723) ( 208,787) Real estate in use 3i and 12b l 6 ,411,666 6,404,641 Fixe assets for use 0 4,300,843 4,319,747 Other fixed assets 0 1 4,153,300 14,048,399 (Accumulated depreciation) 0 ( 12,042,477) ( 11,963,505) Goodwill and Intangible assets 3j, 3k and 12b ll 14,326,114 15,023,530 Goodwill 0 9 24,807 1 ,281,496 Intangible assets 0 25,876,272 2 3,324,915 (Accumulated amortization) 0 (12,474,965) (9,582,881) Total assets 1 ,738,713,009 1 ,649,613,394 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 56 ITAÚ UNIBANCO HOLDING S.A. Consolidated Balance Sheet (Note 2a) (In thousands of Reais) Assets Note 12/31/2019 12/31/2018 Current assets 1 ,235,586,947 1,209,421,782 Cash 0 30,366,518 3 7,158,576 Interbank investments 3b and 4 228,693,818 303,955,310 Money market 0 1 96,557,792 2 75,671,932 Money market – Assets Guaranteeing Technical Provisions 8b 1,065,958 2,556,545 Interbank deposits 0 3 1,070,068 2 5,726,833 Securities and derivative financial instruments 3c, 3d and 5 3 63,879,832 328,125,382 Own portfolio 0 8 5,504,939 7 9,728,358 Subject to repurchase commitments 0 3 5,467,185 3 5,361,170 Pledged in guarantee 0 7 ,892,932 2 ,805,395 Securities under resale agreements with free movement 0 3,627,258 4 ,985,360 Deposited with the Central Bank of Brazil 0 3 ,573,098 2 ,917,625 Derivative financial instruments 0 1 7,764,279 10,278,463 Assets guaranteeing technical provisions 8b 2 10,050,141 192,049,011 Interbank accounts 0 135,116,391 1 32,204,682 Pending settlement 0 4 3,466,230 3 7,647,435 Central Bank of Brazil deposits 0 9 1,248,117 9 4,148,242 National Housing System (SFH) 0 4 ,636 11,705 Correspondents 0 4 0,534 45,481 Interbank onlending 0 3 56,874 351,819 Interbranch accounts 0 373,425 517,560 Loan, lease and other credit operations 6 313,281,404 2 72,099,729 Operations with credit granting characteristics 3e 3 33,016,775 2 89,099,802 (Provision for Loan Losses) 3f (19,735,371) ( 17,000,073) Other receivables 10a 161,384,621 1 32,953,570 Other assets 3g 2,490,938 2,406,973 Assets held for sale 0 1,219,818 1 ,498,597 (Valuation allowance) 0 ( 642,432) ( 618,515) Unearned reinsurance premiums 7,043 6 ,729 Prepaid expenses 3g and 10c 1 ,906,509 1,520,162 Long term receivables 0 466,535,779 4 05,813,608 Interbank investments 3b and 4 3 ,668,491 791,348 Money market 0 162,312 1 03,235 Interbank deposits 0 3 ,506,179 6 88,113 Securities and derivative financial instruments 3c, 3d and 5 1 81,406,217 129,387,670 Own portfolio 0 93,082,361 4 3,466,424 Subject to repurchase commitments 0 34,240,466 2 5,538,391 Pledged in guarantee 0 2,771,106 4,942,554 Securities under resale agreements with free movement 0 1 6,589,488 31,639,584 Deposited with the Central Bank of Brazil 589,608 5 53,557 Derivative financial instruments 0 2 3,912,213 1 3,193,240 Assets guaranteeing technical provisions 8b 1 0,220,975 1 0,053,920 Interbank accounts 0 9 ,367 5 4,096 Pending settlement 9 ,367 49,809 National Housing System (SFH) - 4,287 Loan, lease and other credit operations 6 230,847,422 2 27,256,829 Operations with credit granting characteristics 3e 2 50,000,170 2 43,381,694 (Provision for Loan Losses) 3f ( 19,152,748) ( 16,124,865) Other receivables 10a 4 9,566,085 47,777,991 Other assets - Prepaid expenses 3g and 10c 1,038,197 5 45,674 Permanent assets 0 3 6,590,283 3 4,378,004 Investments 3h 15,852,503 1 2,949,833 Investments in associates and joint ventures 0 15,577,117 12,658,166 Other investments 0 484,109 500,454 (Allowance for losses) 0 ( 208,723) ( 208,787) Real estate in use 3i and 12b l 6 ,411,666 6,404,641 Fixe assets for use 0 4,300,843 4,319,747 Other fixed assets 0 1 4,153,300 14,048,399 (Accumulated depreciation) 0 ( 12,042,477) ( 11,963,505) Goodwill and Intangible assets 3j, 3k and 12b ll 14,326,114 15,023,530 Goodwill 0 9 24,807 1 ,281,496 Intangible assets 0 25,876,272 2 3,324,915 (Accumulated amortization) 0 (12,474,965) (9,582,881) Total assets 1 ,738,713,009 1 ,649,613,394 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 56

ITAÚ UNIBANCO HOLDING S.A. Consolidated Balance Sheet (Note 2a) (In thousands of Reais) Liabilities and stockholders' equity Note 12/31/2019 12/31/2018 Current liabilities 961,396,321 901,809,366 Deposits 3b and 7b 3 34,197,542 3 07,832,084 Demand deposits - 8 2,306,185 72,580,793 Savings deposits - 144,557,874 136,865,150 Interbank deposits - 2,866,294 2 ,468,701 Time deposits - 104,457,740 95,914,713 Other deposits - 9,449 2 ,727 Deposits received under securities repurchase agreements 3b and 7c 2 37,131,197 2 84,519,772 Own portfolio - 7 2,302,993 75,488,805 Third-party portfolio - 148,021,089 181,694,343 Free portfolio - 1 6,807,115 2 7,336,624 Funds from acceptances and issuance of securities 3b and 7d 51,351,674 33,405,852 Real estate, mortgage, credit and similar notes - 41,566,538 25,189,429 Foreign loans through securities - 9 ,209,884 6 ,266,935 Funding from structured operations certificates 575,252 1,949,488 Interbank accounts - 48,770,733 41,253,291 Pending settlement - 4 8,060,619 4 0,832,886 Correspondents - 710,114 4 20,405 Interbranch accounts - 5,409,644 5,609,851 Third-party funds in transit - 5 ,294,488 5,600,295 Internal transfer of funds - 115,156 9 ,556 Borrowing and onlending 3b and 7e 6 8,573,778 4 7,977,175 Borrowing - 6 0,652,863 4 2,675,682 Onlending - 7,920,915 5,301,493 Derivative financial instruments 3d and 5f 18,824,505 10,013,584 Technical provision for insurance, pension plan and capitalization 3m and 8a 3,067,501 3,408,292 Other liabilities - 194,069,747 1 67,789,465 Subordinated debt 7f 4,098,615 343,174 Sundry 10d 189,971,132 1 67,446,291 Long term liabilities - 631,770,962 6 01,055,406 Deposits 3b and 7b 172,862,814 1 55,592,293 Interbank deposits - 154,904 205,827 Time deposits - 172,707,910 1 55,386,466 Deposits received under securities repurchase agreements 3b and 7c 32,706,972 5 8,716,690 Own portfolio - 2,696,471 6 ,420,353 Free portfolio - 30,010,501 52,296,337 Funds from acceptances and issuance of securities 3b and 7d 9 2,216,826 7 8,160,070 Real estate, mortgage, credit and similar notes - 5 7,026,119 41,524,348 Foreign loans through securities - 34,655,930 3 5,786,905 Funding from structured operations certificates 5 34,777 848,817 Borrowing and onlending 3b and 7e 7 ,818,818 19,970,017 Borrowing - 4 ,091,824 7,364,711 Onlending - 3,726,994 12,605,306 Derivative financial instruments 3d and 5f 2 8,990,032 1 7,471,428 Technical provision for insurance, pension plan and capitalization 3m and 8a 2 17,598,443 200,008,935 Other liabilities - 79,577,057 7 1,135,973 Subordinated debt 7f 38,710,983 4 1,267,980 Debt instruments eligible as capital 7f 16,652,167 7 ,701,570 Sundry 10d 2 4,213,907 2 2,166,423 Deferred income 3q 2 ,697,761 2,624,986 Capital - 97,148,000 9 7,148,000 Capital reserves - 1,979,021 1 ,923,056 Revenue reserves - 3 6,568,819 37,384,137 Equity valuation adjustment 3c, 3d and 13e ( 2,434,343) ( 2,878,929) (Treasury shares) - (1,274,096) ( 1,819,690) Total stockholders' equity of controlling shareholders 13 131,987,401 131,756,574 Non-controlling interests 13f 1 0,860,564 1 2,367,062 Total stockholders' equity 1 42,847,965 1 44,123,636 Total liabilities and stockholders' equity 1,738,713,009 1,649,613,394 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 57 ITAÚ UNIBANCO HOLDING S.A. Consolidated Balance Sheet (Note 2a) (In thousands of Reais) Liabilities and stockholders' equity Note 12/31/2019 12/31/2018 Current liabilities 961,396,321 901,809,366 Deposits 3b and 7b 3 34,197,542 3 07,832,084 Demand deposits - 8 2,306,185 72,580,793 Savings deposits - 144,557,874 136,865,150 Interbank deposits - 2,866,294 2 ,468,701 Time deposits - 104,457,740 95,914,713 Other deposits - 9,449 2 ,727 Deposits received under securities repurchase agreements 3b and 7c 2 37,131,197 2 84,519,772 Own portfolio - 7 2,302,993 75,488,805 Third-party portfolio - 148,021,089 181,694,343 Free portfolio - 1 6,807,115 2 7,336,624 Funds from acceptances and issuance of securities 3b and 7d 51,351,674 33,405,852 Real estate, mortgage, credit and similar notes - 41,566,538 25,189,429 Foreign loans through securities - 9 ,209,884 6 ,266,935 Funding from structured operations certificates 575,252 1,949,488 Interbank accounts - 48,770,733 41,253,291 Pending settlement - 4 8,060,619 4 0,832,886 Correspondents - 710,114 4 20,405 Interbranch accounts - 5,409,644 5,609,851 Third-party funds in transit - 5 ,294,488 5,600,295 Internal transfer of funds - 115,156 9 ,556 Borrowing and onlending 3b and 7e 6 8,573,778 4 7,977,175 Borrowing - 6 0,652,863 4 2,675,682 Onlending - 7,920,915 5,301,493 Derivative financial instruments 3d and 5f 18,824,505 10,013,584 Technical provision for insurance, pension plan and capitalization 3m and 8a 3,067,501 3,408,292 Other liabilities - 194,069,747 1 67,789,465 Subordinated debt 7f 4,098,615 343,174 Sundry 10d 189,971,132 1 67,446,291 Long term liabilities - 631,770,962 6 01,055,406 Deposits 3b and 7b 172,862,814 1 55,592,293 Interbank deposits - 154,904 205,827 Time deposits - 172,707,910 1 55,386,466 Deposits received under securities repurchase agreements 3b and 7c 32,706,972 5 8,716,690 Own portfolio - 2,696,471 6 ,420,353 Free portfolio - 30,010,501 52,296,337 Funds from acceptances and issuance of securities 3b and 7d 9 2,216,826 7 8,160,070 Real estate, mortgage, credit and similar notes - 5 7,026,119 41,524,348 Foreign loans through securities - 34,655,930 3 5,786,905 Funding from structured operations certificates 5 34,777 848,817 Borrowing and onlending 3b and 7e 7 ,818,818 19,970,017 Borrowing - 4 ,091,824 7,364,711 Onlending - 3,726,994 12,605,306 Derivative financial instruments 3d and 5f 2 8,990,032 1 7,471,428 Technical provision for insurance, pension plan and capitalization 3m and 8a 2 17,598,443 200,008,935 Other liabilities - 79,577,057 7 1,135,973 Subordinated debt 7f 38,710,983 4 1,267,980 Debt instruments eligible as capital 7f 16,652,167 7 ,701,570 Sundry 10d 2 4,213,907 2 2,166,423 Deferred income 3q 2 ,697,761 2,624,986 Capital - 97,148,000 9 7,148,000 Capital reserves - 1,979,021 1 ,923,056 Revenue reserves - 3 6,568,819 37,384,137 Equity valuation adjustment 3c, 3d and 13e ( 2,434,343) ( 2,878,929) (Treasury shares) - (1,274,096) ( 1,819,690) Total stockholders' equity of controlling shareholders 13 131,987,401 131,756,574 Non-controlling interests 13f 1 0,860,564 1 2,367,062 Total stockholders' equity 1 42,847,965 1 44,123,636 Total liabilities and stockholders' equity 1,738,713,009 1,649,613,394 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 57

ITAÚ UNIBANCO HOLDING S.A. Consolidated Statement of Income (Note 2a) (In thousands of Reais) 2nd Half of 01/01 to 01/01 to Note 2019 12/31/2019 12/31/2018 Income related to financial operations 73,606,177 147,454,025 141,582,105 Loan, lease and other credit operations - 4 2,686,826 81,994,120 7 4,663,753 Securities and derivative financial instruments - 20,679,865 41,718,663 4 5,945,087 Financial income related to insurance, pension plan and capitalization operations 8c 7 ,872,218 17,326,469 12,345,576 Foreign exchange operations - 210,366 1,786,213 3,684,996 Compulsory deposits - 2 ,156,902 4,628,560 4,942,693 Expenses related to financial operations - (40,997,769) (80,064,805) (83,498,848) Money market - (2 6,992,297) (5 3,859,318) (6 1,237,417) Financial expenses on technical provisions for insurance, pension plan and capitalization 8c (7,610,627) (16,719,614) (11,815,246) Borrowing and onlending 7e (6 ,394,845) (9 ,485,873) (1 0,446,185) Income related to financial operations before loan and losses - 32,608,408 67,389,220 58,083,257 Result of provision for loan losses 6 (12,946,270) (19,825,900) (10,367,771) Expenses for provision for loan losses - (15,479,980) (2 3,895,706) (14,501,245) Income related to recovery of credits written off as loss - 2,533,710 4,069,806 4,133,474 Gross income related to financial operations - 19,662,138 47,563,320 47,715,486 Other operating revenues(expenses) - (10,615,678) (18,191,713) (16,171,139) Banking service fees 10e 14,321,217 27,122,794 25,779,598 Income related to bank charges 10f 6 ,945,766 13,445,197 1 2,620,870 Result from insurance, pension plan and capitalization operations 8c 1,838,430 3 ,578,893 3,475,168 Personnel expenses 10g (14,965,746) (2 6,958,808) (23,938,900) Other administrative expenses 10h (10,045,953) (1 9,886,979) (19,849,388) Tax expenses 3p and 11a II (3,718,933) (7,501,976) (6,708,065) Equity in earnings of affiliates, joint ventures and other investments 7 99,019 1,407,979 808,691 Other operating revenues 793,791 1 ,499,906 1,844,527 Other operating expenses 10i (6,583,269) (10,898,719) (10,203,640) Operating income - 9,046,460 29,371,607 31,544,347 Non-operating income 2c 2,096,244 2,095,726 246,988 Income before taxes on income and profit sharing - 11,142,704 31,467,333 31,791,335 Income tax and social contribution 3p and 11a I 2,112,510 (4,257,381) (6,234,377) Due on operations for the period - (5 ,475,407) (1 0,125,331) (4,779,876) Related to temporary differences - 7,587,917 5,867,950 (1,454,501) Profit sharing – Management Members - Statutory 14b (190,621) (363,448) (257,918) Non-controlling interests 13f (6 ,567) (2 63,865) (321,618) Net income 13,058,026 26,582,639 24,977,422 Weighted average of the number of outstanding shares 13a 9,740,145,947 9,718,162,444 Net income per share – R$ 2 .73 2 .57 Book value per share - R$ (outstanding at 12/31) 13.54 1 3.55 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 58 ITAÚ UNIBANCO HOLDING S.A. Consolidated Statement of Income (Note 2a) (In thousands of Reais) 2nd Half of 01/01 to 01/01 to Note 2019 12/31/2019 12/31/2018 Income related to financial operations 73,606,177 147,454,025 141,582,105 Loan, lease and other credit operations - 4 2,686,826 81,994,120 7 4,663,753 Securities and derivative financial instruments - 20,679,865 41,718,663 4 5,945,087 Financial income related to insurance, pension plan and capitalization operations 8c 7 ,872,218 17,326,469 12,345,576 Foreign exchange operations - 210,366 1,786,213 3,684,996 Compulsory deposits - 2 ,156,902 4,628,560 4,942,693 Expenses related to financial operations - (40,997,769) (80,064,805) (83,498,848) Money market - (2 6,992,297) (5 3,859,318) (6 1,237,417) Financial expenses on technical provisions for insurance, pension plan and capitalization 8c (7,610,627) (16,719,614) (11,815,246) Borrowing and onlending 7e (6 ,394,845) (9 ,485,873) (1 0,446,185) Income related to financial operations before loan and losses - 32,608,408 67,389,220 58,083,257 Result of provision for loan losses 6 (12,946,270) (19,825,900) (10,367,771) Expenses for provision for loan losses - (15,479,980) (2 3,895,706) (14,501,245) Income related to recovery of credits written off as loss - 2,533,710 4,069,806 4,133,474 Gross income related to financial operations - 19,662,138 47,563,320 47,715,486 Other operating revenues(expenses) - (10,615,678) (18,191,713) (16,171,139) Banking service fees 10e 14,321,217 27,122,794 25,779,598 Income related to bank charges 10f 6 ,945,766 13,445,197 1 2,620,870 Result from insurance, pension plan and capitalization operations 8c 1,838,430 3 ,578,893 3,475,168 Personnel expenses 10g (14,965,746) (2 6,958,808) (23,938,900) Other administrative expenses 10h (10,045,953) (1 9,886,979) (19,849,388) Tax expenses 3p and 11a II (3,718,933) (7,501,976) (6,708,065) Equity in earnings of affiliates, joint ventures and other investments 7 99,019 1,407,979 808,691 Other operating revenues 793,791 1 ,499,906 1,844,527 Other operating expenses 10i (6,583,269) (10,898,719) (10,203,640) Operating income - 9,046,460 29,371,607 31,544,347 Non-operating income 2c 2,096,244 2,095,726 246,988 Income before taxes on income and profit sharing - 11,142,704 31,467,333 31,791,335 Income tax and social contribution 3p and 11a I 2,112,510 (4,257,381) (6,234,377) Due on operations for the period - (5 ,475,407) (1 0,125,331) (4,779,876) Related to temporary differences - 7,587,917 5,867,950 (1,454,501) Profit sharing – Management Members - Statutory 14b (190,621) (363,448) (257,918) Non-controlling interests 13f (6 ,567) (2 63,865) (321,618) Net income 13,058,026 26,582,639 24,977,422 Weighted average of the number of outstanding shares 13a 9,740,145,947 9,718,162,444 Net income per share – R$ 2 .73 2 .57 Book value per share - R$ (outstanding at 12/31) 13.54 1 3.55 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 58

ITAÚ UNIBANCO HOLDING S.A. Consolidated Statement of Cash Flows (In thousands of Reais) 2nd Half of 01/01 to 01/01 to Note 2019 12/31/2019 12/31/2018 Adjusted net income 31,231,079 62,195,693 66,744,113 Net income 13,058,026 26,582,639 24,977,422 Adjustments to net income: 18,173,053 35,613,054 41,766,691 Share-based payment 263,173 (140,930) (97,705) Adjustment to market value of securities and derivative financial instruments (assets / liabilities) (167,033) 972,222 624,923 Effects of changes in exchange rates on cash and cash equivalents (1,261,714) (54,116) (990,058) Provision for loan losses 6c 15,479,980 23,895,706 14,501,245 Interest and foreign exchange income related to operations with subordinated debt 3,286,672 4,433,462 8,758,417 Change in technical provisions for insurance, pension plan and capitalization 8c 8,301,941 15,051,644 19,644,609 Depreciation and amortization 2,308,387 4,530,139 4,335,704 Expense from update / charges on the provision for civil, labor, tax claims and legal obligations 9b 1,341,689 1,926,439 1,038,174 Provision for civil, labor, tax claims and legal obligations 9b 4,285,894 5,131,951 2,463,960 Interest income related to escrow deposits 9b (418,273) (519,481) (198,977) Deferred taxes (excluding hedge tax effects) (4,945,162) (3,368,795) 9,466,377 Equity in earnings of affiliates, joint ventures and other investments (799,019) (1,407,979) (808,691) Income from foreign exchange and income related to available-for-sale securities (5,192,341) (9,053,458) (12,553,827) Income from foreign exchange and income related to held-to-maturity securities (2,250,509) (3,365,052) (4,462,155) Income from sale of available-for-sale financial assets (387,799) (1,026,592) (197,132) Income from sale of investments, assets held for sale and fixed assets (37,526) 9,766 (64,195) Income from non-controlling interests 13f 6,567 263,865 321,618 Other 2c (1,641,874) (1,665,737) (15,597) Change in assets and liabilities 14,802,047 (35,349,814) (15,882,830) (Increase) / decrease in assets (12,146,152) (56,742,679) (91,431,111) Interbank investments 58,132,512 40,426,337 (22,235,131) Securities and derivative financial instruments (assets / liabilities) (15,244,424) (11,038,388) (11,633,601) Compulsory deposits with the Central Bank of Brazil 603,316 2,900,125 4,688,699 Interbank and interbranch accounts (assets / liabilities) (2,423,716) 1,694,265 3,064,330 Loan, lease and other credit operations (38,858,465) (69,056,780) (56,279,427) Other receivables and other assets (14,355,375) (21,668,238) (9,035,981) (Decrease) / increase in liabilities 26,948,199 21,392,865 75,548,281 Deposits 43,801,267 43,635,979 60,486,470 Deposits received under securities repurchase agreements (46,704,962) (73,398,293) 19,326,456 Funds for issuance of securities 18,232,314 32,002,578 3,984,898 Borrowing and onlending 3,604,377 8,445,404 4,506,152 Technical provision for insurance, pension plan and capitalization 406,243 2,105,582 6,911 Other liabilities 10,904,844 14,789,654 (9,074,936) Deferred income 92,201 72,775 191,516 Payment of income tax and social contribution (3,388,085) (6,260,814) (3,879,186) Net cash provided by / (used in) operating activities 46,033,126 26,845,879 50,861,283 Dividends / Interest on capital received from associates and joint ventures 376,920 838,347 671,698 Funds received from sale of available-for-sale securities (774,484) 10,095,856 15,079,268 Funds received from redemption of held-to-maturity securities 4,862,794 8,085,243 14,991,244 (Purchase) / Disposal of Assets held for sale 377,054 533,100 292,543 Disposal of investments 7,948 89,120 291,851 Sale of fixed assets 114,418 177,053 178,548 Termination of intangible asset agreements 9,051 64,122 35,098 (Purchase) of available-for-sale securities (40,602,686) (59,371,759) (9,464,682) (Purchase) of held-to-maturity securities (127,816) (201,096) (2,463,484) (Purchase) of investments (409,387) (419,260) (7,351,611) (Purchase) of fixed assets 12b I (851,195) (1,621,797) (1,481,994) (Purchase) of intangible assets 12b II (1,492,864) (2,691,650) (1,436,411) Net cash provided by / (used in) investing activities (38,510,247) (44,422,721) 9,342,068 Subordinated debt obligations raisings 5,498,200 8,548,200 2,906,100 Subordinated debt obligations redemptions (1,290,995) (2,832,621) (15,047,668) Change in non-controlling interests (1,660,420) (1,543,194) 188,393 Income from delivery of treasury shares 53,282 742,489 1,186,114 Purchase of treasury shares 13a - - (510,308) Dividends and interest on capital paid to non-controlling interests (981) (227,169) (156,683) Dividends and interest on capital paid (8,544,494) (25,915,049) (20,092,750) Net cash provided by / (used in) financing activities (5,945,408) (21,227,344) (31,526,802) Net increase / (decrease) in cash and cash equivalents 1,577,471 (38,804,186) 28,676,549 Cash and cash equivalents at the beginning of the period 59,312,705 100,901,960 71,235,353 Effects of changes in exchange rates on cash and cash equivalents 1,261,714 54,116 990,058 Cash and cash equivalents at the end of the period 3a 62,151,890 62,151,890 100,901,960 Cash 30,366,518 37,158,576 Interbank deposits 4,559,387 19,179,787 Securities purchased under agreements to resell - Collateral held 27,225,985 44,563,597 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 59 ITAÚ UNIBANCO HOLDING S.A. Consolidated Statement of Cash Flows (In thousands of Reais) 2nd Half of 01/01 to 01/01 to Note 2019 12/31/2019 12/31/2018 Adjusted net income 31,231,079 62,195,693 66,744,113 Net income 13,058,026 26,582,639 24,977,422 Adjustments to net income: 18,173,053 35,613,054 41,766,691 Share-based payment 263,173 (140,930) (97,705) Adjustment to market value of securities and derivative financial instruments (assets / liabilities) (167,033) 972,222 624,923 Effects of changes in exchange rates on cash and cash equivalents (1,261,714) (54,116) (990,058) Provision for loan losses 6c 15,479,980 23,895,706 14,501,245 Interest and foreign exchange income related to operations with subordinated debt 3,286,672 4,433,462 8,758,417 Change in technical provisions for insurance, pension plan and capitalization 8c 8,301,941 15,051,644 19,644,609 Depreciation and amortization 2,308,387 4,530,139 4,335,704 Expense from update / charges on the provision for civil, labor, tax claims and legal obligations 9b 1,341,689 1,926,439 1,038,174 Provision for civil, labor, tax claims and legal obligations 9b 4,285,894 5,131,951 2,463,960 Interest income related to escrow deposits 9b (418,273) (519,481) (198,977) Deferred taxes (excluding hedge tax effects) (4,945,162) (3,368,795) 9,466,377 Equity in earnings of affiliates, joint ventures and other investments (799,019) (1,407,979) (808,691) Income from foreign exchange and income related to available-for-sale securities (5,192,341) (9,053,458) (12,553,827) Income from foreign exchange and income related to held-to-maturity securities (2,250,509) (3,365,052) (4,462,155) Income from sale of available-for-sale financial assets (387,799) (1,026,592) (197,132) Income from sale of investments, assets held for sale and fixed assets (37,526) 9,766 (64,195) Income from non-controlling interests 13f 6,567 263,865 321,618 Other 2c (1,641,874) (1,665,737) (15,597) Change in assets and liabilities 14,802,047 (35,349,814) (15,882,830) (Increase) / decrease in assets (12,146,152) (56,742,679) (91,431,111) Interbank investments 58,132,512 40,426,337 (22,235,131) Securities and derivative financial instruments (assets / liabilities) (15,244,424) (11,038,388) (11,633,601) Compulsory deposits with the Central Bank of Brazil 603,316 2,900,125 4,688,699 Interbank and interbranch accounts (assets / liabilities) (2,423,716) 1,694,265 3,064,330 Loan, lease and other credit operations (38,858,465) (69,056,780) (56,279,427) Other receivables and other assets (14,355,375) (21,668,238) (9,035,981) (Decrease) / increase in liabilities 26,948,199 21,392,865 75,548,281 Deposits 43,801,267 43,635,979 60,486,470 Deposits received under securities repurchase agreements (46,704,962) (73,398,293) 19,326,456 Funds for issuance of securities 18,232,314 32,002,578 3,984,898 Borrowing and onlending 3,604,377 8,445,404 4,506,152 Technical provision for insurance, pension plan and capitalization 406,243 2,105,582 6,911 Other liabilities 10,904,844 14,789,654 (9,074,936) Deferred income 92,201 72,775 191,516 Payment of income tax and social contribution (3,388,085) (6,260,814) (3,879,186) Net cash provided by / (used in) operating activities 46,033,126 26,845,879 50,861,283 Dividends / Interest on capital received from associates and joint ventures 376,920 838,347 671,698 Funds received from sale of available-for-sale securities (774,484) 10,095,856 15,079,268 Funds received from redemption of held-to-maturity securities 4,862,794 8,085,243 14,991,244 (Purchase) / Disposal of Assets held for sale 377,054 533,100 292,543 Disposal of investments 7,948 89,120 291,851 Sale of fixed assets 114,418 177,053 178,548 Termination of intangible asset agreements 9,051 64,122 35,098 (Purchase) of available-for-sale securities (40,602,686) (59,371,759) (9,464,682) (Purchase) of held-to-maturity securities (127,816) (201,096) (2,463,484) (Purchase) of investments (409,387) (419,260) (7,351,611) (Purchase) of fixed assets 12b I (851,195) (1,621,797) (1,481,994) (Purchase) of intangible assets 12b II (1,492,864) (2,691,650) (1,436,411) Net cash provided by / (used in) investing activities (38,510,247) (44,422,721) 9,342,068 Subordinated debt obligations raisings 5,498,200 8,548,200 2,906,100 Subordinated debt obligations redemptions (1,290,995) (2,832,621) (15,047,668) Change in non-controlling interests (1,660,420) (1,543,194) 188,393 Income from delivery of treasury shares 53,282 742,489 1,186,114 Purchase of treasury shares 13a - - (510,308) Dividends and interest on capital paid to non-controlling interests (981) (227,169) (156,683) Dividends and interest on capital paid (8,544,494) (25,915,049) (20,092,750) Net cash provided by / (used in) financing activities (5,945,408) (21,227,344) (31,526,802) Net increase / (decrease) in cash and cash equivalents 1,577,471 (38,804,186) 28,676,549 Cash and cash equivalents at the beginning of the period 59,312,705 100,901,960 71,235,353 Effects of changes in exchange rates on cash and cash equivalents 1,261,714 54,116 990,058 Cash and cash equivalents at the end of the period 3a 62,151,890 62,151,890 100,901,960 Cash 30,366,518 37,158,576 Interbank deposits 4,559,387 19,179,787 Securities purchased under agreements to resell - Collateral held 27,225,985 44,563,597 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 59

ITAÚ UNIBANCO HOLDING S.A. Consolidated Statement of Added Value (In thousands of Reais) 2nd Half of 01/01 to 01/01 to Note 2019 12/31/2019 12/31/2018 Income 86,655,355 175,370,641 1 75,181,485 Financial operations 73,606,177 1 47,454,025 1 41,582,105 Banking services 10e and f 2 1,266,983 4 0,567,991 38,400,468 Result from insurance, pension plan and capitalization operations 1,838,430 3,578,893 3,475,168 Result from loan losses 6 (1 2,946,270) (19,825,900) (10,367,771) Other 2 ,890,035 3,595,632 2,091,515 Expenses (4 7,581,038) (90,963,524) (9 3,702,488) Financial operations (40,997,769) (8 0,064,805) (8 3,498,848) Other (6,583,269) (1 0,898,719) (10,203,640) Inputs purchased from third parties (7 ,896,827) (1 5,634,286) (15,626,624) Materials, energy and others 10h (160,221) (329,632) (3 28,206) Third-party services 10h (2 ,460,431) (4,705,443) (4 ,542,047) Other (5,276,175) (1 0,599,211) (1 0,756,371) Data processing and telecommunications 10h (2 ,125,961) (4 ,277,821) (4,273,437) Advertising, promotions and publication 10h (558,953) (1 ,178,502) (1,316,982) Installations (9 47,699) (1 ,872,841) (1 ,770,721) Transportation 10h (183,243) (364,011) (3 50,466) Security 10h (361,871) (7 43,719) (754,203) Travel expenses 10h (1 20,483) (2 40,194) (231,913) Other (9 77,965) (1,922,123) (2,058,649) Gross added value 31,177,490 6 8,772,831 6 5,852,373 Depreciation and amortization 10h (1 ,465,263) (2 ,847,861) (2,697,196) Net added value produced by the company 29,712,227 6 5,924,970 6 3,155,177 Added value received through transfer - Results of equity method 799,019 1,407,979 8 08,691 Total added value to be distributed 3 0,511,246 67,332,949 6 3,963,868 Distribution of added value 30,511,246 6 7,332,949 6 3,963,868 Personnel 13,983,572 24,866,847 36.9% 21,625,556 33.8% Compensation 10,748,133 1 9,111,834 28.4% 16,666,948 26.1% Benefits 2,497,474 4 ,526,911 6.7% 4 ,051,385 6.3% FGTS – government severance pay fund 7 37,965 1,228,102 1.8% 9 07,223 1.4% Taxes, fees and contributions 2,779,218 14,214,766 21.1% 1 5,513,704 24.3% Federal 1 ,923,528 12,641,123 18.8% 14,076,777 22.0% State 18 35 0.0% 28 0.0% Municipal 855,672 1 ,573,608 2.3% 1 ,436,899 2.2% Return on third parties’ capital - Rent 683,863 1 ,404,832 2.1% 1,525,568 2.4% Return on capital 13,064,593 26,846,504 39.9% 25,299,040 39.6% Dividends and interest on capital 1 1,054,408 19,597,199 29.1% 2 0,848,119 32.6% Retained earnings / (loss) attributable to controlling shareholders 2,003,618 6,985,440 10.4% 4 ,129,303 6.5% Retained earnings / (loss) attributable to non-controlling shareholders 6 ,567 263,865 0.4% 3 21,618 0.5% The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 60 ITAÚ UNIBANCO HOLDING S.A. Consolidated Statement of Added Value (In thousands of Reais) 2nd Half of 01/01 to 01/01 to Note 2019 12/31/2019 12/31/2018 Income 86,655,355 175,370,641 1 75,181,485 Financial operations 73,606,177 1 47,454,025 1 41,582,105 Banking services 10e and f 2 1,266,983 4 0,567,991 38,400,468 Result from insurance, pension plan and capitalization operations 1,838,430 3,578,893 3,475,168 Result from loan losses 6 (1 2,946,270) (19,825,900) (10,367,771) Other 2 ,890,035 3,595,632 2,091,515 Expenses (4 7,581,038) (90,963,524) (9 3,702,488) Financial operations (40,997,769) (8 0,064,805) (8 3,498,848) Other (6,583,269) (1 0,898,719) (10,203,640) Inputs purchased from third parties (7 ,896,827) (1 5,634,286) (15,626,624) Materials, energy and others 10h (160,221) (329,632) (3 28,206) Third-party services 10h (2 ,460,431) (4,705,443) (4 ,542,047) Other (5,276,175) (1 0,599,211) (1 0,756,371) Data processing and telecommunications 10h (2 ,125,961) (4 ,277,821) (4,273,437) Advertising, promotions and publication 10h (558,953) (1 ,178,502) (1,316,982) Installations (9 47,699) (1 ,872,841) (1 ,770,721) Transportation 10h (183,243) (364,011) (3 50,466) Security 10h (361,871) (7 43,719) (754,203) Travel expenses 10h (1 20,483) (2 40,194) (231,913) Other (9 77,965) (1,922,123) (2,058,649) Gross added value 31,177,490 6 8,772,831 6 5,852,373 Depreciation and amortization 10h (1 ,465,263) (2 ,847,861) (2,697,196) Net added value produced by the company 29,712,227 6 5,924,970 6 3,155,177 Added value received through transfer - Results of equity method 799,019 1,407,979 8 08,691 Total added value to be distributed 3 0,511,246 67,332,949 6 3,963,868 Distribution of added value 30,511,246 6 7,332,949 6 3,963,868 Personnel 13,983,572 24,866,847 36.9% 21,625,556 33.8% Compensation 10,748,133 1 9,111,834 28.4% 16,666,948 26.1% Benefits 2,497,474 4 ,526,911 6.7% 4 ,051,385 6.3% FGTS – government severance pay fund 7 37,965 1,228,102 1.8% 9 07,223 1.4% Taxes, fees and contributions 2,779,218 14,214,766 21.1% 1 5,513,704 24.3% Federal 1 ,923,528 12,641,123 18.8% 14,076,777 22.0% State 18 35 0.0% 28 0.0% Municipal 855,672 1 ,573,608 2.3% 1 ,436,899 2.2% Return on third parties’ capital - Rent 683,863 1 ,404,832 2.1% 1,525,568 2.4% Return on capital 13,064,593 26,846,504 39.9% 25,299,040 39.6% Dividends and interest on capital 1 1,054,408 19,597,199 29.1% 2 0,848,119 32.6% Retained earnings / (loss) attributable to controlling shareholders 2,003,618 6,985,440 10.4% 4 ,129,303 6.5% Retained earnings / (loss) attributable to non-controlling shareholders 6 ,567 263,865 0.4% 3 21,618 0.5% The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 60

ITAÚ UNIBANCO HOLDING S.A. Balance Sheet (In thousands of Reais) Assets Note 12/31/2019 12/31/2018 Current assets 26,470,174 18,694,776 Cash - 11,905 3,385,457 Interbank investments 3b and 4 12,194,097 261,322 Money market - 6,723,949 261,322 Interbank deposits - 5,470,148 - Securities and derivative financial instruments 3c, 3d and 5 8,781,646 11,032,456 Own portfolio - 8,781,646 10,978,165 Derivative financial instruments - - 54,291 Other receivables - 5,459,296 3,993,236 Income receivable 3,563,549 1,766,436 Deferred tax assets 11b I 111,875 255,989 Deposits in guarantee for contingent, provisions and legal obrigations 158 103 Sundry 1,783,714 1,970,708 Other assets – Prepaid expenses 3g 23,230 22,305 Long term receivables - 42,104,829 69,206,138 Interbank investments – Interbank deposits 3b and 4 38,886,704 64,982,549 Securities and derivative financial instruments 3c, 3d and 5 5,751 1,742,810 Own portfolio - - 1,362 Derivative Financial Instruments - 5,751 1,741,448 Other receivables 3,212,374 2,480,779 Deferred tax assets 11b I 192,309 366,123 Deposits in guarantee for contingent, provisions and legal obligations 62,636 16,432 Sundry 2,957,429 2,098,224 Permanent assets - 113,772,161 110,285,623 Investments - Investments in subsidiaries 3h and 12a 113,771,977 110,285,386 Real estate in use 3i 184 237 Total assets 182,347,164 198,186,537 Liabilities and stockholders' equity Current liabilities 5,096,004 18,331,596 Deposits 3b and 7b - 17,682,252 Demand deposits - 13,629,097 Interbank deposits - 4,053,155 Funds from acceptances and issuance of securities 3b and 7d - 1,764 Derivative financial instruments 3d and 5f - 13,588 Other liabilities - 5,096,004 633,992 Social and statutory 803,074 473,762 Tax and social security obligations 3n, 3p and 11c 185,352 151,072 Subordinated debt 7f 4,082,191 - Sundry 25,387 9,158 Long term liabilities 45,006,933 47,991,860 Deposits - Interbank deposits 3b and 7b - 9,314,927 Funds from acceptances and issuance of securities 3b and 7d - 4,853 Derivative financial instruments 3d and 5f - 32,553 Other liabilities 45,006,933 38,639,527 Tax and social security obligations 3n, 3p and 11c 221,338 19,006 Subordinated debt 7f 27,878,188 30,709,688 Provisions civil and labor 255,240 199,662 Debt instruments eligible as capital 7f 16,652,167 7,701,570 Sundry - 9,601 Stockholders' equity 13 132,244,227 131,863,081 Capital - 97,148,000 97,148,000 Capital reserves 1,979,021 1,923,056 Revenue reserves - 34,846,490 35,379,671 Equity valuation adjustment 3c and 3d (455,188) ( 767,956) (Treasury shares) - (1,274,096) (1,819,690) Total liabilities and stockholders' equity - 182,347,164 198,186,537 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 61 ITAÚ UNIBANCO HOLDING S.A. Balance Sheet (In thousands of Reais) Assets Note 12/31/2019 12/31/2018 Current assets 26,470,174 18,694,776 Cash - 11,905 3,385,457 Interbank investments 3b and 4 12,194,097 261,322 Money market - 6,723,949 261,322 Interbank deposits - 5,470,148 - Securities and derivative financial instruments 3c, 3d and 5 8,781,646 11,032,456 Own portfolio - 8,781,646 10,978,165 Derivative financial instruments - - 54,291 Other receivables - 5,459,296 3,993,236 Income receivable 3,563,549 1,766,436 Deferred tax assets 11b I 111,875 255,989 Deposits in guarantee for contingent, provisions and legal obrigations 158 103 Sundry 1,783,714 1,970,708 Other assets – Prepaid expenses 3g 23,230 22,305 Long term receivables - 42,104,829 69,206,138 Interbank investments – Interbank deposits 3b and 4 38,886,704 64,982,549 Securities and derivative financial instruments 3c, 3d and 5 5,751 1,742,810 Own portfolio - - 1,362 Derivative Financial Instruments - 5,751 1,741,448 Other receivables 3,212,374 2,480,779 Deferred tax assets 11b I 192,309 366,123 Deposits in guarantee for contingent, provisions and legal obligations 62,636 16,432 Sundry 2,957,429 2,098,224 Permanent assets - 113,772,161 110,285,623 Investments - Investments in subsidiaries 3h and 12a 113,771,977 110,285,386 Real estate in use 3i 184 237 Total assets 182,347,164 198,186,537 Liabilities and stockholders' equity Current liabilities 5,096,004 18,331,596 Deposits 3b and 7b - 17,682,252 Demand deposits - 13,629,097 Interbank deposits - 4,053,155 Funds from acceptances and issuance of securities 3b and 7d - 1,764 Derivative financial instruments 3d and 5f - 13,588 Other liabilities - 5,096,004 633,992 Social and statutory 803,074 473,762 Tax and social security obligations 3n, 3p and 11c 185,352 151,072 Subordinated debt 7f 4,082,191 - Sundry 25,387 9,158 Long term liabilities 45,006,933 47,991,860 Deposits - Interbank deposits 3b and 7b - 9,314,927 Funds from acceptances and issuance of securities 3b and 7d - 4,853 Derivative financial instruments 3d and 5f - 32,553 Other liabilities 45,006,933 38,639,527 Tax and social security obligations 3n, 3p and 11c 221,338 19,006 Subordinated debt 7f 27,878,188 30,709,688 Provisions civil and labor 255,240 199,662 Debt instruments eligible as capital 7f 16,652,167 7,701,570 Sundry - 9,601 Stockholders' equity 13 132,244,227 131,863,081 Capital - 97,148,000 97,148,000 Capital reserves 1,979,021 1,923,056 Revenue reserves - 34,846,490 35,379,671 Equity valuation adjustment 3c and 3d (455,188) ( 767,956) (Treasury shares) - (1,274,096) (1,819,690) Total liabilities and stockholders' equity - 182,347,164 198,186,537 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 61

ITAÚ UNIBANCO HOLDING S.A. Statement of Income (In thousands of Reais) 2nd Half of 01/01 to 01/01 to Note 2019 12/31/2019 12/31/2018 Income related to financial operations 1,734,662 4 ,123,226 8,697,395 Securities and derivative financial instruments 0 1,734,662 4,123,226 8 ,697,395 Expenses related to financial operations 0 (1,240,491) (2,334,497) (6,540,289) Money market (1 ,240,491) (2,334,497) (6 ,540,289) Gross income related to financial operations 4 94,171 1,788,729 2 ,157,106 Other operating revenues (expenses) 0 13,251,615 25,188,148 19,120,362 Personnel expenses 0 (6 8,391) (135,787) (1 34,533) Other administrative expenses 0 (66,189) (138,455) (112,881) Tax expenses 11a II (1 33,227) (3 36,416) (3 17,708) Equity in earnings of subsidiaries 12a 13,570,306 25,864,374 19,683,607 Other operating revenues (expenses) 0 (50,884) (65,568) 1,877 Operating income 0 1 3,745,786 2 6,976,877 21,277,468 Non-operating income 0 (1) (1 ) 1 8,851 Income before taxes on income and profit sharing 0 1 3,745,785 26,976,876 2 1,296,319 Income tax and social contribution 3p (525,444) (238,571) 658,599 Due on operations for the period 505,680 2 28,001 380,576 Related to temporary differences (1,031,124) (466,572) 2 78,023 Profit sharing – Management Members - Statutory (1 3,444) (2 6,625) (9,530) Net income 1 3,206,897 2 6,711,680 2 1,945,388 Weighted average of the number of outstanding shares 13a 9,740,145,947 9,718,162,444 Net income per share – R$ 2.74 2.26 Book value per share - R$ (outstanding at 12/31) 13.57 13.57 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 62 ITAÚ UNIBANCO HOLDING S.A. Statement of Income (In thousands of Reais) 2nd Half of 01/01 to 01/01 to Note 2019 12/31/2019 12/31/2018 Income related to financial operations 1,734,662 4 ,123,226 8,697,395 Securities and derivative financial instruments 0 1,734,662 4,123,226 8 ,697,395 Expenses related to financial operations 0 (1,240,491) (2,334,497) (6,540,289) Money market (1 ,240,491) (2,334,497) (6 ,540,289) Gross income related to financial operations 4 94,171 1,788,729 2 ,157,106 Other operating revenues (expenses) 0 13,251,615 25,188,148 19,120,362 Personnel expenses 0 (6 8,391) (135,787) (1 34,533) Other administrative expenses 0 (66,189) (138,455) (112,881) Tax expenses 11a II (1 33,227) (3 36,416) (3 17,708) Equity in earnings of subsidiaries 12a 13,570,306 25,864,374 19,683,607 Other operating revenues (expenses) 0 (50,884) (65,568) 1,877 Operating income 0 1 3,745,786 2 6,976,877 21,277,468 Non-operating income 0 (1) (1 ) 1 8,851 Income before taxes on income and profit sharing 0 1 3,745,785 26,976,876 2 1,296,319 Income tax and social contribution 3p (525,444) (238,571) 658,599 Due on operations for the period 505,680 2 28,001 380,576 Related to temporary differences (1,031,124) (466,572) 2 78,023 Profit sharing – Management Members - Statutory (1 3,444) (2 6,625) (9,530) Net income 1 3,206,897 2 6,711,680 2 1,945,388 Weighted average of the number of outstanding shares 13a 9,740,145,947 9,718,162,444 Net income per share – R$ 2.74 2.26 Book value per share - R$ (outstanding at 12/31) 13.57 13.57 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 62

ITAÚ UNIBANCO HOLDING S.A. Statement of Changes in Stockholders’ Equity (Note 13) (In thousands of Reais) Equity valuation Capital Retained (Treasury Capital Revenue reserves adjustment (note Total reserves earnings shares) 13e) Balance at 07/01/2019 9 7,148,000 1 ,713,439 2 8,206,603 44,543 - (1,324,969) 125,787,616 Result of delivery of treasure shares - 2 ,409 - - - 50,873 5 3,282 Recognition of stock-based payment plans - 2 63,173 - - - - 263,173 Unclaimed dividends and Interest on capital - - - - 12,026 - 1 2,026 Equity valuation adjustment: Change in adjustment to market value - - - 7 8,112 - - 7 8,112 Remeasurements in liabilities of post-employment benefits - - - (274,268) - - (274,268) Foreign exchange variation on investments abroad / Hedge of net investment in foreign operations - - - ( 303,575) - - (303,575) Net income - - - - 1 3,206,897 - 1 3,206,897 Appropriations: Legal reserve - - 660,345 - ( 660,345) - - Statutory reserves - - 1 ,504,170 - (1,504,170) - - Dividends and interest on capital - - 4 ,475,372 - ( 11,054,408) - (6,579,036) Balance at 12/31/2019 9 7,148,000 1 ,979,021 34,846,490 (455,188) - ( 1,274,096) 1 32,244,227 Changes in the period - 265,582 6 ,639,887 (499,731) - 5 0,873 6,456,611 Balance at 01/01/2018 97,148,000 1,733,611 3 3,806,424 ( 1,437,328) - (2,742,767) 128,507,940 Purchase of treasury shares - - - - - (510,308) (510,308) Cancellation of shares – Meeting of the Board of Directors at February 22, 2018 - - ( 534,421) - - 534,421 - Result of delivery of treasure shares - 4 21,740 - - - 898,964 1,320,704 Recognition of stock-based payment plans - (232,295) - - - - (232,295) Payment of interest on capital on 03/07/2018 – declared after 12/31/2017 - R$ 2.1126 per share - - (13,672,862) - - - (13,672,862) Unclaimed dividends - - - - 4,491 - 4,491 Equity valuation adjustment: Change in adjustment to market value - - - 33,626 - - 3 3,626 Remeasurements in liabilities of post-employment benefits - - - (165,788) - - (165,788) Foreign exchange variation on investments abroad / Hedge of net investment in foreign operations - - - 801,534 - - 801,534 Net income - - - - 2 1,945,388 - 21,945,388 Appropriations: Legal reserve - - 1,097,269 - (1,097,269) - - Statutory reserves - - 4,491 - ( 4,491) - - Dividends and interest on capital - - 14,678,770 - (20,848,119) - (6,169,349) Balance at 12/31/2018 97,148,000 1 ,923,056 35,379,671 ( 767,956) - (1,819,690) 131,863,081 Changes in the period - 1 89,445 1,573,247 6 69,372 - 923,077 3,355,141 Balance at 01/01/2019 97,148,000 1 ,923,056 35,379,671 (767,956) - (1,819,690) 1 31,863,081 Result of delivery of treasure shares - 3 51,478 - - - 5 45,594 897,072 Recognition of stock-based payment plans - ( 295,513) - - - - ( 295,513) Payment of interest on capital on 03/07/2019 – declared after 12/31/2018 - R$ 1.8001 per share - - (17,500,313) - - - ( 17,500,313) Unclaimed dividends and Interest on capital - - - - 41,873 - 41,873 Equity valuation adjustment: Change in adjustment to market value - - - 1,267,363 - - 1,267,363 Remeasurements in liabilities of post-employment benefits - - - ( 337,961) - - ( 337,961) Foreign exchange variation on investments abroad / Hedge of net investment in foreign operations - - - ( 616,634) - - ( 616,634) Net income - - - - 26,711,680 - 26,711,680 Appropriations: Legal reserve - - 1,335,584 - (1,335,584) - - Statutory reserves - - 5,820,770 - (5,820,770) - - Dividends - - 9 ,810,778 - (19,597,199) - (9,786,421) Balance at 12/31/2019 97,148,000 1,979,021 3 4,846,490 (455,188) - (1,274,096) 132,244,227 Changes in the period - 5 5,965 (533,181) 3 12,768 - 545,594 3 81,146 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 63 ITAÚ UNIBANCO HOLDING S.A. Statement of Changes in Stockholders’ Equity (Note 13) (In thousands of Reais) Equity valuation Capital Retained (Treasury Capital Revenue reserves adjustment (note Total reserves earnings shares) 13e) Balance at 07/01/2019 9 7,148,000 1 ,713,439 2 8,206,603 44,543 - (1,324,969) 125,787,616 Result of delivery of treasure shares - 2 ,409 - - - 50,873 5 3,282 Recognition of stock-based payment plans - 2 63,173 - - - - 263,173 Unclaimed dividends and Interest on capital - - - - 12,026 - 1 2,026 Equity valuation adjustment: Change in adjustment to market value - - - 7 8,112 - - 7 8,112 Remeasurements in liabilities of post-employment benefits - - - (274,268) - - (274,268) Foreign exchange variation on investments abroad / Hedge of net investment in foreign operations - - - ( 303,575) - - (303,575) Net income - - - - 1 3,206,897 - 1 3,206,897 Appropriations: Legal reserve - - 660,345 - ( 660,345) - - Statutory reserves - - 1 ,504,170 - (1,504,170) - - Dividends and interest on capital - - 4 ,475,372 - ( 11,054,408) - (6,579,036) Balance at 12/31/2019 9 7,148,000 1 ,979,021 34,846,490 (455,188) - ( 1,274,096) 1 32,244,227 Changes in the period - 265,582 6 ,639,887 (499,731) - 5 0,873 6,456,611 Balance at 01/01/2018 97,148,000 1,733,611 3 3,806,424 ( 1,437,328) - (2,742,767) 128,507,940 Purchase of treasury shares - - - - - (510,308) (510,308) Cancellation of shares – Meeting of the Board of Directors at February 22, 2018 - - ( 534,421) - - 534,421 - Result of delivery of treasure shares - 4 21,740 - - - 898,964 1,320,704 Recognition of stock-based payment plans - (232,295) - - - - (232,295) Payment of interest on capital on 03/07/2018 – declared after 12/31/2017 - R$ 2.1126 per share - - (13,672,862) - - - (13,672,862) Unclaimed dividends - - - - 4,491 - 4,491 Equity valuation adjustment: Change in adjustment to market value - - - 33,626 - - 3 3,626 Remeasurements in liabilities of post-employment benefits - - - (165,788) - - (165,788) Foreign exchange variation on investments abroad / Hedge of net investment in foreign operations - - - 801,534 - - 801,534 Net income - - - - 2 1,945,388 - 21,945,388 Appropriations: Legal reserve - - 1,097,269 - (1,097,269) - - Statutory reserves - - 4,491 - ( 4,491) - - Dividends and interest on capital - - 14,678,770 - (20,848,119) - (6,169,349) Balance at 12/31/2018 97,148,000 1 ,923,056 35,379,671 ( 767,956) - (1,819,690) 131,863,081 Changes in the period - 1 89,445 1,573,247 6 69,372 - 923,077 3,355,141 Balance at 01/01/2019 97,148,000 1 ,923,056 35,379,671 (767,956) - (1,819,690) 1 31,863,081 Result of delivery of treasure shares - 3 51,478 - - - 5 45,594 897,072 Recognition of stock-based payment plans - ( 295,513) - - - - ( 295,513) Payment of interest on capital on 03/07/2019 – declared after 12/31/2018 - R$ 1.8001 per share - - (17,500,313) - - - ( 17,500,313) Unclaimed dividends and Interest on capital - - - - 41,873 - 41,873 Equity valuation adjustment: Change in adjustment to market value - - - 1,267,363 - - 1,267,363 Remeasurements in liabilities of post-employment benefits - - - ( 337,961) - - ( 337,961) Foreign exchange variation on investments abroad / Hedge of net investment in foreign operations - - - ( 616,634) - - ( 616,634) Net income - - - - 26,711,680 - 26,711,680 Appropriations: Legal reserve - - 1,335,584 - (1,335,584) - - Statutory reserves - - 5,820,770 - (5,820,770) - - Dividends - - 9 ,810,778 - (19,597,199) - (9,786,421) Balance at 12/31/2019 97,148,000 1,979,021 3 4,846,490 (455,188) - (1,274,096) 132,244,227 Changes in the period - 5 5,965 (533,181) 3 12,768 - 545,594 3 81,146 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 63

ITAÚ UNIBANCO HOLDING S.A. Statement of Cash Flows (In thousands of Reais) 2nd Half of 01/01 to 01/01 to Note 2019 12/31/2019 12/31/2018 Adjusted net income 5,689,369 3,388,967 12,035,250 Net income 13,206,897 26,711,680 21,945,388 Adjustments to net income: (7,517,528) (23,322,713) (9,910,138) Share-based payment 263,173 (140,930) (97,705) Interest and foreign exchange expense related to operations with subordinated debt 3,120,463 3,893,238 7,337,349 Deferred taxes 1,031,124 466,572 (278,023) Equity in earnings of subsidiaries 12a (13,570,306) (25,864,374) (19,683,607) Amortization of goodwill 22,579 45,158 50,438 Effects of changes in exchange rates on cash and cash equivalents 1,615,410 (1,722,435) 2,761,367 Other 29 58 43 Change in assets and liabilities (14,194,647) (3,839,128) 19,520,154 (Increase) / decrease in Interbank investments (6,428,455) 20,625,697 17,583,717 (Increase) / decrease in securities and derivative financial instruments (2,067,877) 3,941,728 3,357,903 (Increase) / decrease in other receivables and other assets (951,276) (701,075) (831,196) Increase / (decrease) in deposits (4,538,612) (26,997,179) 4,078,334 Increase / (decrease) in funds for issuance of securities (1,550) (6,617) (3,494,772) Increase / (decrease) in other liabilities (206,877) (688,680) (1,155,146) Payment of income tax and social contribution - (13,002) (18,686) Net cash provided by / (used in) operating activities (8,505,278) (450,161) 31,555,404 Dividends and interest on capital received 17,530,422 20,681,316 7,206,360 (Purchase) / disposal sale of investments - - (14,499,991) (Purchase) / sale of fixed assets (5) (5) (232) Net cash provided by / (used in) investing activities 17,530,417 20,681,311 (7,293,863) Subordinated debt obligations raisings 5,498,200 8,548,200 2,906,100 Subordinated debt obligations redemptions (1,153,938) (2,240,150) (2,085,617) Income from delivery of treasury shares 53,282 742,489 1,186,114 Purchase of treasury shares - - (510,308) Dividends and interest on capital paid (8,544,494) (25,915,049) (20,092,750) Net cash provided by / (used in) financing activities (4,146,950) (18,864,510) (18,596,461) Net increase / (decrease) in cash and cash equivalents 4,878,189 1,366,640 5,665,080 Cash and cash equivalents at the beginning of the period 3,473,075 3,646,779 743,066 Effects of changes in exchange rates on cash and cash equivalents (1,615,410) 1,722,435 (2,761,367) Cash and cash equivalents at the end of the period 3a 6,735,854 6,735,854 3,646,779 Cash 11,905 3,385,457 Securities purchased under agreements to resell - Collateral held 6,723,949 261,322 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 64 ITAÚ UNIBANCO HOLDING S.A. Statement of Cash Flows (In thousands of Reais) 2nd Half of 01/01 to 01/01 to Note 2019 12/31/2019 12/31/2018 Adjusted net income 5,689,369 3,388,967 12,035,250 Net income 13,206,897 26,711,680 21,945,388 Adjustments to net income: (7,517,528) (23,322,713) (9,910,138) Share-based payment 263,173 (140,930) (97,705) Interest and foreign exchange expense related to operations with subordinated debt 3,120,463 3,893,238 7,337,349 Deferred taxes 1,031,124 466,572 (278,023) Equity in earnings of subsidiaries 12a (13,570,306) (25,864,374) (19,683,607) Amortization of goodwill 22,579 45,158 50,438 Effects of changes in exchange rates on cash and cash equivalents 1,615,410 (1,722,435) 2,761,367 Other 29 58 43 Change in assets and liabilities (14,194,647) (3,839,128) 19,520,154 (Increase) / decrease in Interbank investments (6,428,455) 20,625,697 17,583,717 (Increase) / decrease in securities and derivative financial instruments (2,067,877) 3,941,728 3,357,903 (Increase) / decrease in other receivables and other assets (951,276) (701,075) (831,196) Increase / (decrease) in deposits (4,538,612) (26,997,179) 4,078,334 Increase / (decrease) in funds for issuance of securities (1,550) (6,617) (3,494,772) Increase / (decrease) in other liabilities (206,877) (688,680) (1,155,146) Payment of income tax and social contribution - (13,002) (18,686) Net cash provided by / (used in) operating activities (8,505,278) (450,161) 31,555,404 Dividends and interest on capital received 17,530,422 20,681,316 7,206,360 (Purchase) / disposal sale of investments - - (14,499,991) (Purchase) / sale of fixed assets (5) (5) (232) Net cash provided by / (used in) investing activities 17,530,417 20,681,311 (7,293,863) Subordinated debt obligations raisings 5,498,200 8,548,200 2,906,100 Subordinated debt obligations redemptions (1,153,938) (2,240,150) (2,085,617) Income from delivery of treasury shares 53,282 742,489 1,186,114 Purchase of treasury shares - - (510,308) Dividends and interest on capital paid (8,544,494) (25,915,049) (20,092,750) Net cash provided by / (used in) financing activities (4,146,950) (18,864,510) (18,596,461) Net increase / (decrease) in cash and cash equivalents 4,878,189 1,366,640 5,665,080 Cash and cash equivalents at the beginning of the period 3,473,075 3,646,779 743,066 Effects of changes in exchange rates on cash and cash equivalents (1,615,410) 1,722,435 (2,761,367) Cash and cash equivalents at the end of the period 3a 6,735,854 6,735,854 3,646,779 Cash 11,905 3,385,457 Securities purchased under agreements to resell - Collateral held 6,723,949 261,322 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 64

ITAÚ UNIBANCO HOLDING S.A. Statement of Added Value (In thousands of Reais) 2nd Half of 01/01 to 01/01 to Note 2019 12/31/2019 12/31/2018 Income 1,094,133 3,951,085 9,468,610 Financial operations 1,734,662 4,123,226 8,697,395 Other ( 640,529) ( 172,141) 771,215 Expenses ( 1,271,092) ( 2,379,320) ( 6,548,710) Financial operations ( 1,240,491) (2,334,497) (6,540,289) Other ( 30,601) ( 44,823) ( 8,421) Inputs purchased from third parties ( 65,452) ( 137,158) ( 112,094) Third-party services ( 20,811) ( 38,421) ( 33,012) Advertising, promotions and publication (242) (30,316) (22,611) Expenses for financial system services ( 27,702) (41,855) ( 32,742) Other ( 16,697) ( 26,566) (23,729) Gross added value ( 242,411) 1,434,607 2,807,806 Deprecitation and amortization (22,607) (45,215) (50,480) Net added value produced by the company ( 265,018) 1,389,392 2,757,326 Added value received through transfer - Results of equity method 12a 13,570,306 25,864,374 19,683,607 Total added value to be distributed 13,305,288 27,253,766 22,440,933 Distribution of added value 13,305,288 27,253,766 22,440,933 Personnel 73,278 130,369 101,982 Compensation 71,288 126,339 97,616 Benefits 1,214 3,090 3,020 FGTS – government severance pay fund 776 940 1,346 Taxes, fees and contributions 24,377 410,421 392,776 Federal 24,376 410,420 392,214 Municipal 1 1 562 Return on third parties’ capital - Rent 736 1,296 787 Return on capital 13,206,897 26,711,680 21,945,388 Dividends and interest on capital 11,054,408 19,597,199 20,848,119 Retained earnings for the period 2,152,489 7,114,481 1,097,269 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 65 ITAÚ UNIBANCO HOLDING S.A. Statement of Added Value (In thousands of Reais) 2nd Half of 01/01 to 01/01 to Note 2019 12/31/2019 12/31/2018 Income 1,094,133 3,951,085 9,468,610 Financial operations 1,734,662 4,123,226 8,697,395 Other ( 640,529) ( 172,141) 771,215 Expenses ( 1,271,092) ( 2,379,320) ( 6,548,710) Financial operations ( 1,240,491) (2,334,497) (6,540,289) Other ( 30,601) ( 44,823) ( 8,421) Inputs purchased from third parties ( 65,452) ( 137,158) ( 112,094) Third-party services ( 20,811) ( 38,421) ( 33,012) Advertising, promotions and publication (242) (30,316) (22,611) Expenses for financial system services ( 27,702) (41,855) ( 32,742) Other ( 16,697) ( 26,566) (23,729) Gross added value ( 242,411) 1,434,607 2,807,806 Deprecitation and amortization (22,607) (45,215) (50,480) Net added value produced by the company ( 265,018) 1,389,392 2,757,326 Added value received through transfer - Results of equity method 12a 13,570,306 25,864,374 19,683,607 Total added value to be distributed 13,305,288 27,253,766 22,440,933 Distribution of added value 13,305,288 27,253,766 22,440,933 Personnel 73,278 130,369 101,982 Compensation 71,288 126,339 97,616 Benefits 1,214 3,090 3,020 FGTS – government severance pay fund 776 940 1,346 Taxes, fees and contributions 24,377 410,421 392,776 Federal 24,376 410,420 392,214 Municipal 1 1 562 Return on third parties’ capital - Rent 736 1,296 787 Return on capital 13,206,897 26,711,680 21,945,388 Dividends and interest on capital 11,054,408 19,597,199 20,848,119 Retained earnings for the period 2,152,489 7,114,481 1,097,269 The accompanying notes are an integral part of these financial statements Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 65

ITAÚ UNIBANCO HOLDING S.A. Notes to the Financial Statements Period from 01/01 to 12/31 of 2019 and 2018 (In thousands of Reais) Note 1 - Operations Itaú Unibanco Holding S.A. (ITAÚ UNIBANCO HOLDING) is a publicly-held company, organized and existing under the laws of Brazil. The head office is located at Praça Alfredo Egydio de Souza Aranha, n° 100, in the city of São Paulo, state of São Paulo, Brazil. ITAÚ UNIBANCO HOLDING has a presence in 18 countries and territories and offers a wide variety of financial products and services to personal and corporate customers in Brazil and abroad, not necessarily related to Brazil, through its branches, subsidiaries and international affiliates. It offers a full range of banking services, through its different portfolios: commercial banking; investment banking; real estate lending; loans, financing and investment; leasing and foreign exchange business. ITAÚ UNIBANCO HOLDING is a financial holding company controlled by Itaú Unibanco Participações S.A. (“IUPAR”), a holding company which owns 51.71% of our common shares, and which is jointly controlled by (i) Itaúsa Investimentos Itaú S.A. (“ITAÚSA”), a holding company controlled by members of the Egydio de Souza Aranha family, and (ii) Companhia E. Johnston de Participações (“E. JOHNSTON”), a holding company controlled by the Moreira Salles family. Itaúsa also directly holds 39.21% of ITAÚ UNIBANCO HOLDING’s common shares. These individual and consolidated financial statements were approved by the Board of Directors on February 10, 2020. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 66 ITAÚ UNIBANCO HOLDING S.A. Notes to the Financial Statements Period from 01/01 to 12/31 of 2019 and 2018 (In thousands of Reais) Note 1 - Operations Itaú Unibanco Holding S.A. (ITAÚ UNIBANCO HOLDING) is a publicly-held company, organized and existing under the laws of Brazil. The head office is located at Praça Alfredo Egydio de Souza Aranha, n° 100, in the city of São Paulo, state of São Paulo, Brazil. ITAÚ UNIBANCO HOLDING has a presence in 18 countries and territories and offers a wide variety of financial products and services to personal and corporate customers in Brazil and abroad, not necessarily related to Brazil, through its branches, subsidiaries and international affiliates. It offers a full range of banking services, through its different portfolios: commercial banking; investment banking; real estate lending; loans, financing and investment; leasing and foreign exchange business. ITAÚ UNIBANCO HOLDING is a financial holding company controlled by Itaú Unibanco Participações S.A. (“IUPAR”), a holding company which owns 51.71% of our common shares, and which is jointly controlled by (i) Itaúsa Investimentos Itaú S.A. (“ITAÚSA”), a holding company controlled by members of the Egydio de Souza Aranha family, and (ii) Companhia E. Johnston de Participações (“E. JOHNSTON”), a holding company controlled by the Moreira Salles family. Itaúsa also directly holds 39.21% of ITAÚ UNIBANCO HOLDING’s common shares. These individual and consolidated financial statements were approved by the Board of Directors on February 10, 2020. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 66

Note 2 – Presentation of the Consolidated Financial Statements a) Presentation The financial statements of ITAÚ UNIBANCO HOLDING and its subsidiaries (ITAÚ UNIBANCO HOLDING CONSOLIDATED) have been prepared in accordance with the Brazilian Corporate Law, as amended by Laws 11,638, of December 28, 2007, and 11,941, of May 27, 2009, and with instructions issued by the National Monetary Council (CMN), the Central Bank of Brazil (BACEN), the Brazilian Securities Commission (CVM), the National Council of Private Insurance (CNSP), the Superintendence of Private Insurance (SUSEP) and the National Superintendence of Supplementary Pensions (PREVIC), which include the use of accounting estimates for setting up provisions and valuing financial assets. The information contained in the financial statements and accompanying notes is consistent with the management accounts. As required by the sole paragraph of article 7 of BACEN Circular 3,068, of November 8, 2001, securities classified as held for trading (Note 3c) are shown in the Consolidated Balance Sheet under Current Assets, regardless of their maturity dates. Leases are shown at present value in the Consolidated Balance Sheet. The related income and expenses, representing the financial results of these operations, are grouped together under Loan, Lease and Other Credit Operations in the Statement of Income. Advances on exchange contracts have been reclassified from Other Liabilities – Foreign Exchange Portfolio to Loan Operations. Foreign exchange income consists of exchange rate differences on balance sheet accounts denominated in foreign currencies. b) Consolidation The consolidated financial statements of ITAÚ UNIBANCO HOLDING relate to transactions carried out by its branches and subsidiaries in Brazil and abroad, the operations of the companies and investment funds which it controls. Intercompany asset and liability account balances, income accounts and transaction values have been eliminated. Controlled entities are all those in which ITAÚ UNIBANCO HOLDING’s involvement exposes it or entitles it to variable returns which it has the power to influence. The existence of control is assessed continuously. Controlled entities are consolidated from the date control is established to the date on which it ceases to exist. The consolidated financial statements are prepared using consistent accounting policies. In ITAÚ UNIBANCO HOLDING, goodwill recorded in subsidiaries is amortized on the basis of anticipated future profitability and appraisal reports, or upon realization of the investment, according to the rules and guidance of CMN and BACEN. The difference in Net Income and Shareholders’ Equity between ITAÚ UNIBANCO HOLDING and ITAÚ UNIBANCO HOLDING CONSOLIDATED (Note 13d) results substantially from the adoption of different criteria for the amortization of goodwill originating from acquisitions of investments, for recognizing transactions with minority shareholders where there is no change in control (Note 3I) and for recognizing exchange differences, prior to January 1, 2017, on foreign investments and hedging these investments, which are denominated in currencies other than the functional currency of the parent company, net of the corresponding tax effects. The effects of foreign exchange differences on foreign investments are classified under the heading Income on Securities and Derivatives Financial Instruments in the Statement of Income for subsidiaries with the same functional currency as the parent company, and in Equity Valuation Adjustment for subsidiaries with a different functional currency. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 67 Note 2 – Presentation of the Consolidated Financial Statements a) Presentation The financial statements of ITAÚ UNIBANCO HOLDING and its subsidiaries (ITAÚ UNIBANCO HOLDING CONSOLIDATED) have been prepared in accordance with the Brazilian Corporate Law, as amended by Laws 11,638, of December 28, 2007, and 11,941, of May 27, 2009, and with instructions issued by the National Monetary Council (CMN), the Central Bank of Brazil (BACEN), the Brazilian Securities Commission (CVM), the National Council of Private Insurance (CNSP), the Superintendence of Private Insurance (SUSEP) and the National Superintendence of Supplementary Pensions (PREVIC), which include the use of accounting estimates for setting up provisions and valuing financial assets. The information contained in the financial statements and accompanying notes is consistent with the management accounts. As required by the sole paragraph of article 7 of BACEN Circular 3,068, of November 8, 2001, securities classified as held for trading (Note 3c) are shown in the Consolidated Balance Sheet under Current Assets, regardless of their maturity dates. Leases are shown at present value in the Consolidated Balance Sheet. The related income and expenses, representing the financial results of these operations, are grouped together under Loan, Lease and Other Credit Operations in the Statement of Income. Advances on exchange contracts have been reclassified from Other Liabilities – Foreign Exchange Portfolio to Loan Operations. Foreign exchange income consists of exchange rate differences on balance sheet accounts denominated in foreign currencies. b) Consolidation The consolidated financial statements of ITAÚ UNIBANCO HOLDING relate to transactions carried out by its branches and subsidiaries in Brazil and abroad, the operations of the companies and investment funds which it controls. Intercompany asset and liability account balances, income accounts and transaction values have been eliminated. Controlled entities are all those in which ITAÚ UNIBANCO HOLDING’s involvement exposes it or entitles it to variable returns which it has the power to influence. The existence of control is assessed continuously. Controlled entities are consolidated from the date control is established to the date on which it ceases to exist. The consolidated financial statements are prepared using consistent accounting policies. In ITAÚ UNIBANCO HOLDING, goodwill recorded in subsidiaries is amortized on the basis of anticipated future profitability and appraisal reports, or upon realization of the investment, according to the rules and guidance of CMN and BACEN. The difference in Net Income and Shareholders’ Equity between ITAÚ UNIBANCO HOLDING and ITAÚ UNIBANCO HOLDING CONSOLIDATED (Note 13d) results substantially from the adoption of different criteria for the amortization of goodwill originating from acquisitions of investments, for recognizing transactions with minority shareholders where there is no change in control (Note 3I) and for recognizing exchange differences, prior to January 1, 2017, on foreign investments and hedging these investments, which are denominated in currencies other than the functional currency of the parent company, net of the corresponding tax effects. The effects of foreign exchange differences on foreign investments are classified under the heading Income on Securities and Derivatives Financial Instruments in the Statement of Income for subsidiaries with the same functional currency as the parent company, and in Equity Valuation Adjustment for subsidiaries with a different functional currency. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 67

The consolidated financial statements cover ITAÚ UNIBANCO HOLDING and its direct and indirect subsidiaries. We list below the main companies which together represent over 95% of total consolidated assets: Interest in total Interest in voting Country of (1) capital at Functional currency Activity capital at Incorporation 12/31/2019 12/31/2018 12/31/2019 12/31/2018 In Brazil Banco Itaú BBA S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Consignado S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaucard S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itauleasing S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Cia. Itaú de Capitalização Real Brazil Capitalization 100.00% 100.00% 100.00% 100.00% Dibens Leasing S.A. - Arrendamento Mercantil Real Brazil Leasing 100.00% 100.00% 100.00% 100.00% Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento Real Brazil Consumer Finance Credit 50.00% 50.00% 50.00% 50.00% Hipercard Banco Múltiplo S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Itauseg Seguradora S.A. Real Brazil Insurance 100.00% 100.00% 100.00% 100.00% Itaú Corretora de Valores S.A. Real Brazil Securities Broker 100.00% 100.00% 100.00% 100.00% Itaú Seguros S.A. Real Brazil Insurance 100.00% 100.00% 100.00% 100.00% Itaú Unibanco S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Itaú Vida e Previdência S.A. Real Brazil Pension Plan 100.00% 100.00% 100.00% 100.00% Luizacred S.A. Sociedade de Crédito, Financiamento e Investimento Real Brazil Consumer Finance Credit 50.00% 50.00% 50.00% 50.00% Redecard S.A. Real Brazil Acquier 100.00% 100.00% 100.00% 100.00% Foreign Itaú CorpBanca Colombia S.A. (Note 2c) Colombian Peso Colombia Financial institution 33.22% 25.28% 33.22% 25.28% Banco Itaú (Suisse) S.A. Swiss Franc Switzerland Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Argentina S.A. Argentine Peso Argentina Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Paraguay S.A. Guarani Paraguay Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Uruguay S.A. Uruguayan peso Uruguay Financial institution 100.00% 100.00% 100.00% 100.00% Itau Bank Ltd. Real Cayman Islands Financial institution 100.00% 100.00% 100.00% 100.00% Itau BBA International plc US Dollar United Kingdom Financial institution 100.00% 100.00% 100.00% 100.00% Itau BBA USA Securities Inc. Real United States Securities Broker 100.00% 100.00% 100.00% 100.00% (2) Chile Financial institution (Note 2c) Chilean Peso 38.14% 38.14% 38.14% 38.14% Itaú CorpBanca (1) All overseas offices of ITAÚ UNIBANCO HOLDING CONSOLIDATED have the same functional currency as the parent company, except for CorpBanca New York Branch, which uses the US Dollar; (2) ITAÚ UNIBANCO HOLDING controls ITAÚ CORPBANCA due to the shareholders’ agreement. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 68 The consolidated financial statements cover ITAÚ UNIBANCO HOLDING and its direct and indirect subsidiaries. We list below the main companies which together represent over 95% of total consolidated assets: Interest in total Interest in voting Country of (1) capital at Functional currency Activity capital at Incorporation 12/31/2019 12/31/2018 12/31/2019 12/31/2018 In Brazil Banco Itaú BBA S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Consignado S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaucard S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itauleasing S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Cia. Itaú de Capitalização Real Brazil Capitalization 100.00% 100.00% 100.00% 100.00% Dibens Leasing S.A. - Arrendamento Mercantil Real Brazil Leasing 100.00% 100.00% 100.00% 100.00% Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento Real Brazil Consumer Finance Credit 50.00% 50.00% 50.00% 50.00% Hipercard Banco Múltiplo S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Itauseg Seguradora S.A. Real Brazil Insurance 100.00% 100.00% 100.00% 100.00% Itaú Corretora de Valores S.A. Real Brazil Securities Broker 100.00% 100.00% 100.00% 100.00% Itaú Seguros S.A. Real Brazil Insurance 100.00% 100.00% 100.00% 100.00% Itaú Unibanco S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Itaú Vida e Previdência S.A. Real Brazil Pension Plan 100.00% 100.00% 100.00% 100.00% Luizacred S.A. Sociedade de Crédito, Financiamento e Investimento Real Brazil Consumer Finance Credit 50.00% 50.00% 50.00% 50.00% Redecard S.A. Real Brazil Acquier 100.00% 100.00% 100.00% 100.00% Foreign Itaú CorpBanca Colombia S.A. (Note 2c) Colombian Peso Colombia Financial institution 33.22% 25.28% 33.22% 25.28% Banco Itaú (Suisse) S.A. Swiss Franc Switzerland Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Argentina S.A. Argentine Peso Argentina Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Paraguay S.A. Guarani Paraguay Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Uruguay S.A. Uruguayan peso Uruguay Financial institution 100.00% 100.00% 100.00% 100.00% Itau Bank Ltd. Real Cayman Islands Financial institution 100.00% 100.00% 100.00% 100.00% Itau BBA International plc US Dollar United Kingdom Financial institution 100.00% 100.00% 100.00% 100.00% Itau BBA USA Securities Inc. Real United States Securities Broker 100.00% 100.00% 100.00% 100.00% (2) Chile Financial institution (Note 2c) Chilean Peso 38.14% 38.14% 38.14% 38.14% Itaú CorpBanca (1) All overseas offices of ITAÚ UNIBANCO HOLDING CONSOLIDATED have the same functional currency as the parent company, except for CorpBanca New York Branch, which uses the US Dollar; (2) ITAÚ UNIBANCO HOLDING controls ITAÚ CORPBANCA due to the shareholders’ agreement. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 68

c) Business development Acquisition of minority interest in Pravaler S.A. On December 27, 2019, ITAÚ UNIBANCO HOLDING, through its subsidiary Itaú Unibanco S.A. (ITAÚ UNIBANCO), increased its ownership interest in Pravaler S.A. (PRAVALER), acquiring 43.07% of total capital social (corresponding to 75.71% of preferred shares and 28.65% of common shares) for the amount of R$ 330.9 million. PRAVALER, with head offices in São Paulo, is the manager of the largest private college loan program in Brazil, and it will continue operating independently from ITAÚ UNIBANCO HOLDING. PRAVALER is classified as an affiliate measured under the equity method. Effective acquisitions and financial settlements occurred on the same date, after obtaining the regulatory authorizations required. Acquisition of minority interest in Ticket Serviços S.A. On September 4, 2018, ITAÚ UNIBANCO HOLDING, through its subsidiary ITAÚ UNIBANCO, entered into a strategic partnership with Edenred Participações S.A. (EDENRED) in the benefits market for workers covered mainly by PAT, the Workers’ Meals Program. EDENRED is the parent company of Ticket Serviços S.A. (TICKET) in Brazil. The strategic partnership enables ITAÚ UNIBANCO to add the benefits issued by TICKET to its current range of products and services for customers in the wholesale, medium, micro and small company segments. In addition, ITAÚ UNIBANCO made a minority investment of 11% in TICKET, through a capital increase with contribution of (i) cash, equivalent to said interest in the company's equity value, and (ii) right to exclusive distribution of Ticket Restaurante, Ticket Alimentação, Ticket Cultura and Ticket Transporte products to the ITAÚ UNIBANCO legal entities base during the partnership term. TICKET will continue distributing its products through other commercial agreements and will continue under EDENRED’s control and management. Effective acquisitions and financial settlements occurred on August 30, 2019. After the obtainment of regulatory and government authorizations required. Itaú CorpBanca st The Itaú Corpbanca (ITAÚ CORPBANCA) is controlled as of April 1 , 2016 by ITAÚ UNIBANCO HOLDING. On the same date, ITAU UNIBANCO HOLDING entered into a shareholders’ agreement with Corp Group, which sets forth, among others, the right of ITAÚ UNIBANCO HOLDING and Corp Group to appoint members for the Board of Directors of ITAÚ CORPBANCA in accordance to their interests in capital stock, and this group of shareholders have the right to appoint the majority of members of the Board of Directors of ITAÚ CORPBANCA and ITAÚ UNIBANCO HOLDING are be entitled to appoint the majority of members elected by this block. On October 12, 2018, ITAÚ UNIBANCO HOLDING CONSOLIDATED, through its subsidiary ITB Holding Brasil Participações Ltda., indirectly acquired additional interest of 2.08% (10,651,555,020 shares) in the capital of ITAÚ CORPBANCA, for the amount of R$ 362.9 million then holding 38.14%. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 69 c) Business development Acquisition of minority interest in Pravaler S.A. On December 27, 2019, ITAÚ UNIBANCO HOLDING, through its subsidiary Itaú Unibanco S.A. (ITAÚ UNIBANCO), increased its ownership interest in Pravaler S.A. (PRAVALER), acquiring 43.07% of total capital social (corresponding to 75.71% of preferred shares and 28.65% of common shares) for the amount of R$ 330.9 million. PRAVALER, with head offices in São Paulo, is the manager of the largest private college loan program in Brazil, and it will continue operating independently from ITAÚ UNIBANCO HOLDING. PRAVALER is classified as an affiliate measured under the equity method. Effective acquisitions and financial settlements occurred on the same date, after obtaining the regulatory authorizations required. Acquisition of minority interest in Ticket Serviços S.A. On September 4, 2018, ITAÚ UNIBANCO HOLDING, through its subsidiary ITAÚ UNIBANCO, entered into a strategic partnership with Edenred Participações S.A. (EDENRED) in the benefits market for workers covered mainly by PAT, the Workers’ Meals Program. EDENRED is the parent company of Ticket Serviços S.A. (TICKET) in Brazil. The strategic partnership enables ITAÚ UNIBANCO to add the benefits issued by TICKET to its current range of products and services for customers in the wholesale, medium, micro and small company segments. In addition, ITAÚ UNIBANCO made a minority investment of 11% in TICKET, through a capital increase with contribution of (i) cash, equivalent to said interest in the company's equity value, and (ii) right to exclusive distribution of Ticket Restaurante, Ticket Alimentação, Ticket Cultura and Ticket Transporte products to the ITAÚ UNIBANCO legal entities base during the partnership term. TICKET will continue distributing its products through other commercial agreements and will continue under EDENRED’s control and management. Effective acquisitions and financial settlements occurred on August 30, 2019. After the obtainment of regulatory and government authorizations required. Itaú CorpBanca st The Itaú Corpbanca (ITAÚ CORPBANCA) is controlled as of April 1 , 2016 by ITAÚ UNIBANCO HOLDING. On the same date, ITAU UNIBANCO HOLDING entered into a shareholders’ agreement with Corp Group, which sets forth, among others, the right of ITAÚ UNIBANCO HOLDING and Corp Group to appoint members for the Board of Directors of ITAÚ CORPBANCA in accordance to their interests in capital stock, and this group of shareholders have the right to appoint the majority of members of the Board of Directors of ITAÚ CORPBANCA and ITAÚ UNIBANCO HOLDING are be entitled to appoint the majority of members elected by this block. On October 12, 2018, ITAÚ UNIBANCO HOLDING CONSOLIDATED, through its subsidiary ITB Holding Brasil Participações Ltda., indirectly acquired additional interest of 2.08% (10,651,555,020 shares) in the capital of ITAÚ CORPBANCA, for the amount of R$ 362.9 million then holding 38.14%. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 69

Acquisition of minority interest in XP Inc. On May 11, 2017, ITAÚ UNIBANCO HOLDING, through its subsidiary ITAÚ UNIBANCO, entered into an agreement for purchase and sale of shares with XP Controle Participações S.A. (XP CONTROLE), G.A. Brasil IV Fundo de Investimento em Participações, Dyna III Fundo de Investimento em Participações, among other parties (SELLERS), for acquisition of 49.9% of total capital (of which 30.1% of common shares) of XP Investimentos S.A. (XP HOLDING), through capital contribution in the amount of R$ 600 million and acquisition of shares issued by XP HOLDING held by the SELLERS in the amount of R$ 5,700 million, and such amounts were restated pursuant to contractual provision, totaling R$ 6,650 million (FIRST ACQUISITION). A portion of this amount was withheld as a guarantee for possible future obligations of XP CONTROLE, for a 10-year period, and possible remaining balance will be paid to XP CONTROLE at the end of this term. In addition to the FIRST ACQUISITION, the agreement sets forth only one additional acquisition in 2022, subject to future BACEN’s approval. Should it be approved, it will enable ITAÚ UNIBANCO to hold up to 62.4% of XP HOLDING’s total capital (equivalent to 40.0% of common shares) based on a multiple of income (19 times) of XP HOLDING, therefore being clear that the control over XP Group will remain unchanged, with XP CONTROLE’s shareholders. ITAÚ UNIBANCO will act as minority partner. Effective acquisitions and financial settlements occurred on August 31, 2018, after the satisfaction of certain contractual conditions and obtainment of regulatory and government authorizations required. On November 29, 2019, there was a corporate reorganization of XP HOLDING, in which the shareholders subscribed their respective shares of the holding company XP Inc. (“XP INC”), keeping the same percentages in total capital. After the initial public offering held on December 11, 2019 at Nasdaq in New York, the ownership interest of ITAÚ UNIBANCO HOLDING changed from 49.9% to 46.05%, giving rise to a R$ 1,991 million result in the primary subscription. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 70 Acquisition of minority interest in XP Inc. On May 11, 2017, ITAÚ UNIBANCO HOLDING, through its subsidiary ITAÚ UNIBANCO, entered into an agreement for purchase and sale of shares with XP Controle Participações S.A. (XP CONTROLE), G.A. Brasil IV Fundo de Investimento em Participações, Dyna III Fundo de Investimento em Participações, among other parties (SELLERS), for acquisition of 49.9% of total capital (of which 30.1% of common shares) of XP Investimentos S.A. (XP HOLDING), through capital contribution in the amount of R$ 600 million and acquisition of shares issued by XP HOLDING held by the SELLERS in the amount of R$ 5,700 million, and such amounts were restated pursuant to contractual provision, totaling R$ 6,650 million (FIRST ACQUISITION). A portion of this amount was withheld as a guarantee for possible future obligations of XP CONTROLE, for a 10-year period, and possible remaining balance will be paid to XP CONTROLE at the end of this term. In addition to the FIRST ACQUISITION, the agreement sets forth only one additional acquisition in 2022, subject to future BACEN’s approval. Should it be approved, it will enable ITAÚ UNIBANCO to hold up to 62.4% of XP HOLDING’s total capital (equivalent to 40.0% of common shares) based on a multiple of income (19 times) of XP HOLDING, therefore being clear that the control over XP Group will remain unchanged, with XP CONTROLE’s shareholders. ITAÚ UNIBANCO will act as minority partner. Effective acquisitions and financial settlements occurred on August 31, 2018, after the satisfaction of certain contractual conditions and obtainment of regulatory and government authorizations required. On November 29, 2019, there was a corporate reorganization of XP HOLDING, in which the shareholders subscribed their respective shares of the holding company XP Inc. (“XP INC”), keeping the same percentages in total capital. After the initial public offering held on December 11, 2019 at Nasdaq in New York, the ownership interest of ITAÚ UNIBANCO HOLDING changed from 49.9% to 46.05%, giving rise to a R$ 1,991 million result in the primary subscription. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 70

Note 3 – Summary of significant policies practices a) Cash and cash equivalents - Defined as cash and current accounts in banks, shown in the Consolidated Balance Sheet under the heading Cash, Interbank Deposits and Money Market (Collateral held) with original maturities not exceeding 90 days. b) Interbank investments, Remunerated restricted Credits held at the Brazilian Central Bank (BACEN), Remunerated deposits, deposits received under securities repurchase agreements, funds from acceptance and issuance of securities, borrowing and onlending, subordinated debt and other receivables and payables – Operations with fixed interest and charges are booked at present value. Operations with floating interest and charges are booked at the adjusted principal amount. Operations subject to foreign exchange variation are booked at the corresponding amount in local currency. Liabilities are presented net of the transaction costs incurred, if significant, calculated pro rata on a daily basis. c) Securities - Recorded at the cost of acquisition restated by the index and/or effective interest rate and presented in the Balance Sheet as required by BACEN Circular nº. 3,068, of November 8, 2001. Securities are classified into the following categories: · Trading securities – Securities acquired to be actively and frequently traded. They are marked to market, with a counter-entry to the results for the period; · Available-for-sale securities – Securities that can be negotiated but are not acquired for the purposes of active and frequent trading. They are marked to market, with a counter-entry to a specific account in stockholders’ equity; · Held-to-maturity securities – Securities, other than non-redeemable shares, which the bank has the financial capacity and intends, or is required, to hold in the portfolio to maturity. They are recorded at the cost of acquisition, or market value, whenever these are transferred from another category. The securities are adjusted up to maturity date, but are not marked to market. Gains and losses on available-for-sale securities, when realized, are recognized on the trade date in the statement of income, with a counter-entry to a specific account in stockholders’ equity account. Decreases in the market value of available-for-sale and held-to-maturity securities below to cost, resulting from causes not considered to be temporary, are recorded in the results as realized losses. d) Derivative financial instruments - These are classified on the date of their acquisition, according to whether or not management intends to use them for hedging, according to BACEN Circular 3,082, of January 30, 2002. Transactions involving financial instruments, carried out at a customer’s request, for the bank’s own account, or which do not comply with the hedging criteria (mainly derivatives used to manage overall risk exposure), are stated at market value, including realized and unrealized gains and losses, which are recorded directly in the statement of income. Derivatives that are used for protection against risk exposure or to modify the characteristics of financial assets and liabilities, where changes in market value are closely related to those of the items being protected at the beginning and throughout the duration of the contract, and which are considered to be effective in reducing the risk exposure in question, are classified as hedges of the following types: · Market Risk Hedge – Financial assets and liabilities, as well as their related financial instruments, are booked at market value, plus realized and unrealized gains and losses, which are recorded directly in the statement of income; · Cash Flow Hedge - The effective portion of a hedge of financial assets and liabilities, and the related financial instruments, are booked at market value plus realized and unrealized gains and losses, net of tax effects, when applicable, and recorded in a specific account in stockholders’ equity. The ineffective portion is recorded directly in the statement of income; · Hedge of Net Investments in Foreign Operations - Accounted for similarly to a cash flow hedge, i.e. the portion of gains or losses on a hedging instrument that is determined to be an effective hedge is recognized in stockholders’ equity, and reclassified to income for the period in the event of the disposal of the foreign operation. The ineffective portion is recognized in income for the period. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 71 Note 3 – Summary of significant policies practices a) Cash and cash equivalents - Defined as cash and current accounts in banks, shown in the Consolidated Balance Sheet under the heading Cash, Interbank Deposits and Money Market (Collateral held) with original maturities not exceeding 90 days. b) Interbank investments, Remunerated restricted Credits held at the Brazilian Central Bank (BACEN), Remunerated deposits, deposits received under securities repurchase agreements, funds from acceptance and issuance of securities, borrowing and onlending, subordinated debt and other receivables and payables – Operations with fixed interest and charges are booked at present value. Operations with floating interest and charges are booked at the adjusted principal amount. Operations subject to foreign exchange variation are booked at the corresponding amount in local currency. Liabilities are presented net of the transaction costs incurred, if significant, calculated pro rata on a daily basis. c) Securities - Recorded at the cost of acquisition restated by the index and/or effective interest rate and presented in the Balance Sheet as required by BACEN Circular nº. 3,068, of November 8, 2001. Securities are classified into the following categories: · Trading securities – Securities acquired to be actively and frequently traded. They are marked to market, with a counter-entry to the results for the period; · Available-for-sale securities – Securities that can be negotiated but are not acquired for the purposes of active and frequent trading. They are marked to market, with a counter-entry to a specific account in stockholders’ equity; · Held-to-maturity securities – Securities, other than non-redeemable shares, which the bank has the financial capacity and intends, or is required, to hold in the portfolio to maturity. They are recorded at the cost of acquisition, or market value, whenever these are transferred from another category. The securities are adjusted up to maturity date, but are not marked to market. Gains and losses on available-for-sale securities, when realized, are recognized on the trade date in the statement of income, with a counter-entry to a specific account in stockholders’ equity account. Decreases in the market value of available-for-sale and held-to-maturity securities below to cost, resulting from causes not considered to be temporary, are recorded in the results as realized losses. d) Derivative financial instruments - These are classified on the date of their acquisition, according to whether or not management intends to use them for hedging, according to BACEN Circular 3,082, of January 30, 2002. Transactions involving financial instruments, carried out at a customer’s request, for the bank’s own account, or which do not comply with the hedging criteria (mainly derivatives used to manage overall risk exposure), are stated at market value, including realized and unrealized gains and losses, which are recorded directly in the statement of income. Derivatives that are used for protection against risk exposure or to modify the characteristics of financial assets and liabilities, where changes in market value are closely related to those of the items being protected at the beginning and throughout the duration of the contract, and which are considered to be effective in reducing the risk exposure in question, are classified as hedges of the following types: · Market Risk Hedge – Financial assets and liabilities, as well as their related financial instruments, are booked at market value, plus realized and unrealized gains and losses, which are recorded directly in the statement of income; · Cash Flow Hedge - The effective portion of a hedge of financial assets and liabilities, and the related financial instruments, are booked at market value plus realized and unrealized gains and losses, net of tax effects, when applicable, and recorded in a specific account in stockholders’ equity. The ineffective portion is recorded directly in the statement of income; · Hedge of Net Investments in Foreign Operations - Accounted for similarly to a cash flow hedge, i.e. the portion of gains or losses on a hedging instrument that is determined to be an effective hedge is recognized in stockholders’ equity, and reclassified to income for the period in the event of the disposal of the foreign operation. The ineffective portion is recognized in income for the period. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 71

e) Loans, leases and other credit operations (operations with lending characteristics) – These transactions are recorded at present value and calculated pro rata on a daily basis in line with variations in a defined indexer and interest rate, and are adjusted up to the 60th day of arrears in the financial companies, according to the expectation of payment. After the 60th day, income is recognized only on actual receipt of payments. Credit card operations include receivables arising from purchases made by cardholders. Funds corresponding to these amounts to be paid to the credit card companies are shown as liabilities, under the heading Interbank Accounts – Receipts and Payments Pending Settlement. f) Provision for loan losses - The balance of the provision for loan losses is recorded based on a credit risk analysis, at an amount considered sufficient to cover loan losses in accordance with the rules determined by CMN Resolution nº. 2,682 of December 21, 1999, which include the following: · Provisions are recorded from the date on which loans are granted, based on the customer’s risk rating and on a periodic quality assessment of customers and business sectors, and not only in the event of default; · Exclusively in the case of default, losses are written off 360 days after the credits have matured, or after 540 days for operations with maturities longer than 36 months. The criteria for setting up a provision for Financial Guarantees issued are based on the Expected Loss model. g) Other assets – They are comprised of Assets Held for Sale, relating to real estate vehicles and other assets available for sale (owned but deactivated, received as payment in kind or resulting from execution of guarantees). These assets are adjusted to market value by setting up a provision in accordance with current regulations. This heading also covers unearned reinsurance premiums (Note 3m) and prepaid expenses, corresponding to disbursements which will produce benefits in future years. h) Investments – Include goodwill identified in the acquisition of associates and joint ventures, net of any accumulated impairment loss. They are initially recognized at acquisition cost and are subsequently accounted for under the equity method. · Associates: are companies over which ITAÚ UNIBANCO HOLDING CONSOLIDATED has significant influence, but which it does not control. · Joint Ventures: ITAÚ UNIBANCO HOLDING CONSOLIDATED has joint venture whereby the parties that have joint control of the arrangement have rights to the net assets. i) Fixed assets - Are booked at their acquisition cost less accumulated depreciation and adjusted for impairment, if applicable. Depreciation is calculated on the straight-line method using rates based on the estimated useful lives of these assets. Such rates and other details are presented in Note 12b I. Residual values and useful lives of assets are reviewed and adjusted, if necessary, at the end of each year. ITAÚ UNIBANCO HOLDING CONSOLIDATED values its assets in order to identify indications of impairment in their recoverable amounts. The recoverable amount of an asset is defined as the higher of its fair value less selling costs and its value in use. For valuation purposes, assets are grouped at the lowest level for which independent cash flows can be identified (cash-generating units). Valuation may be made at individual asset level when the fair value less selling costs can be reliably determined. j) Goodwill – Corresponds to the amount paid in excess in the acquisition of investments and it is amortized based on the expected future profitability or on its realization. It is semiannually submitted to the asset impairment test with the adoption of an approach that involves the identification of cash generating units (CGU) and the estimate of its fair value less selling costs and/or its value in use. To determine this estimate, ITAÚ UNIBANCO HOLDING CONSOLIDATED adopts the discounted cash flow methodology for a period of 5 years, macroeconomic assumptions, growth rate and discount rate. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 72 e) Loans, leases and other credit operations (operations with lending characteristics) – These transactions are recorded at present value and calculated pro rata on a daily basis in line with variations in a defined indexer and interest rate, and are adjusted up to the 60th day of arrears in the financial companies, according to the expectation of payment. After the 60th day, income is recognized only on actual receipt of payments. Credit card operations include receivables arising from purchases made by cardholders. Funds corresponding to these amounts to be paid to the credit card companies are shown as liabilities, under the heading Interbank Accounts – Receipts and Payments Pending Settlement. f) Provision for loan losses - The balance of the provision for loan losses is recorded based on a credit risk analysis, at an amount considered sufficient to cover loan losses in accordance with the rules determined by CMN Resolution nº. 2,682 of December 21, 1999, which include the following: · Provisions are recorded from the date on which loans are granted, based on the customer’s risk rating and on a periodic quality assessment of customers and business sectors, and not only in the event of default; · Exclusively in the case of default, losses are written off 360 days after the credits have matured, or after 540 days for operations with maturities longer than 36 months. The criteria for setting up a provision for Financial Guarantees issued are based on the Expected Loss model. g) Other assets – They are comprised of Assets Held for Sale, relating to real estate vehicles and other assets available for sale (owned but deactivated, received as payment in kind or resulting from execution of guarantees). These assets are adjusted to market value by setting up a provision in accordance with current regulations. This heading also covers unearned reinsurance premiums (Note 3m) and prepaid expenses, corresponding to disbursements which will produce benefits in future years. h) Investments – Include goodwill identified in the acquisition of associates and joint ventures, net of any accumulated impairment loss. They are initially recognized at acquisition cost and are subsequently accounted for under the equity method. · Associates: are companies over which ITAÚ UNIBANCO HOLDING CONSOLIDATED has significant influence, but which it does not control. · Joint Ventures: ITAÚ UNIBANCO HOLDING CONSOLIDATED has joint venture whereby the parties that have joint control of the arrangement have rights to the net assets. i) Fixed assets - Are booked at their acquisition cost less accumulated depreciation and adjusted for impairment, if applicable. Depreciation is calculated on the straight-line method using rates based on the estimated useful lives of these assets. Such rates and other details are presented in Note 12b I. Residual values and useful lives of assets are reviewed and adjusted, if necessary, at the end of each year. ITAÚ UNIBANCO HOLDING CONSOLIDATED values its assets in order to identify indications of impairment in their recoverable amounts. The recoverable amount of an asset is defined as the higher of its fair value less selling costs and its value in use. For valuation purposes, assets are grouped at the lowest level for which independent cash flows can be identified (cash-generating units). Valuation may be made at individual asset level when the fair value less selling costs can be reliably determined. j) Goodwill – Corresponds to the amount paid in excess in the acquisition of investments and it is amortized based on the expected future profitability or on its realization. It is semiannually submitted to the asset impairment test with the adoption of an approach that involves the identification of cash generating units (CGU) and the estimate of its fair value less selling costs and/or its value in use. To determine this estimate, ITAÚ UNIBANCO HOLDING CONSOLIDATED adopts the discounted cash flow methodology for a period of 5 years, macroeconomic assumptions, growth rate and discount rate. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 72

The units or cash flow generating units are identified at the lowest level in which goodwill is monitored for internal Management purposes. Goodwill is allocated to cash flow generating units for purposes of testing the recoverable amount. The breakdown of intangible assets is described in Note 12 b II. k) Intangible assets – Composed of: (i) Goodwill paid upon acquisition of a company, transferred to intangible assets due to merger of the acquired company’s equity into the acquirer company; (ii) Right-of-use, as well as rights on the acquisition of payrolls and association agreements, amortized according to agreement terms or as economic benefits flow to the company; and (iii) Software amortized over five years and customer portfolios amortized within ten years. Intangible assets with definite useful lives are amortized under the straight-line method over their estimated useful lives and those with indefinite useful lives are tested on a half-yearly basis to identify possible impairment losses. l) Capital Transactions with Non-Controlling Stockholders - Changes in an interest in a subsidiary not giving rise to loss of control are accounted for as capital transactions, and any difference between the amount paid and the amount corresponding to the non-controlling stockholders is directly recognized in Consolidated Stockholders’ Equity. m) Insurance, pension plan and capitalization operations – Technical provisions are liabilities arising from obligations of ITAÚ UNIBANCO HOLDING CONSOLIDATED to its policyholders and participants. These obligations may be short term liabilities (property and casualty insurance) or medium and long term liabilities (life insurance and pension plans). The determination of actuarial liability is subject to various uncertainties inherent in the coverage of insurance and pension contracts, such as assumptions of persistence, mortality, disability, life expectancy, morbidity, expenses, frequency and severity of claims, conversion of benefits into annuities, redemptions and return on assets. The estimates for these assumptions are based on past experience of ITAÚ UNIBANCO HOLDING CONSOLIDATED, benchmarks and the experience of the actuary, in order to comply with best market practices and constantly review the actuarial liability. The resulting adjustments, when necessary, are recognized in the statement of income for the corresponding period. Insurance contracts establish, for one of the parties, upon payment (premium) by the other party, the obligation to pay the latter a certain amount in the event of a claim. Insurance risk is defined as a future and uncertain event, of a sudden and unforeseeable nature, independent of the insured’s will, which may cause economic loss when it occurs. Once a contract is classified as an insurance contract, it remains as such until the end of its life, even if the insurance risk is significantly reduced during the period, unless all rights and obligations are extinguished or expire. Insurance premiums, coinsurance accepted and selling expenses are accounted for upon issue of the insurance policy or in accordance with term of the insurance, through the establishment and reversal of a provision for unearned premiums and deferred selling expenses. Interest arising from fractioning of insurance premiums is accounted for as incurred. Revenues from pension contributions, gross revenue from social security contributions, gross revenue from capitalization certificates and the respective technical provisions are recognized upon receipt. A detailed description of all products classified as insurance contracts can be found in Note 8. Private pension plans Contracts that provide for retirement benefits after an accumulation period (known as PGBL, VGBL or FGB) provide a guarantee, at the commencement date of the contract, of the basis for calculating the retirement benefit (mortality table and minimum interest rates). The contracts specify the annuity rates and, therefore, the insurance risk is transferred to the issuer from the start. These contracts are classified as insurance contracts. Insurance premiums Insurance premiums are recognized upon issue of an insurance policy or over the period of the contract in proportion to the amount of the insurance coverage. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 73 The units or cash flow generating units are identified at the lowest level in which goodwill is monitored for internal Management purposes. Goodwill is allocated to cash flow generating units for purposes of testing the recoverable amount. The breakdown of intangible assets is described in Note 12 b II. k) Intangible assets – Composed of: (i) Goodwill paid upon acquisition of a company, transferred to intangible assets due to merger of the acquired company’s equity into the acquirer company; (ii) Right-of-use, as well as rights on the acquisition of payrolls and association agreements, amortized according to agreement terms or as economic benefits flow to the company; and (iii) Software amortized over five years and customer portfolios amortized within ten years. Intangible assets with definite useful lives are amortized under the straight-line method over their estimated useful lives and those with indefinite useful lives are tested on a half-yearly basis to identify possible impairment losses. l) Capital Transactions with Non-Controlling Stockholders - Changes in an interest in a subsidiary not giving rise to loss of control are accounted for as capital transactions, and any difference between the amount paid and the amount corresponding to the non-controlling stockholders is directly recognized in Consolidated Stockholders’ Equity. m) Insurance, pension plan and capitalization operations – Technical provisions are liabilities arising from obligations of ITAÚ UNIBANCO HOLDING CONSOLIDATED to its policyholders and participants. These obligations may be short term liabilities (property and casualty insurance) or medium and long term liabilities (life insurance and pension plans). The determination of actuarial liability is subject to various uncertainties inherent in the coverage of insurance and pension contracts, such as assumptions of persistence, mortality, disability, life expectancy, morbidity, expenses, frequency and severity of claims, conversion of benefits into annuities, redemptions and return on assets. The estimates for these assumptions are based on past experience of ITAÚ UNIBANCO HOLDING CONSOLIDATED, benchmarks and the experience of the actuary, in order to comply with best market practices and constantly review the actuarial liability. The resulting adjustments, when necessary, are recognized in the statement of income for the corresponding period. Insurance contracts establish, for one of the parties, upon payment (premium) by the other party, the obligation to pay the latter a certain amount in the event of a claim. Insurance risk is defined as a future and uncertain event, of a sudden and unforeseeable nature, independent of the insured’s will, which may cause economic loss when it occurs. Once a contract is classified as an insurance contract, it remains as such until the end of its life, even if the insurance risk is significantly reduced during the period, unless all rights and obligations are extinguished or expire. Insurance premiums, coinsurance accepted and selling expenses are accounted for upon issue of the insurance policy or in accordance with term of the insurance, through the establishment and reversal of a provision for unearned premiums and deferred selling expenses. Interest arising from fractioning of insurance premiums is accounted for as incurred. Revenues from pension contributions, gross revenue from social security contributions, gross revenue from capitalization certificates and the respective technical provisions are recognized upon receipt. A detailed description of all products classified as insurance contracts can be found in Note 8. Private pension plans Contracts that provide for retirement benefits after an accumulation period (known as PGBL, VGBL or FGB) provide a guarantee, at the commencement date of the contract, of the basis for calculating the retirement benefit (mortality table and minimum interest rates). The contracts specify the annuity rates and, therefore, the insurance risk is transferred to the issuer from the start. These contracts are classified as insurance contracts. Insurance premiums Insurance premiums are recognized upon issue of an insurance policy or over the period of the contract in proportion to the amount of the insurance coverage. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 73

If there is evidence of impairment losses with respect to receivables for insurance premiums, ITAÚ UNIBANCO HOLDING CONSOLIDATED recognizes a provision, sufficient to cover this loss, based on a risk analysis of realization of insurance premiums receivable with installments overdue for over 60 days. Reinsurance In the ordinary course of business, ITAÚ UNIBANCO HOLDING CONSOLIDATED reinsures a portion of the risks underwritten, particularly property and casualty risks that exceed the maximum limits of responsibility that determine to be appropriate for each segment and product (after a study which considers size, experience, special features, and the capital necessary to support these limits). These reinsurance agreements allow the recovery of a portion of losses from the reinsurer, although they do not release the insurer from the main obligation as direct insurer of the risks covered by the reinsurance. Acquisition Costs Acquisition costs include direct and indirect costs related to the origination of insurance. These costs are recorded directly in result as incurred, expect for deferred acquisition costs (commissions paid for brokerage services, agency and prospecting efforts), which are recorded proportionally to the recognition of premium revenues, i.e. over the term corresponding to the insurance contract. Insurance Contract Liabilities Reserves for claims are established based on past experience, claims in process of payment, estimated amounts of claims incurred but not yet reported, and other factors relevant to the required reserve levels. A provision for premium shortfalls is recognized if the estimated amount of shortfalls exceeds deferred acquisition costs. Liability Adequacy Test ITAÚ UNIBANCO HOLDING CONSOLIDATED tests liability adequacy by adopting current actuarial assumptions for future cash flows of all insurance contracts in force at the balance sheet date. Should the analysis show insufficiency, any shortfall identified will immediately be accounted for in income for the period. The assumptions used to conduct the liability adequacy test are detailed in Note 8. n) Contingent Assets and Liabilities and Legal Obligations, Tax and Social Security Proceedings – these are potential rights and obligations arising from past events for which realization depends on uncertain future events. They are measured using best estimates through the use of models and criteria which allow for adequate measurement even if there is uncertainty as to the ultimate timing and amount, and the criteria are detailed in Note 9. These contingencies are evaluated based on Management’s best estimates, and are classified as: · Probable: in which liabilities are recognized in the consolidated balance sheet under Other Liabilities; · Possible: which are disclosed in the Consolidated Financial Statements, but no provision is recorded; · Remote: which require neither a provision nor disclosure. Contingent assets are not recognized in the Consolidated Balance Sheet, except when Management of ITAÚ UNIBANCO HOLDING CONSOLIDATED considers that realization is practically certain. In general they correspond to lawsuits with favorable sentences in final and unappealable judgments and to the withdrawal of lawsuits as a result of a settlement payment received or an agreement for set-off against an existing liability. The amount of escrow deposits is adjusted in compliance with current legislation. Contingencies guaranteed by indemnity clauses in privatization processes and others, and with liquidity are recognized upon judicial notification with simultaneous recognition of receivables, without any effect on results. Legal Obligations, Tax and Social Security Proceedings Represented by amounts payable for tax liabilities, the legality or constitutionality of which are subject to judicial challenge, recognized for the full amount under discussion. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 74 If there is evidence of impairment losses with respect to receivables for insurance premiums, ITAÚ UNIBANCO HOLDING CONSOLIDATED recognizes a provision, sufficient to cover this loss, based on a risk analysis of realization of insurance premiums receivable with installments overdue for over 60 days. Reinsurance In the ordinary course of business, ITAÚ UNIBANCO HOLDING CONSOLIDATED reinsures a portion of the risks underwritten, particularly property and casualty risks that exceed the maximum limits of responsibility that determine to be appropriate for each segment and product (after a study which considers size, experience, special features, and the capital necessary to support these limits). These reinsurance agreements allow the recovery of a portion of losses from the reinsurer, although they do not release the insurer from the main obligation as direct insurer of the risks covered by the reinsurance. Acquisition Costs Acquisition costs include direct and indirect costs related to the origination of insurance. These costs are recorded directly in result as incurred, expect for deferred acquisition costs (commissions paid for brokerage services, agency and prospecting efforts), which are recorded proportionally to the recognition of premium revenues, i.e. over the term corresponding to the insurance contract. Insurance Contract Liabilities Reserves for claims are established based on past experience, claims in process of payment, estimated amounts of claims incurred but not yet reported, and other factors relevant to the required reserve levels. A provision for premium shortfalls is recognized if the estimated amount of shortfalls exceeds deferred acquisition costs. Liability Adequacy Test ITAÚ UNIBANCO HOLDING CONSOLIDATED tests liability adequacy by adopting current actuarial assumptions for future cash flows of all insurance contracts in force at the balance sheet date. Should the analysis show insufficiency, any shortfall identified will immediately be accounted for in income for the period. The assumptions used to conduct the liability adequacy test are detailed in Note 8. n) Contingent Assets and Liabilities and Legal Obligations, Tax and Social Security Proceedings – these are potential rights and obligations arising from past events for which realization depends on uncertain future events. They are measured using best estimates through the use of models and criteria which allow for adequate measurement even if there is uncertainty as to the ultimate timing and amount, and the criteria are detailed in Note 9. These contingencies are evaluated based on Management’s best estimates, and are classified as: · Probable: in which liabilities are recognized in the consolidated balance sheet under Other Liabilities; · Possible: which are disclosed in the Consolidated Financial Statements, but no provision is recorded; · Remote: which require neither a provision nor disclosure. Contingent assets are not recognized in the Consolidated Balance Sheet, except when Management of ITAÚ UNIBANCO HOLDING CONSOLIDATED considers that realization is practically certain. In general they correspond to lawsuits with favorable sentences in final and unappealable judgments and to the withdrawal of lawsuits as a result of a settlement payment received or an agreement for set-off against an existing liability. The amount of escrow deposits is adjusted in compliance with current legislation. Contingencies guaranteed by indemnity clauses in privatization processes and others, and with liquidity are recognized upon judicial notification with simultaneous recognition of receivables, without any effect on results. Legal Obligations, Tax and Social Security Proceedings Represented by amounts payable for tax liabilities, the legality or constitutionality of which are subject to judicial challenge, recognized for the full amount under discussion. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 74

o) Provision for Financial Guarantees Issued – Recognized based on the expected loss model, in an amount sufficient to cover any probable losses over the whole guarantee period. p) Income Tax and Social Contribution – There are two components of the provision for income tax and social contribution: current and deferred. The current component is approximately the total of taxes to be paid or recovered during the period in question. Deferred income tax and social contribution represented by deferred tax assets and liabilities is obtained based on the differences between the tax bases of assets and liabilities and the amounts reported in the financial statements at each year end. Deferred tax assets are only recognized when it is probable that future taxable income will be available for offsetting. The Income Tax and Social Contribution expense is recognized in the Consolidated Statement of Income under Income Tax and Social Contribution, except when it refers to items directly recognized in Stockholders’ Equity, such as tax on marking available-for-sale financial assets to market, post-employment benefits and tax on cash flow hedges and hedge of net investment in foreign operations. Subsequently, these items are recognized in income together with the recognition of the gain/loss originally deferred. Changes in tax legislation and rates are recognized in the Consolidated statement of income under Income tax and social contribution in the period in which they are enacted. Interest and fines are recognized in the consolidated statement of income under Other administrative expenses. Tax rates, as well as their calculation bases, are detailed in Note 11. q) Deferred income – this refers to: (i) interest received in advance on which there is no prospect of demand for payment and which depends only on the passage of time to be appropriated to effective income, and (ii) the negative goodwill on acquisition of investments, which has not been absorbed in the consolidation process. r) Post-employments benefits Pension plans - defined benefit plans The liability (or asset, as the case may be) recognized in the consolidated balance sheet with respect to a defined benefit plan corresponds to the present value of the defined benefit obligations on the balance sheet date less the fair value of the plan assets. The defined benefit obligation is calculated annually by an independent actuarial consulting company using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated amount of future cash flows of benefit payments at the rate for Brazilian treasury long term securities denominated in Reais and with maturity periods similar to the term of the pension plan liabilities. Pension plans - defined contribution For defined contribution plans, contributions to plans made by ITAÚ UNIBANCO HOLDING CONSOLIDATED, through pension plan funds, are recognized as expenses when due. Other post-employment benefit obligations These obligations are assessed annually by independent, qualified actuaries, and the costs expected from these benefits are accrued over the period of employment. Gains and losses arising from changes in practices and variations in actuarial assumptions are recognized in stockholders’ equity in Equity valuation adjustment in the period in which they occur. s) Foreign currency translation I - Functional and presentation currency The Financial Statements of ITAÚ UNIBANCO HOLDING CONSOLIDATED are presented in Brazilian Reais, its functional and presentation currency. For each subsidiary, joint venture or investment in an associates, ITAÚ UNIBANCO HOLDING CONSOLIDATED defines the functional currency as the currency of the primary economic environment in which the entity operates. II - Foreign Currency Transactions Foreign currency transactions are translated using the exchange rates prevailing on the dates of the transactions. Foreign exchange gains and losses are recognized in the Consolidated Statement of Income, unless they are related to cash flow hedges and hedge of net investments in foreign operations, which are recognized in Stockholders' Equity. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 75 o) Provision for Financial Guarantees Issued – Recognized based on the expected loss model, in an amount sufficient to cover any probable losses over the whole guarantee period. p) Income Tax and Social Contribution – There are two components of the provision for income tax and social contribution: current and deferred. The current component is approximately the total of taxes to be paid or recovered during the period in question. Deferred income tax and social contribution represented by deferred tax assets and liabilities is obtained based on the differences between the tax bases of assets and liabilities and the amounts reported in the financial statements at each year end. Deferred tax assets are only recognized when it is probable that future taxable income will be available for offsetting. The Income Tax and Social Contribution expense is recognized in the Consolidated Statement of Income under Income Tax and Social Contribution, except when it refers to items directly recognized in Stockholders’ Equity, such as tax on marking available-for-sale financial assets to market, post-employment benefits and tax on cash flow hedges and hedge of net investment in foreign operations. Subsequently, these items are recognized in income together with the recognition of the gain/loss originally deferred. Changes in tax legislation and rates are recognized in the Consolidated statement of income under Income tax and social contribution in the period in which they are enacted. Interest and fines are recognized in the consolidated statement of income under Other administrative expenses. Tax rates, as well as their calculation bases, are detailed in Note 11. q) Deferred income – this refers to: (i) interest received in advance on which there is no prospect of demand for payment and which depends only on the passage of time to be appropriated to effective income, and (ii) the negative goodwill on acquisition of investments, which has not been absorbed in the consolidation process. r) Post-employments benefits Pension plans - defined benefit plans The liability (or asset, as the case may be) recognized in the consolidated balance sheet with respect to a defined benefit plan corresponds to the present value of the defined benefit obligations on the balance sheet date less the fair value of the plan assets. The defined benefit obligation is calculated annually by an independent actuarial consulting company using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated amount of future cash flows of benefit payments at the rate for Brazilian treasury long term securities denominated in Reais and with maturity periods similar to the term of the pension plan liabilities. Pension plans - defined contribution For defined contribution plans, contributions to plans made by ITAÚ UNIBANCO HOLDING CONSOLIDATED, through pension plan funds, are recognized as expenses when due. Other post-employment benefit obligations These obligations are assessed annually by independent, qualified actuaries, and the costs expected from these benefits are accrued over the period of employment. Gains and losses arising from changes in practices and variations in actuarial assumptions are recognized in stockholders’ equity in Equity valuation adjustment in the period in which they occur. s) Foreign currency translation I - Functional and presentation currency The Financial Statements of ITAÚ UNIBANCO HOLDING CONSOLIDATED are presented in Brazilian Reais, its functional and presentation currency. For each subsidiary, joint venture or investment in an associates, ITAÚ UNIBANCO HOLDING CONSOLIDATED defines the functional currency as the currency of the primary economic environment in which the entity operates. II - Foreign Currency Transactions Foreign currency transactions are translated using the exchange rates prevailing on the dates of the transactions. Foreign exchange gains and losses are recognized in the Consolidated Statement of Income, unless they are related to cash flow hedges and hedge of net investments in foreign operations, which are recognized in Stockholders' Equity. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 75

Note 4 - Interbank investments 12/31/2019 12/31/2018 0 - 30 31 - 180 181 - 365 Over 365 days Total % Total % Money market – Securities purchased under agreements to resell 20,911,039 175,646,753 - 162,312 196,720,104 84.6 275,775,167 90.5 (1) 3,055,621 32,122,592 - 162,312 Collateral held 35,340,525 15.2 50,383,396 16.5 Collateral repledge 13,665,181 128,469,277 - - 142,134,458 61.1 179,253,972 58.9 Assets received as collateral with right to sell or repledge 5,145,170 1,500,444 - - 6,645,614 2.9 30,033,603 9.9 Assets received as collateral without right to sell or repledge 8,520,011 126,968,833 - - 135,488,844 58.2 149,220,369 49.0 Short position 19,245,121 8.3 46,137,799 15.1 4,190,237 15,054,884 - - Money market – Assets Guaranteeing Technical Provisions - SUSEP (Note 1,065,958 - - - 1,065,958 0.5 2,556,545 0.8 8b) 23,335,096 4,445,522 3,289,450 3,506,179 Interbank deposits 34,576,247 14.9 26,414,946 8.7 (2) Total 45,312,093 180,092,275 3,289,450 3,668,491 232,362,309 100.0 304,746,658 100.0 % per maturity date 19.5 77.5 1.4 1.6 100.0 Total – 12/31/2018 82,054,198 220,167,446 1,733,666 791,348 304,746,658 % per maturity date 26.9 72.2 0.6 0.3 100.0 (1) Includes R$ 8,543,632 (R$ 5,119,614 at 12/31/2018) related to Money market - Securities purchased under agreements to resell with right to sell or repledge, in which securities are restricted to guarantee transactions at the B3 S.A. - Brasil, Bolsa, Balcão (B3) and Central Bank of Brazil; (2) Includes a securities valuation allowance in the amount of R$ (6,018) (R$ (4,855) at 12/31/2018). In ITAÚ UNIBANCO HOLDING the portfolio is composed of Securities purchased under agreements to resell – Colateral held falling due in up to 30 days amounting to R$ 6,723,949 (R$ 261,322 at 12/31/2018), Interbank deposits with maturity from 31 to 180 days amounting to R$ 5,470,148 and over 365 days amounting to R$ 38,886,704 (R$ 64,982,549 at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 76 Note 4 - Interbank investments 12/31/2019 12/31/2018 0 - 30 31 - 180 181 - 365 Over 365 days Total % Total % Money market – Securities purchased under agreements to resell 20,911,039 175,646,753 - 162,312 196,720,104 84.6 275,775,167 90.5 (1) 3,055,621 32,122,592 - 162,312 Collateral held 35,340,525 15.2 50,383,396 16.5 Collateral repledge 13,665,181 128,469,277 - - 142,134,458 61.1 179,253,972 58.9 Assets received as collateral with right to sell or repledge 5,145,170 1,500,444 - - 6,645,614 2.9 30,033,603 9.9 Assets received as collateral without right to sell or repledge 8,520,011 126,968,833 - - 135,488,844 58.2 149,220,369 49.0 Short position 19,245,121 8.3 46,137,799 15.1 4,190,237 15,054,884 - - Money market – Assets Guaranteeing Technical Provisions - SUSEP (Note 1,065,958 - - - 1,065,958 0.5 2,556,545 0.8 8b) 23,335,096 4,445,522 3,289,450 3,506,179 Interbank deposits 34,576,247 14.9 26,414,946 8.7 (2) Total 45,312,093 180,092,275 3,289,450 3,668,491 232,362,309 100.0 304,746,658 100.0 % per maturity date 19.5 77.5 1.4 1.6 100.0 Total – 12/31/2018 82,054,198 220,167,446 1,733,666 791,348 304,746,658 % per maturity date 26.9 72.2 0.6 0.3 100.0 (1) Includes R$ 8,543,632 (R$ 5,119,614 at 12/31/2018) related to Money market - Securities purchased under agreements to resell with right to sell or repledge, in which securities are restricted to guarantee transactions at the B3 S.A. - Brasil, Bolsa, Balcão (B3) and Central Bank of Brazil; (2) Includes a securities valuation allowance in the amount of R$ (6,018) (R$ (4,855) at 12/31/2018). In ITAÚ UNIBANCO HOLDING the portfolio is composed of Securities purchased under agreements to resell – Colateral held falling due in up to 30 days amounting to R$ 6,723,949 (R$ 261,322 at 12/31/2018), Interbank deposits with maturity from 31 to 180 days amounting to R$ 5,470,148 and over 365 days amounting to R$ 38,886,704 (R$ 64,982,549 at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 76

Note 5 – Securities and derivative financial instruments (assets and liabilities) See below the composition by Securities and Derivatives type, maturity and portfolio already adjusted to their respective market values. a) Summary per maturity 12/31/2019 12/31/2018 Adjustment to market value Over 720 Cost Stockholders’ Market value % 0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Market value Results days equity Government securities - Brazil 167,424,566 1,171,977 3,852,259 172,448,802 31.6 7,890,260 1,359,969 1,529,139 12,431,731 30,809,072 118,428,631 153,725,560 Financial treasury bills 32,343,367 1,713 1 32,345,081 5.9 - 1,198,134 - 633,578 8,686,176 21,827,193 25,878,781 National treasury bills 40,318,546 32,712 ( 1,613) 40,349,645 7.4 7,856,376 - 1,426,682 8,290,161 9,357,891 13,418,535 30,488,606 National treasury notes 61,008,180 1,054,900 3,136,979 65,200,059 12.0 9,621 151,368 44,515 2,575,613 6,991,237 55,427,705 62,282,262 National treasury / securitization 153,639 (229) 38,418 191,828 0.0 - 15 - 69 63 191,681 203,138 Brazilian external debt bonds 33,600,834 82,881 678,474 34,362,189 6.3 24,263 10,452 57,942 932,310 5,773,705 27,563,517 34,872,773 Government securities - abroad 39,405,482 (20,168) ( 274,698) 39,110,616 7.2 1,348,116 3,333,260 5,520,009 8,108,455 12,453,171 8,347,605 27,479,856 Germany 22,782 - 15 22,797 0.0 - - - 22,797 - - 22,469 Argentina 348,513 ( 31,435) - 317,078 0.1 164,280 30,483 43,885 55,685 8,656 14,089 1,129,339 Chile 12,226,962 1,330 91,985 12,320,277 2.3 92,023 45,401 1,111,475 649,260 4,766,533 5,655,585 8,211,031 Colombia 4,584,373 10,155 26,703 4,621,231 0.8 37,212 267,957 478,345 368,114 1,174,598 2,295,005 6,068,643 Korea 3,427,065 - - 3,427,065 0.6 - - 765,071 1,722,280 939,714 - 1,384,861 Spain 4,983,540 - - 4,983,540 0.9 - 212,280 - 1,519,752 3,251,508 - 2,411,100 United States 2,979,955 101 (2,107) 2,977,949 0.5 - 858,880 604,667 342,420 1,171,982 - 2,754,692 France - - - - 0.0 - - - - - - 890,807 Italy 327,520 - 1,420 328,940 0.1 - - - - 328,940 - 115,262 Mexico 7,820,745 11 ( 211,642) 7,609,114 1.5 994,943 1,705,464 2,312,060 2,539,147 - 57,500 2,303,834 Paraguay 1,959,651 111 (176,569) 1,783,193 0.3 11,705 111,251 185,414 791,266 500,278 183,279 1,530,925 Peru 8,203 486 - 8,689 0.0 - - - - - 8,689 - Uruguay 715,880 (927) (4,495) 710,458 0.1 47,953 101,544 19,055 97,734 310,962 133,210 652,152 Other 293 - ( 8) 285 0.0 - - 37 - - 248 4,741 Corporate securities 88,057,152 ( 588,341) 51,310 87,520,121 16.1 12,303,209 1,200,846 8,332,151 6,057,556 7,507,348 52,119,011 64,767,126 Shares 6,470,876 ( 584,720) 89,079 5,975,235 1.1 5,975,235 - - - - - 5,050,399 Rural product note 5,378,485 - 41,663 5,420,148 1.1 93,904 278,983 467,362 776,836 361,464 3,441,599 4,194,997 Bank deposit certificates 2,879,521 ( 30) 123 2,879,614 0.5 1,351,296 176,469 1,071,130 235,492 45,227 - 1,469,673 Real estate receivables certificates 7,259,824 (14,654) 46,321 7,291,491 1.3 - - 5,328 28,375 379,101 6,878,687 11,085,926 Fund quotas 4,223,311 7,834 - 4,231,145 0.8 4,231,145 - - - - - 3,378,459 2,863,216 - - 2,863,216 0.5 2,863,216 - - - - - 224,586 Credit rights Fixed income 1,053,592 (18) - 1,053,574 0.2 1,053,574 - - - - - 1,103,568 Variable income 306,503 7,852 - 314,355 0.1 314,355 - - - - - 2,050,305 Debentures 47,486,129 7,697 (177,232) 47,316,594 8.7 6,391 58,498 5,624,436 1,056,968 4,043,353 36,526,948 28,483,320 Eurobonds and other 5,698,640 ( 5,799) 49,240 5,742,081 1.1 557,607 388,843 414,035 461,466 1,104,827 2,815,303 6,913,224 Financial bills 2,443,052 (605) ( 2,545) 2,439,902 0.4 11,966 237,645 87,483 978,757 817,313 306,738 1,680,498 Promissory notes 5,001,020 - (7,248) 4,993,772 0.9 30,978 19,799 578,759 2,515,418 743,685 1,105,133 1,069,629 Other 1,216,294 1,936 11,909 1,230,139 0.2 44,687 40,609 83,618 4,244 12,378 1,044,603 1,441,001 (1) 204,530,018 - - 204,530,018 37.5 204,530,018 - - - - - 188,068,807 PGBL / VGBL fund quotas Subtotal - securities 499,417,218 563,468 3,628,871 503,609,557 92.4 226,071,603 5,894,075 15,381,299 26,597,742 50,769,591 178,895,247 434,041,349 Trading securities 303,430,061 563,468 - 303,993,529 55.8 219,504,027 1,679,810 2,065,030 8,573,828 16,729,215 55,441,619 291,911,326 Available-for-sale securities 159,881,298 - 3,628,871 163,510,169 30.0 6,485,677 4,173,656 13,095,072 13,593,921 27,510,789 98,651,054 101,613,764 (2) 36,105,859 - - 36,105,859 6.6 81,899 40,609 221,197 4,429,993 6,529,587 24,802,574 40,516,259 Held-to-maturity securities Derivative financial instruments 19,709,866 21,966,626 - 41,676,492 7.6 6,942,032 5,589,228 2,183,597 3,049,422 5,361,415 18,550,798 23,471,703 Total securities and derivative financial instruments (assets) 519,127,084 22,530,094 3,628,871 545,286,049 100.0 233,013,635 11,483,303 17,564,896 29,647,164 56,131,006 197,446,045 457,513,052 ( 24,844,234) (22,970,303) - ( 47,814,537) 100.0 (6,630,227) ( 7,160,614) ( 1,939,517) (3,094,147) ( 9,456,196) ( 19,533,836) ( 27,485,012) Derivative financial instruments (liabilities) (1) The PGBL and VGBL plans securities portfolios, the ownership and embedded risks of which are the customer’s responsibility, are recorded as securities – trading securities, with a counter-entry to liabilities in Pension Plan Technical Provisions account (Note 8a); (2) Unrecorded adjustment to market value in the amount of R$ 3,108,755 (R$ 1,142,303 at 12/31/2018), according to Note 5e. During the period ended December 31, 2019, ITAÚ UNIBANCO HOLDING CONSOLIDATED recognized R$ (574,580) of impairment losses of Available-for-Sales Financial Assets (R$ (1,216,210) distributed, R$ (946,741) and R$ (269,469) of Available-for- Sales Financial Assets and Held-to-Maturity Financial Assets, respectively, at December 31, 2018). Transactions with Securities and Derivative Financial Instruments totaled R$ 513,003 (R$ 314,910 at December 31, 2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 77 Note 5 – Securities and derivative financial instruments (assets and liabilities) See below the composition by Securities and Derivatives type, maturity and portfolio already adjusted to their respective market values. a) Summary per maturity 12/31/2019 12/31/2018 Adjustment to market value Over 720 Cost Stockholders’ Market value % 0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Market value Results days equity Government securities - Brazil 167,424,566 1,171,977 3,852,259 172,448,802 31.6 7,890,260 1,359,969 1,529,139 12,431,731 30,809,072 118,428,631 153,725,560 Financial treasury bills 32,343,367 1,713 1 32,345,081 5.9 - 1,198,134 - 633,578 8,686,176 21,827,193 25,878,781 National treasury bills 40,318,546 32,712 ( 1,613) 40,349,645 7.4 7,856,376 - 1,426,682 8,290,161 9,357,891 13,418,535 30,488,606 National treasury notes 61,008,180 1,054,900 3,136,979 65,200,059 12.0 9,621 151,368 44,515 2,575,613 6,991,237 55,427,705 62,282,262 National treasury / securitization 153,639 (229) 38,418 191,828 0.0 - 15 - 69 63 191,681 203,138 Brazilian external debt bonds 33,600,834 82,881 678,474 34,362,189 6.3 24,263 10,452 57,942 932,310 5,773,705 27,563,517 34,872,773 Government securities - abroad 39,405,482 (20,168) ( 274,698) 39,110,616 7.2 1,348,116 3,333,260 5,520,009 8,108,455 12,453,171 8,347,605 27,479,856 Germany 22,782 - 15 22,797 0.0 - - - 22,797 - - 22,469 Argentina 348,513 ( 31,435) - 317,078 0.1 164,280 30,483 43,885 55,685 8,656 14,089 1,129,339 Chile 12,226,962 1,330 91,985 12,320,277 2.3 92,023 45,401 1,111,475 649,260 4,766,533 5,655,585 8,211,031 Colombia 4,584,373 10,155 26,703 4,621,231 0.8 37,212 267,957 478,345 368,114 1,174,598 2,295,005 6,068,643 Korea 3,427,065 - - 3,427,065 0.6 - - 765,071 1,722,280 939,714 - 1,384,861 Spain 4,983,540 - - 4,983,540 0.9 - 212,280 - 1,519,752 3,251,508 - 2,411,100 United States 2,979,955 101 (2,107) 2,977,949 0.5 - 858,880 604,667 342,420 1,171,982 - 2,754,692 France - - - - 0.0 - - - - - - 890,807 Italy 327,520 - 1,420 328,940 0.1 - - - - 328,940 - 115,262 Mexico 7,820,745 11 ( 211,642) 7,609,114 1.5 994,943 1,705,464 2,312,060 2,539,147 - 57,500 2,303,834 Paraguay 1,959,651 111 (176,569) 1,783,193 0.3 11,705 111,251 185,414 791,266 500,278 183,279 1,530,925 Peru 8,203 486 - 8,689 0.0 - - - - - 8,689 - Uruguay 715,880 (927) (4,495) 710,458 0.1 47,953 101,544 19,055 97,734 310,962 133,210 652,152 Other 293 - ( 8) 285 0.0 - - 37 - - 248 4,741 Corporate securities 88,057,152 ( 588,341) 51,310 87,520,121 16.1 12,303,209 1,200,846 8,332,151 6,057,556 7,507,348 52,119,011 64,767,126 Shares 6,470,876 ( 584,720) 89,079 5,975,235 1.1 5,975,235 - - - - - 5,050,399 Rural product note 5,378,485 - 41,663 5,420,148 1.1 93,904 278,983 467,362 776,836 361,464 3,441,599 4,194,997 Bank deposit certificates 2,879,521 ( 30) 123 2,879,614 0.5 1,351,296 176,469 1,071,130 235,492 45,227 - 1,469,673 Real estate receivables certificates 7,259,824 (14,654) 46,321 7,291,491 1.3 - - 5,328 28,375 379,101 6,878,687 11,085,926 Fund quotas 4,223,311 7,834 - 4,231,145 0.8 4,231,145 - - - - - 3,378,459 2,863,216 - - 2,863,216 0.5 2,863,216 - - - - - 224,586 Credit rights Fixed income 1,053,592 (18) - 1,053,574 0.2 1,053,574 - - - - - 1,103,568 Variable income 306,503 7,852 - 314,355 0.1 314,355 - - - - - 2,050,305 Debentures 47,486,129 7,697 (177,232) 47,316,594 8.7 6,391 58,498 5,624,436 1,056,968 4,043,353 36,526,948 28,483,320 Eurobonds and other 5,698,640 ( 5,799) 49,240 5,742,081 1.1 557,607 388,843 414,035 461,466 1,104,827 2,815,303 6,913,224 Financial bills 2,443,052 (605) ( 2,545) 2,439,902 0.4 11,966 237,645 87,483 978,757 817,313 306,738 1,680,498 Promissory notes 5,001,020 - (7,248) 4,993,772 0.9 30,978 19,799 578,759 2,515,418 743,685 1,105,133 1,069,629 Other 1,216,294 1,936 11,909 1,230,139 0.2 44,687 40,609 83,618 4,244 12,378 1,044,603 1,441,001 (1) 204,530,018 - - 204,530,018 37.5 204,530,018 - - - - - 188,068,807 PGBL / VGBL fund quotas Subtotal - securities 499,417,218 563,468 3,628,871 503,609,557 92.4 226,071,603 5,894,075 15,381,299 26,597,742 50,769,591 178,895,247 434,041,349 Trading securities 303,430,061 563,468 - 303,993,529 55.8 219,504,027 1,679,810 2,065,030 8,573,828 16,729,215 55,441,619 291,911,326 Available-for-sale securities 159,881,298 - 3,628,871 163,510,169 30.0 6,485,677 4,173,656 13,095,072 13,593,921 27,510,789 98,651,054 101,613,764 (2) 36,105,859 - - 36,105,859 6.6 81,899 40,609 221,197 4,429,993 6,529,587 24,802,574 40,516,259 Held-to-maturity securities Derivative financial instruments 19,709,866 21,966,626 - 41,676,492 7.6 6,942,032 5,589,228 2,183,597 3,049,422 5,361,415 18,550,798 23,471,703 Total securities and derivative financial instruments (assets) 519,127,084 22,530,094 3,628,871 545,286,049 100.0 233,013,635 11,483,303 17,564,896 29,647,164 56,131,006 197,446,045 457,513,052 ( 24,844,234) (22,970,303) - ( 47,814,537) 100.0 (6,630,227) ( 7,160,614) ( 1,939,517) (3,094,147) ( 9,456,196) ( 19,533,836) ( 27,485,012) Derivative financial instruments (liabilities) (1) The PGBL and VGBL plans securities portfolios, the ownership and embedded risks of which are the customer’s responsibility, are recorded as securities – trading securities, with a counter-entry to liabilities in Pension Plan Technical Provisions account (Note 8a); (2) Unrecorded adjustment to market value in the amount of R$ 3,108,755 (R$ 1,142,303 at 12/31/2018), according to Note 5e. During the period ended December 31, 2019, ITAÚ UNIBANCO HOLDING CONSOLIDATED recognized R$ (574,580) of impairment losses of Available-for-Sales Financial Assets (R$ (1,216,210) distributed, R$ (946,741) and R$ (269,469) of Available-for- Sales Financial Assets and Held-to-Maturity Financial Assets, respectively, at December 31, 2018). Transactions with Securities and Derivative Financial Instruments totaled R$ 513,003 (R$ 314,910 at December 31, 2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 77

b) Summary by portfolio 12/31/2019 Restricted to Derivative Assets guaranteeing Own portfolio Repurchase Pledged financial technical provisions Total Free portfolio Central Bank instruments (Note 8b) agreements guarantees (*) 83,404,976 51,817,236 19,626,609 1,127,466 4,162,706 - 12,309,809 172,448,802 Government securities - Brazil Financial treasury bills 21,369,762 7,584,068 414,904 568,498 529,518 - 1,878,331 32,345,081 National treasury bills 8,680,048 29,918,366 1,732,624 18,607 - - - 40,349,645 National treasury notes 34,437,658 14,314,802 2,030,017 352,916 3,633,188 - 10,431,478 65,200,059 National treasury / Securitization 191,828 - - - - - - 191,828 Brazilian external debt bonds 18,725,680 - 15,449,064 187,445 - - - 34,362,189 32,369,615 329,324 590,137 5,654,255 - - 167,285 39,110,616 Government securities - abroad Germany 22,797 - - - - - - 22,797 Argentina 261,715 2,391 - 52,972 - - - 317,078 Chile 11,777,440 326,933 - 48,619 - - 167,285 12,320,277 Colombia 4,153,020 - 324,809 143,402 - - - 4,621,231 Korea 1,880,713 - - 1,546,352 - - - 3,427,065 Spain 2,625,584 - - 2,357,956 - - - 4,983,540 United States 2,602,616 - - 375,333 - - - 2,977,949 Italy 328,940 - - - - - - 328,940 Mexico 6,493,888 - - 1,115,226 - - - 7,609,114 Paraguay 1,771,488 - - 11,705 - - - 1,783,193 Peru 8,689 - - - - - - 8,689 Uruguay 442,440 - 265,328 2,690 - - - 710,458 Other 285 - - - - - - 285 Corporate securities 62,812,709 17,561,091 - 3,882,317 - - 3,264,004 87,520,121 Shares 5,969,147 - - 3,156 - - 2,932 5,975,235 Rural product note 5,420,148 - - - - - - 5,420,148 Bank deposit certificates 2,524,343 - - 536 - - 354,735 2,879,614 Real estate receivables certificates 7,291,491 - - - - - - 7,291,491 Fund quotas 3,950,777 - - 126,318 - - 154,050 4,231,145 Credit rights 2,863,216 - - - - - - 2,863,216 Fixed income 773,206 - - 126,318 - - 154,050 1,053,574 Variable income 314,355 - - - - - - 314,355 Debentures 25,120,298 17,561,091 - 3,729,541 - - 905,664 47,316,594 Eurobonds and other 5,714,481 - - 21,932 - - 5,668 5,742,081 Financial bills 604,119 - - 834 - - 1,834,949 2,439,902 Promissory notes 4,993,772 - - - - - - 4,993,772 Other 1,224,133 - - - - - 6,006 1,230,139 PGBL / VGBL fund quotas - - - - - - 204,530,018 204,530,018 Subtotal - securities 178,587,300 69,707,651 20,216,746 10,664,038 4,162,706 - 220,271,116 503,609,557 Trading securities 54,139,238 32,877,748 1,979,824 1,479,553 3,573,098 - 209,944,068 303,993,529 Available-for-sale securities 101,455,793 36,829,903 8,833,143 9,184,485 589,608 - 6,617,237 163,510,169 Held-to-maturity securities 22,992,269 - 9,403,779 - - - 3,709,811 36,105,859 Derivative financial instruments - - - - - 41,676,492 - 41,676,492 Total securities and derivative financial instruments (assets) 178,587,300 69,707,651 20,216,746 10,664,038 4,162,706 41,676,492 220,271,116 545,286,049 Total securities and derivative financial instruments (assets) – 12/31/2018 123,194,782 60,899,561 36,624,944 7,747,949 3,471,182 23,471,703 202,102,931 457,513,052 (*) Represent securities deposited with Contingent Liabilities (Note 9e), Stock Exchanges and the Clearing Houses. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 78 b) Summary by portfolio 12/31/2019 Restricted to Derivative Assets guaranteeing Own portfolio Repurchase Pledged financial technical provisions Total Free portfolio Central Bank instruments (Note 8b) agreements guarantees (*) 83,404,976 51,817,236 19,626,609 1,127,466 4,162,706 - 12,309,809 172,448,802 Government securities - Brazil Financial treasury bills 21,369,762 7,584,068 414,904 568,498 529,518 - 1,878,331 32,345,081 National treasury bills 8,680,048 29,918,366 1,732,624 18,607 - - - 40,349,645 National treasury notes 34,437,658 14,314,802 2,030,017 352,916 3,633,188 - 10,431,478 65,200,059 National treasury / Securitization 191,828 - - - - - - 191,828 Brazilian external debt bonds 18,725,680 - 15,449,064 187,445 - - - 34,362,189 32,369,615 329,324 590,137 5,654,255 - - 167,285 39,110,616 Government securities - abroad Germany 22,797 - - - - - - 22,797 Argentina 261,715 2,391 - 52,972 - - - 317,078 Chile 11,777,440 326,933 - 48,619 - - 167,285 12,320,277 Colombia 4,153,020 - 324,809 143,402 - - - 4,621,231 Korea 1,880,713 - - 1,546,352 - - - 3,427,065 Spain 2,625,584 - - 2,357,956 - - - 4,983,540 United States 2,602,616 - - 375,333 - - - 2,977,949 Italy 328,940 - - - - - - 328,940 Mexico 6,493,888 - - 1,115,226 - - - 7,609,114 Paraguay 1,771,488 - - 11,705 - - - 1,783,193 Peru 8,689 - - - - - - 8,689 Uruguay 442,440 - 265,328 2,690 - - - 710,458 Other 285 - - - - - - 285 Corporate securities 62,812,709 17,561,091 - 3,882,317 - - 3,264,004 87,520,121 Shares 5,969,147 - - 3,156 - - 2,932 5,975,235 Rural product note 5,420,148 - - - - - - 5,420,148 Bank deposit certificates 2,524,343 - - 536 - - 354,735 2,879,614 Real estate receivables certificates 7,291,491 - - - - - - 7,291,491 Fund quotas 3,950,777 - - 126,318 - - 154,050 4,231,145 Credit rights 2,863,216 - - - - - - 2,863,216 Fixed income 773,206 - - 126,318 - - 154,050 1,053,574 Variable income 314,355 - - - - - - 314,355 Debentures 25,120,298 17,561,091 - 3,729,541 - - 905,664 47,316,594 Eurobonds and other 5,714,481 - - 21,932 - - 5,668 5,742,081 Financial bills 604,119 - - 834 - - 1,834,949 2,439,902 Promissory notes 4,993,772 - - - - - - 4,993,772 Other 1,224,133 - - - - - 6,006 1,230,139 PGBL / VGBL fund quotas - - - - - - 204,530,018 204,530,018 Subtotal - securities 178,587,300 69,707,651 20,216,746 10,664,038 4,162,706 - 220,271,116 503,609,557 Trading securities 54,139,238 32,877,748 1,979,824 1,479,553 3,573,098 - 209,944,068 303,993,529 Available-for-sale securities 101,455,793 36,829,903 8,833,143 9,184,485 589,608 - 6,617,237 163,510,169 Held-to-maturity securities 22,992,269 - 9,403,779 - - - 3,709,811 36,105,859 Derivative financial instruments - - - - - 41,676,492 - 41,676,492 Total securities and derivative financial instruments (assets) 178,587,300 69,707,651 20,216,746 10,664,038 4,162,706 41,676,492 220,271,116 545,286,049 Total securities and derivative financial instruments (assets) – 12/31/2018 123,194,782 60,899,561 36,624,944 7,747,949 3,471,182 23,471,703 202,102,931 457,513,052 (*) Represent securities deposited with Contingent Liabilities (Note 9e), Stock Exchanges and the Clearing Houses. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 78

c) Trading securities See below the composition of the portfolio of trading securities by type, stated at cost and market value and by maturity term. 12/31/2019 12/31/2018 Adjustment to Cost market value Market value % 0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Over 720 days Market value (in results) Government securities - Brazil 8 2,197,500 1,171,977 83,369,477 27.4 7,080,906 1 ,127,806 1 ,441,812 6 ,950,959 15,260,685 5 1,507,309 90,167,538 Financial treasury bills 3 2,093,548 1 ,713 32,095,261 10.6 - 9 65,971 - 6 33,578 8 ,685,297 2 1,810,415 2 5,643,044 National treasury bills 17,594,815 32,712 1 7,627,527 5.8 7,061,517 - 1 ,397,297 2 ,990,704 2 ,769,185 3 ,408,824 2 3,796,349 National treasury notes 2 8,880,255 1,054,900 29,935,155 9.8 9 ,621 151,368 4 4,515 2,507,323 3,366,119 23,856,209 37,942,897 National treasury / Securitization 422 (22 9) 193 0.0 - 15 - 69 63 46 413 Brazilian external debt bonds 3 ,628,460 82,881 3 ,711,341 1.2 9 ,768 1 0,452 - 8 19,285 440,021 2,431,815 2 ,784,835 Government securities - abroad 1 ,596,838 (20,168) 1 ,576,670 0.6 2 38,244 3 03,016 149,942 2 34,554 2 07,201 4 43,713 1 ,949,330 Argentina 3 48,513 (31,435) 3 17,078 0.2 164,280 3 0,483 4 3,885 55,685 8 ,656 14,089 1,129,111 Chile 4 86,995 1,330 488,325 0.2 52,338 1 1,922 4 4,809 2 3,849 9 4,809 2 60,598 258,772 Colombia 3 99,144 10,155 4 09,299 0.1 - 255,767 4 2,193 4 ,006 1 6,719 90,614 207,625 United States 1 41,319 101 141,420 0.0 - - - 141,420 - - 1 16,765 Mexico 5 7,489 11 57,500 0.0 - - - - - 57,500 119,423 Paraguay 2 ,169 111 2,280 0.0 - - - - - 2,280 1 ,210 Peru 8,203 486 8,689 0.0 - - - - - 8 ,689 - Uruguay 1 52,995 (92 7) 1 52,068 0.1 2 1,626 4 ,844 19,055 9 ,594 87,017 9,932 111,940 Other 11 - 11 0.0 - - - - - 11 4,484 Corporate securities 1 5,105,705 (588,341) 14,517,364 4.7 7,654,859 2 48,988 4 73,276 1 ,388,315 1,261,329 3 ,490,597 1 1,725,651 Shares 3,883,628 (58 4,720) 3 ,298,908 1.1 3 ,298,908 - - - - - 3,947,091 Bank deposit certificates 4 54,057 (30) 4 54,027 0.1 4 3,110 4,598 2 90,549 1 15,770 - - 2 75,884 Real estate receivables certificates 410,937 (14,654) 3 96,283 0.1 - - - - 298 395,985 14,052 Fund quotas 3 ,991,769 7 ,834 3,999,603 1.3 3 ,999,603 - - - - - 3,054,699 Credit rights 2 ,863,216 - 2,863,216 0.9 2,863,216 - - - - - 2 24,586 Fixed income 8 22,050 (18) 822,032 0.3 822,032 - - - - - 779,808 Variable income 306,503 7 ,852 314,355 0.1 3 14,355 - - - - - 2,050,305 Debentures 2 ,063,634 7,697 2 ,071,331 0.7 3,389 6,745 25,323 69,778 5 00,325 1 ,465,771 1,636,876 Eurobonds and other 2 ,087,503 (5,799) 2,081,704 0.7 2 97,883 - 6 7,365 253,078 238,009 1 ,225,369 1,198,763 Financial bills 2,101,665 (605) 2,101,060 0.7 11,966 237,645 87,483 945,445 5 11,783 306,738 1,535,097 Other 1 12,512 1 ,936 1 14,448 0.0 - - 2 ,556 4,244 10,914 9 6,734 63,189 PGBL / VGBL fund quotas 2 04,530,018 - 204,530,018 67.3 2 04,530,018 - - - - - 188,068,807 Total 3 03,430,061 563,468 303,993,529 100.0 2 19,504,027 1,679,810 2,065,030 8,573,828 1 6,729,215 5 5,441,619 2 91,911,326 % per maturity date 72.2 0.6 0.7 2.8 5.5 18.2 Total – 12/31/2018 290,921,086 990,240 291,911,326 100.0 197,829,192 1,163,497 6,797,529 2,627,317 12,916,960 70,576,831 % per maturity date 67.8 0.4 2.3 0.9 4.4 24.2 As of December 31, 2019, ITAÚ UNIBANCO HOLDING’s portfolio comprises National Treasury Notes in the amount of R$ 8,781,646 with maturity over 365 days (R$ 6,944,520 in National Treasury Notes and R$ 4,033,645 in National Treasury Bills at December 31, 2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 79 c) Trading securities See below the composition of the portfolio of trading securities by type, stated at cost and market value and by maturity term. 12/31/2019 12/31/2018 Adjustment to Cost market value Market value % 0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Over 720 days Market value (in results) Government securities - Brazil 8 2,197,500 1,171,977 83,369,477 27.4 7,080,906 1 ,127,806 1 ,441,812 6 ,950,959 15,260,685 5 1,507,309 90,167,538 Financial treasury bills 3 2,093,548 1 ,713 32,095,261 10.6 - 9 65,971 - 6 33,578 8 ,685,297 2 1,810,415 2 5,643,044 National treasury bills 17,594,815 32,712 1 7,627,527 5.8 7,061,517 - 1 ,397,297 2 ,990,704 2 ,769,185 3 ,408,824 2 3,796,349 National treasury notes 2 8,880,255 1,054,900 29,935,155 9.8 9 ,621 151,368 4 4,515 2,507,323 3,366,119 23,856,209 37,942,897 National treasury / Securitization 422 (22 9) 193 0.0 - 15 - 69 63 46 413 Brazilian external debt bonds 3 ,628,460 82,881 3 ,711,341 1.2 9 ,768 1 0,452 - 8 19,285 440,021 2,431,815 2 ,784,835 Government securities - abroad 1 ,596,838 (20,168) 1 ,576,670 0.6 2 38,244 3 03,016 149,942 2 34,554 2 07,201 4 43,713 1 ,949,330 Argentina 3 48,513 (31,435) 3 17,078 0.2 164,280 3 0,483 4 3,885 55,685 8 ,656 14,089 1,129,111 Chile 4 86,995 1,330 488,325 0.2 52,338 1 1,922 4 4,809 2 3,849 9 4,809 2 60,598 258,772 Colombia 3 99,144 10,155 4 09,299 0.1 - 255,767 4 2,193 4 ,006 1 6,719 90,614 207,625 United States 1 41,319 101 141,420 0.0 - - - 141,420 - - 1 16,765 Mexico 5 7,489 11 57,500 0.0 - - - - - 57,500 119,423 Paraguay 2 ,169 111 2,280 0.0 - - - - - 2,280 1 ,210 Peru 8,203 486 8,689 0.0 - - - - - 8 ,689 - Uruguay 1 52,995 (92 7) 1 52,068 0.1 2 1,626 4 ,844 19,055 9 ,594 87,017 9,932 111,940 Other 11 - 11 0.0 - - - - - 11 4,484 Corporate securities 1 5,105,705 (588,341) 14,517,364 4.7 7,654,859 2 48,988 4 73,276 1 ,388,315 1,261,329 3 ,490,597 1 1,725,651 Shares 3,883,628 (58 4,720) 3 ,298,908 1.1 3 ,298,908 - - - - - 3,947,091 Bank deposit certificates 4 54,057 (30) 4 54,027 0.1 4 3,110 4,598 2 90,549 1 15,770 - - 2 75,884 Real estate receivables certificates 410,937 (14,654) 3 96,283 0.1 - - - - 298 395,985 14,052 Fund quotas 3 ,991,769 7 ,834 3,999,603 1.3 3 ,999,603 - - - - - 3,054,699 Credit rights 2 ,863,216 - 2,863,216 0.9 2,863,216 - - - - - 2 24,586 Fixed income 8 22,050 (18) 822,032 0.3 822,032 - - - - - 779,808 Variable income 306,503 7 ,852 314,355 0.1 3 14,355 - - - - - 2,050,305 Debentures 2 ,063,634 7,697 2 ,071,331 0.7 3,389 6,745 25,323 69,778 5 00,325 1 ,465,771 1,636,876 Eurobonds and other 2 ,087,503 (5,799) 2,081,704 0.7 2 97,883 - 6 7,365 253,078 238,009 1 ,225,369 1,198,763 Financial bills 2,101,665 (605) 2,101,060 0.7 11,966 237,645 87,483 945,445 5 11,783 306,738 1,535,097 Other 1 12,512 1 ,936 1 14,448 0.0 - - 2 ,556 4,244 10,914 9 6,734 63,189 PGBL / VGBL fund quotas 2 04,530,018 - 204,530,018 67.3 2 04,530,018 - - - - - 188,068,807 Total 3 03,430,061 563,468 303,993,529 100.0 2 19,504,027 1,679,810 2,065,030 8,573,828 1 6,729,215 5 5,441,619 2 91,911,326 % per maturity date 72.2 0.6 0.7 2.8 5.5 18.2 Total – 12/31/2018 290,921,086 990,240 291,911,326 100.0 197,829,192 1,163,497 6,797,529 2,627,317 12,916,960 70,576,831 % per maturity date 67.8 0.4 2.3 0.9 4.4 24.2 As of December 31, 2019, ITAÚ UNIBANCO HOLDING’s portfolio comprises National Treasury Notes in the amount of R$ 8,781,646 with maturity over 365 days (R$ 6,944,520 in National Treasury Notes and R$ 4,033,645 in National Treasury Bills at December 31, 2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 79

d) Available-for-sale securities See below the composition of the portfolio of available-for-sale securities by type, stated at cost and market value and by maturity term. 12/31/2019 12/31/2018 Adjustments to market value Cost (in Market value % 0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Over 720 days Market value stockholders' equity) Government securities - Brazil 55,297,667 3,852,259 59,149,926 36.2 809,354 232,163 87,327 1,241,858 9,399,067 47,380,157 33,758,073 Financial treasury bills 249,819 1 249,820 0.2 - 232,163 - - 879 16,778 235,737 National treasury bills 18,518,224 ( 1,613) 18,516,611 11.3 794,859 - 29,385 1,093,950 6,588,706 10,009,711 2,824,426 National treasury notes 24,958,331 3,136,979 28,095,310 17.2 - - - 34,883 1,727,639 26,332,788 17,511,544 National treasury / Securitization 153,217 38,418 191,635 0.1 - - - - - 191,635 202,725 Brazilian external debt bonds 11,418,076 678,474 12,096,550 7.4 14,495 - 57,942 113,025 1,081,843 10,829,245 12,983,641 Government securities - abroad 37,458,206 (274,698) 37,183,508 22.6 1,072,660 3,030,244 5,235,260 7,711,197 12,245,970 7,888,177 25,159,447 Germany 22,782 15 22,797 0.0 - - - 22,797 - - 22,469 Argentina - - - 0.0 - - - - - - 228 Chile 11,739,967 91,985 11,831,952 7.2 39,685 33,479 1,066,666 625,411 4,671,724 5,394,987 7,952,259 Colombia 3,850,543 26,703 3,877,246 2.4 - 12,190 301,382 201,404 1,157,879 2,204,391 5,505,000 Korea 3,427,065 - 3,427,065 2.1 - - 765,071 1,722,280 939,714 - 1,384,861 Spain 4,983,540 - 4,983,540 3.0 - 212,280 - 1,519,752 3,251,508 - 2,411,100 United States 2,838,636 ( 2,107) 2,836,529 1.7 - 858,880 604,667 201,000 1,171,982 - 2,637,927 France - - - 0.0 - - - - - - 890,807 Italy 327,520 1,420 328,940 0.2 - - - - 328,940 - 115,262 Mexico 7,763,256 (211,642) 7,551,614 4.6 994,943 1,705,464 2,312,060 2,539,147 - - 2,184,411 Paraguay 1,957,482 (176,569) 1,780,913 1.1 11,705 111,251 185,414 791,266 500,278 180,999 1,529,715 Uruguay 547,170 ( 4,495) 542,675 0.3 26,327 96,700 - 88,140 223,945 107,563 525,184 Other 245 ( 8) 237 0.0 - - - - - 237 224 Corporate securities 67,125,425 51,310 67,176,735 41.2 4,603,663 911,249 7,772,485 4,640,866 5,865,752 43,382,720 42,696,244 Shares 2,587,248 89,079 2,676,327 1.6 2,676,327 - - - - - 1,103,308 Rural product note 5,378,485 41,663 5,420,148 3.3 93,904 278,983 467,362 776,836 361,464 3,441,599 4,194,997 Bank deposit certificate 2,425,464 123 2,425,587 1.5 1,308,186 171,871 780,581 119,722 45,227 - 1,193,789 Real estate receivables certificates 1,197,125 46,321 1,243,446 0.8 - - - - - 1,243,446 1,419,188 Fund quotas of fixed income 231,542 - 231,542 0.1 231,542 - - - - - 323,760 Debentures 45,416,057 (177,232) 45,238,825 27.8 3,002 51,753 5,599,113 987,190 3,543,028 35,054,739 26,840,131 Eurobonds and other 3,611,137 49,240 3,660,377 2.2 259,724 388,843 346,670 208,388 866,818 1,589,934 5,712,159 Financial bills 341,387 ( 2,545) 338,842 0.2 - - - 33,312 305,530 - 145,401 Promissory notes 5,001,020 (7,248) 4,993,772 3.1 30,978 19,799 578,759 2,515,418 743,685 1,105,133 1,069,629 Other 935,960 11,909 947,869 0.6 - - - - - 947,869 693,882 Total 159,881,298 3,628,871 163,510,169 100.0 6,485,677 4,173,656 13,095,072 13,593,921 27,510,789 98,651,054 101,613,764 % per maturity date 4.0 2.6 8.0 8.3 16.8 60.3 Total – 12/31/2018 100,530,751 1,083,013 101,613,764 100.0 4,226,723 3,046,057 7,811,452 8,297,325 15,632,345 62,599,862 % per maturity date 4.2 3.0 7.7 8.2 15.4 61.5 At December 31, 2019, at ITAÚ UNIBANCO HOLDING the portfolio is composed of Eurobonds and other with maturity over 365 days, with no amount as of that date (R$ 1,362 at December 31,2018) Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 80 d) Available-for-sale securities See below the composition of the portfolio of available-for-sale securities by type, stated at cost and market value and by maturity term. 12/31/2019 12/31/2018 Adjustments to market value Cost (in Market value % 0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Over 720 days Market value stockholders' equity) Government securities - Brazil 55,297,667 3,852,259 59,149,926 36.2 809,354 232,163 87,327 1,241,858 9,399,067 47,380,157 33,758,073 Financial treasury bills 249,819 1 249,820 0.2 - 232,163 - - 879 16,778 235,737 National treasury bills 18,518,224 ( 1,613) 18,516,611 11.3 794,859 - 29,385 1,093,950 6,588,706 10,009,711 2,824,426 National treasury notes 24,958,331 3,136,979 28,095,310 17.2 - - - 34,883 1,727,639 26,332,788 17,511,544 National treasury / Securitization 153,217 38,418 191,635 0.1 - - - - - 191,635 202,725 Brazilian external debt bonds 11,418,076 678,474 12,096,550 7.4 14,495 - 57,942 113,025 1,081,843 10,829,245 12,983,641 Government securities - abroad 37,458,206 (274,698) 37,183,508 22.6 1,072,660 3,030,244 5,235,260 7,711,197 12,245,970 7,888,177 25,159,447 Germany 22,782 15 22,797 0.0 - - - 22,797 - - 22,469 Argentina - - - 0.0 - - - - - - 228 Chile 11,739,967 91,985 11,831,952 7.2 39,685 33,479 1,066,666 625,411 4,671,724 5,394,987 7,952,259 Colombia 3,850,543 26,703 3,877,246 2.4 - 12,190 301,382 201,404 1,157,879 2,204,391 5,505,000 Korea 3,427,065 - 3,427,065 2.1 - - 765,071 1,722,280 939,714 - 1,384,861 Spain 4,983,540 - 4,983,540 3.0 - 212,280 - 1,519,752 3,251,508 - 2,411,100 United States 2,838,636 ( 2,107) 2,836,529 1.7 - 858,880 604,667 201,000 1,171,982 - 2,637,927 France - - - 0.0 - - - - - - 890,807 Italy 327,520 1,420 328,940 0.2 - - - - 328,940 - 115,262 Mexico 7,763,256 (211,642) 7,551,614 4.6 994,943 1,705,464 2,312,060 2,539,147 - - 2,184,411 Paraguay 1,957,482 (176,569) 1,780,913 1.1 11,705 111,251 185,414 791,266 500,278 180,999 1,529,715 Uruguay 547,170 ( 4,495) 542,675 0.3 26,327 96,700 - 88,140 223,945 107,563 525,184 Other 245 ( 8) 237 0.0 - - - - - 237 224 Corporate securities 67,125,425 51,310 67,176,735 41.2 4,603,663 911,249 7,772,485 4,640,866 5,865,752 43,382,720 42,696,244 Shares 2,587,248 89,079 2,676,327 1.6 2,676,327 - - - - - 1,103,308 Rural product note 5,378,485 41,663 5,420,148 3.3 93,904 278,983 467,362 776,836 361,464 3,441,599 4,194,997 Bank deposit certificate 2,425,464 123 2,425,587 1.5 1,308,186 171,871 780,581 119,722 45,227 - 1,193,789 Real estate receivables certificates 1,197,125 46,321 1,243,446 0.8 - - - - - 1,243,446 1,419,188 Fund quotas of fixed income 231,542 - 231,542 0.1 231,542 - - - - - 323,760 Debentures 45,416,057 (177,232) 45,238,825 27.8 3,002 51,753 5,599,113 987,190 3,543,028 35,054,739 26,840,131 Eurobonds and other 3,611,137 49,240 3,660,377 2.2 259,724 388,843 346,670 208,388 866,818 1,589,934 5,712,159 Financial bills 341,387 ( 2,545) 338,842 0.2 - - - 33,312 305,530 - 145,401 Promissory notes 5,001,020 (7,248) 4,993,772 3.1 30,978 19,799 578,759 2,515,418 743,685 1,105,133 1,069,629 Other 935,960 11,909 947,869 0.6 - - - - - 947,869 693,882 Total 159,881,298 3,628,871 163,510,169 100.0 6,485,677 4,173,656 13,095,072 13,593,921 27,510,789 98,651,054 101,613,764 % per maturity date 4.0 2.6 8.0 8.3 16.8 60.3 Total – 12/31/2018 100,530,751 1,083,013 101,613,764 100.0 4,226,723 3,046,057 7,811,452 8,297,325 15,632,345 62,599,862 % per maturity date 4.2 3.0 7.7 8.2 15.4 61.5 At December 31, 2019, at ITAÚ UNIBANCO HOLDING the portfolio is composed of Eurobonds and other with maturity over 365 days, with no amount as of that date (R$ 1,362 at December 31,2018) Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 80

e) Held-to-maturity securities See below the composition of the portfolio of held-to-maturity securities by type, stated at cost and by maturity term. Included in the carrying value at 12/31/2019, not considered in results, is an impairment loss of R$ 229,035 (R$ 352,303 at 12/31/2018). 12/31/2019 12/31/2018 Market Carrying Carrying value % 0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Over 720 days Market value value value 29,929,399 82.9 - - - 4,238,914 6,149,320 19,541,165 32,936,418 29,799,949 30,873,907 Government securities - Brazil National treasury bills 4,205,507 11.6 - - - 4,205,507 - - 4,289,456 3,867,831 3,952,265 National treasury notes 7,169,594 19.9 - - - 33,407 1,897,479 5,238,708 8,853,670 6,827,821 7,872,130 Brazilian external debt bonds 18,554,298 51.4 - - - - 4,251,841 14,302,457 19,793,292 19,104,297 19,049,512 Government securities - abroad 350,438 0.9 37,212 - 134,807 162,704 - 15,715 351,933 371,079 370,110 Colombia 334,686 0.9 37,212 - 134,770 162,704 - - 327,244 356,018 349,105 Uruguay 15,715 - - - - - - 15,715 24,688 15,028 21,004 Other 37 - - - 37 - - - 1 33 1 Corporate securities 5,826,022 16.2 44,687 40,609 86,390 28,375 380,267 5,245,694 5,926,263 10,345,231 10,414,545 Real estate receivables certificates 5,651,762 15.7 - - 5,328 28,375 378,803 5,239,256 5,752,002 9,652,686 9,722,000 Debentures 6,438 - - - - - - 6,438 6,438 6,313 6,313 Eurobonds and other - - - - - - - - - 2,302 2,302 Other 167,822 0.5 44,687 40,609 81,062 - 1,464 - 167,823 683,930 683,930 Total 36,105,859 100.0 81,899 40,609 221,197 4,429,993 6,529,587 24,802,574 39,214,614 40,516,259 41,658,562 % per maturity date 0.2 0.1 0.6 12.4 18.1 68.6 Total – 12/31/2018 40,516,259 100.0 117,086 101,729 671,282 1,663,939 4,158,767 33,803,456 % per maturity date 0.3 0.3 1.7 4.1 10.3 83.3 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 81 e) Held-to-maturity securities See below the composition of the portfolio of held-to-maturity securities by type, stated at cost and by maturity term. Included in the carrying value at 12/31/2019, not considered in results, is an impairment loss of R$ 229,035 (R$ 352,303 at 12/31/2018). 12/31/2019 12/31/2018 Market Carrying Carrying value % 0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Over 720 days Market value value value 29,929,399 82.9 - - - 4,238,914 6,149,320 19,541,165 32,936,418 29,799,949 30,873,907 Government securities - Brazil National treasury bills 4,205,507 11.6 - - - 4,205,507 - - 4,289,456 3,867,831 3,952,265 National treasury notes 7,169,594 19.9 - - - 33,407 1,897,479 5,238,708 8,853,670 6,827,821 7,872,130 Brazilian external debt bonds 18,554,298 51.4 - - - - 4,251,841 14,302,457 19,793,292 19,104,297 19,049,512 Government securities - abroad 350,438 0.9 37,212 - 134,807 162,704 - 15,715 351,933 371,079 370,110 Colombia 334,686 0.9 37,212 - 134,770 162,704 - - 327,244 356,018 349,105 Uruguay 15,715 - - - - - - 15,715 24,688 15,028 21,004 Other 37 - - - 37 - - - 1 33 1 Corporate securities 5,826,022 16.2 44,687 40,609 86,390 28,375 380,267 5,245,694 5,926,263 10,345,231 10,414,545 Real estate receivables certificates 5,651,762 15.7 - - 5,328 28,375 378,803 5,239,256 5,752,002 9,652,686 9,722,000 Debentures 6,438 - - - - - - 6,438 6,438 6,313 6,313 Eurobonds and other - - - - - - - - - 2,302 2,302 Other 167,822 0.5 44,687 40,609 81,062 - 1,464 - 167,823 683,930 683,930 Total 36,105,859 100.0 81,899 40,609 221,197 4,429,993 6,529,587 24,802,574 39,214,614 40,516,259 41,658,562 % per maturity date 0.2 0.1 0.6 12.4 18.1 68.6 Total – 12/31/2018 40,516,259 100.0 117,086 101,729 671,282 1,663,939 4,158,767 33,803,456 % per maturity date 0.3 0.3 1.7 4.1 10.3 83.3 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 81

f) Derivative financial instruments ITAÚ UNIBANCO HOLDING CONSOLIDATED trades in derivative financial instruments with various counterparties to manage its overall exposure and to assist its customers in managing their own exposure. Futures – Interest rate and foreign currency futures contracts are commitments to buy or sell a financial instrument at a future date, at an agreed price or yield, and may be settled in cash or through delivery. The notional amount represents the face value of the underlying instrument. Commodity futures contracts or financial instruments are commitments to buy or sell commodities (mainly gold, coffee and orange juice) at a future date, at an agreed price, which are settled in cash. The notional amount represents the quantity of such commodities multiplied by the future price on the contract date. Daily cash settlements of price movements are made for all instruments. Forwards – Interest rate forward contracts are agreements to exchange payments on a specified future date, based on the variation in market interest rates from trade date to contract settlement date. Foreign exchange forward contracts represent agreements to exchange the currency of one country for the currency of another at an agreed price, on an agreed settlement date. Financial instrument forward contracts are commitments to buy or sell a financial instrument on a future date at an agreed price and are settled in cash. Swaps – Interest rate and foreign exchange swap contracts are commitments to settle in cash on a future date or dates the differentials between specific financial indices (either two different interest rates in a single currency or two different rates each in a different currency), as applied to a notional principal amount. Swap contracts shown under Other in the table below correspond substantially to inflation rate swap contracts. Options – Option contracts give the purchaser, for a fee, the right, but not the obligation, to buy or sell a financial instrument within a limited time, including a flow of interest, foreign currencies, commodities, or financial instruments at an agreed price that may also be settled in cash, based on the differential between specific indices. Credit Derivatives – Credit derivatives are financial instruments with value deriving from the credit risk on debt issued by a third party (the reference entity), which permits one party (the buyer of the hedge) to transfer the risk to the counterparty (the seller of the hedge). The seller of the hedge must pay out as provided for in the contract if the reference entity undergoes a credit event, such as bankruptcy, default or debt restructuring. The seller of the hedge receives a premium for the hedge but, on the other hand, assumes the risk that the underlying instrument referenced in the contract undergoes a credit event, and the seller may have to make payment to the purchaser of the hedge for up to the notional amount of the credit derivative. ITAÚ UNIBANCO HOLDING CONSOLIDATED buys and sells credit protection in order to meet the needs of its customers, management and mitigation of its portfolios' risk. CDS (Credit Default Swap) is a credit derivative in which, upon a default related to the reference entity, the protection buyer is entitled to receive, from the protection seller, the amount equivalent to the difference between the face value of the CDS contract and the fair value of the liability on the date the contract was settled, also known as the recovered amount. The protection buyer does not need to hold the debt instrument of the reference entity for it to receive the amounts due pursuant to the CDS contract terms when a credit event occurs. TRS (Total Return Swap) is a transaction in which a party swaps the total return of an asset or of a basket of assets for regular cash flows, usually interest and a guarantee against capital loss. In a TRS contract, the parties do not transfer the ownership of the assets. The total value of margins pledged in guarantee by ITAÚ UNIBANCO HOLDING CONSOLIDATED was R$ 12,315,374 (R$ 10,106,118 at 12/31/2018) and was basically comprised of government securities. Further information on internal controls and parameters used to manage risks may be found in Note 18 - Risk, Capital Management and Fixed Asset Limits. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 82 f) Derivative financial instruments ITAÚ UNIBANCO HOLDING CONSOLIDATED trades in derivative financial instruments with various counterparties to manage its overall exposure and to assist its customers in managing their own exposure. Futures – Interest rate and foreign currency futures contracts are commitments to buy or sell a financial instrument at a future date, at an agreed price or yield, and may be settled in cash or through delivery. The notional amount represents the face value of the underlying instrument. Commodity futures contracts or financial instruments are commitments to buy or sell commodities (mainly gold, coffee and orange juice) at a future date, at an agreed price, which are settled in cash. The notional amount represents the quantity of such commodities multiplied by the future price on the contract date. Daily cash settlements of price movements are made for all instruments. Forwards – Interest rate forward contracts are agreements to exchange payments on a specified future date, based on the variation in market interest rates from trade date to contract settlement date. Foreign exchange forward contracts represent agreements to exchange the currency of one country for the currency of another at an agreed price, on an agreed settlement date. Financial instrument forward contracts are commitments to buy or sell a financial instrument on a future date at an agreed price and are settled in cash. Swaps – Interest rate and foreign exchange swap contracts are commitments to settle in cash on a future date or dates the differentials between specific financial indices (either two different interest rates in a single currency or two different rates each in a different currency), as applied to a notional principal amount. Swap contracts shown under Other in the table below correspond substantially to inflation rate swap contracts. Options – Option contracts give the purchaser, for a fee, the right, but not the obligation, to buy or sell a financial instrument within a limited time, including a flow of interest, foreign currencies, commodities, or financial instruments at an agreed price that may also be settled in cash, based on the differential between specific indices. Credit Derivatives – Credit derivatives are financial instruments with value deriving from the credit risk on debt issued by a third party (the reference entity), which permits one party (the buyer of the hedge) to transfer the risk to the counterparty (the seller of the hedge). The seller of the hedge must pay out as provided for in the contract if the reference entity undergoes a credit event, such as bankruptcy, default or debt restructuring. The seller of the hedge receives a premium for the hedge but, on the other hand, assumes the risk that the underlying instrument referenced in the contract undergoes a credit event, and the seller may have to make payment to the purchaser of the hedge for up to the notional amount of the credit derivative. ITAÚ UNIBANCO HOLDING CONSOLIDATED buys and sells credit protection in order to meet the needs of its customers, management and mitigation of its portfolios' risk. CDS (Credit Default Swap) is a credit derivative in which, upon a default related to the reference entity, the protection buyer is entitled to receive, from the protection seller, the amount equivalent to the difference between the face value of the CDS contract and the fair value of the liability on the date the contract was settled, also known as the recovered amount. The protection buyer does not need to hold the debt instrument of the reference entity for it to receive the amounts due pursuant to the CDS contract terms when a credit event occurs. TRS (Total Return Swap) is a transaction in which a party swaps the total return of an asset or of a basket of assets for regular cash flows, usually interest and a guarantee against capital loss. In a TRS contract, the parties do not transfer the ownership of the assets. The total value of margins pledged in guarantee by ITAÚ UNIBANCO HOLDING CONSOLIDATED was R$ 12,315,374 (R$ 10,106,118 at 12/31/2018) and was basically comprised of government securities. Further information on internal controls and parameters used to manage risks may be found in Note 18 - Risk, Capital Management and Fixed Asset Limits. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 82

I - Derivatives Summary See below the composition of the Derivative Financial Instruments portfolio (assets and liabilities) by type of instrument, stated at cost, market value, and maturity date. 12/31/2019 12/31/2018 Adjustments to market value (in Cost Market value % 0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Over 720 days Market value results / stockholders' equity) Asset Swaps – adjustment receivable 5,565,842 20,890,734 26,456,576 63.5 107,162 1,806,606 563,536 1,667,754 4,463,944 17,847,574 13,092,624 Option agreements 7,819,686 599,208 8,418,894 20.2 4,646,223 1,963,383 353,770 725,814 505,127 224,577 4,292,083 Forwards (onshore) 2,016,419 ( 4,382) 2,012,037 4.8 933,742 504,481 472,528 86,765 14,521 - 1,754,416 Credit derivatives - financial Institutions (164,412) 331,645 167,233 0.4 - 152 5,196 3,493 22,653 135,739 118,848 NDF - Non Deliverable Forward 4,239,036 207,470 4,446,506 10.7 1,250,851 1,313,948 787,230 561,445 347,443 185,589 3,711,847 Other Derivative Financial Instruments 233,295 ( 58,049) 175,246 0.4 4,054 658 1,337 4,151 7,727 157,319 501,885 Total 19,709,866 21,966,626 41,676,492 100.0 6,942,032 5,589,228 2,183,597 3,049,422 5,361,415 18,550,798 23,471,703 16.7 13.4 5.2 7.3 12.9 44.5 % per maturity date Total - 12/31/2018 15,271,988 8,199,715 23,471,703 100.0 3,925,942 2,259,589 1,780,587 2,312,345 4,073,765 9,119,475 % per maturity date 16.7 9.6 7.6 9.9 17.4 38.8 12/31/2019 12/31/2018 Adjustments to market value (in Cost Market value % 0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Over 720 days Market value results / stockholders' equity) Liabilities Swaps – adjustment payable (10,832,492) (22,093,949) (32,926,441) 68.9 ( 326,302) ( 2,557,433) ( 897,635) ( 1,763,314) (8,348,313) (19,033,444) (19,516,106) Option agreements ( 8,371,873) (659,804) (9,031,677) 18.9 (3,641,079) ( 3,494,111) (382,676) ( 685,117) ( 570,276) (258,418) (3,925,430) Forwards (onshore) ( 752,710) (2,121) ( 754,831) 1.6 (753,454) - - (1,377) - - (428,709) Credit derivatives - financial Institutions ( 71,392) 31,767 ( 39,625) 0.1 - ( 29) ( 262) ( 1,078) ( 2,690) (35,566) ( 139,847) NDF - Non Deliverable Forward (4,790,879) ( 180,449) (4,971,328) 10.4 (1,891,201) (1,107,989) (656,560) ( 637,350) (526,047) (152,181) ( 3,383,759) Other Derivative Financial Instruments (24,888) ( 65,747) ( 90,635) 0.1 (18,191) (1,052) (2,384) (5,911) (8,870) (54,227) (91,161) Total (24,844,234) (22,970,303) (47,814,537) 100.0 (6,630,227) (7,160,614) (1,939,517) (3,094,147) (9,456,196) ( 19,533,836) (27,485,012) % per maturity date 13.9 15.0 4.0 6.5 19.8 40.8 Total - 12/31/2018 (18,827,070) (8,657,942) (27,485,012) 100.0 (3,122,171) (2,252,713) (1,816,674) (2,822,026) (5,675,075) ( 11,796,353) % per maturity date 11.4 8.2 6.6 10.3 20.6 42.9 The result of derivative financial instruments in the period totals R$ (399,659) (R$ (627,782) at 12/31/2018). In ITAÚ UNIBANCO HOLDING, market values related to Swaps contract positions, involving Foreign Currency in asset and liability, with no amount as of that date (R$ 1,726,580 in asset position distributed, R$ 54,291 with maturity from 181 to 365 days and R$ 1,672,288 with maturity over 365 days and R$ (46,141) in liability position distributed, R$ (4,797), R$ (8,791) and R$ (32,553) with maturities from 31 to 180 days, from 181 to 365 and over 365 days, respectively, at 12/31/2018). The market values related to the Derivatives contract positions, involving Shares, in asset position totaled R$ 5,750 (R$ 69,160 at 12/31/2018), with maturity over 365 days. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 83 I - Derivatives Summary See below the composition of the Derivative Financial Instruments portfolio (assets and liabilities) by type of instrument, stated at cost, market value, and maturity date. 12/31/2019 12/31/2018 Adjustments to market value (in Cost Market value % 0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Over 720 days Market value results / stockholders' equity) Asset Swaps – adjustment receivable 5,565,842 20,890,734 26,456,576 63.5 107,162 1,806,606 563,536 1,667,754 4,463,944 17,847,574 13,092,624 Option agreements 7,819,686 599,208 8,418,894 20.2 4,646,223 1,963,383 353,770 725,814 505,127 224,577 4,292,083 Forwards (onshore) 2,016,419 ( 4,382) 2,012,037 4.8 933,742 504,481 472,528 86,765 14,521 - 1,754,416 Credit derivatives - financial Institutions (164,412) 331,645 167,233 0.4 - 152 5,196 3,493 22,653 135,739 118,848 NDF - Non Deliverable Forward 4,239,036 207,470 4,446,506 10.7 1,250,851 1,313,948 787,230 561,445 347,443 185,589 3,711,847 Other Derivative Financial Instruments 233,295 ( 58,049) 175,246 0.4 4,054 658 1,337 4,151 7,727 157,319 501,885 Total 19,709,866 21,966,626 41,676,492 100.0 6,942,032 5,589,228 2,183,597 3,049,422 5,361,415 18,550,798 23,471,703 16.7 13.4 5.2 7.3 12.9 44.5 % per maturity date Total - 12/31/2018 15,271,988 8,199,715 23,471,703 100.0 3,925,942 2,259,589 1,780,587 2,312,345 4,073,765 9,119,475 % per maturity date 16.7 9.6 7.6 9.9 17.4 38.8 12/31/2019 12/31/2018 Adjustments to market value (in Cost Market value % 0 - 30 31 - 90 91 - 180 181 - 365 366 - 720 Over 720 days Market value results / stockholders' equity) Liabilities Swaps – adjustment payable (10,832,492) (22,093,949) (32,926,441) 68.9 ( 326,302) ( 2,557,433) ( 897,635) ( 1,763,314) (8,348,313) (19,033,444) (19,516,106) Option agreements ( 8,371,873) (659,804) (9,031,677) 18.9 (3,641,079) ( 3,494,111) (382,676) ( 685,117) ( 570,276) (258,418) (3,925,430) Forwards (onshore) ( 752,710) (2,121) ( 754,831) 1.6 (753,454) - - (1,377) - - (428,709) Credit derivatives - financial Institutions ( 71,392) 31,767 ( 39,625) 0.1 - ( 29) ( 262) ( 1,078) ( 2,690) (35,566) ( 139,847) NDF - Non Deliverable Forward (4,790,879) ( 180,449) (4,971,328) 10.4 (1,891,201) (1,107,989) (656,560) ( 637,350) (526,047) (152,181) ( 3,383,759) Other Derivative Financial Instruments (24,888) ( 65,747) ( 90,635) 0.1 (18,191) (1,052) (2,384) (5,911) (8,870) (54,227) (91,161) Total (24,844,234) (22,970,303) (47,814,537) 100.0 (6,630,227) (7,160,614) (1,939,517) (3,094,147) (9,456,196) ( 19,533,836) (27,485,012) % per maturity date 13.9 15.0 4.0 6.5 19.8 40.8 Total - 12/31/2018 (18,827,070) (8,657,942) (27,485,012) 100.0 (3,122,171) (2,252,713) (1,816,674) (2,822,026) (5,675,075) ( 11,796,353) % per maturity date 11.4 8.2 6.6 10.3 20.6 42.9 The result of derivative financial instruments in the period totals R$ (399,659) (R$ (627,782) at 12/31/2018). In ITAÚ UNIBANCO HOLDING, market values related to Swaps contract positions, involving Foreign Currency in asset and liability, with no amount as of that date (R$ 1,726,580 in asset position distributed, R$ 54,291 with maturity from 181 to 365 days and R$ 1,672,288 with maturity over 365 days and R$ (46,141) in liability position distributed, R$ (4,797), R$ (8,791) and R$ (32,553) with maturities from 31 to 180 days, from 181 to 365 and over 365 days, respectively, at 12/31/2018). The market values related to the Derivatives contract positions, involving Shares, in asset position totaled R$ 5,750 (R$ 69,160 at 12/31/2018), with maturity over 365 days. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 83

II - Derivatives by index and Risk Fator Balance sheet account Adjustment to market Memorandum account / receivable / (received) value (in results / Market value Notional amount (payable) / paid stockholders' equity) 12/31/2019 12/31/2018 12/31/2019 12/31/2019 12/31/2019 12/31/2018 Futures contracts 664,884,284 586,031,359 - - - - Purchase commitments 325,467,132 268,226,697 - - - - Shares 1,083,664 13,674,773 - - - - Commodities 76,003 193,613 - - - - Interest 301,897,589 243,368,540 - - - - Foreign currency 22,409,876 10,989,771 - - - - Commitments to sell 339,417,152 317,804,662 - - - - Shares 1,163,302 13,964,779 - - - - Commodities 1,049,493 154,714 - - - - Interest 308,824,449 265,218,302 - - - - Foreign currency 28,379,908 38,466,867 - - - - Swaps contracts (5,266,650) ( 1,203,215) (6,469,865) ( 6,423,482) Asset position 1,094,378,357 940,843,472 5,565,842 20,890,734 26,456,576 13,092,624 Commodities 574,232 6,000 404 9,048 9,452 359 Interest 1,075,534,404 925,381,182 4,595,892 19,812,340 24,408,232 11,525,903 Foreign currency 18,269,721 15,456,290 969,546 1,069,346 2,038,892 1,566,362 Liability position 1,094,378,357 940,843,472 (10,832,492) (22,093,949) (32,926,441) ( 19,516,106) Shares 49,401 75,605 (9,343) 770 ( 8,572) ( 3,308) Commodities 854,508 619,968 359 ( 12,646) (12,288) ( 597) Interest 1,068,660,165 915,079,174 (9,382,852) ( 21,855,053) (31,237,905) ( 17,406,305) Foreign currency 24,814,283 25,068,725 ( 1,440,656) ( 227,020) (1,667,676) (2,105,896) Option contracts 1,724,464,472 1,264,231,521 (552,187) ( 60,596) ( 612,783) 366,653 Purchase commitments - long position 245,802,343 152,840,894 6,152,763 ( 3,921) 6,148,842 1,903,035 Shares 11,491,775 9,873,111 268,351 516,025 784,376 479,399 Commodities 267,627 320,603 6,634 10,364 16,998 7,100 Interest 188,109,855 100,338,155 415,141 (331,862) 83,279 71,454 Foreign currency 45,933,086 42,309,025 5,462,637 (198,448) 5,264,189 1,345,082 Commitments to sell - long position 626,186,601 495,463,860 1,666,923 603,129 2,270,052 2,389,048 Shares 12,293,778 10,801,593 396,430 ( 40,904) 355,526 894,365 Commodities 227,643 278,490 4,676 ( 1,355) 3,321 12,391 Interest 568,441,945 441,673,130 513,178 886,414 1,399,592 887,228 Foreign currency 45,223,235 42,710,647 752,639 (241,026) 511,613 595,064 Purchase commitments - short position 176,984,612 116,005,277 (6,638,920) (21,883) ( 6,660,803) ( 1,407,058) Shares 10,593,849 9,716,476 (179,926) ( 453,703) ( 633,629) (281,901) Commodities 235,360 316,886 (9,727) (8,199) ( 17,926) ( 2,880) Interest 129,646,851 69,934,131 ( 380,344) 328,522 ( 51,822) (48,317) Foreign currency 36,508,552 36,037,784 (6,068,923) 111,497 (5,957,426) (1,073,960) Commitments to sell - short position 675,490,916 499,921,490 ( 1,732,953) ( 637,921) (2,370,874) ( 2,518,372) Shares 11,152,192 8,898,497 ( 269,203) (36,883) ( 306,086) (748,912) Commodities 484,821 192,190 ( 10,504) (778) ( 11,282) (8,121) Interest 621,404,604 448,029,476 (427,832) (888,636) ( 1,316,468) ( 1,024,918) Foreign currency 42,449,299 42,801,327 ( 1,025,414) 288,376 (737,038) (736,421) Forward operations (onshore) 5,134,914 2,342,445 1,263,709 ( 6,503) 1,257,206 1,325,707 Purchases receivable 668,554 415,830 648,526 ( 6,837) 641,689 415,339 Shares 488,167 36,359 488,167 ( 6,942) 481,225 35,989 Interest 160,359 379,471 160,359 105 160,464 379,350 Foreign currency 20,028 - - - - - Purchases payable obligations 659,849 - ( 160,359) (5) ( 160,364) (381,490) Shares - - - - - (2,167) Interest - - ( 160,359) - (160,359) (379,323) Foreign currency 659,849 - - (5) (5) - Sales deliverable 1,653,408 1,307,190 1,367,893 2,455 1,370,348 1,339,077 Shares 785,984 1,307,190 775,542 2,448 777,990 1,293,780 Interest - - 592,351 - 592,351 45,297 Foreign currency 867,424 - - 7 7 - Sales receivable obligations 2,153,103 619,425 ( 592,351) (2,116) (594,467) (47,219) Shares - 2,171 - - - (2,168) Interest 592,351 44,916 ( 592,351) ( 744) ( 593,095) (45,051) Foreign currency 1,560,752 572,338 - ( 1,372) ( 1,372) - Credit derivatives 12,739,114 8,323,579 (235,804) 363,412 127,608 (20,999) Asset position 9,878,708 3,824,800 (164,412) 331,645 167,233 118,848 Shares 2,307,423 1,576,176 ( 80,912) 214,805 133,893 90,521 Commodities 27,167 - ( 575) 2,169 1,594 - Interest 7,423,197 2,248,624 ( 87,391) 114,802 27,411 28,327 Foreign currency 120,921 - 4,466 ( 131) 4,335 - Liability position 2,860,406 4,498,779 (71,392) 31,767 (39,625) (139,847) Shares 718,734 1,316,231 (28,266) 8,216 (20,050) ( 69,311) Commodities 2,015 - (86) ( 24) ( 110) - Interest 2,139,657 3,182,548 (43,040) 23,575 (19,465) (70,536) NDF - Non Deliverable Forward 295,508,245 225,355,054 (551,843) 27,021 (524,822) 328,088 Asset position 138,772,073 122,494,982 4,239,036 207,470 4,446,506 3,711,847 Commodities 570,008 167,144 33,981 (1,067) 32,914 17,416 Foreign currency 138,202,065 122,327,838 4,205,055 208,537 4,413,592 3,694,431 Liability position 156,736,172 102,860,072 (4,790,879) ( 180,449) (4,971,328) ( 3,383,759) Commodities 316,328 96,028 ( 9,944) (1,063) (11,007) ( 4,678) Foreign currency 156,419,844 102,764,044 ( 4,780,935) ( 179,386) ( 4,960,321) ( 3,379,081) Other derivative financial instruments 6,783,092 5,502,654 208,407 ( 123,796) 84,611 410,724 Asset position 5,540,917 4,425,622 233,295 ( 58,049) 175,246 501,885 Shares 83,531 346,718 1,130 1,101 2,231 11,911 Interest 5,456,177 4,073,906 232,247 ( 63,538) 168,709 277,986 Foreign currency 1,209 4,998 ( 82) 4,388 4,306 211,988 Liability position 1,242,175 1,077,032 (24,888) ( 65,747) (90,635) ( 91,161) Shares 784,083 910,848 (13,094) ( 40,827) ( 53,921) (57,856) Interest 457,608 158,434 (11,663) ( 6,737) ( 18,400) ( 22,607) Foreign currency 484 7,750 (131) (18,183) (18,314) (10,698) Asset 19,709,866 21,966,626 41,676,492 23,471,703 Liability (24,844,234) (22,970,303) ( 47,814,537) ( 27,485,012) Total (5,134,368) (1,003,677) (6,138,045) ( 4,013,309) Derivatives contracts mature as follows (in days) Memorandum account / notional amount 0 - 30 31 - 180 181 - 365 Over 365 days 12/31/2019 12/31/2018 Futures contracts 196,054,839 238,485,263 87,746,979 142,597,203 664,884,284 586,031,359 Swaps contracts 24,094,337 204,065,123 103,012,473 763,206,424 1,094,378,357 940,843,472 Option contracts 988,791,860 320,300,093 258,488,476 156,884,043 1,724,464,472 1,264,231,521 Forwards (onshore) 954,056 2,514,436 1,650,740 15,682 5,134,914 2,342,445 Credit derivatives - 4,745,941 733,124 7,260,049 12,739,114 8,323,579 NDF - Non Deliverable Forward 105,809,100 129,277,345 38,851,421 21,570,379 295,508,245 225,355,054 Other derivative financial instruments 20,915 801,095 350,714 5,610,368 6,783,092 5,502,654 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 84 II - Derivatives by index and Risk Fator Balance sheet account Adjustment to market Memorandum account / receivable / (received) value (in results / Market value Notional amount (payable) / paid stockholders' equity) 12/31/2019 12/31/2018 12/31/2019 12/31/2019 12/31/2019 12/31/2018 Futures contracts 664,884,284 586,031,359 - - - - Purchase commitments 325,467,132 268,226,697 - - - - Shares 1,083,664 13,674,773 - - - - Commodities 76,003 193,613 - - - - Interest 301,897,589 243,368,540 - - - - Foreign currency 22,409,876 10,989,771 - - - - Commitments to sell 339,417,152 317,804,662 - - - - Shares 1,163,302 13,964,779 - - - - Commodities 1,049,493 154,714 - - - - Interest 308,824,449 265,218,302 - - - - Foreign currency 28,379,908 38,466,867 - - - - Swaps contracts (5,266,650) ( 1,203,215) (6,469,865) ( 6,423,482) Asset position 1,094,378,357 940,843,472 5,565,842 20,890,734 26,456,576 13,092,624 Commodities 574,232 6,000 404 9,048 9,452 359 Interest 1,075,534,404 925,381,182 4,595,892 19,812,340 24,408,232 11,525,903 Foreign currency 18,269,721 15,456,290 969,546 1,069,346 2,038,892 1,566,362 Liability position 1,094,378,357 940,843,472 (10,832,492) (22,093,949) (32,926,441) ( 19,516,106) Shares 49,401 75,605 (9,343) 770 ( 8,572) ( 3,308) Commodities 854,508 619,968 359 ( 12,646) (12,288) ( 597) Interest 1,068,660,165 915,079,174 (9,382,852) ( 21,855,053) (31,237,905) ( 17,406,305) Foreign currency 24,814,283 25,068,725 ( 1,440,656) ( 227,020) (1,667,676) (2,105,896) Option contracts 1,724,464,472 1,264,231,521 (552,187) ( 60,596) ( 612,783) 366,653 Purchase commitments - long position 245,802,343 152,840,894 6,152,763 ( 3,921) 6,148,842 1,903,035 Shares 11,491,775 9,873,111 268,351 516,025 784,376 479,399 Commodities 267,627 320,603 6,634 10,364 16,998 7,100 Interest 188,109,855 100,338,155 415,141 (331,862) 83,279 71,454 Foreign currency 45,933,086 42,309,025 5,462,637 (198,448) 5,264,189 1,345,082 Commitments to sell - long position 626,186,601 495,463,860 1,666,923 603,129 2,270,052 2,389,048 Shares 12,293,778 10,801,593 396,430 ( 40,904) 355,526 894,365 Commodities 227,643 278,490 4,676 ( 1,355) 3,321 12,391 Interest 568,441,945 441,673,130 513,178 886,414 1,399,592 887,228 Foreign currency 45,223,235 42,710,647 752,639 (241,026) 511,613 595,064 Purchase commitments - short position 176,984,612 116,005,277 (6,638,920) (21,883) ( 6,660,803) ( 1,407,058) Shares 10,593,849 9,716,476 (179,926) ( 453,703) ( 633,629) (281,901) Commodities 235,360 316,886 (9,727) (8,199) ( 17,926) ( 2,880) Interest 129,646,851 69,934,131 ( 380,344) 328,522 ( 51,822) (48,317) Foreign currency 36,508,552 36,037,784 (6,068,923) 111,497 (5,957,426) (1,073,960) Commitments to sell - short position 675,490,916 499,921,490 ( 1,732,953) ( 637,921) (2,370,874) ( 2,518,372) Shares 11,152,192 8,898,497 ( 269,203) (36,883) ( 306,086) (748,912) Commodities 484,821 192,190 ( 10,504) (778) ( 11,282) (8,121) Interest 621,404,604 448,029,476 (427,832) (888,636) ( 1,316,468) ( 1,024,918) Foreign currency 42,449,299 42,801,327 ( 1,025,414) 288,376 (737,038) (736,421) Forward operations (onshore) 5,134,914 2,342,445 1,263,709 ( 6,503) 1,257,206 1,325,707 Purchases receivable 668,554 415,830 648,526 ( 6,837) 641,689 415,339 Shares 488,167 36,359 488,167 ( 6,942) 481,225 35,989 Interest 160,359 379,471 160,359 105 160,464 379,350 Foreign currency 20,028 - - - - - Purchases payable obligations 659,849 - ( 160,359) (5) ( 160,364) (381,490) Shares - - - - - (2,167) Interest - - ( 160,359) - (160,359) (379,323) Foreign currency 659,849 - - (5) (5) - Sales deliverable 1,653,408 1,307,190 1,367,893 2,455 1,370,348 1,339,077 Shares 785,984 1,307,190 775,542 2,448 777,990 1,293,780 Interest - - 592,351 - 592,351 45,297 Foreign currency 867,424 - - 7 7 - Sales receivable obligations 2,153,103 619,425 ( 592,351) (2,116) (594,467) (47,219) Shares - 2,171 - - - (2,168) Interest 592,351 44,916 ( 592,351) ( 744) ( 593,095) (45,051) Foreign currency 1,560,752 572,338 - ( 1,372) ( 1,372) - Credit derivatives 12,739,114 8,323,579 (235,804) 363,412 127,608 (20,999) Asset position 9,878,708 3,824,800 (164,412) 331,645 167,233 118,848 Shares 2,307,423 1,576,176 ( 80,912) 214,805 133,893 90,521 Commodities 27,167 - ( 575) 2,169 1,594 - Interest 7,423,197 2,248,624 ( 87,391) 114,802 27,411 28,327 Foreign currency 120,921 - 4,466 ( 131) 4,335 - Liability position 2,860,406 4,498,779 (71,392) 31,767 (39,625) (139,847) Shares 718,734 1,316,231 (28,266) 8,216 (20,050) ( 69,311) Commodities 2,015 - (86) ( 24) ( 110) - Interest 2,139,657 3,182,548 (43,040) 23,575 (19,465) (70,536) NDF - Non Deliverable Forward 295,508,245 225,355,054 (551,843) 27,021 (524,822) 328,088 Asset position 138,772,073 122,494,982 4,239,036 207,470 4,446,506 3,711,847 Commodities 570,008 167,144 33,981 (1,067) 32,914 17,416 Foreign currency 138,202,065 122,327,838 4,205,055 208,537 4,413,592 3,694,431 Liability position 156,736,172 102,860,072 (4,790,879) ( 180,449) (4,971,328) ( 3,383,759) Commodities 316,328 96,028 ( 9,944) (1,063) (11,007) ( 4,678) Foreign currency 156,419,844 102,764,044 ( 4,780,935) ( 179,386) ( 4,960,321) ( 3,379,081) Other derivative financial instruments 6,783,092 5,502,654 208,407 ( 123,796) 84,611 410,724 Asset position 5,540,917 4,425,622 233,295 ( 58,049) 175,246 501,885 Shares 83,531 346,718 1,130 1,101 2,231 11,911 Interest 5,456,177 4,073,906 232,247 ( 63,538) 168,709 277,986 Foreign currency 1,209 4,998 ( 82) 4,388 4,306 211,988 Liability position 1,242,175 1,077,032 (24,888) ( 65,747) (90,635) ( 91,161) Shares 784,083 910,848 (13,094) ( 40,827) ( 53,921) (57,856) Interest 457,608 158,434 (11,663) ( 6,737) ( 18,400) ( 22,607) Foreign currency 484 7,750 (131) (18,183) (18,314) (10,698) Asset 19,709,866 21,966,626 41,676,492 23,471,703 Liability (24,844,234) (22,970,303) ( 47,814,537) ( 27,485,012) Total (5,134,368) (1,003,677) (6,138,045) ( 4,013,309) Derivatives contracts mature as follows (in days) Memorandum account / notional amount 0 - 30 31 - 180 181 - 365 Over 365 days 12/31/2019 12/31/2018 Futures contracts 196,054,839 238,485,263 87,746,979 142,597,203 664,884,284 586,031,359 Swaps contracts 24,094,337 204,065,123 103,012,473 763,206,424 1,094,378,357 940,843,472 Option contracts 988,791,860 320,300,093 258,488,476 156,884,043 1,724,464,472 1,264,231,521 Forwards (onshore) 954,056 2,514,436 1,650,740 15,682 5,134,914 2,342,445 Credit derivatives - 4,745,941 733,124 7,260,049 12,739,114 8,323,579 NDF - Non Deliverable Forward 105,809,100 129,277,345 38,851,421 21,570,379 295,508,245 225,355,054 Other derivative financial instruments 20,915 801,095 350,714 5,610,368 6,783,092 5,502,654 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 84

III - Derivatives by notional amount See below the composition of the Derivative Financial Instruments portfolio by type of instrument, stated at their notional amounts, per trading location (organized or over-the-counter market) and counterparties. 12/31/2019 Other NDF - Non Futures Swaps Forwards Credit derivative Option contracts Deliverable contracts contracts (onshore) derivatives financial Forward instruments B3 465,536,804 18,128,340 1,559,355,615 4,382,204 806 53,756,447 - Over-the-counter market 199,347,480 1,076,250,017 165,108,857 752,710 12,738,308 241,751,798 6,783,092 Financial institutions 198,788,377 864,858,472 125,311,776 292,151 12,738,308 141,203,557 5,340,311 Companies 559,103 180,004,945 39,382,113 460,559 - 99,203,939 1,442,781 Individuals - 31,386,600 414,968 - - 1,344,302 - Total 664,884,284 1,094,378,357 1,724,464,472 5,134,914 12,739,114 295,508,245 6,783,092 Total – 12/31/2018 586,031,359 940,843,472 1,264,231,521 2,342,445 8,323,579 225,355,054 5,502,654 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 85 III - Derivatives by notional amount See below the composition of the Derivative Financial Instruments portfolio by type of instrument, stated at their notional amounts, per trading location (organized or over-the-counter market) and counterparties. 12/31/2019 Other NDF - Non Futures Swaps Forwards Credit derivative Option contracts Deliverable contracts contracts (onshore) derivatives financial Forward instruments B3 465,536,804 18,128,340 1,559,355,615 4,382,204 806 53,756,447 - Over-the-counter market 199,347,480 1,076,250,017 165,108,857 752,710 12,738,308 241,751,798 6,783,092 Financial institutions 198,788,377 864,858,472 125,311,776 292,151 12,738,308 141,203,557 5,340,311 Companies 559,103 180,004,945 39,382,113 460,559 - 99,203,939 1,442,781 Individuals - 31,386,600 414,968 - - 1,344,302 - Total 664,884,284 1,094,378,357 1,724,464,472 5,134,914 12,739,114 295,508,245 6,783,092 Total – 12/31/2018 586,031,359 940,843,472 1,264,231,521 2,342,445 8,323,579 225,355,054 5,502,654 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 85

IV - Credit derivatives See below the composition of the Credit Derivatives portfolio stated at their notional amounts, and their effect on the calculation of Required Reference Equity. 12/31/2019 12/31/2018 Notional amount Notional amount of credit Notional amount of Notional amount of credit of credit protection purchased with Net position credit protection protection purchased with Net position protection sold identical underlying amount sold identical underlying amount CDS (6,282,951) 2,295,073 (3,987,878) (6,852,704) 1,470,875 (5,381,829) TRS (4,161,090) - (4,161,090) - - - Total (10,444,041) 2,295,073 (8,148,968) (6,852,704) 1,470,875 (5,381,829) The effect of the risk received on the reference equity (Note 18c) was R$ 57,280 (R$ 46,316 at 12/31/2018). During the period, there were no credit events relating to the taxable events provided for in the agreements. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 86 IV - Credit derivatives See below the composition of the Credit Derivatives portfolio stated at their notional amounts, and their effect on the calculation of Required Reference Equity. 12/31/2019 12/31/2018 Notional amount Notional amount of credit Notional amount of Notional amount of credit of credit protection purchased with Net position credit protection protection purchased with Net position protection sold identical underlying amount sold identical underlying amount CDS (6,282,951) 2,295,073 (3,987,878) (6,852,704) 1,470,875 (5,381,829) TRS (4,161,090) - (4,161,090) - - - Total (10,444,041) 2,295,073 (8,148,968) (6,852,704) 1,470,875 (5,381,829) The effect of the risk received on the reference equity (Note 18c) was R$ 57,280 (R$ 46,316 at 12/31/2018). During the period, there were no credit events relating to the taxable events provided for in the agreements. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 86

V - Hedge accounting I) Cash flow - the purpose of this hedge of ITAÚ UNIBANCO HOLDING CONSOLIDATED is to hedge cash flows of interest receipt and payment (CDB / Syndicated Loans / Assets Transactions / Funding and agreements to resell) and exposures to future exchange rate (anticipated transactions and unrecognized firm commitments) related to its variable interest rate risk (CDI / LIBOR / UF* / TPM* / Selic), and foreign exchange rate risk, making the cash flow constant (fixed rate) and regardless of the variations of DI CETIP Over, LIBOR / UF*/ TPM* / Selic and foreign exchange rate. *UF - (Chilean Unit of Account) / TPM (Monetary Policy Rate). 12/31/2019 Hedge Item Hedge Instruments Variation in the Book value Strategies Variation in the amounts Cash flow hedge amounts used to recognized in Notional amount reserve calculate hedge Stockholders’ Equity (*) Assets Liabilities ineffectiveness Interest rate risk Hedge of deposits and securities purchased under agreements to resell - 24,067,799 (2,829,193) (3,394,578) 25,025,868 (2,835,561) Hedge of assets transactions 5,563,589 - 90,500 90,500 5,656,075 90,543 Hedge of asset-backed securities under repurchase agreements 30,895,576 - 519,792 519,792 32,129,909 523,364 Hedge of UF - denominated assets 12,587,996 - 5,845 5,845 12,582,152 5,177 Hedge of funding - 4,616,949 (26,772) (22,540) 4,590,177 (26,772) Hedge of loan operations 269,051 - 11,579 11,579 257,472 13,673 Variable costs risks Hedge of highly probable forecast transactions 32,200,194 - 15,738 15,738 32,009,432 15,738 Foreign exchange risk Hedge of highly probable forecast transactions 293,621 - (10,533) 179,433 293,621 (10,533) Total 81,810,027 28,684,748 (2,223,044) (2,594,231) 112,544,706 (2,224,371) 12/31/2018 Hedge Item Hedge Instruments Variation in the Book value Strategies Variation in the amounts Cash flow hedge amounts used to recognized in Notional amount reserve calculate hedge Stockholders’ Equity (*) Assets Liabilities ineffectiveness Interest rate risk Hedge of deposits and securities purchased under agreements to resell - 32,114,131 (1,818,903) (3,254,137) 33,425,154 (1,833,872) Hedge of assets transactions 7,866,056 - 136,073 136,073 8,003,039 136,073 Hedge of asset-backed securities under repurchase agreements 36,667,834 - 353,457 353,457 38,013,034 359,421 Hedge of UF - denominated assets 13,247,370 - 26,432 26,432 13,220,938 22,598 Hedge of funding - 3,200,348 77,941 85,667 3,104,801 81,695 Hedge of loan operations 274,094 - 5,726 5,726 268,368 7,234 Foreign exchange risk Hedge of highly probable forecast transactions 18,792,559 - (113,036) (113,036) 18,792,558 (113,036) Variable costs risks Hedge of highly probable forecast transactions 71,156 - 5,251 5,251 71,156 5,251 Total 76,919,069 35,314,479 (1,327,059) (2,754,567) 114,899,048 (1,334,636) (*) Recorded under heading Equit Valuation Adjustments. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 87 V - Hedge accounting I) Cash flow - the purpose of this hedge of ITAÚ UNIBANCO HOLDING CONSOLIDATED is to hedge cash flows of interest receipt and payment (CDB / Syndicated Loans / Assets Transactions / Funding and agreements to resell) and exposures to future exchange rate (anticipated transactions and unrecognized firm commitments) related to its variable interest rate risk (CDI / LIBOR / UF* / TPM* / Selic), and foreign exchange rate risk, making the cash flow constant (fixed rate) and regardless of the variations of DI CETIP Over, LIBOR / UF*/ TPM* / Selic and foreign exchange rate. *UF - (Chilean Unit of Account) / TPM (Monetary Policy Rate). 12/31/2019 Hedge Item Hedge Instruments Variation in the Book value Strategies Variation in the amounts Cash flow hedge amounts used to recognized in Notional amount reserve calculate hedge Stockholders’ Equity (*) Assets Liabilities ineffectiveness Interest rate risk Hedge of deposits and securities purchased under agreements to resell - 24,067,799 (2,829,193) (3,394,578) 25,025,868 (2,835,561) Hedge of assets transactions 5,563,589 - 90,500 90,500 5,656,075 90,543 Hedge of asset-backed securities under repurchase agreements 30,895,576 - 519,792 519,792 32,129,909 523,364 Hedge of UF - denominated assets 12,587,996 - 5,845 5,845 12,582,152 5,177 Hedge of funding - 4,616,949 (26,772) (22,540) 4,590,177 (26,772) Hedge of loan operations 269,051 - 11,579 11,579 257,472 13,673 Variable costs risks Hedge of highly probable forecast transactions 32,200,194 - 15,738 15,738 32,009,432 15,738 Foreign exchange risk Hedge of highly probable forecast transactions 293,621 - (10,533) 179,433 293,621 (10,533) Total 81,810,027 28,684,748 (2,223,044) (2,594,231) 112,544,706 (2,224,371) 12/31/2018 Hedge Item Hedge Instruments Variation in the Book value Strategies Variation in the amounts Cash flow hedge amounts used to recognized in Notional amount reserve calculate hedge Stockholders’ Equity (*) Assets Liabilities ineffectiveness Interest rate risk Hedge of deposits and securities purchased under agreements to resell - 32,114,131 (1,818,903) (3,254,137) 33,425,154 (1,833,872) Hedge of assets transactions 7,866,056 - 136,073 136,073 8,003,039 136,073 Hedge of asset-backed securities under repurchase agreements 36,667,834 - 353,457 353,457 38,013,034 359,421 Hedge of UF - denominated assets 13,247,370 - 26,432 26,432 13,220,938 22,598 Hedge of funding - 3,200,348 77,941 85,667 3,104,801 81,695 Hedge of loan operations 274,094 - 5,726 5,726 268,368 7,234 Foreign exchange risk Hedge of highly probable forecast transactions 18,792,559 - (113,036) (113,036) 18,792,558 (113,036) Variable costs risks Hedge of highly probable forecast transactions 71,156 - 5,251 5,251 71,156 5,251 Total 76,919,069 35,314,479 (1,327,059) (2,754,567) 114,899,048 (1,334,636) (*) Recorded under heading Equit Valuation Adjustments. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 87

12/31/2019 Hedge (1) Variation in the Variation in value Amount reclassified Book value ineffectiveness Hedge Instruments recognized in Notional amounts used to from Cash flow recognized in Stockholders’ amount calculate hedge hedge reserve into income (2) ineffectiveness income Assets Liabilities Equity (3) Interest rate risk Futures 62,811,852 - 14,296 (2,221,654) (2,218,901) (2,753) - Swap 17,429,801 4,616,949 12,858,474 (7,922) (9,348) 1,426 - (4) Foreign exchange risk DDI Futures 32,303,053 - 156,037 5,205 5,205 - - Total 112,544,706 4,616,949 13,028,807 (2,224,371) (2,223,044) (1,327) - 12/31/2018 Hedge (1) Variation in value Variation in the Amount reclassified Book value ineffectiveness Hedge Instruments recognized in Notional amounts used to from Cash flow recognized in amount calculate hedge Stockholders’ hedge reserve into income (2) Assets Liabilities ineffectiveness income Equity (3) Interest rate risk Futures 79,441,227 255,949 20,541 (1,338,378) (1,329,373) (9,005) - Swap 16,594,107 3,023,106 13,519,138 111,527 110,099 1,428 - (4) Foreign exchange risk DDI Futures 18,798,252 53,939 - (112,536) (112,536) - - Options 65,462 9,083 - 4,751 4,751 - - Total 114,899,048 3,342,077 13,539,679 (1,334,636) (1,327,059) (7,577) - (1) Recorded under heading Derivative financial instruments; (2) Recorded under heading Equity Valuation Adjustments; (3) DI Futures negotiated on B3 and interest rate swap negotiated on Chicago Mercantile Exchange; (4) DDI Futures contracts and Dollar Purchase Options negotiated on B3. The gains or losses related to the accounting hedge of cash flows that ITAÚ UNIBANCO HOLDING CONSOLIDATED expect to recognize in results in the following 12 months, totaling R$ (1,284,524) (R$ (1,760,220) at 12/31/2018). In the period ended 12/31/2019 was recognized amount of R$ (869,848) in result. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 88 12/31/2019 Hedge (1) Variation in the Variation in value Amount reclassified Book value ineffectiveness Hedge Instruments recognized in Notional amounts used to from Cash flow recognized in Stockholders’ amount calculate hedge hedge reserve into income (2) ineffectiveness income Assets Liabilities Equity (3) Interest rate risk Futures 62,811,852 - 14,296 (2,221,654) (2,218,901) (2,753) - Swap 17,429,801 4,616,949 12,858,474 (7,922) (9,348) 1,426 - (4) Foreign exchange risk DDI Futures 32,303,053 - 156,037 5,205 5,205 - - Total 112,544,706 4,616,949 13,028,807 (2,224,371) (2,223,044) (1,327) - 12/31/2018 Hedge (1) Variation in value Variation in the Amount reclassified Book value ineffectiveness Hedge Instruments recognized in Notional amounts used to from Cash flow recognized in amount calculate hedge Stockholders’ hedge reserve into income (2) Assets Liabilities ineffectiveness income Equity (3) Interest rate risk Futures 79,441,227 255,949 20,541 (1,338,378) (1,329,373) (9,005) - Swap 16,594,107 3,023,106 13,519,138 111,527 110,099 1,428 - (4) Foreign exchange risk DDI Futures 18,798,252 53,939 - (112,536) (112,536) - - Options 65,462 9,083 - 4,751 4,751 - - Total 114,899,048 3,342,077 13,539,679 (1,334,636) (1,327,059) (7,577) - (1) Recorded under heading Derivative financial instruments; (2) Recorded under heading Equity Valuation Adjustments; (3) DI Futures negotiated on B3 and interest rate swap negotiated on Chicago Mercantile Exchange; (4) DDI Futures contracts and Dollar Purchase Options negotiated on B3. The gains or losses related to the accounting hedge of cash flows that ITAÚ UNIBANCO HOLDING CONSOLIDATED expect to recognize in results in the following 12 months, totaling R$ (1,284,524) (R$ (1,760,220) at 12/31/2018). In the period ended 12/31/2019 was recognized amount of R$ (869,848) in result. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 88

II) Market risk – The hedging strategies against market risk of ITAÚ UNIBANCO HOLDING CONSOLIDATED consist of hedge of exposure to variation in market risk, in interest receipts, which are attributable to changes in interest rates relating to recognized assets and liabilities. 12/31/2019 Hedge Item Hedge Instruments Variation in the Book value Fair value adjustments Strategies Variation in value amounts recognized in Notional amount used to calculate income (*) hedge Assets Liabilities Assets Liabilities ineffectiveness Interest rate risk Hedge of loan operations 7,386,232 - 7,642,206 - 255,974 7,386,232 (263,858) Hedge of funding - 7,435,847 - 8,194,688 (758,841) 7,435,847 775,178 Hedge of available-for-sale securities 17,632,981 - 18,456,013 - 823,032 18,491,551 (816,643) Total 25,019,213 7,435,847 26,098,219 8,194,688 320,165 33,313,630 (305,323) 12/31/2018 Hedge Item Hedge Instruments Variation in the Book value Fair value adjustments Strategies Variation in value amounts recognized in Notional amount used to calculate income (*) hedge Assets Liabilities Assets Liabilities ineffectiveness Interest rate risk Hedge of loan operations 7,065,866 - 7,119,014 - 53,148 7,065,865 (54,339) Hedge of funding - 9,123,952 - 9,167,213 (43,261) 9,123,952 43,260 Hedge of available-for-sale securities 9,386,419 - 9,672,283 - 285,864 9,456,528 (274,994) Total 16,452,285 9,123,952 16,791,297 9,167,213 295,751 25,646,345 (286,073) (*) Recorded under heading Results from Securities and Derivative Financial Instruments. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 89 II) Market risk – The hedging strategies against market risk of ITAÚ UNIBANCO HOLDING CONSOLIDATED consist of hedge of exposure to variation in market risk, in interest receipts, which are attributable to changes in interest rates relating to recognized assets and liabilities. 12/31/2019 Hedge Item Hedge Instruments Variation in the Book value Fair value adjustments Strategies Variation in value amounts recognized in Notional amount used to calculate income (*) hedge Assets Liabilities Assets Liabilities ineffectiveness Interest rate risk Hedge of loan operations 7,386,232 - 7,642,206 - 255,974 7,386,232 (263,858) Hedge of funding - 7,435,847 - 8,194,688 (758,841) 7,435,847 775,178 Hedge of available-for-sale securities 17,632,981 - 18,456,013 - 823,032 18,491,551 (816,643) Total 25,019,213 7,435,847 26,098,219 8,194,688 320,165 33,313,630 (305,323) 12/31/2018 Hedge Item Hedge Instruments Variation in the Book value Fair value adjustments Strategies Variation in value amounts recognized in Notional amount used to calculate income (*) hedge Assets Liabilities Assets Liabilities ineffectiveness Interest rate risk Hedge of loan operations 7,065,866 - 7,119,014 - 53,148 7,065,865 (54,339) Hedge of funding - 9,123,952 - 9,167,213 (43,261) 9,123,952 43,260 Hedge of available-for-sale securities 9,386,419 - 9,672,283 - 285,864 9,456,528 (274,994) Total 16,452,285 9,123,952 16,791,297 9,167,213 295,751 25,646,345 (286,073) (*) Recorded under heading Results from Securities and Derivative Financial Instruments. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 89

12/31/2019 (1) Variation in the Hedge Book value Hedge Instruments amounts used to ineffectiveness Notional amount calculate hedge recognized in Assets Liabilities ineffectiveness income Interest rate risk Swap 15,201,781 766,038 443,358 389,689 7,871 Other Derivatives 18,111,849 - 17,343,377 (695,012) 6,971 (2) 33,313,630 766,038 17,786,735 (305,323) 14,842 Total 12/31/2018 (1) Variation in the Hedge Book value Hedge Instruments amounts used to ineffectiveness Notional amount calculate hedge recognized in Assets Liabilities ineffectiveness income Interest rate risk Swap 20,691,541 85,680 145,311 (59,631) 9,694 Other Derivatives 4,954,804 - 5,181,246 (226,442) (16) Total 25,646,345 85,680 5,326,557 (286,073) 9,678 (1) Recorded under heading Derivative Financial Instruments; (2) In the period, the amount of R$ 899,729 is no longer qualified as hedge, with effect on result of R$ (27,803). To protect against market risk variation upon receipt and payment of interest, ITAÚ UNIBANCO HOLDING CONSOLIDATED uses interest rate swap contracts. Hedge items refer to prefixed assets and liabilities denominated in Chilean Unit of Account – CLF, fixed rate and denominated in Euros and US dollars, issued by subsidiaries in Chile, London and Colombia, respectively. Receipts (payments) of interest flows are expected to occur and will affect the statement of income in monthly periods. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 90 12/31/2019 (1) Variation in the Hedge Book value Hedge Instruments amounts used to ineffectiveness Notional amount calculate hedge recognized in Assets Liabilities ineffectiveness income Interest rate risk Swap 15,201,781 766,038 443,358 389,689 7,871 Other Derivatives 18,111,849 - 17,343,377 (695,012) 6,971 (2) 33,313,630 766,038 17,786,735 (305,323) 14,842 Total 12/31/2018 (1) Variation in the Hedge Book value Hedge Instruments amounts used to ineffectiveness Notional amount calculate hedge recognized in Assets Liabilities ineffectiveness income Interest rate risk Swap 20,691,541 85,680 145,311 (59,631) 9,694 Other Derivatives 4,954,804 - 5,181,246 (226,442) (16) Total 25,646,345 85,680 5,326,557 (286,073) 9,678 (1) Recorded under heading Derivative Financial Instruments; (2) In the period, the amount of R$ 899,729 is no longer qualified as hedge, with effect on result of R$ (27,803). To protect against market risk variation upon receipt and payment of interest, ITAÚ UNIBANCO HOLDING CONSOLIDATED uses interest rate swap contracts. Hedge items refer to prefixed assets and liabilities denominated in Chilean Unit of Account – CLF, fixed rate and denominated in Euros and US dollars, issued by subsidiaries in Chile, London and Colombia, respectively. Receipts (payments) of interest flows are expected to occur and will affect the statement of income in monthly periods. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 90

III) Hedge of net investment in foreign operations – ITAÚ UNIBANCO HOLDING CONSOLIDATED's strategy of net investments in foreign operations consist of a hedge of the exposure in foreign currency arising from the functional currency of foreign operations, compared to the functional currency of the head office. 12/31/2019 Hedge item Hedge Instruments Variation in the Book value Variation in value Strategies amounts recognized in Foreign currency Notional amount used to calculate Stockholders’ convertion reserve hedge Equity (*) Assets Liabilities ineffectiveness Foreign exchange risk Hedge of net investment in foreign operations - 14,395,634 (5,031,571) (5,031,571) 16,946,628 (5,081,302) Total - 14,395,634 (5,031,571) (5,031,571) 16,946,628 (5,081,302) 12/31/2018 Hedge item Hedge Instruments Variation in the Book value Variation in value Strategies amounts recognized in Foreign currency Notional amount used to calculate Stockholders’ convertion reserve hedge Assets Liabilities Equity (*) ineffectiveness Foreign exchange risk Hedge of net investment in foreign operations - 14,820,034 (5,235,583) (5,235,583) 12,549,847 (5,269,957) Total - 14,820,034 (5,235,583) (5,235,583) 12,549,847 (5,269,957) (*) Recorded under heading Equity Valuation Adjustments. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 91 III) Hedge of net investment in foreign operations – ITAÚ UNIBANCO HOLDING CONSOLIDATED's strategy of net investments in foreign operations consist of a hedge of the exposure in foreign currency arising from the functional currency of foreign operations, compared to the functional currency of the head office. 12/31/2019 Hedge item Hedge Instruments Variation in the Book value Variation in value Strategies amounts recognized in Foreign currency Notional amount used to calculate Stockholders’ convertion reserve hedge Equity (*) Assets Liabilities ineffectiveness Foreign exchange risk Hedge of net investment in foreign operations - 14,395,634 (5,031,571) (5,031,571) 16,946,628 (5,081,302) Total - 14,395,634 (5,031,571) (5,031,571) 16,946,628 (5,081,302) 12/31/2018 Hedge item Hedge Instruments Variation in the Book value Variation in value Strategies amounts recognized in Foreign currency Notional amount used to calculate Stockholders’ convertion reserve hedge Assets Liabilities Equity (*) ineffectiveness Foreign exchange risk Hedge of net investment in foreign operations - 14,820,034 (5,235,583) (5,235,583) 12,549,847 (5,269,957) Total - 14,820,034 (5,235,583) (5,235,583) 12,549,847 (5,269,957) (*) Recorded under heading Equity Valuation Adjustments. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 91

12/31/2019 Variation in the Variation in the (1) Hedge Amount reclassified Book value amount amounts Hedge Instruments ineffectiveness from foreign recognized in Notional amount used to calculate recognized in currency Stockholders’ hedge income convertion reserve Assets Liabilities (2) ineffectiveness Equity (3) Interest rate risk DDI Future 32,966,491 227,629 - (9,278,683) (9,220,514) (58,169) - Forward (2,989,718) 2,976,791 - 367,397 361,461 5,936 - (11,524,679) 259,767 - 3,561,004 3,556,753 4,251 - NDF - Non Deliverable Forward (1,505,466) 1,522,842 - 268,980 270,729 (1,749) - Financial Assets 16,946,628 4,987,029 - (5,081,302) (5,031,571) (49,731) - Total 12/31/2018 Variation in the Variation in the (1) Hedge Amount reclassified Book value amount amounts Hedge Instruments ineffectiveness from foreign recognized in Notional amount used to calculate recognized in currency Stockholders’ hedge income convertion reserve Assets Liabilities (2) ineffectiveness Equity (3) Interest rate risk DDI Future 27,990,005 - 112,983 (8,547,554) (8,487,632) (59,922) - Forward (1,470,385) 1,059,165 - 814,277 791,231 23,046 - NDF - Non Deliverable Forward (13,166,308) 253,969 - 2,316,614 2,312,363 4,251 - Financial Assets (803,465) 803,465 - 146,706 148,455 (1,749) - 12,549,847 2,116,599 112,983 (5,269,957) (5,235,583) (34,374) - Total (1) Recorded under heading Derivative financial instruments; (2) Recorded under heading Equity Valuation Adjustments; (3) DDI Future negotiated on B3 and Financial Assets and Forward contracts or NDF contracts entered into by our subsidiaries abroad. Receipts (payments) of interest flows are expected to occur and will affect the statement of income upon the total or partial disposal of investments. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 92 12/31/2019 Variation in the Variation in the (1) Hedge Amount reclassified Book value amount amounts Hedge Instruments ineffectiveness from foreign recognized in Notional amount used to calculate recognized in currency Stockholders’ hedge income convertion reserve Assets Liabilities (2) ineffectiveness Equity (3) Interest rate risk DDI Future 32,966,491 227,629 - (9,278,683) (9,220,514) (58,169) - Forward (2,989,718) 2,976,791 - 367,397 361,461 5,936 - (11,524,679) 259,767 - 3,561,004 3,556,753 4,251 - NDF - Non Deliverable Forward (1,505,466) 1,522,842 - 268,980 270,729 (1,749) - Financial Assets 16,946,628 4,987,029 - (5,081,302) (5,031,571) (49,731) - Total 12/31/2018 Variation in the Variation in the (1) Hedge Amount reclassified Book value amount amounts Hedge Instruments ineffectiveness from foreign recognized in Notional amount used to calculate recognized in currency Stockholders’ hedge income convertion reserve Assets Liabilities (2) ineffectiveness Equity (3) Interest rate risk DDI Future 27,990,005 - 112,983 (8,547,554) (8,487,632) (59,922) - Forward (1,470,385) 1,059,165 - 814,277 791,231 23,046 - NDF - Non Deliverable Forward (13,166,308) 253,969 - 2,316,614 2,312,363 4,251 - Financial Assets (803,465) 803,465 - 146,706 148,455 (1,749) - 12,549,847 2,116,599 112,983 (5,269,957) (5,235,583) (34,374) - Total (1) Recorded under heading Derivative financial instruments; (2) Recorded under heading Equity Valuation Adjustments; (3) DDI Future negotiated on B3 and Financial Assets and Forward contracts or NDF contracts entered into by our subsidiaries abroad. Receipts (payments) of interest flows are expected to occur and will affect the statement of income upon the total or partial disposal of investments. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 92

IV) We present below the maturity terms of cash flow hedge, market risk hedge strategies and Hedge of net investiment in foreign operations: 12/31/2019 0-1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Over 10 years Total Hedge of deposits and securities purchased under agreements to resell 6,005,237 4,412,273 1,627,263 8,463,382 - 4,517,713 - 25,025,868 Hedge of highly probable forecast transactions 32,303,053 - - - - - - 32,303,053 Hedge of assets transactions - 3,671,210 1,984,865 - - - - 5,656,075 Hedge of assets denominated in UF 9,627,576 2,954,576 - - - - - 12,582,152 Hedge of funding (Cash flow) 2,561,512 - - 1,646,212 160,920 221,533 - 4,590,177 Hedge of loan operations (Cash flow) 26,820 155,556 75,096 - - - - 257,472 Hedge of loan operations (Market risk) 380,884 2,490,317 1,247,785 993,006 622,951 1,111,251 540,038 7,386,232 Hedge of funding (Market risk) 299,335 151,855 375,480 422,899 128,735 4,220,104 1,837,439 7,435,847 Hedge of available-for-sale securities 4,723,138 2,361,395 933,032 1,097,268 2,399,482 3,651,213 3,326,023 18,491,551 Hedge of asset-backed securities under repurchase agreements 6,224,800 18,739,054 811,990 5,621,419 - 732,646 - 32,129,909 (*) Hedge of net investment in foreign operations 16,946,628 - - - - - - 16,946,628 Total 79,098,983 34,936,236 7,055,511 18,244,186 3,312,088 14,454,460 5,703,500 162,804,964 12/31/2018 0-1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Over 10 years Total Hedge of deposits and securities purchased under agreements to resell 14,366,844 5,401,361 3,894,329 - 5,896,661 3,865,959 - 33,425,154 Hedge of highly probable forecast transactions 71,156 18,792,558 - - - - - 18,863,714 Hedge of assets transactions 6,345,876 - 1,657,163 - - - - 8,003,039 Hedge of assets denominated in UF 12,240,520 924,722 55,696 - - - - 13,220,938 Hedge of funding (Cash flow) 2,873,893 - - - - 230,908 - 3,104,801 Hedge of loan operations (Cash flow) - 27,955 162,139 78,274 - - - 268,368 Hedge of loan operations (Market risk) 293,174 1,416,276 1,793,289 1,379,196 375,026 821,215 987,689 7,065,865 Hedge of funding (Market risk) 1,590,017 297,400 154,120 391,370 377,489 3,970,927 2,342,629 9,123,952 Hedge of available-for-sale securities 4,242,147 172,726 2,481,738 72,171 876,857 1,206,657 404,232 9,456,528 Hedge of asset-backed securities under repurchase agreements 26,943,094 5,837,628 1,517,428 - 3,714,884 - - 38,013,034 (*) Hedge of net investment in foreign operations 12,549,847 - - - - - - 12,549,847 Total 81,516,568 32,870,626 11,715,902 1,921,011 11,240,917 10,095,666 3,734,550 153,095,240 (*) Classified as current, since instruments are frequently renewed. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 93 IV) We present below the maturity terms of cash flow hedge, market risk hedge strategies and Hedge of net investiment in foreign operations: 12/31/2019 0-1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Over 10 years Total Hedge of deposits and securities purchased under agreements to resell 6,005,237 4,412,273 1,627,263 8,463,382 - 4,517,713 - 25,025,868 Hedge of highly probable forecast transactions 32,303,053 - - - - - - 32,303,053 Hedge of assets transactions - 3,671,210 1,984,865 - - - - 5,656,075 Hedge of assets denominated in UF 9,627,576 2,954,576 - - - - - 12,582,152 Hedge of funding (Cash flow) 2,561,512 - - 1,646,212 160,920 221,533 - 4,590,177 Hedge of loan operations (Cash flow) 26,820 155,556 75,096 - - - - 257,472 Hedge of loan operations (Market risk) 380,884 2,490,317 1,247,785 993,006 622,951 1,111,251 540,038 7,386,232 Hedge of funding (Market risk) 299,335 151,855 375,480 422,899 128,735 4,220,104 1,837,439 7,435,847 Hedge of available-for-sale securities 4,723,138 2,361,395 933,032 1,097,268 2,399,482 3,651,213 3,326,023 18,491,551 Hedge of asset-backed securities under repurchase agreements 6,224,800 18,739,054 811,990 5,621,419 - 732,646 - 32,129,909 (*) Hedge of net investment in foreign operations 16,946,628 - - - - - - 16,946,628 Total 79,098,983 34,936,236 7,055,511 18,244,186 3,312,088 14,454,460 5,703,500 162,804,964 12/31/2018 0-1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years Over 10 years Total Hedge of deposits and securities purchased under agreements to resell 14,366,844 5,401,361 3,894,329 - 5,896,661 3,865,959 - 33,425,154 Hedge of highly probable forecast transactions 71,156 18,792,558 - - - - - 18,863,714 Hedge of assets transactions 6,345,876 - 1,657,163 - - - - 8,003,039 Hedge of assets denominated in UF 12,240,520 924,722 55,696 - - - - 13,220,938 Hedge of funding (Cash flow) 2,873,893 - - - - 230,908 - 3,104,801 Hedge of loan operations (Cash flow) - 27,955 162,139 78,274 - - - 268,368 Hedge of loan operations (Market risk) 293,174 1,416,276 1,793,289 1,379,196 375,026 821,215 987,689 7,065,865 Hedge of funding (Market risk) 1,590,017 297,400 154,120 391,370 377,489 3,970,927 2,342,629 9,123,952 Hedge of available-for-sale securities 4,242,147 172,726 2,481,738 72,171 876,857 1,206,657 404,232 9,456,528 Hedge of asset-backed securities under repurchase agreements 26,943,094 5,837,628 1,517,428 - 3,714,884 - - 38,013,034 (*) Hedge of net investment in foreign operations 12,549,847 - - - - - - 12,549,847 Total 81,516,568 32,870,626 11,715,902 1,921,011 11,240,917 10,095,666 3,734,550 153,095,240 (*) Classified as current, since instruments are frequently renewed. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 93

g) Sensitivity analysis (trading and banking portfolios) In compliance with CVM Instruction 475, ITAÚ UNIBANCO HOLDING CONSOLIDATED carried out a sensitivity analysis for each market risk factor considered significant. The biggest losses arising, by risk factor, in each scenario, were stated together with their impact on the results, net of tax effects, providing an overview of ITAÚ UNIBANCO HOLDING CONSOLIDATED’s exposure under exceptional scenarios. The sensitivity analyses of the banking and the trading portfolio shown in this report are a static evaluation of the portfolio exposure and, therefore, do not take into account management’s quick response capacity (treasury and control areas), which triggers risk mitigating measures whenever a situation of loss or high risk is identified, thus minimizing the possibility of significant losses. In addition, the study's sole purpose is to show the exposure to risk and the respective protective actions, taking into account the fair value of financial instruments, irrespective of the accounting practices adopted by ITAÚ UNIBANCO HOLDING CONSOLIDATED. Trading portfolio Exposures 12/31/2019 (*) Scenarios Risk factors Risk of variations in: I II III (658) (86,432) (214,996) Fixed Interest Rate Fixed Interest Rates in Reais (304) (21,886) (42,336) Currency Coupon Foreign Exchange Coupon Rates (282) 80,050 427,563 Foreign Currency Foreign Exchange Rates (163) (2,993) (4,457) Price Indices Inflation Coupon Rates - (1) (1) TR TR Coupon Rates 2,069 2,612 185,005 Equities Prices of Equities (15) (2,184) (6,869) Other Exposures that do not fall under the definitions above Total 647 (30,834) 343,909 (*) Amounts net of tax effects. Trading and Banking portfolios Exposures 12/31/2019 (*) Scenarios Risk factors Risk of variations in: I II III (11,579) (1,383,839) (2,776,926) Fixed Interest Rate Fixed Interest Rates in Reais (2,925) (196,449) (377,441) Currency Coupon Foreign Exchange Coupon Rates 2,230 47,173 322,325 Foreign Currency Foreign Exchange Rates (6,527) (460,666) (868,806) Price Indices Inflation Coupon Rates 493 (65,875) (159,057) TR TR Coupon Rates 6,016 (94,531) (9,281) Equities Prices of Equities (45) (8,555) (26,163) Other Exposures that do not fall under the definitions above Total (12,337) (2,162,742) (3,895,349) (*) Amounts net of tax effects. The following scenarios are used to measure these sensitivities: · Scenario I: Addition of 1 base point in fixed interest rates, currency coupon, inflation and interest rate index, and 1 percentage point in currency and share prices; · Scenario II: Shocks of 25 percent in fixed interest rates, currency coupon, inflation, interest rate indexes and currency and share prices, both up and down, taking the highest resulting losses per risk factor; · Scenario III: Shocks of 50 percent in fixed interest rates, currency coupon, inflation, interest rate indexes and currency and share prices, both up and down, taking the highest resulting losses per risk factor. Derivative financial instruments contracted by ITAÚ UNIBANCO HOLDING CONSOLIDATED are shown in the item Derivative financial instruments in this note. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 94 g) Sensitivity analysis (trading and banking portfolios) In compliance with CVM Instruction 475, ITAÚ UNIBANCO HOLDING CONSOLIDATED carried out a sensitivity analysis for each market risk factor considered significant. The biggest losses arising, by risk factor, in each scenario, were stated together with their impact on the results, net of tax effects, providing an overview of ITAÚ UNIBANCO HOLDING CONSOLIDATED’s exposure under exceptional scenarios. The sensitivity analyses of the banking and the trading portfolio shown in this report are a static evaluation of the portfolio exposure and, therefore, do not take into account management’s quick response capacity (treasury and control areas), which triggers risk mitigating measures whenever a situation of loss or high risk is identified, thus minimizing the possibility of significant losses. In addition, the study's sole purpose is to show the exposure to risk and the respective protective actions, taking into account the fair value of financial instruments, irrespective of the accounting practices adopted by ITAÚ UNIBANCO HOLDING CONSOLIDATED. Trading portfolio Exposures 12/31/2019 (*) Scenarios Risk factors Risk of variations in: I II III (658) (86,432) (214,996) Fixed Interest Rate Fixed Interest Rates in Reais (304) (21,886) (42,336) Currency Coupon Foreign Exchange Coupon Rates (282) 80,050 427,563 Foreign Currency Foreign Exchange Rates (163) (2,993) (4,457) Price Indices Inflation Coupon Rates - (1) (1) TR TR Coupon Rates 2,069 2,612 185,005 Equities Prices of Equities (15) (2,184) (6,869) Other Exposures that do not fall under the definitions above Total 647 (30,834) 343,909 (*) Amounts net of tax effects. Trading and Banking portfolios Exposures 12/31/2019 (*) Scenarios Risk factors Risk of variations in: I II III (11,579) (1,383,839) (2,776,926) Fixed Interest Rate Fixed Interest Rates in Reais (2,925) (196,449) (377,441) Currency Coupon Foreign Exchange Coupon Rates 2,230 47,173 322,325 Foreign Currency Foreign Exchange Rates (6,527) (460,666) (868,806) Price Indices Inflation Coupon Rates 493 (65,875) (159,057) TR TR Coupon Rates 6,016 (94,531) (9,281) Equities Prices of Equities (45) (8,555) (26,163) Other Exposures that do not fall under the definitions above Total (12,337) (2,162,742) (3,895,349) (*) Amounts net of tax effects. The following scenarios are used to measure these sensitivities: · Scenario I: Addition of 1 base point in fixed interest rates, currency coupon, inflation and interest rate index, and 1 percentage point in currency and share prices; · Scenario II: Shocks of 25 percent in fixed interest rates, currency coupon, inflation, interest rate indexes and currency and share prices, both up and down, taking the highest resulting losses per risk factor; · Scenario III: Shocks of 50 percent in fixed interest rates, currency coupon, inflation, interest rate indexes and currency and share prices, both up and down, taking the highest resulting losses per risk factor. Derivative financial instruments contracted by ITAÚ UNIBANCO HOLDING CONSOLIDATED are shown in the item Derivative financial instruments in this note. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 94

Note 6 - Loan, lease and other credit operations a) Composition of the portfolio with credit granting characteristics I – By type of operations and risk level 12/31/2019 12/31/2018 Risk levels AA A B C D E F G H Total Total Loan operations 255,085,275 95,581,263 50,020,860 31,086,711 12,214,432 5,823,596 4,429,145 6,416,088 9,842,387 470,499,757 435,125,587 Loans and discounted trade receivables 108,938,516 75,514,731 37,195,112 26,389,370 10,909,595 4,029,064 3,691,169 4,198,599 8,955,239 279,821,395 260,166,664 Financing 68,190,814 12,598,923 10,099,871 3,646,217 902,228 1,265,696 293,318 1,566,160 613,146 99,176,373 87,647,583 Farming financing 8,037,585 766,034 702,636 35,335 18,853 7,545 20,147 1,335 22,677 9,612,147 8,989,480 Real estate financing 69,918,360 6,701,575 2,023,241 1,015,789 383,756 521,291 424,511 649,994 251,325 81,889,842 78,321,860 Lease operations 1,367,492 3,403,067 1,667,436 616,928 98,892 39,789 71,919 79,085 107,526 7,452,134 7,552,519 Credit card operations 489,848 82,578,867 4,140,265 3,247,720 1,262,126 792,135 981,912 819,760 4,117,413 98,430,046 84,184,300 (1) Advance on exchange contracts 3,106,840 565,683 649,139 117,339 41,372 18,525 20,407 - 11,656 4,530,961 3,855,688 (2) Other sundry receivables 45,808 520,746 33,160 39,733 50,754 1,429 126,828 1,121,355 164,234 2,104,047 1,763,402 Total operations with credit granting characteristics 260,095,263 182,649,626 56,510,860 35,108,431 13,667,576 6,675,474 5,630,211 8,436,288 14,243,216 583,016,945 532,481,496 (3) Financial guarantees provided 66,719,846 66,104,700 Total with Financial guarantees provided 260,095,263 182,649,626 56,510,860 35,108,431 13,667,576 6,675,474 5,630,211 8,436,288 14,243,216 649,736,791 598,586,196 Total operations with credit granting characteristics at 12/31/2018 228,531,058 185,868,392 54,297,950 21,328,633 10,158,295 5,452,805 6,039,564 6,128,766 14,676,033 532,481,496 (1) Includes advances on exchange contracts and Income receivable from advances granted, reclassified from Liabilities – Foreign exchange portfolio / Other receivables (Note 2a); (2) Includes securities and credits receivable, debtors for purchase of assets and financial guarantees provided paid; (3) Recorded in Offsetting accounts. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 95 Note 6 - Loan, lease and other credit operations a) Composition of the portfolio with credit granting characteristics I – By type of operations and risk level 12/31/2019 12/31/2018 Risk levels AA A B C D E F G H Total Total Loan operations 255,085,275 95,581,263 50,020,860 31,086,711 12,214,432 5,823,596 4,429,145 6,416,088 9,842,387 470,499,757 435,125,587 Loans and discounted trade receivables 108,938,516 75,514,731 37,195,112 26,389,370 10,909,595 4,029,064 3,691,169 4,198,599 8,955,239 279,821,395 260,166,664 Financing 68,190,814 12,598,923 10,099,871 3,646,217 902,228 1,265,696 293,318 1,566,160 613,146 99,176,373 87,647,583 Farming financing 8,037,585 766,034 702,636 35,335 18,853 7,545 20,147 1,335 22,677 9,612,147 8,989,480 Real estate financing 69,918,360 6,701,575 2,023,241 1,015,789 383,756 521,291 424,511 649,994 251,325 81,889,842 78,321,860 Lease operations 1,367,492 3,403,067 1,667,436 616,928 98,892 39,789 71,919 79,085 107,526 7,452,134 7,552,519 Credit card operations 489,848 82,578,867 4,140,265 3,247,720 1,262,126 792,135 981,912 819,760 4,117,413 98,430,046 84,184,300 (1) Advance on exchange contracts 3,106,840 565,683 649,139 117,339 41,372 18,525 20,407 - 11,656 4,530,961 3,855,688 (2) Other sundry receivables 45,808 520,746 33,160 39,733 50,754 1,429 126,828 1,121,355 164,234 2,104,047 1,763,402 Total operations with credit granting characteristics 260,095,263 182,649,626 56,510,860 35,108,431 13,667,576 6,675,474 5,630,211 8,436,288 14,243,216 583,016,945 532,481,496 (3) Financial guarantees provided 66,719,846 66,104,700 Total with Financial guarantees provided 260,095,263 182,649,626 56,510,860 35,108,431 13,667,576 6,675,474 5,630,211 8,436,288 14,243,216 649,736,791 598,586,196 Total operations with credit granting characteristics at 12/31/2018 228,531,058 185,868,392 54,297,950 21,328,633 10,158,295 5,452,805 6,039,564 6,128,766 14,676,033 532,481,496 (1) Includes advances on exchange contracts and Income receivable from advances granted, reclassified from Liabilities – Foreign exchange portfolio / Other receivables (Note 2a); (2) Includes securities and credits receivable, debtors for purchase of assets and financial guarantees provided paid; (3) Recorded in Offsetting accounts. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 95

II – By maturity and risk level 12/31/2019 12/31/2018 AA A B C D E F G H Total Total (1) (2) Overdue Operations Falling due installments - - 1,840,381 1,907,513 1,370,443 1,234,225 1,842,521 1,258,648 3,463,583 12,917,314 12,283,030 01 to 30 - - 71,290 82,862 66,687 69,009 64,978 60,405 197,167 612,398 611,991 31 to 60 - - 69,540 82,128 64,291 53,161 78,971 53,208 174,225 575,524 434,266 61 to 90 - - 66,628 77,256 64,986 68,715 68,531 55,816 184,688 586,620 373,054 91 to 180 - - 178,086 224,176 158,593 148,454 157,532 139,108 455,587 1,461,536 1,100,169 181 to 365 - - 262,339 333,723 256,874 217,580 336,923 233,824 701,791 2,343,054 1,971,090 Over 365 days - - 1,192,498 1,107,368 759,012 677,306 1,135,586 716,287 1,750,125 7,338,182 7,792,460 Overdue installments - - 925,640 1,053,515 1,207,988 1,204,927 1,729,173 1,904,454 7,617,273 15,642,970 13,370,137 01 to 14 - - 9,919 34,956 27,110 21,707 26,558 25,064 78,564 223,878 259,407 15 to 30 - - 689,019 124,124 142,151 135,215 127,309 64,596 216,401 1,498,815 1,049,111 31 to 60 - - 226,702 734,907 208,691 156,984 183,833 133,014 357,261 2,001,392 1,971,671 61 to 90 - - - 116,268 716,745 134,491 404,730 168,640 310,015 1,850,889 2,051,328 91 to 180 - - - 43,260 113,291 719,764 946,392 1,393,577 1,258,288 4,474,572 3,377,994 181 to 365 - - - - - 36,766 40,351 119,563 5,229,714 5,426,394 4,260,810 Over 365 days - - - - - - - - 167,030 167,030 399,816 Subtotal (a) - - 2,766,021 2,961,028 2,578,431 2,439,152 3,571,694 3,163,102 11,080,856 28,560,284 25,653,167 Subtotal - 12/31/2018 - - 2,547,000 2,671,634 2,391,817 1,999,077 2,539,182 2,685,812 10,818,645 25,653,167 Non-overdue operations Falling due installments 259,187,408 181,303,587 53,411,832 31,909,169 10,969,697 4,126,069 1,999,042 5,233,393 3,073,850 551,214,047 503,385,008 01 to 30 22,978,369 42,898,142 8,291,902 5,731,903 927,881 469,978 238,069 345,870 464,976 82,347,090 73,263,630 31 to 60 21,457,562 20,673,018 4,489,994 2,181,279 350,966 124,719 91,577 232,946 218,363 49,820,424 44,743,534 61 to 90 11,789,911 13,193,112 3,387,749 1,772,188 303,481 140,965 88,042 112,166 156,377 30,943,991 25,223,558 91 to 180 30,329,930 25,384,167 7,199,525 3,530,930 827,840 467,304 206,727 631,110 526,990 69,104,523 60,453,560 181 to 365 34,101,504 24,700,215 8,578,043 5,306,036 1,025,880 600,466 284,090 1,321,986 417,811 76,336,031 64,111,492 Over 365 days 138,530,132 54,454,933 21,464,619 13,386,833 7,533,649 2,322,637 1,090,537 2,589,315 1,289,333 242,661,988 235,589,234 Overdue up to 14 days 907,855 1,346,039 333,007 238,234 119,448 110,253 59,475 39,793 88,510 3,242,614 3,443,321 Subtotal (b) 260,095,263 182,649,626 53,744,839 32,147,403 11,089,145 4,236,322 2,058,517 5,273,186 3,162,360 554,456,661 506,828,329 Subtotal - 12/31/2018 228,531,058 185,868,392 51,750,950 18,656,999 7,766,478 3,453,728 3,500,382 3,442,954 3,857,388 506,828,329 260,095,263 182,649,626 56,510,860 35,108,431 13,667,576 6,675,474 5,630,211 8,436,288 14,243,216 583,016,945 532,481,496 Total Portfolio (a + b) Existing allowance - (913,248) (565,109) ( 1,053,253) (1,373,395) ( 6,674,806) (5,629,648) ( 8,435,445) (14,243,216) ( 39,746,578) ( 34,260,632) Minimum - ( 913,248) ( 565,109) ( 1,053,253) (1,366,758) ( 2,002,642) (2,815,106) (5,905,402) (14,243,216) ( 28,864,733) (26,749,803) (3) - - - - - - - - - (858,459) (1,135,694) Financial Guarantees Provided (4) Additional - - - - ( 6,637) (4,672,164) (2,814,542) (2,530,043) - (10,023,386) ( 6,375,135) 228,531,058 185,868,392 54,297,950 21,328,633 10,158,295 5,452,805 6,039,564 6,128,766 14,676,033 532,481,496 Total Portfolio at 12/31/2018 Existing allowance at 12/31/2018 - ( 929,342) (542,980) (639,859) ( 1,015,830) ( 3,153,780) (6,038,961) (6,128,153) (14,676,033) (34,260,632) Minimum - (929,342) ( 542,980) ( 639,859) ( 1,015,830) ( 1,635,841) (3,019,782) (4,290,136) ( 14,676,033) ( 26,749,803) (3) - - - - - - - - - (1,135,694) Financial Guarantees Provided (4) Additional - - - - - (1,517,939) ( 3,019,179) ( 1,838,017) - (6,375,135) (1) Operations with overdue installments for more than 14 days or under control of administrators or in companies in the process of declaring bankruptcy; (2) The balance of non-accrual operations amounts to R$ 20,817,883 (R$ 19,184,803 at 12/31/2018); (3) Provision for financial guarantees provided, recorded in Other liabilities - Sundry, in the Consolidated Balance Sheet; (4) Related to expected and potential loss. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 96 II – By maturity and risk level 12/31/2019 12/31/2018 AA A B C D E F G H Total Total (1) (2) Overdue Operations Falling due installments - - 1,840,381 1,907,513 1,370,443 1,234,225 1,842,521 1,258,648 3,463,583 12,917,314 12,283,030 01 to 30 - - 71,290 82,862 66,687 69,009 64,978 60,405 197,167 612,398 611,991 31 to 60 - - 69,540 82,128 64,291 53,161 78,971 53,208 174,225 575,524 434,266 61 to 90 - - 66,628 77,256 64,986 68,715 68,531 55,816 184,688 586,620 373,054 91 to 180 - - 178,086 224,176 158,593 148,454 157,532 139,108 455,587 1,461,536 1,100,169 181 to 365 - - 262,339 333,723 256,874 217,580 336,923 233,824 701,791 2,343,054 1,971,090 Over 365 days - - 1,192,498 1,107,368 759,012 677,306 1,135,586 716,287 1,750,125 7,338,182 7,792,460 Overdue installments - - 925,640 1,053,515 1,207,988 1,204,927 1,729,173 1,904,454 7,617,273 15,642,970 13,370,137 01 to 14 - - 9,919 34,956 27,110 21,707 26,558 25,064 78,564 223,878 259,407 15 to 30 - - 689,019 124,124 142,151 135,215 127,309 64,596 216,401 1,498,815 1,049,111 31 to 60 - - 226,702 734,907 208,691 156,984 183,833 133,014 357,261 2,001,392 1,971,671 61 to 90 - - - 116,268 716,745 134,491 404,730 168,640 310,015 1,850,889 2,051,328 91 to 180 - - - 43,260 113,291 719,764 946,392 1,393,577 1,258,288 4,474,572 3,377,994 181 to 365 - - - - - 36,766 40,351 119,563 5,229,714 5,426,394 4,260,810 Over 365 days - - - - - - - - 167,030 167,030 399,816 Subtotal (a) - - 2,766,021 2,961,028 2,578,431 2,439,152 3,571,694 3,163,102 11,080,856 28,560,284 25,653,167 Subtotal - 12/31/2018 - - 2,547,000 2,671,634 2,391,817 1,999,077 2,539,182 2,685,812 10,818,645 25,653,167 Non-overdue operations Falling due installments 259,187,408 181,303,587 53,411,832 31,909,169 10,969,697 4,126,069 1,999,042 5,233,393 3,073,850 551,214,047 503,385,008 01 to 30 22,978,369 42,898,142 8,291,902 5,731,903 927,881 469,978 238,069 345,870 464,976 82,347,090 73,263,630 31 to 60 21,457,562 20,673,018 4,489,994 2,181,279 350,966 124,719 91,577 232,946 218,363 49,820,424 44,743,534 61 to 90 11,789,911 13,193,112 3,387,749 1,772,188 303,481 140,965 88,042 112,166 156,377 30,943,991 25,223,558 91 to 180 30,329,930 25,384,167 7,199,525 3,530,930 827,840 467,304 206,727 631,110 526,990 69,104,523 60,453,560 181 to 365 34,101,504 24,700,215 8,578,043 5,306,036 1,025,880 600,466 284,090 1,321,986 417,811 76,336,031 64,111,492 Over 365 days 138,530,132 54,454,933 21,464,619 13,386,833 7,533,649 2,322,637 1,090,537 2,589,315 1,289,333 242,661,988 235,589,234 Overdue up to 14 days 907,855 1,346,039 333,007 238,234 119,448 110,253 59,475 39,793 88,510 3,242,614 3,443,321 Subtotal (b) 260,095,263 182,649,626 53,744,839 32,147,403 11,089,145 4,236,322 2,058,517 5,273,186 3,162,360 554,456,661 506,828,329 Subtotal - 12/31/2018 228,531,058 185,868,392 51,750,950 18,656,999 7,766,478 3,453,728 3,500,382 3,442,954 3,857,388 506,828,329 260,095,263 182,649,626 56,510,860 35,108,431 13,667,576 6,675,474 5,630,211 8,436,288 14,243,216 583,016,945 532,481,496 Total Portfolio (a + b) Existing allowance - (913,248) (565,109) ( 1,053,253) (1,373,395) ( 6,674,806) (5,629,648) ( 8,435,445) (14,243,216) ( 39,746,578) ( 34,260,632) Minimum - ( 913,248) ( 565,109) ( 1,053,253) (1,366,758) ( 2,002,642) (2,815,106) (5,905,402) (14,243,216) ( 28,864,733) (26,749,803) (3) - - - - - - - - - (858,459) (1,135,694) Financial Guarantees Provided (4) Additional - - - - ( 6,637) (4,672,164) (2,814,542) (2,530,043) - (10,023,386) ( 6,375,135) 228,531,058 185,868,392 54,297,950 21,328,633 10,158,295 5,452,805 6,039,564 6,128,766 14,676,033 532,481,496 Total Portfolio at 12/31/2018 Existing allowance at 12/31/2018 - ( 929,342) (542,980) (639,859) ( 1,015,830) ( 3,153,780) (6,038,961) (6,128,153) (14,676,033) (34,260,632) Minimum - (929,342) ( 542,980) ( 639,859) ( 1,015,830) ( 1,635,841) (3,019,782) (4,290,136) ( 14,676,033) ( 26,749,803) (3) - - - - - - - - - (1,135,694) Financial Guarantees Provided (4) Additional - - - - - (1,517,939) ( 3,019,179) ( 1,838,017) - (6,375,135) (1) Operations with overdue installments for more than 14 days or under control of administrators or in companies in the process of declaring bankruptcy; (2) The balance of non-accrual operations amounts to R$ 20,817,883 (R$ 19,184,803 at 12/31/2018); (3) Provision for financial guarantees provided, recorded in Other liabilities - Sundry, in the Consolidated Balance Sheet; (4) Related to expected and potential loss. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 96

III – By business sector 12/31/2019 % 12/31/2018 % 1,190,247 0.2% 1,459,218 0.3% Public Sector Petrochemical and chemical 198,925 0.0% 1,082,492 0.2% State and local governments 682,413 0.1% 15 0.0% Sundry 308,909 0.1% 376,711 0.1% 581,826,698 99.8% 531,022,278 99.7% Private sector Companies 281,110,656 48.2% 261,389,702 49.2% Sugar and alcohol 3,962,729 0.7% 5,679,635 1.1% Agribusiness and fertilizers 18,067,184 3.1% 16,954,223 3.2% Food and beverage 16,814,082 2.9% 13,825,932 2.6% 10,634,758 1.8% 8,328,171 1.6% Banks and other financial institutions Capital assets 5,061,517 0.9% 4,231,203 0.8% 1,693,169 0.3% 1,987,737 0.4% Pulp and paper Publishing and printing 1,195,473 0.2% 1,046,382 0.2% Electronic and IT 5,310,798 0.9% 4,214,927 0.8% Packaging 2,565,214 0.4% 2,504,255 0.5% Energy and sewage 7,278,572 1.2% 9,394,367 1.8% Education 2,214,012 0.4% 1,977,101 0.4% Pharmaceuticals and cosmetics 6,319,361 1.1% 5,350,319 1.0% Real estate agents 21,264,690 3.6% 17,886,939 3.4% Entertainment and tourism 5,296,850 0.9% 4,773,576 0.9% Wood and furniture 3,341,466 0.6% 2,966,140 0.6% Construction materials 4,854,449 0.8% 4,285,741 0.8% 8,764,419 1.5% 7,267,735 1.4% Steel and metallurgy Media 717,444 0.1% 639,872 0.1% Mining 4,603,353 0.8% 6,807,701 1.3% Infrastructure work 8,467,603 1.4% 8,850,256 1.7% (*) Oil and gas 5,989,470 1.0% 5,984,881 1.1% Petrochemical and chemical 9,699,373 1.7% 8,243,390 1.5% Health care 3,419,139 0.6% 2,528,039 0.5% Insurance, reinsurance and pension plans 13,361 0.0% 23,080 0.0% Telecommucations 2,748,952 0.5% 2,216,181 0.4% Third sector 1,732,298 0.3% 1,757,693 0.3% Tradings 1,841,844 0.3% 1,702,685 0.3% Transportation 19,159,207 3.3% 15,759,742 3.0% Domestic appliances 2,396,256 0.4% 1,930,612 0.4% 12,598,762 2.2% 10,104,385 1.9% Vehicles and autoparts Clothing and shoes 4,411,579 0.8% 4,437,416 0.8% Commerce - sundry 20,372,899 3.5% 17,797,041 3.3% Industry - sundry 9,148,366 1.6% 9,297,107 1.7% Sundry services 38,728,504 6.6% 38,571,282 7.2% Sundry 10,423,503 1.8% 12,063,956 2.2% 300,716,042 51.6% 269,632,576 50.5% Individuals Credit cards 96,663,681 16.6% 83,039,042 15.6% Mortgage loans 73,951,887 12.7% 68,724,467 12.9% Consumer loans / checking account 110,469,785 18.9% 101,371,976 18.9% Vehicles 19,630,689 3.4% 16,497,091 3.1% 583,016,945 100.0% 532,481,496 100.0% Grand total (*) Comprises trade of fuel. IV - Financial guarantees provided by type 12/31/2019 12/31/2018 Type of guarantees Portfolio Provision Portfolio Provision Endorsements or sureties pledged in legal and administrative tax proceedings 29,460,148 (236,017) 33,898,145 (453,250) Sundry bank guarantees 24,274,620 (511,311) 20,483,712 (538,071) Other financial guarantees provided 7,819,329 (70,733) 6,850,411 (89,838) Tied to the distribution of marketable securities by Public Offering - - 40,000 (53) Restricted to bids, auctions, service provision or execution of works 3,635,813 (25,821) 3,175,398 (15,744) Restricted to international trade of goods 947,671 (13,018) 1,148,559 (32,182) Restricted to supply of goods 582,265 (1,559) 508,475 (6,556) Total 66,719,846 (858,459) 66,104,700 (1,135,694) Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 97 III – By business sector 12/31/2019 % 12/31/2018 % 1,190,247 0.2% 1,459,218 0.3% Public Sector Petrochemical and chemical 198,925 0.0% 1,082,492 0.2% State and local governments 682,413 0.1% 15 0.0% Sundry 308,909 0.1% 376,711 0.1% 581,826,698 99.8% 531,022,278 99.7% Private sector Companies 281,110,656 48.2% 261,389,702 49.2% Sugar and alcohol 3,962,729 0.7% 5,679,635 1.1% Agribusiness and fertilizers 18,067,184 3.1% 16,954,223 3.2% Food and beverage 16,814,082 2.9% 13,825,932 2.6% 10,634,758 1.8% 8,328,171 1.6% Banks and other financial institutions Capital assets 5,061,517 0.9% 4,231,203 0.8% 1,693,169 0.3% 1,987,737 0.4% Pulp and paper Publishing and printing 1,195,473 0.2% 1,046,382 0.2% Electronic and IT 5,310,798 0.9% 4,214,927 0.8% Packaging 2,565,214 0.4% 2,504,255 0.5% Energy and sewage 7,278,572 1.2% 9,394,367 1.8% Education 2,214,012 0.4% 1,977,101 0.4% Pharmaceuticals and cosmetics 6,319,361 1.1% 5,350,319 1.0% Real estate agents 21,264,690 3.6% 17,886,939 3.4% Entertainment and tourism 5,296,850 0.9% 4,773,576 0.9% Wood and furniture 3,341,466 0.6% 2,966,140 0.6% Construction materials 4,854,449 0.8% 4,285,741 0.8% 8,764,419 1.5% 7,267,735 1.4% Steel and metallurgy Media 717,444 0.1% 639,872 0.1% Mining 4,603,353 0.8% 6,807,701 1.3% Infrastructure work 8,467,603 1.4% 8,850,256 1.7% (*) Oil and gas 5,989,470 1.0% 5,984,881 1.1% Petrochemical and chemical 9,699,373 1.7% 8,243,390 1.5% Health care 3,419,139 0.6% 2,528,039 0.5% Insurance, reinsurance and pension plans 13,361 0.0% 23,080 0.0% Telecommucations 2,748,952 0.5% 2,216,181 0.4% Third sector 1,732,298 0.3% 1,757,693 0.3% Tradings 1,841,844 0.3% 1,702,685 0.3% Transportation 19,159,207 3.3% 15,759,742 3.0% Domestic appliances 2,396,256 0.4% 1,930,612 0.4% 12,598,762 2.2% 10,104,385 1.9% Vehicles and autoparts Clothing and shoes 4,411,579 0.8% 4,437,416 0.8% Commerce - sundry 20,372,899 3.5% 17,797,041 3.3% Industry - sundry 9,148,366 1.6% 9,297,107 1.7% Sundry services 38,728,504 6.6% 38,571,282 7.2% Sundry 10,423,503 1.8% 12,063,956 2.2% 300,716,042 51.6% 269,632,576 50.5% Individuals Credit cards 96,663,681 16.6% 83,039,042 15.6% Mortgage loans 73,951,887 12.7% 68,724,467 12.9% Consumer loans / checking account 110,469,785 18.9% 101,371,976 18.9% Vehicles 19,630,689 3.4% 16,497,091 3.1% 583,016,945 100.0% 532,481,496 100.0% Grand total (*) Comprises trade of fuel. IV - Financial guarantees provided by type 12/31/2019 12/31/2018 Type of guarantees Portfolio Provision Portfolio Provision Endorsements or sureties pledged in legal and administrative tax proceedings 29,460,148 (236,017) 33,898,145 (453,250) Sundry bank guarantees 24,274,620 (511,311) 20,483,712 (538,071) Other financial guarantees provided 7,819,329 (70,733) 6,850,411 (89,838) Tied to the distribution of marketable securities by Public Offering - - 40,000 (53) Restricted to bids, auctions, service provision or execution of works 3,635,813 (25,821) 3,175,398 (15,744) Restricted to international trade of goods 947,671 (13,018) 1,148,559 (32,182) Restricted to supply of goods 582,265 (1,559) 508,475 (6,556) Total 66,719,846 (858,459) 66,104,700 (1,135,694) Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 97

b) Credit concentration 12/31/2019 12/31/2018 (*) Loan, lease and other credit operations % of % of Risk Risk total total Largest debtor 5,388,929 0.8 5,192,544 0.9 10 largest debtors 29,340,135 4.5 31,564,115 5.3 20 largest debtors 44,712,341 6.9 47,429,746 7.9 50 largest debtors 71,974,635 11.1 73,355,064 12.3 100 largest debtors 97,705,320 15.1 98,671,905 16.5 (*) Amounts include financial guarantees provided. 12/31/2019 12/31/2018 Loan, lease and other credit operations and securities of (*) companies and financial institutions % of % of Risk Risk total total Largest debtor 6,509,358 0.8 7,675,413 1.1 10 largest debtors 49,105,849 6.3 43,959,326 6.4 20 largest debtors 76,672,792 9.9 68,262,446 10.0 50 largest debtors 129,771,828 16.8 108,722,267 15.9 100 largest debtors 172,962,167 22.3 143,436,886 21.0 (*) Amounts include financial guarantees provided. c) Changes in the provision for loan losses and Provision for Financial Guarantees Provided 01/01 to 01/01 to 12/31/2019 12/31/2018 (34,260,632) (37,309,465) Opening balance (23,895,706) (14,501,245) Net increase for the period (20,252,323) (17,100,572) Minimum 277,235 813,950 Financial Guarantees Provided (1) Additional (3,920,618) 1,785,377 Write-Off 18,328,205 17,977,470 Others, mainly foreign exchange 81,555 (427,392) (2) Closing balance (39,746,578) (34,260,632) (3) Minimum (28,864,733) (26,749,803) (4) (858,459) (1,135,694) Financial Guarantees Provided Additional (10,023,386) (6,375,135) (39,746,578) (34,260,632) Existing provision (11,522,565) (10,334,803) Provision delay (10,828,180) (10,398,884) Provision aggravated (17,395,833) (13,526,945) Provision potential (1) Improvement of models of provision for expected loss; (2) The provision for loan losses regarding the lease portfolio amounts to: R$ (272,914) (R$ (272,083) at 12/31/2018); (3) Comprises R$ (272,367) related to change in models, and the impact is offset by a Supplementary Provision; (4) Provision for financial guarantees provided, recorded in Other liabilities - Sundry, in the Consolidated Balance Sheet. At 12/31/2019, the balance of the provision regarding the loan portfolio is equivalent to 6.8% (6.4% at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 98 b) Credit concentration 12/31/2019 12/31/2018 (*) Loan, lease and other credit operations % of % of Risk Risk total total Largest debtor 5,388,929 0.8 5,192,544 0.9 10 largest debtors 29,340,135 4.5 31,564,115 5.3 20 largest debtors 44,712,341 6.9 47,429,746 7.9 50 largest debtors 71,974,635 11.1 73,355,064 12.3 100 largest debtors 97,705,320 15.1 98,671,905 16.5 (*) Amounts include financial guarantees provided. 12/31/2019 12/31/2018 Loan, lease and other credit operations and securities of (*) companies and financial institutions % of % of Risk Risk total total Largest debtor 6,509,358 0.8 7,675,413 1.1 10 largest debtors 49,105,849 6.3 43,959,326 6.4 20 largest debtors 76,672,792 9.9 68,262,446 10.0 50 largest debtors 129,771,828 16.8 108,722,267 15.9 100 largest debtors 172,962,167 22.3 143,436,886 21.0 (*) Amounts include financial guarantees provided. c) Changes in the provision for loan losses and Provision for Financial Guarantees Provided 01/01 to 01/01 to 12/31/2019 12/31/2018 (34,260,632) (37,309,465) Opening balance (23,895,706) (14,501,245) Net increase for the period (20,252,323) (17,100,572) Minimum 277,235 813,950 Financial Guarantees Provided (1) Additional (3,920,618) 1,785,377 Write-Off 18,328,205 17,977,470 Others, mainly foreign exchange 81,555 (427,392) (2) Closing balance (39,746,578) (34,260,632) (3) Minimum (28,864,733) (26,749,803) (4) (858,459) (1,135,694) Financial Guarantees Provided Additional (10,023,386) (6,375,135) (39,746,578) (34,260,632) Existing provision (11,522,565) (10,334,803) Provision delay (10,828,180) (10,398,884) Provision aggravated (17,395,833) (13,526,945) Provision potential (1) Improvement of models of provision for expected loss; (2) The provision for loan losses regarding the lease portfolio amounts to: R$ (272,914) (R$ (272,083) at 12/31/2018); (3) Comprises R$ (272,367) related to change in models, and the impact is offset by a Supplementary Provision; (4) Provision for financial guarantees provided, recorded in Other liabilities - Sundry, in the Consolidated Balance Sheet. At 12/31/2019, the balance of the provision regarding the loan portfolio is equivalent to 6.8% (6.4% at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 98

d) Renegotiation of credits 12/31/2019 12/31/2018 Provision for Provision for (1) (1) % % Portfolio Portfolio Loan Losses Loan Losses Total renegotiated loans 28,050,734 (11,017,633) 39.3% 27,325,739 ( 11,319,920) 41.4% (2) ( 11,266,369) 3,052,971 27.1% (10,672,733) 2,704,840 25.3% (-) Renegotiated loans overdue up to 30 days (2) 16,784,365 (7,964,662) 47.5% 16,653,006 (8,615,080) 51.7% Renegotiated loans overdue over 30 days (1) The amounts related to renegotiated loans up to 30 days of the Lease Portfolio are: R$ 97,791 (R$ 112,194 at 12/31/2018); (2) Delays determined upon renegotiation. e) Restricted operations on assets See below the information related to the restricted operations involving assets, in accordance with CMN Resolution nº. 2,921, of January 17, 2002. 01/01 to 01/01 to 12/31/2019 12/31/2018 12/31/2019 12/31/2018 Over 365 Income Income 31 - 180 181 - 365 Total Total days (expenses) (expenses) Restricted operations on assets Loan operations 145,382 - 8,588,834 8,734,216 9,731,155 668,253 1,216,915 Liabilities - restricted operations on assets Foreign borrowing through securities 145,382 - 8,593,579 8,738,961 9,743,967 (667,901) (1,220,730) Net revenue from restricted operations 352 (3,815) At 12/31/2019 and 12/31/2018 there were no balances in default. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 99 d) Renegotiation of credits 12/31/2019 12/31/2018 Provision for Provision for (1) (1) % % Portfolio Portfolio Loan Losses Loan Losses Total renegotiated loans 28,050,734 (11,017,633) 39.3% 27,325,739 ( 11,319,920) 41.4% (2) ( 11,266,369) 3,052,971 27.1% (10,672,733) 2,704,840 25.3% (-) Renegotiated loans overdue up to 30 days (2) 16,784,365 (7,964,662) 47.5% 16,653,006 (8,615,080) 51.7% Renegotiated loans overdue over 30 days (1) The amounts related to renegotiated loans up to 30 days of the Lease Portfolio are: R$ 97,791 (R$ 112,194 at 12/31/2018); (2) Delays determined upon renegotiation. e) Restricted operations on assets See below the information related to the restricted operations involving assets, in accordance with CMN Resolution nº. 2,921, of January 17, 2002. 01/01 to 01/01 to 12/31/2019 12/31/2018 12/31/2019 12/31/2018 Over 365 Income Income 31 - 180 181 - 365 Total Total days (expenses) (expenses) Restricted operations on assets Loan operations 145,382 - 8,588,834 8,734,216 9,731,155 668,253 1,216,915 Liabilities - restricted operations on assets Foreign borrowing through securities 145,382 - 8,593,579 8,738,961 9,743,967 (667,901) (1,220,730) Net revenue from restricted operations 352 (3,815) At 12/31/2019 and 12/31/2018 there were no balances in default. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 99

f) Operations of sale or transfers and acquisition of financial assets ITAÚ UNIBANCO HOLDING CONSOLIDATED carried out operations of sale or transfer of financial assets in which there was retention of credit risks of financial assets transferred under co-obligation covenants. Thus these credits are still recorded in the Consolidated Balance Sheet and are represented as follows: 12/31/2019 12/31/2018 (1) (1) Assets Assets Liabilities Liabilities Nature of operation Book value Fair value Book value Fair value Book value Fair value Book value Fair value Mortgage Loan 1,243,832 1,281,768 1,242,943 1,280,879 1,863,170 1,842,268 1,861,300 1,840,398 Working capital 1,211,389 1,212,648 1,206,871 1,208,130 2,139,753 2,139,753 2,128,077 2,128,077 (2) Other - - 1,045 1,045 - - 3,718 3,718 Total 2,455,221 2,494,416 2,450,859 2,490,054 4,002,923 3,982,021 3,993,095 3,972,193 (1) Under Other liabilities Sundry; (2) Assignment of operations that had already been written down to losses. Transfers of financial assets with no retention of risks and benefits generated impact on the result of R$ 402.809 in the period from January 1 to December 31, 2019 (R$ 372,209 from January 1 to December 31, 2018), net of the Provision for Loan Losses. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 100 f) Operations of sale or transfers and acquisition of financial assets ITAÚ UNIBANCO HOLDING CONSOLIDATED carried out operations of sale or transfer of financial assets in which there was retention of credit risks of financial assets transferred under co-obligation covenants. Thus these credits are still recorded in the Consolidated Balance Sheet and are represented as follows: 12/31/2019 12/31/2018 (1) (1) Assets Assets Liabilities Liabilities Nature of operation Book value Fair value Book value Fair value Book value Fair value Book value Fair value Mortgage Loan 1,243,832 1,281,768 1,242,943 1,280,879 1,863,170 1,842,268 1,861,300 1,840,398 Working capital 1,211,389 1,212,648 1,206,871 1,208,130 2,139,753 2,139,753 2,128,077 2,128,077 (2) Other - - 1,045 1,045 - - 3,718 3,718 Total 2,455,221 2,494,416 2,450,859 2,490,054 4,002,923 3,982,021 3,993,095 3,972,193 (1) Under Other liabilities Sundry; (2) Assignment of operations that had already been written down to losses. Transfers of financial assets with no retention of risks and benefits generated impact on the result of R$ 402.809 in the period from January 1 to December 31, 2019 (R$ 372,209 from January 1 to December 31, 2018), net of the Provision for Loan Losses. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 100

Note 7 – Funding, borrowing and onlending a) Summary 12/31/2019 12/31/2018 0-30 31-180 181-365 Over 365 days Total Total Deposits 272,447,101 38,872,985 22,877,456 172,862,814 507,060,356 463,424,377 Deposits received under securities repurchase agreements 231,310,523 4,121,062 1,699,612 32,706,972 269,838,169 343,236,462 Funds from acceptance and issuance of securities 4,292,976 31,401,410 15,657,288 92,216,826 143,568,500 111,565,922 Borrowing and onlending 15,520,527 24,765,708 28,287,543 7,818,818 76,392,596 67,947,192 Subordinated debt 2,250 4,096,365 - 55,363,150 59,461,765 49,312,724 Total 523,573,377 103,257,530 68,521,899 360,968,580 1,056,321,386 1,035,486,677 % per maturity date 49.5 9.8 6.5 34.2 100.0 Total – 12/31/2018 523,711,045 84,081,006 66,286,006 361,408,620 1,035,486,677 % per maturity date 50.6 8.1 6.4 34.9 100.0 b) Deposits 12/31/2019 12/31/2018 0-30 31-180 181-365 Over 365 days Total Total Remunerated deposits 190,131,467 38,872,985 22,877,456 172,862,814 424,744,722 390,840,857 Time deposits 44,855,499 36,927,484 22,674,757 172,707,910 277,165,650 251,301,179 Savings accounts 144,557,874 - - - 144,557,874 136,865,150 Interbank 718,094 1,945,501 202,699 154,904 3,021,198 2,674,528 Non-remunerated deposits 82,315,634 - - - 82,315,634 72,583,520 Demand deposits 82,306,185 - - - 82,306,185 72,580,793 Other deposits 9,449 - - - 9,449 2,727 Total 272,447,101 38,872,985 22,877,456 172,862,814 507,060,356 463,424,377 % per maturity data 53.7 7.7 4.5 34.1 100.0 Total – 12/31/2018 248,912,871 36,856,126 22,063,087 155,592,293 463,424,377 % per maturity date 53.6 8.0 4.8 33.6 100.0 In ITAÚ UNIBANCO HOLDING, the portfolio is composed of Demand Deposits and Interbank Deposits, with no amount as of that date (Demand Deposits totaled R$ 13,629,097 with maturity from 0 to 30 days and Interbank Deposits totaled R$ 13,368,082 distributed, R$ 4,053,155 and R$ 9,314,927 with maturities from 181 to 365 days and over 365 days, respectively, at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 101 Note 7 – Funding, borrowing and onlending a) Summary 12/31/2019 12/31/2018 0-30 31-180 181-365 Over 365 days Total Total Deposits 272,447,101 38,872,985 22,877,456 172,862,814 507,060,356 463,424,377 Deposits received under securities repurchase agreements 231,310,523 4,121,062 1,699,612 32,706,972 269,838,169 343,236,462 Funds from acceptance and issuance of securities 4,292,976 31,401,410 15,657,288 92,216,826 143,568,500 111,565,922 Borrowing and onlending 15,520,527 24,765,708 28,287,543 7,818,818 76,392,596 67,947,192 Subordinated debt 2,250 4,096,365 - 55,363,150 59,461,765 49,312,724 Total 523,573,377 103,257,530 68,521,899 360,968,580 1,056,321,386 1,035,486,677 % per maturity date 49.5 9.8 6.5 34.2 100.0 Total – 12/31/2018 523,711,045 84,081,006 66,286,006 361,408,620 1,035,486,677 % per maturity date 50.6 8.1 6.4 34.9 100.0 b) Deposits 12/31/2019 12/31/2018 0-30 31-180 181-365 Over 365 days Total Total Remunerated deposits 190,131,467 38,872,985 22,877,456 172,862,814 424,744,722 390,840,857 Time deposits 44,855,499 36,927,484 22,674,757 172,707,910 277,165,650 251,301,179 Savings accounts 144,557,874 - - - 144,557,874 136,865,150 Interbank 718,094 1,945,501 202,699 154,904 3,021,198 2,674,528 Non-remunerated deposits 82,315,634 - - - 82,315,634 72,583,520 Demand deposits 82,306,185 - - - 82,306,185 72,580,793 Other deposits 9,449 - - - 9,449 2,727 Total 272,447,101 38,872,985 22,877,456 172,862,814 507,060,356 463,424,377 % per maturity data 53.7 7.7 4.5 34.1 100.0 Total – 12/31/2018 248,912,871 36,856,126 22,063,087 155,592,293 463,424,377 % per maturity date 53.6 8.0 4.8 33.6 100.0 In ITAÚ UNIBANCO HOLDING, the portfolio is composed of Demand Deposits and Interbank Deposits, with no amount as of that date (Demand Deposits totaled R$ 13,629,097 with maturity from 0 to 30 days and Interbank Deposits totaled R$ 13,368,082 distributed, R$ 4,053,155 and R$ 9,314,927 with maturities from 181 to 365 days and over 365 days, respectively, at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 101

c) Deposits received under securities repurchase agreements 12/31/2019 12/31/2018 Over 365 0 - 30 31 - 180 181 - 365 Total Total days 69,677,005 1,285,768 1,340,220 2,696,471 74,999,464 81,909,158 Own portfolio 51,503,985 4,688 - - 51,508,673 50,938,093 Government securities Corporate Securities 17,665,084 - - - 17,665,084 9,050,801 Own issue 234,539 1,275,232 1,321,791 2,427,539 5,259,101 21,417,046 273,397 5,848 18,429 268,932 566,606 503,218 Foreign Third-party portfolio 148,021,089 - - - 148,021,089 181,694,343 13,612,429 2,835,294 359,392 30,010,501 46,817,616 79,632,961 Free portfolio 231,310,523 4,121,062 1,699,612 32,706,972 269,838,169 343,236,462 Total % per maturity date 85.8 1.5 0.6 12.1 100.0 267,051,338 9,712,898 7,755,536 58,716,690 343,236,462 Total – 12/31/2018 77.8 2.8 2.3 17.1 100.0 % per maturity date Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 102 c) Deposits received under securities repurchase agreements 12/31/2019 12/31/2018 Over 365 0 - 30 31 - 180 181 - 365 Total Total days 69,677,005 1,285,768 1,340,220 2,696,471 74,999,464 81,909,158 Own portfolio 51,503,985 4,688 - - 51,508,673 50,938,093 Government securities Corporate Securities 17,665,084 - - - 17,665,084 9,050,801 Own issue 234,539 1,275,232 1,321,791 2,427,539 5,259,101 21,417,046 273,397 5,848 18,429 268,932 566,606 503,218 Foreign Third-party portfolio 148,021,089 - - - 148,021,089 181,694,343 13,612,429 2,835,294 359,392 30,010,501 46,817,616 79,632,961 Free portfolio 231,310,523 4,121,062 1,699,612 32,706,972 269,838,169 343,236,462 Total % per maturity date 85.8 1.5 0.6 12.1 100.0 267,051,338 9,712,898 7,755,536 58,716,690 343,236,462 Total – 12/31/2018 77.8 2.8 2.3 17.1 100.0 % per maturity date Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 102

d) Funds from acceptance and issuance of securities 12/31/2019 12/31/2018 0-30 31-180 181-365 Over 365 days Total Total Real estate, mortgage, credit and similar notes 3,687,184 27,012,014 10,867,340 57,026,119 98,592,657 66,713,777 Financial bills 1,705,121 13,237,456 5,886,885 44,603,632 65,433,094 37,927,302 Real estate credit bills 1,222,759 4,226,204 745,150 1,440,899 7,635,012 9,546,489 Rural credit bills 759,304 9,548,354 4,235,305 6,661,239 21,204,202 18,013,090 Guaranteed real estate bills - - - 4,320,349 4,320,349 1,226,896 590,009 4,226,290 4,393,585 34,655,930 43,865,814 42,053,840 Securities obligations abroad Brazil risk note programme 4,880 708,932 207,858 4,430,611 5,352,281 3,846,193 Structure note issued 169,432 610,531 1,011,420 3,461,395 5,252,778 5,081,922 Bonds 152,550 772,517 1,570,277 22,266,817 24,762,161 25,216,053 Fixed rate notes 188,311 1,782,725 1,280,006 1,941,262 5,192,304 4,985,374 Eurobonds 64,805 39,431 - 12,047 116,283 30,888 Mortgage notes 10,031 519 3,119 197,530 211,199 284,377 Other - 311,635 320,905 2,346,268 2,978,808 2,609,033 (*) 15,783 163,106 396,363 534,777 1,110,029 2,798,305 Funding from Structured Operations Certificates Total 4,292,976 31,401,410 15,657,288 92,216,826 143,568,500 111,565,922 % per maturity date 3.0 21.9 10.9 64.2 100.0 Total – 12/31/2018 2,283,036 18,713,095 12,409,721 78,160,070 111,565,922 2.0 16.8 11.1 70.1 100.0 % per maturity date (*) As of 12/31/2019, the market value of the funding from Structured Operations Certificates issued is R$ 1,204,170 (R$ 2,902,392 at 12/31/2018). ITAÚ UNIBANCO HOLDING’s portfolio is composed of Brazil Risk Note Programme, with no amount as of that date (R$ 6,617 distributed, R$ 1,764 and R$ 4,853 with maturities from 91 to 180 days and over to 365 days, respectively, at 12/31/2018). Guaranteed Real Estate Notes Guaranteed Real Estate Bills (LIGs) are registered, transferrable and free trade credit securities, that are guaranteed by asset portfolio of the issuer itself, submitted to the fiduciary system. The “Instrument of LIG Issue”, which details the conditions of LIG transactions, is available on the website www.itau.com.br/relacoes-com-investidores , section Menu / Relatórios / Letra Imobiliária Garantida (LIG). I – Breakdown of Asset Portfolio The asset portfolio linked to LIGs corresponds to 0.30% of ITAÚ UNIBANCO HOLDING CONSOLIDATED’s total assets. Its composition is presented in the table below. Further details are available in the Statement of Asset Portfolio – SAP, in section Menu / Relatórios / Letra Imobiliária Garantida (LIG). 12/31/2019 12/31/2018 Real state loans 5,001,445 1,204,299 Government securities - Brazil 287,456 229,471 Total asset portfolio 5,288,901 1,433,770 Total adjusted asset portfolio 5,275,198 1,433,770 Liabilities for issue of LIGs 4,320,349 1,226,896 Remuneration of the Fiduciary Agent 387 128 II - Requirements of asset portfolio 12/31/2019 12/31/2018 Breakdown 94.8% 84.0% Sufficiency Notional amount 122.1% 116.8% Present value under stress 124.7% 114.4% Weighted average term Of the asset portfolio 118.5 monthly 37.4 monthly Of outstandings LIGs 32.4 monthly 36 monthly Liquidity Net assets 287,456 229,471 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 103 d) Funds from acceptance and issuance of securities 12/31/2019 12/31/2018 0-30 31-180 181-365 Over 365 days Total Total Real estate, mortgage, credit and similar notes 3,687,184 27,012,014 10,867,340 57,026,119 98,592,657 66,713,777 Financial bills 1,705,121 13,237,456 5,886,885 44,603,632 65,433,094 37,927,302 Real estate credit bills 1,222,759 4,226,204 745,150 1,440,899 7,635,012 9,546,489 Rural credit bills 759,304 9,548,354 4,235,305 6,661,239 21,204,202 18,013,090 Guaranteed real estate bills - - - 4,320,349 4,320,349 1,226,896 590,009 4,226,290 4,393,585 34,655,930 43,865,814 42,053,840 Securities obligations abroad Brazil risk note programme 4,880 708,932 207,858 4,430,611 5,352,281 3,846,193 Structure note issued 169,432 610,531 1,011,420 3,461,395 5,252,778 5,081,922 Bonds 152,550 772,517 1,570,277 22,266,817 24,762,161 25,216,053 Fixed rate notes 188,311 1,782,725 1,280,006 1,941,262 5,192,304 4,985,374 Eurobonds 64,805 39,431 - 12,047 116,283 30,888 Mortgage notes 10,031 519 3,119 197,530 211,199 284,377 Other - 311,635 320,905 2,346,268 2,978,808 2,609,033 (*) 15,783 163,106 396,363 534,777 1,110,029 2,798,305 Funding from Structured Operations Certificates Total 4,292,976 31,401,410 15,657,288 92,216,826 143,568,500 111,565,922 % per maturity date 3.0 21.9 10.9 64.2 100.0 Total – 12/31/2018 2,283,036 18,713,095 12,409,721 78,160,070 111,565,922 2.0 16.8 11.1 70.1 100.0 % per maturity date (*) As of 12/31/2019, the market value of the funding from Structured Operations Certificates issued is R$ 1,204,170 (R$ 2,902,392 at 12/31/2018). ITAÚ UNIBANCO HOLDING’s portfolio is composed of Brazil Risk Note Programme, with no amount as of that date (R$ 6,617 distributed, R$ 1,764 and R$ 4,853 with maturities from 91 to 180 days and over to 365 days, respectively, at 12/31/2018). Guaranteed Real Estate Notes Guaranteed Real Estate Bills (LIGs) are registered, transferrable and free trade credit securities, that are guaranteed by asset portfolio of the issuer itself, submitted to the fiduciary system. The “Instrument of LIG Issue”, which details the conditions of LIG transactions, is available on the website www.itau.com.br/relacoes-com-investidores , section Menu / Relatórios / Letra Imobiliária Garantida (LIG). I – Breakdown of Asset Portfolio The asset portfolio linked to LIGs corresponds to 0.30% of ITAÚ UNIBANCO HOLDING CONSOLIDATED’s total assets. Its composition is presented in the table below. Further details are available in the Statement of Asset Portfolio – SAP, in section Menu / Relatórios / Letra Imobiliária Garantida (LIG). 12/31/2019 12/31/2018 Real state loans 5,001,445 1,204,299 Government securities - Brazil 287,456 229,471 Total asset portfolio 5,288,901 1,433,770 Total adjusted asset portfolio 5,275,198 1,433,770 Liabilities for issue of LIGs 4,320,349 1,226,896 Remuneration of the Fiduciary Agent 387 128 II - Requirements of asset portfolio 12/31/2019 12/31/2018 Breakdown 94.8% 84.0% Sufficiency Notional amount 122.1% 116.8% Present value under stress 124.7% 114.4% Weighted average term Of the asset portfolio 118.5 monthly 37.4 monthly Of outstandings LIGs 32.4 monthly 36 monthly Liquidity Net assets 287,456 229,471 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 103

e) Borrowing and onlending 12/31/2019 12/31/2018 0-30 31-180 181-365 Over 365 days Total Total Borrowing 9,799,544 23,753,662 27,099,657 4,091,824 64,744,687 50,040,393 In Brazil 2,299,287 - 1,664 - 2,300,951 2,783,917 (*) Foreign 7,500,257 23,753,662 27,097,993 4,091,824 62,443,736 47,256,476 Onlending - In Brazil – official institutions 5,720,983 1,012,046 1,187,886 3,726,994 11,647,909 17,906,799 BNDES 3,449,141 271,967 279,319 1,090,790 5,091,217 8,107,075 FINAME 2,270,187 641,887 658,359 2,156,567 5,727,000 9,117,786 Other 1,655 98,192 250,208 479,637 829,692 681,938 Total 15,520,527 24,765,708 28,287,543 7,818,818 76,392,596 67,947,192 % per maturity date 20.3 32.4 37.0 10.3 100.0 Total – 12/31/2018 5,461,705 18,481,013 24,034,457 19,970,017 67,947,192 % per maturity date 8.0 27.2 35.4 29.4 100.0 (*) Foreign borrowing are basically represented by foreign exchange trade transactions relating to export pre-financing and import financing. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 104 e) Borrowing and onlending 12/31/2019 12/31/2018 0-30 31-180 181-365 Over 365 days Total Total Borrowing 9,799,544 23,753,662 27,099,657 4,091,824 64,744,687 50,040,393 In Brazil 2,299,287 - 1,664 - 2,300,951 2,783,917 (*) Foreign 7,500,257 23,753,662 27,097,993 4,091,824 62,443,736 47,256,476 Onlending - In Brazil – official institutions 5,720,983 1,012,046 1,187,886 3,726,994 11,647,909 17,906,799 BNDES 3,449,141 271,967 279,319 1,090,790 5,091,217 8,107,075 FINAME 2,270,187 641,887 658,359 2,156,567 5,727,000 9,117,786 Other 1,655 98,192 250,208 479,637 829,692 681,938 Total 15,520,527 24,765,708 28,287,543 7,818,818 76,392,596 67,947,192 % per maturity date 20.3 32.4 37.0 10.3 100.0 Total – 12/31/2018 5,461,705 18,481,013 24,034,457 19,970,017 67,947,192 % per maturity date 8.0 27.2 35.4 29.4 100.0 (*) Foreign borrowing are basically represented by foreign exchange trade transactions relating to export pre-financing and import financing. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 104

f) Subordinated debt, including perpetual debts 12/31/2019 12/31/2018 0-30 31-180 181-365 Over 365 Total Total Financial treasury bills 2,250 48,715 - 5,038,473 days 5,089,438 4,902,470 Euronotes - 4,048,393 - 27,903,001 31,951,394 30,734,953 (-) Transaction costs incurred (Note 3b) - (743) - (24,813) ( 25,556) ( 37,089) Bonds - - - 5,794,322 5,794,322 6,010,820 Debt instruments eligible as capital - - - 16,652,167 16,652,167 7,701,570 Grand total 2,250 4,096,365 - 55,363,150 59,461,765 49,312,724 % per maturity date 0.0 6.9 0.0 93.1 100.0 2,095 317,874 23,205 48,969,550 49,312,724 Total – 12/31/2018 % per maturity date 0.0 0.7 0.0 99.3 100.0 ITAÚ UNIBANCO HOLDING’s portfolio is composed of Subordinated Euronotes with maturity within 31 to 180 days amounting to R$ 4,082,191 and over 365 days amounting to R$ 27,878,188 (R$ 30,709,688 at 12/31/2018), totaling R$ 31,960,379 (R$ 30,709,688 at 12/31/2018) and Debt Instruments Eligible as Capital with maturity over 365 days amounting to R$ 16,652,167 (R$ 7,701,570 at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 105 f) Subordinated debt, including perpetual debts 12/31/2019 12/31/2018 0-30 31-180 181-365 Over 365 Total Total Financial treasury bills 2,250 48,715 - 5,038,473 days 5,089,438 4,902,470 Euronotes - 4,048,393 - 27,903,001 31,951,394 30,734,953 (-) Transaction costs incurred (Note 3b) - (743) - (24,813) ( 25,556) ( 37,089) Bonds - - - 5,794,322 5,794,322 6,010,820 Debt instruments eligible as capital - - - 16,652,167 16,652,167 7,701,570 Grand total 2,250 4,096,365 - 55,363,150 59,461,765 49,312,724 % per maturity date 0.0 6.9 0.0 93.1 100.0 2,095 317,874 23,205 48,969,550 49,312,724 Total – 12/31/2018 % per maturity date 0.0 0.7 0.0 99.3 100.0 ITAÚ UNIBANCO HOLDING’s portfolio is composed of Subordinated Euronotes with maturity within 31 to 180 days amounting to R$ 4,082,191 and over 365 days amounting to R$ 27,878,188 (R$ 30,709,688 at 12/31/2018), totaling R$ 31,960,379 (R$ 30,709,688 at 12/31/2018) and Debt Instruments Eligible as Capital with maturity over 365 days amounting to R$ 16,652,167 (R$ 7,701,570 at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 105

Description Principal amount Name of security / currency Issue Maturity Return p.a. Account balance (original currency) Subordinated financial bills - BRL (*) 1,000 2012 2020 111% of CDI 2,250 20,000 IPCA + 6% to 6.17% 48,716 6,000 2011 2021 109.25% to 110.5% of CDI 14,022 2,306,500 2012 2022 IPCA + 5.15% to 5.83% 4,994,259 20,000 IGPM + 4.63% 30,191 Total 5,089,438 (*) Subordinated euronotes - USD 1,000,000 2010 2020 6.2% 4,047,650 1,000,000 2021 5.75% 4,153,281 750,000 2011 2021 5.75% to 6.2% 3,033,000 550,000 2012 2021 6.2% 2,216,885 2,625,000 2022 5.5% to 5.65% 10,774,785 1,870,000 2023 5.13% 7,578,313 20,000 2017 6.12% 80,875 10,000 2018 6.5% 41,049 Total 31,925,838 Subordinated bonds - CLP 27,775,680 1997 2022 77,914 7.45% to 8.30% 177,559,956 2008 2033 3.50% to 4.92% 1,099,151 97,962,123 2009 2035 4.75% 814,262 1,060,249,500 2010 2032 4.35% 79,191 1,060,249,500 2035 3.90% to 3.96% 182,263 1,060,249,500 2036 4.48% 867,518 1,060,249,500 2038 3.9% 631,852 1,060,249,500 2040 4.15% to 4.29% 486,573 1,060,249,500 2042 4.45% 237,246 46,625,140 2014 2034 3.8% 309,303 Total 4,785,273 104,000 2013 2023 IPC + 2% 131,860 Subordinated bonds - COP 146,000 2028 IPC + 2% 181,535 510,107 2014 2024 LIB 695,654 Total 1,009,049 Debt instruments eligible as capital - USD 1,230,000 2017 Perpetual 6.12% 4,973,788 740,000 2018 Perpetual 6.5% 3,037,650 750,000 2019 2029 4.5% 3,038,140 Total 11,049,578 2,125,100 2019 Perpetual 114 % of SELIC 2,264,912 Debt instruments eligible as capital - BRL 924,900 SELIC + 1.17% to 1.19% 989,337 50,000 2028 CDI + 0.72% 50,374 2,280,200 2029 CDI + 0.75% 2,297,966 Total 5,602,589 Total 59,461,765 (*) Reference Equity on December 31, 2019 includes subordinated debts approved by BACEN prior to Resolution 4,192, of March 1, 2013, in the amount of R$ 36,626,970. In November 2019, ITAÚ UNIBANCO HOLDING issued in the international market US$ 750,000 in Subordinated Notes, equivalent to R$ 3,023,025 at December 31, 2019, and in the local market R$ 2,330,200 in Subordinated Financial Bills. There is a repurchase option for these subordinated debts as from 2024 and they are subject to approval by the Central Bank of Brazil for composition of Capital Tier II of ITAÚ UNIBANCO HOLDING CONSOLIDATED, with an estimated increase of 0.6 p.p. in its Total Capital. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 106 Description Principal amount Name of security / currency Issue Maturity Return p.a. Account balance (original currency) Subordinated financial bills - BRL (*) 1,000 2012 2020 111% of CDI 2,250 20,000 IPCA + 6% to 6.17% 48,716 6,000 2011 2021 109.25% to 110.5% of CDI 14,022 2,306,500 2012 2022 IPCA + 5.15% to 5.83% 4,994,259 20,000 IGPM + 4.63% 30,191 Total 5,089,438 (*) Subordinated euronotes - USD 1,000,000 2010 2020 6.2% 4,047,650 1,000,000 2021 5.75% 4,153,281 750,000 2011 2021 5.75% to 6.2% 3,033,000 550,000 2012 2021 6.2% 2,216,885 2,625,000 2022 5.5% to 5.65% 10,774,785 1,870,000 2023 5.13% 7,578,313 20,000 2017 6.12% 80,875 10,000 2018 6.5% 41,049 Total 31,925,838 Subordinated bonds - CLP 27,775,680 1997 2022 77,914 7.45% to 8.30% 177,559,956 2008 2033 3.50% to 4.92% 1,099,151 97,962,123 2009 2035 4.75% 814,262 1,060,249,500 2010 2032 4.35% 79,191 1,060,249,500 2035 3.90% to 3.96% 182,263 1,060,249,500 2036 4.48% 867,518 1,060,249,500 2038 3.9% 631,852 1,060,249,500 2040 4.15% to 4.29% 486,573 1,060,249,500 2042 4.45% 237,246 46,625,140 2014 2034 3.8% 309,303 Total 4,785,273 104,000 2013 2023 IPC + 2% 131,860 Subordinated bonds - COP 146,000 2028 IPC + 2% 181,535 510,107 2014 2024 LIB 695,654 Total 1,009,049 Debt instruments eligible as capital - USD 1,230,000 2017 Perpetual 6.12% 4,973,788 740,000 2018 Perpetual 6.5% 3,037,650 750,000 2019 2029 4.5% 3,038,140 Total 11,049,578 2,125,100 2019 Perpetual 114 % of SELIC 2,264,912 Debt instruments eligible as capital - BRL 924,900 SELIC + 1.17% to 1.19% 989,337 50,000 2028 CDI + 0.72% 50,374 2,280,200 2029 CDI + 0.75% 2,297,966 Total 5,602,589 Total 59,461,765 (*) Reference Equity on December 31, 2019 includes subordinated debts approved by BACEN prior to Resolution 4,192, of March 1, 2013, in the amount of R$ 36,626,970. In November 2019, ITAÚ UNIBANCO HOLDING issued in the international market US$ 750,000 in Subordinated Notes, equivalent to R$ 3,023,025 at December 31, 2019, and in the local market R$ 2,330,200 in Subordinated Financial Bills. There is a repurchase option for these subordinated debts as from 2024 and they are subject to approval by the Central Bank of Brazil for composition of Capital Tier II of ITAÚ UNIBANCO HOLDING CONSOLIDATED, with an estimated increase of 0.6 p.p. in its Total Capital. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 106

Note 8 - Insurance, private pension plan and capitalization operations In ITAÚ UNIBANCO HOLDING CONSOLIDATED, insurance premiums, coinsurance accepted and selling expenses are accounted for on the issue of the insurance policy or over the life of the insurance cover, through the recognition or reversal of provision for unearned premiums and deferred selling expenses. Interest arising from insurance premiums paid in installments is accounted for as incurred. Revenues from pension contributions, gross revenue from premium bonds and the respective technical provisions are recognized upon receipt. Technical provisions are aimed at reducing the risks involved in insurance contracts, private pension plans and capitalization, and are recognized according to the technical notes approved by SUSEP. I - Insurance and private pension plan: · Provision for unearned premiums (PPNG) – this provision is set up on insurance premiums, to cover amounts payable for future claims and expenses. In the calculation, the term to maturity of risks assumed and issued and risks in effect but not issued (PPNG-RVNE) in the policies or endorsements of contracts in force is taken pro rata on a daily basis; · Provision for unsettled claims (PSL) - this provision is to cover expected amounts for reported and unpaid claims, including administrative and judicial claims. It includes amounts related to indemnities, reserve funds and past-due income, all gross of reinsurance operations and net of coinsurance operations. When necessary, it must cover adjustments for IBNER (claims incurred but not sufficiently reported) for the total of claims reported but not yet paid, a total which may change during the process up to final settlement; · Provision for claims incurred and not reported (IBNR) - this provision is recognized for the coverage of expected amounts for settlement of claims incurred but not reported up to the calculation base date, including administrative and judicial claims. It includes amounts related to indemnities, reserve funds and income, all gross of reinsurance operations and net of coinsurance operations; · Mathematical provisions for benefits to be granted (PMBAC) - recognized for the coverage of commitments assumed to participants or policyholders, based on the provisions of the contract, while the event that gives rise to the benefit and/or indemnity has not occurred; · Mathematical provisions for granted benefits (PMBC) - recognized for the coverage of commitments to pay indemnities and/or benefits to participants or insured parties, based on the provisions of the contract, after the event has occurred; · Provision for financial surplus (PEF) - it is recognized to guarantee amounts intended for the distribution of financial surplus, if provided for in the contract. Corresponds to the financial income exceeding the minimum return guaranteed in the product; · Supplemental Coverage Reserve (PCC) - recognized when technical reserves are found to be insufficient, as shown by the Liability Adequacy Test, as provided for in the regulations; · Provision for redemptions and other amounts to be regularized (PVR) - this provision is recognized for the coverage of amounts related to redemptions to be regularized, returned premiums or funds, transfers requested but, for any reason, not yet transferred to the recipient insurance company or open private pension entity, and where premiums have been received but not quoted; · Provision for related expenses (PDR) - recognized for the coverage of expected amounts related to expenses on benefits and indemnities, due to events which have occurred or will occur. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 107 Note 8 - Insurance, private pension plan and capitalization operations In ITAÚ UNIBANCO HOLDING CONSOLIDATED, insurance premiums, coinsurance accepted and selling expenses are accounted for on the issue of the insurance policy or over the life of the insurance cover, through the recognition or reversal of provision for unearned premiums and deferred selling expenses. Interest arising from insurance premiums paid in installments is accounted for as incurred. Revenues from pension contributions, gross revenue from premium bonds and the respective technical provisions are recognized upon receipt. Technical provisions are aimed at reducing the risks involved in insurance contracts, private pension plans and capitalization, and are recognized according to the technical notes approved by SUSEP. I - Insurance and private pension plan: · Provision for unearned premiums (PPNG) – this provision is set up on insurance premiums, to cover amounts payable for future claims and expenses. In the calculation, the term to maturity of risks assumed and issued and risks in effect but not issued (PPNG-RVNE) in the policies or endorsements of contracts in force is taken pro rata on a daily basis; · Provision for unsettled claims (PSL) - this provision is to cover expected amounts for reported and unpaid claims, including administrative and judicial claims. It includes amounts related to indemnities, reserve funds and past-due income, all gross of reinsurance operations and net of coinsurance operations. When necessary, it must cover adjustments for IBNER (claims incurred but not sufficiently reported) for the total of claims reported but not yet paid, a total which may change during the process up to final settlement; · Provision for claims incurred and not reported (IBNR) - this provision is recognized for the coverage of expected amounts for settlement of claims incurred but not reported up to the calculation base date, including administrative and judicial claims. It includes amounts related to indemnities, reserve funds and income, all gross of reinsurance operations and net of coinsurance operations; · Mathematical provisions for benefits to be granted (PMBAC) - recognized for the coverage of commitments assumed to participants or policyholders, based on the provisions of the contract, while the event that gives rise to the benefit and/or indemnity has not occurred; · Mathematical provisions for granted benefits (PMBC) - recognized for the coverage of commitments to pay indemnities and/or benefits to participants or insured parties, based on the provisions of the contract, after the event has occurred; · Provision for financial surplus (PEF) - it is recognized to guarantee amounts intended for the distribution of financial surplus, if provided for in the contract. Corresponds to the financial income exceeding the minimum return guaranteed in the product; · Supplemental Coverage Reserve (PCC) - recognized when technical reserves are found to be insufficient, as shown by the Liability Adequacy Test, as provided for in the regulations; · Provision for redemptions and other amounts to be regularized (PVR) - this provision is recognized for the coverage of amounts related to redemptions to be regularized, returned premiums or funds, transfers requested but, for any reason, not yet transferred to the recipient insurance company or open private pension entity, and where premiums have been received but not quoted; · Provision for related expenses (PDR) - recognized for the coverage of expected amounts related to expenses on benefits and indemnities, due to events which have occurred or will occur. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 107

II - Capitalization: · Mathematical provision for capitalization (PMC) - recognized until the event triggering the benefit occurs, and covers of the portion of the amounts collected for capitalization; · Provision for redemption (PR) - recognized from the date of the event triggering the redemption of the certificate and/or the event triggering the distribution of the bonus until the date of financial settlement, or the date on which the evidence of payment of the obligation is received; · Provision for prize draws to be held (PSR) - recognized for each bond for which prize draws have been funded, but which, on the recognition date, had not yet been held; · Provision for prize draws payable (PSP) - recognized from the date when a prize draw is held until the date of financial settlement, or the date when the evidence of payment of the obligation is received; · Supplementary provision for prize draws (PCS) - recognized to supplement the provision for prize draws to be held. Used for coverage of possible shortfall on the expected amount of prize draws to be held; · Provision for administrative expenses (PDA) - recognized for the coverage of the expected amounts of administrative expenses for the capitalization plans. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 108 II - Capitalization: · Mathematical provision for capitalization (PMC) - recognized until the event triggering the benefit occurs, and covers of the portion of the amounts collected for capitalization; · Provision for redemption (PR) - recognized from the date of the event triggering the redemption of the certificate and/or the event triggering the distribution of the bonus until the date of financial settlement, or the date on which the evidence of payment of the obligation is received; · Provision for prize draws to be held (PSR) - recognized for each bond for which prize draws have been funded, but which, on the recognition date, had not yet been held; · Provision for prize draws payable (PSP) - recognized from the date when a prize draw is held until the date of financial settlement, or the date when the evidence of payment of the obligation is received; · Supplementary provision for prize draws (PCS) - recognized to supplement the provision for prize draws to be held. Used for coverage of possible shortfall on the expected amount of prize draws to be held; · Provision for administrative expenses (PDA) - recognized for the coverage of the expected amounts of administrative expenses for the capitalization plans. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 108

a) Composition of the technical provisions Insurance Pension plan Capitalization Total 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 Unearned premiums (PPNG) 2,342,666 2,111,117 12,707 13,330 - - 2,355,373 2,124,447 Mathematical provision of benefits to be granted (PMBAC) and benefits granted (PMBC) 204,495 194,828 212,274,240 195,348,075 - - 212,478,735 195,542,903 Redemptions and other unsettled amounts (PVR) 13,123 12,291 317,708 298,188 - - 330,831 310,479 Financial surplus (PEF) 1,964 1,936 610,514 604,924 - - 612,478 606,860 Unsettled claims (PSL) 570,144 642,498 46,972 42,174 - - 617,116 684,672 Claims / events incurred but not reported (IBNR) 277,422 253,599 21,711 24,571 - - 299,133 278,170 Administrative (PDA) and related expenses (PDR) 28,290 30,661 88,857 98,272 3,535 6,820 120,682 135,753 Mathematical provision for capitalization (PMC) and redemption (PR) - - - - 3,434,098 3,400,844 3,434,098 3,400,844 Prize draws payable (PSP) and to be held (PSR) - - - - 12,048 14,320 12,048 14,320 Other provisions 134,460 134,228 270,816 184,369 174 182 405,450 318,779 Total technical provisions (a) 3,572,564 3,381,158 213,643,525 196,613,903 3,449,855 3,422,166 220,665,944 203,417,227 b) Assets guaranteeing technical provisions Insurance Pension plan Capitalization Total 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 Interbank investments – money market 280,153 494,406 240,263 517,588 545,542 1,544,551 1,065,958 2,556,545 2,482,623 2,217,845 214,700,213 197,813,652 3,088,280 2,071,434 220,271,116 202,102,931 Securities and derivative financial instruments (1) PGBL / VGBL fund quotas - - 204,530,018 188,068,807 - - 204,530,018 188,068,807 Government securities - Brazil - - 171,059,120 161,810,674 - - 171,059,120 161,810,674 National treasury bills, Financial treasury bills and National treasury notes - - 157,162,135 147,007,252 - - 157,162,135 147,007,252 Repurchase agreements - - 13,896,985 14,803,422 - - 13,896,985 14,803,422 - - 29,031,830 25,579,835 - - 29,031,830 25,579,835 Corporate securities Shares, Repurchase Agreements, Debentures, Bank Deposit Certificates and - - 12,922,841 7,565,663 - - 12,922,841 7,565,663 Promissory Notes Financial treasury bills - - 16,074,097 18,005,760 - - 16,074,097 18,005,760 Other - - 34,892 8,412 - - 34,892 8,412 PGBL / VGBL fund quotas - - 4,036,408 946,993 - - 4,036,408 946,993 (2) Other Bonds - - 402,660 (268,695) - - 402,660 (268,695) 2,482,623 2,217,845 10,170,195 9,744,845 3,088,280 2,071,434 15,741,098 14,034,124 Other government securities and private securities (3) 1,056,600 1,154,010 - - - - 1,056,600 1,154,010 Receivables from insurance and reinsurance operations Credit rights 843,687 991,891 - - - - 843,687 991,891 Other credit 212,913 162,119 - - - - 212,913 162,119 Total Guarantee Assets (b) 3,819,376 3,866,261 214,940,476 198,331,240 3,633,822 3,615,985 222,393,674 205,813,486 Total Excess Coverage (b-a) 246,812 485,103 1,296,951 1,717,337 183,967 193,819 1,727,730 2,396,259 (1) The PGBL and VGBL plans securities portfolios, the ownership and embedded risks of which are the customer’s responsibility, are recorded as securities – trading securities, with a counter-entry to lliabilitie in Pension plan technical provision accounts (Note 8a); (2) Includes Derivative financial instruments, Share Loans and Accounts Receivable/Payable; (3) Recorded under Other receivables and Other assets. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 109 a) Composition of the technical provisions Insurance Pension plan Capitalization Total 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 Unearned premiums (PPNG) 2,342,666 2,111,117 12,707 13,330 - - 2,355,373 2,124,447 Mathematical provision of benefits to be granted (PMBAC) and benefits granted (PMBC) 204,495 194,828 212,274,240 195,348,075 - - 212,478,735 195,542,903 Redemptions and other unsettled amounts (PVR) 13,123 12,291 317,708 298,188 - - 330,831 310,479 Financial surplus (PEF) 1,964 1,936 610,514 604,924 - - 612,478 606,860 Unsettled claims (PSL) 570,144 642,498 46,972 42,174 - - 617,116 684,672 Claims / events incurred but not reported (IBNR) 277,422 253,599 21,711 24,571 - - 299,133 278,170 Administrative (PDA) and related expenses (PDR) 28,290 30,661 88,857 98,272 3,535 6,820 120,682 135,753 Mathematical provision for capitalization (PMC) and redemption (PR) - - - - 3,434,098 3,400,844 3,434,098 3,400,844 Prize draws payable (PSP) and to be held (PSR) - - - - 12,048 14,320 12,048 14,320 Other provisions 134,460 134,228 270,816 184,369 174 182 405,450 318,779 Total technical provisions (a) 3,572,564 3,381,158 213,643,525 196,613,903 3,449,855 3,422,166 220,665,944 203,417,227 b) Assets guaranteeing technical provisions Insurance Pension plan Capitalization Total 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 Interbank investments – money market 280,153 494,406 240,263 517,588 545,542 1,544,551 1,065,958 2,556,545 2,482,623 2,217,845 214,700,213 197,813,652 3,088,280 2,071,434 220,271,116 202,102,931 Securities and derivative financial instruments (1) PGBL / VGBL fund quotas - - 204,530,018 188,068,807 - - 204,530,018 188,068,807 Government securities - Brazil - - 171,059,120 161,810,674 - - 171,059,120 161,810,674 National treasury bills, Financial treasury bills and National treasury notes - - 157,162,135 147,007,252 - - 157,162,135 147,007,252 Repurchase agreements - - 13,896,985 14,803,422 - - 13,896,985 14,803,422 - - 29,031,830 25,579,835 - - 29,031,830 25,579,835 Corporate securities Shares, Repurchase Agreements, Debentures, Bank Deposit Certificates and - - 12,922,841 7,565,663 - - 12,922,841 7,565,663 Promissory Notes Financial treasury bills - - 16,074,097 18,005,760 - - 16,074,097 18,005,760 Other - - 34,892 8,412 - - 34,892 8,412 PGBL / VGBL fund quotas - - 4,036,408 946,993 - - 4,036,408 946,993 (2) Other Bonds - - 402,660 (268,695) - - 402,660 (268,695) 2,482,623 2,217,845 10,170,195 9,744,845 3,088,280 2,071,434 15,741,098 14,034,124 Other government securities and private securities (3) 1,056,600 1,154,010 - - - - 1,056,600 1,154,010 Receivables from insurance and reinsurance operations Credit rights 843,687 991,891 - - - - 843,687 991,891 Other credit 212,913 162,119 - - - - 212,913 162,119 Total Guarantee Assets (b) 3,819,376 3,866,261 214,940,476 198,331,240 3,633,822 3,615,985 222,393,674 205,813,486 Total Excess Coverage (b-a) 246,812 485,103 1,296,951 1,717,337 183,967 193,819 1,727,730 2,396,259 (1) The PGBL and VGBL plans securities portfolios, the ownership and embedded risks of which are the customer’s responsibility, are recorded as securities – trading securities, with a counter-entry to lliabilitie in Pension plan technical provision accounts (Note 8a); (2) Includes Derivative financial instruments, Share Loans and Accounts Receivable/Payable; (3) Recorded under Other receivables and Other assets. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 109

c) Financial and operating income Insurance Pension plan Capitalization Total 01/01 to 12/31/2019 01/01 to 12/31/2018 01/01 to 12/31/2019 01/01 to 12/31/2018 01/01 to 01/01 to 01/01 to 01/01 to Direct Reinsurance Withheld Direct Reinsurance Withheld 12/31/2019 12/31/2018 12/31/2019 12/31/2018 Direct Reinsurance Withheld Direct Reinsurance Withheld Financial income 164,971 - 164,971 107,457 - 107,457 373,854 - 373,854 395,863 - 395,863 68,030 27,010 606,855 530,330 Financial revenues 181,556 - 181,556 120,303 - 120,303 16,886,946 - 16,886,946 12,023,481 - 12,023,481 257,967 201,792 17,326,469 12,345,576 Financial expenses (1 6,585) - (16,585) (12,846) - (1 2,846) (1 6,513,092) - (16,513,092) (11,627,618) - (11,627,618) (1 89,937) (1 74,782) (16,719,614) (11,815,246) Operating income 3,026,238 1,873 3,028,111 2,697,261 15,660 2,712,921 98,664 (156) 98,508 286,653 (3,757) 282,896 452,274 479,351 3,578,893 3,475,168 Revenues from premiums and contributions 4,640,454 (20,018) 4,620,436 4,344,962 (9,002) 4,335,960 15,006,206 (3,227) 15,002,979 19,764,529 (3,757) 19,760,772 2,597,782 2,637,225 22,221,197 26,733,957 Changes in technical provisions (2 45,153) 213 (244,940) (258,353) (1,525) (2 59,878) (1 4,809,989) - (14,809,989) (19,389,279) - (19,389,279) 3,285 4,548 (15,051,644) (19,644,609) Expenses with claims, benefits, redemptions and prize draws (1 ,317,021) 21,382 (1,295,639) (1,253,829) 26,007 (1,227,822) (9 2,423) 3,071 (89,352) (81,284) - (81,284) (2 ,163,769) (2,171,340) (3,548,760) (3,480,446) Selling expenses (1 7,919) 296 (17,623) (59,899) 180 (59,719) (3 ,988) - (3,988) (3,761) - (3,761) (3,751) (4,594) (25,362) (68,074) Other operating revenues and expenses (3 4,123) - (34,123) (75,620) - (75,620) (1 ,142) - (1,142) (3,552) - (3,552) 18,727 13,512 (16,538) (65,660) Total income 3,191,209 1,873 3,193,082 2,804,718 15,660 2,820,378 472,518 (156) 472,362 682,516 (3,757) 678,759 520,304 506,361 4,185,748 4,005,498 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 110 c) Financial and operating income Insurance Pension plan Capitalization Total 01/01 to 12/31/2019 01/01 to 12/31/2018 01/01 to 12/31/2019 01/01 to 12/31/2018 01/01 to 01/01 to 01/01 to 01/01 to Direct Reinsurance Withheld Direct Reinsurance Withheld 12/31/2019 12/31/2018 12/31/2019 12/31/2018 Direct Reinsurance Withheld Direct Reinsurance Withheld Financial income 164,971 - 164,971 107,457 - 107,457 373,854 - 373,854 395,863 - 395,863 68,030 27,010 606,855 530,330 Financial revenues 181,556 - 181,556 120,303 - 120,303 16,886,946 - 16,886,946 12,023,481 - 12,023,481 257,967 201,792 17,326,469 12,345,576 Financial expenses (1 6,585) - (16,585) (12,846) - (1 2,846) (1 6,513,092) - (16,513,092) (11,627,618) - (11,627,618) (1 89,937) (1 74,782) (16,719,614) (11,815,246) Operating income 3,026,238 1,873 3,028,111 2,697,261 15,660 2,712,921 98,664 (156) 98,508 286,653 (3,757) 282,896 452,274 479,351 3,578,893 3,475,168 Revenues from premiums and contributions 4,640,454 (20,018) 4,620,436 4,344,962 (9,002) 4,335,960 15,006,206 (3,227) 15,002,979 19,764,529 (3,757) 19,760,772 2,597,782 2,637,225 22,221,197 26,733,957 Changes in technical provisions (2 45,153) 213 (244,940) (258,353) (1,525) (2 59,878) (1 4,809,989) - (14,809,989) (19,389,279) - (19,389,279) 3,285 4,548 (15,051,644) (19,644,609) Expenses with claims, benefits, redemptions and prize draws (1 ,317,021) 21,382 (1,295,639) (1,253,829) 26,007 (1,227,822) (9 2,423) 3,071 (89,352) (81,284) - (81,284) (2 ,163,769) (2,171,340) (3,548,760) (3,480,446) Selling expenses (1 7,919) 296 (17,623) (59,899) 180 (59,719) (3 ,988) - (3,988) (3,761) - (3,761) (3,751) (4,594) (25,362) (68,074) Other operating revenues and expenses (3 4,123) - (34,123) (75,620) - (75,620) (1 ,142) - (1,142) (3,552) - (3,552) 18,727 13,512 (16,538) (65,660) Total income 3,191,209 1,873 3,193,082 2,804,718 15,660 2,820,378 472,518 (156) 472,362 682,516 (3,757) 678,759 520,304 506,361 4,185,748 4,005,498 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 110

Note 9 - Contingent Assets and Liabilities, Provisions and Legal Obligations In the ordinary course of its business, ITAÚ UNIBANCO HOLDING CONSOLIDATED may be a party to legal proceedings to labor, civil and tax nature. The contingencies related to these lawsuits are classified as follows: a) Contingent Assets: There are no contingent assets recorded. b) Provisions and contingencies: The criteria to quantify of provisions for contingencies are adequate in relation to the specific characteristics of civil, labor and tax lawsuits portfolios, as well as other risks, taking into consideration the opinion of its legal advisors, the nature of the lawsuits, the similarity with previous lawsuits and the prevailing previous court decisions. A provision is recognized whenever the loss is classified as probable. Legal liabilities arise from lawsuits filed to discuss the legality and unconstitutionality of the legislation in force, being subject to an accounting provision. I- Civil lawsuits In general, provisions and contingencies arise from claims related to the revision of contracts and compensation for material and moral damages. The lawsuits are classified as follows: Collective lawsuits: Related to claims of a similar nature and with individual amounts that are not considered significant. Provisions are calculated on a monthly basis and the expected amount of losses is accrued according to statistical references that take into account the nature of the lawsuit and the characteristics of the court (Small Claims Court or Regular Court). Contingencies and provisions are adjusted to reflect the amounts deposited into court as guarantee for their execution when realized. Individual lawsuits: Related to claims with unusual characteristics or involving significant amounts. The probability of loss is ascertained periodically, based on the amount claimed and the special nature of each case. The amounts considered as probable losses are recorded as provisions. ITAÚ UNIBANCO HOLDING CONSOLIDATED, despite having complied with the rules in force at the time, is a defendant in lawsuits filed by individuals referring to payment of inflation adjustments to savings accounts resulting from economic plants implemented in the 1980s and the 1990s, as well as in collective lawsuits filed by: (i) consumer protection associations; and (ii) the Public Attorney’s Office, on behalf of the savings accounts holders. ITAÚ UNIBANCO HOLDING CONSOLIDATED recognizes provisions upon receipt of summons, and when individuals demand the enforcement of a ruling handed down by the courts, using the same criteria as for provisions for individual lawsuits. The Federal Supreme Court (STF) has issued some decisions favorable to savings account holders, but it has not established its understanding with respect to the constitutionality of the economic plans and their applicability to savings accounts. Currently, the appeals involving these matters are suspended, by order of the STF, until it pronounces its final decision. In December 2017, through mediation of the Federal Attorney’s Office (AGU) and supervision of the BACEN, savers (represented by two civil associations, FEBRAPO and IDEC) and FEBRABAN entered into an instrument of agreement aiming at resolving lawsuits related the economic plans, and ITAÚ UNIBANCO HOLDING CONSOLIDATED has already accepted its terms. The agreement was approved on March 1, 2018, at a Plenary Session on the Federal Supreme Court (STF), with the legal actions accordingly being cancelled. Savers have 24 months from May 22, 2018 to accept the settlement. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 111 Note 9 - Contingent Assets and Liabilities, Provisions and Legal Obligations In the ordinary course of its business, ITAÚ UNIBANCO HOLDING CONSOLIDATED may be a party to legal proceedings to labor, civil and tax nature. The contingencies related to these lawsuits are classified as follows: a) Contingent Assets: There are no contingent assets recorded. b) Provisions and contingencies: The criteria to quantify of provisions for contingencies are adequate in relation to the specific characteristics of civil, labor and tax lawsuits portfolios, as well as other risks, taking into consideration the opinion of its legal advisors, the nature of the lawsuits, the similarity with previous lawsuits and the prevailing previous court decisions. A provision is recognized whenever the loss is classified as probable. Legal liabilities arise from lawsuits filed to discuss the legality and unconstitutionality of the legislation in force, being subject to an accounting provision. I- Civil lawsuits In general, provisions and contingencies arise from claims related to the revision of contracts and compensation for material and moral damages. The lawsuits are classified as follows: Collective lawsuits: Related to claims of a similar nature and with individual amounts that are not considered significant. Provisions are calculated on a monthly basis and the expected amount of losses is accrued according to statistical references that take into account the nature of the lawsuit and the characteristics of the court (Small Claims Court or Regular Court). Contingencies and provisions are adjusted to reflect the amounts deposited into court as guarantee for their execution when realized. Individual lawsuits: Related to claims with unusual characteristics or involving significant amounts. The probability of loss is ascertained periodically, based on the amount claimed and the special nature of each case. The amounts considered as probable losses are recorded as provisions. ITAÚ UNIBANCO HOLDING CONSOLIDATED, despite having complied with the rules in force at the time, is a defendant in lawsuits filed by individuals referring to payment of inflation adjustments to savings accounts resulting from economic plants implemented in the 1980s and the 1990s, as well as in collective lawsuits filed by: (i) consumer protection associations; and (ii) the Public Attorney’s Office, on behalf of the savings accounts holders. ITAÚ UNIBANCO HOLDING CONSOLIDATED recognizes provisions upon receipt of summons, and when individuals demand the enforcement of a ruling handed down by the courts, using the same criteria as for provisions for individual lawsuits. The Federal Supreme Court (STF) has issued some decisions favorable to savings account holders, but it has not established its understanding with respect to the constitutionality of the economic plans and their applicability to savings accounts. Currently, the appeals involving these matters are suspended, by order of the STF, until it pronounces its final decision. In December 2017, through mediation of the Federal Attorney’s Office (AGU) and supervision of the BACEN, savers (represented by two civil associations, FEBRAPO and IDEC) and FEBRABAN entered into an instrument of agreement aiming at resolving lawsuits related the economic plans, and ITAÚ UNIBANCO HOLDING CONSOLIDATED has already accepted its terms. The agreement was approved on March 1, 2018, at a Plenary Session on the Federal Supreme Court (STF), with the legal actions accordingly being cancelled. Savers have 24 months from May 22, 2018 to accept the settlement. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 111

II- Labor claims Provisions for contingencies arise from lawsuits in which labor rights provided for in labor legislation specific to the related profession are discussed, such as: overtime, salary equalization, reinstatement, transfer allowance and, pension plan supplement. These lawsuits are classified as follows: Collective lawsuits: related to claims considered similar and with individual amounts that are not considered significant. The expected amount of loss is determined and accrued on a monthly basis in accordance with a statistical model which calculates the amount of the claims, and is reassessed taking into account court rulings. Provisions for contingencies are adjusted to reflect the amounts deposited into court as security for execution. Individual lawsuits: related to claims with unusual characteristics or involving significant amounts. These are periodically calculated based on the amounts claimed. The probability of loss is estimated in accordance with the actual and legal characteristics of each lawsuit. III- Other Risks These are quantified and accrued on the basis of the value of rural credit transactions with joint liability and FCVS (salary variations compensation fund) credits assigned to Banco Nacional. Below are the changes in civil, labor and other risks provisions: 01/01 to 01/01 to 12/31/2019 12/31/2018 Other Civil Labor Total Total Opening balance 4,426,020 6,820,919 573,198 11,820,137 12,732,945 (-) Provisions guaranteed by indemnity clauses (Note 3n) (226,179) ( 956,819) - ( 1,182,998) (1,240,767) Subtotal 4,199,841 5,864,100 573,198 10,637,139 11,492,178 Monetary restatement/charges 122,535 1,023,672 - 1,146,207 653,941 Changes in the period reflected in results (Note 10g and 10i) 726,469 3,160,435 402,401 4,289,305 2,723,361 (*) 1,177,293 3,325,126 434,725 4,937,144 3,349,440 Increase Reversal (450,824) (164,691) (32,324) ( 647,839) (626,079) Payment (1,631,382) (2,448,838) - (4,080,220) (4,232,341) Subtotal 3,417,463 7,599,369 975,599 11,992,431 10,637,139 (+) Provisions guaranteed by indemnity clauses (Note 3n) 216,209 979,871 - 1,196,080 1,182,998 Closing balance (Note 10d) 3,633,672 8,579,240 975,599 13,188,511 11,820,137 Closing balance at 12/31/2018 4,426,020 6,820,919 573,198 11,820,137 (*) Includes the effects of the Voluntary Severance Program. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 112 II- Labor claims Provisions for contingencies arise from lawsuits in which labor rights provided for in labor legislation specific to the related profession are discussed, such as: overtime, salary equalization, reinstatement, transfer allowance and, pension plan supplement. These lawsuits are classified as follows: Collective lawsuits: related to claims considered similar and with individual amounts that are not considered significant. The expected amount of loss is determined and accrued on a monthly basis in accordance with a statistical model which calculates the amount of the claims, and is reassessed taking into account court rulings. Provisions for contingencies are adjusted to reflect the amounts deposited into court as security for execution. Individual lawsuits: related to claims with unusual characteristics or involving significant amounts. These are periodically calculated based on the amounts claimed. The probability of loss is estimated in accordance with the actual and legal characteristics of each lawsuit. III- Other Risks These are quantified and accrued on the basis of the value of rural credit transactions with joint liability and FCVS (salary variations compensation fund) credits assigned to Banco Nacional. Below are the changes in civil, labor and other risks provisions: 01/01 to 01/01 to 12/31/2019 12/31/2018 Other Civil Labor Total Total Opening balance 4,426,020 6,820,919 573,198 11,820,137 12,732,945 (-) Provisions guaranteed by indemnity clauses (Note 3n) (226,179) ( 956,819) - ( 1,182,998) (1,240,767) Subtotal 4,199,841 5,864,100 573,198 10,637,139 11,492,178 Monetary restatement/charges 122,535 1,023,672 - 1,146,207 653,941 Changes in the period reflected in results (Note 10g and 10i) 726,469 3,160,435 402,401 4,289,305 2,723,361 (*) 1,177,293 3,325,126 434,725 4,937,144 3,349,440 Increase Reversal (450,824) (164,691) (32,324) ( 647,839) (626,079) Payment (1,631,382) (2,448,838) - (4,080,220) (4,232,341) Subtotal 3,417,463 7,599,369 975,599 11,992,431 10,637,139 (+) Provisions guaranteed by indemnity clauses (Note 3n) 216,209 979,871 - 1,196,080 1,182,998 Closing balance (Note 10d) 3,633,672 8,579,240 975,599 13,188,511 11,820,137 Closing balance at 12/31/2018 4,426,020 6,820,919 573,198 11,820,137 (*) Includes the effects of the Voluntary Severance Program. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 112

IV- Tax and social security lawsuits Tax provisions correspond to the principal amount of taxes involved in administrative or judicial tax arguments, subject to tax assessment notices, plus interest and, when applicable, fines and charges. The table below shows the changes in the provisions: 01/01 to 01/01 to 12/31/2019 12/31/2018 Legal Tax Lawsuits obligation Total Total (Note 10d) (Note 11c) Opening balance 4,691,011 2,101,611 6,792,622 7,003,159 (-) Provisions guaranteed by indemnity clauses (Note 3n) - (68,178) (68,178) (66,190) Subtotal 4,691,011 2,033,433 6,724,444 6,936,969 Monetary restatement / charges 139,906 640,326 780,232 384,233 Changes in the period reflected in results 9,705 832,941 842,646 (259,401) Increase 200,987 933,661 1,134,648 391,726 Reversal (191,282) (100,720) (292,002) (651,127) Payment (5,913) (145,202) (151,115) (337,357) Subtotal 4,834,709 3,361,498 8,196,207 6,724,444 (+) Provisions guaranteed by indemnity clauses (Note 3n) - 69,645 69,645 68,178 Closing balance 4,834,709 3,431,143 8,265,852 6,792,622 Closing balance at 12/31/2018 4,691,011 2,101,611 6,792,622 The main discussions related to Tax and Tax Lawsuits and Legal Obligations are described below: · INSS – Non-compensatory Amounts – R$ 1,912,705: the non-levy of social security contribution on amounts paid as profit sharing is defended. The balance of the court deposit is R$ 671,478; · CSLL – Isonomy – R$ 1,388,896: the lack of constitutional support for the increase, established by Law 11,727/08, in the CSLL rate for financial and insurance companies from 9% to 15% is being challenged. The balance of the court deposit totals R$ 1,378,813; · PIS and COFINS – Calculation Basis – R$ 639,711: defending the levy of PIS and COFINS on revenue, a tax on revenue from the sales of assets and services. The balance of the court deposit is R$ 610,658. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 113 IV- Tax and social security lawsuits Tax provisions correspond to the principal amount of taxes involved in administrative or judicial tax arguments, subject to tax assessment notices, plus interest and, when applicable, fines and charges. The table below shows the changes in the provisions: 01/01 to 01/01 to 12/31/2019 12/31/2018 Legal Tax Lawsuits obligation Total Total (Note 10d) (Note 11c) Opening balance 4,691,011 2,101,611 6,792,622 7,003,159 (-) Provisions guaranteed by indemnity clauses (Note 3n) - (68,178) (68,178) (66,190) Subtotal 4,691,011 2,033,433 6,724,444 6,936,969 Monetary restatement / charges 139,906 640,326 780,232 384,233 Changes in the period reflected in results 9,705 832,941 842,646 (259,401) Increase 200,987 933,661 1,134,648 391,726 Reversal (191,282) (100,720) (292,002) (651,127) Payment (5,913) (145,202) (151,115) (337,357) Subtotal 4,834,709 3,361,498 8,196,207 6,724,444 (+) Provisions guaranteed by indemnity clauses (Note 3n) - 69,645 69,645 68,178 Closing balance 4,834,709 3,431,143 8,265,852 6,792,622 Closing balance at 12/31/2018 4,691,011 2,101,611 6,792,622 The main discussions related to Tax and Tax Lawsuits and Legal Obligations are described below: · INSS – Non-compensatory Amounts – R$ 1,912,705: the non-levy of social security contribution on amounts paid as profit sharing is defended. The balance of the court deposit is R$ 671,478; · CSLL – Isonomy – R$ 1,388,896: the lack of constitutional support for the increase, established by Law 11,727/08, in the CSLL rate for financial and insurance companies from 9% to 15% is being challenged. The balance of the court deposit totals R$ 1,378,813; · PIS and COFINS – Calculation Basis – R$ 639,711: defending the levy of PIS and COFINS on revenue, a tax on revenue from the sales of assets and services. The balance of the court deposit is R$ 610,658. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 113

c) Contingencies not provided for in the Balance Sheet Amounts involved in administrative and judicial arguments with the risk of loss estimated as possible are not provided for and they are basically composed of: I- Civil and Labor Claims In Civil Lawsuits with possible loss, total estimated risk is R$ 4,263,722 (R$ 3,879,355 at 12/31/2018), and in this total there are no amounts arising from interests in Joint Ventures. For Labor Claims with possible loss, estimated risk is R$ 251,446 (R$ 176,922 at 12/31/2018). II - Tax proceedings: The tax proceedings of possible loss totaled R$ 28,958,862, and the main cases are described below: · INSS – Non-compensatory Amounts – R$ 5,008,643: defends the non-levy of this contribution on these amounts, among which are profit sharing and stock options; · IRPJ, CSLL, PIS and COFINS – Funding Expenses – R$ 4,114,848: the deductibility of raising costs (Interbank Deposits rates) for funds that were capitalized between Group companies; · IRPJ and CSLL – Goodwill – Deduction – R$ 3,307,068: the deductibility of goodwill for future expected profitability on the acquisition of investments; · ISS – Banking Activities – R$ 3,239,142: the levy and/or payment place of ISS for certain banking revenues are discussed; · PIS and COFINS - Reversal of Revenues from Depreciation in Excess – R$ 2,198,578: discussing the accounting and tax treatment of PIS and COFINS upon settlement of leasing operations; · IRPJ, CSLL, PIS and COFINS – Requests for Offsetting Dismissed - R$ 1,761,883: cases in which the liquidity and the certainty of credits offset are discussed; · IRPJ and CSLL – Disallowance of Losses – R$ R$ 1,163,611: discussion on the amount of tax loss (IRPJ) and/or social contribution (CSLL) tax loss carryforwards used by the Federal Revenue Service when drawing up tax assessment notes that are still pending a final decision; · IRPJ and CSLL – Deductibility of Losses in Credit Operations – R$ 685,400: assessments to require the payment of IRPJ and CSLL due to the alleged non-observance of the legal criteria for the deduction of losses on receipt of credits. d) Accounts receivables – Reimbursement of provisions The receivables balance arising from reimbursements of contingencies totals R$ 977,517 (R$ 998,575 at 12/31/2018) (Note 10a), arising basically from the collateral established in Banco Banerj S.A. privatization process occurred in 1997, when the State of Rio de Janeiro created a fund to guarantee the equity recomposition in provisions for Civil, Labor and Tax Claims. e) Guarantees of contingencies, provisions and legal obligations The guarantees related to legal proceedings involving ITAÚ UNIBANCO HOLDING CONSOLIDATED and basically consist of: Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 114 c) Contingencies not provided for in the Balance Sheet Amounts involved in administrative and judicial arguments with the risk of loss estimated as possible are not provided for and they are basically composed of: I- Civil and Labor Claims In Civil Lawsuits with possible loss, total estimated risk is R$ 4,263,722 (R$ 3,879,355 at 12/31/2018), and in this total there are no amounts arising from interests in Joint Ventures. For Labor Claims with possible loss, estimated risk is R$ 251,446 (R$ 176,922 at 12/31/2018). II - Tax proceedings: The tax proceedings of possible loss totaled R$ 28,958,862, and the main cases are described below: · INSS – Non-compensatory Amounts – R$ 5,008,643: defends the non-levy of this contribution on these amounts, among which are profit sharing and stock options; · IRPJ, CSLL, PIS and COFINS – Funding Expenses – R$ 4,114,848: the deductibility of raising costs (Interbank Deposits rates) for funds that were capitalized between Group companies; · IRPJ and CSLL – Goodwill – Deduction – R$ 3,307,068: the deductibility of goodwill for future expected profitability on the acquisition of investments; · ISS – Banking Activities – R$ 3,239,142: the levy and/or payment place of ISS for certain banking revenues are discussed; · PIS and COFINS - Reversal of Revenues from Depreciation in Excess – R$ 2,198,578: discussing the accounting and tax treatment of PIS and COFINS upon settlement of leasing operations; · IRPJ, CSLL, PIS and COFINS – Requests for Offsetting Dismissed - R$ 1,761,883: cases in which the liquidity and the certainty of credits offset are discussed; · IRPJ and CSLL – Disallowance of Losses – R$ R$ 1,163,611: discussion on the amount of tax loss (IRPJ) and/or social contribution (CSLL) tax loss carryforwards used by the Federal Revenue Service when drawing up tax assessment notes that are still pending a final decision; · IRPJ and CSLL – Deductibility of Losses in Credit Operations – R$ 685,400: assessments to require the payment of IRPJ and CSLL due to the alleged non-observance of the legal criteria for the deduction of losses on receipt of credits. d) Accounts receivables – Reimbursement of provisions The receivables balance arising from reimbursements of contingencies totals R$ 977,517 (R$ 998,575 at 12/31/2018) (Note 10a), arising basically from the collateral established in Banco Banerj S.A. privatization process occurred in 1997, when the State of Rio de Janeiro created a fund to guarantee the equity recomposition in provisions for Civil, Labor and Tax Claims. e) Guarantees of contingencies, provisions and legal obligations The guarantees related to legal proceedings involving ITAÚ UNIBANCO HOLDING CONSOLIDATED and basically consist of: Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 114

12/31/2019 12/31/2018 Civil Labor Tax Total Total Deposits in guarantee (Note 10a) 1,531,763 2,378,124 10,609,880 14,519,767 13,533,752 Quotas 647,507 417,687 82,809 1,148,003 2,169,429 Surety 60,099 63,170 3,100,382 3,223,651 1,879,743 Insurance bond 1,677,765 914,074 12,274,654 14,866,493 12,103,111 Guarantee by government securities 17,156 - 79,039 96,195 538,884 Total 3,934,290 3,773,055 26,146,764 33,854,109 30,224,919 ITAÚ UNIBANCO HOLDING CONSOLIDATED’s provisions for judicial and administrative challenges are long- term, considering the time required for their questioning, and this prevents the disclosure of a deadline for their conclusion. The legal advisors believe that ITAÚ UNIBANCO HOLDING CONSOLIDATED is not a party to this or any other administrative proceedings or lawsuits that could significantly affect the results of its operations. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 115 12/31/2019 12/31/2018 Civil Labor Tax Total Total Deposits in guarantee (Note 10a) 1,531,763 2,378,124 10,609,880 14,519,767 13,533,752 Quotas 647,507 417,687 82,809 1,148,003 2,169,429 Surety 60,099 63,170 3,100,382 3,223,651 1,879,743 Insurance bond 1,677,765 914,074 12,274,654 14,866,493 12,103,111 Guarantee by government securities 17,156 - 79,039 96,195 538,884 Total 3,934,290 3,773,055 26,146,764 33,854,109 30,224,919 ITAÚ UNIBANCO HOLDING CONSOLIDATED’s provisions for judicial and administrative challenges are long- term, considering the time required for their questioning, and this prevents the disclosure of a deadline for their conclusion. The legal advisors believe that ITAÚ UNIBANCO HOLDING CONSOLIDATED is not a party to this or any other administrative proceedings or lawsuits that could significantly affect the results of its operations. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 115

Note 10 - Breakdown of accounts a) Other receivables 12/31/2019 12/31/2018 Foreign exchange portfolio (Note 10b) 96,035,978 87,024,800 Deferred tax assets (Note 11b I) 45,933,469 39,871,049 Negotiation and intermediation of securities 26,727,828 15,625,434 Escrow - contingencies, provisions and legal obligations (Note 9e) 14,519,767 13,533,752 Taxes and contributions for offsetting 10,993,144 9,947,534 Operations without credit granting characteristics, net of provisions 3,784,622 3,280,488 Income receivable 3,464,534 3,193,116 Sundry - in Brazil 2,860,605 1,443,989 Receivables from insurance and reinsurance operations 1,346,589 1,255,412 Sundry - foreign 645,554 1,003,800 Net amount receivables from reimbursement of provisions (Note 9d) 977,517 998,575 Post-employment benefits plan assets (Note 16e) 716,967 730,971 Other 2,944,132 2,822,641 Total 210,950,706 180,731,561 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 116 Note 10 - Breakdown of accounts a) Other receivables 12/31/2019 12/31/2018 Foreign exchange portfolio (Note 10b) 96,035,978 87,024,800 Deferred tax assets (Note 11b I) 45,933,469 39,871,049 Negotiation and intermediation of securities 26,727,828 15,625,434 Escrow - contingencies, provisions and legal obligations (Note 9e) 14,519,767 13,533,752 Taxes and contributions for offsetting 10,993,144 9,947,534 Operations without credit granting characteristics, net of provisions 3,784,622 3,280,488 Income receivable 3,464,534 3,193,116 Sundry - in Brazil 2,860,605 1,443,989 Receivables from insurance and reinsurance operations 1,346,589 1,255,412 Sundry - foreign 645,554 1,003,800 Net amount receivables from reimbursement of provisions (Note 9d) 977,517 998,575 Post-employment benefits plan assets (Note 16e) 716,967 730,971 Other 2,944,132 2,822,641 Total 210,950,706 180,731,561 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 116

b) Foreign exchange portfolio 12/31/2019 12/31/2018 Assets - other receivables (Note 10a) 96,035,978 87,024,800 41,854,000 39,138,830 Exchange purchase pending settlement – foreign currency 14,134 17,347 Bills of exchange and term documents – foreign currency 54,423,971 48,144,429 Exchange sale rights – local currency (Advances received) – local currency ( 256,127) ( 275,806) 97,281,347 87,658,489 Liabilities – other liabilities (Note 2a and Note 10d) Exchange sales pending settlement – foreign currency 55,077,425 48,291,740 Liabilities from purchase of foreign currency – local currency 41,999,775 39,164,413 Other 204,147 202,336 Offsetting accounts 3,200,880 2,009,985 1,640,491 665,306 Outstanding import credits – foreign currency 1,560,389 1,344,679 Confirmed export credits – foreign currency Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 117 b) Foreign exchange portfolio 12/31/2019 12/31/2018 Assets - other receivables (Note 10a) 96,035,978 87,024,800 41,854,000 39,138,830 Exchange purchase pending settlement – foreign currency 14,134 17,347 Bills of exchange and term documents – foreign currency 54,423,971 48,144,429 Exchange sale rights – local currency (Advances received) – local currency ( 256,127) ( 275,806) 97,281,347 87,658,489 Liabilities – other liabilities (Note 2a and Note 10d) Exchange sales pending settlement – foreign currency 55,077,425 48,291,740 Liabilities from purchase of foreign currency – local currency 41,999,775 39,164,413 Other 204,147 202,336 Offsetting accounts 3,200,880 2,009,985 1,640,491 665,306 Outstanding import credits – foreign currency 1,560,389 1,344,679 Confirmed export credits – foreign currency Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 117

c) Prepaid expenses 12/31/2019 12/31/2018 Publicity and advertising 531,131 617,811 Commissions related to software maintenance 528,256 393,675 265,709 259,052 Commissions Related to payroll loans 50,697 60,999 Related to insurance and pension plan 13,557 18,567 Related to vehicle financing 21,203 13,851 Restricted to commissions / partnership agreements 218 958 Other 180,033 164,677 Credit Card Operating Expenses 955,692 157,652 Legal Protection Insurance 116,276 137,954 Municipal Tax 11,068 5,415 Other 536,575 494,278 2,944,706 2,065,836 Total Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 118 c) Prepaid expenses 12/31/2019 12/31/2018 Publicity and advertising 531,131 617,811 Commissions related to software maintenance 528,256 393,675 265,709 259,052 Commissions Related to payroll loans 50,697 60,999 Related to insurance and pension plan 13,557 18,567 Related to vehicle financing 21,203 13,851 Restricted to commissions / partnership agreements 218 958 Other 180,033 164,677 Credit Card Operating Expenses 955,692 157,652 Legal Protection Insurance 116,276 137,954 Municipal Tax 11,068 5,415 Other 536,575 494,278 2,944,706 2,065,836 Total Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 118

d) Other liabilities - Sundry 12/31/2019 12/31/2018 97,281,347 87,658,489 Foreign exchange portfolio (Note 10b) Payment Transactions 38,565,978 37,520,275 Tax and social security obligations (Note 11c) 18,704,982 15,606,369 16,619,654 13,921,748 Provisions for civil, labor, other risks and tax lawsuits (Note 9b) Negotiation and intermediation of securities 18,059,617 9,276,665 Collection and payment of taxes and contributions 232,410 316,554 Social and statutory 5,089,028 4,107,611 Transactions related to credit assignments (Note 6f) 2,450,859 3,993,095 Provisions for sundry payments 3,127,126 3,169,142 Sundry creditors - foreign 3,484,088 2,898,490 Sundry creditors - in Brazil 2,220,446 2,508,924 Personnel provision 1,645,552 1,670,502 Funds to be released 1,469,723 1,331,856 Liabilities for official agreements and rendering of payment services 1,113,751 1,155,177 Provision financial guarantees provided (Note 6c) 858,459 1,135,694 Post-employment benefits plan liabilities (Note 16e) 1,800,123 696,644 Other 1,461,896 2,645,479 Total 214,185,039 189,612,714 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 119 d) Other liabilities - Sundry 12/31/2019 12/31/2018 97,281,347 87,658,489 Foreign exchange portfolio (Note 10b) Payment Transactions 38,565,978 37,520,275 Tax and social security obligations (Note 11c) 18,704,982 15,606,369 16,619,654 13,921,748 Provisions for civil, labor, other risks and tax lawsuits (Note 9b) Negotiation and intermediation of securities 18,059,617 9,276,665 Collection and payment of taxes and contributions 232,410 316,554 Social and statutory 5,089,028 4,107,611 Transactions related to credit assignments (Note 6f) 2,450,859 3,993,095 Provisions for sundry payments 3,127,126 3,169,142 Sundry creditors - foreign 3,484,088 2,898,490 Sundry creditors - in Brazil 2,220,446 2,508,924 Personnel provision 1,645,552 1,670,502 Funds to be released 1,469,723 1,331,856 Liabilities for official agreements and rendering of payment services 1,113,751 1,155,177 Provision financial guarantees provided (Note 6c) 858,459 1,135,694 Post-employment benefits plan liabilities (Note 16e) 1,800,123 696,644 Other 1,461,896 2,645,479 Total 214,185,039 189,612,714 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 119

e) Banking service fees 01/01 to 01/01 to 12/31/2019 12/31/2018 Credit and debit cards 11,578,049 11,791,376 Asset management 7,663,367 6,407,405 Funds 6,963,508 5,726,474 Cons Consorti ora tia management fee 699,859 680,931 Loan operations and financial guarantees provided 1,769,077 1,827,636 Loan operations 398,967 356,709 Financial guarantees provided 1,370,110 1,470,927 Receipt services 1,833,021 1,772,942 Charge services 1,542,008 1,504,592 Collection services 291,013 268,350 Current account 738,915 703,471 Other 3,540,365 3,276,768 Custody and management of portfolio 499,083 434,058 Economic and financial advisory 1,267,036 791,469 Other services 1,774,246 2,051,241 Total 27,122,794 25,779,598 f) Income related to bank charges 01/01 to 01/01 to 12/31/2019 12/31/2018 Service packages 6,551,750 6,486,447 Credit cards – annual fees and other services 4,018,652 3,840,477 Earnings from securities brokerage 1,241,703 845,051 Loan operations / registration 958,953 839,054 Transfer of funds 444,753 396,554 Deposit account 229,386 213,287 Total 13,445,197 12,620,870 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 120 e) Banking service fees 01/01 to 01/01 to 12/31/2019 12/31/2018 Credit and debit cards 11,578,049 11,791,376 Asset management 7,663,367 6,407,405 Funds 6,963,508 5,726,474 Cons Consorti ora tia management fee 699,859 680,931 Loan operations and financial guarantees provided 1,769,077 1,827,636 Loan operations 398,967 356,709 Financial guarantees provided 1,370,110 1,470,927 Receipt services 1,833,021 1,772,942 Charge services 1,542,008 1,504,592 Collection services 291,013 268,350 Current account 738,915 703,471 Other 3,540,365 3,276,768 Custody and management of portfolio 499,083 434,058 Economic and financial advisory 1,267,036 791,469 Other services 1,774,246 2,051,241 Total 27,122,794 25,779,598 f) Income related to bank charges 01/01 to 01/01 to 12/31/2019 12/31/2018 Service packages 6,551,750 6,486,447 Credit cards – annual fees and other services 4,018,652 3,840,477 Earnings from securities brokerage 1,241,703 845,051 Loan operations / registration 958,953 839,054 Transfer of funds 444,753 396,554 Deposit account 229,386 213,287 Total 13,445,197 12,620,870 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 120

g) Personnel expenses 01/01 to 01/01 to 12/31/2019 12/31/2018 Compensation (9,543,285) (10,153,680) Employees’ profit sharing (4,754,451) (4,099,408) (4,349,231) (3,798,451) Social benefits Charges (3,276,381) (3,010,992) (4,615,847) (2,397,858) Labor claims and termination of employees Training (177,680) (252,934) (241,933) (225,577) Share-based payment (Note 13g) (*) (26,958,808) (23,938,900) Total (*) Includes the effects of the Voluntary Severance Program, totaling R$ 2,385,039. h) Other administrative expenses 01/01 to 01/01 to 12/31/2019 12/31/2018 Third-party services (4,705,443) (4,542,047) (4,277,821) (4,273,437) Data processing and telecommunications Installations (3,277,673) (3,296,289) Depreciation and amortization (2,847,861) (2,697,196) Advertising, promotions and publicity (1,178,502) (1,316,982) Financial system services (752,257) (756,094) (743,719) (754,203) Security Transportation (364,011) (350,466) (329,632) (328,206) Materials Travel expenses (240,194) (231,913) Other (1,169,866) (1,302,555) Total (19,886,979) ( 19,849,388) Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 121 g) Personnel expenses 01/01 to 01/01 to 12/31/2019 12/31/2018 Compensation (9,543,285) (10,153,680) Employees’ profit sharing (4,754,451) (4,099,408) (4,349,231) (3,798,451) Social benefits Charges (3,276,381) (3,010,992) (4,615,847) (2,397,858) Labor claims and termination of employees Training (177,680) (252,934) (241,933) (225,577) Share-based payment (Note 13g) (*) (26,958,808) (23,938,900) Total (*) Includes the effects of the Voluntary Severance Program, totaling R$ 2,385,039. h) Other administrative expenses 01/01 to 01/01 to 12/31/2019 12/31/2018 Third-party services (4,705,443) (4,542,047) (4,277,821) (4,273,437) Data processing and telecommunications Installations (3,277,673) (3,296,289) Depreciation and amortization (2,847,861) (2,697,196) Advertising, promotions and publicity (1,178,502) (1,316,982) Financial system services (752,257) (756,094) (743,719) (754,203) Security Transportation (364,011) (350,466) (329,632) (328,206) Materials Travel expenses (240,194) (231,913) Other (1,169,866) (1,302,555) Total (19,886,979) ( 19,849,388) Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 121

Other operating expenses i) 01/01 to 01/01 to 12/31/2019 12/31/2018 Selling - credit cards (4,524,680) (3,980,705) Operations without no credit granting characteristics, net of provision (467,125) (1,662,754) Amortization of goodwill (1,239,222) (1,257,584) Provision for lawsuits (Note 9b) (1,959,483) (476,990) Civil (726,469) (318,996) Tax and social security obligations (830,613) 264,519 Other (402,401) (422,513) Claims (522,131) (397,291) Refund of interbank costs (332,969) (290,888) Impairment – Intangible assets (58,248) (167,523) Other (1,794,861) (1,969,905) Total (10,898,719) (10,203,640) Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 122 Other operating expenses i) 01/01 to 01/01 to 12/31/2019 12/31/2018 Selling - credit cards (4,524,680) (3,980,705) Operations without no credit granting characteristics, net of provision (467,125) (1,662,754) Amortization of goodwill (1,239,222) (1,257,584) Provision for lawsuits (Note 9b) (1,959,483) (476,990) Civil (726,469) (318,996) Tax and social security obligations (830,613) 264,519 Other (402,401) (422,513) Claims (522,131) (397,291) Refund of interbank costs (332,969) (290,888) Impairment – Intangible assets (58,248) (167,523) Other (1,794,861) (1,969,905) Total (10,898,719) (10,203,640) Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 122

Note 11 - Taxes ITAÚ UNIBANCO HOLDING and each one of its subsidiaries calculate separately, in each fiscal year, Income Tax and Social Contribution on Net Income. Taxes are calculated at the rates shown below and consider, for effects of respective calculation bases, the legislation in force applicable to each charge. Income tax 15.00% Additional income tax 10.00% Social contribution on net income 15.00% (*) 0.65% PIS (*) 4.00% COFINS ISS up to 5.00% (*) For non-financial subsidiaries that fall into the non-cumulative calculation system, the PIS rate is 1.65% and COFINS rate is 7.60%. Constitutional Amendment (EC) No. 103/2019: disseminated on November 12, 2019, it provides for the Social Security and other matters, also addressing the increase of the tax rate of Social Contribution on Net Income for banks set forth in item I of paragraph 1 of article 1 of Supplementary Law No. 105, of January 10, 2001, which will be 20% as from March 1, 2020. For the other financial subsidiaries and equivalent companies, the tax rate remains at 15%, and for the non- financial ones at 9%. a) Expenses for taxes and contributions I - Breakdown of Income tax and social contribution calculation: 01/01 to 01/01 to Due on operations for the period 12/31/2019 12/31/2018 Income before income tax and social contribution 31,467,333 31,791,335 (14,306,101) Charges (income tax and social contribution) at the rates in effect (12,586,933) Increase / decrease in income tax and social contribution charges arising from: Equity income in affiliates and joint ventures 350,877 113,839 Foreign exchange variations on investments abroad 711,312 4,381,007 Interest on capital 3,011,962 3,791,102 Corporate reorganizations (Note 3l) - 627,739 Dividends and interest on external debt securities 542,832 516,331 Other nondeductible expenses net of non taxable income (*) (2,155,381) 96,207 Income tax and social contribution expenses (10,125,331) ( 4,779,876) Related to temporary differences Increase / (reversal) for the period 5,950,261 (1,659,576) Increase / (reversal) of prior periods (82,311) 205,075 (Expenses) / Income from deferred taxes 5,867,950 (1,454,501) Total income tax and social contribution expenses ( 4,257,381) ( 6,234,377) (*) Includes temporary (additions) and exclusions. II - Tax expenses: 01/01 to 01/01 to 12/31/2019 12/31/2018 PIS and COFINS ( 5,467,183) (4,641,451) ISS ( 1,424,598) (1,313,975) Other (610,195) ( 752,639) Total (7,501,976) (6,708,065) The tax expenses of ITAÚ UNIBANCO HOLDING amount to R$ (336,416) (R$ (317,708) from 01/01 to 12/31/2018) and are mainly composed of PIS and COFINS. III - Tax effects of foreign exchange management of investments abroad In order to minimize the effects on income of foreign exchange variations on investments abroad, net of the respective tax effects, ITAÚ UNIBANCO HOLDING CONSOLIDATED carries out derivative transactions in foreign currency (hedging), as mentioned in Note 19b. The results of these transactions are included in the calculation base of income tax and social contribution, in accordance with their nature, but the foreign exchange variations on investments abroad are not included, pursuant to the tax legislation. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 123 Note 11 - Taxes ITAÚ UNIBANCO HOLDING and each one of its subsidiaries calculate separately, in each fiscal year, Income Tax and Social Contribution on Net Income. Taxes are calculated at the rates shown below and consider, for effects of respective calculation bases, the legislation in force applicable to each charge. Income tax 15.00% Additional income tax 10.00% Social contribution on net income 15.00% (*) 0.65% PIS (*) 4.00% COFINS ISS up to 5.00% (*) For non-financial subsidiaries that fall into the non-cumulative calculation system, the PIS rate is 1.65% and COFINS rate is 7.60%. Constitutional Amendment (EC) No. 103/2019: disseminated on November 12, 2019, it provides for the Social Security and other matters, also addressing the increase of the tax rate of Social Contribution on Net Income for banks set forth in item I of paragraph 1 of article 1 of Supplementary Law No. 105, of January 10, 2001, which will be 20% as from March 1, 2020. For the other financial subsidiaries and equivalent companies, the tax rate remains at 15%, and for the non- financial ones at 9%. a) Expenses for taxes and contributions I - Breakdown of Income tax and social contribution calculation: 01/01 to 01/01 to Due on operations for the period 12/31/2019 12/31/2018 Income before income tax and social contribution 31,467,333 31,791,335 (14,306,101) Charges (income tax and social contribution) at the rates in effect (12,586,933) Increase / decrease in income tax and social contribution charges arising from: Equity income in affiliates and joint ventures 350,877 113,839 Foreign exchange variations on investments abroad 711,312 4,381,007 Interest on capital 3,011,962 3,791,102 Corporate reorganizations (Note 3l) - 627,739 Dividends and interest on external debt securities 542,832 516,331 Other nondeductible expenses net of non taxable income (*) (2,155,381) 96,207 Income tax and social contribution expenses (10,125,331) ( 4,779,876) Related to temporary differences Increase / (reversal) for the period 5,950,261 (1,659,576) Increase / (reversal) of prior periods (82,311) 205,075 (Expenses) / Income from deferred taxes 5,867,950 (1,454,501) Total income tax and social contribution expenses ( 4,257,381) ( 6,234,377) (*) Includes temporary (additions) and exclusions. II - Tax expenses: 01/01 to 01/01 to 12/31/2019 12/31/2018 PIS and COFINS ( 5,467,183) (4,641,451) ISS ( 1,424,598) (1,313,975) Other (610,195) ( 752,639) Total (7,501,976) (6,708,065) The tax expenses of ITAÚ UNIBANCO HOLDING amount to R$ (336,416) (R$ (317,708) from 01/01 to 12/31/2018) and are mainly composed of PIS and COFINS. III - Tax effects of foreign exchange management of investments abroad In order to minimize the effects on income of foreign exchange variations on investments abroad, net of the respective tax effects, ITAÚ UNIBANCO HOLDING CONSOLIDATED carries out derivative transactions in foreign currency (hedging), as mentioned in Note 19b. The results of these transactions are included in the calculation base of income tax and social contribution, in accordance with their nature, but the foreign exchange variations on investments abroad are not included, pursuant to the tax legislation. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 123

b) Deferred taxes I - The Deferred Tax Asset balance and its changes, segregated based on its origin and disbursements incurred, are represented as follows: (2) Origin Deferred Tax Assets Realization / 12/31/2019 12/31/2018 12/31/2018 Increase 12/31/2019 Reversal Reflected in income 38,296,689 (12,812,726) 18,687,165 44,171,128 Provision for loan losses 59,790,047 54,895,063 20,813,583 (4,712,145) 9,839,833 25,941,271 Related to tax losses and social contribution loss carryforwards 4,302,570 (2,338,632) 177,766 2,141,704 Provision for profit sharing 5,173,726 4,899,680 1,843,824 (1,843,824) 2,162,020 2,162,020 Provision for devaluation of securities with permanent impairment 3,019,297 3,469,032 1,385,944 (711,251) 683,991 1,358,684 Adjustment to Market Value of Trading Securities and Derivative Financial Instruments 164,232 260,123 115,771 (115,771) 72,637 72,637 Adjustments of operations carried out on the futures settlement market 190,950 244,883 105,210 (105,210) 87,927 87,927 Goodwill on purchase of investments 1,356,128 2,115,757 641,392 (378,368) 89,899 352,923 Provision 14,231,856 11,452,477 4,464,058 (1,551,734) 3,295,653 6,207,977 Civil lawsuits 3,417,506 4,064,822 1,585,884 (651,478) 479,031 1,413,437 Labor claims 7,383,206 5,286,044 2,037,530 (789,591) 2,002,586 3,250,525 Tax and social security obligations 3,431,144 2,101,611 840,644 (110,665) 814,036 1,544,015 Legal liabilities 1,754,702 1,309,964 675,822 (57,049) 104,419 723,192 Provision related to health insurance operations 870,179 856,590 342,636 - 5,436 348,072 Other non-deductible provisions 10,937,903 9,010,886 3,605,879 (998,742) 2,167,584 4,774,721 Reflected in stockholders’ equity 1,574,360 (252,097) 440,078 1,762,341 Adjustment to market value of available-for-sale securities 106,386 448,729 182,211 (147,408) 11,764 46,567 Cash flow hedge 2,640,953 2,872,208 1,288,953 (104,689) 131,002 1,315,266 Post-employment benefits 891,312 257,989 103,196 - 297,312 400,508 (1) 101,127,671 92,093,381 39,871,049 (13,064,823) 19,127,243 45,933,469 Total Social contribution for offsetting arising from Option established in article 8º of 603,475 (540,489) - 62,986 Provisional Measure nº. 2,158-35 of August 24, 2001 (1) The accounting records of deferred tax assets on income tax losses and/or social contribution loss carryforwards, as well as those arising from temporary differences, are based on technical feasibility studies which consider the expected generation of future taxable income, considering the history of profitability for each subsidiary individually, and for the consolidated taken as a whole. (2) The deferred tax asset balance comprises its annual revaluation and effects caused by EC 103/2019 in tax rate of the Social Contribution on Net Income, which was increased from 15% to 20%, reaching the institutions set forth in item I of paragraph 1 of article 1 of Supplementary Law No. 105, of January 10, 2001, totaling R$ 2,670,300. For ITAÚ UNIBANCO HOLDING, Deferred tax assets totaled R$ 304,184 (R$ 622,112 at 12/31/2018) and are mainly represented by Tax losses and social contribution loss carryforwards of R$ 112,369 (R$ 109,487 at 12/31/2018), Administrative Provisions of R$ 65,634 (R$ 34,242 at 12/31/2018), Provisions for Legal, Tax and Social Security Risks of R$ 71,290 (R$ 43,841 at 12/31/2018), the realization of which is contingent upon the outcome of the respective lawsuits and Adjustment to Market Value of Trading Securities and Derivative Financial Instruments of R$ 451 (R$ 101,792 at 12/31/2018), Goodwill on purchase of investments of R$ 183,020 at 12/31/2018, and Provisions for Escrow Accounts of R$ 112,749 at 12/31/2018. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 124 b) Deferred taxes I - The Deferred Tax Asset balance and its changes, segregated based on its origin and disbursements incurred, are represented as follows: (2) Origin Deferred Tax Assets Realization / 12/31/2019 12/31/2018 12/31/2018 Increase 12/31/2019 Reversal Reflected in income 38,296,689 (12,812,726) 18,687,165 44,171,128 Provision for loan losses 59,790,047 54,895,063 20,813,583 (4,712,145) 9,839,833 25,941,271 Related to tax losses and social contribution loss carryforwards 4,302,570 (2,338,632) 177,766 2,141,704 Provision for profit sharing 5,173,726 4,899,680 1,843,824 (1,843,824) 2,162,020 2,162,020 Provision for devaluation of securities with permanent impairment 3,019,297 3,469,032 1,385,944 (711,251) 683,991 1,358,684 Adjustment to Market Value of Trading Securities and Derivative Financial Instruments 164,232 260,123 115,771 (115,771) 72,637 72,637 Adjustments of operations carried out on the futures settlement market 190,950 244,883 105,210 (105,210) 87,927 87,927 Goodwill on purchase of investments 1,356,128 2,115,757 641,392 (378,368) 89,899 352,923 Provision 14,231,856 11,452,477 4,464,058 (1,551,734) 3,295,653 6,207,977 Civil lawsuits 3,417,506 4,064,822 1,585,884 (651,478) 479,031 1,413,437 Labor claims 7,383,206 5,286,044 2,037,530 (789,591) 2,002,586 3,250,525 Tax and social security obligations 3,431,144 2,101,611 840,644 (110,665) 814,036 1,544,015 Legal liabilities 1,754,702 1,309,964 675,822 (57,049) 104,419 723,192 Provision related to health insurance operations 870,179 856,590 342,636 - 5,436 348,072 Other non-deductible provisions 10,937,903 9,010,886 3,605,879 (998,742) 2,167,584 4,774,721 Reflected in stockholders’ equity 1,574,360 (252,097) 440,078 1,762,341 Adjustment to market value of available-for-sale securities 106,386 448,729 182,211 (147,408) 11,764 46,567 Cash flow hedge 2,640,953 2,872,208 1,288,953 (104,689) 131,002 1,315,266 Post-employment benefits 891,312 257,989 103,196 - 297,312 400,508 (1) 101,127,671 92,093,381 39,871,049 (13,064,823) 19,127,243 45,933,469 Total Social contribution for offsetting arising from Option established in article 8º of 603,475 (540,489) - 62,986 Provisional Measure nº. 2,158-35 of August 24, 2001 (1) The accounting records of deferred tax assets on income tax losses and/or social contribution loss carryforwards, as well as those arising from temporary differences, are based on technical feasibility studies which consider the expected generation of future taxable income, considering the history of profitability for each subsidiary individually, and for the consolidated taken as a whole. (2) The deferred tax asset balance comprises its annual revaluation and effects caused by EC 103/2019 in tax rate of the Social Contribution on Net Income, which was increased from 15% to 20%, reaching the institutions set forth in item I of paragraph 1 of article 1 of Supplementary Law No. 105, of January 10, 2001, totaling R$ 2,670,300. For ITAÚ UNIBANCO HOLDING, Deferred tax assets totaled R$ 304,184 (R$ 622,112 at 12/31/2018) and are mainly represented by Tax losses and social contribution loss carryforwards of R$ 112,369 (R$ 109,487 at 12/31/2018), Administrative Provisions of R$ 65,634 (R$ 34,242 at 12/31/2018), Provisions for Legal, Tax and Social Security Risks of R$ 71,290 (R$ 43,841 at 12/31/2018), the realization of which is contingent upon the outcome of the respective lawsuits and Adjustment to Market Value of Trading Securities and Derivative Financial Instruments of R$ 451 (R$ 101,792 at 12/31/2018), Goodwill on purchase of investments of R$ 183,020 at 12/31/2018, and Provisions for Escrow Accounts of R$ 112,749 at 12/31/2018. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 124

II - Provision for Deferred Income Tax and Social Contribution balance and the changes therein changes are shown as follows: Realization / 12/31/2018 Increase 12/31/2019 Reversal Reflected in income 5,532,962 (3,300,891) 3,245,401 5,477,472 Depreciation in excess – leasing 345,754 ( 144,088) - 201,666 Restatement of escrow deposits for legal obligations and provision 1,348,337 (29,487) 211,963 1,530,813 Post-employment benefits 287,361 ( 56,045) 50,487 281,803 Adjustments to market value of trading securities and derivative financial instruments 2,007,291 (2,007,291) 1,255,758 1,255,758 Adjustments of operations carried out on the future settlement market 1,020,024 ( 1,020,024) 1,460,419 1,460,419 Taxation of results abroad – capital gains 1,330 (433) - 897 Other 522,865 ( 43,523) 266,774 746,116 Reflected in stockholders’ equity 336,833 ( 93,033) 572,324 816,124 Adjustments to market value of available-for-sale securities 330,028 ( 92,676) 569,261 806,613 Post-employment benefits 6,805 (357) 3,063 9,511 Total 5,869,795 (3,393,924) 3,817,725 6,293,596 At ITAÚ UNIBANCO HOLDING, the Provisions for Deferred Taxes and Contributions total R$ 205,762 (R$ 38,892 at 12/31/2018) and are basically comprised of Restatement of escrow deposits for legal obligations and contingent liabilities of R$ 5,452 (R$ 3,758 at 12/31/2018), Adjustments to market value of trading securities and derivative financial instruments of R$ 104,024, and Adjustment to market value of available-for-sale securities of R$ 5,519. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 125 II - Provision for Deferred Income Tax and Social Contribution balance and the changes therein changes are shown as follows: Realization / 12/31/2018 Increase 12/31/2019 Reversal Reflected in income 5,532,962 (3,300,891) 3,245,401 5,477,472 Depreciation in excess – leasing 345,754 ( 144,088) - 201,666 Restatement of escrow deposits for legal obligations and provision 1,348,337 (29,487) 211,963 1,530,813 Post-employment benefits 287,361 ( 56,045) 50,487 281,803 Adjustments to market value of trading securities and derivative financial instruments 2,007,291 (2,007,291) 1,255,758 1,255,758 Adjustments of operations carried out on the future settlement market 1,020,024 ( 1,020,024) 1,460,419 1,460,419 Taxation of results abroad – capital gains 1,330 (433) - 897 Other 522,865 ( 43,523) 266,774 746,116 Reflected in stockholders’ equity 336,833 ( 93,033) 572,324 816,124 Adjustments to market value of available-for-sale securities 330,028 ( 92,676) 569,261 806,613 Post-employment benefits 6,805 (357) 3,063 9,511 Total 5,869,795 (3,393,924) 3,817,725 6,293,596 At ITAÚ UNIBANCO HOLDING, the Provisions for Deferred Taxes and Contributions total R$ 205,762 (R$ 38,892 at 12/31/2018) and are basically comprised of Restatement of escrow deposits for legal obligations and contingent liabilities of R$ 5,452 (R$ 3,758 at 12/31/2018), Adjustments to market value of trading securities and derivative financial instruments of R$ 104,024, and Adjustment to market value of available-for-sale securities of R$ 5,519. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 125

III - The estimate of realization and present value of tax credits and social contribution to offset, arising from Provisional Measure 2,158-35 of 08/24/2001 and from the Provision for Deferred Income Tax and Social Contribution existing are: Deferred tax assets Provision for Social deferred Net deferred Tax loss/social Year of realization contribution for % income tax % % Temporary taxes % contribution loss % Total % offsetting and social differences carryforwards contribution 2020 1 4,055,503 32% 1 ,075,869 51% 15,131,372 33% 2 8,166 45% ( 1,621,567) 26% 1 3,537,971 34% 2021 1 0,707,103 25% 1 47,657 7% 1 0,854,760 24% 2 9,475 47% ( 651,979) 10% 1 0,232,256 26% 2022 6 ,749,792 15% 3 6,500 2% 6,786,292 15% 5 ,282 8% (468,275) 7% 6,323,299 16% 2023 4,702,677 11% 29,511 1% 4,732,188 10% - 0% ( 246,647) 4% 4,485,541 11% 2024 1,891,275 4% 417,266 19% 2,308,541 5% - 0% ( 438,036) 7% 1,870,505 5% after 2024 5,685,415 13% 4 34,901 20% 6 ,120,316 13% 63 0% (2,867,092) 46% 3,253,287 8% Total 43,791,765 100% 2 ,141,704 100% 4 5,933,469 100% 62,986 100% ( 6,293,596) 100% 39,702,859 100% (*) Present value 4 1,117,484 1,984,692 43,102,176 60,908 (5,658,525) 37,504,559 (*) The average funding rate, net of tax effects, was used to determine the present value. Projections of future taxable income include estimates of macroeconomic variables, exchange rates, interest rates, volumes of financial operations and service fees and other factors, which can vary in relation to actual data and amounts. Net income in the financial statements is not directly related to the taxable income for income tax and social contribution, due to differences between accounting criteria and the tax legislation, in addition to corporate aspects. Accordingly, it is recommended that changes in realization of deferred tax assets presented below are not considered as an indication of future net income. IV- At December 31, 2018, temporary effects brought by Law nº. 13,169/2015 were considered, which increased the social contribution tax rate from 15% to 20% until December 31, 2018, and tax credits were accounted based on their likelihood of realization. At December 31, 2019, deferred tax assets not accounted for correspond to R$ 605,351 and result from Management’s evaluation of their perspectives of realization in the long term (there are no unaccounted deferred tax assets at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 126 III - The estimate of realization and present value of tax credits and social contribution to offset, arising from Provisional Measure 2,158-35 of 08/24/2001 and from the Provision for Deferred Income Tax and Social Contribution existing are: Deferred tax assets Provision for Social deferred Net deferred Tax loss/social Year of realization contribution for % income tax % % Temporary taxes % contribution loss % Total % offsetting and social differences carryforwards contribution 2020 1 4,055,503 32% 1 ,075,869 51% 15,131,372 33% 2 8,166 45% ( 1,621,567) 26% 1 3,537,971 34% 2021 1 0,707,103 25% 1 47,657 7% 1 0,854,760 24% 2 9,475 47% ( 651,979) 10% 1 0,232,256 26% 2022 6 ,749,792 15% 3 6,500 2% 6,786,292 15% 5 ,282 8% (468,275) 7% 6,323,299 16% 2023 4,702,677 11% 29,511 1% 4,732,188 10% - 0% ( 246,647) 4% 4,485,541 11% 2024 1,891,275 4% 417,266 19% 2,308,541 5% - 0% ( 438,036) 7% 1,870,505 5% after 2024 5,685,415 13% 4 34,901 20% 6 ,120,316 13% 63 0% (2,867,092) 46% 3,253,287 8% Total 43,791,765 100% 2 ,141,704 100% 4 5,933,469 100% 62,986 100% ( 6,293,596) 100% 39,702,859 100% (*) Present value 4 1,117,484 1,984,692 43,102,176 60,908 (5,658,525) 37,504,559 (*) The average funding rate, net of tax effects, was used to determine the present value. Projections of future taxable income include estimates of macroeconomic variables, exchange rates, interest rates, volumes of financial operations and service fees and other factors, which can vary in relation to actual data and amounts. Net income in the financial statements is not directly related to the taxable income for income tax and social contribution, due to differences between accounting criteria and the tax legislation, in addition to corporate aspects. Accordingly, it is recommended that changes in realization of deferred tax assets presented below are not considered as an indication of future net income. IV- At December 31, 2018, temporary effects brought by Law nº. 13,169/2015 were considered, which increased the social contribution tax rate from 15% to 20% until December 31, 2018, and tax credits were accounted based on their likelihood of realization. At December 31, 2019, deferred tax assets not accounted for correspond to R$ 605,351 and result from Management’s evaluation of their perspectives of realization in the long term (there are no unaccounted deferred tax assets at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 126

c) Tax and social security obligations 12/31/2019 12/31/2018 Taxes and contributions on income payable 4,995,433 2,560,304 Other Taxes and Contributions payable 2,581,244 2,485,259 Provision for deferred income tax and social contribution (Note 11b II) 6,293,596 5,869,795 Legal liabilities (Note 9b IV) 4,834,709 4,691,011 Total (Note 10d) 18,704,982 15,606,369 At ITAÚ UNIBANCO HOLDING, the balance of tax and social security obligations totals R$ 406,690 (R$ 170,078 at 12/31/2018) and is mainly comprised of Taxes and contributions on income payable and Other Taxes and Contributions payable of R$ 185,138 (R$ 115,938 at 12/31/2018) and Provision for deferred income tax and social contribution R$ 205,762 (R$ 38,892 at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 127 c) Tax and social security obligations 12/31/2019 12/31/2018 Taxes and contributions on income payable 4,995,433 2,560,304 Other Taxes and Contributions payable 2,581,244 2,485,259 Provision for deferred income tax and social contribution (Note 11b II) 6,293,596 5,869,795 Legal liabilities (Note 9b IV) 4,834,709 4,691,011 Total (Note 10d) 18,704,982 15,606,369 At ITAÚ UNIBANCO HOLDING, the balance of tax and social security obligations totals R$ 406,690 (R$ 170,078 at 12/31/2018) and is mainly comprised of Taxes and contributions on income payable and Other Taxes and Contributions payable of R$ 185,138 (R$ 115,938 at 12/31/2018) and Provision for deferred income tax and social contribution R$ 205,762 (R$ 38,892 at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 127

Note 12 – Permanent Assets (1) a) Investment - Change of investments - ITAÚ UNIBANCO HOLDING Balance at 12/31/2018 Changes 12/31/2019 Book value Equity in earnings of subisidiaries Changes in Changes in exchange Equity in exchange rates and Adjustments earnings of rates and Functional Amortizati Investiment in marketable Balance at subsidiaries Companies Adjustments Unrealized Dividends Adjustments Investiment Net Income / Unrealized currency Stockholders' Goodwill Total on of Hedge - securities of 12/31/2019 from 01/01 (3) (4) Hedge - to investor results paid/accrued (Loss) for the to investor results Total equity goodwill Functional subsidiaries to (2) (2) Functional criteria period criteria and other currency and other 12/31/2018 currency other than the other than the Real Real In Brazil 100,750,003 810,186 762,240 ( 84,365) - 102,238,064 - (22,004,831) 24,812,227 150,564 376 24,963,167 (202,312) 739,712 105,733,800 18,861,430 Itaú Unibanco S.A. 85,697,840 814,997 687,089 ( 40,613) - 87,159,313 - ( 20,504,174) 20,424,670 142,884 (2,786) 20,564,768 ( 194,124) 425,040 87,450,823 16,309,322 Banco Itaucard S.A. 9,326,105 80 6,303 ( 38,325) - 9,294,163 - (1,141,234) 2,832,049 1,194 ( 2,009) 2,831,234 ( 3,740) 221,581 11,202,004 1,302,183 Banco Itaú BBA S.A. 2,155,294 ( 4,349) 58,209 (5,427) - 2,203,727 - ( 233,857) 854,667 6,129 5,171 865,967 ( 3,988) 94,102 2,925,951 643,429 Itaú Consult. de Valores Mobiliários e Part. S.A. 2,319,729 (542) - - - 2,319,187 - ( 3,292) 326,678 2 - 326,680 (460) (476) 2,641,639 251,970 Itaú Corretora de Valores S.A. 1,251,029 - 10,639 - - 1,261,668 - (122,270) 374,161 355 - 374,516 - ( 535) 1,513,379 354,523 Itaú Seguros S.A. 6 - - - - 6 - (4) 2 - - 2 - - 4 3 Foreign 6,892,999 837,501 - ( 10,571) 327,393 8,047,322 (45,158) (473,597) 899,390 - 1,817 901,207 (435,102) 43,505 8,038,177 822,177 Itaú Corpbanca Chilean peso 3,231,204 488,128 - - 327,393 4,046,725 ( 45,158) ( 66,410) ( 5,574) - 35 ( 5,539) ( 144,207) 41,385 3,826,796 32,077 BICSA Holdings, Ltd. Chilean peso 1,775,118 246,661 - ( 10,571) - 2,011,208 - - 144,134 - 1,782 145,916 (78,255) ( 5) 2,078,864 169,637 Banco Itaú Uruguay S.A. Uruguayan peso 1,586,997 84,876 - - - 1,671,873 - ( 244,630) 587,036 - - 587,036 ( 181,719) 2,111 1,834,671 461,454 OCA S.A. Uruguayan peso 299,680 17,836 - - - 317,516 - (162,557) 173,794 - - 173,794 ( 30,921) 14 297,846 159,009 107,643,002 1,647,687 762,240 ( 94,936) 327,393 110,285,386 ( 45,158) (22,478,428) 25,711,617 150,564 2,193 25,864,374 (637,414) 783,217 113,771,977 19,683,607 Grand total (1) Itaú Unibanco Holding S.A. - Cayman Branch, consolidated in these financial statements, has its functional currency equal to that of the controlling company. The exchange variation of this investment is R$ 53,906 (R$ 124,394 from 01/01 to 12/31/2018) and is allocated in the heading Securities and Derivative Financial Instruments in the Statement of Income; (2) Adjustment arising from the standardization of the investee’s financial statements according to the investor’s accounting policies; (3) Dividends approved and not paid are recorded as Dividends receivable; (4) The exchange variation of indirect investments in functional currency equal to the controlling company corresponds to R$ 1,900,740 (R$ 9,706,365 from 01/01 to 12/31/2018). Net Income / Number of shares/quotas owned by Equity share in capital Stockholders’ Companies Capital (Loss) for the ITAÚ UNIBANCO HOLDING 12/31/2019 (%) equity period Common Preferred Quotas Voting Share In Brazil Itaú Unibanco S.A. 61,925,426 87,494,218 20,424,670 2,932,936,995 2,840,549,071 - 100.00 100.00 Banco Itaucard S.A. 4,608,000 11,242,337 2,832,049 237,962,639,781 1,277,933,118 - 99.99 99.99 Banco Itaú BBA S.A. 1,490,000 2,926,208 854,667 4,474,435 4,474,436 - 99.99 99.99 Itaú Consult. de Valores Mobiliários e Part. S.A. 1,328,562 2,641,640 326,678 548,954 1,097,907 - 100.00 100.00 Itaú Corretora de Valores S.A. 802,482 1,513,379 374,161 27,482,523 811,503 - 99.99 99.99 Itaú Seguros S.A. 1,438,000 1,388,598 838,894 297 1 - 0.01 0.01 Foreign Itaú CorpBanca 9,992,200 15,788,458 (24,830) 115,039,610,411 - - 22.45 22.45 BICSA Holdings, Ltd. 1,333,600 2,087,638 144,134 - - 330,860,745 99.99 99.99 Banco Itaú Uruguay S.A. 484,914 1,834,670 587,036 4,465,133,954 - - 100.00 100.00 OCA S.A. 16,328 297,846 173,794 1,503,496,740 - - 100.00 100.00 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 128 Note 12 – Permanent Assets (1) a) Investment - Change of investments - ITAÚ UNIBANCO HOLDING Balance at 12/31/2018 Changes 12/31/2019 Book value Equity in earnings of subisidiaries Changes in Changes in exchange Equity in exchange rates and Adjustments earnings of rates and Functional Amortizati Investiment in marketable Balance at subsidiaries Companies Adjustments Unrealized Dividends Adjustments Investiment Net Income / Unrealized currency Stockholders' Goodwill Total on of Hedge - securities of 12/31/2019 from 01/01 (3) (4) Hedge - to investor results paid/accrued (Loss) for the to investor results Total equity goodwill Functional subsidiaries to (2) (2) Functional criteria period criteria and other currency and other 12/31/2018 currency other than the other than the Real Real In Brazil 100,750,003 810,186 762,240 ( 84,365) - 102,238,064 - (22,004,831) 24,812,227 150,564 376 24,963,167 (202,312) 739,712 105,733,800 18,861,430 Itaú Unibanco S.A. 85,697,840 814,997 687,089 ( 40,613) - 87,159,313 - ( 20,504,174) 20,424,670 142,884 (2,786) 20,564,768 ( 194,124) 425,040 87,450,823 16,309,322 Banco Itaucard S.A. 9,326,105 80 6,303 ( 38,325) - 9,294,163 - (1,141,234) 2,832,049 1,194 ( 2,009) 2,831,234 ( 3,740) 221,581 11,202,004 1,302,183 Banco Itaú BBA S.A. 2,155,294 ( 4,349) 58,209 (5,427) - 2,203,727 - ( 233,857) 854,667 6,129 5,171 865,967 ( 3,988) 94,102 2,925,951 643,429 Itaú Consult. de Valores Mobiliários e Part. S.A. 2,319,729 (542) - - - 2,319,187 - ( 3,292) 326,678 2 - 326,680 (460) (476) 2,641,639 251,970 Itaú Corretora de Valores S.A. 1,251,029 - 10,639 - - 1,261,668 - (122,270) 374,161 355 - 374,516 - ( 535) 1,513,379 354,523 Itaú Seguros S.A. 6 - - - - 6 - (4) 2 - - 2 - - 4 3 Foreign 6,892,999 837,501 - ( 10,571) 327,393 8,047,322 (45,158) (473,597) 899,390 - 1,817 901,207 (435,102) 43,505 8,038,177 822,177 Itaú Corpbanca Chilean peso 3,231,204 488,128 - - 327,393 4,046,725 ( 45,158) ( 66,410) ( 5,574) - 35 ( 5,539) ( 144,207) 41,385 3,826,796 32,077 BICSA Holdings, Ltd. Chilean peso 1,775,118 246,661 - ( 10,571) - 2,011,208 - - 144,134 - 1,782 145,916 (78,255) ( 5) 2,078,864 169,637 Banco Itaú Uruguay S.A. Uruguayan peso 1,586,997 84,876 - - - 1,671,873 - ( 244,630) 587,036 - - 587,036 ( 181,719) 2,111 1,834,671 461,454 OCA S.A. Uruguayan peso 299,680 17,836 - - - 317,516 - (162,557) 173,794 - - 173,794 ( 30,921) 14 297,846 159,009 107,643,002 1,647,687 762,240 ( 94,936) 327,393 110,285,386 ( 45,158) (22,478,428) 25,711,617 150,564 2,193 25,864,374 (637,414) 783,217 113,771,977 19,683,607 Grand total (1) Itaú Unibanco Holding S.A. - Cayman Branch, consolidated in these financial statements, has its functional currency equal to that of the controlling company. The exchange variation of this investment is R$ 53,906 (R$ 124,394 from 01/01 to 12/31/2018) and is allocated in the heading Securities and Derivative Financial Instruments in the Statement of Income; (2) Adjustment arising from the standardization of the investee’s financial statements according to the investor’s accounting policies; (3) Dividends approved and not paid are recorded as Dividends receivable; (4) The exchange variation of indirect investments in functional currency equal to the controlling company corresponds to R$ 1,900,740 (R$ 9,706,365 from 01/01 to 12/31/2018). Net Income / Number of shares/quotas owned by Equity share in capital Stockholders’ Companies Capital (Loss) for the ITAÚ UNIBANCO HOLDING 12/31/2019 (%) equity period Common Preferred Quotas Voting Share In Brazil Itaú Unibanco S.A. 61,925,426 87,494,218 20,424,670 2,932,936,995 2,840,549,071 - 100.00 100.00 Banco Itaucard S.A. 4,608,000 11,242,337 2,832,049 237,962,639,781 1,277,933,118 - 99.99 99.99 Banco Itaú BBA S.A. 1,490,000 2,926,208 854,667 4,474,435 4,474,436 - 99.99 99.99 Itaú Consult. de Valores Mobiliários e Part. S.A. 1,328,562 2,641,640 326,678 548,954 1,097,907 - 100.00 100.00 Itaú Corretora de Valores S.A. 802,482 1,513,379 374,161 27,482,523 811,503 - 99.99 99.99 Itaú Seguros S.A. 1,438,000 1,388,598 838,894 297 1 - 0.01 0.01 Foreign Itaú CorpBanca 9,992,200 15,788,458 (24,830) 115,039,610,411 - - 22.45 22.45 BICSA Holdings, Ltd. 1,333,600 2,087,638 144,134 - - 330,860,745 99.99 99.99 Banco Itaú Uruguay S.A. 484,914 1,834,670 587,036 4,465,133,954 - - 100.00 100.00 OCA S.A. 16,328 297,846 173,794 1,503,496,740 - - 100.00 100.00 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 128

b) Fixed assets for use, goodwill and intangible assets I) Fixed assets for use (1) (2) Other fixed assets for use Real estate for use Fixed assets Other Furniture and Fixed assets for use under Installations for Total Data processing (communication, (2) Land Buildings equipment for Improvements (2) construction systems security and use use transportation) Annual depreciation rates 4% 10% 10% to 20% 10% to 20% 20% to 50% 10% to 20% Cost Balance at 12/31/2018 553,851 905,877 3,041,086 2,444,358 1,989,243 1,145,207 7,035,746 1,252,778 18,368,146 Acquisitions 473,093 14,454 38,380 60,027 9,628 67,821 868,008 90,386 1,621,797 Disposals - (8,030) (29,591) (97,129) (10,234) (6,843) (534,184) (4,770) (690,781) Exchange variation (1,172) (398) (5,689) (16,479) (6,414) (11,641) (33,781) (1,400) (76,974) Transfers (278,129) - 107,195 130,198 26,655 - 14,081 - - Other (15,108) (14,170) (181,318) (22,750) (278,581) (25,316) (201,642) (2,094) (740,979) Balance at 12/31/2019 732,535 897,733 2,970,063 2,498,225 1,730,297 1,169,228 7,148,228 1,334,900 18,481,209 Depreciation Balance at 12/31/2018 - - (1,928,265) (1,629,792) (1,290,935) (778,916) (5,473,194) (862,403) (11,963,505) Depreciation expenses - - (76,455) (191,667) (135,505) (87,447) (751,872) (125,555) (1,368,501) Disposals - - 20,565 93,671 7,556 5,591 483,425 3,573 614,381 Exchange variation - - 4,589 8,326 4,408 6,461 20,752 906 45,442 Other - - 163,241 20,217 266,394 23,276 155,800 778 629,706 Balance at 12/31/2019 - - (1,816,325) (1,699,245) (1,148,082) (831,035) (5,565,089) (982,701) (12,042,477) Impairment Balance at 12/31/2018 - - - - - - - - - Increase - - - - - - (27,066) - (27,066) Reversals - - - - - - - - - Balance at 12/31/2019 - - - - - - (27,066) - (27,066) Book value Balance at 12/31/2019 732,535 897,733 1,153,738 798,980 582,215 338,193 1,556,073 352,199 6,411,666 (3) Balance at 12/31/2018 553,851 905,877 1,112,821 814,566 698,308 366,291 1,562,552 390,375 6,404,641 (1) Includes amounts pledged in guarantee of voluntary deposits; (2) Includes the amount of R$ 2,789 at 12/31/2018 related to real estate property pledged; (3) During the period, there was no impairment of assets recorded in Fixed assets. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 129 b) Fixed assets for use, goodwill and intangible assets I) Fixed assets for use (1) (2) Other fixed assets for use Real estate for use Fixed assets Other Furniture and Fixed assets for use under Installations for Total Data processing (communication, (2) Land Buildings equipment for Improvements (2) construction systems security and use use transportation) Annual depreciation rates 4% 10% 10% to 20% 10% to 20% 20% to 50% 10% to 20% Cost Balance at 12/31/2018 553,851 905,877 3,041,086 2,444,358 1,989,243 1,145,207 7,035,746 1,252,778 18,368,146 Acquisitions 473,093 14,454 38,380 60,027 9,628 67,821 868,008 90,386 1,621,797 Disposals - (8,030) (29,591) (97,129) (10,234) (6,843) (534,184) (4,770) (690,781) Exchange variation (1,172) (398) (5,689) (16,479) (6,414) (11,641) (33,781) (1,400) (76,974) Transfers (278,129) - 107,195 130,198 26,655 - 14,081 - - Other (15,108) (14,170) (181,318) (22,750) (278,581) (25,316) (201,642) (2,094) (740,979) Balance at 12/31/2019 732,535 897,733 2,970,063 2,498,225 1,730,297 1,169,228 7,148,228 1,334,900 18,481,209 Depreciation Balance at 12/31/2018 - - (1,928,265) (1,629,792) (1,290,935) (778,916) (5,473,194) (862,403) (11,963,505) Depreciation expenses - - (76,455) (191,667) (135,505) (87,447) (751,872) (125,555) (1,368,501) Disposals - - 20,565 93,671 7,556 5,591 483,425 3,573 614,381 Exchange variation - - 4,589 8,326 4,408 6,461 20,752 906 45,442 Other - - 163,241 20,217 266,394 23,276 155,800 778 629,706 Balance at 12/31/2019 - - (1,816,325) (1,699,245) (1,148,082) (831,035) (5,565,089) (982,701) (12,042,477) Impairment Balance at 12/31/2018 - - - - - - - - - Increase - - - - - - (27,066) - (27,066) Reversals - - - - - - - - - Balance at 12/31/2019 - - - - - - (27,066) - (27,066) Book value Balance at 12/31/2019 732,535 897,733 1,153,738 798,980 582,215 338,193 1,556,073 352,199 6,411,666 (3) Balance at 12/31/2018 553,851 905,877 1,112,821 814,566 698,308 366,291 1,562,552 390,375 6,404,641 (1) Includes amounts pledged in guarantee of voluntary deposits; (2) Includes the amount of R$ 2,789 at 12/31/2018 related to real estate property pledged; (3) During the period, there was no impairment of assets recorded in Fixed assets. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 129

II) Goodwill and Intangible assets (1) Intangible assets Goodwill and Association for the intagible from Other intangible Total promotion and offer Internally developed Software Acquired (2) acquisition of financial products software assets and services Annual amortization rates Up to 20% 8% 20% 20% 10% to 20% Cost Balance at 12/31/2018 11,207,941 2,498,530 5,051,918 4,528,509 2,306,861 25,593,759 Acquisitions - 200 789,452 1,187,333 714,665 2,691,650 Disposals - (4,282) (92,872) - (129,873) (227,027) Exchange variation (285,032) 22,092 (83,671) - 6,030 (340,581) Other (29,009) ( 8,865) 86,393 - 19,804 68,323 Balance at 12/31/2019 10,893,900 2,507,675 5,751,220 5,715,842 2,917,487 27,786,124 Amortization Balance at 12/31/2018 (3,904,790) ( 842,708) (2,426,963) (1,822,651) (1,004,531) (10,001,643) (3) Amortization expenses (1,276,371) ( 215,626) (665,634) (674,580) (329,427) (3,161,638) Disposals - 4,282 28,441 - 129,873 162,596 Exchange variation 111,171 ( 4,775) 44,618 - (13,081) 137,933 Other 18,678 10,602 (72,602) - (12,916) (56,238) Balance at 12/31/2019 (5,051,312) ( 1,048,225) (3,092,140) (2,497,231) (1,230,082) (12,918,990) Impairment (Note 10i) Balance at 12/31/2018 - - (225,751) (342,835) - (568,586) Increase - - (4,168) (27,014) - (31,182) Disposals - - 58,748 - - 58,748 Exchange variation - - - - - - Balance at 12/31/2019 - - (171,171) (369,849) - (541,020) Book value Balance at 12/31/2019 5,842,588 1,459,450 2,487,909 2,848,762 1,687,405 14,326,114 Balance at 12/31/2018 7,303,151 1,655,822 2,399,204 2,363,023 1,302,330 15,023,530 (1) The contractual commitments for the purchase of the new intangible assets totaled R$ 272,855 achievable by 2020; (2) Includes amounts paid for acquisition of rights to provide services of payment of salaries, proceeds, retirement and pension benefits and similar benefits; (3) Amortization expenses related to the rights for acquisition of payrolls and associations, in the amount of R$ (516,380) (R$ (450,083) from 01/01 to 12/31/2018) are disclosed in the expenses on financial operation. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 130 II) Goodwill and Intangible assets (1) Intangible assets Goodwill and Association for the intagible from Other intangible Total promotion and offer Internally developed Software Acquired (2) acquisition of financial products software assets and services Annual amortization rates Up to 20% 8% 20% 20% 10% to 20% Cost Balance at 12/31/2018 11,207,941 2,498,530 5,051,918 4,528,509 2,306,861 25,593,759 Acquisitions - 200 789,452 1,187,333 714,665 2,691,650 Disposals - (4,282) (92,872) - (129,873) (227,027) Exchange variation (285,032) 22,092 (83,671) - 6,030 (340,581) Other (29,009) ( 8,865) 86,393 - 19,804 68,323 Balance at 12/31/2019 10,893,900 2,507,675 5,751,220 5,715,842 2,917,487 27,786,124 Amortization Balance at 12/31/2018 (3,904,790) ( 842,708) (2,426,963) (1,822,651) (1,004,531) (10,001,643) (3) Amortization expenses (1,276,371) ( 215,626) (665,634) (674,580) (329,427) (3,161,638) Disposals - 4,282 28,441 - 129,873 162,596 Exchange variation 111,171 ( 4,775) 44,618 - (13,081) 137,933 Other 18,678 10,602 (72,602) - (12,916) (56,238) Balance at 12/31/2019 (5,051,312) ( 1,048,225) (3,092,140) (2,497,231) (1,230,082) (12,918,990) Impairment (Note 10i) Balance at 12/31/2018 - - (225,751) (342,835) - (568,586) Increase - - (4,168) (27,014) - (31,182) Disposals - - 58,748 - - 58,748 Exchange variation - - - - - - Balance at 12/31/2019 - - (171,171) (369,849) - (541,020) Book value Balance at 12/31/2019 5,842,588 1,459,450 2,487,909 2,848,762 1,687,405 14,326,114 Balance at 12/31/2018 7,303,151 1,655,822 2,399,204 2,363,023 1,302,330 15,023,530 (1) The contractual commitments for the purchase of the new intangible assets totaled R$ 272,855 achievable by 2020; (2) Includes amounts paid for acquisition of rights to provide services of payment of salaries, proceeds, retirement and pension benefits and similar benefits; (3) Amortization expenses related to the rights for acquisition of payrolls and associations, in the amount of R$ (516,380) (R$ (450,083) from 01/01 to 12/31/2018) are disclosed in the expenses on financial operation. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 130

Note 13 – Stockholders' equity a) Capital Capital is represented by 9,804,135,348 book-entry shares with no par value, of which 4,958,290,359 are common and 4,845,844,989 are preferred shares with no voting rights, but with tag-along rights, in the event of disposal of control, to be included in a public offering of shares, so as to ensure the price equal to eighty per cent (80%) of the amount paid per share with voting rights in the controlling stake, as well as a dividend at least equal to that of the common shares. In Meetings of the Board of Directors held on 02/22/2018, cancellations of 14,424,206, were approved, of common shares of own issue and shares held in treasury, with no change in capital, upon capitalization of amounts recorded in Revenue Reserves – Statutory Reserve. The Extraordinary Stockholders’ Meeting – ESM held on July 27, 2018 approved the split in 50% the ITAÚ UNIBANCO HOLDING's shares of capital stock, and the process was approved by BACEN on October 31, 2018. The new shares were included in the share position on November 26, 2018. Thus, for better comparability, the number of shares presented in this item are affected by the split effect. The breakdown and change in shares of paid-in capital in the beginning and end of the period are shown below: Number Amount Common Preferred Total Residents in Brazil at 12/31/2018 4 ,928,076,320 1 ,609,055,166 6 ,537,131,486 64,775,651 Residents abroad at 12/31/2018 30,214,039 3 ,236,789,823 3 ,267,003,862 32,372,349 Shares of capital stock at 12/31/2018 4 ,958,290,359 4 ,845,844,989 9,804,135,348 9 7,148,000 Shares of capital stock at 12/31/2019 4,958,290,359 4 ,845,844,989 9,804,135,348 9 7,148,000 Residents in Brazil at 12/31/2019 4 ,931,023,416 1 ,665,657,332 6,596,680,748 65,365,717 Residents abroad at 12/31/2019 2 7,266,943 3 ,180,187,657 3,207,454,600 31,782,283 (1) - 83,614,426 8 3,614,426 ( 1,819,690) Treasury shares at 12/31/2018 Result of delivery of treasure shares - ( 25,080,841) (25,080,841) 5 45,594 (1) Treasury shares at 12/31/2019 - 58,533,585 58,533,585 ( 1,274,096) Outstanding shares at 12/31/2019 4 ,958,290,359 4 ,787,311,404 9,745,601,763 4,958,290,359 4,762,230,563 9,720,520,922 Outstanding shares at 12/31/2018 (1) Own shares, purchased based on authorization of the Board of Directors, to be held in Treasury for subsequent cancellation or replacement in the market. Below is the average cost of treasury shares and their market price in reais. In 2019, there was no acquisition of treasury shares. 01/01 to 12/31/2019 Cost / Market value Common Preferred Average cost - 21 .76 Market value at 12/31/2019 32 .03 37.10 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 131 Note 13 – Stockholders' equity a) Capital Capital is represented by 9,804,135,348 book-entry shares with no par value, of which 4,958,290,359 are common and 4,845,844,989 are preferred shares with no voting rights, but with tag-along rights, in the event of disposal of control, to be included in a public offering of shares, so as to ensure the price equal to eighty per cent (80%) of the amount paid per share with voting rights in the controlling stake, as well as a dividend at least equal to that of the common shares. In Meetings of the Board of Directors held on 02/22/2018, cancellations of 14,424,206, were approved, of common shares of own issue and shares held in treasury, with no change in capital, upon capitalization of amounts recorded in Revenue Reserves – Statutory Reserve. The Extraordinary Stockholders’ Meeting – ESM held on July 27, 2018 approved the split in 50% the ITAÚ UNIBANCO HOLDING's shares of capital stock, and the process was approved by BACEN on October 31, 2018. The new shares were included in the share position on November 26, 2018. Thus, for better comparability, the number of shares presented in this item are affected by the split effect. The breakdown and change in shares of paid-in capital in the beginning and end of the period are shown below: Number Amount Common Preferred Total Residents in Brazil at 12/31/2018 4 ,928,076,320 1 ,609,055,166 6 ,537,131,486 64,775,651 Residents abroad at 12/31/2018 30,214,039 3 ,236,789,823 3 ,267,003,862 32,372,349 Shares of capital stock at 12/31/2018 4 ,958,290,359 4 ,845,844,989 9,804,135,348 9 7,148,000 Shares of capital stock at 12/31/2019 4,958,290,359 4 ,845,844,989 9,804,135,348 9 7,148,000 Residents in Brazil at 12/31/2019 4 ,931,023,416 1 ,665,657,332 6,596,680,748 65,365,717 Residents abroad at 12/31/2019 2 7,266,943 3 ,180,187,657 3,207,454,600 31,782,283 (1) - 83,614,426 8 3,614,426 ( 1,819,690) Treasury shares at 12/31/2018 Result of delivery of treasure shares - ( 25,080,841) (25,080,841) 5 45,594 (1) Treasury shares at 12/31/2019 - 58,533,585 58,533,585 ( 1,274,096) Outstanding shares at 12/31/2019 4 ,958,290,359 4 ,787,311,404 9,745,601,763 4,958,290,359 4,762,230,563 9,720,520,922 Outstanding shares at 12/31/2018 (1) Own shares, purchased based on authorization of the Board of Directors, to be held in Treasury for subsequent cancellation or replacement in the market. Below is the average cost of treasury shares and their market price in reais. In 2019, there was no acquisition of treasury shares. 01/01 to 12/31/2019 Cost / Market value Common Preferred Average cost - 21 .76 Market value at 12/31/2019 32 .03 37.10 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 131

b) Dividends Shareholders are entitled to a minimum mandatory dividend in each fiscal year, corresponding to 25% of adjusted net income, as set forth in the Bylaws. Common and preferred shares participate equally in income distributed, after common shares have received dividends equal to the minimum annual priority dividend payable to preferred shares (R$ 0.022 non-cumulative per share). The calculation of the monthly advance of minimum mandatory dividend is based on the share position on the last day of the preceding month, and payment is made on the first business day of the subsequent month, amounting to R$ 0.015 per share. I - Breakdown of dividends and interest on capital 12/31/2019 Statutory individual net income 2 6,711,680 Adjustments: (-) Legal reserve - 5% (1,335,584) Dividend calculation basis 2 5,376,096 Minimun mandatory dividend - 25% 6,344,024 Dividends and Interest on Capital Paid / Accrued / Identified 18,777,003 II – Stockholders' yields Gross value WHT (With Gross Net per share (R$) holding tax) Paid / Prepaid 9,274,217 - 9,274,217 Dividends - 11 monthly installments paid in February to December 2019 0.0150 1 ,606,674 - 1,606,674 Dividends - paid on 08/23/2019 0.7869 7 ,667,543 - 7 ,667,543 Accrued (Recorded in Other Liabilities – Social and statutory) 5 12,204 (54,905) 4 57,299 Dividends - 1 monthly installment paid on 01/02/2020 0.0150 1 46,170 - 1 46,170 Interest on capital - Credited on December 19, 2019 to be paid until April 30, 2020. 0.0376 366,034 (54,905) 311,129 Identified in Profit Reserve In Stockholders’ Equity 1.0067 9,810,778 (765,291) 9,045,487 Total from 01/01 to 12/31/2019 19,597,199 (820,196) 18,777,003 Total from 01/01 to 12/31/2018 2 3,667,182 ( 1,229,756) 2 2,437,426 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 132 b) Dividends Shareholders are entitled to a minimum mandatory dividend in each fiscal year, corresponding to 25% of adjusted net income, as set forth in the Bylaws. Common and preferred shares participate equally in income distributed, after common shares have received dividends equal to the minimum annual priority dividend payable to preferred shares (R$ 0.022 non-cumulative per share). The calculation of the monthly advance of minimum mandatory dividend is based on the share position on the last day of the preceding month, and payment is made on the first business day of the subsequent month, amounting to R$ 0.015 per share. I - Breakdown of dividends and interest on capital 12/31/2019 Statutory individual net income 2 6,711,680 Adjustments: (-) Legal reserve - 5% (1,335,584) Dividend calculation basis 2 5,376,096 Minimun mandatory dividend - 25% 6,344,024 Dividends and Interest on Capital Paid / Accrued / Identified 18,777,003 II – Stockholders' yields Gross value WHT (With Gross Net per share (R$) holding tax) Paid / Prepaid 9,274,217 - 9,274,217 Dividends - 11 monthly installments paid in February to December 2019 0.0150 1 ,606,674 - 1,606,674 Dividends - paid on 08/23/2019 0.7869 7 ,667,543 - 7 ,667,543 Accrued (Recorded in Other Liabilities – Social and statutory) 5 12,204 (54,905) 4 57,299 Dividends - 1 monthly installment paid on 01/02/2020 0.0150 1 46,170 - 1 46,170 Interest on capital - Credited on December 19, 2019 to be paid until April 30, 2020. 0.0376 366,034 (54,905) 311,129 Identified in Profit Reserve In Stockholders’ Equity 1.0067 9,810,778 (765,291) 9,045,487 Total from 01/01 to 12/31/2019 19,597,199 (820,196) 18,777,003 Total from 01/01 to 12/31/2018 2 3,667,182 ( 1,229,756) 2 2,437,426 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 132

c) Capital reserves and profit reserves - ITAÚ UNIBANCO HOLDING 12/31/2019 12/31/2018 Capital reserves 1,979,021 1,923,056 Premium on subscription of shares 283,512 283,512 Share-based payment plan 1,694,404 1,638,439 Reserves from tax incentives and restatement of equity securities and other 1,105 1,105 Profit reserves 34,846,490 35,379,671 (1) Legal 11,325,776 9,990,192 (2) Statutory 13,709,936 7,891,646 (3) Special profit reserves 9,810,778 17,497,833 Total reserves (1) It purpose is to ensure the integrity of capital, compensate loss or increase capital; (2) Its main purpose is to ensure the remuneration flow to shareholders; (3) Refers to Dividends or Interest on Capital declared after 12/31/2019 and 12/31/2018. d) Reconciliation of net income and stockholders’ equity (Note 2b) Net income Stockholders’ equity 01/01 to 01/01 to 12/31/2019 12/31/2018 12/31/2019 12/31/2018 ITAÚ UNIBANCO HOLDING 26,711,680 21,945,388 1 32,244,227 131,863,081 Amortization of goodwill 5 5,687 2 22,756 (2 57,965) (106,507) Corporate reorganizations (Note 3l) - 1 ,846,293 - - Conversion adjustments of foreign investments (Note 3s) (1 84,728) 9 62,985 1,139 - Foreign exchange variations of investments (4 38) (44,197) - - Hedge of net investments in foreign operations (322,840) 1 ,760,159 1 ,139 - Tax effects – hedge of net investments in foreign operations 138,550 (752,977) - - 26,582,639 2 4,977,422 131,987,401 131,756,574 ITAÚ UNIBANCO HOLDING CONSOLIDATED e) Equity valuation adjustments - ITAÚ UNIBANCO HOLDING CONSOLIDATED 12/31/2019 12/31/2018 Available-for-sale securities 1 ,262,599 1 58,643 Hedge cash flow (1,412,446) (1 ,573,238) Remeasurement of post-employment benefits obligations (1 ,339,113) (1 ,001,152) Foreign exchange variation on investments abroad / Hedge of net investment in foreign operations (9 45,383) (4 63,182) (*) Equity valuation adjustments (2,434,343) (2 ,878,929) (*) Net of tax effects. f) Non-controlling interests Stockholders’ equity Results 01/01 to 01/01 to 12/31/2019 12/31/2018 12/31/2019 12/31/2018 Itaú CorpBanca (Note 2c) 9,428,005 10,249,165 15,361 (89,273) Itaú CorpBanca Colombia S.A. (Note 2c) 403,426 1,218,728 (29,484) (13,045) Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento 487,061 395,742 (139,867) (97,914) Luizacred S.A. Soc. de Crédito, Financiamento e Investimento 419,556 388,514 (43,995) (78,755) Other 122,516 114,913 (65,880) (42,631) Total 10,860,564 12,367,062 (263,865) (321,618) Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 133 c) Capital reserves and profit reserves - ITAÚ UNIBANCO HOLDING 12/31/2019 12/31/2018 Capital reserves 1,979,021 1,923,056 Premium on subscription of shares 283,512 283,512 Share-based payment plan 1,694,404 1,638,439 Reserves from tax incentives and restatement of equity securities and other 1,105 1,105 Profit reserves 34,846,490 35,379,671 (1) Legal 11,325,776 9,990,192 (2) Statutory 13,709,936 7,891,646 (3) Special profit reserves 9,810,778 17,497,833 Total reserves (1) It purpose is to ensure the integrity of capital, compensate loss or increase capital; (2) Its main purpose is to ensure the remuneration flow to shareholders; (3) Refers to Dividends or Interest on Capital declared after 12/31/2019 and 12/31/2018. d) Reconciliation of net income and stockholders’ equity (Note 2b) Net income Stockholders’ equity 01/01 to 01/01 to 12/31/2019 12/31/2018 12/31/2019 12/31/2018 ITAÚ UNIBANCO HOLDING 26,711,680 21,945,388 1 32,244,227 131,863,081 Amortization of goodwill 5 5,687 2 22,756 (2 57,965) (106,507) Corporate reorganizations (Note 3l) - 1 ,846,293 - - Conversion adjustments of foreign investments (Note 3s) (1 84,728) 9 62,985 1,139 - Foreign exchange variations of investments (4 38) (44,197) - - Hedge of net investments in foreign operations (322,840) 1 ,760,159 1 ,139 - Tax effects – hedge of net investments in foreign operations 138,550 (752,977) - - 26,582,639 2 4,977,422 131,987,401 131,756,574 ITAÚ UNIBANCO HOLDING CONSOLIDATED e) Equity valuation adjustments - ITAÚ UNIBANCO HOLDING CONSOLIDATED 12/31/2019 12/31/2018 Available-for-sale securities 1 ,262,599 1 58,643 Hedge cash flow (1,412,446) (1 ,573,238) Remeasurement of post-employment benefits obligations (1 ,339,113) (1 ,001,152) Foreign exchange variation on investments abroad / Hedge of net investment in foreign operations (9 45,383) (4 63,182) (*) Equity valuation adjustments (2,434,343) (2 ,878,929) (*) Net of tax effects. f) Non-controlling interests Stockholders’ equity Results 01/01 to 01/01 to 12/31/2019 12/31/2018 12/31/2019 12/31/2018 Itaú CorpBanca (Note 2c) 9,428,005 10,249,165 15,361 (89,273) Itaú CorpBanca Colombia S.A. (Note 2c) 403,426 1,218,728 (29,484) (13,045) Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento 487,061 395,742 (139,867) (97,914) Luizacred S.A. Soc. de Crédito, Financiamento e Investimento 419,556 388,514 (43,995) (78,755) Other 122,516 114,913 (65,880) (42,631) Total 10,860,564 12,367,062 (263,865) (321,618) Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 133

g) Share-based payment ITAÚ UNIBANCO HOLDING and its subsidiaries have share-based payment plans aimed at involving its management members and employees in the medium and long term corporate development process. The grant of these benefits is only made in years in which there are sufficient profits to permit the distribution of mandatory dividends, limiting dilution to 0.5% of the total shares held by the controlling and minority stockholders at the balance sheet date. These programs are settled through the delivery of ITUB4 treasury shares to stockholders. Expenses on stock-based payment plans are presented in the table below: 01/01 to 01/01 to 12/31/2019 12/31/2018 Partner Plan (Note 10g) (241,933) (225,577) Share-based plan (384,422) (377,151) Total (626,354) (602,728) l – Partner Plan The program enables employees and managers of ITAÚ UNIBANCO HOLDING to invest a percentage of their bonus to acquire shares and share-based instruments. There is a lockup period of from three to five years, counted from the initial investment date, and the shares are thus subject to market price variations. After complying with the preconditions outlined in the program, beneficiaries are entitled to receive shares as consideration, in accordance with the number of shares indicated in the regulations. The acquisition price of shares and share-based Instruments is established every six months as the average of the share price over the last 30 days. The calculation takes place on the seventh business day prior to the grant date. The fair value of the consideration in shares is the market price at the grant date, less expected dividends. Changes in the Partner Program 01/01 to 01/01 to 12/31/2019 12/31/2018 Quantity Quantity 48,871,182 51,074,441 Opening balance New granted 8,096,700 9,912,356 Delivered (15,627,167) (11,597,420) Cancelled (2,035,504) (518,195) Closing balance 39,305,211 48,871,182 Weighted average of remaining contractual life (years) 1.59 2.52 Market value weighted average (R$) 25.49 26.22 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 134 g) Share-based payment ITAÚ UNIBANCO HOLDING and its subsidiaries have share-based payment plans aimed at involving its management members and employees in the medium and long term corporate development process. The grant of these benefits is only made in years in which there are sufficient profits to permit the distribution of mandatory dividends, limiting dilution to 0.5% of the total shares held by the controlling and minority stockholders at the balance sheet date. These programs are settled through the delivery of ITUB4 treasury shares to stockholders. Expenses on stock-based payment plans are presented in the table below: 01/01 to 01/01 to 12/31/2019 12/31/2018 Partner Plan (Note 10g) (241,933) (225,577) Share-based plan (384,422) (377,151) Total (626,354) (602,728) l – Partner Plan The program enables employees and managers of ITAÚ UNIBANCO HOLDING to invest a percentage of their bonus to acquire shares and share-based instruments. There is a lockup period of from three to five years, counted from the initial investment date, and the shares are thus subject to market price variations. After complying with the preconditions outlined in the program, beneficiaries are entitled to receive shares as consideration, in accordance with the number of shares indicated in the regulations. The acquisition price of shares and share-based Instruments is established every six months as the average of the share price over the last 30 days. The calculation takes place on the seventh business day prior to the grant date. The fair value of the consideration in shares is the market price at the grant date, less expected dividends. Changes in the Partner Program 01/01 to 01/01 to 12/31/2019 12/31/2018 Quantity Quantity 48,871,182 51,074,441 Opening balance New granted 8,096,700 9,912,356 Delivered (15,627,167) (11,597,420) Cancelled (2,035,504) (518,195) Closing balance 39,305,211 48,871,182 Weighted average of remaining contractual life (years) 1.59 2.52 Market value weighted average (R$) 25.49 26.22 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 134

II- Variable Compensation In this plan, fifty percent (50%) of variable compensation of management members should be paid in cash and fifty percent (50%) should be paid in shares for a period of three years. Shares are delivered on a deferred basis, of which one-third (1/3) per year, will be contingent upon the executive’s remaining with the institution. The deferred unpaid portions may be reversed proportionally to the significant reduction of the recurring income realized or the negative income for the period. Management members become eligible for the receipt of these benefits according to individual performance, business performance or both. The benefit amount is established according to the activities of each management member that should meet at least the performance and conduct requirements. The fair value of the share is the market price at its grant date. Change in share-based variable compensation 01/01 to 01/01 to 12/31/2019 12/31/2018 Quantity Quantity Opening balance 25,016,145 31,229,973 New granted 9,794,250 10,552,225 Delivered (14,237,280) (16,611,521) Cancelled (352,181) (154,532) Closing balance 20,220,934 25,016,145 Market value weighted average (R$) 37.55 34.04 Ill – Stock Option Plan (Simple Options) ITAÚ UNIBANCO HOLDING has a Stock Option Plan (“Simple Options”), which has been discontinued, and only vested options remain. Simple options have the following characteristics: a) Exercise price: calculated as the average price of shares in the last three months of the year prior to the grant date. The prices determined are inflation-adjusted to the last business day of the month prior to the option exercise date in line with the IGP-M inflation index or, in its absence, an index to be determined internally, and must be paid according to the regulations for the settlement of trading on B3. b) Vesting period: determined upon issue, from one to seven years, counted from the grant date. The vesting period is normally five years. 01/01 to 12/31/2019 01/01 to 12/31/2018 Weighted Weighted Quantity average Quantity average exercise price exercise price Opening balance 3,089,599 22.11 24,514,359 25.21 Options vested at the end of the period 3,089,599 22.11 24,514,359 25.21 Options: (*) Canceled / Forfeited (72,318) 2 4.36 (3 52,085) 2 9.29 Exercised (3 ,017,281) 22.68 (21,072,675) 28.26 Closing balance - - 3,089,599 22.11 Options vested at the end of the period - - 3 ,089,599 22.11 14.47 - 29.51 Range of exercise prices 22.95 Weighted average of the remaining contractual life (in years) - 0 .99 Market value weighted average (R$) 36.34 33.98 (*) Refers to non-vesting based on the beneficiary’s decision. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 135 II- Variable Compensation In this plan, fifty percent (50%) of variable compensation of management members should be paid in cash and fifty percent (50%) should be paid in shares for a period of three years. Shares are delivered on a deferred basis, of which one-third (1/3) per year, will be contingent upon the executive’s remaining with the institution. The deferred unpaid portions may be reversed proportionally to the significant reduction of the recurring income realized or the negative income for the period. Management members become eligible for the receipt of these benefits according to individual performance, business performance or both. The benefit amount is established according to the activities of each management member that should meet at least the performance and conduct requirements. The fair value of the share is the market price at its grant date. Change in share-based variable compensation 01/01 to 01/01 to 12/31/2019 12/31/2018 Quantity Quantity Opening balance 25,016,145 31,229,973 New granted 9,794,250 10,552,225 Delivered (14,237,280) (16,611,521) Cancelled (352,181) (154,532) Closing balance 20,220,934 25,016,145 Market value weighted average (R$) 37.55 34.04 Ill – Stock Option Plan (Simple Options) ITAÚ UNIBANCO HOLDING has a Stock Option Plan (“Simple Options”), which has been discontinued, and only vested options remain. Simple options have the following characteristics: a) Exercise price: calculated as the average price of shares in the last three months of the year prior to the grant date. The prices determined are inflation-adjusted to the last business day of the month prior to the option exercise date in line with the IGP-M inflation index or, in its absence, an index to be determined internally, and must be paid according to the regulations for the settlement of trading on B3. b) Vesting period: determined upon issue, from one to seven years, counted from the grant date. The vesting period is normally five years. 01/01 to 12/31/2019 01/01 to 12/31/2018 Weighted Weighted Quantity average Quantity average exercise price exercise price Opening balance 3,089,599 22.11 24,514,359 25.21 Options vested at the end of the period 3,089,599 22.11 24,514,359 25.21 Options: (*) Canceled / Forfeited (72,318) 2 4.36 (3 52,085) 2 9.29 Exercised (3 ,017,281) 22.68 (21,072,675) 28.26 Closing balance - - 3,089,599 22.11 Options vested at the end of the period - - 3 ,089,599 22.11 14.47 - 29.51 Range of exercise prices 22.95 Weighted average of the remaining contractual life (in years) - 0 .99 Market value weighted average (R$) 36.34 33.98 (*) Refers to non-vesting based on the beneficiary’s decision. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 135

Note 14 – Related parties Transactions between related parties are carried out for amounts, terms and average rates in accordance with normal market practices during the period, and under reciprocal conditions. Transactions between companies and investment funds, included in consolidation (Note 2b), have been eliminated and do not affect the consolidated statements. The principal unconsolidated related parties are as follows: · Itaú Unibanco Participações S.A. (IUPAR), Companhia E.Johnston de Participações S.A. (shareholder of IUPAR) and ITAÚSA, direct and indirect shareholders of ITAÚ UNIBANCO HOLDING; · The non-financial subsidiaries and joint ventures of ITAÚSA, in particular Duratex S.A., Itaúsa (1) Empreendimentos S.A. and Alpargatas S.A.; · Investments in associates and joint ventures, the main ones being Porto Seguro Itaú Unibanco Participações S.A., BSF Holding S.A., IRB-Brasil Resseguros S.A. and XP Inc.; · Itaú Unibanco Foundation – Supplementary Pensions and FUNBEP – Multisponsored Pension Fund, closed-end supplementary pension entities, that administer retirement plans sponsored by ITAÚ UNIBANCO HOLDING CONSOLIDATED, created exclusively for employees; · Itaú Cubo Coworking Association – a partner entity of ITAÚ UNIBANCO HOLDING CONSOLIDATED its purpose is to encourage and promote the discussion and development of alternative and innovative technologies, business models and solutions; the produce and disseminate the resulting technical and scientific knowledge; the attract and bring in new information technology talents that may be characterized as startups; and to research, develop and establish ecosystems for entrepreneur and startups; · Foundations and Institutes maintained by donations from ITAÚ UNIBANCO HOLDING and by the proceeds generated by their assets, so that they can accomplish their objectives and to maintain their operational and administrative structure: (2) Itaú para Educação e Cultura Foundation – promotes education, culture, social assistance, defense and guarantee of rights, and strengthening of civil society. (3) Itaú Cultural Institute – promotes and disseminates Brazilian culture in the country and abroad. Unibanco Institute – supports projects focused on social assistance, particularly education, culture, promotion of integration into the labor market, and environmental protection, directly or as a supplement to civil institutions. Unibanco de Cinema Institute – promotes culture in general and provides access of low-income families to screenings of films, videos, video-laser discs etc, in theaters and movie clubs which it owns or manages including showings of popular movies, in particular Brazilian productions. Itaú Viver Mais Association – provides social services for the welfare of beneficiaries, on the terms defined in its Internal Regulations, and according to the funds available. These services may include the promotion of cultural, educational, sports, entertainment and healthcare activities. (1) Entity merged into Itaúsa Investimentos Itaú S.A.; (2) New legal name of Itaú Social Foundation after merger of Itaú Cultural Institute; (3) Entity merged into Itaú para Educação e Cultura Foundation. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 136 Note 14 – Related parties Transactions between related parties are carried out for amounts, terms and average rates in accordance with normal market practices during the period, and under reciprocal conditions. Transactions between companies and investment funds, included in consolidation (Note 2b), have been eliminated and do not affect the consolidated statements. The principal unconsolidated related parties are as follows: · Itaú Unibanco Participações S.A. (IUPAR), Companhia E.Johnston de Participações S.A. (shareholder of IUPAR) and ITAÚSA, direct and indirect shareholders of ITAÚ UNIBANCO HOLDING; · The non-financial subsidiaries and joint ventures of ITAÚSA, in particular Duratex S.A., Itaúsa (1) Empreendimentos S.A. and Alpargatas S.A.; · Investments in associates and joint ventures, the main ones being Porto Seguro Itaú Unibanco Participações S.A., BSF Holding S.A., IRB-Brasil Resseguros S.A. and XP Inc.; · Itaú Unibanco Foundation – Supplementary Pensions and FUNBEP – Multisponsored Pension Fund, closed-end supplementary pension entities, that administer retirement plans sponsored by ITAÚ UNIBANCO HOLDING CONSOLIDATED, created exclusively for employees; · Itaú Cubo Coworking Association – a partner entity of ITAÚ UNIBANCO HOLDING CONSOLIDATED its purpose is to encourage and promote the discussion and development of alternative and innovative technologies, business models and solutions; the produce and disseminate the resulting technical and scientific knowledge; the attract and bring in new information technology talents that may be characterized as startups; and to research, develop and establish ecosystems for entrepreneur and startups; · Foundations and Institutes maintained by donations from ITAÚ UNIBANCO HOLDING and by the proceeds generated by their assets, so that they can accomplish their objectives and to maintain their operational and administrative structure: (2) Itaú para Educação e Cultura Foundation – promotes education, culture, social assistance, defense and guarantee of rights, and strengthening of civil society. (3) Itaú Cultural Institute – promotes and disseminates Brazilian culture in the country and abroad. Unibanco Institute – supports projects focused on social assistance, particularly education, culture, promotion of integration into the labor market, and environmental protection, directly or as a supplement to civil institutions. Unibanco de Cinema Institute – promotes culture in general and provides access of low-income families to screenings of films, videos, video-laser discs etc, in theaters and movie clubs which it owns or manages including showings of popular movies, in particular Brazilian productions. Itaú Viver Mais Association – provides social services for the welfare of beneficiaries, on the terms defined in its Internal Regulations, and according to the funds available. These services may include the promotion of cultural, educational, sports, entertainment and healthcare activities. (1) Entity merged into Itaúsa Investimentos Itaú S.A.; (2) New legal name of Itaú Social Foundation after merger of Itaú Cultural Institute; (3) Entity merged into Itaú para Educação e Cultura Foundation. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 136

a) Transactions with related parties: ITAÚ UNIBANCO HOLDING ITAÚ UNIBANCO HOLDING CONSOLIDATED Assets / (Liabilities) Revenue / (Expense) Assets / (Liabilities) Revenue / (Expense) Annual rate 01/01 to 01/01 to Annual rate 01/01 to 01/01 to 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 Interbank investments 5 1,077,604 6 5,240,899 3,185,811 4,593,298 1,000,168 - 58,078 - Itaú Unibanco S.A. 4.40% 6,723,949 26,894,638 909,495 2,506,220 - - - - Itaú Unibanco S.A. Grand Cayman Branch 5.83% to 6.36% 11,165,309 10,733,342 660,928 6 12,235 - - - - Itaú Unibanco S.A. Nassau Branch 2.66% to 6.20% 3 3,188,346 2 7,612,919 1,615,388 1 ,474,843 - - - - 4.40% Other - - - - 1,000,168 - 58,078 - Loans - - - - 8 3,111 1 44,116 5 ,672 187,030 2.35% to 6% / 2% + CDI Alpargatas S.A. - - - - 30,443 4 9,195 1,015 2,773 113% CDI Other - - - - 52,668 94,921 4 ,657 1 84,257 Derivative financial instruments - assets and liabilities - 2,639,985 (571,580) 2,498,510 98,766 - - (138,321) Investment funds - 2,639,985 (571,580) 2 ,498,510 98,766 - - - Other - - - - - - - (1 38,321) Deposits - (1 3,366,777) (160,508) (4 69,617) - (69,647) (1,116) (9 ,886) Itaú Unibanco S.A. Nassau Branch - (1 3,366,777) (1 60,508) (469,617) - - - Olímpia Promoção e Serviços S.A. - - - - - - (1,116) (9 49) Other - - - - - (69,647) - (8,937) Deposits received under securities repurchase agreements - - - (2 ,105) (3 73,240) (2 9,581) (1 4,634) (1 ,880) 76% to 97.50% CDI Duratex S.A. - - - - (4 2,740) (19,328) (2,337) (1,196) 75% to 96% CDI / 3.75% Other - - - (2 ,105) (3 30,500) (1 0,253) (1 2,297) (684) Amounts receivable from (payable to) related companies / Banking service fees and other administrative (expenses) (3 5,317) (12,311) 664 (8,148) (1 51,032) (126,786) 3 ,459 5 0,220 Banco Itaú BBA S.A. - - (3 ,823) - - - - - ConectCar Soluções de Mobilidade Eletrônica S.A. - - - - (4 5,943) (3 4,390) 7,310 4,404 Itaú Unibanco Foundation - Supplementary Pensions - - - - (9 2,899) (98,214) 42,517 50,969 Itaú Corretora de Valores S.A. (7 77) (4 91) (7,530) (5 ,284) - - - - Itaú Unibanco S.A. Nassau Branch (3 4,541) (1 1,825) 1 2,017 5,081 - - - - Itaúsa Investimentos Itaú S.A. - - - - 567 314 (2 7,804) 5,781 Olímpia Promoção e Serviços S.A. - - - - (5,248) (3 ,018) (3 0,882) (24,786) Other 1 5 - (7,945) (7 ,509) 8,522 1 2,318 13,852 Rent revenues (expenses) - - (4 16) (3 67) - - (3 9,411) (45,968) FUNBEP - Multisponsored Association - - - - - - (6 ,076) (7 ,373) Itaú Unibanco Foundation - Supplementary Pensions - - - - - - (32,063) (36,075) Itaú Rent Administração e Participações Ltda. - - (5 5) (93) - - - - Itaú Seguros S.A. - - (361) (2 74) - - - - Other - - - - - - (1,272) (2 ,520) Donation expenses - - - - - - (35,000) (94,944) Itaú para Educação e Cultura Foundation - - - - - - (35,000) (9 4,944) Sponsorship expenses - - - - 2 8,642 - (1 5,262) (3 1,970) Itaú Cubo Coworking Association - - - - 28,642 - (14,062) (31,050) Itaú Viver Mais Association - - - - - - (1,200) (920) Operations with Key Management Personnel of ITAÚ UNIBANCO HOLDING CONSOLIDATED, present the amounts of Assets R$ 48,553 and Revenues R$ 7,382; and Liabilities R$ (5,757,790) and Expenses R$ (35,008) (R$ 31,536, R$ 1,796, R$ (4,390,939), R$ (16,412) from 01/01 to 12/31/2018, respectively). In addition to the aforementioned operations, ITAÚ UNIBANCO HOLDING and non-consolidated related parties, as an integral part of the Agreement for apportionment of common costs of Itaú Unibanco, recorded in Other Administrative Expenses in the amount of R$ (8,143) (R$ (8,239) from 01/01 to 12/31/2018) in view of the use of the common structure. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 137 a) Transactions with related parties: ITAÚ UNIBANCO HOLDING ITAÚ UNIBANCO HOLDING CONSOLIDATED Assets / (Liabilities) Revenue / (Expense) Assets / (Liabilities) Revenue / (Expense) Annual rate 01/01 to 01/01 to Annual rate 01/01 to 01/01 to 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 12/31/2019 12/31/2018 Interbank investments 5 1,077,604 6 5,240,899 3,185,811 4,593,298 1,000,168 - 58,078 - Itaú Unibanco S.A. 4.40% 6,723,949 26,894,638 909,495 2,506,220 - - - - Itaú Unibanco S.A. Grand Cayman Branch 5.83% to 6.36% 11,165,309 10,733,342 660,928 6 12,235 - - - - Itaú Unibanco S.A. Nassau Branch 2.66% to 6.20% 3 3,188,346 2 7,612,919 1,615,388 1 ,474,843 - - - - 4.40% Other - - - - 1,000,168 - 58,078 - Loans - - - - 8 3,111 1 44,116 5 ,672 187,030 2.35% to 6% / 2% + CDI Alpargatas S.A. - - - - 30,443 4 9,195 1,015 2,773 113% CDI Other - - - - 52,668 94,921 4 ,657 1 84,257 Derivative financial instruments - assets and liabilities - 2,639,985 (571,580) 2,498,510 98,766 - - (138,321) Investment funds - 2,639,985 (571,580) 2 ,498,510 98,766 - - - Other - - - - - - - (1 38,321) Deposits - (1 3,366,777) (160,508) (4 69,617) - (69,647) (1,116) (9 ,886) Itaú Unibanco S.A. Nassau Branch - (1 3,366,777) (1 60,508) (469,617) - - - Olímpia Promoção e Serviços S.A. - - - - - - (1,116) (9 49) Other - - - - - (69,647) - (8,937) Deposits received under securities repurchase agreements - - - (2 ,105) (3 73,240) (2 9,581) (1 4,634) (1 ,880) 76% to 97.50% CDI Duratex S.A. - - - - (4 2,740) (19,328) (2,337) (1,196) 75% to 96% CDI / 3.75% Other - - - (2 ,105) (3 30,500) (1 0,253) (1 2,297) (684) Amounts receivable from (payable to) related companies / Banking service fees and other administrative (expenses) (3 5,317) (12,311) 664 (8,148) (1 51,032) (126,786) 3 ,459 5 0,220 Banco Itaú BBA S.A. - - (3 ,823) - - - - - ConectCar Soluções de Mobilidade Eletrônica S.A. - - - - (4 5,943) (3 4,390) 7,310 4,404 Itaú Unibanco Foundation - Supplementary Pensions - - - - (9 2,899) (98,214) 42,517 50,969 Itaú Corretora de Valores S.A. (7 77) (4 91) (7,530) (5 ,284) - - - - Itaú Unibanco S.A. Nassau Branch (3 4,541) (1 1,825) 1 2,017 5,081 - - - - Itaúsa Investimentos Itaú S.A. - - - - 567 314 (2 7,804) 5,781 Olímpia Promoção e Serviços S.A. - - - - (5,248) (3 ,018) (3 0,882) (24,786) Other 1 5 - (7,945) (7 ,509) 8,522 1 2,318 13,852 Rent revenues (expenses) - - (4 16) (3 67) - - (3 9,411) (45,968) FUNBEP - Multisponsored Association - - - - - - (6 ,076) (7 ,373) Itaú Unibanco Foundation - Supplementary Pensions - - - - - - (32,063) (36,075) Itaú Rent Administração e Participações Ltda. - - (5 5) (93) - - - - Itaú Seguros S.A. - - (361) (2 74) - - - - Other - - - - - - (1,272) (2 ,520) Donation expenses - - - - - - (35,000) (94,944) Itaú para Educação e Cultura Foundation - - - - - - (35,000) (9 4,944) Sponsorship expenses - - - - 2 8,642 - (1 5,262) (3 1,970) Itaú Cubo Coworking Association - - - - 28,642 - (14,062) (31,050) Itaú Viver Mais Association - - - - - - (1,200) (920) Operations with Key Management Personnel of ITAÚ UNIBANCO HOLDING CONSOLIDATED, present the amounts of Assets R$ 48,553 and Revenues R$ 7,382; and Liabilities R$ (5,757,790) and Expenses R$ (35,008) (R$ 31,536, R$ 1,796, R$ (4,390,939), R$ (16,412) from 01/01 to 12/31/2018, respectively). In addition to the aforementioned operations, ITAÚ UNIBANCO HOLDING and non-consolidated related parties, as an integral part of the Agreement for apportionment of common costs of Itaú Unibanco, recorded in Other Administrative Expenses in the amount of R$ (8,143) (R$ (8,239) from 01/01 to 12/31/2018) in view of the use of the common structure. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 137

b) Compensation and Benefits of Key Management Personnel Compensation and benefits attributed to Management Members, members of the Audit Committee and the Board of Directors of ITAÚ UNIBANCO HOLDING CONSOLIDATED in the period correspond to: 01/01 to 01/01 to 12/31/2019 12/31/2018 Fees (499,040) (480,821) Profit sharing (363,448) (257,918) Post-employment benefits (5,677) (8,691) Share-based payment plan (223,737) (212,066) (959,496) Total (1,091,902) Total amounts related to stock-based payment plan, personnel expenses and post-employment benefits is detailed in Notes 13g, 10g and 16, respectively. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 138 b) Compensation and Benefits of Key Management Personnel Compensation and benefits attributed to Management Members, members of the Audit Committee and the Board of Directors of ITAÚ UNIBANCO HOLDING CONSOLIDATED in the period correspond to: 01/01 to 01/01 to 12/31/2019 12/31/2018 Fees (499,040) (480,821) Profit sharing (363,448) (257,918) Post-employment benefits (5,677) (8,691) Share-based payment plan (223,737) (212,066) (959,496) Total (1,091,902) Total amounts related to stock-based payment plan, personnel expenses and post-employment benefits is detailed in Notes 13g, 10g and 16, respectively. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 138

Note 15 - Market value In cases where market prices are not available, market value are based on estimates using discounted cash flows or other valuation techniques. These techniques are significantly affected by the assumptions adopted, including the discount rate and estimate of future cash flows. The estimated market value achieved through these techniques cannot be substantiated by comparison with independent markets and, in many cases, it cannot be realized in the immediate settlement of the instrument. The following table summarizes the carrying and estimated market value for financial instruments: 12/31/2019 12/31/2018 Estimated Estimated Book Value Book Value Market Value Market Value Interbank investments (a)(b) 232,362,309 232,401,660 304,746,658 304,836,771 Securities (c) Adjustment of available-for-sale securities 163,510,169 163,510,169 101,613,764 101,613,764 Adjustment of held-to-maturity securities 36,105,859 39,214,614 40,516,259 41,658,562 41,676,492 41,676,492 23,471,703 23,471,703 Derivative financial instruments - Assets (c) Loan, lease and other credit operations 543,270,367 552,540,783 498,220,864 504,595,076 (d) Deposits (b) 507,060,356 507,111,149 463,424,377 463,485,592 Deposits received under securities repurchase agreements (a) 269,838,169 269,838,169 343,236,462 343,236,462 Funds from acceptance and issuance of securities (b) 143,568,500 143,662,641 111,565,922 111,670,717 Borrowings and onlendings (b) 76,392,596 76,479,361 67,947,192 68,084,623 47,814,537 47,814,537 27,485,012 27,485,012 Derivative financial instruments - Liabilities (c) 59,461,765 61,427,971 49,312,724 49,546,979 Subordinated debt (b) The methods and assumptions adopted to estimate the market value are defined below: a) Securities purchased under agreements to resell, which compose the balance of Interbank Investments, and Securities under repurchase agreements - The carrying amounts for these instruments approximate their market values. b) Interbank deposits, which compose the balance of Interbank Investments, Deposits, Funds from Acceptance and Issuance of Securities, Borrowings and Onlending and Subordinate Debt – They are calculated by discounting estimated cash flows at market interest rates. c) Securities and Derivatives - Under usual conditions, the prices quoted in the market are the best indicators of market values of these financial instruments. However, not all instruments have liquidity or quoted market prices and, in such cases, it is necessary to adopt present value estimates and other pricing techniques to establish their market value. In the absence of the prices quoted by the Brazilian Financial and Capital Markets Association (ANBIMA), the market values of government securities are determined based on the interest rates provided by brokers. The market values of corporate debt securities are calculated by discounting estimated cash flows at market interest rates. The market values of shares are computed based on their prices quoted in the market. The market values of derivative financial instruments were determined as follows: · Swaps: Their cash flows are discounted to present value based on yield curves that reflect the appropriate risk factors, drawn mainly based on the exchange price of derivatives at B3, of Brazilian government securities in the secondary market or derivatives and securities traded abroad. These yield curves may be used to obtain the market value of currency swaps, interest rate swaps and swaps based on other risk factors (commodities, stock exchange indices, etc.). · Futures and Forwards: Quotations on exchanges or using criteria identical to those applied to swaps. · Options: Determined based on mathematical models, such as Black&Scholes, using data, in general from Bloomberg, of implicit volatility, interest rate yield curve and market value of the underlying asset. Current market prices of options are used to compute the implicit volatilities. · Credit Derivatives: Inversely related to the probability of default (PD) in a financial instrument subject to credit risk. The process of adjusting the market price of these spreads is based on the differences between the yield curves with and without credit risk. d) Loan operations and lease operations and other credits – Market value is estimated based on groups of loans with similar financial and risk characteristics, using valuation models. The market value of fixed-rate loans was determined by discounting estimated cash flows, applying current interest rates close of similar loans. For the majority of loans at floating rate, the carrying amount was considered close to their market value. The market value of loan and lease operations not overdue was calculated by discounting the expected payments of principal and interest through maturity. The market value of overdue loan and lease transactions was based on the discount of estimated cash flows, using a rate proportional to the risk associated with the estimated cash flows, or on the underlying collateral. The assumptions related to cash flows and discount rates are determined using information available in the market and information specific of the debtor. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 139 Note 15 - Market value In cases where market prices are not available, market value are based on estimates using discounted cash flows or other valuation techniques. These techniques are significantly affected by the assumptions adopted, including the discount rate and estimate of future cash flows. The estimated market value achieved through these techniques cannot be substantiated by comparison with independent markets and, in many cases, it cannot be realized in the immediate settlement of the instrument. The following table summarizes the carrying and estimated market value for financial instruments: 12/31/2019 12/31/2018 Estimated Estimated Book Value Book Value Market Value Market Value Interbank investments (a)(b) 232,362,309 232,401,660 304,746,658 304,836,771 Securities (c) Adjustment of available-for-sale securities 163,510,169 163,510,169 101,613,764 101,613,764 Adjustment of held-to-maturity securities 36,105,859 39,214,614 40,516,259 41,658,562 41,676,492 41,676,492 23,471,703 23,471,703 Derivative financial instruments - Assets (c) Loan, lease and other credit operations 543,270,367 552,540,783 498,220,864 504,595,076 (d) Deposits (b) 507,060,356 507,111,149 463,424,377 463,485,592 Deposits received under securities repurchase agreements (a) 269,838,169 269,838,169 343,236,462 343,236,462 Funds from acceptance and issuance of securities (b) 143,568,500 143,662,641 111,565,922 111,670,717 Borrowings and onlendings (b) 76,392,596 76,479,361 67,947,192 68,084,623 47,814,537 47,814,537 27,485,012 27,485,012 Derivative financial instruments - Liabilities (c) 59,461,765 61,427,971 49,312,724 49,546,979 Subordinated debt (b) The methods and assumptions adopted to estimate the market value are defined below: a) Securities purchased under agreements to resell, which compose the balance of Interbank Investments, and Securities under repurchase agreements - The carrying amounts for these instruments approximate their market values. b) Interbank deposits, which compose the balance of Interbank Investments, Deposits, Funds from Acceptance and Issuance of Securities, Borrowings and Onlending and Subordinate Debt – They are calculated by discounting estimated cash flows at market interest rates. c) Securities and Derivatives - Under usual conditions, the prices quoted in the market are the best indicators of market values of these financial instruments. However, not all instruments have liquidity or quoted market prices and, in such cases, it is necessary to adopt present value estimates and other pricing techniques to establish their market value. In the absence of the prices quoted by the Brazilian Financial and Capital Markets Association (ANBIMA), the market values of government securities are determined based on the interest rates provided by brokers. The market values of corporate debt securities are calculated by discounting estimated cash flows at market interest rates. The market values of shares are computed based on their prices quoted in the market. The market values of derivative financial instruments were determined as follows: · Swaps: Their cash flows are discounted to present value based on yield curves that reflect the appropriate risk factors, drawn mainly based on the exchange price of derivatives at B3, of Brazilian government securities in the secondary market or derivatives and securities traded abroad. These yield curves may be used to obtain the market value of currency swaps, interest rate swaps and swaps based on other risk factors (commodities, stock exchange indices, etc.). · Futures and Forwards: Quotations on exchanges or using criteria identical to those applied to swaps. · Options: Determined based on mathematical models, such as Black&Scholes, using data, in general from Bloomberg, of implicit volatility, interest rate yield curve and market value of the underlying asset. Current market prices of options are used to compute the implicit volatilities. · Credit Derivatives: Inversely related to the probability of default (PD) in a financial instrument subject to credit risk. The process of adjusting the market price of these spreads is based on the differences between the yield curves with and without credit risk. d) Loan operations and lease operations and other credits – Market value is estimated based on groups of loans with similar financial and risk characteristics, using valuation models. The market value of fixed-rate loans was determined by discounting estimated cash flows, applying current interest rates close of similar loans. For the majority of loans at floating rate, the carrying amount was considered close to their market value. The market value of loan and lease operations not overdue was calculated by discounting the expected payments of principal and interest through maturity. The market value of overdue loan and lease transactions was based on the discount of estimated cash flows, using a rate proportional to the risk associated with the estimated cash flows, or on the underlying collateral. The assumptions related to cash flows and discount rates are determined using information available in the market and information specific of the debtor. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 139

Note 16 – Post-employment benefits ITAÚ UNIBANCO HOLDING CONSOLIDATED, through its subsidiaries, sponsors retirement plans to its employees. Retirement plans are managed by Closed-end Private Pension Entities (EFPC) and are closed to new adhesions. These entities have an independent structure and manage their plans according to the characteristics of their regulations. There are three types of retirement plans: • Defined Benefit Plans (BD): plans which scheduled benefits have their value established in advance, based on salaries and/or length of service of employees, and its cost is actuarially determined; • Defined Contribution Plans (CD): are those plans which scheduled benefits have their value permanently adjusted to the investments balance, kept in favor of the participant, including in the benefit concession phase, considering net proceedings of its investment, amounts contributed and benefits paid; and • Variable Contribution Plans (CV): in this type of plan, scheduled benefits present a combination of characteristics of defined contribution and defined benefit modalities, and the benefit is actuarially determined based on the investment accumulated by the participant on the eligibility date. Below is a list of benefit plans and their modalities: Entity Benefit plan Modality Supplementary retirement plan Supplementary Retirement Plan – Flexible Premium Annuity Franprev benefit plan 002 benefit plan Prebeg benefit plan UBB PREV defined benefit plan Defined Benefit Benefit Plan II Itaulam basic plan Main Retirement Plan Itaú Unibanco Itaú Unibanco Foundation – Itaú Defined Benefit Plan Supplementary Pension - FIU REDECARD Retirement Plan ITAUCARD Retirement Defined Benefit Plan Itaubanco Defined Contribution Plan Itaubank Retirement Plan Defined Contribution REDECARD Pension Plan Unibanco Pension Plan – Intelligent Future Itaulam Supplementary Plan Supplementary Retirement Plan Itaú Unibanco Variable Contribution Itaú Defined Contribution Plan Supplementary Retirement Plan REDECARD ITAUCARD Supplementary Retirement Plan Benefit Plan l Defined Benefit FUNBEP Multisponsored Pension Fund Benefit Plan ll Variable Contribution Defined Contribution plans include pension funds consisting of the portions of sponsor’s contributions not included in a participant’s account balance due to loss of eligibility for the benefit, and of monies arising from the migration of retirement plans in defined benefit modality. These funds are used for future contributions to individual participants’ accounts, according to the respective benefit plan regulations. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 140 Note 16 – Post-employment benefits ITAÚ UNIBANCO HOLDING CONSOLIDATED, through its subsidiaries, sponsors retirement plans to its employees. Retirement plans are managed by Closed-end Private Pension Entities (EFPC) and are closed to new adhesions. These entities have an independent structure and manage their plans according to the characteristics of their regulations. There are three types of retirement plans: • Defined Benefit Plans (BD): plans which scheduled benefits have their value established in advance, based on salaries and/or length of service of employees, and its cost is actuarially determined; • Defined Contribution Plans (CD): are those plans which scheduled benefits have their value permanently adjusted to the investments balance, kept in favor of the participant, including in the benefit concession phase, considering net proceedings of its investment, amounts contributed and benefits paid; and • Variable Contribution Plans (CV): in this type of plan, scheduled benefits present a combination of characteristics of defined contribution and defined benefit modalities, and the benefit is actuarially determined based on the investment accumulated by the participant on the eligibility date. Below is a list of benefit plans and their modalities: Entity Benefit plan Modality Supplementary retirement plan Supplementary Retirement Plan – Flexible Premium Annuity Franprev benefit plan 002 benefit plan Prebeg benefit plan UBB PREV defined benefit plan Defined Benefit Benefit Plan II Itaulam basic plan Main Retirement Plan Itaú Unibanco Itaú Unibanco Foundation – Itaú Defined Benefit Plan Supplementary Pension - FIU REDECARD Retirement Plan ITAUCARD Retirement Defined Benefit Plan Itaubanco Defined Contribution Plan Itaubank Retirement Plan Defined Contribution REDECARD Pension Plan Unibanco Pension Plan – Intelligent Future Itaulam Supplementary Plan Supplementary Retirement Plan Itaú Unibanco Variable Contribution Itaú Defined Contribution Plan Supplementary Retirement Plan REDECARD ITAUCARD Supplementary Retirement Plan Benefit Plan l Defined Benefit FUNBEP Multisponsored Pension Fund Benefit Plan ll Variable Contribution Defined Contribution plans include pension funds consisting of the portions of sponsor’s contributions not included in a participant’s account balance due to loss of eligibility for the benefit, and of monies arising from the migration of retirement plans in defined benefit modality. These funds are used for future contributions to individual participants’ accounts, according to the respective benefit plan regulations. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 140

a) Main Actuarial Assumptions Actuarial assumptions of demographic and financial nature should reflect the best estimates about the variables that determine the post-employment benefit obligations. The main demographic assumptions comprise: mortality table and turnover of active participants, while the main financial assumptions include: discount rate, future salary increases, growth of plan benefits and inflation. 12/31/2019 12/31/2018 (1) Discount rate 7.64% p.a. 9.72% p.a. (2) Mortality table AT-2000 AT-2000 (3) Turnover Itaú Experience 2008/2010 Itaú Experience 2008/2010 Future salary growth 4.00% to 7.12 % p.a. 4.00% to 7.12 % p.a. Growth of the pension fund benefits 4.00% p.a. 4.00% p.a. Inflation 4.00% p.a. 4.00% p.a. Actuarial method Projected Unit Credit Projected Unit Credit (1) Determined based on market yield relating to National Treasury Notes (NTN-B) and compatible with the economic scenario observed on the balance sheet closing date, considering the volatility of interest market and models used; (2) Correspond to those disclosed by SOA – Society of Actuaries , that reflect a 10% increase in the probabilities of survival regarding the respective basic tables; (3) Updated to the new expectation of mass behavior. Retired plans sponsored by foreign subsidiaries - Banco Itaú (Suisse) S.A., Itaú CorpBanca Colombia S.A. and PROSERV - Promociones y Servicios S.A. de C.V. - are structured as Defined Benefit modality and adopt actual assumptions adequate to masses of participants and the economic scenario of each country. b) Risk Management The EFPCs sponsored by ITAÚ UNIBANCO HOLDING are regulated by the National Council for Complementary Pension (CNPC) and PREVIC, has an Executive Board, Advisory and Tax Councils. Benefits offered have long-term characteristics and the main factors involved in the management and measurement of their risks are financial risk, inflation risk and biometric risk. - Financial Risk – the actuarial liability is calculated by adopting a discount rate different from rates earned in investments. If real income from plan investments is lower than yield expected, this may give rise to a deficit. To mitigate this risk and assure the capacity to pay long-term benefits, the plans have a significant percentage of fixed-income securities pegged to the plan commitments, aiming at minimizing volatility and risk of mismatch between assets and liabilities. Additionally, adherence tests are carried out in financial assumptions to ensure their adequacy to obligations of respective plans. - Inflation risk – a large part of liabilities is pegged to inflation risk, making actuarial liabilities sensitive to increase in rates. To mitigate this risk, the same financial risks mitigation strategies are used. - Demographic Risk – plans that have any obligation actuarially assessed are exposed to biometric risk. In the event the mortality tables used are not adherent to the mass of plan participants, a deficit or surplus may arise in actuarial evaluation. To mitigate this risk, adherence tests to biometric assumptions are conducted to ensure their adequacy to liabilities of respective plans. For purposes of registering in the balance sheet the EFPCs that manage them, actuarial liabilities of plans use discount rate adherent to its asset portfolio and income and expense flows, according to a study preparedby an independent consulting company. The actuarial method used is the aggregate method, through which the plan costing Is defined by the difference between its equity coverage and the current value of its future liabilities. Observing the methodology established in the respective actuarial technical note. In the event deficit is verified in the concession period above the settlement limits set forth by the legislation in force, a debt agreement is entered into with the sponsor with financial guarantees. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 141 a) Main Actuarial Assumptions Actuarial assumptions of demographic and financial nature should reflect the best estimates about the variables that determine the post-employment benefit obligations. The main demographic assumptions comprise: mortality table and turnover of active participants, while the main financial assumptions include: discount rate, future salary increases, growth of plan benefits and inflation. 12/31/2019 12/31/2018 (1) Discount rate 7.64% p.a. 9.72% p.a. (2) Mortality table AT-2000 AT-2000 (3) Turnover Itaú Experience 2008/2010 Itaú Experience 2008/2010 Future salary growth 4.00% to 7.12 % p.a. 4.00% to 7.12 % p.a. Growth of the pension fund benefits 4.00% p.a. 4.00% p.a. Inflation 4.00% p.a. 4.00% p.a. Actuarial method Projected Unit Credit Projected Unit Credit (1) Determined based on market yield relating to National Treasury Notes (NTN-B) and compatible with the economic scenario observed on the balance sheet closing date, considering the volatility of interest market and models used; (2) Correspond to those disclosed by SOA – Society of Actuaries , that reflect a 10% increase in the probabilities of survival regarding the respective basic tables; (3) Updated to the new expectation of mass behavior. Retired plans sponsored by foreign subsidiaries - Banco Itaú (Suisse) S.A., Itaú CorpBanca Colombia S.A. and PROSERV - Promociones y Servicios S.A. de C.V. - are structured as Defined Benefit modality and adopt actual assumptions adequate to masses of participants and the economic scenario of each country. b) Risk Management The EFPCs sponsored by ITAÚ UNIBANCO HOLDING are regulated by the National Council for Complementary Pension (CNPC) and PREVIC, has an Executive Board, Advisory and Tax Councils. Benefits offered have long-term characteristics and the main factors involved in the management and measurement of their risks are financial risk, inflation risk and biometric risk. - Financial Risk – the actuarial liability is calculated by adopting a discount rate different from rates earned in investments. If real income from plan investments is lower than yield expected, this may give rise to a deficit. To mitigate this risk and assure the capacity to pay long-term benefits, the plans have a significant percentage of fixed-income securities pegged to the plan commitments, aiming at minimizing volatility and risk of mismatch between assets and liabilities. Additionally, adherence tests are carried out in financial assumptions to ensure their adequacy to obligations of respective plans. - Inflation risk – a large part of liabilities is pegged to inflation risk, making actuarial liabilities sensitive to increase in rates. To mitigate this risk, the same financial risks mitigation strategies are used. - Demographic Risk – plans that have any obligation actuarially assessed are exposed to biometric risk. In the event the mortality tables used are not adherent to the mass of plan participants, a deficit or surplus may arise in actuarial evaluation. To mitigate this risk, adherence tests to biometric assumptions are conducted to ensure their adequacy to liabilities of respective plans. For purposes of registering in the balance sheet the EFPCs that manage them, actuarial liabilities of plans use discount rate adherent to its asset portfolio and income and expense flows, according to a study preparedby an independent consulting company. The actuarial method used is the aggregate method, through which the plan costing Is defined by the difference between its equity coverage and the current value of its future liabilities. Observing the methodology established in the respective actuarial technical note. In the event deficit is verified in the concession period above the settlement limits set forth by the legislation in force, a debt agreement is entered into with the sponsor with financial guarantees. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 141

c) Asset management The purpose of the management of the funds is the long-term balance between pension assets and liabilities with payment of benefits by exceeding actuarial goals (discount rate plus benefit adjustment index, established in the plan regulations). Below is a table with the allocation of assets by category, segmented into Quoted in an Active Market and Not Quoted in an Active Market: Fair value % Allocation Types 12/31/2019 12/31/2018 12/31/2019 12/31/2018 90.93% 96.05% Fixed income securities 20,671,782 18,064,771 89.59% 94.51% Quoted in an active market 20,366,180 17,774,647 Non quoted in an active market 305,602 290,124 1.34% 1.54% Variable income securities 1,391,513 24,323 6.12% 0.13% Quoted in an active market 1,383,972 17,765 6.09% 0.09% Non quoted in an active market 7,541 6,558 0.03% 0.04% 0.29% 0.31% Structured investments 65,312 59,140 Quoted in an active market 65 615 0.00% 0.01% 0.29% 0.30% Non quoted in an active market 65,247 58,525 Real estate 529,482 577,908 2.33% 3.07% Loans to participants 74,101 82,159 0.33% 0.44% Total 22,732,190 18,808,301 100.00% 100.00% The defined benefit plan assets include shares of ITAÚ UNIBANCO HOLDING, its main parent company (ITAÚSA) and of subsidiaries of the latter, with a fair value of R$ 10,678 (R$ 10,689 at 12/31/2018), and real estate rented to Group companies, with a fair value of R$ 445,299 (R$ 486,797 at 12/31/2018). d) Other post-employment benefits ITAÚ UNIBANCO HOLDING CONSOLIDATED and its subsidiaries do not have additional liabilities related to post-employment benefits, except in cases arising from maintenance commitments assumed in acquisition agreements occurred over the years, as well as those benefits originated from court decision in the terms and conditions established, in which there is total or partial sponsorship of health care plan for a specific mass of former employees and their beneficiaries. Its costing is actuarially determined so as to ensure coverage maintenance. These plans are closed to new applicants. Assumptions for discount rate, inflation, mortality table and actuarial method are the same used for retirement plans. In the last 3 years, ITAÚ UNIBANCO HOLDING CONSOLIDATED used the percentage of 8.16% p.a. for medical inflation and the percentage of 3% p.a. for aging factor. Particularly in other post-employment benefits, there is medical inflation risk associated to increase in medical costs above expectation. To mitigate this risk, the same financial risks mitigation strategies are used. e) Net amount recognized in the balance sheet 12/31/2019 Other post- BD and CV CD Plans Total employment Plans benefits 1 - Net assets of the plans 22,732,190 1,475,376 - 24,207,566 2 - Actuarial liabilities (19,712,785) - (967,555) (20,680,340) (*) 3 - Asset restriction (3,761,470) (848,912) - (4,610,382) (742,065) 626,464 (967,555) (1,083,156) 4 - Net amount recognized in the balance sheet (1+2+3) Amount recognized in Assets (Note 10a) 90,503 626,464 - 716,967 Amount recognized in Liabilities (Note 10d) (832,568) - (967,555) (1,800,123) 12/31/2018 Other post- BD and CV CD Plans Total employment Plans benefits 1 - Net assets of the plans 18,808,301 1,603,560 - 20,411,861 2 - Actuarial liabilities (15,492,982) - (281,933) (15,774,915) (*) 3 - Asset restriction (3,664,329) (938,290) - (4,602,619) 4 - Net amount recognized in the balance sheet (1+2+3) (349,010) 665,270 (281,933) 34,327 Amount recognized in Assets (Note 10a) 65,701 665,270 - 730,971 (414,711) - (281,933) (696,644) Amount recognized in Liabilities (Note 10d) (*) Corresponds to the excess of the present value of the available economic benefit, in conformity with Bacen Resolution nº 4,424/15. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 142 c) Asset management The purpose of the management of the funds is the long-term balance between pension assets and liabilities with payment of benefits by exceeding actuarial goals (discount rate plus benefit adjustment index, established in the plan regulations). Below is a table with the allocation of assets by category, segmented into Quoted in an Active Market and Not Quoted in an Active Market: Fair value % Allocation Types 12/31/2019 12/31/2018 12/31/2019 12/31/2018 90.93% 96.05% Fixed income securities 20,671,782 18,064,771 89.59% 94.51% Quoted in an active market 20,366,180 17,774,647 Non quoted in an active market 305,602 290,124 1.34% 1.54% Variable income securities 1,391,513 24,323 6.12% 0.13% Quoted in an active market 1,383,972 17,765 6.09% 0.09% Non quoted in an active market 7,541 6,558 0.03% 0.04% 0.29% 0.31% Structured investments 65,312 59,140 Quoted in an active market 65 615 0.00% 0.01% 0.29% 0.30% Non quoted in an active market 65,247 58,525 Real estate 529,482 577,908 2.33% 3.07% Loans to participants 74,101 82,159 0.33% 0.44% Total 22,732,190 18,808,301 100.00% 100.00% The defined benefit plan assets include shares of ITAÚ UNIBANCO HOLDING, its main parent company (ITAÚSA) and of subsidiaries of the latter, with a fair value of R$ 10,678 (R$ 10,689 at 12/31/2018), and real estate rented to Group companies, with a fair value of R$ 445,299 (R$ 486,797 at 12/31/2018). d) Other post-employment benefits ITAÚ UNIBANCO HOLDING CONSOLIDATED and its subsidiaries do not have additional liabilities related to post-employment benefits, except in cases arising from maintenance commitments assumed in acquisition agreements occurred over the years, as well as those benefits originated from court decision in the terms and conditions established, in which there is total or partial sponsorship of health care plan for a specific mass of former employees and their beneficiaries. Its costing is actuarially determined so as to ensure coverage maintenance. These plans are closed to new applicants. Assumptions for discount rate, inflation, mortality table and actuarial method are the same used for retirement plans. In the last 3 years, ITAÚ UNIBANCO HOLDING CONSOLIDATED used the percentage of 8.16% p.a. for medical inflation and the percentage of 3% p.a. for aging factor. Particularly in other post-employment benefits, there is medical inflation risk associated to increase in medical costs above expectation. To mitigate this risk, the same financial risks mitigation strategies are used. e) Net amount recognized in the balance sheet 12/31/2019 Other post- BD and CV CD Plans Total employment Plans benefits 1 - Net assets of the plans 22,732,190 1,475,376 - 24,207,566 2 - Actuarial liabilities (19,712,785) - (967,555) (20,680,340) (*) 3 - Asset restriction (3,761,470) (848,912) - (4,610,382) (742,065) 626,464 (967,555) (1,083,156) 4 - Net amount recognized in the balance sheet (1+2+3) Amount recognized in Assets (Note 10a) 90,503 626,464 - 716,967 Amount recognized in Liabilities (Note 10d) (832,568) - (967,555) (1,800,123) 12/31/2018 Other post- BD and CV CD Plans Total employment Plans benefits 1 - Net assets of the plans 18,808,301 1,603,560 - 20,411,861 2 - Actuarial liabilities (15,492,982) - (281,933) (15,774,915) (*) 3 - Asset restriction (3,664,329) (938,290) - (4,602,619) 4 - Net amount recognized in the balance sheet (1+2+3) (349,010) 665,270 (281,933) 34,327 Amount recognized in Assets (Note 10a) 65,701 665,270 - 730,971 (414,711) - (281,933) (696,644) Amount recognized in Liabilities (Note 10d) (*) Corresponds to the excess of the present value of the available economic benefit, in conformity with Bacen Resolution nº 4,424/15. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 142

f) Change in the net amount recognized in the balance sheet: 12/31/2019 Ohter post- BD and CV plans CD plans employment Total benefit Recognized Pension plan Recognized Recognized Net assets Actuarial liabilities Asset ceiling Asset ceiling Liabilities amount fund amount amount Amounts at the beginning of the period 18,808,301 (15,492,982) (3,664,329) (349,010) 1,603,560 (938,290) 665,270 (281,933) 34,327 Amounts recognized in income (1+2+3) 1,769,335 (1,513,816) (355,432) (99,913) 151,458 (91,202) 60,256 (459,155) (498,812) - (74,686) - (74,686) - - - - (74,686) 1 - Cost of current service 2 - Cost of past service - - - - - - - (418,495) (418,495) (1) 1,769,335 (1,439,130) (355,432) (25,227) 151,458 (91,202) 60,256 (40,660) (5,631) 3 - Net interest Amounts recognized in stockholders´ equity (4+5+6) 3,238,623 (3,883,604) 258,291 (386,690) (177,578) 180,580 3,002 (261,442) (645,130) 4 - Effects on asset ceiling - - 384,042 384,042 - 176,307 176,307 - 560,349 (2) (3) 5 - Remeasurements 3,244,618 (3,907,087) (125,751) (788,220) (177,578) 4,273 (173,305) (261,442) (1,222,967) (5,995) 23,483 17,488 6 - Exchange variation - - - - - 17,488 (1,084,069) 1,177,617 - 93,548 (102,064) - (102,064) 34,975 26,459 Other (7+8+9+10) 7 - Receipt by allocation of funds - - - - - - - - - 8 - Benefits paid (1,177,617) 1,177,617 - - - - - 34,975 34,975 9 - Contributions and investments from sponsor 84,043 - - 84,043 (102,064) - (102,064) - (18,021) 10 - Contributions from parcipants 9,505 - - 9,505 - - - - 9,505 Amounts at end of the period 22,732,190 (19,712,785) (3,761,470) (742,065) 1,475,376 (848,912) 626,464 (967,555) (1,083,156) 12/31/2018 Ohter post- BD and CV plans CD plans employment Total benefit Recognized Pension plan Recognized Recognized Net assets Actuarial liabilities Asset ceiling Asset ceiling Liabilities amount fund amount amount Amounts at the beginning of the period 17,588,243 (14,490,671) (3,217,227) (119,655) 1,633,689 (911,929) 721,760 (256,723) 345,382 Amounts recognized in income (1+2+3) 1,700,057 (1,454,734) (321,121) (75,798) 157,215 (89,691) 67,524 (24,873) (33,147) 1 - Cost of current service - (69,421) - (69,421) - - - - (69,421) 2 - Cost of past service - - - - - - - - - (1) 1,700,057 (1,385,313) (321,121) (6,377) 157,215 (89,691) 67,524 (24,873) 36,274 3 - Net interest Amounts recognized in stockholders´ equity (4+5+6) 580,254 (687,841) (125,981) (233,568) (101,810) 63,330 (38,480) (19,420) (291,468) 4 - Effects on asset ceiling - - (125,848) (125,848) - 63,330 63,330 - (62,518) (2) (3) 566,011 (683,298) (133) (117,420) (101,810) - (101,810) (19,420) (238,650) 5 - Remeasurements 6 - Exchange variation 14,243 (4,543) - 9,700 - - - - 9,700 Other (7+8+9+10) (1,060,253) 1,140,264 - 80,011 (85,534) - (85,534) 19,083 13,560 7 - Receipt by allocation of funds - - - - - - - - - (1,140,264) 1,140,264 8 - Benefits paid - - - - - 19,083 19,083 68,874 - - 68,874 (85,534) - (85,534) - (16,660) 9 - Contributions and investments from sponsor 10 - Contributions from parcipants 11,137 - - 11,137 - - - - 11,137 Amounts at end of the period 18,808,301 (15,492,982) (3,664,329) (349,010) 1,603,560 (938,290) 665,270 (281,933) 34,327 (1) Corresponds to the amount calculated at 01/01/2019 based on the initial amount (Net Assets, Actuarial Liabilities and Restriction of Assets), taking into account the estimated amount of payments/ receipts of benefits/ contributions, multiplied by the discount rate of 9.72% p.a.(On 01/01/2018 the rate used was 9.98% p.a.); (2) Remeasurements recorded in net assets and asset ceiling correspond to the income earned above/below the expected return rate; (3) The actual return on assets amounted to R$ 5,013,953 (R$ 2,265,849 at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 143 f) Change in the net amount recognized in the balance sheet: 12/31/2019 Ohter post- BD and CV plans CD plans employment Total benefit Recognized Pension plan Recognized Recognized Net assets Actuarial liabilities Asset ceiling Asset ceiling Liabilities amount fund amount amount Amounts at the beginning of the period 18,808,301 (15,492,982) (3,664,329) (349,010) 1,603,560 (938,290) 665,270 (281,933) 34,327 Amounts recognized in income (1+2+3) 1,769,335 (1,513,816) (355,432) (99,913) 151,458 (91,202) 60,256 (459,155) (498,812) - (74,686) - (74,686) - - - - (74,686) 1 - Cost of current service 2 - Cost of past service - - - - - - - (418,495) (418,495) (1) 1,769,335 (1,439,130) (355,432) (25,227) 151,458 (91,202) 60,256 (40,660) (5,631) 3 - Net interest Amounts recognized in stockholders´ equity (4+5+6) 3,238,623 (3,883,604) 258,291 (386,690) (177,578) 180,580 3,002 (261,442) (645,130) 4 - Effects on asset ceiling - - 384,042 384,042 - 176,307 176,307 - 560,349 (2) (3) 5 - Remeasurements 3,244,618 (3,907,087) (125,751) (788,220) (177,578) 4,273 (173,305) (261,442) (1,222,967) (5,995) 23,483 17,488 6 - Exchange variation - - - - - 17,488 (1,084,069) 1,177,617 - 93,548 (102,064) - (102,064) 34,975 26,459 Other (7+8+9+10) 7 - Receipt by allocation of funds - - - - - - - - - 8 - Benefits paid (1,177,617) 1,177,617 - - - - - 34,975 34,975 9 - Contributions and investments from sponsor 84,043 - - 84,043 (102,064) - (102,064) - (18,021) 10 - Contributions from parcipants 9,505 - - 9,505 - - - - 9,505 Amounts at end of the period 22,732,190 (19,712,785) (3,761,470) (742,065) 1,475,376 (848,912) 626,464 (967,555) (1,083,156) 12/31/2018 Ohter post- BD and CV plans CD plans employment Total benefit Recognized Pension plan Recognized Recognized Net assets Actuarial liabilities Asset ceiling Asset ceiling Liabilities amount fund amount amount Amounts at the beginning of the period 17,588,243 (14,490,671) (3,217,227) (119,655) 1,633,689 (911,929) 721,760 (256,723) 345,382 Amounts recognized in income (1+2+3) 1,700,057 (1,454,734) (321,121) (75,798) 157,215 (89,691) 67,524 (24,873) (33,147) 1 - Cost of current service - (69,421) - (69,421) - - - - (69,421) 2 - Cost of past service - - - - - - - - - (1) 1,700,057 (1,385,313) (321,121) (6,377) 157,215 (89,691) 67,524 (24,873) 36,274 3 - Net interest Amounts recognized in stockholders´ equity (4+5+6) 580,254 (687,841) (125,981) (233,568) (101,810) 63,330 (38,480) (19,420) (291,468) 4 - Effects on asset ceiling - - (125,848) (125,848) - 63,330 63,330 - (62,518) (2) (3) 566,011 (683,298) (133) (117,420) (101,810) - (101,810) (19,420) (238,650) 5 - Remeasurements 6 - Exchange variation 14,243 (4,543) - 9,700 - - - - 9,700 Other (7+8+9+10) (1,060,253) 1,140,264 - 80,011 (85,534) - (85,534) 19,083 13,560 7 - Receipt by allocation of funds - - - - - - - - - (1,140,264) 1,140,264 8 - Benefits paid - - - - - 19,083 19,083 68,874 - - 68,874 (85,534) - (85,534) - (16,660) 9 - Contributions and investments from sponsor 10 - Contributions from parcipants 11,137 - - 11,137 - - - - 11,137 Amounts at end of the period 18,808,301 (15,492,982) (3,664,329) (349,010) 1,603,560 (938,290) 665,270 (281,933) 34,327 (1) Corresponds to the amount calculated at 01/01/2019 based on the initial amount (Net Assets, Actuarial Liabilities and Restriction of Assets), taking into account the estimated amount of payments/ receipts of benefits/ contributions, multiplied by the discount rate of 9.72% p.a.(On 01/01/2018 the rate used was 9.98% p.a.); (2) Remeasurements recorded in net assets and asset ceiling correspond to the income earned above/below the expected return rate; (3) The actual return on assets amounted to R$ 5,013,953 (R$ 2,265,849 at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 143

g) Defined benefit contribution Estimated Contributions made contribution 01/01 to 01/01 to 2020 12/31/2019 12/31/2018 51,713 44,738 58,081 Pension plan - FIU Pension plan - FUNBEP 4,778 8,271 10,793 56,491 53,009 68,874 Total h) Maturity profile of defined benefit liabilities (*) Duration 2020 2021 2022 2023 2024 2025 to 2029 Pension plan - FIU 11.89 837,139 865,607 893,680 921,530 951,932 5,189,977 Pension plan - FUNBEP 10.69 425,160 439,379 454,471 468,687 483,481 2,582,188 Other post-employment benefits 9.25 25,625 25,762 25,836 25,807 25,793 126,366 Total 1,287,923 1,330,748 1,373,988 1,416,023 1,461,207 7,898,531 (*) Average duration of plan´s actuarial liabilities. i) Sensitivity analysis To measure the effects of changes in the key assumptions, sensitivity tests were conducted in actuarial liabilities. The sensitivity analysis considers a vision of the impacts caused by changes in assumptions, which could affect the income for the period and stockholders’ equity at the balance sheet date. This type of analysis is usually carried out under the ceteris paribus condition, in which the sensitivity of a system is measured when only one variable of interest is changed and all the others remain unchanged. The results obtained are shown in the table below: BD and CV retirement plans Other post-employment benefits Stockholders´ Stockholders´ Present value Present value Main assumptions Income Income (*) (*) of liability of liability equity equity Interest rate Increase by 0.5% - 319,223 (36,487) - 36,487 (977,005) Decrease by 0.5% 1,104,065 - (420,611) 41,457 - (41,457) Mortality rate Increase by 5% (258,124) - 87,707 (13,489) - 13,489 Decrease by 5% 356,606 - (93,629) 16,594 - (16,594) Medical inflation Increase by 1% - - - 87,425 - (87,425) Decrease by 1% - - - (69,092) - 69,092 (*) Net of effects of asset ceiling. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 144 g) Defined benefit contribution Estimated Contributions made contribution 01/01 to 01/01 to 2020 12/31/2019 12/31/2018 51,713 44,738 58,081 Pension plan - FIU Pension plan - FUNBEP 4,778 8,271 10,793 56,491 53,009 68,874 Total h) Maturity profile of defined benefit liabilities (*) Duration 2020 2021 2022 2023 2024 2025 to 2029 Pension plan - FIU 11.89 837,139 865,607 893,680 921,530 951,932 5,189,977 Pension plan - FUNBEP 10.69 425,160 439,379 454,471 468,687 483,481 2,582,188 Other post-employment benefits 9.25 25,625 25,762 25,836 25,807 25,793 126,366 Total 1,287,923 1,330,748 1,373,988 1,416,023 1,461,207 7,898,531 (*) Average duration of plan´s actuarial liabilities. i) Sensitivity analysis To measure the effects of changes in the key assumptions, sensitivity tests were conducted in actuarial liabilities. The sensitivity analysis considers a vision of the impacts caused by changes in assumptions, which could affect the income for the period and stockholders’ equity at the balance sheet date. This type of analysis is usually carried out under the ceteris paribus condition, in which the sensitivity of a system is measured when only one variable of interest is changed and all the others remain unchanged. The results obtained are shown in the table below: BD and CV retirement plans Other post-employment benefits Stockholders´ Stockholders´ Present value Present value Main assumptions Income Income (*) (*) of liability of liability equity equity Interest rate Increase by 0.5% - 319,223 (36,487) - 36,487 (977,005) Decrease by 0.5% 1,104,065 - (420,611) 41,457 - (41,457) Mortality rate Increase by 5% (258,124) - 87,707 (13,489) - 13,489 Decrease by 5% 356,606 - (93,629) 16,594 - (16,594) Medical inflation Increase by 1% - - - 87,425 - (87,425) Decrease by 1% - - - (69,092) - 69,092 (*) Net of effects of asset ceiling. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 144

Note 17 – Information on foreign subsidiaries ITAÚ UNIBANCO HOLDING CONSOLIDATED has subsidiaries abroad, subdivided into: • Foreign branches: Itaú Unibanco S.A. – Grand Cayman Branch, New York Branch, Tokyo Branch, Nassau Branch, Itaú Unibanco Holding S.A. Grand Cayman Branch and Itaú CorpBanca New York Branch; • Latin America consolidated: basically compose of subsidiaries Banco Itaú Argentina S.A., Banco Itaú Uruguay S.A., Banco Itaú Paraguay S.A., Itaú CorpBanca and Itaú CorpBanca Colômbia S.A.; • Other foreign companies: basically compose of subsidiaries Itaú Bank Ltd., ITB Holding Ltd. and Itau BBA International plc. Further information on results of foreign units are available in the Management’s Discussion and Analysis Report. Net income 01/01 to 01/01 to 12/31/2019 12/31/2018 Foreign branches 1,905,006 1,433,191 Latin America consolidated 1,786,201 1,492,972 Other foreign companies 733,709 2,224,506 4,325,025 5,116,046 Foreign consolidated Note 18 – Risk, Capital Management and Fixed Assets Limits a) Corporate Governance ITAÚ UNIBANCO HOLDING CONSOLIDATED invests in sound processes for risk and capital management that permeates the whole institution and are the basis of all strategic decisions to ensure business sustainability. These processes are aligned with the guidelines of the Board of Directors and Executive which, through collegiate bodies, define the global objectives expressed as targets and limits for the business units that manage risk. Control and capital management units, in turn, support ITAÚ UNIBANCO HOLDING CONSOLIDATED’s management by monitoring and analyzing risk and capital. The Board of Directors is the main body responsible for establishing guidelines, policies and approval levels for risk and capital management. The Capital and Risk Management Committee (CGRC), in turn, is responsible for supporting the Board of Directors in managing capital and risk. At the executive level, collegiate bodies, presided over by the Chief Executive Officer (CEO) of ITAÚ UNIBANCO HOLDING CONSOLIDATED, are responsible for capital and risk management, and their decisions are monitored by the CGRC. Additionally, ITAÚ UNIBANCO HOLDING CONSOLIDATED has collegiate bodies with capital and risk management responsibilities delegated to them, chaired by the Executive Vice-President of the Risk and Finance Department (ARF). To support this structure, ARF has departments to ensure, on an independent and centralized basis, that the institution’s risks and capital are managed in compliance with defined policies and procedures. b) Risk Management Risk Appetite The risk appetite of ITAÚ UNIBANCO HOLDING CONSOLIDATED is based on the Board of Director’s statement: “We are a universal bank, operating mainly in Latin America. Supported by our risk culture, we insist on with strict ethical standards and regulatory compliance, seeking high and increasing returns, with low volatility, through lasting relationships with our customers, accurate risk pricing, widespread funding and proper use of capital.” Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 145 Note 17 – Information on foreign subsidiaries ITAÚ UNIBANCO HOLDING CONSOLIDATED has subsidiaries abroad, subdivided into: • Foreign branches: Itaú Unibanco S.A. – Grand Cayman Branch, New York Branch, Tokyo Branch, Nassau Branch, Itaú Unibanco Holding S.A. Grand Cayman Branch and Itaú CorpBanca New York Branch; • Latin America consolidated: basically compose of subsidiaries Banco Itaú Argentina S.A., Banco Itaú Uruguay S.A., Banco Itaú Paraguay S.A., Itaú CorpBanca and Itaú CorpBanca Colômbia S.A.; • Other foreign companies: basically compose of subsidiaries Itaú Bank Ltd., ITB Holding Ltd. and Itau BBA International plc. Further information on results of foreign units are available in the Management’s Discussion and Analysis Report. Net income 01/01 to 01/01 to 12/31/2019 12/31/2018 Foreign branches 1,905,006 1,433,191 Latin America consolidated 1,786,201 1,492,972 Other foreign companies 733,709 2,224,506 4,325,025 5,116,046 Foreign consolidated Note 18 – Risk, Capital Management and Fixed Assets Limits a) Corporate Governance ITAÚ UNIBANCO HOLDING CONSOLIDATED invests in sound processes for risk and capital management that permeates the whole institution and are the basis of all strategic decisions to ensure business sustainability. These processes are aligned with the guidelines of the Board of Directors and Executive which, through collegiate bodies, define the global objectives expressed as targets and limits for the business units that manage risk. Control and capital management units, in turn, support ITAÚ UNIBANCO HOLDING CONSOLIDATED’s management by monitoring and analyzing risk and capital. The Board of Directors is the main body responsible for establishing guidelines, policies and approval levels for risk and capital management. The Capital and Risk Management Committee (CGRC), in turn, is responsible for supporting the Board of Directors in managing capital and risk. At the executive level, collegiate bodies, presided over by the Chief Executive Officer (CEO) of ITAÚ UNIBANCO HOLDING CONSOLIDATED, are responsible for capital and risk management, and their decisions are monitored by the CGRC. Additionally, ITAÚ UNIBANCO HOLDING CONSOLIDATED has collegiate bodies with capital and risk management responsibilities delegated to them, chaired by the Executive Vice-President of the Risk and Finance Department (ARF). To support this structure, ARF has departments to ensure, on an independent and centralized basis, that the institution’s risks and capital are managed in compliance with defined policies and procedures. b) Risk Management Risk Appetite The risk appetite of ITAÚ UNIBANCO HOLDING CONSOLIDATED is based on the Board of Director’s statement: “We are a universal bank, operating mainly in Latin America. Supported by our risk culture, we insist on with strict ethical standards and regulatory compliance, seeking high and increasing returns, with low volatility, through lasting relationships with our customers, accurate risk pricing, widespread funding and proper use of capital.” Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 145

Based on this statement, five dimensions have been defined (Capitalization, Liquidity, Composition of Earnings, Operating Risk and Reputation). Each dimension consists of a set of metrics associated with the main risks involved, combining supplementary measurement methods, to give a comprehensive vision of our exposure. The Board of Directors is responsible for approving guidelines and limits for risk appetite, with the support of CGRC and the CRO (Chief Risk Officer). The limits for risk appetite are monitored regularly and reported to risk committees and to the Board of Directors, which will oversee the preventive measures to be taken to ensure that exposure is aligned with the strategies of ITAÚ UNIBANCO HOLDING CONSOLIDATED. Foremost among BACEN’s requirements for proper risk and capital management are the Risk Appetite Statement (RAS) and the implementation of a continuous, integrated risk management structure, the stress test program, the establishment of a Risk Committee, and the nomination at BACEN of a Chief Risk Officer (CRO), with roles and responsibilities assigned, and requirements for independence. Risk appetite, risk management and guidelines for employees of ITAÚ UNIBANCO HOLDING CONSOLIDATED for routine decision-making purposes are based on: · Sustainability and customer satisfaction: ITAÚ UNIBANCO HOLDING CONSOLIDATED’s vision is to be the leading bank in sustainable performance and customer satisfaction and, accordingly, we are committed to creating shared value for staff, customers, stockholders and society, ensuring the continuity of the business. ITAÚ UNIBANCO HOLDING CONSOLIDATED is committed to doing business that is good both for the customer and the institution itself; · Risk Culture: ITAÚ UNIBANCO HOLDING CONSOLIDATED’s risk culture goes beyond policies, procedures or processes, reinforcing the individual and collective responsibility of all employees so that they will do the right thing at the right time and in the proper manner, respecting the ethical way of doing business; · Risk pricing: ITAÚ UNIBANCO HOLDING CONSOLIDATED’s acts and assumes risks in business which it knows and understands, avoiding those with which it is unfamiliar or that do not offer a competitive edge, and carefully assessing the risk-return ratio; · Diversification: ITAÚ UNIBANCO HOLDING CONSOLIDATED has little appetite for volatility in earnings, and it therefore operates with a diverse base of customers, products and business, seeking to diversify risks and giving priority to lower risk business; · Operational excellence: It is the wish of ITAÚ UNIBANCO HOLDING CONSOLIDATED to be an agile bank, with a robust and stable infrastructure enabling us to offer top quality services; · Ethics and respect for regulation: for ITAÚ UNIBANCO HOLDING CONSOLIDATED, ethics is non- negotiable, and it therefore promotes an institutional environment of integrity, encouraging staff to cultivate ethics in relationships and business and to respect the rules, thus caring for the institution’s reputation. ITAÚ UNIBANCO HOLDING CONSOLIDATED has various ways of disseminating risk culture, based on four principles: conscious risk-taking, discussion of the risks the institution faces, the corresponding action taken, and the responsibility of everyone for managing risk. These principles serve as a basis for ITAÚ UNIBANCO HOLDING CONSOLIDATED’s guidelines, helping employees to conscientiously understand, identify, measure, manage and mitigate risks. I – Credit risk The possibility of losses arising from failure by a borrower, issuer or counterparty to meet their financial obligations, the impairment of a loan due to downgrading of the risk rating of the borrower, the issuer or the counterparty, a decrease in earnings or remuneration, advantages conceded on renegotiation or the costs of recovery. There is a credit risk control and management structure, centralized and independent from the business units, that provides for operating limits and risk mitigation mechanisms, and also establishes processes and tools to measure, monitor and control the credit risk inherent in all products, portfolio concentrations and impacts of potential changes in the economic environment. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 146 Based on this statement, five dimensions have been defined (Capitalization, Liquidity, Composition of Earnings, Operating Risk and Reputation). Each dimension consists of a set of metrics associated with the main risks involved, combining supplementary measurement methods, to give a comprehensive vision of our exposure. The Board of Directors is responsible for approving guidelines and limits for risk appetite, with the support of CGRC and the CRO (Chief Risk Officer). The limits for risk appetite are monitored regularly and reported to risk committees and to the Board of Directors, which will oversee the preventive measures to be taken to ensure that exposure is aligned with the strategies of ITAÚ UNIBANCO HOLDING CONSOLIDATED. Foremost among BACEN’s requirements for proper risk and capital management are the Risk Appetite Statement (RAS) and the implementation of a continuous, integrated risk management structure, the stress test program, the establishment of a Risk Committee, and the nomination at BACEN of a Chief Risk Officer (CRO), with roles and responsibilities assigned, and requirements for independence. Risk appetite, risk management and guidelines for employees of ITAÚ UNIBANCO HOLDING CONSOLIDATED for routine decision-making purposes are based on: · Sustainability and customer satisfaction: ITAÚ UNIBANCO HOLDING CONSOLIDATED’s vision is to be the leading bank in sustainable performance and customer satisfaction and, accordingly, we are committed to creating shared value for staff, customers, stockholders and society, ensuring the continuity of the business. ITAÚ UNIBANCO HOLDING CONSOLIDATED is committed to doing business that is good both for the customer and the institution itself; · Risk Culture: ITAÚ UNIBANCO HOLDING CONSOLIDATED’s risk culture goes beyond policies, procedures or processes, reinforcing the individual and collective responsibility of all employees so that they will do the right thing at the right time and in the proper manner, respecting the ethical way of doing business; · Risk pricing: ITAÚ UNIBANCO HOLDING CONSOLIDATED’s acts and assumes risks in business which it knows and understands, avoiding those with which it is unfamiliar or that do not offer a competitive edge, and carefully assessing the risk-return ratio; · Diversification: ITAÚ UNIBANCO HOLDING CONSOLIDATED has little appetite for volatility in earnings, and it therefore operates with a diverse base of customers, products and business, seeking to diversify risks and giving priority to lower risk business; · Operational excellence: It is the wish of ITAÚ UNIBANCO HOLDING CONSOLIDATED to be an agile bank, with a robust and stable infrastructure enabling us to offer top quality services; · Ethics and respect for regulation: for ITAÚ UNIBANCO HOLDING CONSOLIDATED, ethics is non- negotiable, and it therefore promotes an institutional environment of integrity, encouraging staff to cultivate ethics in relationships and business and to respect the rules, thus caring for the institution’s reputation. ITAÚ UNIBANCO HOLDING CONSOLIDATED has various ways of disseminating risk culture, based on four principles: conscious risk-taking, discussion of the risks the institution faces, the corresponding action taken, and the responsibility of everyone for managing risk. These principles serve as a basis for ITAÚ UNIBANCO HOLDING CONSOLIDATED’s guidelines, helping employees to conscientiously understand, identify, measure, manage and mitigate risks. I – Credit risk The possibility of losses arising from failure by a borrower, issuer or counterparty to meet their financial obligations, the impairment of a loan due to downgrading of the risk rating of the borrower, the issuer or the counterparty, a decrease in earnings or remuneration, advantages conceded on renegotiation or the costs of recovery. There is a credit risk control and management structure, centralized and independent from the business units, that provides for operating limits and risk mitigation mechanisms, and also establishes processes and tools to measure, monitor and control the credit risk inherent in all products, portfolio concentrations and impacts of potential changes in the economic environment. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 146

The credit policy of ITAÚ UNIBANCO HOLDING CONSOLIDATED is based on internal criteria such as: classification of customers, portfolio performance and changes, default levels, rate of return and economic capital allocated, and external factors such as interest rates, market default indicators, inflation, changes in consumption, and so on. In compliance with CMN Resolution 4,557, of February 23, 2017, the document “Public Access Report – Credit Risk”, which includes the guidelines established by our credit risk control policy, can be viewed at www.itau.com.br/investor-relations, under Corporate Governance, Rules and Policies, Reports. II - Market risk The possibility of incurring financial losses from changes in the market value of positions held by a financial institution, including the risks of transactions subject to fluctuations in currency rates, interest rates, share prices, price indexes and commodity prices. ITAÚ UNIBANCO HOLDING CONSOLIDATED’s market risk management strategy is aimed at balancing corporate business goals, taking into account, among other things, political, economic and market conditions, the portfolio profile and the ability to operate in specific markets. Market risk is controlled by an area independent from the business areas, which is responsible for the daily activities of (i) risk measurement and assessment, (ii) monitoring of stress scenarios, limits and alerts, (iii) application, analysis and testing of stress scenarios, (iv) risk reporting to those responsible within the business areas, in compliance with the governance of ITAÚ UNIBANCO HOLDING CONSOLIDATED, (v) monitoring of actions required to adjust positions and risk levels to make them realistic, and (vi) providing support for the safe launch of new financial products. The National Monetary Council (CMN) has regulations governing the segregation of exposure to market risk into risk factors, such as: interest rate, exchange rate, equities and commodities. Brazilian inflation indexes are treated as a group of risk indicators and limits are managed in the same way as for the other indicators. The structure of limits and alerts obeys the Board of Directors’ guidelines, and it is reviewed and approved on an annual basis. This structure has specific limits aimed at improving the process of monitoring and understanding risk, and at avoiding concentration. These limits are quantified by assessing the forecast balance sheet results, the size of stockholders’ equity, market liquidity, complexity and volatility, and the institution’s appetite for risk. In order to operate within the defined limits, ITAÚ UNIBANCO HOLDING CONSOLIDATED hedges transactions with customers and proprietary positions, including its foreign investments. Derivatives are commonly used for these hedging activities, which can be either accounting or economic hedges, both governed by the institutional polices of ITAÚ UNIBANCO HOLDING CONSOLIDATED Note 5 – Securities and derivative financial instruments (assets and liabilities). The market risk structure categorizes transactions as part of either the banking portfolio or the trading portfolio, in accordance with general criteria established by CMN Resolution 4,557, of February 23, 2017, and BACEN Circular 3,354, of June 27, 2007. The trading portfolio consists of all transactions involving financial instruments and commodities, including derivatives, which are held for trading. The banking portfolio is basically characterized by transactions for the banking business, and transactions related to the management of the balance sheet of the institution, where there is no intention of sale and time horizons are medium and long term. Market risk management is based on the following metrics: · Value at risk (VaR): a statistical measure that estimates the expected maximum potential economic loss under normal market conditions, considering a certain time horizon and confidence level; · Losses in stress scenarios: simulation technique to assess the behavior of assets, liabilities and derivatives of a portfolio when several risk factors are taken to extreme market situations (based on prospective and historical scenarios); · Stop loss: metrics used to revise positions, should losses accumulated in a fixed period reach a certain level; · Concentration: cumulative exposure of a certain financial instrument or risk factor, calculated at market value (MtM – Marked to Market); and Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 147 The credit policy of ITAÚ UNIBANCO HOLDING CONSOLIDATED is based on internal criteria such as: classification of customers, portfolio performance and changes, default levels, rate of return and economic capital allocated, and external factors such as interest rates, market default indicators, inflation, changes in consumption, and so on. In compliance with CMN Resolution 4,557, of February 23, 2017, the document “Public Access Report – Credit Risk”, which includes the guidelines established by our credit risk control policy, can be viewed at www.itau.com.br/investor-relations, under Corporate Governance, Rules and Policies, Reports. II - Market risk The possibility of incurring financial losses from changes in the market value of positions held by a financial institution, including the risks of transactions subject to fluctuations in currency rates, interest rates, share prices, price indexes and commodity prices. ITAÚ UNIBANCO HOLDING CONSOLIDATED’s market risk management strategy is aimed at balancing corporate business goals, taking into account, among other things, political, economic and market conditions, the portfolio profile and the ability to operate in specific markets. Market risk is controlled by an area independent from the business areas, which is responsible for the daily activities of (i) risk measurement and assessment, (ii) monitoring of stress scenarios, limits and alerts, (iii) application, analysis and testing of stress scenarios, (iv) risk reporting to those responsible within the business areas, in compliance with the governance of ITAÚ UNIBANCO HOLDING CONSOLIDATED, (v) monitoring of actions required to adjust positions and risk levels to make them realistic, and (vi) providing support for the safe launch of new financial products. The National Monetary Council (CMN) has regulations governing the segregation of exposure to market risk into risk factors, such as: interest rate, exchange rate, equities and commodities. Brazilian inflation indexes are treated as a group of risk indicators and limits are managed in the same way as for the other indicators. The structure of limits and alerts obeys the Board of Directors’ guidelines, and it is reviewed and approved on an annual basis. This structure has specific limits aimed at improving the process of monitoring and understanding risk, and at avoiding concentration. These limits are quantified by assessing the forecast balance sheet results, the size of stockholders’ equity, market liquidity, complexity and volatility, and the institution’s appetite for risk. In order to operate within the defined limits, ITAÚ UNIBANCO HOLDING CONSOLIDATED hedges transactions with customers and proprietary positions, including its foreign investments. Derivatives are commonly used for these hedging activities, which can be either accounting or economic hedges, both governed by the institutional polices of ITAÚ UNIBANCO HOLDING CONSOLIDATED Note 5 – Securities and derivative financial instruments (assets and liabilities). The market risk structure categorizes transactions as part of either the banking portfolio or the trading portfolio, in accordance with general criteria established by CMN Resolution 4,557, of February 23, 2017, and BACEN Circular 3,354, of June 27, 2007. The trading portfolio consists of all transactions involving financial instruments and commodities, including derivatives, which are held for trading. The banking portfolio is basically characterized by transactions for the banking business, and transactions related to the management of the balance sheet of the institution, where there is no intention of sale and time horizons are medium and long term. Market risk management is based on the following metrics: · Value at risk (VaR): a statistical measure that estimates the expected maximum potential economic loss under normal market conditions, considering a certain time horizon and confidence level; · Losses in stress scenarios: simulation technique to assess the behavior of assets, liabilities and derivatives of a portfolio when several risk factors are taken to extreme market situations (based on prospective and historical scenarios); · Stop loss: metrics used to revise positions, should losses accumulated in a fixed period reach a certain level; · Concentration: cumulative exposure of a certain financial instrument or risk factor, calculated at market value (MtM – Marked to Market); and Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 147

· Stressed VaR: statistical metric derived from the VaR calculation, with the purpose is of simulating higher risk in the trading portfolio, taking returns that can be seen in past scenarios of extreme volatility. Management of interest rate risk in the Banking Book (IRRBB) is based on the following metrics: · ΔEVE (Delta Economic Value of Equity): difference between the present value of the sum of repricing flows of instruments subject to IRRBB in a base scenario and the present value of the sum of repricing flows of these instruments in a scenario of interest rate shock; · ΔNII (Delta Net Interest Income): difference between the result of financial intermediation of instruments subject to IRRBB in a base scenario and the result of financial intermediation of these instruments in a scenario of shock in interest rates. In addition, sensitivity and loss control measures are also analyzed. They include: · Mismatching analysis (GAPS): accumulated exposure by risk factor of cash flows expressed at market value, allocated at the maturity dates; · Sensitivity (DV01- Delta Variation): impact on the market value of cash flows, when submitted to an one annual basis point increase in the current interest rates or index rate; · Sensitivity to Sundry Risk Factors (Greeks): partial derivatives of an option portfolio in relation to the prices of underlying assets, implied volatilities, interest rates and time. ITAÚ UNIBANCO HOLDING CONSOLIDATED uses proprietary systems to measure the consolidated market risk. The processing of these systems occurs in a high-availability access-controlled environment, which has data storage and recovery processes and an infrastructure that ensures business continuity in contingency (disaster recovery) situations. At December 31, 2019, ITAÚ UNIBANCO HOLDING CONSOLIDATED showed Total VaR of R$ 278.3 million, a reduction in relation to the same period of the previous year (R$ 381.5 million at December 31, 2018), due to lower exposure in interest rates. The document “Public Access Report – Market Risk“, which includes which includes our internal policy guidelines for market risk control, is not an integral part of the financial statements, but can be viewed at www.itau.com.br/investor-relations, in the section Itaú Unibanco, Corporate Governance, Rules and Policies, Reports. III – Liquidity risk The possibility that the institution may be unable to efficiently meet its expected and unexpected obligations, both current and future, including those arising from guarantees issued, without affecting its daily operations and without incurring significant losses. Liquidity risk is controlled by an area independent from the business area and responsible for establishing the reserve composition, estimating the cash flow and exposure to liquidity risk in different time horizons, and for monitoring the minimum limits to absorb losses in stress scenarios for each country where ITAÚ UNIBANCO HOLDING CONSOLIDATED operates. All activities are subject to verification by independent validation, internal control and audit areas. The document Public Access Report - Liquidity Risk, which includes our internal policy guidelines for liquidity risk control, is not an integral part of the financial statements, but can be viewed on the website www.itau.com.br/investor-relations, in the section Itaú Unibanco, Corporate Governance, Rules and Policies, Reports. IV – Operating risk The possibility of losses from failures, defects or shortcomings in internal processes, people or systems, or from external events impacting the realization of strategic, tactical or operational objectives. It includes the legal risk of inadequacies or defects in agreements signed by the institution, as well as sanctions for failing to comply with legal provisions and compensation to third parties for losses arising from the institution’s activities. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 148 · Stressed VaR: statistical metric derived from the VaR calculation, with the purpose is of simulating higher risk in the trading portfolio, taking returns that can be seen in past scenarios of extreme volatility. Management of interest rate risk in the Banking Book (IRRBB) is based on the following metrics: · ΔEVE (Delta Economic Value of Equity): difference between the present value of the sum of repricing flows of instruments subject to IRRBB in a base scenario and the present value of the sum of repricing flows of these instruments in a scenario of interest rate shock; · ΔNII (Delta Net Interest Income): difference between the result of financial intermediation of instruments subject to IRRBB in a base scenario and the result of financial intermediation of these instruments in a scenario of shock in interest rates. In addition, sensitivity and loss control measures are also analyzed. They include: · Mismatching analysis (GAPS): accumulated exposure by risk factor of cash flows expressed at market value, allocated at the maturity dates; · Sensitivity (DV01- Delta Variation): impact on the market value of cash flows, when submitted to an one annual basis point increase in the current interest rates or index rate; · Sensitivity to Sundry Risk Factors (Greeks): partial derivatives of an option portfolio in relation to the prices of underlying assets, implied volatilities, interest rates and time. ITAÚ UNIBANCO HOLDING CONSOLIDATED uses proprietary systems to measure the consolidated market risk. The processing of these systems occurs in a high-availability access-controlled environment, which has data storage and recovery processes and an infrastructure that ensures business continuity in contingency (disaster recovery) situations. At December 31, 2019, ITAÚ UNIBANCO HOLDING CONSOLIDATED showed Total VaR of R$ 278.3 million, a reduction in relation to the same period of the previous year (R$ 381.5 million at December 31, 2018), due to lower exposure in interest rates. The document “Public Access Report – Market Risk“, which includes which includes our internal policy guidelines for market risk control, is not an integral part of the financial statements, but can be viewed at www.itau.com.br/investor-relations, in the section Itaú Unibanco, Corporate Governance, Rules and Policies, Reports. III – Liquidity risk The possibility that the institution may be unable to efficiently meet its expected and unexpected obligations, both current and future, including those arising from guarantees issued, without affecting its daily operations and without incurring significant losses. Liquidity risk is controlled by an area independent from the business area and responsible for establishing the reserve composition, estimating the cash flow and exposure to liquidity risk in different time horizons, and for monitoring the minimum limits to absorb losses in stress scenarios for each country where ITAÚ UNIBANCO HOLDING CONSOLIDATED operates. All activities are subject to verification by independent validation, internal control and audit areas. The document Public Access Report - Liquidity Risk, which includes our internal policy guidelines for liquidity risk control, is not an integral part of the financial statements, but can be viewed on the website www.itau.com.br/investor-relations, in the section Itaú Unibanco, Corporate Governance, Rules and Policies, Reports. IV – Operating risk The possibility of losses from failures, defects or shortcomings in internal processes, people or systems, or from external events impacting the realization of strategic, tactical or operational objectives. It includes the legal risk of inadequacies or defects in agreements signed by the institution, as well as sanctions for failing to comply with legal provisions and compensation to third parties for losses arising from the institution’s activities. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 148

The managers of executive areas use corporate methods developed and supplied by the internal controls, compliance and operating risk area. As part of governance of the risk management process, consolidated reports on risk monitoring, controls, action plans and operating losses are periodically presented to the business areas’ executives. In line with the principles of CMN Resolution 4,557, of February, 23, 2017, the document entitled “Public Access Report – Integrated Management of Operating Risk/ Internal Controls/ Compliance”, a summarized version of the institutional operating risk management policy, may be viewed on the website www.itau.com.br/investor- relations, in the section Itaú Unibanco, Corporate Governance, Rules and Policies, Reports. V - Insurance, private pension and capitalization risks The main risks related to Insurance, Private Pension and Capitalization portfolios are described below and defined in their respective chapters. · Underwriting risk: possibility of losses arising from insurance, pension plan and capitalization operations contrary to the institution’s expectations of ITAÚ UNIBANCO HOLDING CONSOLIDATED, directly or indirectly associated with technical and actuarial bases adopted to calculate premiums, contributions and provisions; · Credit risk; · Market risk; · Liquidity risk; · Operating risk. These risks are managed independently, according to their special characteristics. VI – Social and Environmental Risk ITAÚ UNIBANCO HOLDING CONSOLIDATED understands social and environmental risk as the risk of potential losses due to exposure to social and environmental events arising from the performance of its activities. Mitigation actions of social and environmental risk are carried out through processes mappings, internal controls, monitoring new regulations on the subject, and recording occurrences in internal databases. In addition, risks identified, prioritized and actions taken complement the management of this risk in ITAÚ UNIBANCO HOLDING CONSOLIDATED. The social and environmental risk management is carried out by the first line of defense in its daily operations, supplemented by a specialized assessment of legal and risks control area. Business units also have their governance for approval of new products, including assessing the social and environmental risk, which ensures compliance in the new products and processes employed by the institution. Governance also includes the Social and Environmental Risk Committee, which is primarily responsible for guide institutional views of social and environmental risk exposure related to ITAÚ UNIBANCO HOLDING CONSOLIDATED activities. Further details on environmental and social risk, which is not an integral part of the financial statements, can be viewed at www.itau.com.br/investor-relations, under Reports / Pillar 3 and Index of Systemic and Global Importance / Risk and Capital Management – Pillar 3. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 149 The managers of executive areas use corporate methods developed and supplied by the internal controls, compliance and operating risk area. As part of governance of the risk management process, consolidated reports on risk monitoring, controls, action plans and operating losses are periodically presented to the business areas’ executives. In line with the principles of CMN Resolution 4,557, of February, 23, 2017, the document entitled “Public Access Report – Integrated Management of Operating Risk/ Internal Controls/ Compliance”, a summarized version of the institutional operating risk management policy, may be viewed on the website www.itau.com.br/investor- relations, in the section Itaú Unibanco, Corporate Governance, Rules and Policies, Reports. V - Insurance, private pension and capitalization risks The main risks related to Insurance, Private Pension and Capitalization portfolios are described below and defined in their respective chapters. · Underwriting risk: possibility of losses arising from insurance, pension plan and capitalization operations contrary to the institution’s expectations of ITAÚ UNIBANCO HOLDING CONSOLIDATED, directly or indirectly associated with technical and actuarial bases adopted to calculate premiums, contributions and provisions; · Credit risk; · Market risk; · Liquidity risk; · Operating risk. These risks are managed independently, according to their special characteristics. VI – Social and Environmental Risk ITAÚ UNIBANCO HOLDING CONSOLIDATED understands social and environmental risk as the risk of potential losses due to exposure to social and environmental events arising from the performance of its activities. Mitigation actions of social and environmental risk are carried out through processes mappings, internal controls, monitoring new regulations on the subject, and recording occurrences in internal databases. In addition, risks identified, prioritized and actions taken complement the management of this risk in ITAÚ UNIBANCO HOLDING CONSOLIDATED. The social and environmental risk management is carried out by the first line of defense in its daily operations, supplemented by a specialized assessment of legal and risks control area. Business units also have their governance for approval of new products, including assessing the social and environmental risk, which ensures compliance in the new products and processes employed by the institution. Governance also includes the Social and Environmental Risk Committee, which is primarily responsible for guide institutional views of social and environmental risk exposure related to ITAÚ UNIBANCO HOLDING CONSOLIDATED activities. Further details on environmental and social risk, which is not an integral part of the financial statements, can be viewed at www.itau.com.br/investor-relations, under Reports / Pillar 3 and Index of Systemic and Global Importance / Risk and Capital Management – Pillar 3. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 149

c) Capital management governance ITAÚ UNIBANCO HOLDING CONSOLIDATED is subject to the regulations of BACEN, which determines minimum capital requirements, procedures to obtain information to assess the global systemic importance of banks, fixed asset limits, loan limits and accounting practices, and requires banks to conform to the regulations based on the Basel Accord for capital adequacy. Additionally, CNSP and SUSEP issue regulations on capital requirements that affect our insurance operations and private pension and savings bonds plans. The capital statements were prepared in accordance with BACEN’s regulatory requirements and with internationally accepted minimum requirements according to the Bank for International Settlements (BIS). I - Composition of capital The Referential Equity (PR) used to monitor the compliance with the operating limits imposed by BACEN, is the sum of three items, namely: · Common Equity Tier I: the sum of capital, reserves and retained earnings, less deductions and prudential adjustments; · Additional Tier I Capital: consists of instruments of a perpetual nature, which meet eligibility requirements. Together with Common Equity Tier I it makes up Tier I; · Tier II Capital: consists of subordinated debt instruments with defined maturity dates that meet eligibility requirements.Together with the Common Equity Tier I and the Additional Tier I Capital, it makes up the Total Capital. Composition of Reference Equity 12/31/2019 12/31/2018 Stockholders’ equity attributable to controlling interests 131,987,401 131,756,574 Non-controlling interests 11,110,317 12,276,180 Change in interest in subsidiaries in a capital transaction 258,413 98,028 Consolidated stockholders’ equity (BACEN) 143,356,131 144,130,782 Common Equity Tier I prudential adjustments (26,027,693) (20,772,746) Common Equity Tier I 117,328,438 123,358,036 Instruments Eligible to comprise Additional Tier I 11,265,687 7,701,570 Additional Tier I Prudential Adjustments 102,273 94,858 Additional Tier I Capital 11,367,960 7,796,428 131,154,464 Tier I (Common Equity Tier I + Additional Tier I Capital) 128,696,398 Instruments Eligible to comprise Tier II 11,833,538 15,778,051 Tier II Prudential Adjustments 65,570 95,620 11,899,108 15,873,671 Tier II Referential Equity (Tier I + Tier II) 140,595,506 147,028,135 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 150 c) Capital management governance ITAÚ UNIBANCO HOLDING CONSOLIDATED is subject to the regulations of BACEN, which determines minimum capital requirements, procedures to obtain information to assess the global systemic importance of banks, fixed asset limits, loan limits and accounting practices, and requires banks to conform to the regulations based on the Basel Accord for capital adequacy. Additionally, CNSP and SUSEP issue regulations on capital requirements that affect our insurance operations and private pension and savings bonds plans. The capital statements were prepared in accordance with BACEN’s regulatory requirements and with internationally accepted minimum requirements according to the Bank for International Settlements (BIS). I - Composition of capital The Referential Equity (PR) used to monitor the compliance with the operating limits imposed by BACEN, is the sum of three items, namely: · Common Equity Tier I: the sum of capital, reserves and retained earnings, less deductions and prudential adjustments; · Additional Tier I Capital: consists of instruments of a perpetual nature, which meet eligibility requirements. Together with Common Equity Tier I it makes up Tier I; · Tier II Capital: consists of subordinated debt instruments with defined maturity dates that meet eligibility requirements.Together with the Common Equity Tier I and the Additional Tier I Capital, it makes up the Total Capital. Composition of Reference Equity 12/31/2019 12/31/2018 Stockholders’ equity attributable to controlling interests 131,987,401 131,756,574 Non-controlling interests 11,110,317 12,276,180 Change in interest in subsidiaries in a capital transaction 258,413 98,028 Consolidated stockholders’ equity (BACEN) 143,356,131 144,130,782 Common Equity Tier I prudential adjustments (26,027,693) (20,772,746) Common Equity Tier I 117,328,438 123,358,036 Instruments Eligible to comprise Additional Tier I 11,265,687 7,701,570 Additional Tier I Prudential Adjustments 102,273 94,858 Additional Tier I Capital 11,367,960 7,796,428 131,154,464 Tier I (Common Equity Tier I + Additional Tier I Capital) 128,696,398 Instruments Eligible to comprise Tier II 11,833,538 15,778,051 Tier II Prudential Adjustments 65,570 95,620 11,899,108 15,873,671 Tier II Referential Equity (Tier I + Tier II) 140,595,506 147,028,135 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 150

II - Capital requirements in place and in progress The minimum capital requirements are expressed as ratios obtained from the ratio between available capital and risk-weighted assets (RWA). Schedule for Basel III implementation As From January 1st, (1) 2018 2019 Common Equity Tier I 4.5% 4.5% Tier I 6.0% 6.0% Total capital 8.625% 8.0% Additional Capital Buffers (ACP) 2.375% 3.5% Conservation 1.875% 2.5% (2) Countercyclical 0% 0% (3) Systemic 0.5% 1.0% Common Equity Tier I + ACP 6.875% 8.0% Total capital + ACP 11.0% 11.5% Prudential adjustment deductions 100% 100% (1) Petition valid after of January 1st, 2019; (2) ACP is triggered during the credit cycle expansion phase. Furthermore, in the event of an increase in ACPCountercyclical, the new Countercyclical percentage will be effective only twelve months after it is announced; (3) Calculation of ACP associates the systemic importance, represented by the institution’s total exposure, to Gross Domestic Product (GDP). Systemic III - Risk-Weighted Assets (RWA) For calculating minimum capital requirements, RWA must be obtained by taking the sum of the following risk exposures: RWA = RWA + RWA + RWA CPAD MINT OPAD 12/31/2019 12/31/2018 (1) 784,730,173 714,968,649 Credit risk (RWA ) CPAD (2) 25,001,512 30,270,332 Market risk (RWA ) MINT (3) Operational risk (RWAP ) 81,567,796 72,833,292 OPAD Total risk-weighted assets 891,299,481 818,072,273 (1) Portion related to exposures to credit risk, calculated using the standardized approach; (2) Portion related to capital required for market risk, composed of the maximum between the internal model and 80% of the standardized model, regulated by BACEN Circulars nº 3,646 and nº 3,674; (3) Portion related to capital required for operational risk, calculated based on the standardized approach. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 151 II - Capital requirements in place and in progress The minimum capital requirements are expressed as ratios obtained from the ratio between available capital and risk-weighted assets (RWA). Schedule for Basel III implementation As From January 1st, (1) 2018 2019 Common Equity Tier I 4.5% 4.5% Tier I 6.0% 6.0% Total capital 8.625% 8.0% Additional Capital Buffers (ACP) 2.375% 3.5% Conservation 1.875% 2.5% (2) Countercyclical 0% 0% (3) Systemic 0.5% 1.0% Common Equity Tier I + ACP 6.875% 8.0% Total capital + ACP 11.0% 11.5% Prudential adjustment deductions 100% 100% (1) Petition valid after of January 1st, 2019; (2) ACP is triggered during the credit cycle expansion phase. Furthermore, in the event of an increase in ACPCountercyclical, the new Countercyclical percentage will be effective only twelve months after it is announced; (3) Calculation of ACP associates the systemic importance, represented by the institution’s total exposure, to Gross Domestic Product (GDP). Systemic III - Risk-Weighted Assets (RWA) For calculating minimum capital requirements, RWA must be obtained by taking the sum of the following risk exposures: RWA = RWA + RWA + RWA CPAD MINT OPAD 12/31/2019 12/31/2018 (1) 784,730,173 714,968,649 Credit risk (RWA ) CPAD (2) 25,001,512 30,270,332 Market risk (RWA ) MINT (3) Operational risk (RWAP ) 81,567,796 72,833,292 OPAD Total risk-weighted assets 891,299,481 818,072,273 (1) Portion related to exposures to credit risk, calculated using the standardized approach; (2) Portion related to capital required for market risk, composed of the maximum between the internal model and 80% of the standardized model, regulated by BACEN Circulars nº 3,646 and nº 3,674; (3) Portion related to capital required for operational risk, calculated based on the standardized approach. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 151

The tables below present the breakdown of credit, market and operational risk weighted assets, respectively: Credit risk 12/31/2019 12/31/2018 Marketable securities 54,714,851 40,275,550 Loan operations – Retail 139,522,361 124,356,449 Loan operations – Non-retail 274,324,348 256,957,970 Joint Liabilities - Retail 149,827 140,492 Joint Liabilities - Non-Retail 45,657,078 43,288,454 Loan commitments – Retail 37,699,725 33,871,034 Loan commitments – Non-retail 11,138,330 10,673,277 Derivatives – Future potential gain 4,786,916 4,193,025 Inermediation 2,422,191 3,330,357 Other exposures 214,314,546 197,882,041 Total 784,730,173 714,968,649 Market Risk 12/31/2019 12/31/2018 Market Risk Weighted Assets - Standard Aproach (RWAM ) 28,328,316 37,837,915 PAD Operations subject to interest rate variation 24,723,563 30,286,017 Fixed rate denominated in reais 5,272,863 2,025,961 Foreign exchange coupons 13,118,050 19,633,121 Price index coupon 6,332,650 8,626,934 Interest rate coupon - 1 Operations subject to commodity price variation 1,086,950 389,398 Operations subject to stock price variation 1,162,438 361,948 Operations subject to risk exposures in gold, foreign currency and foreign exchange variation 1,355,365 6,800,552 (*) Minimum Market Risk Weighted Assets - Standard Aproach (RWAM ) (a) 22,662,652 30,270,332 PAD Market Risk Weighted Assets calculated based on internal methodology (b) 25,001,512 22,871,345 Reduction of Market Risk Weighted Assets due to Internal Models Aproach ( 3,326,803) ( 7,567,583) Market Risk Weighted Assets (RWA ) - maximum of (a) and (b) 25,001,512 30,270,332 MINT (*) Calculated based on internal models, with maximum saving possibility of 20% of the standard model. Operational Risk 12/31/2019 12/31/2018 Operational Risk-Weighted Assets (RWA ) 81,567,796 72,833,292 OPAD Retail 14,004,921 12,822,246 Commercial 27,536,488 26,214,251 Corporate finance 2,745,850 2,697,347 Negotiation and sales 15,430,020 11,736,501 Payments and settlement 8,801,856 8,281,707 Financial agent services 4,641,477 4,342,495 Asset management 8,100,501 6,714,978 Retail brokerage 306,683 23,767 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 152 The tables below present the breakdown of credit, market and operational risk weighted assets, respectively: Credit risk 12/31/2019 12/31/2018 Marketable securities 54,714,851 40,275,550 Loan operations – Retail 139,522,361 124,356,449 Loan operations – Non-retail 274,324,348 256,957,970 Joint Liabilities - Retail 149,827 140,492 Joint Liabilities - Non-Retail 45,657,078 43,288,454 Loan commitments – Retail 37,699,725 33,871,034 Loan commitments – Non-retail 11,138,330 10,673,277 Derivatives – Future potential gain 4,786,916 4,193,025 Inermediation 2,422,191 3,330,357 Other exposures 214,314,546 197,882,041 Total 784,730,173 714,968,649 Market Risk 12/31/2019 12/31/2018 Market Risk Weighted Assets - Standard Aproach (RWAM ) 28,328,316 37,837,915 PAD Operations subject to interest rate variation 24,723,563 30,286,017 Fixed rate denominated in reais 5,272,863 2,025,961 Foreign exchange coupons 13,118,050 19,633,121 Price index coupon 6,332,650 8,626,934 Interest rate coupon - 1 Operations subject to commodity price variation 1,086,950 389,398 Operations subject to stock price variation 1,162,438 361,948 Operations subject to risk exposures in gold, foreign currency and foreign exchange variation 1,355,365 6,800,552 (*) Minimum Market Risk Weighted Assets - Standard Aproach (RWAM ) (a) 22,662,652 30,270,332 PAD Market Risk Weighted Assets calculated based on internal methodology (b) 25,001,512 22,871,345 Reduction of Market Risk Weighted Assets due to Internal Models Aproach ( 3,326,803) ( 7,567,583) Market Risk Weighted Assets (RWA ) - maximum of (a) and (b) 25,001,512 30,270,332 MINT (*) Calculated based on internal models, with maximum saving possibility of 20% of the standard model. Operational Risk 12/31/2019 12/31/2018 Operational Risk-Weighted Assets (RWA ) 81,567,796 72,833,292 OPAD Retail 14,004,921 12,822,246 Commercial 27,536,488 26,214,251 Corporate finance 2,745,850 2,697,347 Negotiation and sales 15,430,020 11,736,501 Payments and settlement 8,801,856 8,281,707 Financial agent services 4,641,477 4,342,495 Asset management 8,100,501 6,714,978 Retail brokerage 306,683 23,767 Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 152

IV – Capital adequacy The Board of Directors is the body responsible for approving the institutional capital management policy and guidelines for the capitalization level of ITAÚ UNIBANCO HOLDING CONSOLIDATED. The Board is also responsible for the full approval of the ICAAP (Internal Capital Adequacy Assessment Process) report, the purpose of which is to assess the capital adequacy of ITAÚ UNIBANCO HOLDING CONSOLIDATED. The result of the last ICAAP – which was dated December 2018 – indicated that ITAÚ UNIBANCO HOLDING CONSOLIDATED has, in addition to capital to cover all material risks, a significant capital surplus, thus assuring the solidity of the institution’s equity position. In order to ensure that ITAÚ UNIBANCO HOLDING CONSOLIDATED is sound and has the capital needed to support business growth, the institution maintains PR levels above the minimum level required to face risks, as demonstrated by the Common Equity, Tier I Capital and Basel ratios. The Basel Ratio reached 15.8% at December 31, 2019, 2.2 p.p. lower than at December 31, 2018, mainly due to the provision for interest on own capital and dividends, and increase in risk-weighted assets. Additionally, ITAÚ UNIBANCO HOLDING CONSOLIDATED has a surplus over the required minimum Referential Equity of R$ 69,291,547, well above the ACP of R$ 31,195,482, and generously covered by available capital. 12/31/2019 12/31/2018 Amount Ratio Amount Ratio Required Current Required Current Required Current Required Current Common Equity Tier I 40,108,477 117,328,438 4.5% 13.2% 36,813,252 123,358,036 4.5% 15.1% Additional Tier I Capital - 11,367,960 - - - 7,796,428 - - Tier I (Common Equity Tier I + Additional Tier I Capital) 53,477,969 128,696,398 6.0% 14.4% 49,084,336 131,154,464 6.0% 16.0% Tier II - 11,899,108 - - - 15,873,671 - - Referential Equity (Tier I + Tier II) 71,303,959 140,595,506 8.0% 15.8% 70,558,733 147,028,135 8.625% 18.0% Amount Required for Additional Capital Buffers (ACP) 31,195,482 3.5% 19,429,216 2.375% The fixed assets ratio shows the commitment percentage of adjusted Referential Equity with adjusted permanent assets. ITAÚ UNIBANCO HOLDING CONSOLIDATED falls within the maximum limit of 50% of adjusted RE, established by BACEN. At 12/31/2019 , fixed assets ratio reached 27.9%, showing a surplus of R$ 31,103,614. Further details on Risk and Capital Management of ITAÚ UNIBANCO HOLDING CONSOLIDATED and indicators of the Global Systemic Importance Index, which are not included in the financial statements, may be viewed on www.itau.com.br/relacoes-com-investidores “Reports”/ Pillar 3 and Global Systemically Important Banks. V - Recovery Plan In response to the latest international crises, the Central Bank published Resolution No. 4,502, which requires the development of a Recovery Plan by financial institutions within Segment 1, with total exposure to GDP of more than 10%. This plan aims to reestablish adequate levels of capital and liquidity above regulatory operating limits in the face of severe systemic or idiosyncratic stress shocks. In this way, each institution could preserve its financial viability while also minimizing the impact on the National Financial System. More details on the Recovery Plan can be viewed at www.itau.com.br/investor-relations , section “Reports / Pillar 3 and Global Systemically Important Banks / Risk and Capital Management – Pillar 3”. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 153 IV – Capital adequacy The Board of Directors is the body responsible for approving the institutional capital management policy and guidelines for the capitalization level of ITAÚ UNIBANCO HOLDING CONSOLIDATED. The Board is also responsible for the full approval of the ICAAP (Internal Capital Adequacy Assessment Process) report, the purpose of which is to assess the capital adequacy of ITAÚ UNIBANCO HOLDING CONSOLIDATED. The result of the last ICAAP – which was dated December 2018 – indicated that ITAÚ UNIBANCO HOLDING CONSOLIDATED has, in addition to capital to cover all material risks, a significant capital surplus, thus assuring the solidity of the institution’s equity position. In order to ensure that ITAÚ UNIBANCO HOLDING CONSOLIDATED is sound and has the capital needed to support business growth, the institution maintains PR levels above the minimum level required to face risks, as demonstrated by the Common Equity, Tier I Capital and Basel ratios. The Basel Ratio reached 15.8% at December 31, 2019, 2.2 p.p. lower than at December 31, 2018, mainly due to the provision for interest on own capital and dividends, and increase in risk-weighted assets. Additionally, ITAÚ UNIBANCO HOLDING CONSOLIDATED has a surplus over the required minimum Referential Equity of R$ 69,291,547, well above the ACP of R$ 31,195,482, and generously covered by available capital. 12/31/2019 12/31/2018 Amount Ratio Amount Ratio Required Current Required Current Required Current Required Current Common Equity Tier I 40,108,477 117,328,438 4.5% 13.2% 36,813,252 123,358,036 4.5% 15.1% Additional Tier I Capital - 11,367,960 - - - 7,796,428 - - Tier I (Common Equity Tier I + Additional Tier I Capital) 53,477,969 128,696,398 6.0% 14.4% 49,084,336 131,154,464 6.0% 16.0% Tier II - 11,899,108 - - - 15,873,671 - - Referential Equity (Tier I + Tier II) 71,303,959 140,595,506 8.0% 15.8% 70,558,733 147,028,135 8.625% 18.0% Amount Required for Additional Capital Buffers (ACP) 31,195,482 3.5% 19,429,216 2.375% The fixed assets ratio shows the commitment percentage of adjusted Referential Equity with adjusted permanent assets. ITAÚ UNIBANCO HOLDING CONSOLIDATED falls within the maximum limit of 50% of adjusted RE, established by BACEN. At 12/31/2019 , fixed assets ratio reached 27.9%, showing a surplus of R$ 31,103,614. Further details on Risk and Capital Management of ITAÚ UNIBANCO HOLDING CONSOLIDATED and indicators of the Global Systemic Importance Index, which are not included in the financial statements, may be viewed on www.itau.com.br/relacoes-com-investidores “Reports”/ Pillar 3 and Global Systemically Important Banks. V - Recovery Plan In response to the latest international crises, the Central Bank published Resolution No. 4,502, which requires the development of a Recovery Plan by financial institutions within Segment 1, with total exposure to GDP of more than 10%. This plan aims to reestablish adequate levels of capital and liquidity above regulatory operating limits in the face of severe systemic or idiosyncratic stress shocks. In this way, each institution could preserve its financial viability while also minimizing the impact on the National Financial System. More details on the Recovery Plan can be viewed at www.itau.com.br/investor-relations , section “Reports / Pillar 3 and Global Systemically Important Banks / Risk and Capital Management – Pillar 3”. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 153

Note 19 – Supplementary information a) Insurance policy - ITAÚ UNIBANCO HOLDING CONSOLIDATED, despite the reduced risk exposure due to the low physical concentration of its assets, has a policy of insuring valuables and assets at amounts considered sufficient to cover possible losses. b) Foreign currency – The balances in Reais linked to the foreign currencies were as follows: 12/31/2019 12/31/2018 Permanent foreign investments 78,229,645 68,051,814 Net balance of other assets and liabilities indexed to foreign currency, (145,611,014) (123,428,895) including derivatives Net foreign exchange position (67,381,369) (55,377,081) The net foreign exchange position, considering the tax effects on the net balance of other assets and liabilities indexed to foreign currencies, reflects the low exposure to exchange variations. c) Agreements for offsetting and settlement of liabilities within the scope of the National Financial System Offset agreements are in force in relation to derivative contracts, as well as agreements for the offsetting and settlement of receivables and payables pursuant to CMN Resolution 3,263, of February 24, 2005, the purpose of which is to enable the offsetting of credits and debits with the same counterparty, and where the maturity dates of receivables and payables can be brought forward to the date of an event of default by one of the parties or in the event of bankruptcy of the debtor. d) Constitutional Amendment (EC) nº 103/2019 Approved by the National Congress in October 2019 and enacted in November 2019, it provides for the social security and other matters, also addressing the increase of the tax rate of Social Contribution on Net Income for banks set forth in item I of paragraph 1 of article 1 of Supplementary Law No. 105, of January 10, 2001, which will be 20% as from its effective date. The effects of tax credits are reflected in Note 11 – Taxes. e) Acquisition of Zup I.T. Serviços em Tecnologia e Inovação Ltda. On October 31, 2019, ITAÚ UNIBANCO HOLDING entered into a purchase and sale agreement of 100% of the capital of Zup I.T. Serviços em Tecnologia e Inovação Ltda. (ZUP). The purchase will be carried out in three phases over four years. In the first phase, ITAÚ UNIBANCO HOLDING will acquire 51% of ZUP’s total voting capital for approximately R$ 293 million, then holding the company’s control. In the third year, after the operation is closed, ITAÚ UNIBANCO HOLDING CONSOLIDATED will acquire an additional 19.6% interest; in the fourth year, the remaining interest, so as to achieve 100% of ZUP’s capital. The effective acquisitions and financial settlements will occur after the required regulatory approvals. f) Subsequent Event Issue of Senior Notes In January 2020, ITAÚ UNIBANCO HOLDING priced the issue of senior notes with maturity in January 2023 in the amount of US$ 1 billion at the fixed rate of 2.90% and senior notes with maturity in January 2025 in the amount of US$ 500 million at the fixed rate of 3.25%. The Issue is neither subject to registration rules with the Securities Exchange Commission (SEC), in the United States, nor to registration with the Brazilian Securities Commission (CVM), in Brazil, in compliance with applicable law and regulations. The Notes were offered only to qualified institutional investors and to non-American investors outside the territory of the United States of America. ITAÚ UNIBANCO HOLDING will use the funds raised by the Notes for general corporate purposes. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 154 Note 19 – Supplementary information a) Insurance policy - ITAÚ UNIBANCO HOLDING CONSOLIDATED, despite the reduced risk exposure due to the low physical concentration of its assets, has a policy of insuring valuables and assets at amounts considered sufficient to cover possible losses. b) Foreign currency – The balances in Reais linked to the foreign currencies were as follows: 12/31/2019 12/31/2018 Permanent foreign investments 78,229,645 68,051,814 Net balance of other assets and liabilities indexed to foreign currency, (145,611,014) (123,428,895) including derivatives Net foreign exchange position (67,381,369) (55,377,081) The net foreign exchange position, considering the tax effects on the net balance of other assets and liabilities indexed to foreign currencies, reflects the low exposure to exchange variations. c) Agreements for offsetting and settlement of liabilities within the scope of the National Financial System Offset agreements are in force in relation to derivative contracts, as well as agreements for the offsetting and settlement of receivables and payables pursuant to CMN Resolution 3,263, of February 24, 2005, the purpose of which is to enable the offsetting of credits and debits with the same counterparty, and where the maturity dates of receivables and payables can be brought forward to the date of an event of default by one of the parties or in the event of bankruptcy of the debtor. d) Constitutional Amendment (EC) nº 103/2019 Approved by the National Congress in October 2019 and enacted in November 2019, it provides for the social security and other matters, also addressing the increase of the tax rate of Social Contribution on Net Income for banks set forth in item I of paragraph 1 of article 1 of Supplementary Law No. 105, of January 10, 2001, which will be 20% as from its effective date. The effects of tax credits are reflected in Note 11 – Taxes. e) Acquisition of Zup I.T. Serviços em Tecnologia e Inovação Ltda. On October 31, 2019, ITAÚ UNIBANCO HOLDING entered into a purchase and sale agreement of 100% of the capital of Zup I.T. Serviços em Tecnologia e Inovação Ltda. (ZUP). The purchase will be carried out in three phases over four years. In the first phase, ITAÚ UNIBANCO HOLDING will acquire 51% of ZUP’s total voting capital for approximately R$ 293 million, then holding the company’s control. In the third year, after the operation is closed, ITAÚ UNIBANCO HOLDING CONSOLIDATED will acquire an additional 19.6% interest; in the fourth year, the remaining interest, so as to achieve 100% of ZUP’s capital. The effective acquisitions and financial settlements will occur after the required regulatory approvals. f) Subsequent Event Issue of Senior Notes In January 2020, ITAÚ UNIBANCO HOLDING priced the issue of senior notes with maturity in January 2023 in the amount of US$ 1 billion at the fixed rate of 2.90% and senior notes with maturity in January 2025 in the amount of US$ 500 million at the fixed rate of 3.25%. The Issue is neither subject to registration rules with the Securities Exchange Commission (SEC), in the United States, nor to registration with the Brazilian Securities Commission (CVM), in Brazil, in compliance with applicable law and regulations. The Notes were offered only to qualified institutional investors and to non-American investors outside the territory of the United States of America. ITAÚ UNIBANCO HOLDING will use the funds raised by the Notes for general corporate purposes. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 154

ITAÚ UNIBANCO HOLDING S.A. CNPJ. 60.872.504/0001-23 A Listed Company NIRE. 35300010230 SUMMARY OF THE AUDIT COMMITTEE REPORT SECOND SEMESTER OF 2019. The Audit Committee (Committee) is a statutory body reporting directly to the Board of Directors (Board) and functions in accordance with the provisions set forth in its Charter (available at https://www.itau.com.br/investor- relations). It currently consists of six independent, effective members, one of whom is a member of the Board, all elected in accordance with the criteria stipulated in the regulations of the National Monetary Council (CMN) and the National Council for Private Insurance (CNSP). The Committee is the sole Committee for the institutions authorized to function by the Central Bank of Brazil (BACEN) and for the companies supervised by the Superintendence for Private Insurance (SUSEP), which are part of the Itaú Unibanco Financial Conglomerate, which encompasses Itaú Unibanco and its direct and indirect subsidiaries (Conglomerate). The Committee has responsibility to oversee internal control and risk management processes, and the activities carried out by the internal audit and the independent auditors of the Conglomerate. The oversight performed by the Committee is based on information received from Management, on presentations submitted by the different business and support departments, on the results of the work undertaken by the independent auditors, internal audit and those responsible for risk and capital management, internal controls and compliance, as well as on its own analyses resulting from direct observation. Management is responsible for preparing the Conglomerate’s financial statements, and for establishing the procedures for ensuring the quality of the processes that give rise to the information used in preparing such statements and in generating financial reports. Management is also responsible for risk control and monitoring, overseeing the corporate internal control activities and for ensuring compliance with legal and regulatory requirements. The mission of Internal Audit is to ascertain the quality and adherence of the internal control, risk and capital management systems, and compliance with defined policies and procedures, including those employed in preparing the accounting and financial reports. PricewaterhouseCoopers Auditores Independentes (PwC) is responsible for the independent audit of the individual and consolidated financial statements, reporting whether these statements fairly represent, in all material aspects, the Conglomerate’s individual and consolidated financial position, and the individual and consolidated performance of its operations, in accordance with Brazilian accounting practices and with international accounting standards issued by the International Accounting Standards Board (IASB). It is also responsible for auditing the financial statements of the Prudential Conglomerate. The auditors must also issue an annual opinion as to the quality and efficacy of the internal control over financial reporting. Activities of the Committee In fulfilling its duties, the Committee engaged in the following activities, among others, during the period: Structure of Risk and Capital Management, Internal Controls and Compliance – Meetings were held with the departments responsible for the management and coordination of internal controls and operational risk, compliance, corporate security and for the businesses, at which the Committee was informed about significant aspects involving the quality and effectiveness of the Conglomerate’s current internal control and risk and capital management systems, about processes by which Management to verifies compliance with legal and regulatory provisions and internal regulations, including those associated with environmental and social risk, as well as about the evolution of the risk appetite governance and risk culture. The Operational Risk and Compliance Executive Board (DEROC) submitted to the Committee its planning of activities for 2020. The Committee carried out the formal annual appraisal of this Board’s work. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 155 ITAÚ UNIBANCO HOLDING S.A. CNPJ. 60.872.504/0001-23 A Listed Company NIRE. 35300010230 SUMMARY OF THE AUDIT COMMITTEE REPORT SECOND SEMESTER OF 2019. The Audit Committee (Committee) is a statutory body reporting directly to the Board of Directors (Board) and functions in accordance with the provisions set forth in its Charter (available at https://www.itau.com.br/investor- relations). It currently consists of six independent, effective members, one of whom is a member of the Board, all elected in accordance with the criteria stipulated in the regulations of the National Monetary Council (CMN) and the National Council for Private Insurance (CNSP). The Committee is the sole Committee for the institutions authorized to function by the Central Bank of Brazil (BACEN) and for the companies supervised by the Superintendence for Private Insurance (SUSEP), which are part of the Itaú Unibanco Financial Conglomerate, which encompasses Itaú Unibanco and its direct and indirect subsidiaries (Conglomerate). The Committee has responsibility to oversee internal control and risk management processes, and the activities carried out by the internal audit and the independent auditors of the Conglomerate. The oversight performed by the Committee is based on information received from Management, on presentations submitted by the different business and support departments, on the results of the work undertaken by the independent auditors, internal audit and those responsible for risk and capital management, internal controls and compliance, as well as on its own analyses resulting from direct observation. Management is responsible for preparing the Conglomerate’s financial statements, and for establishing the procedures for ensuring the quality of the processes that give rise to the information used in preparing such statements and in generating financial reports. Management is also responsible for risk control and monitoring, overseeing the corporate internal control activities and for ensuring compliance with legal and regulatory requirements. The mission of Internal Audit is to ascertain the quality and adherence of the internal control, risk and capital management systems, and compliance with defined policies and procedures, including those employed in preparing the accounting and financial reports. PricewaterhouseCoopers Auditores Independentes (PwC) is responsible for the independent audit of the individual and consolidated financial statements, reporting whether these statements fairly represent, in all material aspects, the Conglomerate’s individual and consolidated financial position, and the individual and consolidated performance of its operations, in accordance with Brazilian accounting practices and with international accounting standards issued by the International Accounting Standards Board (IASB). It is also responsible for auditing the financial statements of the Prudential Conglomerate. The auditors must also issue an annual opinion as to the quality and efficacy of the internal control over financial reporting. Activities of the Committee In fulfilling its duties, the Committee engaged in the following activities, among others, during the period: Structure of Risk and Capital Management, Internal Controls and Compliance – Meetings were held with the departments responsible for the management and coordination of internal controls and operational risk, compliance, corporate security and for the businesses, at which the Committee was informed about significant aspects involving the quality and effectiveness of the Conglomerate’s current internal control and risk and capital management systems, about processes by which Management to verifies compliance with legal and regulatory provisions and internal regulations, including those associated with environmental and social risk, as well as about the evolution of the risk appetite governance and risk culture. The Operational Risk and Compliance Executive Board (DEROC) submitted to the Committee its planning of activities for 2020. The Committee carried out the formal annual appraisal of this Board’s work. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 155

Independent Auditor - There is a regular communication channel with the independent auditor for discussing the scope, planning and results of their work, matters for attention, and significant accounting issues, allowing members to support their opinion about the integrity of the financial statements and financial reports. Matters regarding the independent auditor’s assessment of the quality and adequacy of the internal control systems were presented and discussed with the Committee. The Committee required the independent auditor to provide information about their system for reviewing the quality of the audit work and about the results of the quality reviews carried out internally by PwC, peers and regulators. In the six-month period, the Committee submitted the policy and procedures to be followed when engaging services of the independent auditor of the Conglomerate to the approval of the Board. The Committee led the selection process for the independent auditor for 2020 presenting to the Board its recommendation to reappoint PwC as independent auditor of Itaú Unibanco Holding S.A and its main subsidiaries. Internal Audit – There were monthly meetings with the Internal Audit Executive Officer and with the three Internal Audit Officers to monitor the implementation of the audit plan and its proposed changes, the results of the work undertaken, the reports issued, conclusions and recommendations. The Committee approved the proposals presented by Internal Audit for the review of its structure and its work approach, which were taken into account in preparing the audit plan for 2020, and analyzed the internal audit policy, reviewing its content and resolving upon its approval. As part of its duties, the Committee carried out the formal annual appraisal of Internal Audit. Financial Statements – The significant criteria adopted in preparing the financial statements, as well as the notes thereto, the management report and the report of the independent auditor were presented by Management and the independent auditor to the Committee. Meetings were held with the officers responsible for monitoring the control environment of the accounting processing, and with the Finance department about significant accounting issues. The Committee also monitored the preparation and the disclosure of the consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS), including the assessment undertaken by the Finance area of the control environment and development of processes related to IFRS 9 – Financial Instruments, and the financial statements of the Prudential Conglomerate were presented. Consumer Issues – Meetings were held with the officers of businesses and support departments to monitor the control environment and the progress of issues affecting customers. The Committee analyzed the Ombudsman’s report on its performance for the period ended June 30, 2019. Regulators - The Committee was informed about the results of inspections and observations of the different regulators and about management’s response. It also received information from Internal Audit and the Compliance department about the follow-up on the points raised by regulators in Brazil and in foreign units. Meetings with representatives of the Banking Supervision Department and of the Conduct Supervision Department of the Central Bank of Brazil were held. The Committee was informed about the regulatory and ruling changes in progress. Anti-Money Laundering and Fraud Prevention – Meetings were held with the departments responsible for those matters in order to present the relevant risk indicators and how the most relevant events were treated. Internal Audit and the Credit Risk, Modeling and Anti-Money Laundering Department (DRCM-PLD) presented to the Committee the anti-money laundering coverage in Brazil and in foreign units. The Inspector Office activities associated with prevention of internal and external fraud were accompanied. In the event of complaints or public information, the Committee, when it is deemed appropriate, requests Internal Audit to perform investigations through formal requests and, as the case may be, the minimum procedures expected in the investigation. Business and Products – Meetings were held with executives responsible for the business and products departments for presentation of the governance and risk management structures. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 156 Independent Auditor - There is a regular communication channel with the independent auditor for discussing the scope, planning and results of their work, matters for attention, and significant accounting issues, allowing members to support their opinion about the integrity of the financial statements and financial reports. Matters regarding the independent auditor’s assessment of the quality and adequacy of the internal control systems were presented and discussed with the Committee. The Committee required the independent auditor to provide information about their system for reviewing the quality of the audit work and about the results of the quality reviews carried out internally by PwC, peers and regulators. In the six-month period, the Committee submitted the policy and procedures to be followed when engaging services of the independent auditor of the Conglomerate to the approval of the Board. The Committee led the selection process for the independent auditor for 2020 presenting to the Board its recommendation to reappoint PwC as independent auditor of Itaú Unibanco Holding S.A and its main subsidiaries. Internal Audit – There were monthly meetings with the Internal Audit Executive Officer and with the three Internal Audit Officers to monitor the implementation of the audit plan and its proposed changes, the results of the work undertaken, the reports issued, conclusions and recommendations. The Committee approved the proposals presented by Internal Audit for the review of its structure and its work approach, which were taken into account in preparing the audit plan for 2020, and analyzed the internal audit policy, reviewing its content and resolving upon its approval. As part of its duties, the Committee carried out the formal annual appraisal of Internal Audit. Financial Statements – The significant criteria adopted in preparing the financial statements, as well as the notes thereto, the management report and the report of the independent auditor were presented by Management and the independent auditor to the Committee. Meetings were held with the officers responsible for monitoring the control environment of the accounting processing, and with the Finance department about significant accounting issues. The Committee also monitored the preparation and the disclosure of the consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS), including the assessment undertaken by the Finance area of the control environment and development of processes related to IFRS 9 – Financial Instruments, and the financial statements of the Prudential Conglomerate were presented. Consumer Issues – Meetings were held with the officers of businesses and support departments to monitor the control environment and the progress of issues affecting customers. The Committee analyzed the Ombudsman’s report on its performance for the period ended June 30, 2019. Regulators - The Committee was informed about the results of inspections and observations of the different regulators and about management’s response. It also received information from Internal Audit and the Compliance department about the follow-up on the points raised by regulators in Brazil and in foreign units. Meetings with representatives of the Banking Supervision Department and of the Conduct Supervision Department of the Central Bank of Brazil were held. The Committee was informed about the regulatory and ruling changes in progress. Anti-Money Laundering and Fraud Prevention – Meetings were held with the departments responsible for those matters in order to present the relevant risk indicators and how the most relevant events were treated. Internal Audit and the Credit Risk, Modeling and Anti-Money Laundering Department (DRCM-PLD) presented to the Committee the anti-money laundering coverage in Brazil and in foreign units. The Inspector Office activities associated with prevention of internal and external fraud were accompanied. In the event of complaints or public information, the Committee, when it is deemed appropriate, requests Internal Audit to perform investigations through formal requests and, as the case may be, the minimum procedures expected in the investigation. Business and Products – Meetings were held with executives responsible for the business and products departments for presentation of the governance and risk management structures. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 156

Information Security – The Committee monitored data protection activities, including the implementation plan to adequate the Conglomerate to the requirements of the General Personal Data Protection Act (LGPD), as well as actions adopted by Information Technology and discussion with Internal Audit about the approach and coverage panel regarding information security and cyber security related topics. International Units – The Committee monitored the aspects of risk management by the foreign units especially focused on those that may cause a reputational impact to the Conglomerate, such as information security and anti-money laundering. In particular, made recommendations and monitored the governance model of those risks by the headquarter. The Committee requested information about the monitoring of market, credit and liquidity risk indicators by the headquarter, taking into account the political and economic scenario of certain countries in Latin America. Additionally, it monitored the activities carried out by the Audit Committees of those units, including holding meetings with Internal Audit and PwC about how the performance of those committees complies with the policies of the Holding and in-person meetings in São Paulo with chairmen of audit committees of selected units. Members of the Committee visited several units holding meetings with the business and support departments, local audit committees, Internal Audit, Internal Control department and representatives of local regulators. Members of the Committee act as effective members or as observers or guests in audit committees of foreign units. Other activities undertaken in the period – The Committee coordinates its activities with those of the Risk and Capital Management Committee, including the attendance of its Chairman as an observer at the meetings held by this committee. The Committee submitted monthly reports of its activities to the Board and held quarterly meetings with the Co- chairmen of the Board and the CEO of Itaú Unibanco Holding S.A. to discuss key issues arising from the performance of their duties. The Committee also met with the Fiscal Council over the year. In complying with its duties, the Committee held meetings with the Corporate Compliance Office (DCC) to: (i) monitor the performance of the Integrity and Ethics Program -2019, including analyzing the indicators and the plan for 2020 in Brazil and in the foreign units; and (ii) supervising the Corporate Program for Prevention of Illegal Acts based on information provided by the Compliance, as well as from other mechanisms at its disposal. It is worth mentioning the renewal of the Pro Ethics seal for 2018/2019. To undertake the activities and perform the procedures described above, the Committee convened on 27 days between August 19, 2019 and February 6, 2020, totaling 132 meetings duly documented in minutes. In 2019, the members of the Committee took part in training activities, lectures and update programs about topics related to its activities. While carrying out its activities, the Committee did not become aware of any breach of the terms of the Transactions with Related Parties Policy which should require its review. In addition, the Committee was not notified of any incidents of fraud or non-compliance with legal and regulatory standards or of internal control, accounting or audit errors that could jeopardize the continuity of the Conglomerate. Conclusions Having duly considered its responsibilities and the natural limitations arising from the scope of its duties, and based on the activities undertaken in the period, the Committee concludes that: · The internal control systems, compliance policy and the risk and capital management structures are appropriate for the size and complexity of the Conglomerate and the approved risk appetite; · The coverage and quality of the Internal Audit work are satisfactory, and it operates with appropriate independence; · The significant accounting practices adopted by the Conglomerate are in line with those adopted in Brazil, including those required by the Central Bank of Brazil, and with the international accounting standards issued by the International Accounting Standards Board (IASB); and · The information provided by PricewaterhouseCoopers Auditores Independentes (PwC), on which the Committee bases its recommendations on the financial statements, is adequate, no situation having been identified that could impair the objectivity and the independence of the Independent Auditor. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 157 Information Security – The Committee monitored data protection activities, including the implementation plan to adequate the Conglomerate to the requirements of the General Personal Data Protection Act (LGPD), as well as actions adopted by Information Technology and discussion with Internal Audit about the approach and coverage panel regarding information security and cyber security related topics. International Units – The Committee monitored the aspects of risk management by the foreign units especially focused on those that may cause a reputational impact to the Conglomerate, such as information security and anti-money laundering. In particular, made recommendations and monitored the governance model of those risks by the headquarter. The Committee requested information about the monitoring of market, credit and liquidity risk indicators by the headquarter, taking into account the political and economic scenario of certain countries in Latin America. Additionally, it monitored the activities carried out by the Audit Committees of those units, including holding meetings with Internal Audit and PwC about how the performance of those committees complies with the policies of the Holding and in-person meetings in São Paulo with chairmen of audit committees of selected units. Members of the Committee visited several units holding meetings with the business and support departments, local audit committees, Internal Audit, Internal Control department and representatives of local regulators. Members of the Committee act as effective members or as observers or guests in audit committees of foreign units. Other activities undertaken in the period – The Committee coordinates its activities with those of the Risk and Capital Management Committee, including the attendance of its Chairman as an observer at the meetings held by this committee. The Committee submitted monthly reports of its activities to the Board and held quarterly meetings with the Co- chairmen of the Board and the CEO of Itaú Unibanco Holding S.A. to discuss key issues arising from the performance of their duties. The Committee also met with the Fiscal Council over the year. In complying with its duties, the Committee held meetings with the Corporate Compliance Office (DCC) to: (i) monitor the performance of the Integrity and Ethics Program -2019, including analyzing the indicators and the plan for 2020 in Brazil and in the foreign units; and (ii) supervising the Corporate Program for Prevention of Illegal Acts based on information provided by the Compliance, as well as from other mechanisms at its disposal. It is worth mentioning the renewal of the Pro Ethics seal for 2018/2019. To undertake the activities and perform the procedures described above, the Committee convened on 27 days between August 19, 2019 and February 6, 2020, totaling 132 meetings duly documented in minutes. In 2019, the members of the Committee took part in training activities, lectures and update programs about topics related to its activities. While carrying out its activities, the Committee did not become aware of any breach of the terms of the Transactions with Related Parties Policy which should require its review. In addition, the Committee was not notified of any incidents of fraud or non-compliance with legal and regulatory standards or of internal control, accounting or audit errors that could jeopardize the continuity of the Conglomerate. Conclusions Having duly considered its responsibilities and the natural limitations arising from the scope of its duties, and based on the activities undertaken in the period, the Committee concludes that: · The internal control systems, compliance policy and the risk and capital management structures are appropriate for the size and complexity of the Conglomerate and the approved risk appetite; · The coverage and quality of the Internal Audit work are satisfactory, and it operates with appropriate independence; · The significant accounting practices adopted by the Conglomerate are in line with those adopted in Brazil, including those required by the Central Bank of Brazil, and with the international accounting standards issued by the International Accounting Standards Board (IASB); and · The information provided by PricewaterhouseCoopers Auditores Independentes (PwC), on which the Committee bases its recommendations on the financial statements, is adequate, no situation having been identified that could impair the objectivity and the independence of the Independent Auditor. Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 157

Based on the work and the assessments undertaken and taking into account the context and limitation of its duties, the Committee recommends that the Board of Directors approve the consolidated financial statements of Itaú Unibanco Holding S.A. for the year and the six-month period ended December 31, 2019. São Paulo, February 10, 2020. Audit Committee Gustavo Jorge Laboissière Loyola – Chairman Antonio Carlos Barbosa de Oliveira Antonio Francisco de Lima Neto Diego Fresco Gutierrez Maria Helena dos Santos Fernandes de Santana Rogério Paulo Calderón Peres Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 158 Based on the work and the assessments undertaken and taking into account the context and limitation of its duties, the Committee recommends that the Board of Directors approve the consolidated financial statements of Itaú Unibanco Holding S.A. for the year and the six-month period ended December 31, 2019. São Paulo, February 10, 2020. Audit Committee Gustavo Jorge Laboissière Loyola – Chairman Antonio Carlos Barbosa de Oliveira Antonio Francisco de Lima Neto Diego Fresco Gutierrez Maria Helena dos Santos Fernandes de Santana Rogério Paulo Calderón Peres Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 158

ITAÚ UNIBANCO HOLDING S.A. CNPJ. 60.872.504/0001-23 Listed Company NIRE. 35300010230 OPINION OF THE FISCAL COUNCIL The effective members of the Fiscal Council of ITAÚ UNIBANCO HOLDING S.A., after having examined the financial statements for the fiscal year ended December 31, 2019 and verified the accuracy of all items examined, and in view of the unqualified opinion of PricewaterhouseCoopers Auditores Independentes, understand that these documents adequately reflect the company’s capital structure, financial position and the activities conducted during the period, and they have the conditions to be submitted to the appreciation and approval of the Stockholders. São Paulo (SP), February 10, 2020. JOSÉ CARUSO CRUZ HENRIQUES President ALKIMAR RIBEIRO MOURA EDUARDO AZEVEDO DO VALLE Member Member Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 159 ITAÚ UNIBANCO HOLDING S.A. CNPJ. 60.872.504/0001-23 Listed Company NIRE. 35300010230 OPINION OF THE FISCAL COUNCIL The effective members of the Fiscal Council of ITAÚ UNIBANCO HOLDING S.A., after having examined the financial statements for the fiscal year ended December 31, 2019 and verified the accuracy of all items examined, and in view of the unqualified opinion of PricewaterhouseCoopers Auditores Independentes, understand that these documents adequately reflect the company’s capital structure, financial position and the activities conducted during the period, and they have the conditions to be submitted to the appreciation and approval of the Stockholders. São Paulo (SP), February 10, 2020. JOSÉ CARUSO CRUZ HENRIQUES President ALKIMAR RIBEIRO MOURA EDUARDO AZEVEDO DO VALLE Member Member Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 159

ITAÚ UNIBANCO HOLDING S.A. CNPJ 60.872.504/0001-23 A Publicly Listed Company NIRE 35300010230 STATEMENT The Officers responsible for the preparation of the financial statements, in compliance with the provisions of article 25, paragraph 1, items V and VI, of CVM Instruction Nº 480/2009, represent that: a) they have reviewed, discussed and agree with the opinions expressed in the report of independent auditors about the Company’s financial statements for the fiscal year 2019; b) they have reviewed, discussed and agree with the Company's financial statements for the fiscal year 2019 and with the management’s discussion and analysis report. São Paulo (SP), February 10, 2020. MILTON MALUHY FILHO ALEXSANDRO BROEDEL LOPES Vice President Executive Director Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 160 ITAÚ UNIBANCO HOLDING S.A. CNPJ 60.872.504/0001-23 A Publicly Listed Company NIRE 35300010230 STATEMENT The Officers responsible for the preparation of the financial statements, in compliance with the provisions of article 25, paragraph 1, items V and VI, of CVM Instruction Nº 480/2009, represent that: a) they have reviewed, discussed and agree with the opinions expressed in the report of independent auditors about the Company’s financial statements for the fiscal year 2019; b) they have reviewed, discussed and agree with the Company's financial statements for the fiscal year 2019 and with the management’s discussion and analysis report. São Paulo (SP), February 10, 2020. MILTON MALUHY FILHO ALEXSANDRO BROEDEL LOPES Vice President Executive Director Itaú Unibanco Holding S.A. – Complete Financial Statements – December 31, 2019 160