EX-99.1 2 d522792dex991.htm EX-99.1

Exhibit 99.1

TABLE OF CONTENTS Page CERTAIN TERMS AND CONVENTIONS 1 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 2 PRESENTATION OF FINANCIAL AND OTHER INFORMATION 4 SELECTED FINANCIAL DATA 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS 7 RECENT DEVELOPMENTS 28 SIGNATURES 32 FINANCIAL STATEMENTS 33 i

CERTAIN TERMS AND CONVENTIONS All references in this Form 6-K to (i) “Itaú Unibanco Holding,” “Itaú Unibanco Group,” “we,” “us” or “our” are references to Itaú Unibanco Holding S A and its consolidated subsidiaries and affiliates, except where specified or differently required by the context; (ii) the “Brazilian government” are references to the federal government of the Federative Republic of Brazil, or Brazil; (iii) “preferred shares” are references to our authorized and outstanding preferred shares with no par value; and (iv) “common shares” are references to our authorized and outstanding common shares with no par value All references to “ADSs” are to American Depositary Shares, each representing one preferred share, without par value The ADSs are evidenced by American Depositary Receipts, or “ADRs,” issued by The Bank of New York Mellon, or BNY Mellon All references herein to the “real,” “reais” or “R$” are to the Brazilian real, the official currency of Brazil All references to “US$,” “dollars” or “U S dollars” are to United States dollars Additionally, unless specified or the context indicates otherwise, the following definitions apply throughout this Form 6-K: “Itaú Unibanco” means Itaú Unibanco S A , together with its consolidated subsidiaries; “Itaú BBA” means Banco Itaú BBA S A , together with its consolidated subsidiaries; “Itaú Corpbanca” means Itaú Corpbanca, together with its consolidated subsidiaries; and “Central Bank” means the Central Bank of Brazil Additionally, acronyms used repeatedly, defined and technical terms, specific market expressions and the full names of our main subsidiaries and other entities referenced in this report on Form 6-K are explained or detailed in the glossary of terms beginning on page 215 to our annual report on Form 20-F for the year ended December 31, 2020 filed with the SEC on April 30, 2021, or our 2020 Form 20-F

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report on Form 6-K contains statements that are or may constitute forward-looking statements within the meaning of the U S Private Securities Litigation Reform Act of 1995, Section 27A of the United States Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the U S Securities Exchange Act of 1934, as amended, or the Exchange Act We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting our business These forward-looking statements are subject to risks, uncertainties and assumptions including, among other risks: The economic, financial and other effects of the outbreak of the 2019 novel strain of coronavirus, or COVID-19, particularly as such factors impact Brazil and the other markets in which we operate and continue to cause severe ongoing negative macroeconomic effects and disruptions to financial markets and the global economy, with a significant impact on the ability of businesses, including ours, to operate normally, thus heightening many of the other risks described in the “Risk Factors” section of our 2020 Form 20-F; General economic, political and business conditions both in Brazil and abroad, including, in Brazil, developments and the perception of risks in connection with ongoing corruption and other investigations and increasing fractious relations and infighting within the administration of President Bolsonaro, as well as policies and potential changes to address these matters or otherwise, including economic and fiscal reforms and in response to the ongoing effects of the COVID-19 pandemic, any of which may negatively affect growth prospects in the Brazilian economy as a whole; Fluctuations in inflation, interest rates and exchange rates in Brazil and the other markets in which we operate, which have been particularly volatile as a result of the ongoing effects of the COVID-19 pandemic; Our ability to implement, in a timely and efficient manner, any measure necessary to respond to, or reduce the impacts of, the COVID-19 pandemic on our business, operations, cash flow, prospects, liquidity and financial condition; The duration and spread of the COVID-19 pandemic and the outbreak of diseases or similar public health threat; General economic, political, and business conditions in Brazil and variations in inflation indexes, interest rates, foreign exchange rates, and the performance of financial markets; General economic and political conditions, in particular in the countries where we operate; Government regulations and tax laws and amendments to such regulations and laws; Developments in high-profile investigations currently in progress and their impact on customers or on our tax exposures; Disruptions and volatility in the global financial markets; Increases in compulsory deposits and reserve requirements;

Regulation and liquidation of our business on a consolidated basis; Obstacles for holders of our shares and ADSs to receive dividends; Failure or hacking of our security and operational infrastructure or systems; Our ability to protect personal data; Strengthening of competition and industry consolidation; Changes in our loan portfolio and changes in the value of our securities and derivatives; Losses associated with counterparty exposure; Our exposure to the Brazilian public debt; Incorrect pricing methodologies for insurance, pension plan and premium bond products and inadequate reserves; The effectiveness of our risk management policy; Damage to our reputation; The capacity of our controlling stockholder to conduct our business; Difficulties during the integration of acquired or merged businesses; Effects from socio-environmental issues; and Other risk factors as set forth in our 2020 Form 20-F The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar words are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements We undertake no obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise Considering these risks and uncertainties, the forward-looking information, events and circumstances discussed in this Form 6-K might not occur Our actual results and performance could differ substantially from those anticipated in such forward-looking statements

PRESENTATION OF FINANCIAL AND OTHER INFORMATION The information found in this Form 6-K is accurate only as of the date of such information or as of the date of this Form 6-K, as applicable Our activities, our financial position and assets, the results of transactions and our prospects may have changed since that date Information contained in or accessible through our website or any other websites referenced herein does not form part of this Form 6-K unless we specifically state that it is incorporated by reference and forms part of this Form 6-K All references in this Form 6-K to websites are inactive textual references and are for information only Effect of Rounding Certain amounts and percentages included in this Form 6-K, including in the section of this Form 6-K entitled “Operating and Financial Review and Prospects” have been rounded for ease of presentation Percentage figures included in this Form 6-K have not been calculated in all cases on the basis of the rounded figures but on the basis of the original amounts prior to rounding For this reason, certain percentage amounts in this Form 6-K may vary from those obtained by performing the same calculations using the figures in our unaudited interim consolidated financial statements Certain other amounts that appear in this Form 6-K may not sum due to rounding About our Financial Information The reference date for the quantitative information derived from our balance sheet included in this Form 6-K is as of March 31, 2021 and December 31, 2020 and the reference dates for information derived from our statement of income are the three-month periods ended March 31, 2021 and 2020, except where otherwise indicated Our unaudited interim consolidated financial statements as of March 31, 2021 and for the three-month period then ended, included at the end of this Form 6-K, are prepared in accordance with International Accounting Standards (IAS) 34 – “Interim Financial Reporting” issued by the International Accounting Standards Board (IASB) Our unaudited interim consolidated financial statements as of March 31, 2021 and December 31, 2020 and for the three-month periods ended March 31, 2021 and 2020 were reviewed in accordance with Brazilian and International Standards on Auditing by PricewaterhouseCoopers Auditores Independentes, our independent auditors Such financial statements are referred to herein as our unaudited interim consolidated financial statements Please see “Note 30 – Segment Information” to our unaudited interim consolidated financial statements for further details about the main differences between our management reporting systems and our unaudited interim consolidated financial statements prepared in accordance with IAS 34 issued by the IASB

SELECTED FINANCIAL DATA We present below our selected financial data derived from our unaudited interim consolidated financial statements included in this Form 6-K Our unaudited interim consolidated financial statements are presented as of March 31, 2021 and for the three-month period then ended and have been prepared in accordance with IAS 34 as issued by IASB Additionally, we present a summarized version of our Consolidated Statement of Income, Balance Sheet and Statement of Cash Flows in the section “Operating and Financial Review and Prospects ” The following selected financial data should be read together with “Presentation of Financial and Other Information” and “Operating and Financial Review and Prospects ”

For the three-month period ended Income Information Variation 2021 2020 (In millions of R$, except percentages and basis points) % Operating Revenues 28,273 13,972 102 4 Net interest income(1) 17,100 2,548 571 1 Non-interest income(2) 11,173 11,424 (2 2) Expected Loss from Financial Assets and Claims (2,017) (10,083) (80 0) Other operating income (expenses) (17,718) (13,176) 34 5 Net income attributable to owners of the parent company 5,684 3,459 64 3 Recurring Managerial Return on Average Equity—Annualized—Consolidated (3) 17 8% 11 8% (600) bps Return on Average Equity – Annualized—Consolidated(4) 15 7% 10 8% (490) bps (1) Includes: (i) interest and similar income; (ii) interest, similar expenses; (iii) income of financial assets and liabilities at fair value through profit or loss; and (iv) foreign exchange results and exchange variations in foreign transactions (2) Includes commissions and banking fees, income related to insurance and private pension operations before claim and selling expenses and other income (3) The Recurring Managerial Return on Average Equity is obtained by dividing the Recurring Managerial Result (R$6,473 million and R$3,783 million in the three-month periods ended March 31, 2021 and 2020, respectively) by the Average Stockholders’ Equity adjusted by the dividends proposed (R$145,124 million and R$128,259 million in the three-month periods ended March 31, 2021 and 2020, respectively) The resulting amount is multiplied by the number of periods in the year to derive the annualized rate The calculation bases of returns w ere adjusted by the dividends proposed after the balance sheet closing dates, w hich have not yet been approved at annual Stockholders’ or Board meetings (4) The return on average equity is calculated by dividing the Net Income (R$5,684 million and R$3,459 million in the three-month periods ended March 31, 2021 and 2020, respectively) by the Average Stockholders’ Equity adjusted by the dividends proposed (R$145,124 million and R$128,259 million in the three-month periods ended March 31, 2021 and 2020, respectively) This average considers the Stockholders’ Equity from the four previous quarters The quotient of this division w as multiplied by the number of periods in the year to arrive at the annual ratio The calculation bases of returns w ere adjusted by the proposed dividend amounts after the balance sheet dates not yet approved at the annual shareholders ‘meeting or at the Board of Directors’ meetings As of March 31, As of December 31, Variation Balance Sheet Information 2021 2020 n millions of R$, except percentages and basis points % Total assets 2,023,217 2,019,251 0 2 Total loans and finance lease operations 742,123 714,104 3 9 (-) Provision for expected loss (45,590) (47,051) (3 1) Common Equity Tier I Ratio—in % 11 3% 11 5% (20) bps Tier I Ratio—in % 13 0% 13 2% (20) bps Total Capital Ratio—in % 14 5% 14 5%—For the three-month period ended Variation Other Information 2021 2020 % Net income per share – R$ (1) 0 58 0 35 65 7 Weighted average number of outstanding shares—basic 9,768,539,887 9,751,154,194 0 2 Total Number of Employees 97,097 95,288 1 9 Brazil 84,415 82,107 2 8 Abroad 12,682 13,181 (3 8) Total Branches and CSBs – Client Service Branches 4,334 4,500 (3 7) ATM – Automated Teller Machines (2) 45,319 45,701 (0 8) (1) Calculated based on the w eighted average number of outstanding shares for the period (2) Includes ESBs (electronic service branches) and service points at third-party locations and Banco24Horas ATMs

OPERATING AND FINANCIAL REVIEW AND PROSPECTS The following discussion should be read in conjunction with our unaudited interim consolidated financial statements and accompanying notes and other financial information included elsewhere in this Form 6-K and the description of our business in “Item 4 Information on the Company” in our 2020 Form 20-F The following discussion contains forward-looking statements that involve risks and uncertainties Our actual results may differ materially from these discussed in forward-looking statements as a result of various factors, including those set forth in “Forward-Looking Statements” herein and in our 2020 Form 20-F Results of Operations The table below presents our summarized consolidated statement of income for the three-month periods ended March 31, 2021 and 2020 The interest rates cited are expressed in Brazilian reais and include the effect of the variation of the real against foreign currencies For more information on the products and services we offer, see “Item 4 Information on the Company” in our 2020 Form 20-F Please see our unaudited interim consolidated financial statements for further details about our Consolidated Statement of Income For the three-month period ended Variation Summarized Consolidated Statement of Income March 31, 2021 2020 R$ million % (In millions of R$) Operating revenues 28,273 13,972 14,301 102 4 Net interest income(1) 17,100 2,548 14,552 571 1 Non-interest income(2) 11,173 11,424 (251) (2 2) Expected loss from financial assets and claims (2,017) (10,083) 8,066 (80 0) Other operating income (expenses) (17,718) (13,176) (4,542) 34 5 Net income before income tax and social contribution 8,538 (9,287) 17,825 (191 9) Current and deferred income and social contribution taxes (2,318) 12,965 (15,283) (117 9) Net income 6,220 3,678 2,542 69 1 Net income attributable to owners of the parent company 5,684 3,459 2,225 64 3 (1) Includes: (i) interest and similar income (R$29,974 million and R$35,309 million in the three-month periods ended March 31, 2021 and 2020, respectively); (ii) interest and similar expenses (R$(15,334) million and R$(29,744) million in the three-month periods ended March 31, 2021 and 2020, respectively); (iii)income of financial assets and liabilities at fair value through profit or loss (R$5,364 million and R$(9,068) million in the three-month periods ended March 31, 2021 and 2020, respectively); and (iv) foreign exchange results and exchange variations in foreign transactions (R$(2,904) million and R$6,051 million in the three-month periods ended March 31, 2021 and 2020, respectively) (2) Includes commissions and banking fees, Income from insurance and private pension operations before claim and selling expenses and other income Three-month period ended March 31, 2021 compared to three-month period ended March 31, 2020 Net income attributable to owners of the parent company increased by 64 3% to R$5,684 million for the three-month period ended March 31, 2021 from R$3,459 million for the same period of 2020 This result is mainly due to a 102 4% increase in operating revenues and a 80 0% decrease in expected losses from financial assets and claims The increases in current and deferred income and social contribution taxes by R$15,283 million and in other operating income (expenses) by R$4,542 million had a negative effect in net income attributable to owners of the parent company These line items are further described below: Net interest income increased by R$14,552 million, or 571 1%, for the three-month period ended March 31,

2021 compared to the same period of 2020, mainly due to an increase of R$14,432 million in income of financial assets and liabilities at fair value through profit or loss, especially due to the fiscal effect on the hedging instruments for our investments abroad The result of exchange rate fluctuations on our investments abroad is non-taxable, whereas revenues from our hedging instruments are taxable Accordingly, the depreciation of the real against foreign currencies, especially the U S dollar, generates losses on our hedging instruments abroad Conversely, the appreciation of the real against foreign currencies, generates gains on our hedging instruments abroad This affects our tax expenses recorded in the line items “current and deferred income and social contribution taxes” and “other operating income (expenses)” The nominal depreciation of the real against the U S dollar was 9 6% for the three-month period ended March 31, 2021 compared to a depreciation of 33 4% for the same period of 2020 The fiscal effect on the hedging instruments for our investments abroad resulted in a gain of R$2,394 million for the three-month period ended March 31, 2021, compared to a gain of R$14,428 million for the same period of 2020 As a result, considering the fiscal effect on the hedging instruments for our investments abroad mentioned above in current and deferred income and social contribution taxes and tax expenses, net interest income increased by R$2,518 million for the three-month period ended March 31, 2021 compared to the same period of 2020 o Interest and similar income decreased by 15 1% for the three-month period ended March 31, 2021 compared to the same period of 2020, due to a decrease of R$3,666 in income from loan operations While the balance of our loan portfolio increased by 15 6% in this period, income from our loan portfolio decreased by 15 0% This is mainly due to: (i) lower spreads on credit products, particularly for government sponsored facilities for our micro/small and medium businesses segment and (ii) lower interest rates for working capital loans There was also a decrease of R$1,575 million in income from securities purchased under agreements to resell due to lower interest rates As of March 31, 2021, the SELIC rate was 2 75% per annum compared to 3 75% per annum as of March 31, 2020 o Interest and similar expenses decreased by 48 4% for the three-month period ended March 31, 2021 compared to the same period of 2020, due to: (i) a decrease of R$14,743 million in expenses from interbank market funds, mainly as a result of the decrease of R$27,634 million in the balance of interbank market funds; (ii) a decrease of R$2,449 million in the expenses from deposits as a result of the lower interest rates, which was partially offset by an increase in the balance of time deposits; and (iii) a decrease of R$1,696 million in expenses from securities sold under repurchase agreements, due to a R$44,128 million decrease in the balance of our securities sold under repurchase agreements This result was partially offset by an increase in expenses from technical provisions for insurance and private pension plans, which increased by R$4,475 million, as a result of the increase in the value of our investment fund quotas and the consequent effect on private pension plans Please see “Note 21—Interest and similar income and expenses and Income of financial assets and liabilities at fair value through profit or loss” to our unaudited interim consolidated financial statements for further details on interest and similar expenses 8

Non-interest income decreased by 2 2% to R$11,173 million for the three-month period ended March 31, 2021 compared to the same period of 2020 This decrease was mainly due to a 2 8%, or R$279 million, decrease in commissions and banking fees, compared to the same period in 2020, mainly driven by a R$184 million decrease in revenues from credit and debit card transactions, including for acquiring business, and in revenues from merchant discount rate and rental of equipment Although there was an increase in the volume traded, it was largely due to an increase in volume in the wholesale segment which attracts lower fees, leading to a reduction in overall revenues The volume of credit and debit transactions increased by 6 5% and 10 7%, respectively In addition, we had a reduction of 6 7% in current account services, as a result of the reduction in current account services as we no longer charged fees for the transfer of funds as from November 2020 The following chart shows the main components of our banking service fees for the three-month periods ended March 31, 2021 and 2020: Please see “Note 22 – Commissions and Banking Fees” to our unaudited interim consolidated financial statements for further details on banking service fees Expected Loss from Financial Assets and Claims Our expected loss from financial assets and claims decreased by R$8,066 million, or 80 0%, for the three-month period ended March 31, 2021 compared to the same period of 2020, mainly due to a decrease in expected loss with loan and lease operations of R$7,091 million for the three-month period ended March 31, 2021 This variation was driven by the changes in the macroeconomic scenario and the financial prospects of individuals and companies occurred in March 2020, captured by our expected loss provisioning model, which led to an increase in the provision for loan losses during the period Considering provisions with operations without credit granting characteristics, expected loss on financial assets and claims decreased by 53 8% in the three-month period ended March 31, 2021 compared to the same period in 2020 9

Please see “Note 10— Loan and Lease operations” to our unaudited interim consolidated financial statements for further details on our loan and lease operations portfolio o Non-performing loans: We calculate our 90-day non-performing loan (“NPL”) ratio as the value of our 90-days non-performing loans to our loan portfolio As of March 31, 2021, our 90-day NPL ratio was 2 7%, a decrease of 81 basis points compared to March 31, 2020 This decrease was due to the decrease of 133 basis points in the 90-day NPL ratio in respect of our individuals loan portfolio, and the decrease of 31 basis points in the 90-day NPL ratio in respect of our companies loan portfolio, mainly due to the loan reprofiling measures we offered to our clients in response to the COVID-19 pandemic in 2020 The increase in the balance of renegotiated loans resulted in a decrease in the balance of our 90-day non-performing loans in the period Compared to the three-month period ended December 31, 2020, our 90-day NPL ratio increased 2 basis points, representing a 35 basis point increase in the companies loan portfolio mainly driven by the end of the grace period of loans reprofiled in previous periods o We calculate our 15 to 90 days non-performing loan ratio as the value of our 15 to 90 days non-performing loans to our loan portfolio The 15 to 90 days NPL ratio is an indicator of early delinquency As of March 31, 2021, our 15 to 90 days NPL ratio was 2 0% a decrease of 61 basis points when compared to March 31, 2020 In this period there was a decrease of 15 basis points in the 15 to 90-day NPL ratio in respect of our companies loan portfolio In respect of our individuals loan portfolio, we had a decrease of 109 basis points in the 15 to 90-day NPL ratio as a result of the loan reprofiling measures offered to our clients in response to the COVID-19 pandemic in 2020 The increase in the balance of renegotiated loans resulted in a decrease in the balance of our 15 to 90-day non-performing loans as of March 31, 2021 compared to December 31, 2020 In the three-month period ended March 31, 2021, we had an increase of 44 basis points in our 15 to 90-day non-performing loans for individuals, mainly due to the typical seasonality effects during the first quarter, when family expenses are most concentrated, as well as due to the on-going effects of the COVID-19 pandemic As of March 31, 2021, our reprofiled loan portfolio was R$46 0 billion, a decrease of 9 5% when compared to December 31, 2020 Further, by the end of March 31, 2021, 97 0% of the grace periods relating to the reprofiled loan portfolio had expired, of which 81 2% were performing (8 6% of the amount outstanding under the non-performing reprofiled loan portfolio was delinquent between 15 and 90 days and 10 2% were delinquent for more than 90 days) The chart below shows a comparison of both NPL ratios for each quarter as of March 31, 2020 through March 31, 2021: 10

o Coverage ratio (90 days): We calculate our coverage ratio as provisions for expected losses to 90-day non-performing loans As of March 31, 2021, our coverage ratio was 298% compared to a ratio of 239% as of March 31, 2020 This increase was mainly due to a decrease in the balance of non-performing loans over 90 days overdue, driven by the loan portfolio reprofiling and the provisioning recognized due to the change in the macroeconomic scenario as from the second half of March 2020, which was captured by our expected loss provisioning model In the three-month period ended March 31, 2021, our coverage ratio decreased 2,192 basis points due to an increase in non-performing loans past 90 days overdue, driven by the end of the grace period of loans reprofiled in previous periods The chart below shows a comparison in the coverage ratios for each quarter as of March 31, 2020 through March 31, 2021:

Other Operating Income (Expenses) increased by 34 5% to an expense of R$17,718 million for the three-month period ended March 31, 2021 from an expense of R$13,176 million for the same period of 2020 mainly due to the fact that we recorded a non-recurring event of provision for restructuring, as we closed certain branches and returned certain administrative buildings Disregarding the non-recurring event discussed above and other expenses not related to costs, our operating income (expenses) increased by 15 4% to an expense of R$15,123 million for the three-month period ended March 31, 2021 from an expense of R$13,103 million for the same period of 2020 This increase was mainly in our general and administrative expenses, which increased by 8 0% in the period, due to a R$244 million increase in personnel expenses, as a result of the negotiated collective labor bargaining agreement, the inclusion of ZUP’s results in our net income and the tariff adjustment by healthcare plan operators This increase was largely offset by (i) a R$181 million decrease in credit cards selling expenses, related to REDE’s accreditation and reduction in expenses with credit card brands, due to reduced economic activity, and (ii) a R$142 million decrease in facilities, travel, transportation expenses, due to reduced commuting and the remote working arrangements adopted during the COVID-19 pandemic We also had a negative impact of foreign exchange variations on our Latin America operations Please see “Note 23—General and Administrative Expenses” to our unaudited interim consolidated financial statements for further details Current and deferred income and social contribution taxes amounted to an expense of R$2,318 million for the three-month period ended March 31, 2021, from a gain of R$12,965 million in the three-month period ended March 31, 2020 This was partially due to the fiscal effect on the hedging instruments for our investments abroad, as mentioned in “—Net interest income,” which amounted to a gain of R$2,128 million for the three-month period ended March 31, 2021 compared to a gain of R$13,023 million for the same period of 2020 Disregarding this fiscal effect, current and deferred income and social contribution taxes increased by R$4,388 million for this period As from March 1, 2020, the recognition rate was increased to 45% from 40% In the three-month period 12

ended March 31, 2021, there was also an increase in income before tax and social contribution, compared to the same period of 2020 Please see “Note 24 – Taxes” to our unaudited interim consolidated financial statements for further details Basis for Presentation of Segment Information We maintain segment information based on reports used by senior management to assess the financial performance of our businesses and to make decisions regarding the allocation of funds for investment and other purposes Segment information is not prepared in accordance with IFRS issued by the IASB but based on accounting practices adopted in Brazil applicable to institutions authorized to operate by the Central Bank It also includes the following adjustments: (i) the recognition of the impact of capital allocation using a proprietary model; (ii) the use of funding and cost of capital at market prices, using certain managerial criteria; (iii) the exclusion or inclusion of non-recurring events from our results; and (iv) the reclassification of the tax effects from hedging transactions we enter into for our investments abroad Non-recurring events correspond to relevant events (with a positive or negative accounting effect) identified in our results of operations for each relevant period We apply a historically consistent methodology (approved by our governance procedures) pursuant to which, relevant events are either not related to our core operations or are related to previous fiscal years The provisions for restructuring are non-recurring events and, as such, do not impact the results and analysis regarding our segment information below For more information on our segments, see “Item 4 Information on the Company” in our 2020 Form 20-F and “Note 30 – Segment Information” to our unaudited interim consolidated financial statements We present below the summarized results from our operating segments from January 1, 2021 to March 31, 2021: Activities with Retail Wholesale Summarized Consolidated Statement of Income the Market + Total IFRS (1) Banking Banking Adjustments (2) from January 1, 2021 to March 31, 2021 Corporation (a)+(b)+(c) consolidated (a) (b) (c) (In millions of R$) Operating revenues 17,557 8,614 3,858 30,029 (1,756) 28,273 Cost of Credit (4,049) (62)—(4,111) 2,450 (1,661) Claims (354) (2)—(356)—(356) Other operating income (expenses) (9,562) (4,350) (317) (14,229) (3,489) (17,718) Income tax and social contribution (1,279) (1,621) (1,489) (4,389) 2,071 (2,318) Non-controlling interest in subsidiaries (102) (126) (318) (546) 10 (536) Net income 2,211 2,453 1,734 6,398 (714) 5,684 (1) The first three columns are our business segments Additional information about each of our business segments can be found below under the headings “(a) Retail Banking”, “(b) Wholesale Banking” and “(c) Activities with the Market + Corporation” The adjustments column includes the following pro forma adjustments: (i) the recognition of the impact of capital allocation using a proprietary model; (ii) the use of funding and cost of capital at market prices, using certain managerial criteria; (iii) the exclusion of non-recurring events from our results; and (iv) the reclassification of the tax effects from hedging transactions we enter into for our investments abroad The IFRS consolidated column is the total result of our three segments plus adjustments (2) Net income presented refers to “net income attributable to owners of the parent company” 13

The following discussion should be read in conjunction with our unaudited interim consolidated financial statements, especially “Note 30 – Segment Information ” The adjustments column shown in this note shows the effects of the differences between the segmented results (substantially in accordance with the accounting practices adopted in Brazil) and those calculated according to the principles adopted in our unaudited interim consolidated financial statements in IFRS Three-month period ended March 31, 2021 compared to the three-month period ended March 31, 2020: Retail Business This segment consists of business with retail customers, account holders and non-account holders, individuals and legal entities, high income clients (Itaú Uniclass and Personnalité) and the companies segment (microenterprises and small companies) It includes financing and credit offers made outside the branch network, in addition to credit cards and payroll loans The following table sets forth our summarized consolidated statement of income with respect to our Retail Business segment for the three-month periods ended March 31, 2021 and 2020: For the three-month period ended Variation Summarized Consolidated Statement of March 31, Income—Retail Business 2021 2020 R$ million % Operating revenues 17,557 19,705 (2,148) (10 9) Interest margin 9,966 11,632 (1,666) (14 3) Non-interest income (1) 7,591 8,073 (482) (6 0) Cost of credit and claims (4,403) (7,245) 2,842 -Other operating income (expenses) (9,562) (10,101) 539 (5 3) Income tax and social contribution (1,279) (546) (733) -Non-controlling interest in subsidiaries (102) (53) (50) 94 6 Net income 2,211 1,760 451 25 6 (1) Non-interest income include: commissions and banking fees; income from insurance and private pension operations before claim and selling expenses and other revenues Net income from Retail Banking increased by 25 6%, to R$2,211 million for the three-month period ended March 31, 2021 from R$1,760 million for the same period of 2020 These results are explained as follows: Operating revenues: decreased by 10 9% for the three-month period ended March 31, 2021 compared to the same period of 2020, due to: (i) a decrease of 14 3% in the interest margin driven by an increase in the volume of credit products that command lower spreads, especially in government sponsored facilities to our micro/small and medium businesses segment; and lower interest rates for working capital loans, and (ii) a decrease of 6 0% in non-interest income, especially due to reduced revenues from credit and debit cards fees, resulting from a reduction in the volume of credit and debit cards transactions since the second half of March 2020, due to social distancing measures adopted as a result of the COVID-19 pandemic 14

Cost of credit and claims decreased by R$2,842 million for the three-month period ended March 31, 2021 compared to the same period of 2020, mainly due the changes in the macroeconomic scenario and the financial prospects of individuals and companies that occurred in March 2020, captured by our expected loss provisioning model, which led to an increase in the provision for loan losses during the period Other operating income (expenses) decreased by R$539 million for the three-month period ended March 31, 2021 compared to the same period in 2020, mainly due to lower expenses related to employee terminations, transportation and travel, facilities, sales of credit cards and provisions for labor contingencies This result was partially offset by the impact of the negotiation of the collective bargaining agreement, the inclusion of ZUP’s results in our net income and tariff adjustments by healthcare plan operators Income tax and social contribution for this segment, as well as for the Wholesale Business and Activities with the Market + Corporation segments, is calculated by adopting the full income tax rate, net of the tax effect of any payment of interest on capital The difference between the income tax amount determined for each segment and the effective income tax amount, as stated in our unaudited interim consolidated financial statements, is recorded under the Activities with the Market + Corporation segment As discussed above under “Net income attributable to owners of the parent company—Current and deferred income and social contribution taxes,” our current and deferred income and social contribution taxes increased mainly as a result of an increase in income before tax and social contribution (b) Wholesale Business This segment consists of products and services offered to middle-market companies, high net worth clients (Private Banking), and the operation of Latin American units and Itaú BBA, which is the unit responsible for business with large companies and investment banking operations The following table sets forth our summarized consolidated statement of income with respect to our Wholesale Business segment for the three-month periods ended March 31, 2021 and 2020:

For the three-month period ended Variation Summarized Consolidated Statement of Income -March 31, Wholesale Business 2021 2020 R$ million % (In millions of R$) Operating revenues 8,614 7,592 1,022 13 5 Interest margin 5,304 4,489 816 18 2 Non-interest income (1) 3,310 3,103 206 6 6 Cost of credit and claims (64) (3,171) 3,107 -Other operating income (expenses) (4,350) (3,613) (737) 20 4 Income tax and social contribution (1,620) 7 (1,627) -Non-controlling interest in subsidiaries (126) (89) (37) 41 5 Net income 2,453 726 1,727 237 8 (1) Non-interest income include: commissions and banking fees; income from insurance and private pension operations before claim and selling expenses and other revenues Net income from Wholesale Business increased 237 8% to R$2,453 million for the three-month period ended March 31, 2021 from R$726 million for the same period of 2020 These results are explained as follows: Operating revenues: increased by R$1,022 million, or 13 5%, for the three-month period ended March 31, 2021 compared to the same period of 2020, due to: (i) an increase of 18 2% in the interest margin, driven by a 21 2% increase in the balance of our corporate loan portfolio (credit origination by aggregate amount of loans increased by 51 7%), mainly due to an increase in working capital, vehicle and export/import financings Due to the COVID-19 pandemic and the resulting economic crisis, demand for liquidity by companies increased; and (ii) an increase of 6 6% in non-interest income, especially due to income from advisory and brokerage services, which increased by 33 2%, mainly due to increased activity in the capital markets As of March 31, 2021, we acted as underwriter on fixed income transactions in Brazil totaling R$2,313 million and were ranked second in volume of deals by the ANBIMA in this segment We also provided financial advisory services for 9 M&A transactions in South America, totaling R$130,600 million and were ranked first place in number of deals by Dealogic Cost of credit and claims decreased by R$3,170 million for the three-month period ended March 31, 2021 compared to the same period of 2020 In Brazil, during the three-month period ended December 31, 2020, we upgraded the risk rating for certain clients and reversed the provision for a specific client which was subject to impairment during the three-month period ended December 31, 2020, which meant that we made fewer reversals of provisions during the three-month period ended March 31, 2021 Income tax and social contribution for this segment, as well as for the Retail Banking and Activities with the Market + Corporation segments, is calculated by adopting the full income tax rate, net of the tax effect of any payment of interest on capital The difference between the income tax amount determined for each segment and the effective income tax amount, as stated in our unaudited interim consolidated financial statements, is recorded under the Activities with the Market + Corporation segment As discussed above, our current and deferred income and social contribution taxes increased mainly due to an increase in income before tax and social contribution

(c) Activities with the Market + Corporation This segment consists of results from capital surplus, subordinated debt surplus and the net balance of tax credits and debits It also includes the financial margin on market trading, treasury operating costs, and equity in earnings of companies not included in either of the other segments The following table sets forth our summarized consolidated statement of income with respect to our Activities with the Market + Corporation segment for the three-month periods ended March 31, 2021 and 2020: For the three-month period ended Variation Summarized Consolidated Statement of Income -March 31, Activities with the Market + Corporation 2021 2020 R$ million % (In millions of R$) Operating revenues 3,858 1,909 1,950 102 1 Interest margin 3,364 1,684 1,679 99 7 Non-interest income (1) 495 225 270 120 4 Cost of credit and claims (0) 0 (0) -Other operating income (expenses) (317) (38) (278) 726 9 Income tax and social contribution (1,489) (436) (1,054) -Non-controlling interest in subsidiaries (318) (9) (308) 3,289 9 Net income 1,734 1,425 309 21 7 (1) Non-interest income include: commissions and banking fees; income from insurance and private pension operations before claim and selling expenses and other revenues Net income from Activities with the Market + Corporation increased 21 7%, or R$309 million, for the three-month period ended March 31, 2021 from the same period of 2020 We recorded an increase in interest margin, especially in the Banking book and gains in other companies, partially offset by the increase in expenses from our Latin American operations, mainly due to exchange rate variations Income tax and social contribution for this segment, as well as for the Retail Banking and Wholesale Banking segments, is calculated by adopting the full income tax rate, net of the tax effect of any payment of interest on capital The difference between the income tax amount determined for each segment and the effective income tax amount, as stated in our unaudited interim consolidated financial statements, is recorded under the Activities with the Market + Corporation segment As discussed above, our current and deferred income and social contribution taxes increased mainly due to an increase in income before tax and social contribution Balance Sheet We present below our summarized balance sheet as of March 31, 2021 and 2020 Please see our unaudited interim consolidated financial statements for further details about our Consolidated Balance Sheet

As of Variation Summarized Balance Sheet—Assets March 31, 2021 December 31, 2020 R$ million % (In millions of R$) Cash 39,369 46,224 (6,855) (14 8) Financial assets at amortized cost 1,268,601 1,275,799 (7,198) (0 6) Compulsory deposits in the Central Bank of Brazil 91,317 90,059 1,258 1 4 Interbank deposits, securities purchased under agreements to resell and 389,458 425,432 (35,974) (8 5) securities at amortized cost Loan and lease operations portfolio 742,123 714,104 28,019 3 9 Other financial assets 91,293 93,255 (1,962) (2 1) (-) Provision for Expected Loss (45,590) (47,051) 1,461 (3 1) Financial assets at fair value through other comprehensive income 101,796 109,942 (8,146) (7 4) Financial assets at fair value through profit or loss 489,476 465,581 23,895 5 1 Investments in associates and join ventures, Fixed assets, Goodwill and 57,568 55,610 1,958 3 5 Intangible assets, assets held for sale and other assets Tax assets 66,407 66,095 312 0 5 Total assets 2,023,217 2,019,251 3,966 0 2 March 31, 2021 compared to December 31, 2020 Total assets increased by R$3,966 million, or 0 2%, as of March 31, 2021 compared to December 31, 2020, mainly due to an increase in our loan and lease operations portfolio and in financial assets at fair value through profit or loss This result was partially offset by a decrease in interbank deposits, securities purchased under agreements to resell and securities at amortized cost These results are further described below: Financial assets at fair value through profit or loss increased by R$23,895 million, or 5 1%, as of March 31, 2021, compared to December 31, 2020, mainly due to a R$25,167 million increase in securities at fair value through profit or loss, especially in Brazilian government securities, which increased by R$19,064 million, due to the strategy of our proprietary trading desk Please see “Note 5 – Financial Assets at Fair Value Through Profit or Loss and Designated at Fair Value Through Profit or Loss —Securities” to our unaudited interim consolidated financial statements for further details Loan and lease operations portfolio increased by R$28,019 million, or 3 9%, as of March 31, 2021, compared to December 31, 2020, mainly due to the following increases: (i) 9 6% in our Latin America loan portfolio as a result of exchange rate fluctuations; (ii) 2 2% in our individuals loan portfolio We reached a historic high in mortgage loans, which increased by 12 4% for the individuals segment There was also an increase in vehicle financings associated with higher demand, mainly for used vehicles, which increased by 4 5% In addition, our new positioning in the agribusiness sector, combined with the scenario of low interest rates and the subsequent increase in demand, boosted the growth of these portfolios Credit origination decreased by 9 0% in the individuals portfolio as of March 31, 2021 compared to March 31, 2020 This result was partially offset by the performance of our credit cards loan portfolio, which following a significant increase in the three-month period ended December 31, 2020, driven by typical seasonality of the period, decreased by 4 0% in the three-month period ended March 31, 2021;

(iii) 1 7% in our corporate loan portfolio, mainly due to working capital loans, vehicle and export/import financings Due to the COVID-19 pandemic and the resulting economic crisis, demand for liquidity by companies increased; and (iv) 0 7% in our micro/small and medium businesses loan portfolio (credit origination by aggregate amount of loans decreased by 21 2%, as the demand for credit was particularly high in the first two months of 2020), mainly due to an increase in working capital loans, due to government sponsored facilities such as the National Support Program for Micro and Very Small Businesses (Pronampe) and the Investment Guarantee Fund (FGI) These government initiatives aim to guarantee financial resources for micro and small enterprises to enable them to maintain their activities during the COVID-19 pandemic and the resulting economic crisis As of Variation Loan and Lease Operations, by asset type March 31, 2021 December 31, 2020 R$ million % (In millions of R$) Individuals 261,074 255,483 5,591 2 2 Credit card 83,560 87,073 (3,513) (4 0) Personal loan 35,891 35,346 545 1 5 Payroll loans 56,292 55,508 784 1 4 Vehicles 24,334 23,290 1,044 4 5 Mortgage loans 60,997 54,266 6,731 12 4 Corporate 136,793 134,521 2,272 1 7 Micro/Small and Medium Businesses 122,797 121,955 842 0 7 Foreign Loans Latin America 221,459 202,145 19,314 9 6 Total Loan operations and lease operations portfolio 742,123 714,104 28,019 3 9 Please see “Note 10—Loan and Lease Operations” to our unaudited interim consolidated financial statements for further details Interbank deposits, securities purchased under agreements to resell and securities at amortized cost decreased by R$35,974 million, or 8 5% as of March 31, 2021 compared to December 31, 2020, mainly due to the decrease of R$59,253 million in securities purchased under agreements to resell, as a reduction in the demand for liquidity This result was partially offset by a R$17,606 million increase in interbank deposits impacted by exchange rate variations, as we increased our position offshore Please see “Note 4—Interbank Deposits and Securities Purchased Under Agreements to Resell” to our unaudited interim consolidated financial statements for further details Financial assets at fair value through other comprehensive income decreased by R$8,146 million, or 7 4% as of March 31, 2021 compared to December 31, 2020, mainly due to a decrease of R$5,653 million in the balance of government securities – abroad, especially in Chile which decreased by R$6,651 million due to lower demand for liquidity These Chilean securities were part of a credit line offered by the Chilean government to increase liquidity and minimize the effects of the COVID-19 pandemic Please see “Note 8 – Financial Assets at Fair Value Through Other Comprehensive Income – Securities” to our unaudited interim consolidated financial statements for further details

Cash decreased by R$6,855 million, or 14 8%, as of March 31, 2021 compared to December 31, 2020, mainly due to a decrease in demand for liquidity, as well as the payment of R$2,762 million in dividends and interest on capital in the period We present below our summarized balance sheet – liabilities and stockholders’ equity as of March 31, 2021 and December 31, 2020 Please see our unaudited interim consolidated financial statements for further details about our Consolidated Balance Sheet Summarized Balance Sheet—Liabilities and As of Variation Stockholders’ Equity March 31, 2021 December 31, 2020 R$ million % (In millions of R$) Financial Liabilities 1,572,584 1,579,686 (7,102) (0 4) At Amortized Cost 1,494,207 1,495,641 (1,434) (0 1) Deposits 821,379 809,010 12,369 1 5 Securities sold under repurchase agreements 254,278 273,364 (19,086) (7 0) Interbank market funds, Institutional market funds and 418,550 413,267 5,283 1 3 other financial liabilities At Fair Value Through Profit or Loss 73,854 79,653 (5,799) (7 3) Provision for Expected Loss 4,523 4,392 131 3 0 Provision for insurance and private pensions 218,023 221,000 (2,977) (1 3) Provisions 20,734 19,819 915 4 6 Tax liabilities 5,091 5,710 (619) (10 8) Other liabilities 47,011 38,511 8,500 22 1 Total liabilities 1,863,443 1,864,726 (1,283) (0 1) Total stockholders’ equity attributed to the owners of the 147,255 142,993 4,262 3 0 parent company Non-controlling interests 12,519 11,532 987 8 6 Total stockholders’ equity 159,774 154,525 5,249 3 4 Total liabilities and stockholders’ equity 2,023,217 2,019,251 3,966 0 2 Total liabilities and stockholders’ equity increased by R$3,966 million, or 0 2% as of March 31, 2021 compared to December 31, 2020, mainly due to an increase in deposits, other liabilities and total stockholders’ equity This increase was partially offset by a decrease in securities sold under repurchase agreements and a decrease in financial liabilities at fair value through profit or loss These results are detailed as follows: Deposits increased by R$12,369 million as of March 31, 2021 compared to December 31, 2020, mainly due to an increase of R$6,852 million in demand deposits, R$3,795 million in savings deposits and R$1,313 million in interbank deposits These increases are mainly associated with the inflow of resources from our clients into the Retail and Wholesale segments This inflow resulted from our strategy to offer fixed income products (such as bank deposit certificates) combined with a stronger demand from our clients for lower risk investments and products with higher liquidity Please see “Note 15 – Deposits” to our unaudited interim consolidated financial statements for further details Other liabilities increased by R$8,500 million as of March 31, 2021 compared to December 31, 2020 mainly due to non-financial liabilities, such as funds in transit and charging and collection of taxes and similar, which are typically higher in the first months of each year

Please see “Note 18 – Other assets and liabilities” to our unaudited interim consolidated financial statements for further details Interbank and Institutional market funds and other financial liabilities increased by R$5,283 million, or 1 3%, as of March 31, 2021 compared to December 31, 2020, mainly due to the following increases: (i) R$4,232 million in obligations on securities issued abroad and R$1,671 million in subordinated debt, including the issuance of US$500 million of Tier II Subordinated Notes in January 2021; and (iii) R$5,672 million in import and export financings These items were also directly affected by exchange rate fluctuations This increase was partially offset by a R$2,861 million reduction in financial bills and a R$2,221 million reduction in agribusiness credit bills, as of March 31, 2021 compared to December 31, 2020, mainly due to the maturity of these bills Please see “Note 17 – Securities Sold Under Repurchase Agreements and Interbank and Institutional Market Funds” to our unaudited interim consolidated financial statements for further details Securities sold under repurchase agreements decreased by R$19,086 million, or 7 0%, as of March 31, 2021 compared to December 31, 2020, mainly due to a R$35,599 million decrease in assets received as collateral and R$11,663 million decrease in securities with right to sell or repledge the collateral This result was partially offset by an increase of R$28,176 million in assets pledged as collateral, especially government securities Please see “Note 17 – Securities sold under repurchase agreements and interbank and institutional market funds” to our unaudited interim consolidated financial statements for further details Financial liabilities at fair value through profit and loss decreased by R$5,799 million, or 7 3%, as of March 31, 2021, compared to December 31, 2020, mainly due to a R$5,791 million decrease in the balance of derivatives, both for our proprietary hedging strategy and that for our clients’ operations This decrease is related to a reduction in market volatility in 2021 Please see “Note 6 – Derivatives” to our unaudited interim consolidated financial statements for further details Total Stockholders’ equity attributable to the owners of the parent company increased by 3 0% as of March 31, 2021 compared to December 31, 2020, mainly due to R$5,684 million net income attributable to owners of the parent company in the period

Capital Management Capital Adequacy Through our ICAAP, we assess the adequacy of our capital to face the risks to which we are subject For ICAAP, capital is composed of regulatory capital for credit, market and operational risks, and by the necessary capital to cover other risks In order to ensure our capital soundness and availability to support business growth, we maintain capital levels above the minimum requirements, according to the Common Equity Tier I, Additional Tier I Capital, and Tier II minimum ratios Our Total Capital, Tier I Capital and Common Equity Tier I Capital ratios are calculated on a consolidated basis, applied to institutions included in our Prudential Conglomerate which comprises not only financial institutions but also consortia, payment entities, factoring companies or companies that directly or indirectly assume credit risk, and investment funds in which our Itaú Unibanco Group retains substantially all risks and rewards As of March 31, As of December 31, 2021 2020 (In R$ million, except percentages) Available capital (amounts) Common Equity Tier I (CET1) 121,025 119,960 Tier I 139,552 137,157 Total capital 155,280 151,244 Risk-weighted assets (amounts) Total risk-weighted assets (RWA) 1,072,193 1,042,207 Risk-based capital ratios as a percentage of RWA Common Equity Tier I ratio (%) 11 3% 11 5% Tier I ratio (%) 13 0% 13 2% Total capital ratio (%) 14 5% 14 5% Additional CET1 buffer requirements as a percentage of RWA Capital conservation buffer requirement (%) (1) 1 25% 1 25% Countercyclical buffer requirement (%) 0 0% 0 0% Bank G-SIB and/or D-SIB additional requirements (%) 1 0% 1 0% Total of bank CET1 specific buffer requirements (%) 2 25% 2 25% (1) For purposes of calculating the Conservation capital buffer, BACEN Resolution 4,783 establishes, for defined periods, percentages to be applied to the RWA value with a gradual increase until April/22, when it reaches 2 5% The countercyclical capital buffer is fixed by the Financial Stability Committee and currently is set to zero As of March 31, 2021, our Total Capital reached R$155,280 million, an increase of R$4,036 million compared to December 31, 2020 Our Basel Ratio (calculated as the ratio between our Total Capital and the total amount of RWA) reached 14 5%, as of March 31, 2021, stable compared to December 31, 2020 Our net income in the period and the issuance of Tier II Subordinated Notes were offset by the increase in the Credit Risk Weighted Assets and in the prudential adjustments Additionally, the Fixed Assets Ratio (Índice de Imobilização) indicates the level of total capital committed to adjusted permanent assets We are within the maximum limit of 50% of the adjusted total capital, as established by the Central Bank On March 31, 2021, our Fixed Assets Ratio reached 23 1%, which presents a buffer of R$41,805 million

Our Tier I ratio decreased 20 basis points in relation to December 31, 2020 The net income for the period was offset by an increase in Risk-Weighted Assets The higher amount of credit risk-weighted assets (RWACPAD) was mainly due to the growth in the loan portfolio in the period, especially in the Wholesale segment, and the foreign exchange variations Please see “Note 32 – Risk and Capital Management” of our unaudited interim consolidated financial statements in IFRS for further details about regulatory capital Liquidity Ratios The Basel III Framework introduced global liquidity standards, providing for minimum liquidity requirements and aims to ensure that banks can rely on their own sources of liquidity, leaving central banks as a lender of last resort Basel III provides for two liquidity ratios to ensure that financial institutions have sufficient liquidity to meet their short-term and long-term obligations: (i) the liquidity coverage ratio, or LCR, and (ii) the net stable funding ratio, or NSFR We believe that the LCR and NSFR provide more relevant information than an analysis of summarized cash flows We present below a discussion of our LCR for the three-month period ended March 31, 2021 and our NSFR as of March 31, 2021 Liquidity Coverage Ratio The LCR measures the short-term resistance of a bank’s liquidity risk profile It is the ratio of the stock of high-quality liquid assets to expected net cash outflows over the next 30 days, assuming a scenario of idiosyncratic or systemic liquidity stress We calculate our LCR according to the methodology established in Central Bank Circular No 3,749/2015 We measure our total high liquidity assets for the end of each period to cash outflows and inflows as the daily average value for each period Pursuant to Central Bank regulations, effective as of January 1, 2019, the minimum LCR is 100%

Three-month periods ended March 31, 2021 December 31, 2020 Liquidity Coverage Ratio Total Weighted Value (average) (In millions of R$) Total High Liquidity Assets (HQLA)1 356,222 343,174 Cash Outflows2 322,450 309,652 Cash Inflows3 135,937 133,297 Total Net Cash Outflows 186,513 176,355 LCR% 191 0% 194 6% (1) High Quality Liquidity Assets correspond to inventories, in some cases weighted by a discount factor, of assets that remain liquid in the market even in periods of stress, that can easily be converted into cash and that are classified as low risk (2) Outflows — total potential cash outflows for a 30-day horizon, calculated for a standard stress scenario as defined by BACEN Circular 3,749 (3) Inflows — total potential cash inflows for a 30-day horizon, calculated for a standard stress scenario as defined by BACEN Circular 3,749 Our average LCR as of March 31, 2021 was 191 0% and, accordingly, above Central Bank requirements Net Stable Funding Ratio The NSFR measures long-term liquidity risk It is the ratio of available stable funding to required stable funding over a one-year time period, assuming a stressed scenario We calculate our NSFR according to the methodology established in Central Bank Circular No 3,869/2017 The NSFR corresponds to the ratio of our available stable funds (ASF) for the end of each period to our required stable funds (RSF) for the end of each period Pursuant to Central Bank regulations, effective as of October 1, 2018, the minimum NSFR is 100% As of March 31, As of December 31, 2021 2020 Net Stable Funding Ratio Total Ajusted Value (In millions of R$) Total Available Stable Funding (ASF)¹ 990,197 956,033 Total Required Stable Funding (RSF)² 792,199 758,907 NSFR (%) 125 0% 126 0% (1) ASF – Available Stable Funding – refers to liabilities and equity weighted by a discount factor according to their stability, pursuant to Central Bank Circular 3,869/2017 (2) RSF – Required Stable Funding – refers to assets and off-balance exposures weighted by a discount factor to their necessity, pursuant to Central Bank Circular 3,869/2017 As of March 31, 2021, our ASF totaled R$ 990 2 billion, mainly due to capital and Retail and Wholesale businesses funding, and our RSF totaled R$ 792 2 billion, particularly due to loans and financings for Wholesale and Retail businesses customers, central governments and transactions with central banks As of March 31, 2021, our NSFR was 125 0% and, accordingly, above Central Bank requirements

5B Liquidity and Capital Resources We define our consolidated group operational liquidity reserve as the total amount of assets that can be rapidly turned into cash, based on local market practices and legal restrictions The operational liquidity reserve generally includes cash and deposits on demand, funded positions of securities purchased under agreements to resell and unencumbered government securities The following table presents our operational liquidity reserve as of March 31, 2021 and 2020: As of March 31, 2021 Average Operational Liquidity Reserve (1) 2021 2020 Balance (In millions of R$) Cash 39,369 38,275 42,861 Securities purchased under agreements to resell – Funded position (2) 30,316 27,813 38,064 Unencumbered government securities (3) 216,816 155,630 198,333 Operational reserve 286,501 221,718 279,258 (1) Average calculated based on audited interim financial statements (2)Net of R$ 10,763 (R$ 11,057 at 03/31/2020), which securities are restricted to guarantee transactions at B3 S A —Brasil, Bolsa Balcão (B3) and the Central Bank (3) Present values are included as a result of the change in the reporting of future flows of assets that are now reported as future value as of September 2016 Our main sources of funding are interest-bearing deposits, deposits received under repurchase agreements, on-lending from government financial institutions, lines of credit with foreign banks and the issuance of securities abroad Please see “Note 15 – Deposits” to our unaudited interim consolidated financial statements for further details about funding Capital Expenditures As of March 31, 2021 As of December 31, 2020 Capital Expenditures (In millions of R$, except percentages) Fixed Assets 298 1,716 Fixed assets under construction 91 457 Land and buildings 16 38 Leasehold improvements 71 39 Furniture and data processing equipment 108 1,112 Other 12 70 Intangible Assets 940 3,591 Goodwill—287 Association for the promotion and offer of financial products and services 5 -Software developed or obtained for internal use 702 2,763 Other intangibles 233 541 Total 1,238 5,307

Please see “Note 13 – Fixed Assets” and “Note 14 – Goodwill and Intangible Assets” to our unaudited interim consolidated financial statements for details about our capital expenditures Capitalization The table below presents our capitalization as of March 31, 2021 The information described is derived from our unaudited interim consolidated financial statements as of and for the three-month period ended March 31, 2021 As of the date of this Form 6-K, there has been no material change in our capitalization since March 31, 2021 As of March 31, 2021 Capitalization R$ US$ (1) (In millions, except percentages) Current liabilities Deposits 512,569 89,967 Securities sold under repurchase agreements 197,870 34,730 Structured notes 1—Derivatives 39,157 6,873 Interbank market funds 98,167 17,230 Institutional market funds 20,937 3,675 Other financial liabilities 107,214 18,818 Provision for insurance and private pension 3,206 563 Provisions 5,905 1,036 Tax liabilities 1,871 328 Other Non-financial liabilities 44,144 7,748 Total 1,031,041 180,968 Long-term liabilities Deposits 308,810 54,203 Securities sold under repurchase agreements 56,408 9,901 Structured notes 128 22 Derivatives 34,557 6,066 Interbank market funds 62,333 10,941 Institutional market funds 123,318 21,645 Other financial liabilities 6,592 1,157 Provision for insurance and private pension 214,817 37,706 Provision for Expected Loss 4,523 794 Provisions 14,829 2,603 Tax liabilities 2,921 513 Other Non-financial liabilities 2,867 503 Total 832,103 146,054 Income tax and social contribution—deferred 299 52 Non-controlling interests 12,519 2,197 Stockholders’ equity attributed to the owners of the parent company (2) 147,255 25,846 Total capitalization (3) 2,023,217 355,117 BIS ratio (4) 14 5% (1) Convenience translation at 5 6973 reais per U S dollar, the exchange rate in effect on March 31, 2021 5 6973 (2) Itaú Unibanco Holding’s authorized and outstanding share capital consists of 4,958,290,359 common shares and 4,810,249,528 preferred shares, all of which are fully paid For more information regarding our share capital see Note 19 to our unaudited interim consolidated financial statements as of and for the period ended March 31, 2021 (3) Total capitalization corresponds to the sum of total current liabilities, long-term liabilities, deferred income, minority interest in subsidiaries and stockholders’ equity (4) Calculated by dividing total regulatory capital by risk weight assets

E Off-Balance Sheet Arrangements We do not have any off-balance sheet arrangements, other than the guarantees, financial guarantees, commitments to be released, letters of credit to be released and contractual commitments we granted that are described in “Note 13—Fixed assets,” “Note 14—Goodwill and Intangible assets,” “Note 32 – Risk and Capital Management, 1 1 – Collateral and policies for mitigating credit risk” and “Note 32 – Risk and Capital Management – 1 4 – Maximum Exposure of Financial Assets to Credit Risk” to our unaudited interim consolidated financial statements

RECENT DEVELOPMENTS Client centricity and digitalization The migration of customers to our digital platforms continues to grow significantly In the three-month period ended March 31, 2021, we acquired 3 7 million new clients through digital channels This trend keeps accelerating and in April 2021 we acquired 1 5 million new customers through digital channels “In this first quarter, we made headway in our cultural transformation process, so as to become increasingly ready to face today’s challenges We were able to speed up our digital transformation agenda and several other work fronts that are vital to significantly improve our clients’ experience Together with our clients we want to build the Itaú Unibanco of the future And it is based on this partnership that we will grow from now on” Milton Maluhy, Itaú Unibanco’s CEO We acquired over 3 million clients in 2021 through iti, which grew from its original digital wallet format and became a full online bank operation platform Additionally, in March 2021, 54% of our sales to individuals were made through our digital channels, which represents an increase of 70% when compared to March 2020 This increased engagement through digital channels occurs concurrently with a higher user satisfaction score of digital channels—the NPS (net promoter score) of the super app reached 78 points in March 2021 Supervision and Regulation Central Bank proposes new rules for risk management and social, environmental and climate responsibility On April 7, 2021, the Central Bank launched Public Consultation No 85/2021, which intends to improve the rules for the management of social, environmental and climatic risks applicable to the National Financial System, as well as the requirements to be observed by the institutions when establishing its Social, Environmental and Climate Responsibility Policy (PRSAC) The new risk management rules focus on addressing the possibility of losses for financial institutions The proposal redefines social risk, relating it to practices that violate fundamental rights or collective interests, and environmental risk, associating the concept with acts of environmental degradation In addition, the concepts of transition climate risk, related to the transition to a low carbon economy, and physical climate risk, related to the increasingly frequent occurrence of extreme environmental conditions, were introduced The integration of these risks with the management of traditional risks (credit, market, liquidity and operational) is reinforced, with minimum criteria to be observed by financial institutions Obligations such as the inclusion of social, environmental and climatic risks in the Risk Appetite Statement (RAS) and in the stress testing program also will start to be applied more directly, with the explicit determination for more complex institutions to carry out analysis of scenarios considering hypotheses of climate change and transition to a low carbon economy Other innovations are the monitoring of the institution’s reputation and of possible concentrations in economic

sectors or geographic regions most susceptible to social, environmental and climatic damage A document, that must be prepared by the financial institutions in accordance with the new rules referring to the PRSAC, will focus on the institution´s positive contribution on the topic, through the establishment of guidelines that orient its business and its relationship with customers, suppliers, the internal community and other stakeholders The requirements for implementing actions have been improved with a view to the effectiveness of PRSAC, with the strengthening of the governance structure and the requirements for the disclosure of information to the external public Public Consultation No 85/2021 will be available for comments until June 5, 2021 on the Central Bank website Changes to the regulations applicable to payment arrangements On April 22, 2021, the Central Bank issued Resolution No 89, which amended Circular No 3,682 to promote changes to the rules applicable to payment arrangements The objectives of the amendments are, in addition to modernizing regulation on the matter, (i) reducing the regulatory cost on smaller arrangements or arrangements that serve specific markets, (ii) improving the rules for settlement of prepayment of arrangements receivables and (iii) giving equal treatment to agents who perform similar activities in open-loop payment arrangements The Resolution redefines the volume thresholds so that arrangements are part of the Brazilian Payment System (Sistema de Pagamentos Brasileiro or “SPB”), increasing said thresholds from R$500 million in total transaction amounts and/or R$25 million in accumulated payment transactions in the last twelve months to R$20 billion in total transaction amounts and/or R$100 million in accumulated payment transactions in the last twelve months, so that only those of a larger size remain subject to authorization, regulation and supervision by the Central Bank The rule also changes the definition of a limited-purpose arrangement to the effect that, if an arrangement operates in specific market segments, they should also do not be a part of the SPB and, therefore, should be outside the scope of the Central Bank´s supervision The rule, however, reserves to the Central Bank the prerogative to bring an arrangement into the regulatory scope that, due to the evolution of its scope, no longer satisfies the conditions for classification in the specific purpose classification Resolution No 89 also no longer requires prior authorization for closed-loop payment arrangements if the underlying payment institution has already been authorized to operate by the Central Bank Resolution No 89 entered into effect on May 3, 2021 Public consultation on ESG reporting standards for financial institutions On April 26, 2021, the Central Bank launched Public Consultation No 86/2021, which includes a normative proposal that establishes rules for the disclosure of information on social, environmental and climatic risks by the institutions of the National Financial System (SFN)

The proposal, inspired by the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), a task force created in 2015 by the Financial Stability Committee (FSB), is one of the regulatory deliverables agreed under the “Sustainability” pillar of Agenda BC # and will be implemented in Brazil in two phases In the first phase, covering qualitative aspects, the focus is on the dissemination of clear, consistent and comparable information on governance, strategies and management of social, environmental and climatic risks The second phase, scheduled for 2022, will establish the mandatory disclosure of quantitative information (goals and metrics) Institutions that use indicators in the management of social, environmental and climate risks will be able to opt for disclosure in this first phase, under the terms of the proposal in public consultation The information should be disclosed in a standardized report, called “GRSAC Report”, obeying proportionality criteria based on the size and complexity of the institutions, which brings benefits in terms of consistency and comparability of information between different institutions Compared to the TCFD recommendations, whose only focus is the dissemination of information on climatic aspects, the scope of the proposal in public consultation was expanded to also encompass social and environmental issues, condensed in the acronym ESG (Environmental, Social and Governance), recognizing the importance of the theme for the country and for the SFN The normative proposal complements Public Consultation No 85/2021, by requiring the disclosure of information based on the new definitions and requirements established for the management of social, environmental and climatic risks The public consultation will be available until June 5, 2021 on the Central Bank website Public Consultation on withdrawal services through Pix On May 10, 2021, the Central Bank launched Public Consultation No 87/2021, which contains a draft resolution to create two new services related to the Central Bank’s instant payments arrangement (“Pix”): Pix Saque and Pix Troco Both services will allow cash withdrawals through Pix The difference between them is that Pix Saque is a transaction exclusively for withdrawals, while Pix Troco is associated with a purchase or rendering of services The services may be made available by withdrawal agents by entering into an agreement with a financial or payment institution participating in the Pix Withdrawal agents can be merchants or companies of the most diverse types, or even institutions specializing in the offer of withdrawal services, such as the entities that offer 24h ATM services Pix Saque may also be offered by financial institutions in general in their own ATM networks According to the draft resolution included in the Public Consultation, end users will have four free withdrawals per month, either using Pix Saque or Pix Troco As of the fifth withdrawal, the financial or payment institutions holding the user’s account may charge a fee for the e-withdrawal Users may not be charged directly by the withdrawal agents

The Central Bank will define the maximum amount that the user can withdraw per day, initially stipulated at R$500 00 Observing this maximum limit, the participating institutions of Pix and the withdrawal agents will set forth in a bilateral agreement the conditions for the provision of the service Merchants and other withdrawal agents will be free to decide if they want to offer only Pix Saque, only Pix Troco or both; and the days and periods they intend to make the service available; among others matters Pix Saque and Pix Troco are expected to become available for consumers in the second semester of 2021, upon the conclusion of the Public Consultation The user experience will be identical to that of a payment via Pix: the user will scan a QR Code, authenticate the payment and order the transfer The difference is that, instead of receiving a product or service in return, the user will receive the corresponding amount in cash Any customer who has an account with one of the participating Pix institutions will be able to use the services Public Consultation No 87/2021 will be available for comments in the Central Bank’s website until June 9, 2021

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized Date: May 17, 2021 Itaú Unibanco Holding S A By: /s/ Name: Milton Maluhy Filho Title: Chief Executive Officer By: /s/ Name: Alexsandro Broedel Title: Chief Financial Officer

FINANCIAL STATEMENTS

Itaú Unibanco Holding S.A. and its subsidiaries Consolidated financial statements at March 31, 2021 and report on review

Report on review of consolidated financial statements To the Board of Directors and Stockholders Itaú Unibanco Holding S.A. Introduction
We have reviewed the accompanying consolidated balance sheet of Itaú Unibanco Holding S.A. and its subsidiaries (“Bank”) as at March 31, 2021 and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the three-month period then ended, and a summary of significant accounting policies and other explanatory notes.
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Accounting Standard (IAS) 34—“Interim Financial Reporting” issued by the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these consolidated financial statements based on our review. Scope of review
We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410—“Review of Interim Financial Information Performed by the Independent Auditor of the Entity” and ISRE 2410—“Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, respectively). A review of financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements referred to above do not present fairly, in all material respects, the financial position of Itaú Unibanco Holding S.A. and its subsidiaries as at March 31, 2021, and the consolidated financial performance and its consolidated cash flows for the three-month period then ended, in accordance with IAS 34. 2 PricewaterhouseCoopers, Av. Francisco Matarazzo 1400, Torre Torino, São Paulo, SP, Brasil, 05001-903, Caixa Postal 60054, T: +55 (11) 3674 2000, www.pwc.com.br

Itaú Unibanco Holding S.A.
Other matters
Statement of added value
The consolidated financial statements referred to above include the consolidated statement of added value for the three-month period ended at March 31, 2021. This statement is the responsibility of the Bank’s management and is presented as supplementary information. This statement has been subjected to review procedures performed together with the review of the consolidated financial statements for the purpose of concluding whether they are reconciled with the consolidated financial statements and accounting records, as applicable, and if its form and content are in accordance with the criteria defined in the accounting standard CPC 09—“Statement of Value Added”. Based on our review, nothing has come to our attention that causes us to believe that this consolidated statement of added value has not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and that it is consistent with the consolidated financial statements taken as a whole.
São Paulo, May 3, 2021
PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5
Emerson Laerte da Silva Contador CRC 1SP171089/O-3
3

ITAÚ UNIBANCO HOLDING S.A. Consolidated Balance Sheet
(In millions of Reais)
Assets Note 03/31/2021 12/31/2020
Cash 39,369 46,224
Financial Assets 1,859,873 1,851,322 At Amortized Cost 1,268,601 1,275,799
Compulsory deposits in the Central Bank of Brazil 91,317 90,059 Interbank deposits 4 73,291 55,685 Securities purchased under agreements to resell 4 180,690 239,943 Securities 9 135,477 129,804 Loan and lease operations 10 742,123 714,104 Other financial assets 18a 91,293 93,255 (-) Provision for Expected Loss 4, 9 and 10 (45,590) (47,051)
At Fair Value Through Other Comprehensive Income 101,796 109,942
Securities 8 101,796 109,942
At Fair Value Through Profit or Loss 489,476 465,581
Securities 5 414,238 389,071 Derivatives 6 and 7 75,226 76,504 Other financial assets 18a 12 6 Investments in associates and joint ventures 11 15,831 15,570 Fixed assets, net 13 6,897 6,937 Goodwill and Intangible assets, net 14 18,059 17,330
Tax assets 66,407 66,095
Income tax and social contribution—current 3,603 3,547 Income tax and social contribution—deferred 24b 57,837 56,583 Other 4,967 5,965 Other assets 18a 16,781 15,773
Total assets 2,023,217 2,019,251
The accompanying notes are an integral part of these consolidated financial statements.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.1

ITAÚ UNIBANCO HOLDING S.A. Consolidated Balance Sheet
(In millions of Reais)
Liabilities and stockholders’ equity Note 03/31/2021 12/31/2020 Financial Liabilities 1,572,584 1,579,686 At Amortized Cost 1,494,207 1,495,641
Deposits 15 821,379 809,010 Securities sold under repurchase agreements 17a 254,278 273,364 Interbank market funds 17b 160,500 156,035 Institutional market funds 17c 144,255 138,308 Other financial liabilities 18b 113,795 118,924
At Fair Value Through Profit or Loss 73,854 79,653
Derivatives 6 and 7 73,714 79,505 Structured notes 16 129 143 Other financial liabilities 18b 11 5
Provision for Expected Loss 10 4,523 4,392
Loan commitments 3,597 3,485 Financial guarantees 926 907 Provision for insurance and private pensions 27c 218,023 221,000 Provisions 29 20,734 19,819
Tax liabilities 24c 5,091 5,710
Income tax and social contribution—current 1,871 2,878 Income tax and social contribution—deferred 24b 299 421 Other 2,921 2,411 Other liabilities 18b 47,011 38,511
Total liabilities 1,863,443 1,864,726
Capital 19a 97,148 97,148 Treasury shares 19a (533) (907) Capital reserves 19c 2,024 2,326 Revenue reserves 19c 52,066 47,347 Other comprehensive income (3,450) (2,921)
Total stockholders’ equity attributed to the owners of the parent company 147,255 142,993
Non-controlling interests 19d 12,519 11,532
Total stockholders’ equity 159,774 154,525 Total liabilities and stockholders’ equity 2,023,217 2,019,251
The accompanying notes are an integral part of these consolidated financial statements.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.2

ITAÚ UNIBANCO HOLDING S.A. Consolidated Statement of Income Periods ended
(In millions of Reais, except for number of shares and earnings per share information)
01/01 to 01/01 to Note 03/31/2021 03/31/2020 Operating Revenues 28,273 13,972
Interest and similar income 21a 29,974 35,309 Interest and similar expenses 21b (15,334) (29,744) Income of Financial Assets and Liabilities at Fair Value through Profit or Loss 21c 5,364 (9,068) Foreign exchange results and exchange variations in foreign transactions (2,904) 6,051 Commissions and Banking Fees 22 9,803 10,082
Income from insurance and private pension operations before claim and selling expenses 1,095 1,135
Revenues from insurance premiuns and private pensions 3,466 4,231 Change in provision for insurance and private pension (2,371) (3,096) Other income 275 207
Expected Loss from Financial Assets and Claims (2,017) (10,083)
Expected Loss with Loan and Lease Operations 10c (2,174) (9,265) Expected Loss with Other Financial Asset, net 513 (489) (Expenses) / Recovery of claims (356) (329)
Operating Revenues Net of Expected Losses from Financial Assets and Claims 26,256 3,889 Other operating income (expenses) (17,718) (13,176)
General and administrative expenses 23 (16,455) (12,906) Tax expenses (1,700) (560) Share of profit or (loss) in associates and joint ventures 11 437 290
Income / (loss) before income tax and social contribution 8,538 (9,287)
Current income tax and social contribution 24a (3,338) (4,048) Deferred income tax and social contribution 24a 1,020 17,013
Net income / (loss) 6,220 3,678
Net income attributable to owners of the parent company 25 5,684 3,459 Net income attributable to non-controlling interests 19d 536 219
Earnings per share—basic 25
Common 0.58 0.35 Preferred 0.58 0.35
Earnings per share—diluted 25
Common 0.58 0.35 Preferred 0.58 0.35
Weighted average number of outstanding shares—basic 25
Common 4,958,290,359 4,958,290,359 Preferred 4,810,249,528 4,792,863,835
Weighted average number of outstanding shares—diluted 25
Common 4,958,290,359 4,958,290,359 Preferred 4,840,038,363 4,820,538,297
The accompanying notes are an integral part of these consolidated financial statements.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.3

ITAÚ UNIBANCO HOLDING S.A.
Consolidated Statement of Comprehensive Income Periods ended
(In millions of Reais)
01/01 to 01/01 to Note 03/31/2021 03/31/2020 Net income 6,220 3,678 Financial assets at fair value through other comprehensive income (1,494) (1,378)
Change in fair value (2,965) (2,655) Tax effect 1,212 1,124 (Gains) / losses transferred to income statement 471 279 Tax effect (212) (126)
Hedge (394) (2,358) Cash flow hedge 7 638 305
Change in fair value 1,208 583 Tax effect (570) (278)
Hedge of net investment in foreign operation 7 (1,032) (2,663)
Change in fair value (1,972) (4,908) Tax effect 940 2,245
Remeasurements of liabilities for post-employment benefits (*) 2 11
Remeasurements 26 2 18 Tax effect — (7)
Foreign exchange variation in foreign investments 1,357 3,252 Total other comprehensive income (529) (473) Total comprehensive income 5,691 3,205 Comprehensive income attributable to the owners of the parent company 5,155 2,986 Comprehensive income attributable to non-controlling interests 536 219
(*) Amounts that will not be subsequently reclassified to income.
The accompanying notes are an integral part of these consolidated financial statements.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.4

ITAÚ UNIBANCO HOLDING S.A.
Consolidated Statement of Changes in Stockholders’ Equity (Notes 19 and 20)
Periods ended March 31, 2021 and 2020
(In millions of Reais)
Attributed to owners of the parent company
Other comprehensive income
Total Total stockholders’ stockholders’
Financial Assets
Treasury Capital Revenue Retained Remeasurements Conversion equity – owners equity – non- Total at Fair Value Gains and Capital of liabilities of post- adjustments of of the parent controlling shares reserves reserves earnings Through Other losses – employment foreign (2) company interests Comprehensive hedge (1) benefits investments Income
Balance at 01/01/2020 97,148 (1,274) 1,979 43,022 — 700 (1,339) 2,224 (5,535) 136,925 12,540 149,465 Transactions with owners — 362 (308) — — — — — — 54 1,464 1,518
Result of delivery of treasury shares — 362 200 — — — — — — 562 — 562 Recognition of share-based payment plans — — (508) — — — — — — (508) — (508) (Increase) / Reduction of interest of controlling stockholders (Note 2.4a I and 3) — — — — — — — — — — 1,464 1,464 Dividends — — — 404 (850) — — — — (446) (514) (960) Dividends / Interest on capital—declared after previous period — — — (9,811) — — — — — (9,811) — (9,811) Unclaimed dividends and Interest on capital — — — — 39 — — — — 39 — 39 Other (3) — — — 61 — — — — — 61 — 61
Total comprehensive income — — — — 3,459 (1,378) 11 3,252 (2,358) 2,986 219 3,205
Net income — — — — 3,459 — — — — 3,459 219 3,678 Other comprehensive income for the period — — — — — (1,378) 11 3,252 (2,358) (473) — (473)
Appropriations:
Legal reserve — — — 94 (94) — — — — — — —Statutory reserve — — — 2,554 (2,554) — — — — — — —
Balance at 03/31/2020 97,148 (912) 1,671 36,324 — (678) (1,328) 5,476 (7,893) 129,808 13,709 143,517
Change in the period — 362 (308) (6,698) — (1,378) 11 3,252 (2,358) (7,117) 1,169 (5,948) Balance at 01/01/2021 97,148 (907) 2,326 47,347 — 848 (1,531) 6,854 (9,092) 142,993 11,532 154,525 Transactions with owners — 374 (302) — — — — — — 72 538 610
Result of delivery of treasury shares — 374 192 — — — — — — 566 — 566 Recognition of share-based payment plans — — (494) — — — — — — (494) — (494) (Increase) / Reduction of interest of controlling stockholders (Note 2.4a I and 3) — — — — — — — — — — 538 538 Dividends — — — — (439) — — — — (439) (87) (526) Interest on capital — — — — (994) — — — — (994) — (994) Reversal of Dividends or Interest on capital—declared after previous period — — — 166 — — — — — 166 — 166 Unclaimed dividends and Interest on capital — — — — 73 — — — — 73 — 73 Other (3) — — — 229 — — — — — 229 — 229
Total comprehensive income — — — — 5,684 (1,494) 2 1,357 (394) 5,155 536 5,691
Net income — — — — 5,684 — — — — 5,684 536 6,220 Other comprehensive income for the period — — — — — (1,494) 2 1,357 (394) (529) — (529)
Appropriations:
Legal reserve — — — 270 (270) — — — — — — —Statutory reserve — — — 4,054 (4,054) — — — — — — —
Balance at 03/31/2021 97,148 (533) 2,024 52,066 — (646) (1,529) 8,211 (9,486) 147,255 12,519 159,774
Change in the period — 374 (302) 4,719 — (1,494) 2 1,357 (394) 4,262 987 5,249
(1) Includes the share in other comprehensive income of investments in associates and joint ventures related to financial assets at fair value through other comprehensive income. (2) Includes cash flow hedge and hedge of net investment in foreign operation.
(3) Includes Argentina´s hyperinflation adjustment.
The accompanying notes are an integral part of these consolidated financial statements.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.5

ITAÚ UNIBANCO HOLDING S.A.
Consolidated Statement of Cash Flows
(In millions of Reais)
01/01 to 01/01 to Note 03/31/2021 03/31/2020 Adjusted net income 20,003 22,145
Net income 6,220 3,678
Adjustments to net income: 13,783 18,467
Share-based payment (438) (439) Adjustments to fair value of financial assets through Profit or Loss and Derivatives 683 17 Effects of changes in exchange rates on cash and cash equivalents 12,106 10,131 Expected Loss from Financial Assets and Claims 2,017 10,083 Income from interest and foreign exchange variation from operations with subordinated debt 6,885 14,555 Provision for insurance and private pension 2,371 3,096 Depreciation and amortization 13 and 14 974 886 Expense from update / charges on the provision for civil, labor, tax and legal obligations 222 242 Provision for civil, labor, tax and legal obligations 1,402 705 Revenue from update / charges on deposits in guarantee (73) (100) Deferred taxes (excluding hedge tax effects) 24b 1,374 (2,634) Income from share in the net income of associates and joint ventures and other investments (437) (290) Income from Financial assets—At fair value through other comprehensive income 471 279 Income from interest and foreign exchange variation of financial assets at fair value through other (9,730) (12,007) comprehensive income Income from Interest and foreign exchange variation of financial assets at amortized cost (4,702) (5,924) (Gain) loss on sale of investments and fixed assets (95) (121) Other 23 753 (12)
Change in assets and liabilities (32,892) 8,061 (Increase) / decrease in assets
Interbank deposits (15,808) (17,583) Securities purchased under agreements to resell 43,765 (60,651) Compulsory deposits with the Central Bank of Brazil (1,258) 23,476 Loan operations (31,114) (59,021) Derivatives (assets / liabilities) (4,548) 458 Financial assets designated at fair value through profit or loss (25,815) (8,147) Other financial assets 2,035 (9,212) Other tax assets 942 169 Other assets (666) (15,534)
(Decrease) / increase in liabilities
Deposits 12,369 99,690 Deposits received under securities repurchase agreements (19,086) 41,823 Funds from interbank markets 4,465 13,272 Funds from institutional markets 4,276 15,757 Other financial liabilities (5,129) (11,594) Financial liabilities at fair value throught profit or loss (14) -Provision for insurance and private pension (5,704) (9,528) Provisions 4,022 944 Tax liabilities (853) (2,114) Other liabilities 8,465 9,446 Payment of income tax and social contribution (3,236) (3,590)
Net cash from / (used in) operating activities (12,889) 30,206
Dividends / Interest on capital received from investments in associates and joint ventures 8 20 Cash from the sale of financial assets—At fair value through other comprehensive income 20,692 9,314 Cash upon sale of investments in associates and joint ventures 95 -Cash upon sale of fixed assets 13 86 192 Mutual rescission of intangible assets agreements 68 -(Purchase) of financial assets at fair value through other comprehensive income (7,364) (9,106) (Purchase) / redemptions of financial assets at amortized cost (870) (103) (Purchase) of investments in associates and joint ventures (15) -(Purchase) of fixed assets 13 (298) (289) (Purchase) of intangible assets 14 (940) (957)
Net cash from / (used in) investment activities 11,462 (929)
Funding from institutional markets 2,728 3,149 Redemptions in institutional markets (7,942) (911) Change in non-controlling interests stockholders 493 1,277 Result of delivery of treasury shares 510 493 Dividends and interest on capital paid to non-controlling interests (42) (327) Dividends and interest on capital paid (2,762) (9,795)
Net cash from / (used in) financing activities (7,015) (6,114) Net increase / (decrease) in cash and cash equivalents 2.4c (8,442) 23,163
Cash and cash equivalents at the beginning of the period 105,823 70,811 Effects of changes in exchange rates on cash and cash equivalents (12,106) (10,131)
Cash and cash equivalents at the end of the period 85,275 83,843
Cash 39,369 38,275 Interbank deposits 5,686 3,355 Securities purchased under agreements to resell—Collateral held 40,220 42,213
Additional information on cash flow (Mainly Operating activities)
Interest received 26,769 34,253 Interest paid 20,474 36,869
Non-cash transactions
Loans transferred to assets held for sale — -Dividends and interest on capital declared and not yet paid 1,417 547
The accompanying notes are an integral part of these consolidated financial statements.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.6

ITAÚ UNIBANCO HOLDING S.A.
Consolidated Statement of Added Value
(In millions of Reais)
01/01 to 01/01 to 03/31/2021 03/31/2020 Income 44,340 48,390
Interest and similar 34,828 46,720 Commissions and Banking Fees 9,803 10,082 Income from insurance and private pension operations before claim 1,095 1,135 Expected Loss with Other Financial Assets (1,661) (9,754) Other 275 207
Expenses (17,811) (31,773)
Interest and similar (15,334) (29,744) Other (2,477) (2,029)
Inputs purchased from third parties (5,343) (3,985)
Materials, energy and others (89) (68) Third party services (1,238) (1,137)
Other (4,016) (2,780)
Data processing and telecommunications (962) (921) Advertising, promotions and publication (252) (261) Installations (242) (401) Transportation (68) (94) Security (184) (172) Travel expenses (9) (52) Other (2,299) (879)
Gross added value 21,186 12,632 Depreciation and amortization (1,307) (1,211) Net added value produced by the company 19,879 11,421 Added value received through transfer—Results of equity method 437 290 Total added value to be distributed 20,316 11,711 Distribution of added value 20,316 11,711 Personnel 6,878 5,335
Direct compensation 5,518 4,075 Benefits 1,115 1,056
FGTS – government severance pay fund 245 204
Taxes, fees and contributions 7,091 2,657
Federal 6,710 2,263 Municipal 381 394
Return on third parties’ capital—Rent 127 41
Other 127 41
Return on capital 6,220 3,678
Dividends and interest on capital 1,433 850 Retained earnings attributable to controlling shareholders 4,251 2,609 Retained earnings attributable to non-controlling shareholders 536 219
The accompanying notes are an integral part of these financial statements.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.7

ITAÚ UNIBANCO HOLDING S.A.
Notes to the Consolidated Financial Statements
At 03/31/2021 and 12/31/2020 for balance sheet accounts and from 01/01 to 03/31 of 2021 and 2020 for income statement accounts
(In millions of Reais, except information per share)
Note 1—Overview
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. Its operations are divided into three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. Further detailed segment information is presented in Note 30.
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 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 consolidated financial statements were approved by the Board of Directors on May 03, 2021.
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Note 2 – Significant accounting policies
2.1. Basis of preparation
The Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING were prepared in accordance with the requirements and guidelines of the National Monetary Council (CMN), which require that as from December 31, 2010 annual Consolidated Financial Statements are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB).
These Consolidated Financial Statements were prepared in accordance with IAS 34 – Interim Financial Reporting, with the option of presenting the Complete Consolidated Financial Statements in lieu of the Condensed Consolidated Financial Statements.
In the preparation of these Consolidated Financial Statements, ITAÚ UNIBANCO HOLDING adopted the criteria for recognition, measurement and disclosure established in the IFRS and in the interpretations of the International Financial Reporting Interpretation Committee (IFRIC).
The presentation of the Statements of Value Added is required by the Brazilian corporate legislation and by the accounting practices adopted in Brazil applicable to publicly-held companies. This Statement was prepared in accordance with the criteria established by Technical Pronouncement CPC 09 – Statement of Value Added; however, the IFRS do not require the presentation of said statement. As a consequence, under IFRS, this statement is presented as supplementary information, without prejudice to the set of Financial Statements.
Management believes that the information included in these Consolidated Financial Statements is relevant and a faithful representation of the information used in the management of the ITAÚ UNIBANCO HOLDING.
2.2. New accounting standards changes and interpretations of existing standards
a) Accounting standards applicable for period ended March 31, 2021
• Interest Rate Benchmark Reform (IBOR Reform) Phase II—Amendments to IFRS 4 – Insurance Contracts, IFRS7 – Financial Instruments: Disclosures, IFRS 9 – Financial Instruments, IFRS 16 – Leases and IAS 39 – Financial Instruments: Recognition and Measurement: Phase II of the inter-bank offered rates reform used as market benchmarks (IBOR). The amendments are summarized as:
• Changes in financial assets and liabilities: Practical expedient that allows to replace, as a consequence of the reform, the effective interest rate of a financial asset or financial liability with a new economically equivalent rate, without derecognition of the contract;
• Hedge accounting: End of exemptions for evaluating the effectiveness of hedge relationships (Phase I) with recognition in Profit or Loss of the ineffective portion, creation of sub-portfolios to segregate contracts with the amended rates for hedges of group items, 24-month term for identification and segregation of new risk based on changes in interest rates, and updates of hedge documentation;
• Disclosure: Requirements about the disclosure of risks to which the entity is exposed by the reform, risk management and evolution of the IBORs transition.
These amendments are effective for years beginning on January 1st, 2021. ITAÚ UNIBANCO HOLDING is exposed mainly to Libor and Euribor rates in hedge accounting structures and financial assets and liabilities, including derivatives. Agreements linked to IBORs facing extinction will be (i) updated to an alternative rate plus spread; or (ii) settled in advance should there be no agreement between the parties. The main risks identified by IBOR Reform are:
• Change in the hierarchy level for measuring the fair value of contracts that remain referenced in IBORs under extinction due to the expectation of reduction in the liquidity of these contracts;
• Effect as a result of the change of financial instruments in which the renegotiated cash flows are not economically equivalent to the original cash flows; and
• Early settlement of contracts where there is no agreement between the parties.
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To mitigate the risks associated with IBOR Reform in standardized agreements, ITAÚ UNIBANCO HOLDING will assume the update of rates made by the respective clearing houses with the accretion of a spread so that the restated cash flows are economically equivalent to the original cash flows. The fallback clauses protocols suggested by international self-regulatory entities (International Swaps and Derivatives Association—ISDA) will be adopted. For the other agreements will be negotiated between the parties seeking to approach the model adopted for standardized agreements and they will be adjusted gradually until the end of 2021, date on which the market expects the end of disclosures of IBORs. Accordingly, ITAÚ UNIBANCO HOLDING does not expect significant impacts resulting from the IBOR Reform.
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b) Accounting standards recently issued and applicable in future periods
• IFRS 17 – Insurance Contracts: The pronouncement replaces IFRS 4 – Insurance Contracts and presents three approaches for valuation:
• General Model: applicable to all contracts without direct participation features;
• Premium Allocation Approach (PAA): applicable to contracts with term is up to 12 months or when it produces results similar to those that would be obtained if the general model was used. It is more simplified than the general model;
• Variable Fee Approach: applicable to insurance contracts with direct participation features, the insurance contracts which are substantially investment related service contracts under which an entity promises an investment return based on underlying items.
Insurance contracts must be recognized based on an analysis of four components:
• Expected Future Cash Flows: estimate of all components of cash flow of the contract, considering inflows and outflows;
• Risk Adjustment: estimate of offset required for differences that may occur between cash flows;
• Contractual Margin: difference between any amounts received before the beginning of the contract coverage and present value of cash flows estimated at the beginning of the contract;
• Discount: projected cash flows must be discounted to present value, to reflect the time value of money, at rates that reflect the characteristics of the respective flows.
This standard is effective for annual periods beginning January 1st, 2023. Possible impacts are being assessed and the assessment will be completed by the date this standard comes into force.
2.3. Critical accounting estimates and judgments
The preparation of Consolidated Financial Statements in accordance with the IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and contingent assets and liabilities at the date of the Financial Statements, due to uncertainties and the high level of subjectivity involved in the recognition and measurement of certain items. Estimates and judgments considered more relevant by ITAÚ UNIBANCO HOLDING are related to the following topics:
Topic Notes
Consolidation Note 2.3 (a) and Note 3 Fair value of financial instruments Note 2.3 (b) and Note 28
Effective interest rate Note 2.3 (c), Notes 5, 8, 9 and 10 Change to financial assets Note 2.3 (d), Notes 5, 8, 9 and 10 Transfer and write-off of financial assets Note 2.3 (e), Notes 5, 8, 9 and 10 Expected credit loss Note 2.3 (f), Notes 8, 9, 10 and 32 Goodwill impairment Note 2.3 (g) and Note 14 Deferred income tax and social contribution Note 2.3 (h) and Note 24 Defined benefit pension plan Note 2.3 (i) and Note 26 Provisions, contingencies and legal liabilities Note 2.3 (j) and Note 29 Technical provisions for insurance and private pension Note 2.3 (k) and Note 27
a) Consolidation
Subsidiaries are all those in which ITAÚ UNIBANCO HOLDING’s involvement exposes it or entitles it to variable returns and can affect these returns through its influence on the entity. The existence of control is assessed continuously. Subsidiaries 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. Intercompany asset and liability account balances, income accounts and transaction values have been eliminated.
b) Fair value of financial instruments not traded in active markets, including derivatives
The fair value of financial instruments, including derivatives that are not traded in active markets, is calculated by using valuation techniques based on assumptions that consider market information and
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.11

conditions. The main assumptions are: historical data, information on similar transactions and pricing techniques. For more complex or illiquid instruments, significant judgment is necessary to determine the model used with the selection of specific inputs and, in certain cases, evaluation adjustments are applied to the model amount our price quoted for financial instruments that are not actively traded.
The methodologies used to estimate the fair value of certain financial instruments are described in Note 28.
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c) Effective interest rate
For the calculation of the effective interest rate, the ITAÚ UNIBANCO HOLDING estimates cash flows considering all contractual terms of the financial instrument, but without consider future credit losses. The calculation includes all commissions paid or received between parties to the contract, transaction costs, and all other premiums or discounts.
Interest revenue is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. In the case of purchased or originated credit impaired financial assets, the adjusted effective interest rate is applied (taking into account the expected credit loss) to the amortized cost of the financial asset.
d) Modification of financial assets
The factors used to determine whether has been substantial modification of a contract are: evaluation if there is a renegotiation that is not part of the original contractual terms, change to contractual cash flows and significant extensions of the term of the transaction due to the debtor’s financial constraints, significant changes to the interest rate and changes to the currency in which the transaction is denominated.
e) Transfer and write-off of financial assets
When there are no reasonable expectations of recovery of a financial asset, considering historical curves, its total or partial write-off is carried out concurrently with the use of the related allowance for expected credit loss, with no effect on the Consolidated Statement of Income of ITAÚ UNIBANCO HOLDING. Subsequent recoveries of amounts previously written off are accounted for as income in the Consolidated Statement of Income.
Thus, financial assets are written off, either totally or partially, when there is no reasonable expectation of recovering a financial asset or when ITAÚ UNIBANCO HOLDING substantially transfers all risks and benefits of ownership and said transfer is qualified to be written off.
f) Expected credit loss
The measurement of expected credit loss requires the application of significant assumptions and use of quantitative models. Management exercises its judgment in the assessment of the adequacy of the expected loss amounts resulting from models and, according to its experience, makes adjustments that may result from certain client’s credit condition or temporary adjustments resulting from situations or new circumstances that have not been reflected in the modeling yet.
The main assumptions are:
• Term to maturity: ITAÚ UNIBANCO HOLDING considers the maximum contractual period on which it will be exposed a financial instrument’s credit risk. However, the estimated useful life of assets that do not have fixed maturity date is based on the period of exposure to credit risk. Additionally, all contractual terms are taken into account when determining the expected life, including prepayment and rollover options.
• Prospective information: IFRS 9 requires a balanced and impartial estimate of credit loss that includes forecasts of future economic conditions. ITAÚ UNIBANCO HOLDING uses macroeconomic forecasts and public information with projections prepared internally to determine the impact of these estimates on the calculation of expected credit loss. Main prospective information used to determine the expected loss is related to Selic Rate, Credit Default Swap (CDS), unemployment rate, Gross Domestic Product (GDP), wages, industrial production and retail sales.
• Macroeconomic scenarios: This information involves inherent risks, market uncertainties and other factors that may give rise to results different from expected.
• Probability-weighted loss scenarios: ITAÚ UNIBANCO HOLDING uses weighted scenarios to determine credit loss expected over a suitable observation horizon adequate to classification in phases, considering the projection based on economic variables.
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• Determining criteria for significant increase or decrease in credit risk: in each period of the consolidated financial statements, ITAÚ UNIBANCO HOLDING assesses whether the credit risk on a financial asset has increased significantly since the initial recognition using relative and absolute triggers (indicators), which consider delay and the probability of default (PD) by product and by country. ITAÚ UNIBANCO HOLDING assesses several factors to determine a significant increase in credit risk, such as: the counterparty, type and characteristics of the product and region in which it was contracted, considering the following objective criteria as minimum factors:
• Stage 1 to stage 2: default exceeding 30 days, except for payroll loans for government agency, which are recognized is made after 45 days in arrears;
• Stage 2 to stage 3: default exceeding 90 days, except for the mortgage loan portfolio, for which arrears of 180 days is a parameter for stage migration.
ITAÚ UNIBANCO HOLDING assesses whether the credit risk has significantly increased on an individual or collective basis. For collective assessment purposes, financial assets are grouped based on characteristics of shared credit risk, considering the type of instrument, credit risk classifications, initial recognition date, remaining term, industry, geographical location of the counterparty, among other significant factors.
• Brazilian and foreign government securities are considered to have low credit risk, in accordance with a study conducted by ITAÚ UNIBANCO HOLDING and therefore they remain in stage 1.
Details on the expected credit loss are in Note 32.
g) Goodwill impairment
The review of goodwill due to impairment reflects the Management’s best estimate for future cash flows of Cash Generating Units (CGU), with the identification of the CGU and estimate of their fair value less costs to sell and/or value in use. These flows are subject to market conditions and uncertain factors, as follows:
• Cash flows projected for periods of available forecasts and long-term assumptions for these flows;
• Discount rates, since they generally reflect financial and economic variables, such as the risk-free interest rate and a risk premium.
Cash-Generating Units or CGU groups are identified at the lowest level at which goodwill is monitored for internal management purposes. Goodwill is allocated to cash flow generating units for purposes of testing for impairment.
h) Deferred income tax and social contribution
Deferred tax assets are recognized only in relation to deductible temporary differences, tax losses and social contribution loss carryforwards for offset only to the extent that it is probable that ITAÚ UNIBANCO HOLDING will generate future taxable profit for its use. The expected realization of deferred tax assets is based on the projection of future taxable profits and technical studies, as disclosed in Note 24.
i) Defined benefit pension plan
The current amount of pension plans is obtained from actuarial calculations, which use assumptions such as discount rate, which is appropriated at the end of each year and used to determine the present value of estimated future cash outflows. To determine the appropriate discount rate, ITAÚ UNIBANCO HOLDING considers the interest rates of National Treasury Notes that have maturity terms similar to the terms of the respective liabilities.
The main assumptions for Pension plan obligations are partly based on current market conditions. Additional information is disclosed in Note 26.
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j) Provisions, contingencies and legal liabilities
ITAÚ UNIBANCO HOLDING periodically reviews its contingencies. These contingencies are evaluated based on management´s best estimates, taking into account the opinion of legal counsel when there is a likelihood that financial resources will be required to settle the obligations and the amounts may be reasonably estimated.
Contingencies classified as probable losses are recognized in the Balance Sheet under Provisions.
Contingent amounts are measured using appropriate models and criteria, despite the uncertainty surrounding the ultimate timing and amounts. Additional information is described in Note 29.
k) Technical provisions for insurance and private pension
Technical provisions are liabilities arising from obligations of ITAÚ UNIBANCO HOLDING 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 the actuarial liability is subject to several 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 the historical experience of ITAÚ UNIBANCO HOLDING, benchmarks and the experience of the actuary, in order to comply with best market practices and constantly review of the actuarial liability. The adjustments resulting from these continuous improvements, when necessary, are recognized in the statement of income for the corresponding period. Additional information is described in Note 27.
2.4. Summary of main accounting practices a) Consolidation l. Subsidiaries
In accordance with IFRS 10—Consolidated Financial Statements, subsidiaries are all entities in which ITAÚ UNIBANCO HOLDING holds control.
In the 3rd quarter of 2018, ITAÚ UNIBANCO HOLDING started adjusting the financial statements of its subsidiaries in Argentina to reflect the effects of hyperinflation, pursuant to IAS 29 – Financial Reporting in Hyperinflationary Economies.
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The following table shows the main consolidated companies, which together represent over 95% of total consolidated assets, as well as the interests of ITAÚ UNIBANCO HOLDING in their voting capital.
Functional Interest in voting Interest in total Incorporation capital % capital % (1) Activity currency country 03/31/2021 12/31/2020 03/31/2021 12/31/2020 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 Premium Bonds 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 Acquirer 100.00% 100.00% 100.00% 100.00%
Foreign
Itaú CorpBanca Colombia S.A. Colombian peso Colombia Financial institution 34.16% 34.16% 34.16% 34.16% Banco Itaú (Suisse) S.A. Swiss franc Switzerland Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Argentina S.A. Argentinian 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% Itaú CorpBanca (2) Chilean peso Chile Financial institution 39.22% 39.22% 39.22% 39.22%
(1) All overseas offices of ITAÚ UNIBANCO HOLDING 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.
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II. Business combinations
In general, a business consists of an integrated set of activities and assets that may be conducted and managed so as to provide a return, in the form of dividends, lower costs or other economic benefits, to investors or other stockholders, members or participants. If there is goodwill in a set of activities and assets transferred, it is presumed to be a business.
The acquisition method is used to account for business combinations, except for those classified as under common control.
Acquisition cost is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the acquisition date. Acquired assets and assumed liabilities and contingent liabilities identifiable in a business combination are initially measured at fair value at the date of acquisition, regardless of the existence of non-controlling interests. When the amount paid, plus non-controlling interests, is higher than the fair value of identifiable net assets acquired, the difference will be accounted for as goodwill. On the other hand, if the difference is negative, it will be treated as bargain purchase gain and the amount will be recognized directly in income.
III. Goodwill
Goodwill is not amortized, but its recoverable value is assessed semi-annually or when there is an indication of impairment loss using an approach that involves the identification of Cash Generating Units (CGUs) and the estimate of its fair value less the cost to sell and/or its value in use.
To determine this estimate, ITAÚ UNIBANCO HOLDING adopts the discounted cash flow methodology for a period of 5 years, macroeconomic assumptions, growth rate and discount rate.
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 for impairment.
The breakdown of intangible assets is described in Note 14.
IV. Capital Transactions with non-controlling stockholders
Changes in an ownership interest in a subsidiary, which do not result in a loss of control, are accounted for as capital transactions and any difference between the amount paid and the carrying amount of non-controlling stockholders is recognized directly in consolidated stockholders’ equity.
b) Foreign currency translation
I. Functional and presentation currency
The Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING are presented in Brazilian Reais, its functional and presentation currency. For each subsidiary, joint venture or investment in associates, ITAÚ UNIBANCO HOLDING defines the functional currency as the currency of the primary economic environment in which the entity operates.
II. Foreign currency operations
Foreign currency operations are translated into the functional currency 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 investment in foreign operations, which are recognized in stockholders’ equity.
c) Cash and cash equivalents
Defined as cash and current accounts with banks, shown in the Consolidated Balance Sheet under the heading Cash, Interbank Deposits and Securities purchased under agreements to resell (Collateral Held) with original maturities not exceeding 90 days.
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d) Financial assets and liabilities
Financial assets and liabilities are initially recognized at fair value and subsequently measured at amortized cost or fair value.
I—Classification and measurement of financial assets
Financial assets are classified in the following categories:
• Amortized cost: used when financial assets are managed to obtain contractual cash flows, consisting solely of payments of principal and interest;
• Fair value through other comprehensive income: used when financial assets are held both for obtaining contractual cash flows, consisting solely by payments of principal and interest, and for sale;
• Fair value through profit or loss: used for financial assets that do not meet the aforementioned criteria.
The classification and subsequent measurement of financial assets depend on:
• The business model under which they are managed;
• The characteristics of their cash flows (Solely Payment of Principal and Interest Test – SPPI Test).
Business model: represents how financial assets are managed to generate cash flows and does not depend on the Management’s intention regarding an individual instrument. Financial assets may be managed with the purpose of: i) obtaining contractual cash flows; ii) obtaining contractual cash flows and sale; or iii) others. To assess business models, ITAÚ UNIBANCO HOLDING considers risks that affect the performance of the business model; how the managers of the business are compensated; and how the performance of the business model is assessed and reported to Management.
When a financial asset is subject to business models i) or ii) the application of the SPPI Test is required.
SPPI Test: assessment of cash flows generated by a financial instrument for the purpose of checking whether they represent solely payments of principal and interest. To fit into this concept, cash flows should include only consideration for the time value of money and credit risk. If contractual terms introduce risk exposure or cash flow volatilities, such as exposure to changes in prices of equity instruments or prices of commodities, the financial asset is classified at fair value through profit or loss. Hybrid contracts must be assessed as a whole, including all embedded characteristics. The accounting of a hybrid contract that contains an embedded derivative is performed on a joint basis, i.e. the whole instrument is measured at fair value through profit or loss.
Amortized cost
Amortized cost is the amount for which a financial asset or liability is measured at its initial recognition, plus adjustments made under the effective interest method, less amortization of principal and interest, and any provision for expected credit loss.
Fair value
Fair value is the price that would be received for the sale of an asset or that would be paid for the transfer of a liability in an orderly transaction between market players on the measurement date.
ITAÚ UNIBANCO HOLDING classifies the fair value hierarchy according to the relevance of data observed in the measurement process.
Details of the fair value of financial instruments, including Derivatives, and of the hierarchy of fair value are given in Note 28.
The adjustment to fair value of financial assets and liabilities is recognized:
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• In stockholders’ equity for financial assets and liabilities measured at fair value through other comprehensive income; and
• In the Consolidated Statement of Income, under the heading Income of Financial Assets and Liabilities at Fair Value through Profit or Loss, for the other financial assets and liabilities.
Average cost is used to determine the gains and losses realized on disposal of financial assets at fair value, which are recorded in the Consolidated Statement of Income as Interest and similar income and Income of Financial Assets and Liabilities at Fair Value through Profit or Loss. Dividends on assets at fair value through other comprehensive income are recognized in the Consolidated Statement of Income as Interest and similar income when it is probable that ITAÚ UNIBANCO
HOLDING’s right to receive such dividends is assured.
Regular purchases and sales of financial assets are recognized and derecognized, respectively, on the trading date.
Financial assets and liabilities are offset against each other and the net amount is reported in the Balance Sheet only solely when there is a legally enforceable right to offset them and the intention to settle them on a net basis, or to simultaneously realize the asset and settle the liability.
Equity instruments
An equity instrument is any contract that evidences a residual interest in an entity’s assets, after the deduction of all its liabilities, such as Shares and Units.
ITAÚ UNIBANCO HOLDING subsequently measures all its equity instruments at fair value through profit or loss, except when Management opts, on initial recognition, to irrevocably designate an equity instrument at fair value through other comprehensive income when it is held for a purpose other than only generating returns. When this option is selected, gains and losses on the fair value of the instrument are recognized in the Consolidated Statement of Comprehensive Income and are not subsequently reclassified to the Consolidated Statement of Income, even on sale. Dividends continue to be recognized in the Consolidated Statement of Income as Interest and similar income, when ITAÚ UNIBANCO HOLDING’s right to receive them is assured.
Gains and losses on equity instruments measured at fair value through profit or loss are accounted in the Consolidated Statement of Income.
Expected credit loss
ITAÚ UNIBANCO HOLDING makes a forward-looking assessment of the expected credit loss on financial assets measured at amortized cost or through other comprehensive income, loan commitments and financial guarantee contracts:
• Financial assets: loss is measured at present value of the difference between contractual cash flows and the cash flows that ITAÚ UNIBANCO HOLDING expects to receive;
• Loan commitments: expected loss is measured at present value of the difference between contractual cash flows that would be due if the commitment was drawn down and the cash flows that ITAÚ UNIBANCO HOLDING expects to receive;
• Financial guarantees: the loss is measured at the difference between the payments expected for refunding the counterparty and the amounts that ITAÚ UNIBANCO HOLDING expects to recover.
ITAÚ UNIBANCO HOLDING applies a three-stage approach to measuring the expected credit loss, in which financial assets migrate from one stage to the other in accordance with changes in credit risk.
• Stage 1 – 12-month expected credit loss: represents default events possible within 12 months. Applicable to financial assets which are not credit impaired when purchased or originated;
• Stage 2 – Lifetime expected credit loss of financial instrument: considers all possible default events. Applicable to financial assets originated which are not credit impaired when originated or purchased but for which credit risk has increased significantly; and
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• Stage 3 – Credit loss expected for credit-impaired assets: considers all possible default events. Applicable to financial assets which are credit impaired when purchased or originated. The measurement of assets classified in this stage is different from Stage 2 due to the recognition of interest income by applying the effective interest rate to amortized cost (net of provision) rather than to the gross carrying amount.
An asset will migrate between stages as its credit risk increases or decreases. Therefore, a financial asset that migrated to stages 2 and 3 may return to stage 1, unless it was purchased or originated credit impaired financial asset.
Macroeconomic scenarios
Forward-looking information is based on macroeconomic scenarios that are reassessed annually or when market conditions so require.
Additional information is described in Note 32.
Modification of contractual cash flows
When contractual cash flows of a financial asset are renegotiated or otherwise modified and this does not substantially change its terms and conditions, ITAÚ UNIBANCO HOLDING does not derecognize it. However, the gross carrying amount of this financial asset is recalculated as the present value of the renegotiated or changed contractual cash flows, discounted at the original effective interest rate and a modification gain or loss is recognized in profit or loss. Any costs or fees incurred adjust the modified carrying amount and are amortized over the remaining term of the financial asset.
If, on the other hand, the renegotiation or change substantially modifies the terms and conditions of the financial asset, ITAÚ UNIBANCO HOLDING derecognises the original asset and recognizes a new one. Accordingly, the renegotiation date is taken as the initial recognition date of the new asset for expected credit loss calculation purposes, and to determine significant increases in credit risk.
ITAÚ UNIBANCO HOLDING also assesses if the new financial asset may be considered as purchased or originated credit impaired financial asset, particularly when the renegotiation was motivated by the debtor’s financial constraints. Differences between the carrying amount of the original asset and fair value of the new asset are immediately recognized in the Consolidated Statement of Income.
The effects of changes in cash flows of financial assets and other details about methodologies and assumptions adopted by Management to measure the allowance for expected credit loss, including the use of prospective information, are detailed in Note 32.
Derecognition of financial assets
Financial assets are derecognized when ITAÚ UNIBANCO HOLDING substantially transfers all risks and benefits of its property. In the event it is not possible to identify the transfer of all risks and benefits, the control should be assessed to determine the continuous involvement related to the transaction.
If there is a retention of risks and benefits, the financial asset continues to be recorded and a liability is recognized for the consideration received.
II – Classification and measurement of financial liabilities
Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost, except for:
• Financial liabilities at fair value through profit or loss: this classification applied to derivatives and other financial liabilities designated at fair value through profit or loss to reduce “accounting mismatches”. ITAÚ UNIBANCO HOLDING irrevocably designates financial liabilities at fair value
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through profit or loss in the initial recognition (fair value option), when the option eliminates or significantly reduces measurement or recognition inconsistencies.
• Loan commitments and financial guarantees: see details in Note 2.4d Vll.
Derecognition and modification of financial liabilities
ITAÚ UNIBANCO HOLDING derecognises a financial liability from the Consolidated Balance Sheet when it is extinguished, i.e., when the obligation specified in the contract is discharged, cancelled or expires.
A debt instrument change or substantial terms modification of a financial liability is accounted as a derecognition of the original financial liability and a new one is recognized.
A substantial change to contractual terms occurs when the discounted present value of cash flows under the new terms, including any fees paid/received and discounted using the original effective interest rate, is at least 10% different from discounted present value of the remaining cash flow of the original financial liabilities.
III – Securities purchased under agreements to resell
ITAÚ UNIBANCO HOLDING purchases financial assets with a resale commitment (resale agreements) and sells securities with a repurchase commitment (repurchase agreement) of financial assets. Resale and repurchase agreements are accounted for under Securities purchased under agreements to resell and Securities sold under repurchase agreements, respectively.
The difference between the sale and repurchase prices is treated as interest and recognized over the life of the agreements using the effective interest rate method.
The financial assets taken as collateral in resale agreements can be used as collateral for repurchase agreements it provided for in the agreements or can be sold.
IV—Derivatives
All derivatives are accounted for as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
The valuation of active hybrid contracts that are subject to IFRS 9 is carried out as a whole, including all embedded characteristics, whereas the accounting is carried out on a joint basis, i.e. each instrument is measured at fair value through profit or loss.
When a contract has a main component outside the scope of IFRS 9, such as a lease agreement receivable or an insurance contract, or even a financial liability, embedded derivatives are treated as separate financial instruments if:
(i) their characteristics and economic risks are not closely related to those of the main component; (ii) the separate instrument meets the definition of a derivative; and (iii) the underlying instrument is not booked at fair value through profit or loss.
These embedded derivatives are accounted for separately at fair value, with variations recognized in the Consolidated Statement of Income as Adjustments to Fair Value of Financial Assets and Liabilities.
ITAÚ UNIBANCO HOLDING will continue applying all the hedge accounting requirements of IAS 39; however, it may adopt the provisions of IFRS 9, if Management so decides. According to this standard, derivatives may be designated and qualified as hedging instruments for accounting purposes and, the method for recognizing gains or losses of fair value will depending on the nature of the hedged item.
At the beginning of a hedging transaction, ITAÚ UNIBANCO HOLDING documents the relationship between the hedging instrument and the hedged items, as well as its risk management objective and
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strategy. The hedge is assessed on an ongoing basis to determine if it has been highly effective throughout all periods of the Financial Statements for which it was designated.
IAS 39 describes three hedging strategies: fair value hedge, cash flow hedge, and hedge of net investments in a foreign operation. ITAÚ UNIBANCO HOLDING uses derivatives as hedging instruments under all three hedge strategies, as detailed in Note 7.
Fair value hedge
The following practices are adopted for these operations:
a) The gain or loss arising from the remeasurement of the hedging instrument at fair value is recognized in income; and b) The gain or loss arising from the hedged item, attributable to the effective portion of the hedged risk, is applied to the book value of the hedged item and is also recognized in income.
When a derivative expires or is sold or a hedge no longer meets the hedge accounting criteria or in the event the designation is revoked, the hedge accounting must be prospectively discontinued. In addition, any adjustment to the book value of the hedged item must be amortized in income.
Cash flow hedge
For derivatives that are designated and qualify as hedging instruments in a cash flow hedge, the practices are:
a) The effective portion of gains or losses on derivatives is recognized directly in Other comprehensive income – Cash flow hedge;
b) The portion of gain or loss on derivatives that represents the ineffective portion or on hedge components excluded from the assessment of effectiveness is recognized in income.
Amounts originally recorded in Other comprehensive income and subsequently reclassified to Income are recognized in the caption Income of financial assets and Liabilities at fair value through profit or loss at the same time that the corresponding income or expense item of the financial hedge item affects income. For non-financial hedge items, the amounts originally recognized in Other comprehensive income are included in the initial cost of the corresponding asset or liability.
When a derivative expires or is sold, when hedge accounting criteria are no longer met or when the entity revokes the hedge accounting designation, any cumulative gain or loss existing in Other comprehensive income will be reclassified to income at the time the expected transaction occurs or is no longer expected to occur.
Hedge of net investments in foreign operations
The hedge of a net investment in a foreign operation, including the hedge of a monetary item that is booked as part of the net investment, is accounted for in a manner similar to a cash flow hedge:
a) The portion of gain or loss on the hedging instrument determined as effective is recognized in Other comprehensive income; b) The ineffective portion is recognized in income.
Gains or losses on the hedging instrument related to the effective portion of the hedge which are recognized in Other comprehensive income are reclassified to income for the period when the foreign operation is partially or totally sold.
V—Loan operations
ITAÚ UNIBANCO HOLDING classifies a loan as non-performing if the payment of the principal or interest has been overdue for 60 days or more. In this case, accrual of interest is no longer recognized.
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VI – Premium bonds plans
In Brazil they are regulated by the insurance regulator. These plans do not meet the definition of an insurance contract under IFRS 4, and therefore they are classified as a financial liability at amortized cost under IFRS 9.
Revenue from premium bonds plans is recognized during the period of the contract and measured as the difference between the amount deposited by the customer and the amount that ITAÚ UNIBANCO HOLDING has to reimburse.
VII – Loan commitments and financial guarantees
ITAÚ UNIBANCO HOLDING recognizes as an obligation in the Consolidated Balance Sheet, on the issue date, the fair value of commitments for loans and financial guarantees. The fair value is generally represented by the fee charged to the customer. This amount is amortized over the term of the instrument and is recognized in the Consolidated Statement of Income under the heading Commissions and Banking Fees.
After issue, if ITAÚ UNIBANCO HOLDING concludes based on the best estimate, that the expected credit loss in relation to the guarantee issued is higher that the fair value less accumulated amortization, this amount is replaced by a provision for loss.
e) Investments in associates and joint ventures
I – Associates
Associates are companies in which the investor has a significant influence but does not hold control. Investments in these companies are initially recognized at cost of acquisition and subsequently accounted for using the equity method. Investments in associates and joint ventures include the goodwill identified upon acquisition, net of any cumulative impairment loss.
II – Joint ventures
ITAÚ UNIBANCO HOLDING has joint venture whereby the parties that have joint control of the arrangement have rights to the net assets.
ITAÚ UNIBANCO HOLDING’s share in profits or losses of its associates and joint ventures after acquisition is recognized in the Consolidated statement of income. Its share of the changes in the share in other comprehensive income of corresponding stockholders’ equity of its associates and joint ventures is recognized in its own capital reserves. The cumulative changes after acquisition are adjusted against the carrying amount of the investment. When the ITAÚ UNIBANCO HOLDING’s share of losses in an associates and joint ventures is equal to or more than the value of its interest, including any other receivables, ITAÚ UNIBANCO HOLDING does not recognize additional losses, unless it has incurred any obligations or made payments on behalf of the associates and joint ventures.
Unrealized profits on transactions between ITAÚ UNIBANCO HOLDING and its associates and joint ventures are eliminated to the extent of the interest of ITAÚ UNIBANCO HOLDING. Unrealized losses are also eliminated, unless the transaction provides evidence of impairment of the transferred asset. The accounting policies on associates and joint ventures entities are changed, as necessary, to ensure consistency with the policies adopted by ITAÚ UNIBANCO HOLDING.
If its interest in the associates and joint ventures decreases, but ITAÚ UNIBANCO HOLDING retains significant influence or joint control, only the proportional amount of the previously recognized amounts in Other comprehensive income is reclassified in Income, when appropriate.
f) Lessee operations
ITAÚ UNIBANCO HOLDING leases mainly real estate properties (underlying assets) to carry out its business activities. The initial recognition occurs when the agreement is signed, in the heading Other Liabilities, which corresponds to the total future payments at present value as a contra entry to the Right-of-Use Assets, depreciated under the straight-line method for the lease term and tested semiannually to identify possible impairment losses.
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The financial expense corresponding to interest on lease liabilities is recognized in the heading Interest and similar expenses in the Consolidated Statement of Income.
g) Fixed assets
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 13.
The residual values and useful lives of assets are reviewed and adjusted, if appropriate, at the end of each period.
ITAÚ UNIBANCO HOLDING reviews 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 the cost to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which independent cash flows can be identified (cash-generating units). The assessment may be made at an individual asset level when the fair value less the cost to sell can be reliably determined.
Gains and losses on disposals of fixed assets are recognized in the Consolidated statement of income under Other income or General and administrative expenses.
h) Intangible assets
Intangible assets are non-physical assets, including software and other assets, and are initially recognized at cost. Intangible assets are recognized when they arise from legal or contractual rights, their costs can be reliably measured, and in the case of intangible assets not arising from separate acquisitions or business combinations, it is probable that future economic benefits may arise from their use. The balance of intangible assets refers to acquired assets or those internally generated.
Intangible assets may have definite or indefinite useful lives. Intangible assets with definite useful lives are amortized using the straight-line method over their estimated useful lives. Intangible assets with indefinite useful lives are not amortized, but periodically tested in order to identify any impairment.
ITAÚ UNIBANCO HOLDING semi-annually assesses its intangible assets in order to identify whether any indications of impairment exist, as well as possible reversal of previous impairment losses. If such indications are found, intangible assets are tested for impairment. The recoverable amount of an asset is defined as the higher of its fair value less the cost to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which independent cash flows can be identified (cash-generating units). The assessment may be made at an individual asset level when the fair value less the cost to sell can be reliably determined.
ITAÚ UNIBANCO HOLDING uses the cost model to measure its intangible assets after its initial recognition.
A breakdown of intangible assets is given in Note 14.
i) Assets held for sale
Assets held for sale are recognized in the consolidated balance sheet under the line Other assets when they are actually repossessed or there is intention to sell. These assets are initially recorded at the lower of: (i) the fair value of the asset less the estimated selling expenses, or (ii) the carrying amount of the related asset held for sale.
j) 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 reporting period.
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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.
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 Other comprehensive income, such as: tax on fair value of financial assets measured at fair value through Other comprehensive income, post-employment benefits and tax on cash flow hedges and hedge of net investment in foreign operations. Subsequently, these items are recognized in income upon realization of the gain/loss on the instruments.
Changes in tax legislation and rates are recognized in the Consolidated statement of income in the period in which they are enacted. Interest and fines are recognized in the Consolidated statement of income under General and administrative expenses.
To determine the proper level of provisions for taxes to be maintained for uncertain tax positions, the approach applied, is that a tax benefit is recognized if it is more likely than not that a position can be sustained, under the assumptions for recognition, detailed in item 2.4 n.
k) Insurance contracts and private pensions
Insurance contracts are contracts under which ITAÚ UNIBANCO HOLDING accepts a significant insurance risk of the counterparty, by agreeing to compensate it if a specified uncertain future event adversely affects it. An insurance risk is significant only if the insurance event could cause ITAÚ UNIBANCO HOLDING to pay significant additional benefits in any scenario, other than those that do not have commercial substance. Additional benefits refer to amounts that exceed those that would be payable if no insured event occurred.
Upon its first-time adoption of the IFRS, ITAÚ UNIBANCO HOLDING decided not to change its accounting policies for insurance contracts, which follow the accounting practices generally accepted in
Brazil (“BRGAAP”).
Although investment agreements with discretionary participation characteristics are financial instruments, they are treated as insurance contracts, as established by IFRS 4, as well as those transferring a significant financial risk.
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.
Note 27 provides a detailed description of all products classified as insurance contracts.
Private pension plans
Contracts that provide for retirement benefits after an accumulation period (known as PGBL, VGBL and 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 contracts in proportion to the amount of the insurance coverage.
If there is evidence of impairment losses with respect to receivables for insurance premiums, ITAÚ UNIBANCO HOLDING 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 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,
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experience, special features, and the capital necessary to support these limits). These reinsurance agreements allow the recovery of a portion of the 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.
ITAÚ UNIBANCO HOLDING mainly holds non-proportional contracts, which transfer part of responsibility to the reinsurance company for losses that will materialize after a certain level of claims in the portfolio. Reinsurance premiums of these contracts are accounted for under Other Assets, over the life of each contract.
If there is any evidence of impairment loss, ITAÚ UNIBANCO HOLDING recognizes a provision when the default period exceeds 180 days from the registration of the request for fund of claims paid.
Acquisition costs
Acquisition costs include direct and indirect costs related to the origination of insurance. These costs are recorded directly in result as incurred, except 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.
Liability Adequacy Test
ITAÚ UNIBANCO HOLDING 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 27.
l) Post-employments benefits
ITAÚ UNIBANCO HOLDING sponsors Defined Benefit Plans and Defined Contribution Plans, which are accounted for in accordance with IAS 19 – Benefits to Employees.
ITAÚ UNIBANCO HOLDING is required to make contributions to government social security and labor indemnity plans, in Brazil and in other countries where it operates.
Pension plans—Defined benefit plans
The liability or asset, as the case may be, is recognized in the Consolidated Balance Sheet with respect to a defined benefit plan corresponds to the present value of defined benefit obligations at the balance sheet date less the fair value of plan assets. The defined benefit obligations are calculated annually using the projected unit credit method.
Pension plans—Defined contribution
For defined contribution plans, contributions to plans made by ITAÚ UNIBANCO HOLDING, through pension plan funds, are recognized as liabilities, with a counter-entry to expenses, when due. If contributions made exceed the liability for a service provided, it will be accounted for as an asset recognized at fair value, and any adjustments are recognized in Stockholders’ equity, under Other comprehensive income, in the period when they occur.
Other post-employment benefit obligations
Like defined benefit pension plans, these obligations are assessed annually by independent, qualified actuaries, and 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, under Other comprehensive income, in the period in which they occur.
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m) Share-based payments
Share-based payments are booked for the value of equity instruments granted, which may be shares or stock options according to the plan, based on their fair value at the grant date. This cost is recognized during the vesting period of the right to exercise the instruments.
The total amount to be expensed is determined by reference to the fair value of the equity instruments excluding the impact of any service commissions and fees and non-market performance vesting conditions (in particular when an employee remains with the company for specific period of time).
n) Provisions, contingent assets and contingent liabilities
Contingent assets and liabilities are possible rights and potential obligations arising from past events for which realization depends on uncertain future events.
Contingent assets are not recognized in the Consolidated Financial Statements, except when the Management of ITAÚ UNIBANCO HOLDING considers that realization is practically certain. In general they correspond to lawsuits with favorable outcomes 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.
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 Provisions;
• Possible: which are disclosed in the Consolidated Financial Statements, but no provision is recorded;
• Remote: which require neither a provision nor disclosure.
The amount of deposits in guarantee is adjusted in accordance with current legislation.
o) Capital
Common and preferred shares, which for accounting purposes are equivalent to common shares but without voting rights are classified in Stockholders’ equity. The additional costs directly attributable to the issue of new shares are included in Stockholders’ equity as a deduction from the proceeds, net of taxes.
p) Treasury shares
Common and preferred shares repurchased are recorded in Stockholders’ equity under Treasury shares at their average purchase price.
Shares that are subsequently sold, such as those sold to grantees under our share-based payment scheme, are recorded as a reduction in treasury shares, measured at the average price of treasury stock held at that date.
The difference between the sale price and the average price of the treasury shares is recorded as a reduction or increase in Capital Reserves. The cancellation of treasury shares is recorded as a reduction in Treasury shares against Capital Reserves, at the average price of treasury shares at the cancellation date.
q) Dividends and interest on capital
Minimum dividend amounts established in the bylaws are recorded as liabilities at the end of each year. Any other amount above the mandatory minimum dividend is accounted for as a liability when approved by of the Board of Directors.
Interest on capital is treated for accounting purposes as a dividend, and it is presented as a reduction of stockholders’ equity in the consolidated financial statements.
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Dividends have been and continue to be calculated and paid on the basis of the financial statements prepared under Brazilian accounting standards and regulations for financial institutions, not these Consolidated financial statements prepared according to the IFRS.
Dividends and interest on capital are presented in Note 19.
r) Earnings per share
ITAÚ UNIBANCO HOLDING grants stock options whose dilutive effect is reflected in diluted earnings per share, with the application of the “treasury stock method“. Whereby earnings per share are calculated as if all the stock options had been exercised and the proceeds used to purchase shares of ITAÚ UNIBANCO HOLDING.
Earnings per share are presented in Note 25.
s) Segment information
Segment information disclosed is consistent with the internal reports prepared for the Executive Committee which makes the operational decisions ITAÚ UNIBANCO HOLDING.
ITAÚ UNIBANCO HOLDING has three reportable segments: (i) Retail Banking (ii) Wholesale Banking and (iii) Market + Corporation.
Segment information is presented in Note 30.
t) Commissions and Banking Fees
Commissions and Banking Fees is recognized when ITAÚ UNIBANCO HOLDING provides or offers services to customers, in an amount that reflects the consideration ITAÚ UNIBANCO HOLDING expects to collect in exchange for those services. A five-step model is applied to account for revenues: i) identification of the contract with a customer; ii) identification of the performance obligations in the contract; iii) determination of the transaction price; iv) allocation of the transaction price to the performance obligations in the contract; and v) revenue recognition, when performance obligations agreed upon in agreements with clients are met. Incremental costs and costs to fulfill agreements with clients are recognized as an expense as incurred.
The main services provided by ITAÚ UNIBANCO HOLDING are:
• Credit and debit cards—refer mainly to fees charged by card issuers and acquirers for processing card transactions; annuities charged for the availability and management of credit card; and the rental of Rede machines.
• Current account services—substantially comprised of current account maintenance fees, according to each service package granted to the customer; transfers carried through TED/DOC; withdrawals from demand deposit account and money order.
• Economic, Financial and Brokerage Advisory - refer mainly to financial transaction structuring services; placement of securities, and intermediation of operations on stock exchanges.
Service revenues related to credit, debit, current account and economic, financial and brokerage advisory cards are recognized when said services are provided.
• Funds management—refers to fees charged for the management and performance of investment funds and consortia administration.
• Credit operations and financial guarantees provided—refer mainly to advance depositor fees; asset appraisal service; and commission on guarantees provided.
• Collection services—refer to collection and charging services.
Revenue from certain services, such as fees from funds management, collection and custody, are recognized over the life of the respective agreements, as services are provided.
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Note 3 – Business development
Reduction of non-controlling interest in XP Inc.
On November 26, 2020, ITAÚ UNIBANCO HOLDING disclosed that the Board of Directors approved the partial spin-off of the investment in XP Inc. (XP INC) to a new company (XPart S.A.).
On December 2 and 17, 2020, ITAÚ UNIBANCO HOLDING sold 4.44% and 0.07%, respectively, of its investments in XP INC, through the public offering on the Nasdaq, giving rising to a result before taxes of R$ 3,996. Concurrently with the sales, XP INC completed a public offering (follow-on) which resulted in the dilution of the interest held by ITAÚ UNIBANCO HOLDING, which is now 41.00% of capital, giving rising to a result in XP INC primary subscription of R$ 545.
At the Extraordinary Stockholders’ Meeting held on January 31, 2021, the partial spin-off of the investment was decided in XP INC to XPart S.A. The XPart S.A. will be constituted by the portion of investment in XP INC and for the cash amount corresponding to R$ 10, and is subject to a favorable opinion from the regulatory authority obtained by the controllers for the completion of the operation. The percentage of XP INC’s capital to be held by XPart S.A. will be 40.52%, totaling R$ 9,371 on the base of December 31, 2020.
ITAÚ UNIBANCO HOLDING’s stockholders will then hold an ownership interest in XPart S.A. in the same number, type and proportion of the shares previously held by them in ITAÚ UNIBANCO HOLDING.
Itaú CorpBanca
Itaú Corpbanca (ITAÚ CORPBANCA) is controlled as of April 1st, 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 September 10, 2020, ITAÚ UNIBANCO HOLDING, through its subsidiary ITB Holding Brasil Participações Ltda, indirectly acquired additional ownership interest of 1.08% (5,558,780,153 shares) in the ITAÚ CORPBANCA’s capital for the amount of R$ 229, and now it holds 39.22%.
The effective acquisition and financial settlement occurred on September 14, 2020, after obtaining the regulatory authorizations.
Recovery do Brasil Consultoria S.A.
On December 31, 2015, ITAÚ UNIBANCO HOLDING, through its subsidiary Itaú Unibanco S.A., (ITAÚ UNIBANCO), entered into an agreement for purchase and sale and other covenants with Banco BTG Pactual S.A. (BTG) and with Misben S.A. for acquisition of 89.08% of interest in capital of Recovery do Brasil Consultoria S.A. (RECOVERY), corresponding to total interest of RECOVERY’s parties, for the amount of R$ 735. On July 7, 2016 an additional interest of 6.92% was acquired from International Finance Corporation, for the amount of R$ 59, then holding 96% of its capital.
On May 26, 2020, ITAÚ UNIBANCO HOLDING, through its subsidiary ITAÚ UNIBANCO, acquired from International Finance Corporation an additional interest of 4% for the amount of R$ 20.7, then holding 100% of capital of RECOVERY.
The effective acquisition and financial settlement occurred on May 28, 2020.
Acquisition of Zup I.T. Serviços em Tecnologia e Inovação S.A.
On October 31, 2019, ITAÚ UNIBANCO HOLDING, through its subsidiary Redecard S.A. (REDE), entered into a purchase and sale agreement of 100% of the capital of Zup I.T. Serviços em Tecnologia e Inovação S.A. (ZUP). The purchase will be carried out in three phases over four years. In the first phase, ITAÚ UNIBANCO HOLDING acquired 52.96% of ZUP’s total voting capital for approximately R$ 293, then holding the company’s control. In the third year, after the operation is closed, ITAÚ UNIBANCO HOLDING will acquire an additional 19.6% interest; in the fourth year, the remaining interest, so as to achieve 100% of ZUP’s capital.
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Effective acquisitions and financial settlements occurred on March 31, 2020, after obtaining the regulatory authorizations required.
Note 4—Interbank deposits and securities purchased under agreements to resell
03/31/2021 12/31/2020 Non- Non-
Current Total Current Total current current Securities purchased under agreements to resell (1) 180,462 224 180,686 239,848 87 239,935
Collateral held 44,411 224 44,635 63,087 87 63,174
Collateral repledge 115,634 — 115,634 150,591— 150,591
Assets received as collateral with right to sell or
14,942 — 14,942 20,367— 20,367 repledge Assets received as collateral without right to sell or 100,692 — 100,692 130,224— 130,224 repledge Collateral sold 20,417 — 20,417 26,170— 26,170 Interbank deposits 65,356 7,880 73,236 48,586 7,051 55,637
Total (2) 245,818 8,104 253,922 288,434 7,138 295,572
(1) The amounts of R$ 10,763 (R$ 11,119 at 12/31/2020) are pledged in guarantee of operations on B3 S.A.—Brasil, Bolsa, Balcão (B3) and Central Bank of Brazil and the amounts of R$ 136,023 (R$ 176,760 at 12/31/2020) are pledged in guarantee of repurchase commitment transactions.
(2) Includes losses in the amounts of R$ (59) (R$ (56) at 12/31/2020).
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Note 5 – Financial assets at fair value through profit or loss and designated at fair value through profit or loss—Securities
a) Financial assets at fair value through profit or loss—Securities are presented in the following table:
03/31/2021 12/31/2020
Adjustments to Fair Adjustments to Fair
Cost Fair value Cost (2) Fair value Value (in Income) Value (in Income)
Investment funds 11,052 (286) 10,766 15,407 (1,203) 14,204 Brazilian government securities (1a) 305,814 (865) 304,949 284,280 1,605 285,885 Government securities – abroad (1b) 8,180 (28) 8,152 8,199 11 8,210
Argentina 2,065 35 2,100 1,480 18 1,498 Chile 1,368 (7) 1,361 839 1 840 Colombia 1,787 (38) 1,749 3,599 4 3,603 United States 2,727 (17) 2,710 2,096 (11) 2,085 Mexico 18 (1) 17 5 — 5 Paraguay 4 — 4 3 — 3 Peru 8 — 8 4 1 5 Uruguay 66 — 66 40 1 41 Italy 137 — 137 133 (3) 130
Corporate securities (1c) 89,488 (1,724) 87,764 78,113 (1,081) 77,032
Shares 24,789 (1,146) 23,643 20,063 (1,016) 19,047 Rural product note 3,773 13 3,786 2,371 (22) 2,349 Bank deposit certificates 774 — 774 729 — 729 Real estate receivables certificates 661 (31) 630 561 (13) 548 Debentures 35,512 (598) 34,914 30,022 (85) 29,937 Eurobonds and other 2,821 9 2,830 2,341 42 2,383 Financial bills 15,605 2 15,607 15,784 (1) 15,783 Promissory notes 4,891 27 4,918 5,588 28 5,616 Other 662 — 662 654 (14) 640
Total 414,534 (2,903) 411,631 385,999 (668) 385,331
(1) Financial assets at fair value through profit or loss – Securities pledged as Guarantee of Funding of Financial Institutions and Customers were: a) R$ 18,567 (R$ 12,181 at 12/31/2020), b) R$ 863 (R$ 765 at 12/31/2020) and c) R$ 9,793 (R$ 8,566 at 12/31/2020), totaling R$ 29,223 (R$ 21,502 at 12/31/2020).
(2) In the period, the result of Adjustment to Fair Value of Financial Assets (particularly private securities) had their amounts affected by oscillations of rates and other market variables arising from the impact of the COVID-19 pandemic on the macroeconomic scenario in the period (Note 33a).
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.31

The cost and fair value per maturity of Financial Assets at Fair Value Through Profit or Loss—Securities were as follows:
03/31/2021 12/31/2020
Cost Fair value Cost Fair value Current 171,742 170,401 152,413 150,298
Non-stated maturity 35,841 34,409 35,470 33,251 Up to one year 135,901 135,992 116,943 117,047
Non-current 242,792 241,230 233,586 235,033
From one to five years 179,717 179,363 175,530 176,651 From five to ten years 42,301 41,242 37,783 37,600 After ten years 20,774 20,625 20,273 20,782
Total 414,534 411,631 385,999 385,331
Financial Assets at Fair Value Through Profit or Loss—Securities include assets with a fair value of R$ 201,905 (R$ 205,820 at 12/31/2020) that belong to investment funds wholly owned by Itaú Vida e Previdência S.A The return of those assets (positive or negative) is fully transferred to customers of our PGBL and VGBL private pension plans whose premiums (net of fees) are used by our subsidiary to purchase quotas of those investment funds.
b) Financial assets designated at fair value through profit or loss—Securities are presented in the following table:
03/31/2021
Adjustments to
Cost Fair value Fair Value (in Income)
Brazilian external debt bonds 2,602 5 2,607
Total 2,602 5 2,607
12/31/2020 Adjustments to
Cost Fair value Fair Value (in Income)
Brazilian external debt bonds 3,699 41 3,740
Total 3,699 41 3,740
The cost and fair value by maturity of financial assets designated as fair value through profit or loss—Securities were as follows:
03/31/2021 12/31/2020
Cost Fair value Cost Fair value
Current 1,504 1,513 1,806 1,826
Up to one year 1,504 1,513 1,806 1,826
Non-current 1,098 1,094 1,893 1,914
From one to five years 1,098 1,094 1,893 1,914
Total 2,602 2,607 3,699 3,740
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.32

Note 6 – Derivatives
ITAÚ UNIBANCO HOLDING trades in derivative financial instruments with various counterparties to manage its overall exposures and to assist its customers in managing their own exposures.
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.
The total value of margins pledged in guarantee by ITAÚ UNIBANCO HOLDING was R$ 14,666 (R$ 18,000 at 12/31/2020) and was basically comprised of government securities.
Further information on internal controls and parameters used to management risks, may be found in Note 32 – Risk and Capital Management.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.33

I—Derivatives Summary
See below the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and maturity date.
03/31/2021
(*) Over 720 Fair value % 0-30 31-90 91-180 181-365 366-720 days Assets
Swaps – adjustment receivable 37,340 49.6 165 531 916 2,987 6,177 26,564 Option agreements 22,704 30.2 3,107 2,546 1,748 13,644 1,064 595 Forwards 8,712 11.6 6,661 563 845 162 4 477 Credit derivatives 256 0.3 1 1 1 20 24 209 NDF—Non Deliverable Forward 5,705 7.6 1,539 1,084 1,234 1,106 496 246 Other Derivative Financial Instruments 509 0.7 264— 5 6 22 212
Total 75,226 100.0 11,737 4,725 4,749 17,925 7,787 28,303
% per maturity date 15.6 6.3 6.3 23.8 10.4 37.6
03/31/2021
(*) Over 720 Fair value % 0-30 31-90 91-180 181-365 366-720 days Liabilities
Swaps – adjustment payable (37,244) 50.4 (367) (1,007) (1,042) (3,159) (8,206) (23,463) Option agreements (24,592) 33.4 (3,594) (1,759) (3,651) (14,130) (854) (604) Forwards (6,761) 9.2 (6,293) — — (2) — (466) Credit derivatives (293) 0.4 — — — (10) (9) (274) NDF—Non Deliverable Forward (4,763) 6.5 (1,146) (1,053) (1,152) (774) (362) (276) Other Derivative Financial Instruments (61) 0.1 — (10) (1) (7) (8) (35)
Total (73,714) 100.0 (11,400) (3,829) (5,846) (18,082) (9,439) (25,118)
% per maturity date 15.5 5.2 7.9 24.5 12.8 34.1
(*) Comprises R$ (379) (R$ (621) at 12/31/2020) pegged to Libor and R$ (149) (R$ (126) at 12/31/2020) pegged to Euribor.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.34

See below the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and maturity date.
12/31/2020
(*) Over 720 Fair value % 0-30 31-90 91-180 181-365 366-720 days Assets
Swaps – adjustment receivable 46,019 60.2 4,064 515 629 1,808 5,117 33,886 Option agreements 20,418 26.7 10,103 2,325 523 5,935 992 540 Forwards 2,085 2.7 1,323 367 297 93 5 —Credit derivatives 156 0.2 — — 8 7 29 112 NDF—Non Deliverable Forward 7,596 9.9 2,088 2,345 1,387 1,255 323 198 Other Derivative Financial Instruments 230 0.3 56 1 6 1 12 154
Total 76,504 100.0 17,634 5,553 2,850 9,099 6,478 34,890
% per maturity date 23.0 7.3 3.7 11.9 8.5 45.6
12/31/2020
(*) Over 720 Fair value % 0-30 31-90 91-180 181-365 366-720 days Liabilities
Swaps – adjustment payable (51,789) 65.1 (7,344) (651) (1,135) (1,826) (5,573) (35,260) Option agreements (20,262) 25.5 (6,355) (1,969) (543) (9,869) (998) (528) Forwards (905) 1.1 (892) — (11) (2) — —Credit derivatives (76) 0.1 — — — (2) (9) (65) NDF—Non Deliverable Forward (6,426) 8.1 (2,200) (1,669) (1,013) (972) (301) (271) Other Derivative Financial Instruments (47) 0.1 — (1) (10) (1) (14) (21)
Total (79,505) 100.0 (16,791) (4,290) (2,712) (12,672) (6,895) (36,145)
% per maturity date 21.1 5.4 3.4 15.9 8.7 45.5
(*) In the period, the result of Derivative had its amounts affected by oscillations of rates and other market variables arising from the impact of the COVID-19 pandemic on the macroeconomic scenario in the period (Note 33a).
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.35

II—Derivatives by index and Risk Fator
Balance sheet account Adjustment to fair value Off-balance sheet receivable / (received) (in income / stockholders’ Fair value notional amount (payable) / paid equity) 03/31/2021 03/31/2021 03/31/2021 03/31/2021 Future contracts 671,851 — — -Purchase commitments 263,070 — — -
Shares 10,714 — — -Commodities 1,317 — — -Interest 222,691 — — -Foreign currency 28,348 — — -
Commitments to sell 408,781 — — -
Shares 8,703 — — -Commodities 2,730 — — -Interest 354,017 — — -Foreign currency 43,331 — — -
Swap contracts (2,815) 2,911 96 Asset position 1,335,675 13,503 23,837 37,340
Commodities 3,466 (29) 174 145 Interest 1,311,558 9,745 22,867 32,612 Foreign currency 20,651 3,787 796 4,583
Liability position 1,335,675 (16,318) (20,926) (37,244)
Shares 163 (21) 4 (17) Commodities 3,606 11 (146) (135) Interest 1,313,010 (12,112) (20,882) (32,994) Foreign currency 18,896 (4,196) 98 (4,098)
Option contracts 1,360,912 (2,382) 494 (1,888) Purchase commitments – long position 154,696 15,608 4,264 19,872
Shares 16,822 504 1,082 1,586 Commodities 496 19 32 51 Interest 72,140 322 11 333 Foreign currency 65,238 14,763 3,139 17,902
Commitments to sell – long position 544,817 3,853 (1,021) 2,832
Shares 22,746 914 119 1,033 Commodities 220 4 (3) 1 Interest 449,325 360 10 370 Foreign currency 72,526 2,575 (1,147) 1,428
Purchase commitments – short position 82,047 (18,506) (4,016) (22,522)
Shares 17,587 (481) (1,095) (1,576) Commodities 774 (29) (34) (63) Interest 2,363 (217) (3) (220) Foreign currency 61,323 (17,779) (2,884) (20,663)
Commitments to sell – short position 579,352 (3,337) 1,267 (2,070)
Shares 18,184 (640) (124) (764) Commodities 412 (16) 10 (6) Interest 491,715 (377) 64 (313) Foreign currency 69,041 (2,304) 1,317 (987)
Forward operations 16,866 1,961 (10) 1,951 Purchases receivable 3,585 3,830 (4) 3,826
Shares 455 455 (4) 451 Interest 3,130 3,375 — 3,375
Purchases payable obligations — (3,163) — (3,163)
Interest — (3,163) — (3,163)
Sales receivable 6,796 4,890 (4) 4,886
Shares 1,451 1,438 (4) 1,434 Interest 1 3,452 — 3,452 Foreign currency 5,344 — — -
Sales deliverable obligations 6,485 (3,596) (2) (3,598)
Interest 3,439 (3,596) — (3,596) Foreign currency 3,046 — (2) (2)
Credit derivatives 26,342 (533) 496 (37) Asset position 16,929 (221) 477 256
Shares 2,175 (54) 141 87 Commodities 21 — 1 1 Interest 14,733 (167) 335 168
Liability position 9,413 (312) 19 (293)
Shares 2,291 (79) 22 (57) Commodities 3 — — -Interest 7,119 (233) (3) (236)
NDF—Non Deliverable Forward 294,242 746 196 942 Asset position 135,741 5,543 162 5,705
Commodities 2,323 456 (39) 417 Foreign currency 133,418 5,087 201 5,288
Liability position 158,501 (4,797) 34 (4,763)
Commodities 584 (41) 6 (35) Foreign currency 157,917 (4,756) 28 (4,728)
Other derivative financial instruments 6,793 189 259 448 Asset position 5,987 205 304 509
Shares 167 (2) 4 2 Interest 5,820 207 36 243 Foreign currency — — 264 264
Liability position 806 (16) (45) (61)
Shares 640 (12) (19) (31) Interest 141 (4) (25) (29) Foreign currency 25 — (1) (1)
Asset 47,211 28,015 75,226 Liability (50,045) (23,669) (73,714) Total (2,834) (4,346) 1,512 Derivative contracts mature as follows (in days): Off-balance sheet – notional amount 0—30 31—180 181—365 Over 365 days 03/31/2021
Future contracts 224,055 235,177 95,656 116,963 671,851 Swap contracts 19,986 139,114 220,076 956,499 1,335,675 Option contracts 326,529 321,171 682,860 30,352 1,360,912 Forwards 9,365 6,559 505 437 16,866 Credit derivatives 994 2,351 9,187 13,810 26,342 NDF—Non Deliverable Forward 111,504 98,650 55,682 28,406 294,242 Other derivative financial instruments 3 426 1,031 5,333 6,793
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.36

Balance sheet account Adjustment to fair value Off-balance sheet receivable / (received) (in income / stockholders’ Fair value notional amount (payable) / paid equity) 12/31/2020 12/31/2020 12/31/2020 12/31/2020 Future contracts 781,453 — — -Purchase commitments 338,165 — — -
Shares 8,300 — — -Commodities 1,170 — — -Interest 304,454 — — -Foreign currency 24,241 — — -
Commitments to sell 443,288 — — -
Shares 7,535 — — -Commodities 2,201 — — -Interest 397,157 — — -Foreign currency 36,395 — — -
Swap contracts (6,054) 284 (5,770) Asset position 1,442,449 16,840 29,179 46,019
Commodities 278 1 — 1 Interest 1,423,134 14,030 27,953 41,983 Foreign currency 19,037 2,809 1,226 4,035
Liability position 1,442,449 (22,894) (28,895) (51,789)
Shares 108 (12) 2 (10) Commodities 341 (9) — (9) Interest 1,425,904 (19,112) (28,584) (47,696) Foreign currency 16,096 (3,761) (313) (4,074)
Option contracts 1,738,849 22 134 156 Purchase commitments – long position 131,134 14,538 1,828 16,366
Shares 12,400 345 976 1,321 Commodities 356 14 13 27 Interest 50,771 614 (282) 332 Foreign currency 67,607 13,565 1,121 14,686
Commitments to sell – long position 743,573 2,933 1,119 4,052
Shares 14,659 728 62 790 Commodities 75 2 (1) 1 Interest 659,826 1,087 1,373 2,460 Foreign currency 69,013 1,116 (315) 801
Purchase commitments – short position 129,150 (13,934) (1,797) (15,731)
Shares 13,080 (348) (1,119) (1,467) Commodities 899 (28) (18) (46) Interest 55,369 (532) 318 (214) Foreign currency 59,802 (13,026) (978) (14,004)
Commitments to sell – short position 734,992 (3,515) (1,016) (4,531)
Shares 13,200 (524) (156) (680) Commodities 246 (10) 6 (4) Interest 653,376 (978) (1,317) (2,295) Foreign currency 68,170 (2,003) 451 (1,552)
Forward operations 23,989 1,195 (15) 1,180 Purchases receivable 18,666 1,014 (3) 1,011
Shares 304 304 (3) 301 Interest 584 710 — 710 Foreign currency 17,778 — — -
Purchases payable obligations — (584) — (584)
Interest — (584) — (584)
Sales receivable 1,132 1,073 1 1,074
Shares 770 765 1 766 Interest — 308 — 308 Foreign currency 362 — — -
Sales deliverable obligations 4,191 (308) (13) (321)
Interest 308 (308) — (308) Foreign currency 3,883 — (13) (13)
Credit derivatives 20,060 (432) 512 80 Asset position 15,877 (270) 426 156
Shares 2,796 (84) 172 88 Commodities 19 — 1 1 Interest 13,062 (186) 253 67
Liability position 4,183 (162) 86 (76)
Shares 1,154 (45) 11 (34) Commodities 3 — — -Interest 3,026 (117) 75 (42)
NDF—Non Deliverable Forward 313,463 1,214 (44) 1,170 Asset position 156,542 7,467 129 7,596
Commodities 1,715 278 (16) 262 Foreign currency 154,827 7,189 145 7,334
Liability position 156,921 (6,253) (173) (6,426)
Commodities 975 (37) (1) (38) Foreign currency 155,946 (6,216) (172) (6,388)
Other derivative financial instruments 6,413 181 2 183 Asset position 5,274 196 34 230
Shares 47 (3) 3 -Interest 5,225 199 (26) 173 Foreign currency 2 — 57 57
Liability position 1,139 (15) (32) (47)
Shares 705 (6) (22) (28) Interest 434 (9) (10) (19)
Asset 43,791 32,713 76,504 Liability (47,665) (31,840) (79,505) Total (3,874) 873 (3,001) Derivative contracts mature as follows (in days): Off-balance sheet – notional amount 0—30 31—180 181—365 Over 365 days 12/31/2020
Future contracts 305,076 242,842 108,338 125,197 781,453 Swap contracts 272,932 123,360 118,617 927,540 1,442,449 Option contracts 1,012,965 216,425 250,966 258,493 1,738,849 Forwards 19,013 3,999 972 5 23,989 Credit derivatives — 8,515 804 10,741 20,060 NDF—Non Deliverable Forward 131,205 124,470 38,006 19,782 313,463 Other derivative financial instruments 15 709 279 5,410 6,413
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.37

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. 03/31/2021 NDF—Non Other derivative Future Option Swap contracts Forwards Credit derivatives Deliverable financial contracts contracts Forward instruments Stock exchange 671,851 697,321 1,245,166 10,297 6,240 71,174 -Over-the-counter market — 638,354 115,746 6,569 20,102 223,068 6,793 Financial institutions — 555,179 79,195 5,367 20,102 101,256 5,466 Companies — 77,750 35,135 1,202 — 120,763 1,327 Individuals — 5,425 1,416 — — 1,049 - Total 671,851 1,335,675 1,360,912 16,866 26,342 294,242 6,793 12/31/2020 NDF—Non Other derivative Future Option Swap contracts Forwards Credit derivatives Deliverable financial contracts contracts Forward instruments Stock exchange 781,453 835,744 1,617,643 23,097 3,743 67,887 -Over-the-counter market — 606,705 121,206 892 16,317 245,576 6,413 Financial institutions — 531,303 84,865 892 16,317 124,124 5,140 Companies — 69,337 35,021 — — 120,476 1,273 Individuals — 6,065 1,320 — — 976 - Total 781,453 1,442,449 1,738,849 23,989 20,060 313,463 6,413 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.38

IV—Credit derivatives ITAÚ UNIBANCO HOLDING 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, 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. 03/31/2021 Maximum potential From 1 to 3 From 3 to 5 of future payments, Up to 1 year Over 5 years years years gross By instrument CDS 11,260 1,286 4,283 4,758 933 TRS 10,935 10,935 — — - Total by instrument 22,195 12,221 4,283 4,758 933 By risk rating Investment grade 908 324 407 92 85 Below investment grade 21,287 11,897 3,876 4,666 848 Total by risk 22,195 12,221 4,283 4,758 933 By reference entity Brazilian government 17,677 11,367 1,777 3,849 684 Governments – abroad 350 71 134 60 85 Private entities 4,168 783 2,372 849 164 Total by entity 22,195 12,221 4,283 4,758 933 12/31/2020 Maximum potential From 1 to 3 From 3 to 5 of future payments, Up to 1 year Over 5 years years years gross By instrument CDS 8,501 1,181 3,928 3,372 20 TRS 7,854 7,854 — — - Total by instrument 16,355 9,035 3,928 3,372 20 By risk rating Investment grade 752 296 372 84 -Below investment grade 15,603 8,739 3,556 3,288 20 Total by risk 16,355 9,035 3,928 3,372 20 By reference entity Brazilian government 12,433 8,255 1,627 2,551 -Governments – abroad 243 66 122 55 -Private entities 3,679 714 2,179 766 20 Total by entity 16,355 9,035 3,928 3,372 20 ITAÚ UNIBANCO HOLDING assesses the risk of a credit derivative based on the credit ratings attributed to the reference entity by independent credit rating agencies. Investment grade entities are those for which credit risk is rated as Baa3 or higher, as rated by Moody’s, and BBB- or higher, by Standard & Poor’s and Fitch Ratings. The following table presents the notional amount of credit derivatives purchased. The underlying amounts are identical to those for which ITAÚ UNIBANCO HOLDING has sold credit protection. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.39

03/31/2021 Notional amount of credit protection Notional amount of credit purchased with identical underlying Net position protection sold amount CDS (11,260) 4,147 (7,113) TRS (10,935) — (10,935) Total (22,195) 4,147 (18,048) 12/31/2020 Notional amount of credit protection Notional amount of credit purchased with identical underlying Net position protection sold amount CDS (8,501) 3,705 (4,796) TRS (7,854) — (7,854) Total (16,355) 3,705 (12,650) Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.40

V—Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements The following tables set forth the financial assets and liabilities that are subject to offsetting, enforceable master netting arrangements and similar agreements, as well as how these financial assets and liabilities have been presented in ITAÚ UNIBANCO HOLDING’s consolidated financial statements. These tables also reflect the amounts of collateral pledged or received in relation to financial assets and liabilities subject to enforceable arrangements that have not been presented on a net basis in accordance with IAS 32. Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements: 03/31/2021 Gross amount of Net amount of financial Related amounts not offset in the Balance Sheet (2) Gross amount offset in recognized financial assets presented in the Total (1) the Balance Sheet assets Balance Sheet Financial instruments (3) Cash collateral received Securities purchased under agreements to resell 180,686 — 180,686 (1,848) — 178,838 Derivatives financial instruments 75,226 — 75,226 (10,820) — 64,406 12/31/2020 Gross amount of Net amount of financial Related amounts not offset in the Balance Sheet (2) Gross amount offset in recognized financial assets presented in the Total (1) the Balance Sheet assets Balance Sheet Financial instruments (3) Cash collateral received Securities purchased under agreements to resell 239,935 — 239,935 (1,657) — 238,278 Derivatives financial instruments 76,504 — 76,504 (15,621) — 60,883 Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements: 03/31/2021 Gross amount of Net amount of financial Related amounts not offset in the Balance Sheet (2) Gross amount offset in recognized financial liabilities presented in the Total (1) the Balance Sheet liabilities Balance Sheet Financial instruments (3) Cash collateral pledged Securities sold under repurchase agreements 254,278 — 254,278 (41,664) — 212,614 Derivatives financial instruments 73,714 — 73,714 (10,820) (3,075) 59,819 12/31/2020 Gross amount of Net amount of financial Related amounts not offset in the Balance Sheet (2) Gross amount offset in recognized financial liabilities presented in the Total (1) the Balance Sheet liabilities Balance Sheet Financial instruments (3) Cash collateral pledged Securities sold under repurchase agreements 273,364 — 273,364 (42,161) — 231,203 Derivatives financial instruments 79,505 — 79,505 (15,621) (574) 63,310 (1) Includes amounts of master offset agreements and other such agreements, both enforceable and unenforceable. (2) Limited to amounts subject to enforceable master offset agreements and other such agreements. (3) Includes amounts subject to enforceable master offset agreements and other such agreements, and guarantees in financial instruments. Financial assets and financial liabilities are offset in the balance sheet only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. Derivatives financial instruments and repurchased agreements not set off in the balance sheet relate to transactions in which there are enforceable master netting agreements or similar agreements, but the offset criteria have not been met in accordance with paragraph 42 of IAS 32 mainly because ITAÚ UNIBANCO HOLDING has no intention to settle on a net basis, or realize the asset and settle the liability simultaneously. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.41

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Note 7 – Hedge accounting There are three types of hedge relations: Fair value hedge, Cash flow hedge and Hedge of net investment in foreign operations. In hedge accounting, the groups of risk factors measured by ITAÚ UNIBANCO HOLDING are: • Interest Rate: Risk of loss in transactions subject to interest rate variations; • Currency: Risk of loss in transactions subject to foreign exchange variation. The structure of risk limits is extended to the risk factor level, where specific limits aim at improving the monitoring and understanding process, as well as avoiding concentration of these risks. The structures designed for interest rate and exchange rate categories take into account total risk when there are compatible hedging instruments. In certain cases, management may decide to hedge a risk for the risk factor term and limit of the hedging instrument. The other risk factors hedged by the institution are shown in Note 32. To protect cash flows and fair value of instruments designated as hedged items, ITAÚ UNIBANCO HOLDING uses derivative financial instruments and financial assets. Currently, Futures Contracts, Options, NDF (non deliverable forwards), Forwards, Swaps and Financial Assets are used. ITAÚ UNIBANCO HOLDING manages risks through the economic relationship between hedging instruments and hedged items, where the expectation is that these instruments will move in opposite directions and in the same proportion, with the purpose of neutralizing risk factors. The designated coverage ratio is always 100% of the risk factor eligible for coverage. Sources of ineffectiveness are in general related to the counterparty’s credit risk and possible mismatches of terms between the hedging instrument and the hedged item. a) Cash flow hedge The cash flow hedge strategies of ITAÚ UNIBANCO HOLDING consist of hedging exposure to variations in cash flows, in interest payment and currency exposure which are attributable to changes in interest rates on recognized and unrecognized assets and liabilities. ITAÚ UNIBANCO HOLDING applies cash flow hedge strategies as follows: Interest rate risks: • Hedge of time deposits and repurchase agreements: to hedge fluctuations in cash flows of interest payments resulting from changes in the DI interest rate, through futures contracts; • Hedge of asset transactions: to hedge fluctuations in cash flows of interest receipts resulting from changes in the DI rate, through futures contracts; • Hedge of assets denominated in UF*: to hedge fluctuations in cash flows of interest receipts resulting from changes in the UF*, through swap contracts; • Hedge of Funding: to hedge fluctuations in cash flows of interest payments resulting from changes in the TPM* rate, through swap contracts; • Hedge of loan operations: to hedge fluctuations in cash flows of interest receipts resulting from changes in the TPM* rate, through swap contracts; • Hedge of repurchase agreements: to hedge fluctuations in cash flows of interest received from changes in Selic (benchmark interest rate), through futures contracts; • Hedging of expected highly probable transactions: to hedge the risk of variation in the amount of the commitments assumed when resulting from variation in the exchange rates. *UF – Chilean unit of account / TPM – Monetary policy rate ITAÚ UNIBANCO HOLDING does not use the qualitative method to evaluate the effectiveness or to measure the ineffectiveness of these strategies. For cash flow hedge strategies, ITAÚ UNIBANCO HOLDING uses the hypothetical derivative method. This method is based on a comparison of the change in the fair value of a hypothetical derivative with terms identical to the critical terms of the variable-rate liability, and this change in the fair value is considered a proxy of the present value of the cumulative change in the future cash flow expected for the hedged liability. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.42

03/31/2021 Hedged item Hedge instrument Book Value Variation in fair Strategies Heading Variation in value Cash flow Notional value used to recognized in Other hedge Assets Liabilities Amount calculate hedge comprehensive income reserve ineffectiveness Interest rate risk Securities purchased under Hedge of deposits and repurchase agreements — 78,256 (515) (515) 78,257 (514) agreements to resell Loans and lease operations and Hedge of assets transactions 4,100 — 10 10 4,110 10 Securities Securities purchased under Hedge of asset-backed securities under repurchase agreements 28,789 — 16 16 29,814 16 agreements to resell Hedge of loan operations Loans and lease operations 318 — 10 10 308 12 Hedge of funding Deposits — 1,808 (6) (6) 1,803 (6) Hedge of assets denominated in UF Securities 21,575 — (36) (36) 21,611 (36) Foreign exchange risk Hedge of highly probable forecast transactions 427 — (94) 181 427 (94) Total 55,209 80,064 (615) (340) 136,330 (612) 12/31/2020 Hedged item Hedge instrument Book Value Variation in fair Strategies Heading Variation in value Cash flow Notional value used to recognized in Other hedge Assets Liabilities Amount calculate hedge comprehensive income reserve ineffectiveness Interest rate risk Securities purchased under Hedge of deposits and repurchase agreements — 103,407 (2,423) (2,458) 103,407 (2,429) agreements to resell Loans and lease operations and Hedge of assets transactions 5,673 — 66 66 5,743 66 Securities Securities purchased under Hedge of asset-backed securities under repurchase agreements 29,533 — 697 697 31,417 699 agreements to resell Hedge of loan operations Loans and lease operations 327 — 12 12 316 15 Hedge of funding Deposits — 2,007 (10) (10) 1,996 (11) Hedge of assets denominated in UF Securities 16,674 — (4) (4) 16,677 (1) Foreign exchange risk Hedge of highly probable forecast transactions 1,314 — (105) 148 1,314 (105) Total 53,521 105,414 (1,767) (1,549) 160,870 (1,766) For strategies of deposits and repurchase agreements to resell, asset transactions and asset-backed securities under repurchase agreements, the entity frequently reestablishes the coverage ratio, since both the hedged item and the instruments change over time. This occurs because they are portfolio strategies that reflect the risk management strategy guidelines approved in the proper authority level. The remaining balance in the reserve of cash flow hedge for which the hedge accounting is no longer applied is R$ 275 (R$ 218 at 12/31/2020). 03/31/2021 Book Value (*) Variations in fair Variation in value Hedge ineffecti- Amount Hedge Instruments Notional value used to recognized in Other veness reclassified from amount calculate hedge comprehensive recognized in Cash flow hedge Assets Liabilities ineffectiveness income income reserve to income Interest rate risk Futures 112,181 112 — (488) (489) 1 (13) Swap 23,722 1,808 21,896 (30) (32) 2 — Foreign exchange risk Futures 427 — 618 (94) (94) — — Total 136,330 1,920 22,514 (612) (615) 3 (13) 12/31/2020 (*) Variations in fair Variation in value Hedge ineffecti- Amount Book Value Hedge Instruments Notional value used to recognized in Other veness reclassified from amount Assets Liabilities calculate hedge comprehensive recognized in Cash flow hedge ineffectiveness income income reserve to income Interest rate risk Futures 140,567 146 — (1,664) (1,660) (4) (381) Swap 18,989 2,007 17,006 3 (2) 5 — Foreign exchange risk Futures 1,314 5 298 (105) (105) — — Total 160,870 2,158 17,304 (1,766) (1,767) 1 (381) (*) Amounts recorded under heading Derivatives. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.43

b) Hedge of net investment in foreign operations ITAÚ UNIBANCO HOLDING’s strategies for net investments in foreign operations consist of hedging the exposure in the functional currency of the foreign operation against the functional currency of head office. The risk hedged in this type of strategy is the currency risk. ITAÚ UNIBANCO HOLDING does not use the qualitative method to evaluate the effectiveness or to measure the ineffectiveness of these strategies. Instead, ITAÚ UNIBANCO HOLDING uses the Dollar Offset Method, which is based on a comparison of the change in fair value (cash flow) of the hedging instrument, attributable to changes in the exchange rate and the gain (loss) arising from variations in exchange rates on the amount of investment abroad designated as the object of the hedge. 03/31/2021 Hedged item Hedge instrument Strategies Book Value (2) Variation in value Variation in fair value Foreign currency Notional used to calculate recognized in Other convertion reserve amount hedge Assets Liabilities comprehensive income ineffectiveness Foreign exchange risk Hedge of net investment in foreign operations (1) 17,654 — (16,709) (16,709) 25,888 (16,777) Total 17,654 — (16,709) (16,709) 25,888 (16,777) 12/31/2020 Hedged item Hedge instrument Strategies Book Value (2) Variation in value Variation in fair value Foreign currency Notional used to calculate recognized in Other convertion reserve amount hedge Assets Liabilities comprehensive income ineffectiveness Foreign exchange risk Hedge of net investment in foreign operations (1) 15,277 — (14,598) (14,598) 24,619 (14,601) Total 15,277 — (14,598) (14,598) 24,619 (14,601) (1) Hedge instruments consider the gross tax position. (2) Amounts recorded under heading Derivatives—Hedge of investments in foreign operation. 03/31/2021 Book Value (*) Variations in fair Variation in the value Hedge Amount reclassified Hedge instruments Notional value used to recognized in Other ineffectiveness from foreign currency amount Assets Liabilities calculate hedge comprehensive recognized in convertion reserve ineffectiveness income income into income Foreign exchange risk Futures 41,752 510 — (21,316) (21,211) (105) — Forward (5,510) 5,499 — 631 601 30 — NDF—Non Deliverable Forward (10,325) — 317 3,673 3,664 9 — Financial Assets (29) 29 — 235 237 (2) — Total 25,888 6,038 317 (16,777) (16,709) (68) — 12/31/2020 (*) Variations in fair Variation in the value Hedge Amount reclassified Book Value Hedge instruments Notional value used to recognized in Other ineffectiveness from foreign currency amount calculate hedge comprehensive recognized in convertion reserve Assets Liabilities ineffectiveness income income into income Foreign exchange risk Futures 44,186 — 150 (18,732) (18,695) (37) — Forward (4,262) 4,474 — 332 305 27 — NDF—Non Deliverable Forward (15,196) 538 — 3,556 3,547 9 — Financial Assets (109) 109 — 243 245 (2) — Total 24,619 5,121 150 (14,601) (14,598) (3) — (*) Amounts recorded under heading Derivatives. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.44

c) Fair value hedge The fair value hedging strategy of ITAÚ UNIBANCO HOLDING consists of hedging the exposure to variation in fair value on the receipt and payment of interest on recognized assets and liabilities. ITAÚ UNIBANCO HOLDING applies fair value hedges as follows: Interest rate risk: • To protect the risk of variation in the fair value of receipt and payment of interest resulting from variations in the fair value of the variable rates involved, by contracting swaps and futures. ITAÚ UNIBANCO HOLDING does not use the qualitative method to evaluate the effectiveness or to measure the ineffectiveness of these strategies. Instead, ITAÚ UNIBANCO HOLDING uses the percentage approach and dollar offset method: • The percentage approach is based on the calculation of change in the fair value of the revised estimate for the hedged position (hedged item) attributable to the protected risk versus the change in the fair value of the derivative hedging instrument. • The dollar offset method is based on the difference between the variation in the fair value of the hedging instrument and the variation in the fair value of the hedged item attributed to changes in the interest rate. The effects of hedge accounting on the financial position and performance of ITAÚ UNIBANCO HOLDING are presented below: 03/31/2021 Hedge Item Hedge Instruments (2) Book Value (1) Fair value Variation in fair Strategies Variation in fair value Notional value used to recognized in amount calculate hedge Assets Liabilities Assets Liabilities income ineffectiveness Interest rate risk Hedge of loan operations 9,363 — 9,686 — 323 9,363 (326) Hedge of funding — 12,562 — 13,369 (807) 12,562 807 Hedge of securities at fair value through other 9,842 — 9,754 — (88) 10,461 115 comprehensive income Total 19,205 12,562 19,440 13,369 (572) 32,386 596 12/31/2020 Hedge Item Hedge Instruments Book Value (1) Fair value Variation in fair Strategies Variation in fair value Notional value used to recognized in amount calculate hedge Assets Liabilities Assets Liabilities income ineffectiveness Interest rate risk Hedge of loan operations 9,205 — 9,616 — 411 9,205 (423) Hedge of funding — 10,200 — 11,591 (1,391) 10,200 1,390 Hedge of securities at fair value through other 10,192 — 10,412 — 220 10,383 (226) comprehensive income Total 19,397 10,200 20,028 11,591 (760) 29,788 741 (1) Amounts recorded under heading Deposits, Securities, Funds from Interbank Markets and Loan and Lease Operations. (2) Comprises the amount of R$ 4,930 (R$ 4,915 at 12/31/2020) related to instruments exposed by the change in reference interest rates—IBORs. For loan operations strategies, the entity reestablishes the coverage ratio, since both the hedged item and the instruments change over time. This occurs because they are portfolio strategies that reflect the risk management strategy guidelines approved in the proper authority level. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.45

03/31/2021 Book value (1) Variation in fair value used Hedge Instruments Notional to calculate hedge Hedge ineffectiveness amount Assets Liabilities recognized in income ineffectiveness Interest rate risk Swap (2) 32,386 2,656 6,791 596 24 Total 32,386 2,656 6,791 596 24 12/31/2020 Hedge Instruments Notional Book value (1) Variation in fair value used Hedge ineffectiveness to calculate hedge amount Assets Liabilities recognized in income ineffectiveness Interest rate risk Swap (2) 29,788 2,871 5,812 741 (19) Total 29,788 2,871 5,812 741 (19) (1) Amounts recorded under heading Derivatives. (2) At the current period, there was no amount that is no longer qualified as hedge and effect on result (R$ 183 at 12/31/2020, with effect on result of R$ (17) from 01/01 to 12/31/2020). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.46

The table below presents, for each strategy, the notional amount and the fair value adjustments of hedge instruments and the book value of the hedged item: 03/31/2021 12/31/2020 Strategies Hedge instruments Hedged item Hedge instruments Hedged item Fair value Notional Fair value Notional amount Book Value Book Value adjustments amount adjustments Hedge of deposits and repurchase agreements 78,257 97 78,256 103,407 158 103,407 Hedge of highly probable forecast transactions 427 (94) 427 1,314 (105) 1,314 Hedge of net investment in foreign operations 25,888 5,721 17,654 24,619 4,971 15,277 Hedge of loan operations (Fair value) 9,363 (326) 9,363 9,205 (423) 9,205 Hedge of loan operations (Cash flow) 308 12 318 316 15 327 Hedge of funding (Fair value) 12,562 807 12,562 10,200 1,390 10,200 Hedge of funding (Cash flow) 1,803 (6) 1,808 1,996 (11) 2,007 Hedge of assets transactions 4,110 10 4,100 5,743 66 5,673 Hedge of asset-backed securities under repurchase agreements 29,814 14 28,789 31,417 (11) 29,533 Hedge of assets denominated in UF 21,611 (36) 21,575 16,677 (1) 16,674 Hedge of securities at fair value through other comprehensive income 10,461 115 9,842 10,383 (226) 10,192 Total 6,314 5,823 The table below shows the breakdown by maturity of the hedging strategies: 03/31/2021 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 repurchase agreements 28,529 12,676 12,562 11,450 6,634 6,406 — 78,257 Hedge of highly probable forecast transactions 427 — — — — — — 427 Hedge of net investment in foreign operations (*) 25,888 — — — — — — 25,888 Hedge of loan operations (Fair value) 2,795 1,948 1,246 746 749 1,879 — 9,363 Hedge of loan operations (Cash flow) 269 39 — — — — — 308 Hedge of funding (Fair value) 380 554 1,391 199 785 6,669 2,584 12,562 Hedge of funding (Cash flow) 1,567 28 208 — — — — 1,803 Hedge of assets transactions 4,110 — — — — — — 4,110 Hedge of asset-backed securities under repurchase agreements 10,564 14,726 3,776 748 — — — 29,814 Hedge of assets denominated in UF 14,093 7,518 — — — — — 21,611 Hedge of securities at fair value through other comprehensive income 7,053 77 — 102 1,242 1,987 — 10,461 Total 95,675 37,566 19,183 13,245 9,410 16,941 2,584 194,604 12/31/2020 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 repurchase agreements 70,200 9,077 13,059 5,504 4,848 719 — 103,407 Hedge of highly probable forecast transactions 1,314 — — — — — — 1,314 Hedge of net investment in foreign operations (*) 24,619 — — — — — — 24,619 Hedge of loan operations (Fair value) 2,999 1,793 1,297 447 898 1,771 — 9,205 Hedge of loan operations (Cash flow) 212 104 — — — — — 316 Hedge of funding (Fair value) 213 657 549 176 581 5,448 2,576 10,200 Hedge of funding (Cash flow) 1,765 27 204 — — — — 1,996 Hedge of assets transactions 3,604 2,139 — — — — — 5,743 Hedge of asset-backed securities under repurchase agreements 22,186 2,297 6,130 — 804 — — 31,417 Hedge of assets denominated in UF 15,400 1,277 — — — — — 16,677 Hedge of securities at fair value through other comprehensive income 5,876 1,382 10 — 719 2,396 — 10,383 Total 148,388 18,753 21,249 6,127 7,850 10,334 2,576 215,277 (*) Classified as current, since instruments are frequently renewed. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.47

Note 8 – Financial assets at fair value through other comprehensive income—Securities The fair value and corresponding gross carrying amount of Financial Assets at Fair Value Through Other Comprehensive Income—Securities assets are as follows: 03/31/2021 12/31/2020 Fair value Fair value Gross Gross adjustments (in Expected adjustments (in Expected carrying Fair value carrying Fair value stockholders’ loss stockholders’ loss amount amount (2) equity) equity) Brazilian government securities (1a) 66,719 370 — 67,089 65,235 2,714 — 67,949 Other government securities 36 — (36) — 36 — (36) -Government securities – abroad (1b) 29,017 (266) (2) 28,749 34,365 38 (1) 34,402 Argentina 13 — — 13 — — — -Colombia 4,518 (57) — 4,461 3,913 73 — 3,986 Chile 15,158 (158) — 15,000 21,639 12 — 21,651 United States 4,133 — — 4,133 3,751 (1) — 3,750 Mexico 1,193 1 (1) 1,193 1,180 1 — 1,181 Paraguay 3,267 (60) (1) 3,206 3,008 (60) (1) 2,947 Uruguay 735 8 — 743 874 13 — 887 Corporate securities (1c) 6,490 (479) (53) 5,958 7,799 (152) (56) 7,591 Shares 1,648 (547) — 1,101 1,640 (258) — 1,382 Bank deposit certificates 82 2 — 84 305 2 — 307 Debentures 438 (17) (43) 378 956 (23) (44) 889 Eurobonds and other 4,319 83 (7) 4,395 4,895 127 (9) 5,013 Other 3 — (3) — 3 — (3) - Total 102,262 (375) (91) 101,796 107,435 2,600 (93) 109,942 (1) Financial assets at fair value through other comprehensive income—Securities pledged in guarantee of funding transactions of financial institutions and customers were: a) R$ 53,247 (R$ 35,203 at 12/31/2020), b) R$ 1,929 (R$ 2,398 at 12/31/2020) and c) R$ 1,736 (R$ 518 at 12/31/2020), totaling R$ 56,912 (R$ 38,119 at 12/31/2020). (2) In the period, the result of Adjustment to Fair Value of Financial Assets (particularly private securities) had their amounts affected by oscillations of rates and other market variables arising from the impact of the COVID-19 pandemic on the macroeconomic scenario in the period (Note 33a). The gross carrying amount and the fair value of financial assets through other comprehensive income—securities by maturity are as follows: 03/31/2021 12/31/2020 Gross Gross carrying Fair value carrying Fair value amount amount Current 20,592 20,002 33,094 32,872 Non-stated maturity 1,648 1,101 1,640 1,382 Up to one year 18,944 18,901 31,454 31,490 Non-current 81,670 81,794 74,341 77,070 From one to five years 59,994 60,304 52,825 54,452 From five to ten years 15,312 15,605 14,084 14,852 After ten years 6,364 5,885 7,432 7,766 Total 102,262 101,796 107,435 109,942 Equity instruments at fair value through other comprehensive income—securities are presented in the table below: 03/31/2021 Gross carrying Adjustments to fair value Expected loss Fair Value amount (in Stockholders’ equity) Shares 1,648 (547) — 1,101 Total 1,648 (547) — 1,101 12/31/2020 Gross carrying Adjustments to fair value Expected loss Fair Value amount (in Stockholders’ equity) Shares 1,640 (258) — 1,382 Total 1,640 (258) — 1,382 In the period there was no receipt of dividends and there was no reclassification in Stockholders´ Equity. ITAÚ UNIBANCO HOLDING adopted the option of designating equity instruments at fair value through other comprehensive income due to the particularities of a certain market. 03/31/2021 12/31/2020 Gross carrying Gross carrying Fair Value Fair Value amount amount Current 1,648 1,101 1,640 1,382 Non-stated maturity 1,648 1,101 1,640 1,382 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.48

Reconciliation of expected loss for Other financial assets, segregated by stages: Expected Expected Gains / Transfer to Transfer to Cure from Cure from Stage 1 loss Purchases Settlements loss (Losses) stage 2 stage 3 stage 2 stage 3 12/31/2020 03/31/2021 Financial assets at fair value through other comprehensive (93) (1) — 3 — — — — (91) income Brazilian government securities (36) — — — — — — — (36) Other (36) — — — — — — — (36) Government securities—abroad (1) (1) — - — — — - (2) Corporate securities (56) — — 3 — — — — (53) Debentures (44) 1 — — — — — — (43) Eurobonds and other (9) (1) — 3 — — — — (7) Other (3) — — — — — — — (3) Expected Expected Gains / Transfer to Transfer to Cure from Cure from Stage 1 loss Purchases Settlements loss (Losses) stage 2 stage 3 stage 2 stage 3 12/31/2019 12/31/2020 Financial assets at fair value through other comprehensive (86) (8) (17) 18 — — — — (93) income Brazilian government securities (36) — — — — — — — (36) Other (36) — — — — — — — (36) Government securities—abroad (3) 2 (1) 1 — — — - (1) Corporate securities (47) (10) (16) 17 — — — — (56) Debentures (43) — (1) — — — — — (44) Eurobond and other (1) (10) (15) 17 — — — — (9) Other (3) — — — — — — — (3) Note 9—Financial assets at amortized cost—Securities The Financial assets at amortized cost—Securities are as follows: 03/31/2021 12/31/2020 Net Net Amortized Expected Amortized Expected Amortized Amortized Cost Loss Cost Loss (1a) Cost Cost Brazilian government securities 66,106 (42) 66,064 64,568 (44) 64,524 Government securities – abroad (1b) 23,762 (15) 23,747 19,095 (14) 19,081 Colombia 491 — 491 500 — 500 Chile 781 — 781 705 (1) 704 Korea 5,470 (7) 5,463 3,951 (4) 3,947 Spain 5,477 (4) 5,473 4,847 (3) 4,844 United States 171 — 171 — — -Mexico 11,350 (4) 11,346 9,042 (6) 9,036 Uruguay 22 — 22 50 — 50 Corporate securities (1c) 45,609 (2,596) 43,013 46,141 (3,007) 43,134 Rural product note 3,494 (24) 3,470 3,499 (25) 3,474 Bank deposit certificates 22 — 22 30 — 30 Real estate receivables certificates 4,687 (13) 4,674 4,806 (12) 4,794 Debentures 34,592 (2,541) 32,051 34,849 (2,952) 31,897 Eurobonds and other 263 (1) 262 209 (1) 208 Promissory notes 1,876 (10) 1,866 2,023 (10) 2,013 Other 675 (7) 668 725 (7) 718 Total 135,477 (2,653) 132,824 129,804 (3,065) 126,739 (1) Financial Assets at Amortized Cost – Securities Pledged as Collateral of Funding Transactions of Financial Institutions and Customers were: a) R$ 25,409 (R$ 13,786 at 12/31/2020); b) R$ 13,102 and c) with no amount at the current period (R$ 14,364 at 12/31/2020), totaling R$ 38,511 (R$ 28,150 at 12/31/2020). The amortized cost of Financial assets at amortized cost—Securities by maturity is as follows: 03/31/2021 12/31/2020 Net Amortized Net Amortized Amortized Cost Amortized Cost Cost Cost Current 28,609 28,058 38,285 37,672 Up to one year 28,609 28,058 38,285 37,672 Non-current 106,868 104,766 91,519 89,067 From one to five years 70,263 69,245 56,447 55,070 From five to ten years 30,596 29,854 24,434 23,697 After ten years 6,009 5,667 10,638 10,300 Total 135,477 132,824 129,804 126,739 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.49

Reconciliation of expected loss to financial assets at amortized cost - securities, segregated by stages: Expected Expected Gains / Transfer to Transfer to Cure from Cure from Stage 1 loss Purchases Settlements loss (Losses) Stage 2 Stage 3 Stage 2 Stage 3 12/31/2020 03/31/2021 Financial assets at amortized cost (185) 14 (17) 3 — — — — (185) Brazilian government securities (44) 2 — — — — — — (42) Government securities—abroad (14) 10 (11) — — — — — (15) Chile (1) 1 — — — — — — — Colombia — — (3) — — — — — (3) Korea (4) — — — — — — — (4) Spain (3) 1 (2) — — — — — (4) Mexico (6) 8 (6) — — — — — (4) Corporate securities (127) 2 (6) 3 — — — — (128) Rural product note (23) 2 (4) 1 — — — — (24) Real estate receivables certificates (8) (1) — — — — — — (9) Debentures (78) 1 (2) 2 — — — — (77) Eurobond and other (1) — — — — — — — (1) Promissory notes (10) — — — — — — — (10) Other (7) — — — — — — — (7) Expected Expected Gains / Transfer to Transfer to Cure from Cure from Stage 2 loss Purchases Settlements loss (Losses) Stage 1 Stage 3 Stage 1 Stage 3 12/31/2020 03/31/2021 Financial assets at amortized cost (53) (4) — 4 — — — — (53) Corporate securities (53) (4) — 4 — — — — (53) Rural product note (2) 2 — — — — — — — Real estate receivables certificates (4) — — — — — — — (4) Debentures (47) (6) 4 — — — — (49) Expected Expected Gains / Transfer to Transfer to Cure from Cure from Stage 3 loss Purchases Settlements loss (Losses) Stage 1 Stage 2 Stage 1 Stage 2 12/31/2020 03/31/2021 Financial assets at amortized cost (2,827) 53 — 359 — — — — (2,415) Corporate securities (2,827) 53 — 359 — — — — (2,415) Debentures (2,827) 53 359 — — — — (2,415) Expected Expected Gains / Transfer to Transfer to Cure from Cure from Stage 1 loss Purchases Settlements loss (Losses) Stage 2 Stage 3 Stage 2 Stage 3 12/31/2019 12/31/2020 Financial assets at amortized cost (198) (113) (172) 311 21 — — (34) (185) Brazilian government securities (52) 8 — — — — — — (44) Government securities—abroad — 8 (34) 12 — — — — (14) Chile — (1) — — — — — — (1) Colombia — — (2) 2 — — — — -Korea — 7 (14) 3 — — — — (4) Spain — — (3) — — — — — (3) Mexico — 2 (15) 7 — — — — (6) Corporate securities (146) (129) (138) 299 21 — — (34) (127) Rural product note (9) 15 (44) 15 — — — — (23) Real estate receivables certificates (2) (10) (9) 13 — — — — (8) Debentures (131) (124) (60) 250 21 — — (34) (78) Eurobond and other (1) (6) (2) 8 — — — — (1) Promissory notes (3) (7) (10) 10 — — — — (10) Other — 3 (13) 3 — — — — (7) Expected Expected Gains / Transfer to Transfer to Cure from Cure from Stage 2 loss Purchases Settlements loss (Losses) Stage 1 Stage 3 Stage 1 Stage 3 12/31/2019 12/31/2020 Financial assets at amortized cost (58) (9) (67) 61 — 54 (21) (13) (53) Corporate securities (58) (9) (67) 61 — 54 (21) (13) (53) Rural product note (5) (3) — 5 — 1 — — (2) Real estate receivables certificates — (4) — — — — — — (4) Debentures (53) (1) (67) 55 — 53 (21) (13) (47) Eurobond and other — (1) — 1 — — — — - Expected Expected Gains / Transfer to Transfer to Cure from Cure from Stage 3 loss Purchases Settlements loss (Losses) Stage 1 Stage 2 Stage 1 Stage 2 12/31/2019 12/31/2020 Financial assets at amortized cost (2,397) (1,278) (238) 1,093 34 13 — (54) (2,827) Corporate securities (2,397) (1,278) (238) 1,093 34 13 — (54) (2,827) Rural product note (33) (7) (1) 42 — — — (1) - Debentures (2,348) (1,287) (207) 1,021 34 13 — (53) (2,827) Other (16) 16 (30) 30 — — — — - Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.50

Note 10—Loan and lease operations a) Composition of loans and lease operations portfolio Below is the composition of the carrying amount of loan operations and lease operations by type, sector of debtor, maturity and concentration: Loans and lease operations by type 03/31/2021 12/31/2020 Individuals 261,074 255,483 Credit card 83,560 87,073 Personal loan 35,891 35,346 Payroll loans 56,292 55,508 Vehicles 24,334 23,290 Mortgage loans 60,997 54,266 Corporate 136,793 134,521 Micro / small and medium companies 122,797 121,955 Foreign loans—Latin America 221,459 202,145 Total loans and lease operations 742,123 714,104 Provision for Expected Loss (1) (47,401) (48,322) Total loans and lease operations, net of Expected Credit Loss 694,722 665,782 (1) Comprises Expected Credit Loss for Financial Guarantees Pledged R$ (926) (R$ (907) at 12/31/2020) and Commitments to be Released R$ (3,597) (R$ (3,485) at 12/31/2020). By maturity 03/31/2021 12/31/2020 Overdue as from 1 day 23,213 18,683 Falling due up to 3 months 194,613 172,497 Falling due from 3 months to 12 months 202,687 181,033 Falling due after 1 year 321,610 341,891 Total loans and lease operations 742,123 714,104 By concentration 03/31/2021 12/31/2020 Largest debtor 7,262 7,243 10 largest debtors 36,342 37,863 20 largest debtors 53,030 54,812 50 largest debtors 84,349 83,438 100 largest debtors 116,187 112,333 The breakdown of the loans and lease operations portfolio by debtor’s industry is described in Note 32, item 1.4.1—By business sector. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.51

b) Gross Carrying Amount (Loan Portfolio) Reconciliation of gross portfolio of loans and lease operations, segregated by stages: Balance at Transfer to Transfer to Cure from the Cure from the Acquisition / Closing balance Stage 1 Derecognition 12/31/2020 Stage 2 Stage 3 (1) Stage 2 Stage 3 (Settlement) 03/31/2021 Individuals 199,158 (6,483) (249) 3,654 — — 11,049 207,129 Corporate 123,665 (18) (30) 393 2 — 3,952 127,964 Micro / Small and medium companies 96,784 (2,854) (212) 2,142 21 — 2,149 98,030 Foreign loans—Latin America 167,601 (1,994) (130) 1,282 4 — 18,033 184,796 Total 587,208 (11,349) (621) 7,471 27 — 35,183 617,919 Balance at Transfer to Transfer to Cure from the Cure from the Acquisition / Closing balance Stage 2 Derecognition 12/31/2020 Stage 1 Stage 3 Stage 1 Stage 3 (Settlement) 03/31/2021 Individuals 30,793 (3,654) (1,529) 6,483 294 — (1,818) 30,569 Corporate 2,793 (393) (91) 18 20 — 25 2,372 Micro / Small and medium companies 15,965 (2,142) (638) 2,854 147 — (549) 15,637 Foreign loans—Latin America 16,692 (1,282) (765) 1,994 279 — 527 17,445 Total 66,243 (7,471) (3,023) 11,349 740 — (1,815) 66,023 Balance at Transfer to Transfer to Cure from the Cure from the Acquisition / Closing balance Stage 3 Derecognition 12/31/2020 Stage 1 Stage 2 Stage 1 Stage 2 (Settlement) 03/31/2021 Individuals 25,532 — (294) 249 1,529 (3,297) (343) 23,376 Corporate 8,063 (2) (20) 30 91 101 (1,806) 6,457 Micro / Small and medium companies 9,206 (21) (147) 212 638 (465) (293) 9,130 Foreign loans—Latin America 17,852 (4) (279) 130 765 566 188 19,218 Total 60,653 (27) (740) 621 3,023 (3,095) (2,254) 58,181 Balance at Acquisition / Closing balance Consolidated 3 Stages Derecognition 12/31/2020 (Settlement) 03/31/2021 Individuals 255,483 (3,297) 8,888 261,074 Corporate 134,521 101 2,171 136,793 Micro / Small and medium companies 121,955 (465) 1,307 122,797 Foreign loans—Latin America 202,145 566 18,748 221,459 Total (2) 714,104 (3,095) 31,114 742,123 (1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2. (2) Comprises R$ 18,735 pegged to Libor and R$ 911 pegged to Euribor. Reconciliation of gross portfolio of loan and lease operations, segregated by stages: Balance at Transfer to Transfer to Cure from Cure from Acquisition / Closing balance Stage 1 Derecognition 12/31/2019 Stage 2 Stage 3 (1) the Stage 2 the Stage 3 (Settlement) 12/31/2020 Individuals 199,907 (32,363) (1,779) 10,186 38 — 23,169 199,158 Corporate 91,448 (2,822) (82) 996 299 — 33,826 123,665 Micro / Small and medium companies 77,722 (14,370) (1,501) 4,827 875 — 29,231 96,784 Foreign loans—Latin America 132,812 (12,793) (2,456) 3,229 47 — 46,762 167,601 Total 501,889 (62,348) (5,818) 19,238 1,259 — 132,988 587,208 Balance at Transfer to Transfer to Cure from Cure from Acquisition / Closing balance Stage 2 Derecognition 12/31/2019 Stage 1 Stage 3 the Stage 1 the Stage 3 (Settlement) 12/31/2020 Individuals 19,070 (10,186) (7,158) 32,363 964 — (4,260) 30,793 Corporate 911 (996) (370) 2,822 51 — 375 2,793 Micro / Small and medium companies 7,225 (4,827) (2,193) 14,370 483 — 907 15,965 Foreign loans—Latin America 14,714 (3,229) (11,998) 12,793 834 — 3,578 16,692 Total 41,920 (19,238) (21,719) 62,348 2,332 — 600 66,243 Balance at Transfer to Transfer to Cure from Cure from Acquisition / Closing balance Stage 3 Derecognition 12/31/2019 Stage 1 Stage 2 the Stage 1 the Stage 2 (Settlement) 12/31/2020 Individuals 21,513 (38) (964) 1,779 7,158 (11,764) 7,848 25,532 Corporate 8,430 (299) (51) 82 370 570 (1,039) 8,063 Micro / Small and medium companies 5,786 (875) (483) 1,501 2,193 (1,836) 2,920 9,206 Foreign loans—Latin America 6,253 (47) (834) 2,456 11,998 (608) (1,366) 17,852 Total 41,982 (1,259) (2,332) 5,818 21,719 (13,638) 8,363 60,653 Balance at Acquisition / Closing balance Consolidated 3 Stages Derecognition 12/31/2019 (Settlement) 12/31/2020 Individuals 240,490 (11,764) 26,757 255,483 Corporate 100,789 570 33,162 134,521 Micro / Small and medium companies 90,733 (1,836) 33,058 121,955 Foreign loans—Latin America 153,779 (608) 48,974 202,145 Total (2) 585,791 (13,638) 141,951 714,104 (1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2. (2) Comprises R$ 40,454 pegged to Libor and R$ 1,142 pegged to Euribor. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.52

c) Expected credit loss Reconciliation of expected credit loss of loans and lease operations, segregated by stages: Balance at Transfer to Transfer to Cure from the Cure from the (Increase) / Closing balance Stage 1 Derecognition 12/31/2020 Stage 2 Stage 3 (1) Stage 2 Stage 3 Reversal 03/31/2021 Individuals (5,403) 278 29 (166) — — (416) (5,678) Corporate (740) — — (28) — — 10 (758) Micro / Small and medium companies (1,273) 115 11 (76) (5) — (146) (1,374) Foreign loans—Latin America (2,389) 46 3 (29) (1) — (247) (2,617) Total (9,805) 439 43 (299) (6) — (799) (10,427) Balance at Transfer to Transfer to Cure from the Cure from the (Increase) / Closing balance Stage 2 Derecognition 12/31/2020 Stage 1 Stage 3 Stage 1 Stage 3 Reversal 03/31/2021 Individuals (3,255) 166 562 (278) (16) — (651) (3,472) Corporate (1,261) 28 3 — (7) — (71) (1,308) Micro / Small and medium companies (1,337) 76 170 (115) (41) — (68) (1,315) Foreign loans—Latin America (2,029) 29 115 (46) (95) — (200) (2,226) Total (7,882) 299 850 (439) (159) — (990) (8,321) Balance at Transfer to Transfer to Cure from the Cure from the (Increase) / Closing balance Stage 3 Derecognition 12/31/2020 Stage 1 Stage 2 Stage 1 Stage 2 Reversal 03/31/2021 Individuals (12,472) — 16 (29) (562) 3,297 (1,734) (11,484) Corporate (5,952) — 7 — (3) (101) 1,769 (4,280) Micro / Small and medium companies (3,759) 5 41 (11) (170) 465 (493) (3,922) Foreign loans—Latin America (8,452) 1 95 (3) (115) (566) 73 (8,967) Total (30,635) 6 159 (43) (850) 3,095 (385) (28,653) Balance at (Increase) / Closing balance Consolidated 3 Stages Derecognition 12/31/2020 Reversal at 03/31/2021 (2) Individuals (21,130) 3,297 (2,801) (20,634) Corporate (7,953) (101) 1,708 (6,346) Micro / Small and medium companies (6,369) 465 (707) (6,611) Foreign loans—Latin America (12,870) (566) (374) (13,810) Total (48,322) 3,095 (2,174) (47,401) (1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2. (2) Comprises Expected Credit Loss for Financial Guarantees R$ (926) (R$ (907) at 12/31/2020) and Loan Commitments R$ (3,597) (R$ (3,485) at 12/31/2020). Reconciliation of expected credit loss of loans and lease operations, segregated by stages: Closing Balance at Transfer to Transfer to Cure from the Cure from the (Increase) / Stage 1 Derecognition balance 12/31/2019 Stage 2 Stage 3 (1) Stage 2 Stage 3 Reversal 12/31/2020 Individuals (5,215) 1,541 197 (525) — — (1,401) (5,403) Corporate (506) 205 3 (180) (17) — (245) (740) Micro / Small and medium companies (1,092) 698 90 (306) (41) — (622) (1,273) Foreign loans—Latin America (1,353) 275 513 (104) (12) — (1,708) (2,389) Total (8,166) 2,719 803 (1,115) (70) — (3,976) (9,805) Closing Balance at Transfer to Transfer to Cure from the Cure from the (Increase) / Stage 2 Derecognition balance 12/31/2019 Stage 1 Stage 3 Stage 1 Stage 3 Reversal 12/31/2020 Individuals (2,811) 525 2,872 (1,541) (69) — (2,231) (3,255) Corporate (91) 180 63 (205) (9) — (1,199) (1,261) Micro / Small and medium companies (890) 306 550 (698) (92) — (513) (1,337) Foreign loans—Latin America (2,765) 104 2,084 (275) (218) — (959) (2,029) Total (6,557) 1,115 5,569 (2,719) (388) — (4,902) (7,882) Closing Balance at Transfer to Transfer to Cure from the Cure from the (Increase) / Stage 3 Derecognition balance 12/31/2019 Stage 1 Stage 2 Stage 1 Stage 2 Reversal 12/31/2020 Individuals (11,427) — 69 (197) (2,872) 11,764 (9,809) (12,472) Corporate (6,288) 17 9 (3) (63) (570) 946 (5,952) Micro / Small and medium companies (2,567) 41 92 (90) (550) 1,836 (2,521) (3,759) Foreign loans—Latin America (2,503) 12 218 (513) (2,084) 608 (4,190) (8,452) Total (22,785) 70 388 (803) (5,569) 13,638 (15,574) (30,635) Closing Balance at (Increase) / Consolidated 3 Stages Derecognition balance at 12/31/2019 Reversal (2) (3) 12/31/2020 Individuals (19,453) 11,764 (13,441) (21,130) Corporate (6,885) (570) (498) (7,953) Micro / Small and medium companies (4,549) 1,836 (3,656) (6,369) Foreign loans—Latin America (6,621) 608 (6,857) (12,870) Total (37,508) 13,638 (24,452) (48,322) (1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2. (2) The increase in the Expected Credit Loss is related to the change in the macroeconomic scenario as from the second half of March 2020 and that impacted our provisioning model for expected loss (Note 33a). (3) Comprises expected credit loss for Financial Guarantees R$ (907) (R$ (837) at 12/31/2019) and Loan Commitments R$ (3.485) (R$ (3.303) at 12/31/2019). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.53

0 d) Lease operations—Lessor Finance leases are composed of vehicles, machines, equipment and real estate in Brazil and abroad. The analysis of portfolio maturities is presented below: 03/31/2021 12/31/2020 Payments Future financial Present Payments Future financial Present receivable income value receivable income value Current 2,375 (419) 1,956 2,277 (597) 1,680 Up to 1 year 2,375 (419) 1,956 2,277 (597) 1,680 Non-current 10,884 (3,117) 7,767 10,553 (2,956) 7,597 From 1 to 2 years 1,877 (478) 1,399 1,809 (472) 1,337 From 2 to 3 years 1,477 (401) 1,076 1,424 (398) 1,026 From 3 to 4 years 1,195 (338) 857 1,153 (337) 816 From 4 to 5 years 944 (291) 653 930 (289) 641 Over 5 years 5,391 (1,609) 3,782 5,237 (1,460) 3,777 Total 13,259 (3,536) 9,723 12,830 (3,553) 9,277 Financial lease revenues are composed of: 01/01 to 01/01 to 03/31/2021 03/31/2020 Financial Income 188 167 Variable payments 4 12 Total 192 179 e) Operations of securitization or transfer and acquisition of financial assets ITAÚ UNIBANCO HOLDING carried out operations of securitization 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: 03/31/2021 12/31/2020 Nature of operation Assets Liabilities (*) Assets Liabilities (*) Book Book Book Book Fair value Fair value Fair value Fair value value value value value Mortgage loan 310 317 309 313 349 366 347 362 Working capital 896 895 908 908 1,297 1,299 1,310 1,312 Total 1,206 1,212 1,217 1,221 1,646 1,665 1,657 1,674 (*) Under Other liabilities. From 01/01 to 03/31/2021 operations of transfer of financial assets with no retention of risks and benefits generated impact on the result of R$ 403, net of the Allowance for Loan Losses (R$ 65 from 01/01 to 03/31/2020). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.54

Note 11—Investments in associates and joint ventures a) The following table presents non-material individual investments of ITAÚ UNIBANCO HOLDING: 03/31/2021 01/01 to 03/31/2021 Equity in Other comprehensive Investment Total Income earnings income Associates (1) 15,596 457 (26) 431 Joint ventures (2) 235 (20) — (20) Total 15,831 437 (26) 411 12/31/2020 01/01 to 03/31/2020 Equity in Other comprehensive Investment Total Income earnings income Associates (1) 15,344 391 11 402 Joint ventures (2) 226 (101) - (101) Total 15,570 290 11 301 (1) At 03/31/2021, this includes interest in total capital and voting capital of the following companies: XP Inc. (41% total capital and 29.32% voting capital; 41% total capital and 29.32% voting capital at 12/31/2020); Pravaler S.A. (52.65% total capital and 42.42% voting capital, 52.65% total capital and 42.42% voting capital at 12/31/2020); Porto Seguro Itaú Unibanco Participações S.A. (42.93% total and voting capital; 42.93% at 12/31/2020); BSF Holding S.A. (49% total and voting capital; 49% at 12/31/2020); Gestora de Inteligência de Crédito S.A. (20% total and voting capital; 20% at 12/31/2020), Compañia Uruguaya de Medios de Procesamiento S.A. (31.47% total and voting capital; 31.47% at 12/31/2020); Rias Redbanc S.A. (25% total and voting capital; 25% at 12/31/2020); Kinea Private Equity Investimentos S.A. (80% total capital and 49% voting capital; 80% total capital and 49% voting capital at 12/31/2020) and Tecnologia Bancária S.A. (28.05% total capital and 28.95% voting capital; 28.05% total capital and 28.95% voting capital at 12/31/2020). As from April 20, 2020, ITAÚ UNIBANCO HOLDING does not exercise significant influence on IRB-Brasil Resseguros S.A., so that its ownership interest is no longer classified as associate and started being classified as Financial Asset at Fair Value through Other Comprehensive Income. (2) At 03/31/2021, this includes interest in total and voting capital of the following companies: Olímpia Promoção e Serviços S.A. (50% total and voting capital; 50% at 12/31/2020); ConectCar Soluções de Mobilidade Eletrônica S.A. (50% total and voting capital; 50% at 12/31/2020) and includes result not arising from subsidiaries’ net income. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.55

Note 12 – Lease—Lessee ITAÚ UNIBANCO HOLDING is the lessee mainly of properties for use in its operations, which include renewal options and restatement clauses. During the period ended at 03/31/2021, total cash outflow with lease amounted to R$ 296 and lease agreements in the amount of R$ 53 were renewed. There are no relevant sublease agreements. Total liabilities in accordance with remaining contractual maturities, considering their undiscounted flows, is presented below: 03/31/2021 12/31/2020 Up to 3 months 341 333 3 months to 1 year 978 945 From 1 to 5 years 3,502 2,830 Over 5 years 1,466 1,930 Total Financial Liability 6,287 6,038 Lease amounts recognized in the Consolidated Statement of Income: 01/01 to 01/01 to 03/31/2021 03/31/2020 Sublease revenues 2 4 Depreciation expenses (332) (323) Interest expenses (77) (74) Lease expenses for low value assets (19) (21) Variable expenses not include in lease liabilities (20) (18) Total (446) (432) In the period from 01/01 to 03/31/2021 and 01/01 to 03/31/2020, there was no impairment adjustment. Note 13—Fixed assets 03/31/2021 (1) Annual Fixed Assets depreciation Cost Depreciation Impairment Residual rates Real estate 7,261 (3,843) (110) 3,308 Land— 1,111 — — 1,111 Buildings and Improvements 4% to 10% 6,150 (3,843) (110) 2,197 Other fixed assets 13,683 (10,057) (37) 3,589 Installations and furniture 10% to 20% 3,332 (2,351) (10) 971 Data processing systems 20% to 50% 8,332 (6,567) (27) 1,738 Other (2) 10% to 20% 2,019 (1,139) — 880 Total - 20,944 (13,900) (147) 6,897 (1) The contractual commitments for purchase of the fixed assets totaled R$ 24, achievable by 2024 (Note 32b 3.2—Off balance commitments). (2) Others refer to negotiations of Fixed assets in progress and other Communication, Security and Transportation equipment. 12/31/2020 (1) Annual Fixed Assets depreciation Cost Depreciation Impairment Residual rates Real estate 7,106 (3,735) (115) 3,256 Land— 1,102 — — 1,102 Buildings and Improvements 4% to 10% 6,004 (3,735) (115) 2,154 Other fixed assets 13,492 (9,779) (32) 3,681 Installations and furniture 10% to 20% 3,248 (2,271) (5) 972 Data processing systems 20% to 50% 8,274 (6,400) (27) 1,847 Other (2) 10% to 20% 1,970 (1,108) — 862 Total - 20,598 (13,514) (147) 6,937 (1) The contractual commitments for purchase of the fixed assets totaled R$ 36, achievable by 2024 (Note 32b 3.2—Off balance commitments). (2) Others refer to negotiations of Fixed assets in progress and other Communication, Security and Transportation equipment. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.56

Note 14—Goodwill and Intangible assets Intangible assets Goodwill and Association for the intangible from promotion and offer of Software Acquired Internally developed Other intangible Total acquisition financial products and software assets (1) services Annual amortization rates 8% 20% 20% 10% to 20% Cost Balance at 12/31/2020 13,959 2,822 6,484 7,664 3,274 34,203 Acquisitions — 5 130 572 233 940 Rescissions / disposals (11) — (40) (10) (66) (127) Exchange variation 775 43 211 — 55 1,084 Other (3) (15) (4) 19 1 1 2 Balance at 03/31/2021 14,708 2,866 6,804 8,227 3,497 36,102 Amortization Balance at 12/31/2020 — (1,347) (3,680) (3,288) (1,410) (9,725) Amortization expense (2) — (27) (199) (277) (129) (632) Rescissions / disposals — — 4 10 45 59 Exchange variation — (19) (104) — (40) (163) Other (3) — 2 (12) — — (10) Balance at 03/31/2021 — (1,391) (3,991) (3,555) (1,534) (10,471) Impairment (Note 2.4h) Balance at 12/31/2020 (5,772) (789) (204) (383) — (7,148) Increase — — — — — -Disposals — — 33 — — 33 Exchange variation (442) (15) — — — (457) Balance at 03/31/2021 (6,214) (804) (171) (383) — (7,572) Book value Balance at 03/31/2021 8,494 671 2,642 4,289 1,963 18,059 (1) Includes amounts paid for acquisition of rights to provide services of payment of salaries, proceeds, retirement and pension benefits and similar benefits. (2) Amortization expenses related to the rights for acquisition of payrolls and associations, in the amount of R$ (146) (R$ (594) from 01/01 to 12/31/2020) are disclosed in the General and administrative expenses (Note 23). (3) Includes the total amount of R$ 11 related to the hyperinflationary adjustment for Argentina. Goodwill and Intangible Assets from Acquisition are mainly represented by Itaú CorpBanca’s goodwill in the amount of R$ 3,900 (R$ 3,606 at 12/31/2020). ITAÚ UNIBANCO HOLDING recognized at June 30, 2020, adjustments to the recoverable amount of goodwill and intangible assets related to Itaú CorpBanca, in the amounts of R$ 5,772 and R$ 789. The value in use of the Cash Generating Unit (CGU) in which Itáu CorpBanca is allocated was considered and cash flows were based on the result of June 2020 and internal projects of results until 2025. The adjustment to recoverable amount results from economic conditions at June 30, 2020, of Itaú CorpBanca’s market capitalization, discount rates applicable and other changes in variables triggered by the current uncertain macroeconomic condition that, when combined, resulted in a CGU amount lower than its book value. The discount rates used for the impairment test were 10.4% for operations in Chile and 12.3% for operations in Colombia, determined by the cost of capital calculated based on CAPM model. Long-term interest rates considered were 5.2% p.a. and 6.5% p.a. for Chile and Colombia, respectively. The most sensitive assumptions are cost of capital and perpetuity growth rate. Impairment was recognized in the Consolidated Statement of Income under General and administrative expenses (Note 23). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.57

Intangible assets Goodwill and Association for the intangible from promotion and offer Internally developed Other intangible Total acquisition Software Acquired (1) of financial products software assets and services Annual amortization rates 8% 20% 20% 10% to 20% Cost Balance at 12/31/2019 11,158 2,518 5,899 5,716 2,971 28,262 Acquisitions 287 — 795 1,968 541 3,591 Rescissions / disposals — — (1,121) (20) (137) (1,278) Exchange variation 2,514 320 901 — 232 3,967 Other (3) — (16) 10 — (333) (339) Balance at 12/31/2020 13,959 2,822 6,484 7,664 3,274 34,203 Amortization Balance at 12/31/2019 — (1,057) (3,206) (2,497) (1,242) (8,002) Amortization expense (2) — (174) (825) (779) (457) (2,235) Rescissions / disposals — — 834 — 136 970 Exchange variation — (126) (451) — (174) (751) Other (3) — 10 (32) (12) 327 293 Balance at 12/31/2020 — (1,347) (3,680) (3,288) (1,410) (9,725) Impairment (Note 2.4h) Balance at 12/31/2019 — — (171) (370) — (541) Incresase (5,772) (789) (33) (13) — (6,607) Disposals — — — — — - Balance at 12/31/2020 (5,772) (789) (204) (383) — (7,148) Book value Balance at 12/31/2020 8,187 686 2,600 3,993 1,864 17,330 (1) Includes amounts paid for acquisition of rights to provide services of payment of salaries, proceeds, retirement and pension benefits and similar benefits. (2) Amortization expenses related to the rights for acquisition of payrolls and associations, in the amount of R$ (594) (R$ (519) from 01/01 to 12/31/2019) are disclosed in the General and administrative expenses (Note 23). (3) Includes the total amount of R$ 17 related to the hyperinflationary adjustment for Argentina. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.58

Note 15—Deposits 03/31/2021 12/31/2020 Current Non-current Total Current Non-current Total Interest-bearing deposits 370,828 308,810 679,638 376,139 297,995 674,134 Savings deposits 183,265 — 183,265 179,470 — 179,470 Interbank deposits 4,476 267 4,743 3,185 245 3,430 Time deposits 183,087 308,543 491,630 193,484 297,750 491,234 Non-interest bearing deposits 141,741 — 141,741 134,876 — 134,876 Demand deposits 141,657 — 141,657 134,805 — 134,805 Other deposits 84 — 84 71 — 71 Total 512,569 308,810 821,379 511,015 297,995 809,010 Note 16 – Financial liabilities designated at fair value through profit or loss 03/31/2021 12/31/2020 Current Non-current Total Current Non-current Total Structured notes Debt securities 1 128 129 11 132 143 Total 1 128 129 11 132 143 The effect of credit risk of these instruments is not significant at 03/31/2021 and 12/31/2020. Debt securities do not have a defined amount on maturity, since they vary according to market quotation and an exchange variation component, respectively. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.59

Note 17 – Securities sold under repurchase agreements and interbank and institutional market funds a) Securities sold under repurchase agreements The table below shows the breakdown of funds: 03/31/2021 12/31/2020 Interest rate (p.a.) Non- Non- Current Total Current Total current current Assets pledged as collateral 74,475 226 74,701 45,961 564 46,525 Government securities 2.32% to 2.65% 49,028 — 49,028 22,088 — 22,088 Corporate securities 50% of CDI to 88% of CDI 21,243 — 21,243 20,773 — 20,773 Own issue 82.5% of CDI to 16.40% 1,169 19 1,188 1,965 20 1,985 Foreign 0.02% to 2.20% 3,035 207 3,242 1,135 544 1,679 Assets received as collateral 2.13% to 2.65% 115,771 — 115,771 151,370 - 151,370 Right to sell or repledge the collateral -1.5% to 10.0% 7,624 56,182 63,806 27,851 47,618 75,469 Total 197,870 56,408 254,278 225,182 48,182 273,364 b) Interbank market funds 03/31/2021 12/31/2020 Interest rate (p.a.) Non- Non- Current Total Current Total current current Financial bills 2.22% to 31.10% 24,877 15,851 40,728 21,898 21,691 43,589 Real state credit bills 1.68% to 11.58% 3,951 1,430 5,381 2,600 1,605 4,205 Agribusiness credit bills 1.76% to 11.03% 8,370 3,694 12,064 10,166 4,119 14,285 Guaranteed real state notes 2.11% to 9.08% 426 13,956 14,382 437 10,592 11,029 Import and export financing 0% to 9.60% 56,889 20,253 77,142 56,148 15,322 71,470 On-lending-domestic 0% to 18% 3,654 7,149 10,803 3,672 7,785 11,457 Total (*) 98,167 62,333 160,500 94,921 61,114 156,035 (*) Comprises R$ 34,029 (R$ 34,372 at 12/31/2020) pegged to Libor and with no amount pegged to Euribor (with no amount at 12/31/2020). Funding for import and export financing represents credit facilities available for financing of imports and exports of Brazilian companies, in general denominated in foreign currency. c) Institutional market funds 03/31/2021 12/31/2020 Interest rate (p.a.) Non- Non- Current Total Current Total current current Subordinated debt (1) 0.98% to 35.73% 13,155 63,432 76,587 12,125 62,791 74,916 Obligations on securities abroad -0.04% to 29.75% 7,155 59,510 66,665 6,636 55,797 62,433 Raisings through Structured Operations Certificates (2) 1.49% to 11.12% 627 376 1,003 578 381 959 Total 20,937 123,318 144,255 19,339 118,969 138,308 (1) At 03/31/2021, the amount of R$ 37,403 (R$ 41,000 at 12/31/2020) is included in the Reference Equity, under the proportion defined by CMN Resolution No. 4,192, on March 01, 2013. (2) At 03/31/2021, the fair value of raisings through Structured Operations Certificates issued is R$ 1,046 (R$ 1,018 at 12/31/2020). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.60

Note 18—Other assets and liabilities a) Other assets 03/31/2021 12/31/2020 Financial 91,305 93,261 At Amortized Cost 91,293 93,255 Receivables from credit card issuers 41,648 43,511 Deposits in guarantee for contingent liabilities, provisions and legal obligations (Note 29e) 12,696 12,693 Trading and intermediation of securities 25,895 28,254 Income receivable 3,303 2,979 Operations without credit granting characteristics, net of provisions 4,664 3,476 Insurance and reinsurance operations 1,419 1,322 Net amount receivables from reimbursement of provisions (Note 29d) 919 919 Deposits in guarantee of fund raisings abroad 458 101 Other 291 - At Fair Value Through Profit or Loss 12 6 Other financial assets 12 6 Non-financial 16,781 15,773 Sundry foreign 1,556 717 Prepaid expenses 4,640 4,404 Sundry domestic 2,388 2,555 Assets of post-employment benefit plans (Note 26e) 581 585 Lease right-of-use 4,964 4,908 Other 2,652 2,604 Current 89,392 90,337 Non-current 18,694 18,697 b) Other liabilities 03/31/2021 12/31/2020 Financial 113,806 118,929 At Amortized Cost 113,795 118,924 Credit card operations 83,078 92,580 Trading and intermediation of securities 20,016 15,121 Foreign exchange portfolio 470 859 Finance leases 5,177 5,069 Other 5,054 5,295 At Fair Value Through Profit or Loss 11 5 Other financial liabilities 11 5 Non-financial 47,011 38,511 Funds in transit 20,801 16,071 Charging and collection of taxes and similar 8,132 339 Social and statutory 2,943 6,759 Deferred income 3,417 3,201 Sundry domestic 2,605 3,023 Personnel provision 2,102 1,900 Provision for sundry payments 2,587 2,576 Obligations on official agreements and rendering of payment services 1,065 1,326 Liabilities from post-employment benefit plans (Note 26e) 2,090 2,083 Other 1,269 1,233 Current 151,358 147,993 Non-current 9,459 9,447 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.61

Note 19 – 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 shares and 4,845,844,989 are preferred shares with no voting rights, but with tag-along rights in a public offering of shares, in an eventual transfer of control, assuring them a price equal to eighty per cent (80%) of the amount paid per voting share in the controlling block, and a dividend at least equal to that of the common shares. The breakdown and change in shares of paid-in capital in the beginning and end of the period are shown below: 03/31/2021 Number Amount Common Preferred Total Residents in Brazil at 12/31/2020 4,929,824,281 1,820,159,657 6,749,983,938 66,885 Residents abroad at 12/31/2020 28,466,078 3,025,685,332 3,054,151,410 30,263 Shares of capital stock at 12/31/2020 4,958,290,359 4,845,844,989 9,804,135,348 97,148 Shares of capital stock at 03/31/2021 4,958,290,3594,845,844,989 9,804,135,348 97,148 Residents in Brazil at 03/31/2021 4,932,126,6441,816,823,191 6,748,949,835 66,875 Residents abroad at 03/31/2021 26,163,715 3,029,021,798 3,055,185,513 30,273 Treasury shares at 12/31/2020 (1) — 41,678,452 41,678,452 (907) Result from delivery of treasury shares — (17,202,543) (17,202,543) 374 Treasury shares at 03/31/2021 (1) — 24,475,909 24,475,909 (533) Outstanding shares at 03/31/2021 4,958,290,359 4,821,369,080 9,779,659,439 Outstanding shares at 12/31/2020 4,958,290,359 4,804,166,537 9,762,456,896 12/31/2020 Number Amount Common Preferred Total Residents in Brazil at 12/31/2019 4,931,023,4161,665,657,332 6,596,680,748 65,366 Residents abroad at 12/31/2019 27,266,9433,180,187,657 3,207,454,600 31,782 Shares of capital stock at 12/31/2019 4,958,290,359 4,845,844,989 9,804,135,348 97,148 Shares of capital stock at 12/31/2020 4,958,290,359 4,845,844,989 9,804,135,348 97,148 Residents in Brazil at 12/31/2020 4,929,824,2811,820,159,657 6,749,983,938 66,885 Residents abroad at 12/31/2020 28,466,0783,025,685,332 3,054,151,410 30,263 Treasury shares at 12/31/2019 (1) — 58,533,585 58,533,585 (1,274) Result from delivery of treasury shares — (16,855,133) (16,855,133) 367 Treasury shares at 12/31/2020 (1) — 41,678,452 41,678,452 (907) Outstanding shares at 12/31/2020 4,958,290,359 4,804,166,537 9,762,456,896 Outstanding shares at 12/31/2019 4,958,290,3594,787,311,404 9,745,601,763 (1) Own shares, purchased based on authorization of the Board of Directors, to be held in Treasury for subsequent cancellation of replacement in the market. Below is the average cost of treasury shares and their market price in reais. In 2021, there was none acquisition of treasury shares. 03/31/2021 Cost / market value Common Preferred Average cost — 21.76 Market value at 03/31/2021 25.11 27.97 12/31/2020 Cost / market value Common Preferred Average cost — 21.76 Market value at 12/31/2020 27.93 31.63 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.62

b) Dividends Shareholders are entitled to a mandatory minimum 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). ITAÚ UNIBANCO HOLDING monthly advances the mandatory minimum dividend, using the share position of the last day of the previous month as the calculation basis, and the payment made on the first business day of the subsequent month in the amount of R$ 0.015 per share. l—Calculation of dividends and interest on capital 03/31/2021 Statutory net income 5,405 Adjustments: (-) Legal reserve—5% (270) Dividend calculation basis 5,135 Minimum mandatory dividend—25% 1,284 Dividends and Interest on Capital Paid / Accrued 1,284 ll—Stockholders’ compensation 03/31/2021 Gross value WHT (With Value Net per share (R$) holding tax) Paid / Prepaid 293 — 293 Dividends—2 monthly installments paid from February to March 2021 0.0150 293 — 293 Accrued (Recorded in Other Liabilities—Social and Statutory) 1,140 (149) 991 Dividends—1 monthly installment paid on 04/01/2021 0.0150 146 — 146 Interest on capital—credited on 03/16/2021 to be paid until 12/31/2021 0.0430 495 (74) 421 Interest on capital 0.0433 499 (75) 424 Total from 01/01 to 03/31/2021 1,433 (149) 1,284 Total from 01/01 to 03/31/2020 850 — 850 c) Capital reserves and profit reserves 03/31/2021 12/31/2020 Capital reserves 2,024 2,326 Premium on subscription of shares 284 284 Share-based payment 1,736 2,038 Reserves from tax incentives, restatement of equity securities and other 4 4 Profit reserves 52,066 47,347 Legal (1) 12,544 12,274 Statutory (2)(3) 51,039 46,590 Corporate reorganizations (Note 2.4 a IV) (11,517) (11,517) Total reserves at parent company 54,090 49,673 (1) Its purpose is to ensure the integrity of capital, compensate loss or increase capital. (2) Its main purpose is to ensure the yield flow to shareholders. (3) Includes R$ 270 refers to net income remaining after the distribution of dividends and appropriations to statutory reserves in the statutory accounts of ITAÚ UNIBANCO HOLDING. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.63

d) Non-controlling interests Stockholders’ equity Income 01/01 to 01/01 to 03/31/2021 12/31/2020 03/31/2021 03/31/2020 Itaú CorpBanca 10,865 9,891 440 178 Itaú CorpBanca Colômbia S.A. 514 491 19 (13) Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento 619 580 39 37 Luizacred S.A. Soc. Cred. Financiamento Investimento 403 385 18 5 Other 118 185 20 12 Total 12,519 11,532 536 219 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.64

Note 20 – 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 share-based payment plans are presented in the table below: 01/01 to 01/01 to 03/31/2021 03/31/2020 Partner Plan (35) (52) Share-based plan (103) (92) Total (138) (144) 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, which is performed on the seventh business day prior to the remuneration grant date. The fair value of the consideration in shares is the market price at the grant date, less expected dividends. Change in the Partner Program 01/01 to 01/01 to 03/31/2021 03/31/2020 Quantity Quantity Opening balance 36,291,760 39,305,211 New 8,094,693 10,473,405 Delivered (11,652,700) (11,408,109) Cancelled (93,412) - Closing balance 32,640,341 38,370,507 Weighted average of remaining contractual life (years) 2.55 2.46 Market value weighted average (R$) 20.27 23.37 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.65

II—Variable compensation In this plan, 50% of variable compensation of managers is paid in cash and 50% is paid in shares for a period of three years. Shares are delivered on a deferred basis, of which one-third per year, will be contingent upon the executive’s permancence in the institution. The deferred unpaid portions may be reversed proportionally to a significant reduction in 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 who 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 03/31/2021 03/31/2020 Quantity Quantity Opening balance 27,407,231 20,220,934 New 12,493,779 11,016,653 Delivered (10,512,278) (10,302,620) Cancelled (157,683) (9,763) Closing balance 29,231,049 20,925,204 Market value weighted average (R$) 28.63 33.75 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.66

Note 21—Interest and similar income and expenses and Income of financial assets and liabilities at fair value through profit or loss a) Interest and similar income 01/01 to 01/01 to 03/31/2021 03/31/2020 Compulsory deposits in the Central Bank of Brazil 421 823 Interbank deposits 284 486 Securities purchased under agreements to resell 2,082 3,657 Financial assets at fair value through other comprehensive income 5,124 5,467 Financial assets at amortized cost 1,124 702 Loan operations 20,854 24,520 Other financial assets 85 (346) Total 29,974 35,309 b) Interest and similar expense 01/01 to 01/01 to 03/31/2021 03/31/2020 Deposits (2,892) (5,341) Securities sold under repurchase agreements (979) (2,675) Interbank market funds (9,487) (24,230) Institutional market funds (2,308) (2,274) Financial expense from technical provisions for insurance and private pension 332 4,807 Other — (31) Total (15,334) (29,744) c) Income of financial assets and liabilities at fair value through profit or loss 01/01 to 01/01 to 03/31/2021 03/31/2020 Securities (1,626) (5,925) Derivatives (*) 7,401 (2,712) Financial assets designated at fair value through profit or loss (415) (483) Other financial assets at fair value through profit or loss 19 -Financial liabilities at fair value through profit or loss (30) -Financial liabilities designated at fair value 15 52 Total 5,364 (9,068) (*) Includes the ineffective derivatives portion related to hedge accounting. During the period ended 03/31/2021, ITAÚ UNIBANCO HOLDING derecognized/(recognized) R$ 414 of Expected Losses (R$ (733) at 03/31/2020) with reversal of R$ 2 for Financial Assets – Fair Value through Other Comprehensive Income (R$ (47) at 03/31/2020) and reversal of R$ 412 for Financial Assets –Amortized Cost (R$ (686) at 03/31/2020). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.67

Note 22—Commissions and Banking Fees 01/01 to 01/01 to 03/31/2021 03/31/2020 Credit and debit cards 3,510 3,694 Current account services 1,915 2,053 Asset management 1,736 1,854 Funds 1,550 1,688 Consortia 186 166 Credit operations and financial guarantees provided 587 605 Credit operations 293 263 Financial guarantees provided 294 342 Collection services 487 474 Advisory services and brokerage 796 773 Custody services 151 137 Other 621 492 Total 9,803 10,082 Note 23—General and administrative expenses 01/01 to 01/01 to 03/31/2021 03/31/2020 Personnel expenses (7,557) (5,969) Compensation (2,522) (2,364) Employees’ profit sharing (1,226) (984) Welfare benefits (1,065) (979) Provision for labor claims and dismissals (1,852) (759) Payroll charges (833) (779) Share-based payment (Note 20) (35) (52) Training (15) (25) Other (9) (27) Administrative expenses (3,747) (3,661) Third party services (1,238) (1,137) Data processing and telecommunications (962) (921) Installations (369) (442) Advertising, promotions and publicity (252) (261) Financial services expenses (276) (227) Security (184) (172) Transportation (68) (94) Materials (89) (68) Travel expenses (9) (52) Other (300) (287) Depreciation and Amortization (1,307) (1,211) Other expenses (3,844) (2,065) Selling—credit cards (1,165) (1,346) Claims losses (213) (212) Loss on sale of other assets, fixed assets and investments in associates (78) (124) and joint ventures Provision for lawsuits civil (Note 29) (242) (220) Provision for tax and social security lawsuits (70) 493 Refund of interbank costs (77) (64) Other (1,999) (592) Total (16,455) (12,906) Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.68

Note 24 – 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 (*) 20.00% (*) 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, that was changed to 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 Breakdown of income tax and social contribution calculation: 01/01 to 01/01 to Due on operations for the period 03/31/2021 03/31/2020 Income / (loss) before income tax and social contribution 8,538 (9,287) Charges (income tax and social contribution) at the rates in effect (3,842) 4,179 Increase / decrease in income tax and social contribution charges arising from: Share of profit or (loss) of associates and joint ventures 65 68 Foreign exchange variation on investments abroad 599 6,456 Interest on capital 665 726 Other nondeductible expenses net of non taxable income (*) (825) (15,477) Income tax and social contribution expenses (3,338) (4,048) Related to temporary differences Increase / (reversal) for the period 1,020 17,013 (Expenses) / Income from deferred taxes 1,020 17,013 Total income tax and social contribution expenses (2,318) 12,965 (*) Includes temporary (additions) and exclusions. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.69

b) Deferred taxes I—The deferred tax asset balance and its changes, segregated based on its origin and disbursements, are represented by: Realization / 12/31/2020 Increase 03/31/2021 Reversal Reflected in income 60,248 (13,977) 15,346 61,617 Provision for expected loss 27,933 (1,380) 1,288 27,841 Related to tax losses and social contribution loss carryforwards 5,528 (637) 2,551 7,442 Provision for profit sharing 1,903 (1,903) 907 907 Provision for devaluation of securities with permanent impairment 1,570 (336) 165 1,399 Provisions 5,845 (307) 686 6,224 Civil lawsuits 1,331 (137) 103 1,297 Labor claims 3,056 (146) 558 3,468 Tax and social security lawsuits 1,458 (24) 25 1,459 Legal obligations 774 — 26 800 Adjustments of operations carried out on the futures settlement market 52 (52) 53 53 Adjustment to Fair Value of Financial Assets—At Fair Value Through Profit 8,315 (8,315) 8,029 8,029 or Loss Provision relating to health insurance operations 356 — 2 358 Other 7,972 (1,047) 1,639 8,564 Reflected in stockholders’ equity 1,375 (521) 200 1,054 Adjustment to Fair Value of Financial Assets—At Fair Value Through Other 60 — 200 260 Comprehensive Income Cash flow hedge 758 (521) — 237 Other 557 — — 557 Total (1) (2) 61,623 (14,498) 15,546 62,671 (1) Deferred income tax and social contribution assets and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 57,837 and R$ 299, respectively. (2) 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. Realization / 12/31/2019 Increase 12/31/2020 Reversal Reflected in income 43,380 (12,631) 29,499 60,248 Provision for expected loss 22,860 (3,885) 8,958 27,933 Related to tax losses and social contribution loss carryforwards 2,585 (540) 3,483 5,528 Provision for profit sharing 2,162 (2,162) 1,903 1,903 Provision for devaluation of securities with permanent impairment 1,530 (877) 917 1,570 Provisions 6,208 (2,064) 1,701 5,845 Civil lawsuits 1,413 (547) 465 1,331 Labor claims 3,251 (1,338) 1,143 3,056 Tax and social security lawsuits 1,544 (179) 93 1,458 Legal obligations 723 (7) 58 774 Adjustments of operations carried out in futures settlement market 84 (84) 52 52 Adjustment to Fair Value of Financial Assets—At Fair Value Through Profit 738 (738) 8,315 8,315 or Loss Provision relating to health insurance operations 348 — 8 356 Other 6,142 (2,274) 4,104 7,972 Reflected in stockholders’ equity 2,354 (1,191) 212 1,375 Adjustment to Fair Value of Financial Assets—At Fair Value Through Other 766 (762) 56 60 Comprehensive Income Cash flow hedge 1,187 (429) — 758 Other 401 — 156 557 Total (1) (2) 45,734 (13,822) 29,711 61,623 (1) Deferred income tax and social contribution assets and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 56,583 and R$ 421, respectively. (2) At 12/31/2019, deferred tax asset balance comprised 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$ 1,614. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.70

II—The deferred tax liabilities and its changes are represented by: Realization / 12/31/2020 Increase 03/31/2021 reversal Reflected in income 4,853 (744) 973 5,082 Depreciation in excess finance lease 145 (2) — 143 Adjustment of deposits in guarantee and provisions 1,404 (1) 8 1,411 Post-employment benefits 180 (12) 1 169 Adjustments of operations carried out on the futures settlement market 452 (452) 817 817 Adjustment to Fair Value of Financial Assets—At Fair Value Through Profit 136 (136) 34 34 or Loss Taxation of results abroad – capital gains 644 — 29 673 Other 1,892 (141) 84 1,835 Reflected in stockholders’ equity 608 (580) 23 51 Adjustment to Fair Value of Financial Assets—At Fair Value Through Other 601 (577) 23 47 Comprehensive Income Cash flow hedge 4 (3) — 1 Post-employment benefits 3 — — 3 Total (*) 5,461 (1,324) 996 5,133 (*) Deferred income tax and social contribution asset and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 57,837 and R$ 299, respectively. Realization / 12/31/2019 Increase 12/31/2020 reversal Reflected in income 6,610 (2,951) 1,194 4,853 Depreciation in excess finance lease 202 (57) — 145 Adjustment of deposits in guarantee and provisions 1,531 (133) 6 1,404 Post-employment benefits 282 (111) 9 180 Adjustments of operations carried out on the futures settlement market 1,330 (1,330) 452 452 Adjustment to Fair Value of Financial Assets—At Fair Value Through Profit 1,149 (1,149) 136 136 or Loss Taxation of results abroad – capital gains 581 — 63 644 Other 1,535 (171) 528 1,892 Reflected in stockholders’ equity 1,268 (859) 199 608 Adjustment to Fair Value of Financial Assets—At Fair Value Through Other 1,228 (826) 199 601 Comprehensive Income Cash flow hedge 30 (26) — 4 Post-employment benefits 10 (7) — 3 Total (*) 7,878 (3,810) 1,393 5,461 (*) Deferred income tax and social contribution asset and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 56,583 and R$ 421, respectively. III—The estimate of realization and present value of deferred tax assets and deferred tax liabilities are: Deferred tax assets Net Year of Tax loss / social Deferred tax Temporary % deferred % realization % contribution loss % Total % liabilities differences taxes carryforwards 2021 10,856 19.7% 2,930 39.3% 13,786 22.0% (277) 5.4% 13,509 23.5% 2022 15,490 28.0% 552 7.4% 16,042 25.6% (695) 13.6% 15,347 26.7% 2023 13,853 25.1% 622 8.4% 14,475 23.1% (64) 1.2% 14,411 25.0% 2024 3,655 6.6% 633 8.5% 4,288 6.8% (54) 1.1% 4,234 7.4% 2025 2,362 4.3% 645 8.7% 3,007 4.8% (115) 2.2% 2,892 5.0% After 2025 9,013 16.3% 2,060 27.7% 11,073 17.7% (3,928) 76.5% 7,145 12.4% Total 55,229 100.0% 7,442 100.0% 62,671 100.0% (5,133) 100.0% 57,538 100.0% Present value (*) 51,275 6,843 58,118 (4,311) 53,807 (*) 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 services fees and others 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 03/31/2021, deferred tax assets not accounted for correspond to R$ 1,901 and result from Management’s evaluation of their perspectives of realization in the long term (R$ 780 at 12/31/2020) . Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.71

c) Tax liabilities 03/31/2021 12/31/2020 Taxes and contributions on income payable 47 970 Other Taxes and Contributions payable 1,824 1,908 Deferred tax liabilities (Note 24b II) 299 421 Other 2,921 2,411 Total 5,091 5,710 Current 4,168 4,819 Non-current 923 891 Note 25 – Earnings per share a) Basic earnings per share Net income attributable to ITAÚ UNIBANCO HOLDING’s shareholders is divided by the average number of outstanding shares in the period, excluding treasury shares. 01/01 to 01/01 to 03/31/2021 03/31/2020 Net income attributable to owners of the parent company 5,684 3,459 Minimum non-cumulative dividends on preferred shares (105) (105) Retained earnings to be distributed to common equity owners in an amount per share equal to the minimum dividend payable to preferred equity owners (109) (109) Retained earnings to be distributed, on a pro rata basis, to common and preferred equity owners: Common 2,776 1,650 Preferred 2,694 1,595 Total net income available to equity owners: Common 2,885 1,759 Preferred 2,799 1,700 Weighted average number of outstanding shares Common 4,958,290,359 4,958,290,359 Preferred 4,810,249,528 4,792,863,835 Basic earnings per share – R$ Common 0.58 0.35 Preferred 0.58 0.35 b) Diluted earnings per share Calculated similarly to the basic earnings per share; however, it includes the conversion of all preferred shares potentially dilutable in the denominator. 01/01 to 01/01 to 03/31/2021 03/31/2020 Net income available to preferred equity owners 2,799 1,700 Dividends on preferred shares after dilution effects 9 5 Net income available to preferred equity owners considering preferred shares after the dilution effect 2,808 1,705 Net income available to ordinary equity owners 2,885 1,759 Dividend on preferred shares after dilution effects (9) (5) Net income available to ordinary equity owners considering preferred shares after the dilution effect 2,876 1,754 Adjusted weighted average of shares Common 4,958,290,359 4,958,290,359 Preferred 4,840,038,363 4,820,538,297 Preferred 4,810,249,528 4,792,863,835 Incremental as per share-based payment plans 29,788,835 27,674,462 Diluted earnings per share – R$ Common 0.58 0.35 Preferred 0.58 0.35 There was no potentially antidulitive effect of the shares in share-based payment plans, excluded from the calculation of diluted earnings per share (18,864 preferred shares at 03/31/2020). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.72

Note 26 – Post-employment benefits ITAÚ UNIBANCO HOLDING, through its subsidiaries, sponsors retirement plans for its employees. Retirement plans are managed by Closed-end Private Pension Entities (EFPC) and are closed to new applicants. These entities have an independent structure and manage their plans according to the characteristics of their regulations. There are three types of retirement plan: • 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 investments accumulated balance by the participant on the retirement 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 Defined Benefit UBB PREV Defined Benefit Plan Benefit Plan II Itaulam Basic Plan Fundação Itaú Unibanco – Previdência Itaucard Defined Benefit Plan Complementar—FIU Itaú Unibanco Main Retirement Plan Itaubanco Defined Contribution Plan Itaubank Retirement Plan Defined Contribution Redecard Pension Plan Unibanco Pension Plan – Intelligent Future Itaulam Supplementary Plan Variable Contribution Itaucard Variable Contribution Plan Itaú Unibanco Supplementary Retirement Plan FUNBEP – Fundo de Pensão Benefit Plan l Defined Benefit Multipatrocinado 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 in IFRS – March 31, 2021 F.73

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. 03/31/2021 12/31/2020 Discount rate (1) 7.64% p.a. 7.64% p.a. Mortality table (2) AT-2000 AT-2000 Turnover (3) 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”, by applying 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-tem characteristics and the main factors involved in the management and measurement of their risks are financial risk, inflation risk and demographic risk. - Financial Risk – the actuarial liability is calculated by adopting a discount, which may differ 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 demographic 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 demographic 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 prepared by 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 in IFRS – March 31, 2021 F.74

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: Types Fair value % Allocation 03/31/2021 12/31/2020 03/31/2021 12/31/2020 Fixed income securities 21,268 21,172 91.1% 91.2% Quoted in an active market 20,847 20,804 89.3% 89.6% Non quoted in an active market 421 368 1.8% 1.6% Variable income securities 1,363 1,387 5.8% 5.9% Quoted in an active market 1,352 1,378 5.8% 5.9% Non quoted in an active market 11 9 0.0% 0.0% Structured investments 130 82 0.6% 0.4% Quoted in an active market — —0.0% 0.0% Non quoted in an active market 130 82 0.6% 0.4% Real estate 504 506 2.2% 2.2% Loans to participants 78 78 0.3% 0.3% Total 23,343 23,225 100.00% 100.0% 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$ 11 (R$ 11 at 12/31/2020), and real estate rented to group companies, with a fair value of R$ 423 (R$ 410 at 12/31/2020). d) Other post-employment benefits ITAÚ UNIBANCO HOLDING 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. ITAÚ UNIBANCO HOLDING used the percentage of 4% p.a. for medical inflation and the percentage of 3% p.a. for aging factor, additionally considering, inflation rate of 4% p.a. 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. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.75

e) Change in the net amount recognized in the balance sheet The net amount recognized in the Balance Sheet is limited by the asset ceiling and it is computed based on estimated future contributions to be realized by the sponsor, so that it represents the maximum reduction amount in the contributions to be made. 03/31/2021 Other post- BD and CV plans CD plans employment Total benefits Actuarial Recognized Pension plan Asset Recognized Recognized Net assets Asset ceiling Liabilities liabilities amount fund ceiling amount amount Amounts at the beginning of the period 23,225 (20,662) (3,642) (1,079) 1,454 (951) 503 (922) (1,498) Amounts recognized in income (1+2+3+4) 427 (393) (67) (33) 13 (18) (5) (17) (55) 1—Cost of current service — (13) — (13) — — (13) 2—Cost of past service — — — — — — - 3—Net interest (1) 427 (380) (67) (20) 28 (18) 10 (17) (27) 4—Other expenses (2) — — — — (15) — (15) — (15) Amounts recognized in stockholders´ equity—other comprehensive income (5+6+7) 3 (7) 1 (3) — — — — (3) 5—Effects on asset ceiling — — 1 1 — — — — 1 6—Remeasurements — — — — — — — — - 7—Exchange variation 3 (7) — (4) — — — — (4) Other (8+9) (312) 328 — 16 — — — 31 47 8—Benefits paid (328) 328 — — — — — 31 31 9—Contributions and investments from sponsor 16 — 16 — — — — 16 Amounts at end of the period 23,343 (20,734) (3,708) (1,099) 1,467 (969) 498 (908) (1,509) Amount recognized in Assets (Note 18a) 83 498 581 Amount recognized in Liabilities (Note 18b) (1,182) (908) (2,090) 12/31/2020 Other post- BD and CV plans CD plans employment Total benefits Actuarial Recognized Pension plan Asset Recognized Recognized Net assets Asset ceiling Liabilities liabilities amount fund ceiling amount amount Amounts at the beginning of the period 22,732 (19,659) (3,761) (688) 1,475 (849) 626 (967) (1,029) Amounts recognized in income (1+2+3+4) 1,731 (1,578) (287) (134) 20 (65) (45) (76) (255) 1—Cost of current service — (80) — (80) — — — — (80) 2—Cost of past service — (1) — (1) — — — — (1) 3—Net interest (1) 1,731 (1,497) (287) (53) 112 (65) 47 (76) (82) 4—Other expenses (2) — — — — (92) — (92) — (92) Amounts recognized in stockholders´ equity—other comprehensive income (5+6+7) (75) (669) 406 (338) (41) (37) (78) 6 (410) 5—Effects on asset ceiling — — 406 406 — (37) (37) — 369 6—Remeasurements (113) (588) — (701) (41) — (41) 6 (736) Changes in demographic assumptions — (11) — (11) — — — — (11) Changes in financial assumptions — 13 — 13 — — — 12 25 Experience of the plan (3) (113) (590) — (703) (41) — (41) (6) (750) 7—Exchange variation 38 (81) — (43) — — — — (43) Other (8+9) (1,163) 1,244 — 81 — — — 115 196 8—Benefits paid (1,244) 1,244 — — — — — 115 115 9—Contributions and investments from sponsor 81 — — 81 — — — — 81 Amounts at end of the period 23,225 (20,662) (3,642) (1,079) 1,454 (951) 503 (922) (1,498) Amount recognized in Assets (Note 18a) 82 503 — 585 Amount recognized in Liabilities (Note 18b) (1,161) — (922) (2,083) (1) Corresponds to the amount calculated on 01/01/2021 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 7.64% p.a. (on 01/01/2020 the rate used was 7.64% p.a.). (2) Corresponds to the use of asset amounts allocated in pension funds of the defined contribution plans. (3) Correspond to the income obtained above/below the expected return and comprise the contributions made by participants. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.76

f) Defined benefit contribution Estimated Contributions made contribution 2021 01/01 to 03/31/2021 01/01 to 03/31/2020 Retirement plan—FIU 47 6 7 Retiremente plan—FUNBEP 3 1 1 Total 50 7 8 g) Maturity profile of defined benefit liabilities Duration (*) 2021 2022 2023 2024 2025 2026 to 2030 Pension plan—FIU 11.65 882 915 949 985 1,021 5,595 Pension plan—FUNBEP 10.51 457 472 488 503 517 2,757 Other post-employment benefits 9.51 124 125 136 131 35 198 Total 1,463 1,512 1,573 1,619 1,573 8,550 (*) Average duration of plan´s actuarial liabilities. h) Sensitivity analysis To measure the effects of changes in the key assumptions, sensitivity tests are conducted in actuarial liabilities annually. 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 plans Other post-employment benefits Stockholders´ Stockholders´ Present value equity (Other Present value of equity (Other Main assumptions Income Income of liability Comprehensive liability Comprehensive Income) (*) Income) (*) Discount rate Increase by 0.5% (1,019) — 346 (39) — 39 Decrease by 0.5% 1,116 — (533) 44 — (44) Mortality table Increase by 5% (281) — 94 (14) — 14 Decrease by 5% 295 — (99) 15 — (15) Medical inflation Increase by 1% — — — 101 — (101) Decrease by 1% — — — (81) — 81 (*) Net of effects of asset ceiling Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.77

Note 27 – Insurance contracts and private pension ITAÚ UNIBANCO HOLDING, through its subsidiaries, offers to the market insurance and private pension products, with the purpose of assuming risks and restoring the economic balance of the insured’s assets. Products are offered through insurance brokers (independent and captive brokers), Itaú Unibanco’s electronic channels and branches, in compliance with the regulatory requirements, of the National Council of Private Insurance – CNSP and the Superintendence of Private Insurance—SUSEP. I – Insurance A contract entered into by the parties to protect the customer’s assets, upon payment of a premium, by means of replacement or pre-established financial compensation, against damage their property or their person. As backing, ITAÚ UNIBANCO HOLDING insurance companies set up technical reserves, through specialized areas within the conglomerate, with the objective of indemnifying policyholders’ losses in the event of claims of insured risks. The insurance risks sold by ITAÚ UNIBANCO HOLDING’s insurance companies are divided into property and casualty insurance, covering loss, damage or liabilities for assets or persons, and life insurance that includes coverage for death and personal accidents. II – Private pension Designed to ensure the maintenance of the quality of life of participants, as a supplement to the government plans, through long term investments, private pension products are divided into three major groups: • PGBL – Free Benefit Generating Plan: The main objective of this plan is the accumulation of financial resources, but it can be purchased with additional risk coverage. Recommended for customers that file the full version of the income tax return, because they can deduct contributions paid for tax purposes up to 12% of their annual taxable gross income; • VGBL—Free Benefit Generating Life Plan: This is insurance structured as a pension plan. Its taxation differs from the PGBL; in this case, the tax basis is the earned income; and FGB – Benefit Generating Fund: This is a pension plan with minimum income guarantee, and possibility of receiving earnings from asset performance. Although there are plans still in existence, they are no longer sold. III – Technical provision for insurance and private pensions The technical provisions for insurance and private pensions are recognized according to the technical notes approved by SUSEP and criteria established by current legislation, as follows: • Provision for unearned premiums (PPNG) - this provision is recognized, based 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 recognized 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 applicable. 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 amount 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; Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.78

• Mathematical provisions for benefits granted (PMBC) - recognized for the coverage of commitments to payment of 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, 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. IV—Main information related to Insurance and Private Pension operations a) Indexes Sales ratio Loss ratio % % Main Insurance Lines 01/01 to 01/01 to 01/01 to 01/01 to 03/31/2021 03/31/2020 03/31/2021 03/31/2020 Group Accident Insurance 32.4 34.3 13.0 9.2 Individual Accident Insurance 19.0 18.7 23.6 26.8 Credit Life Insurance 23.4 24.4 23.0 19.4 Random Events 23.2 23.7 35.4 34.7 Multiple Peril 43.2 45.5 29.6 74.9 Mortagage Insurance in Market Policies – Credit Life Insurance 20.3 20.3 17.8 13.0 Group Life 23.8 24.2 52.5 35.6 b) Revenues from insurance premiuns and private pension Premiums and contributions Main lines 01/01 to 01/01 to 03/31/2021 03/31/2020 Group Accident Insurance 210 212 Individual Accident Insurance 43 50 Disability Savings Pension 60 66 PGBL 447 471 Credit Life Insurance 190 185 Random Events 49 56 Multiple Peril 122 81 Mortagage Insurance in Market Policies – Credit Life Insurance 91 78 Traditional 27 27 VGBL 1,780 2,626 Group Life 275 223 Other lines 172 156 Total 3,466 4,231 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.79

c) Technical provisions balances 03/31/2021 12/31/2020 Insurance Private Pension Total Insurance Private Pension Total Unearned premiums (PPNG) 2,387 11 2,398 2,298 12 2,310 Mathematical provisions for benefits to be granted (PMBAC) and granted benefits (PMBC) 19 212,079 212,098 17 215,216 215,233 Redemptions and Other Unsettled Amounts (PVR) 17 379 396 16 332 348 Financial surplus (PEF) 2 651 653 2 655 657 Unsettled claims (PSL) 514 75 589 515 68 583 Claims / events incurred but not reported (IBNR) 314 22 336 294 22 316 Related Expenses (PDR) 29 90 119 29 88 117 Other provisions 132 1,302 1,434 132 1,304 1,436 Total 3,414 214,609 218,023 3,303 217,697 221,000 Current 2,627 579 3,206 2,537 526 3,063 Non-current 787 214,030 214,817 766 217,171 217,937 d) Change in technical provisions 03/31/2021 12/31/2020 Private Private Insurance Total Insurance Total pension pension Opening balance—01/01 3,303 217,697 221,000 3,688 214,646 218,334 (+) Additions arising from premiums / contributions 1,149 2,280 3,429 4,176 10,389 14,565 (-) Deferral due to elapsed risk (1,063) — (1,063) (4,221) — (4,221) (-) Payment of claims / benefits (348) (91) (439) (1,263) (364) (1,627) (+) Reported claims 331 — 331 1,322 — 1,322 (-) Redemptions — (4,123) (4,123) — (15,431) (15,431) (+/-) Net Portability — (725) (725) — 563 563 (+) Adjustment of reserves and financial surplus 4 (422) (418) 12 7,837 7,849 (+/-) Other (increase / reversal) 34 (7) 27 (190) 57 (133) (+/-) Corporate Reorganization 4 — 4 (221) — (221) Closing balance 3,414 214,609 218,023 3,303 217,697 221,000 Through actuarial models based mainly on the portfolio historical experience and on macroeconomic projections, ITAÚ UNIBANCO HOLDING establishes the assumptions that influence the assessment of technical provisions. The assumptions are reassessed annually by experts of the actuarial and risk area, and are subsequently submitted to the executive’s approval. The effects on assumptions are recognized in income for the period in which they occurred. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.80

V—Deferred acquisition costs They are recorded in assets and charges are shown in the table below: 03/31/2021 12/31/2020 Opening Balance—01/01 496 495 Increase 297 1,089 Amortization (274) (1,088) Closing Balance 519 496 Balance to be amortized in up to 12 months 396 380 Balance to be amortized after 12 months 123 116 VI—Table of Claims Development The amounts shown in the tables express the position at 12/31/2020, since the actuarial calculations are made on a half-yearly basis: Provision for unsettled claims (PSL) 583 (-) IBNER 245 (-) Reinsurance 20 (-) Retrocession and other estimates (19) Liability claims presented in the claims development table (a + b) 337 The amount of obligations of the ITAÚ UNIBANCO HOLDING may change. The first part of the table shows how the final loss estimate changes through time. The second part of the table reconciles the amounts pending payment and the liability disclosed in the balance sheet. a) Administratives claims—net of reinsurance Occurrence date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 Total At the end of reporting period 938 934 993 1,149 1,222 After 1 year 981 977 1,012 1,132 After 2 years 1,001 975 1,014 After 3 years 1,078 973 After 4 years 1,075 Current estimate 1,075 973 1,014 1,132 1,222 Accumulated payments through base date 1,058 960 1,000 1,117 1,122 5,257 Liabilities recognized in the balance sheet 17 13 14 15 100 159 Liabilities in relation to prior periods 26 Total administratives claims 185 b) Judicial claims—net of reinsurance Occurrence date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 Total At the end of reporting period 26 28 16 20 12 After 1 year 35 40 33 36 After 2 years 43 51 47 After 3 years 55 60 After 4 years 63 Current estimate 63 60 47 36 12 Accumulated payments through base date 52 50 35 25 4 166 Liabilities recognized in the balance sheet 11 10 12 11 8 52 Liabilities in relation to prior periods 100 Total judicial claims 152 The breakdown of the claims development table into administrative and judicial shows the reallocation of admininstrative claims up to a certain base date and that become judicial claims afterwards, which may give the wrong impression of need for adjusting the provisions in each breakdown. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.81

VII—Liability Adequacy Test ITAÚ UNIBANCO HOLDING tests for Liability Adequacy semiannually, by comparing the amount recognized for its technical reserves with the current estimate of cash flow of its future obligations. The estimate should include all cash flows related to the business, which is the minimum requirement for carrying out the adequacy test. The Liability Adequacy Test did not indicate significant insufficiency in 2020. The assumptions used in the test are periodically reviewed and are based on best practices and an analysis of subsidiaries’ experience, thus representing the best estimates for cash flow projections. Methodology and test grouping Specifically for insurance products, cash flows were projected using the method known as the run-off triangle for quarterly frequency periods. For pension products, cash flows for the deferral and concession phases are tested separately. The risk grouping criteria include groups subject to similar risks that are jointly managed as a single portfolio. Demographic tables Demographic tables are instruments to measure the demographic risk represented by the probability of death, survival or disability of a participant. For death and survival estimates, the latest Brazilian Market Insurer Experience tables (BR-EMS) are used, adjusted according to Scale G life expectancy development, and the Álvaro Vindas table is used to estimate benefit requests for disability. Risk-free interest rate The relevant risk-free forward interest-rate structure (ETTJ) is an indicator of the pure time value of money used to price the set of projected cash flows. The ETTJ was obtained from the curve of securities deemed to be credit risk free, available in the Brazilian financial market and determined by ITAÚ UNIBANCO HOLDING using its own method, plus a spread, which takes into account the impact of the market result of securities classified as Financial assets at amortized cost in the Guarantee assets portfolio. Annuity conversion rate The annuity conversion rate represents the expected conversion of balances accumulated by participants in retirement benefits. The decision by participants convert into an annuity is influenced by behavioral, economic and tax factors. Other assumptions Related expenses, cancellations and partial redemptions, future additions and contributions, are among the assumptions that affect the estimate of projected cash flows since they represent expenses and income arising from insurance agreements assumed. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.82

Note 28 – Fair value of financial instruments In cases where market prices are not available, fair values 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 fair value obtained through these techniques cannot be substantiated by comparison with independent markets and, in many cases, cannot be achieved on immediate settlement of the instrument. The following table summarizes the book values and estimated fair values for financial instruments: 03/31/2021 12/31/2020 Book value Fair value (*) Book value Fair value Cash (a) 39,369 39,369 46,224 46,224 Financial assets 1,859,873 1,864,109 1,851,322 1,861,146 At Amortized Cost 1,268,601 1,272,837 1,275,799 1,285,623 Central Bank compulsory deposits (a) 91,317 91,317 90,059 90,059 Interbank deposits (b) 73,291 73,489 55,685 55,883 Securities purchased under agreements to resell (a) 180,690 180,690 239,943 239,943 Securities (c) 135,477 135,846 129,804 131,159 Loan and Financial Lease (d) 742,123 745,792 714,104 722,375 Other financial assets (e) 91,293 91,293 93,255 93,255 (-) Provision for Expected Loss (45,590) (45,590) (47,051) (47,051) At Fair Value Through Other Comprehensive Income 101,796 101,796 109,942 109,942 Securities (c) 101,796 101,796 109,942 109,942 At Fair Value Through Profit or Loss 489,476 489,476 465,581 465,581 Securities (c) 414,238 414,238 389,071 389,071 Derivatives (c) 75,226 75,226 76,504 76,504 Other financial assets 12 12 6 6 Financial liabilities 1,572,584 1,573,997 1,579,686 1,581,953 At Amortized Cost 1,494,207 1,495,620 1,495,641 1,497,908 Deposits (b) 821,379 821,356 809,010 808,965 Securities sold under repurchase agreements (a) 254,278 254,278 273,364 273,364 Interbank market funds (b) 160,500 160,519 156,035 156,106 Institutional market funds (b) 144,255 145,672 138,308 140,549 Other financial liabilities (e) 113,795 113,795 118,924 118,924 At Fair Value Through Profit or Loss 73,854 73,854 79,653 79,653 Derivatives (c) 73,714 73,714 79,505 79,505 Structured notes 129 129 143 143 Other financial liabilities 11 11 5 5 Provision for Expected Loss 4,523 4,523 4,392 4,392 Loan Commitments 3,597 3,597 3,485 3,485 Financial Guarantees 926 926 907 907 (*) In the period, the result of Derivatives, as well as Adjustment to Fair Value of Financial Assets (particularly private securities) had their amounts affected by oscillations of rates and other market variables arising from the impact of the COVID-19 pandemic on the macroeconomic scenario in the period (Note 33a). Financial instruments not included in the Balance Sheet (Note 32) are represented by Standby letters of credit and financial guarantees provided, which amount to R$ 113,892 (R$ 110,410 at 12/31/2020) with an estimated fair value of R$ 350 (R$ 520 at 12/31/2020). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.83

The methods and assumptions used to estimate the fair value are defined below: a) Cash, Central Bank compulsory deposits, Securities purchased under agreements to resell and Securities sold under repurchase agreements – The carrying amounts for these instruments are close to their fair values. b) Interbank deposits, Deposits, Interbank and Institutional Market Funds – they are calculated by discounting estimated cash flows at market interest rates. c) Securities and Derivatives – Under normal conditions, the prices quoted in the market are the best indicators of the fair 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 techniques to establish their fair value. In the absence of prices quoted by the Brazilian Association of Financial and Capital Markets Entities (ANBIMA), the fair values of government securities are determined based on the interest rates provided by brokers. The fair values of corporate securities are calculated by discounting estimated cash flows at market interest rates. The fair values of shares are based on the prices quoted in the market. The fair values of derivative financial instruments were determined as follows: • Swaps: The cash flows are discounted to present value based on yield curves that reflect the appropriate risk factors, mainly following swap prices on B3 for derivatives, of Brazilian government securities in the secondary market or derivatives and securities traded abroad. These yield curves may be used to obtain the fair 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 through mathematical models, such as Black-Scholes, using data, in general from Bloomberg, for implicit volatility, interest rate yield curve and fair value of the underlying asset. Current market prices of options are used to compute the implicit volatilities. • Credit Derivatives: They are 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) Loans and financial leases – Fair value is estimated for groups of loans with similar financial and risk characteristics, using valuation models. The fair value of fixed-rate loans was determined by discounting estimated cash flows, at interest rates applicable to similar loans. For the majority of loans at floating rates, the carrying amount was considered to be close to their market value. The fair value of loan and lease operations not overdue was calculated by discounting the expected payments of principal and interest to maturity. The fair 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 for cash flows and discount rates rely on information available in the market and knowledge of the individual debtor. e) Other financial assets / liabilities – primarily composed of receivables from credit card issuers, deposits in guarantee for contingent liabilities, provisions and legal obligations and trading and intermediation of securities. The carrying amounts for these assets/liabilities substantially approximate to their fair values, since they principally represent amounts to be received in the short term from credit card holders and to be paid to credit card issuers, deposits in guarantee (indexed to market rates) made by ITAÚ UNIBANCO HOLDING to secure lawsuits or very short-term receivables (generally with a maturity of approximately 5 business days). All of these items represent assets / liabilities without significant associated market, credit or liquidity risks. Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market is a market in which transactions for the asset or liability being measured occur often enough and with sufficient volume to provide pricing information on an ongoing basis. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.84

Level 2: Input that is not observable for the asset or liability either directly or indirectly. Level 2 generally includes: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or quoted prices vary substantially either over time or among market makers, or in which little information is released publicly; (iii) inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, etc.); (iv) inputs that are mainly derived from or corroborated by observable market data through correlation or by other means. Level 3: Inputs are not observable for the asset or liability. Unobservable information is used to measure fair value to the extent that observable information is not available, thus allowing for situations in which there is little, or no market activity for the asset or liability at the measurement date. Financial assets at fair value through profit or loss, including Derivatives, and at fair value through other comprehensive income: Level 1: Highly-liquid securities with prices available in an active market and derivatives traded on stock exchanges. This classification level includes most of the Brazilian government securities, other foreign government securities, shares and debentures traded on stock exchanges and other securities traded in an active market. Level 2: When pricing information is not available for a specific security, valuation is usually based on prices quoted in the market for similar instruments, pricing information obtained from pricing services, such as Bloomberg, Reuters and brokers (only when the prices represent actual transactions) or discounted cash flows, which use information for assets actively traded in an active market. These securities are classified at Level 2 of the fair value hierarchy and consist of certain Brazilian government securities, debentures, some government securities quoted in a less liquid market than for Level 1, and some share prices in investment funds. Derivatives included in Level 2 are credit default swaps, cross-currency swaps, interest rate swaps, simple options and some forwards, since information adopted by pricing models is immediately observable in actively quoted markets. The models used for these instruments are Black-Scholes, Garman & Kohlhagen, Monte Carlo and discounted cash flow. ITAÚ UNIBANCO HOLDING does not hold positions in alternative investment funds or private equity funds. Level 3: When there is no pricing information in an active market, ITAÚ UNIBANCO HOLDING uses internally developed models, from curves generated according to a proprietary model. Level 3 classification includes some Brazilian government and corporate securities falling due after 2025 which are not usually traded in an active market. Derivatives with fair values classified in Level 3 of the fair value hierarchy are composed of exotic options, certain swaps indexed to non-observable inputs, and swaps with other products, such as swap with options or with verification, credit derivatives and futures of certain commodities. All the above methods may result in a fair value that is not indicative of the net realizable value or future fair values. However, ITAÚ UNIBANCO HOLDING believes that all the method used are appropriate and consistent with other market participants. Moreover, the adoption of different methods or assumptions to estimate fair value may result in different fair value estimates at the balance sheet date. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.85

Distribution by level The following table presents the breakdown of fair value hierarchy levels. 03/31/2021 12/31/2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets at fair value through profit or loss 337,005 72,429 2,197 411,631 312,572 70,791 1,968 385,331 Investment funds 470 10,296 — 10,766 576 13,628 — 14,204 Brazilian government securities 298,021 6,928 — 304,949 279,180 6,705 — 285,885 Government securities – other countries 8,152 — — 8,152 8,210 — — 8,210 Argentina 2,100 — — 2,100 1,498 — — 1,498 Chile 1,361 — — 1,361 840 — — 840 Colombia 1,749 — — 1,749 3,603 — — 3,603 United States 2,710 — — 2,710 2,085 — — 2,085 Italy 137 — — 137 130 — — 130 Mexico 17 — — 17 5 — — 5 Paraguay 4 — — 4 3 — — 3 Peru 8 — — 8 5 — — 5 Uruguay 66 — — 66 41 — — 41 Corporate securities 30,362 55,205 2,197 87,764 24,606 50,458 1,968 77,032 Shares 18,734 4,909 — 23,643 14,176 4,871 — 19,047 Rural product note — 3,719 67 3,786 — 2,285 64 2,349 Bank deposit certificates — 774 — 774 — 729 — 729 Real estate receivables certificates — — 630 630 — — 548 548 Debentures 8,790 24,633 1,491 34,914 7,962 20,625 1,350 29,937 Eurobonds and others 2,826 — 4 2,830 2,383 — — 2,383 Financial bills — 15,602 5 15,607 — 15,777 6 15,783 Promissory notes — 4,918 — 4,918 — 5,616 — 5,616 Other 12 650 — 662 85 555 — 640 Other Financial Assets — 12 — 12 — 6 — 6 Financial assets at fair value through other comprehensive income 100,478 1,318 — 101,796 108,018 1,924 — 109,942 Brazilian government securities 65,794 1,295 — 67,089 66,701 1,248 — 67,949 Government securities – other countries 28,749 — — 28,749 34,402 — — 34,402 Argentina 13 — — 13 — — — — Chile 15,000 — — 15,000 21,651 — — 21,651 Colombia 4,461 — — 4,461 3,986 — — 3,986 United States 4,133 — — 4,133 3,750 — — 3,750 Mexico 1,193 — — 1,193 1,181 — — 1,181 Paraguay 3,206 — — 3,206 2,947 — — 2,947 Uruguay 743 — — 743 887 — — 887 Corporate securities 5,935 23 — 5,958 6,915 676 — 7,591 Shares 1,101 — — 1,101 1,382 — — 1,382 Bank deposit certificates 71 13 — 84 109 198 — 307 Debentures 378 — — 378 419 470 — 889 Eurobonds and others 4,385 10 — 4,395 5,005 8 — 5,013 Financial assets designated at fair value through profit or loss 2,607 — — 2,607 3,740 — — 3,740 Brazilian external debt bonds 2,607 — — 2,607 3,740 — — 3,740 Financial liabilities at fair value through profit or loss — 11 — 11 — 5 — 5 Other financial liabilities — 11 — 11 — 5 — 5 Financial liabilities designated at fair value through profit or loss — 129 — 129 — 143 — 143 Structured notes — 129 — 129 — 143 — 143 The following table presents the breakdown of fair value hierarchy levels for derivative assets and liabilities. 03/31/2021 12/31/2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets 22 75,080 124 75,226 23 76,376 105 76,504 Swap Contracts – adjustment receivable — 37,252 88 37,340 — 45,926 93 46,019 Option Contracts — 22,668 36 22,704 4 20,402 12 20,418 Forward Contracts — 8,712 — 8,712 — 2,085 — 2,085 Credit derivatives — 256 — 256 — 156 — 156 NDF—Non Deliverable Forward — 5,705 — 5,705 — 7,596 — 7,596 Other derivative financial instruments 22 487 — 509 19 211 — 230 Liabilities (33) (73,557) (124) (73,714) (22) (79,373) (110) (79,505) Swap Contracts – adjustment payable — (37,142) (102) (37,244) — (51,680) (109) (51,789) Option Contracts (7) (24,563) (22) (24,592) (13) (20,248) (1) (20,262) Forward Contracts — (6,761)— (6,761) — (905) — (905) Credit derivatives — (293) — (293) — (76) — (76) NDF—Non Deliverable Forward — (4,763) — (4,763) — (6,426) — (6,426) Other derivative financial instruments (26) (35) — (61) (9) (38) — (47) There were no significant transfer between Level 1 and Level 2 during the periods of 03/31/2021 and 12/31/2020. Transfers to and from Level 3 are presented in movements of Level 3. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.86

Measurement of Level 2 fair value based on pricing services and brokers To ensure that the fair value of these instruments is properly classified as Level 2, in-house analysis of information received are conducted, so as to understand the nature of the inputs used by the service provider. Prices provided by pricing services that meet the following requirements are considered Level 2: input is immediately available, regularly distributed, provided by sources actively involved in significant markets and it is not proprietary. For financial instruments classified as Level 2, the pricing service or brokers were used to price securities substantially represented by: • Debentures: When available, we use price information for transactions recorded in the Brazilian Debenture System (SND), an electronic platform operated by B3, which provides multiple services for transactions involving debentures in the secondary market. Alternatively, prices of debentures provided by ANBIMA are used. Its methodology includes obtaining, on a daily basis, illustrative non-binding prices from a group of market players deemed to be significant. Such information is subject to statistical filters intended to eliminate outliers. • Financial Bills: In order to mark Financial Bills to market, it is necessary to calculate its future value by projecting the notional issue value and its yields established by contract (fixed rate, floating rate or price index) and discounting the fixed curve in reais, obtained through DI Futures prices traded on B3. • Global and corporate securities: The pricing process for these securities consists of capturing from 2 to 8 quotes from Bloomberg, depending on the asset. The method then compares the highest purchase prices and the lowest sale prices of trades provided by Bloomberg for the last day of the month. These prices are compared with information from purchase orders that the Institutional Treasury of ITAÚ UNIBANCO HOLDING provides to Bloomberg. Should the difference between them be lower than 0.5%, the average price of Bloomberg is used. If it is higher than 0.5% or if the Institutional Treasury does not provide information on this specific security, the average price gathered directly from other banks is used. The Institutional Treasury price is used as a reference only and never in the computation of the final price. Level 3 recurring fair value measurements The departments in charge of defining and applying the pricing models are segregated from the business areas. The models are documented, submitted to validation by an independent area and approved by a specific committee. The daily process of price capture, calculation and disclosure is periodically checked according to formally defined tests and criteria and the information is stored in a single corporate data base. The most frequent cases of assets classified as Level 3 are justified by the discount factors used. Factors such as the fixed interest curve in Brazilian Reais and the TR coupon curve – and, as a result, their related factors – have inputs with terms shorter than the maturities of fixed-income assets. For swaps, the indexers for both legs are analyzed. There are some cases in which the input periods are shorter than the maturity of the derivative. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.87

Level 3 recurring fair value changes The tables below show balance sheet changes for financial instruments classified by ITAÚ UNIBANCO HOLDING in Level 3 of the fair value hierarchy. Derivative financial instruments classified in Level 3 correspond to other derivatives indexed to shares. Total gains or losses (realized / unrealized) Transfers in Fair value Fair value at Recognized in Total Gains or Purchases Settlements and / or out of at 12/31/2020 Recognized in other Losses (Unrealized) Level 03/31/2021 income comprehensive income Financial assets at fair value through profit or loss 1,968 100 — 227 (72) (26) 2,197 (648) Corporate securities 1,968 100 — 227 (72) (26) 2,197 (648) Real estate receivables certificates 548 (66) — 171 (23) — 630 (31) Debentures 1,350 169 — 30 (49) (9) 1,491 (616) Rural Product Note 64 (1) — 21 — (17) 67 - Eurobonds and other — (1) — 5 — — 4 (1) Financial bills 6 (1) — — — — 5 - Total gains or losses (realized / unrealized) Transfers in Fair value Fair value at Total Gains or 12/31/2020 Recognized in Purchases Settlements and / or out of at Losses (Unrealized) Recognized in other Level 03/31/2021 income comprehensive income Derivatives—assets 105 25 — 146 (148) (4) 124 45 Swap Contracts – adjustment receivable 93 1 — 1 (3) (4) 88 87 Option Contracts 12 24 — 145 (145) — 36 (42) Derivatives—liabilities (110) 67 — (140) 55 4 (124) (80) Swap Contracts – adjustment payable (109) 1 — (1) 3 4 (102) (83) Option Contracts (1) 66 — (139) 52 — (22) 3 Total gains or losses (realized / unrealized) Transfers in Fair value at Fair value at Total Gains or 12/31/2019 Recognized in Purchases Settlements and / or out of 12/31/2020 Losses (Unrealized) Recognized in other Level income comprehensive income Financial assets at fair value through profit or 1,719 (1,160) — 1,619 (779) 569 1,968 (700) loss Corporate securities 1,719 (1,160) — 1,619 (779) 569 1,968 (700) Real estate receivables certificates 1,444 (726) — 263 (433) — 548 (14) Debentures 225 (369) — 1,050 (272) 716 1,350 (635) Promissory notes — (55) — 227 (19) (89) 64 (51) Eurobonds and other 7 (6) — 69 (12) (58) — - Financial bills 13 (2) — — (5) — 6 - Other 30 (2) — 10 (38) — — - Financial assets designated at fair value through other comprehensive income 34 5 — 298 (221) (116) — - Corporate securities 34 5 — 298 (221) (116) — - Real estate receivables certificates 26 — — — (26) — — - Debentures — (2) 6 50 (54) — — - Eurobonds and other 8 7 (6) 248 (141) (116) — - Total gains or losses (realized / unrealized) Transfers in Fair value at Recognized in Fair value at Total Gains or Purchases Settlements and / or out of 12/31/2019 Recognized in other 12/31/2020 Losses (Unrealized) income comprehensive Level income Derivatives—Assets 103 89 — 193 (234) (46) 105 51 Swap Contracts – adjustment receivable 32 107 — 10 (11) (45) 93 91 Option Contracts 71 (18) — 183 (223) (1) 12 (40) Derivatives—Liabilities (85) (93) — (130) 177 21 (110) (90) Swap Contracts – adjustment payable (46) (74) — (12) 1 22 (109) (90) Option Contracts (39) (19) — (118) 176 (1) (1) - Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.88

Sensitivity analysis of Level 3 operations The fair value of financial instruments classified in Level 3 is measured through valuation techniques based on correlations and associated products traded in active markets, internal estimates and internal models. Significant unobservable inputs used for measurement of the fair value of instruments classified in Level 3 are: interest rates, underlying asset prices and volatility. Significant variations in any of these inputs separately may give rise to substantial changes in the fair value. The table below shows the sensitivity of these fair values in scenarios of changes of interest rates or, asset prices, or in scenarios with varying shocks to prices and volatilities for nonlinear assets: Sensitivity – Level 3 Operations 03/31/2021 12/31/2020 Impact Impact Market risk factor groups Scenarios Stockholders’ Stockholders’ Income Income equity equity I (0.8) — (0.8) -Interest rates II (20.1) — (19.8) -III (40.0) — (38.2) -I — — — -Commodities, Index and Shares II — — — -I (38.4) — (8.3) -Nonlinear II (66.8) — (11.6) - The following scenarios are used to measure sensitivity: Interest rate Based on reasonably possible changes in assumptions of 1, 25 and 50 basis points (scenarios I, II and III respectively) applied to the interest curves, both up and down, taking the largest losses resulting in each scenario. Commodities, Index and Shares Based on reasonably possible changes in assumptions of 5 and 10 percentage points (scenarios I and II respectively) applied to share prices, both up and down, taking the largest losses resulting in each scenario. Nonlinear Scenario I: Based on reasonably possible changes in assumptions of 5 percentage points on prices and 25 percentage points on the volatility level, both up and down, taking the largest losses resulting in each scenario. Scenario II: Based on reasonably possible changes in assumptions of 10 percentage points on prices and 25 percentage points on the volatility level, both up and down, taking the largest losses resulting in each scenario. Note 29—Contingent Assets and Liabilities, Provisions and Legal Obligations In the ordinary course of its business, ITAÚ UNIBANCO HOLDING 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 provisions and 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. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.89

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, 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 plans 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 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 has already accepted its terms. Said agreement was approved on March 1, 2018, by the Plenary Session of the Federal Supreme Court (STF) and savers could adhere to its terms for a 24-month period. Due to the end of this term, the parties signed an amendment to the instrument of agreement to extend this period in order to contemplate a higher number of holders of savings accounts and, consequently, to increase the end of lawsuits. In May, 2020 the Federal Supreme Court (STF) approved this amendment and granted a 30-month term for new adhesions, and this term may be extended for another 30 months, subject to the reporting of the number of adhesions over the first period. II- Labor claims Provisions and 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. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.90

Below are the changes in civil, labor and other risks provisions: 03/31/2021 Other Civil Labor Total Risks Opening balance—01/01 3,511 8,015 1,483 13,009 (-) Provisions guaranteed by indemnity clause (Note 2.4.n) (216) (950) — (1,166) Subtotal 3,295 7,065 1,483 11,843 Adjustment / Interest (Note 23) 59 123—182 Changes in the period reflected in income (Note 23) 183 1,142 47 1,372 Increase 262 1,180 47 1,489 Reversal (79) (38)—(117) Payment (315) (349) (10) (674) Subtotal 3,222 7,981 1,520 12,723 (+) Provisions guaranteed by indemnity clause (Note 2.4.n) 221 952—1,173 Closing balance 3,443 8,933 1,520 13,896 Current 1,298 3,015 1,520 5,833 Non-current 2,145 5,918 — 8,063 12/31/2020 Other Civil Labor Total Risks Opening balance—01/01 3,634 8,579 976 13,189 (-) Provisions guaranteed by indemnity clause (Note 2.4.n) (216) (980) — (1,196) Subtotal 3,418 7,599 976 11,993 Adjustment / Interest (Note 23) 191 482—673 Changes in the period reflected in income (Note 23) 889 2,110 547 3,546 Increase 1,179 2,296 550 4,025 Reversal (290) (186) (3) (479) Payment (1,203) (3,126) (40) (4,369) Subtotal 3,295 7,065 1,483 11,843 (+) Provisions guaranteed by indemnity clause (Note 2.4.n) 216 950—1,166 Closing balance 3,511 8,015 1,483 13,009 Current 1,254 3,125 1,483 5,862 Non-current 2,257 4,890 — 7,147 IV- Tax proceedings and legal obligations Tax provisions correspond to the principal amount of taxes involved in administrative or judicial tax lawsuits, subject to tax assessment notices, plus interest and, when applicable, fines and charges. The table below shows the changes in the provisions: 03/31/2021 12/31/2020 Opening balance—01/01 6,810 8,266 (-) Provisions guaranteed by indemnity clause (Note 2.4 n) (71) (68) Subtotal 6,739 8,198 Adjustment / Interest (*) 40 220 Changes in the period reflected in income 30 56 Increase (*) 66 142 Reversal (*) (36) (86) Payment (42) (1,735) Subtotal 6,767 6,739 (+) Provisions guaranteed by indemnity clause (Note 2.4 n) 71 71 Closing balance 6,838 6,810 Current 71 65 Non-current 6,767 6,745 (*) The amounts are included in the headings Tax Expenses, General and Administrative Expenses and Current Income Tax and Social Contribution. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.91

The main discussions related to Tax Lawsuits and Legal Obligations are described below: • INSS – Non-compensatory Amounts – R$ 1,786: the non-levy of social security contribution on amounts paid as profit sharing is defended. The balance of the deposits in guarantee is R$ 995; • PIS and COFINS – Calculation Basis – R$ 642: defending the levy of PIS and COFINS on revenue, a tax on revenue from the sales of assets and services. The balance of the deposits in guarantee is R$ 620. 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$ 4,503 (R$ 4,470 at 12/31/2020), and in this total there are no amounts arising from interests in Joint Ventures. For Labor Claims with possible loss, estimated risk is R$ 428 (R$ 389 at 12/31/2020). II—Tax proceedings The tax proceedings of possible loss totaled R$ 31,419 (R$ 31,330 at 12/31/2020), and the main cases are described below: • INSS – Non-compensatory Amounts – R$ 6,438: 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$ 4,803: the deductibility of raising costs (Interbank deposits rates) for funds that were capitalized between Group companies; • ISS – Banking Activities – R$ 4,168: the levy and/or payment place of ISS for certain banking revenues are discussed; • IRPJ and CSLL – Goodwill – Deduction – R$ 3,416: the deductibility of goodwill for future expected profitability on the acquisition of investments; • IRPJ, CSLL, PIS and COFINS – Requests for Offsetting Dismissed—R$ 1,545: cases in which the liquidity and the certainty of credits offset are discussed; • PIS and COFINS—Reversal of Revenues from Depreciation in Excess – R$ 1,350: discussing the accounting and tax treatment of PIS and COFINS upon settlement of leasing operations; • IRPJ and CSLL – Disallowance of Losses – R$ 1,192: 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 with Derivatives – R$ 658: the deductibility of losses calculated in the disposal of financial derivative contracts is being discussed. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.92

d) Accounts Receivables – Reimbursement of Provisions The receivables balance arising from reimbursements of contingencies totals R$ 919 (R$ 919 at 12/31/2020) (Note 18a), 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 and basically consist of: 03/31/2021 12/31/2020 Civil Labor Tax Total Total Deposits in guarantee (Note 18a) 1,466 2,158 9,072 12,696 12,693 Investment fund quotas 591 292 84 967 987 Surety 68 63 3,928 4,059 4,012 Insurance bond 1,868 1,247 15,624 18,739 18,402 Guarantee by government securities 14 — 231 245 249 Total 4,007 3,760 28,939 36,706 36,343 ITAÚ UNIBANCO HOLDING’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 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 in IFRS – March 31, 2021 F.93

Note 30 – Segment Information The current operational and reporting segments of ITAÚ UNIBANCO HOLDING are described below: • Retail Banking The segment comprises retail customers, account holders and non-account holders, individuals and legal entities, high income clients (Itaú Uniclass and Personnalité) and the companies segment (microenterprises and small companies). It includes financing and credit offers made outside the branch network, in addition to credit cards and payroll loans. • Wholesale Banking It comprises products and services offered to middle-market companies, high net worth clients (Private Banking), and the operation of Latin American units and Itaú BBA, which is the unit responsible for business with large companies and Investment Banking operations. • Activities with the Market + Corporation Basically, corresponds to the result arising from capital surplus, subordinated debt surplus and the net balance of tax credits and debits. It also includes the financial margin on market trading, Treasury operating costs, and equity in earnings of companies not included in either of the other segments. a) Basis of Presentation Segment information is based on the reports used by senior management to assess performance and to make decisions about allocation of funds for investment and other purposes. These reports use a variety of information for management purposes, including financial and non-financial information supported by bases different from information prepared according to accounting practices adopted in Brazil. The main indicators used for monitoring business performance are Recurring Income, and Return on Economic Capital allocated to each business segment. Information by segment has been prepared in accordance with accounting practices adopted in Brazil and is adjusted by the items below: Allocated capital: The statements for each segment consider capital allocation based on a proprietary model and consequent impacts on results arising from this allocation. This model includes the following components: Credit risk, operating risk, market risk and insurance underwriting risk. Income tax rate: We take the total income tax rate, net of the tax effect from the payment of interest on capital, for the Retail Banking, Wholesale Banking and Activities with the Market + Corporation. The difference between the income tax amount calculated by segment and the effective income tax amount, as stated in the consolidated financial statements, is allocated to the Trading + Institutional column. • Reclassification and application of managerial criteria The managerial statement of income was used to prepare information per segment. These statements were obtained based on the statement of income adjusted by the impact of non-recurring events and the managerial reclassifications in income. The main reclassifications between the accounting and managerial results are: Operating revenues: Considers the opportunity cost for each operation. The financial statements were adjusted so that the stockholders’ equity was replaced by funding at market price. Subsequently, the financial statements were adjusted to include revenues related to capital allocated to each segment. The cost of subordinated debt and the respective remuneration at market price were proportionally allocated to the segments, based on the economic capital allocated. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.94

Tax effects of hedging: The tax effects of hedging of investments abroad were adjusted – they were originally recorded as tax expenses (PIS and COFINS) and Income Tax and Social Contribution on Net Income – and are now reclassified to financial margin. Insurance: The main reclassifications of revenues refer to the financial margins obtained from technical provisions for insurance, pension plans and premium bonds, in addition to revenue from management of pension plan funds. Other reclassifications: Other Income, Share of Income of Associates and joint ventures, Non-Operating Income, Profit Sharing of Management Members and Expenses for Credit Card Reward Program were reclassified to those lines representing the way the ITAÚ UNIBANCO HOLDING manages its business, to provide a clearer understanding of our performance. The adjustments and reclassifications column shows the effects of the differences between the accounting principles followed for the presentation of segment information, which are substantially in line with the accounting practices adopted for financial institutions in Brazil, except as described above, and the policies used in the preparation of these consolidated financial statements according to IFRS. Significant adjustments are as follows: • Requirements for impairment testing of financial assets are based on the expected credit losses model; • Adjustment to fair value due to reclassifications of financial assets to categories of measurement at amortized cost, at fair value through profit and loss or at fair value through other comprehensive income, as a result of the concept of business models of IFRS 9; • Financial assets modified and not written-off, with their balances recalculated in accordance with the requirements of IFRS 9; • Effective interest rate of financial assets and liabilities measured at amortized cost, appropriating revenues and costs directly attributable to their acquisition, issue or disposal over the transaction term, whereas in the standards adopted in Brazil, recognition of expenses and revenues from fees occurs at the time these transactions are contracted; • Goodwill generated in a business combination is not amortized, whereas in the standards adopted in Brazil, it is amortized. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.95

b) Consolidated Statement of Managerial Result 01/01 to 03/31/2021 Activities with the Retail Wholesale ITAÚ (3) Market + Adjustments IFRS consolidated Banking Banking UNIBANCO Corporation Operating revenues 17,557 8,614 3,858 30,029 (1,756) 28,273 Interest margin (1) 9,966 5,304 3,364 18,634 (1,534) 17,100 Revenues from banking services and bank charges 5,885 3,190 491 9,566 237 9,803 Income from insurance and private pension operations before claim and selling expenses 1,706 120 3 1,829 (734) 1,095 Other revenues — — — — 275 275 Cost of Credit (4,049) (62) — (4,111) 2,450 (1,661) Claims (354) (2) — (356) — (356) Operating margin 13,154 8,550 3,858 25,562 694 26,256 Other operating income / (expenses) (9,562) (4,350) (317) (14,229) (3,489) (17,718) Non-interest expenses (2) (8,382) (3,927) (141) (12,450) (4,005) (16,455) Tax expenses for ISS, PIS and COFINS and Other (1,180) (423) (176) (1,779) 79 (1,700) Share of profit or (loss) in associates and joint ventures — — — — 437 437 Income before income tax and social contribution 3,592 4,200 3,541 11,333 (2,795) 8,538 Income tax and social contribution (1,279) (1,621) (1,489) (4,389) 2,071 (2,318) Non-controlling interest in subsidiaries (102) (126) (318) (546) 10 (536) Net income 2,211 2,453 1,734 6,398 (714) 5,684 Total assets (*)—03/31/2021 1,235,728 993,719 150,757 2,124,817 (101,600) 2,023,217 Total liabilities—03/31/2021 1,188,927 925,591 113,338 1,972,469 (109,026) 1,863,443 (*) Includes: Investments in associates and joint ventures 2,043 — 14,148 16,191 (360) 15,831 Fixed assets, net 5,409 996 — 6,405 492 6,897 Goodwill and Intangible assets, net 4,747 10,620 — 15,367 2,692 18,059 (1) Includes interest and similar income and expenses of R$ 14,640, result of financial assets and liabilities at fair value through profit or loss of R$ 5,364 and foreign exchange results and exchange variations in foreign transactions of R$ (2,904). (2) Refers to general and administrative expenses including depreciation and amortization expenses of R$ (1,307). (3) The IFRS Consolidated figures do not represent the sum of the parties because there are intercompany transactions that were eliminated only in the consolidated statements. Segments are assessed by top management, net of income and expenses between related parties. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.96

01/01 to 03/31/2020 Activities with the Retail Wholesale ITAÚ IFRS Market + Adjustments (3) Banking Banking UNIBANCO consolidated Corporation Operating revenues 19,705 7,593 1,908 29,206 (15,234) 13,972 Interest margin (1) 11,632 4,489 1,684 17,805 (15,257) 2,548 Commissions and Banking Fees 6,301 3,047 166 9,514 568 10,082 Income from insurance and private pension operations before claim and selling expenses 1,772 57 58 1,887 (752) 1,135 Other revenues — — — — 207 207 Cost of Credit (6,919) (3,168) — (10,087) 333 (9,754) Claims (326) (3) — (329) — (329) Operating margin 12,460 4,422 1,908 18,790 (14,901) 3,889 Other operating income / (expenses) (10,101) (3,613) (38) (13,752) 576 (13,176) Non-interest expenses (2) (8,786) (3,256) (19) (12,061) (845) (12,906) Tax expenses for ISS, PIS and COFINS and Other (1,315) (357) (19) (1,691) 1,131 (560) Share of profit or (loss) in associates and joint ventures — — — — 290 290 Income before income tax and social contribution 2,359 809 1,870 5,038 (14,325) (9,287) Income tax and social contribution (546) 7 (436) (975) 13,940 12,965 Non-controlling interest in subsidiaries (53) (89) (9) (151) (68) (219) Net income 1,760 727 1,425 3,912 (453) 3,459 Total assets (*)—12/31/2020 1,265,620 981,034 143,715 2,112,586 (93,335) 2,019,251 Total liabilities—12/31/2020 1,218,977 915,253 108,432 1,964,880 (100,154) 1,864,726 (*) Includes: Investments in associates and joint ventures 2,012 — 13,879 15,891 (321) 15,570 Fixed assets, net 4,587 806 — 5,393 1,544 6,937 Goodwill and Intangible assets, net 4,978 9,901 — 14,879 2,451 17,330 (1) Includes interest and similar income and expenses of R$ 5,565, result of financial assets and liabilities at fair value through profit or loss of R$ (9,068) and foreign exchange results and exchange variations in foreign transactions of R$ 6,051. (2) Refers to general and administrative expenses including depreciation and amortization expenses of R$ (1,211). (3) The IFRS Consolidated figures do not represent the sum of the segments because there are intercompany transactions that were eliminated only in the consolidated financial statements. Segments are assessed by top management, net of income and expenses between related parties. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.97

c) Result of Non-Current Assets and Main Services and Products by Geographic Region 03/31/2021 12/31/2020 Brazil Abroad Total Brazil Abroad Total Non-current assets 17,253 7,703 24,956 17,095 7,172 24,267 01/01 to 03/31/2021 01/01 to 03/31/2020 Brazil Abroad Total Brazil Abroad Total Income related to financial operations (1) (2) 21,854 10,580 32,434 22,631 9,661 32,292 Income from insurance and private pension operations before claim and selling expenses 1,095 — 1,095 1,135 — 1,135 Commissions and Banking Fees 8,608 1,195 9,803 9,138 944 10,082 (1) Includes interest and similar income, result of financial assets and liabilities at fair value through profit or loss and foreign exchange results and exchange variations in foreign transactions. (2) ITAÚ UNIBANCO HOLDING does not have customers representing 10% or higher of its revenues. Note 31 – 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 2.4a), 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 associates, non-financial subsidiaries and joint ventures of ITAÚSA, in particular Duratex S.A., Copagaz – Distribuidora de Gás S.A. and Alpargatas S.A.; • Investments in associates and joint ventures, in particular Porto Seguro Itaú Unibanco Participações S.A., BSF Holding S.A. and XP Inc.; • Pension Plans: Fundação Itaú Unibanco – Previdência Complementar and FUNBEP – Fundo de Pensão Multipatrocinado, closed-end supplementary pension entities, that administer retirement plans sponsored by ITAÚ UNIBANCO HOLDING, created exclusively for employees; • Associations: Associação Cubo Coworking Itaú – a partner entity of ITAÚ UNIBANCO HOLDING 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: Fundação Itaú para a Educação e Cultura – promotes education, culture, social assistance, defense and guarantee of rights, and strengthening of civil society. Instituto Unibanco – 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. Instituto Unibanco de Cinema – 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 Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.98

Associação Itaú Viver Mais – 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. a) Transactions with related parties: ITAÚ UNIBANCO HOLDING Assets / (Liabilities) Revenues / (Expenses) Annual rate 03/31/2021 12/31/2020 01/01 to 01/01 to 03/31/2021 03/31/2020 Short-term Interbank investments 4,000 18,539 23 - Other 2.65% 4,000 18,539 23 - Loan operations 582 591 4 13 Duratex S.A. CDI + 1,45% 520 515 4 1 Other 2,5% to 6% 62 76 — 12 Securities and derivative financial instruments (assets and liabilities) 1,989 1,716 25 (2) Investment funds 146 107 8 (2) Copagaz – Distribuidora de Gás S.A. CDI + 1,7% to 3% 1,100 950 9 -Itaúsa S.A. CDI + 2,4% 743 771 8 -Other — (112) — - Deposits received under securities repurchase agreements (299) (165) (1) (27) Alpargatas S.A. 101% CDI (8) (107) — (1) Duratex S.A. 95% CDI (17) (49) — (1) Other 2,5% / 75% to 100% CDI (274) (9) (1) (25) Amounts receivable (payable) / Commissions and/or Other General and (121) (26) 6 9 Administrative expenses Instituto Unibanco — 123 1 1 Fundação Itaú Unibanco – Previdência Complementar (82) (93) 9 11 ConectCar Soluções de Mobilidade Eletrônica S.A. (34) (46) 2 3 Olímpia Promoção e Serviços S.A. (5) (9) (11) (9) Other — (1) 5 3 Rent — — (8) (9) Fundação Itaú Unibanco – Previdência Complementar — — (7) (8) FUNBEP – Fundo de Pensão Multipatrocinado — — (1) (1) Donation — (500) — - Fundação Itaú para a Educação e Cultura — (500) — - Sponsorship 12 12 (2) (3) Associação Cubo Coworking Itaú 12 12 (2) (3) Operations with Key Management Personnel of ITAÚ UNIBANCO HOLDING present Assets of R$ 64, Liabilities of R$ (6,581) and Results of R$ (8) (R$ 65, R$ (6,623) at 12/31/2020 and R$ 146 from 01/01 to 03/31/2020, respectively). b) Compensation and Benefits of Key Management Personnel Compensation and benefits attributed to Managers Members, members of the Audit Committee and the Board of Directors of ITAÚ UNIBANCO HOLDING in the period correspond to: 01/01 to 01/01 to 03/31/2021 03/31/2020 Fees (123) (127) Profit sharing (49) (22) Post-employment benefits (6) (4) Share-based payment plan (33) (49) Total (211) (202) Total amounts related to share-based payment plans, personnel expenses and post-employment benefits is detailed in Notes 20, 23 and 26, respectively. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.99

Note 32 – Risk and Capital Management a) Corporate Governance ITAÚ UNIBANCO HOLDING invests in robust risk management processes and capital management that are the basis for its strategic decisions to ensure business sustainability and maximize shareholder value creation. 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’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, are responsible for capital and risk management, and their decisions are monitored by the CGRC. Additionally, ITAÚ UNIBANCO HOLDING has collegiate bodies with capital and risk management responsibilities delegated to them, under the responsibility of CRO (Chief Risk Officer). To support this structure, the Risk Department has departments to ensure, on an independent and centralized basis, that the institution’s risks and capital are managed in compliance with the defined policies and procedures. b) Risk Management Risk Appetite The risk appetite of ITAÚ UNIBANCO HOLDING 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.” Based on this statement, five dimensions have been defined, 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. The five dimensions of risk appetite are: • Capitalization: establishes that ITAÚ UNIBANCO HOLDING must have capital sufficient to face any serious recession period or a stress event without the need to adjust its capital structure under unfavorable circumstances. It is monitored by tracking ITAÚ UNIBANCO HOLDING’s capital ratios, both in normal and stress scenarios, and of the ratings of the institution’s debt issues. • Liquidity: establishes that the liquidity of ITAÚ UNIBANCO HOLDING must withstand long periods of stress. It is monitored tracking liquidity indicators. • Composition of results: defines that business will be focused primarily on Latin America, where ITAÚ UNIBANCO HOLDING has a diversified base of customers and products, with low appetite for income volatility or for high risk. This dimension comprises aspects related to business, profitability, market risk and credit risk. By adopting exposure concentration limits, such as industry sectors, counterparty quality, countries and geographical regions and risk factors, these monitored metrics are intended to ensure well-adjusted portfolios, low income volatility and business sustainability. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.100

• Operational risk: focuses on the control of operating risk events that may adversely impact business and operating strategy, and involves monitoring the main operational risk events and losses incurred. • Reputation: addresses risks that may impact the institution’s brand value and reputation with customers, employees, regulatory bodies, investors and the general public. The risk monitoring in this dimension is carried out by tracking customer satisfaction or dissatisfaction and media exposure, in addition to monitoring the institution’s conduct. Risk appetite, risk management and guidelines for employees of ITAÚ UNIBANCO HOLDING for routine decision-making purposes are based on: • Sustainability and customer satisfaction: ITAÚ UNIBANCO HOLDING 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 is committed to doing business that is good both for the customer and the institution itself; • Risk culture: ITAÚ UNIBANCO HOLDING’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’s operates and assumes risks in business that it knows and understands, avoids the ones that are unknown or that do not provide competitive advantages, and carefully assesses risk-return ratios; • Diversification: ITAÚ UNIBANCO HOLDING 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 to be an agile bank, with a robust and stable infrastructure enabling us to offer top quality services; • Ethics and respect for regulations: for ITAÚ UNIBANCO HOLDING, 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 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 guidelines, helping employees to conscientiously understand, identify, measure, manage and mitigate risks. 1. 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. The credit policy of ITAÚ UNIBANCO HOLDING 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. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.101

For personal customers and small and middle-market companies, credit rating is based on statistical application models (at the early stages of the relationship with a customer) and behavior score (used for customers with which ITAÚ UNIBANCO HOLDING already has a relationship). For large companies, the rating is based on information such as economic and financial condition of the counterparty, their cash-generating capability, the economic group to which they belong, and the current and prospective situation of the economic sector in which they operate. Credit proposals are analyzed on a case by case basis, through an approval-level mechanism. ITAÚ UNIBANCO HOLDING strictly controls the credit exposure of customers and counterparties, taking action to address situations in which the current exposure exceeds what is desirable. For this purpose, measures provided for in loan agreements are available, such as accelerated maturity or a requirement for additional collateral. 1.1 Collateral and policies for mitigating credit risk ITAÚ UNIBANCO HOLDING uses guarantees to increase its capacity for recovery in operations exposed to credit risk. The guarantees may be personal, secured, legal structures with mitigating power and offset agreements. For collateral to be considered instruments that mitigate credit risk, they must comply with the requirements and standards that regulate them, both internal and external ones, and they must be legally valid (effective), enforceable, and assessed on a regular basis. ITAÚ UNIBANCO HOLDING also uses credit derivatives, to mitigate credit risk of its portfolios of loans and securities. These instruments are priced based on models that use the fair value of market inputs, such as credit spreads, recovery rates, correlations and interest rates. 1.2 Policy for Provisioning and Economic Scenarios Both the credit risk and the finance areas are responsible for defining the methods used to measure expected loan losses and for periodically assessing changes in the provision amounts. These areas monitor the trends observed in provisions for expected credit losses by segment, in addition to establishing an initial understanding of the variables that may trigger changes in the allowance for loan losses, the probability of default (PD) or the loss given default (LGD). Once the trends have been identified and an initial assessment of the variables has been made at the corporate level, the business areas are responsible for further analyzing these trends in more detail and for each segment, in order to understand the underlying reasons for the trends and to decide whether changes are required in credit policies. Provisions for expected losses take into account the expected risk linked to contracts with similar characteristics and in anticipation of signs of deterioration, over a loss horizon suitable for the remaining period of the contract to maturity. For contracts of products with no determined termination date, average results of deterioration and default are used to determine the loss horizon. Additionally, information on economic scenarios and public data with internal projections are used to determine and adjust the expected credit loss in line with expected macroeconomic realities. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.102

Sensitivity analysis ITAÚ UNIBANCO HOLDING prepares studies on the impact of estimates in the calculation of expected credit loss. The expected loss models use three different scenarios: Optimistic, Base and Pessimistic.In Brazil, where operations are substantially carried out, these scenarios are combined by weighting their probabilities: 15%, 40% and 45%, respectively, which are updated so as to reflect the new economic conditions. For loan portfolios originated in other countries, the scenarios are weighted by different probabilities, considering regional economic aspects and conditions The table below shows the amount of financial assets at amortized cost and at fair value through other comprehensive income, expected loss and the impacts on the calculation of expected credit loss in the adoption of 100% of each scenario: 03/31/2021 12/31/2020 Reduction/(Increase) of Reduction/(Increase) of Financial Expected Expected Loss Financial Expected Expected Loss Assets (1) Loss (2) Assets (1) Loss (2) Pessimistic Base Optimistic Pessimistic Base Optimistic scenario scenario scenario scenario scenario scenario 979,862 (50,145) (865) 510 1,481 951,343 (51,480) (830) 491 1,416 (1) Composed of Loan operations, lease operations and securities. (2) Comprises expected credit loss for Financial Guarantees R$ (926) (R$ (907) at 12/31/2020) and Loan Commitments R$ (3,597) (R$ (3,485) at 12/31/2020). 1.3 Classification of Stages of Credit Impairment ITAÚ UNIBANCO HOLDING uses customers’ internal information, statistic models, days of default and quantitative analysis in order to determine the credit status of portfolio agreements. Rules for changing stages take into account lower and higher internal limits (quantitative criteria), in addition to the relative variation in the rating since the initial recognition. Information on days of delay, used on an absolute basis, is an important factor for the classification of stages, and after a certain credit status has been defined for an agreement, it is classified in one of the three stages of credit deterioration. Based on this classification, rules for measuring expected credit loss in each stage are used, as described in Note 2.4d. For retail and middle market portfolios, ITAÚ UNIBANCO HOLDING classifies loan agreements which are over 30 days overdue in stage 2, except payroll loans for government agency, for which the figure is 45 days, due to the dynamics of payment for transfer of the product. For the Wholesale business portfolio, information on arrears is taken into account when allocating a rating. Default parameters are: 90 days with no payments made(*); debt restructuring; adjudication of bankruptcy; loss; and court-ordered restructuring. (*) For the real estate loans portfolio, the figure is 180 days with no payments made. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.103

1.4 Maximum Exposure of Financial Assets to Credit Risk 03/31/2021 12/31/2020 Brazil Abroad Total Brazil Abroad Total Financial Assets 1,282,590 485,966 1,768,556 1,294,428 466,835 1,761,263 At Amortized Cost 820,617 356,667 1,177,284 861,485 324,255 1,185,740 Interbank deposits 17,789 55,502 73,291 17,775 37,910 55,685 Securities purchased under agreements to resell 178,042 2,648 180,690 237,528 2,415 239,943 Securities 111,847 23,630 135,477 103,146 26,658 129,804 Loan and lease operations 475,646 266,477 742,123 468,461 245,643 714,104 Other financial assets 69,020 22,273 91,293 67,425 25,830 93,255 (-) Provision for Expected Loss (31,727) (13,863) (45,590) (32,850) (14,201) (47,051) At Fair Value Through Other Comprehensive Income 45,302 56,494 101,796 48,992 60,950 109,942 Securities 45,302 56,494 101,796 48,992 60,950 109,942 At Fair Value Through Profit or Loss 416,671 72,805 489,476 383,951 81,630 465,581 Securities 392,463 21,775 414,238 365,718 23,353 389,071 Derivatives 24,196 51,030 75,226 18,227 58,277 76,504 Other financial assets 12 — 12 6 — 6 Financial liabilities—provision for expected loss 3,693 830 4,523 3,655 737 4,392 Loan Commitments 3,176 421 3,597 3,135 350 3,485 Financial Guarantees 517 409 926 520 387 907 Off balance sheet 387,781 74,115 461,896 372,542 58,773 431,315 Financial Guarantees 56,344 18,703 75,047 51,830 17,103 68,933 Letters of credit to be released 38,845 — 38,845 41,477 — 41,477 Loan commitments 292,592 55,412 348,004 279,235 41,670 320,905 Mortgage loans 6,628 — 6,628 6,357 — 6,357 Overdraft accounts 129,940 — 129,940 126,302 — 126,302 Credit cards 153,591 4,042 157,633 144,386 3,859 148,245 Other pre-approved limits 2,433 51,370 53,803 2,190 37,811 40,001 Total 1,666,678 559,251 2,225,929 1,663,315 524,871 2,188,186 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.104

Amounts shown for credit risk exposure are based on gross book value and do not take into account any collateral received or other added credit improvements. The contractual amounts of financial guarantees and letters of credit cards represent the maximum potential of credit risk in the event that a counterparty does not meet the terms of the agreement. The vast majority of loan commitments (mortgage loans, overdraft accounts and other pre-approved limits) mature without being drawn, since they are renewed monthly and can be cancelled unilaterally. As a result, the total contractual amount does not represent our real future exposure to credit risk or the liquidity needs arising from such commitments. 1.4.1. By business sector Loan and lease operations 03/31/2021 % 12/31/2020 % Industry and commerce 173,039 23.3 163,784 22.9 Services 176,805 23.8 172,322 24.1 Other sectors 38,489 5.2 37,565 5.3 Individuals 353,790 47.7 340,433 47.7 Total 742,123 100.0 714,104 100.0 Other financial assets (*) 03/31/2021 % 12/31/2020 % Public sector 695,767 70.9 713,705 71.2 Services 119,816 12.2 79,788 8.0 Other sectors 58,492 6.0 67,636 6.8 Financial 106,643 10.9 139,820 14.0 Total 980,718 100.0 1,000,949 100.0 (*) Includes Financial Assets at Fair Value through Profit and Loss, Financial Assets at Fair Value through Other Comprehensive Income and Financial Assets at Amortized Cost, except for Loan and Lease Operations and Other Financial Assets. The exposure of Off Balance financial instruments (Financial Collaterals and Loan Commitments) is neither categorized nor managed by business sector. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.105

1.4.2 By type and classification of credit risk Loan and lease operations 03/31/2021 Stage 1 Stage 2 Stage 3 Total Consolidated of 3 stages Loan Loan Financial Loan Loan Financial Loan Loan Financial Loan Loan Financial Total Total Total Total Operations commitments Guarantees Operations commitments Guarantees Operations commitments Guarantees Operations commitments Guarantees Individuals 207,129 198,371 868 406,368 30,569 19,087 - 49,656 23,376 845 - 24,221 261,074 218,303 868 480,245 Corporate 127,964 19,070 48,549 195,583 2,372 34 580 2,986 6,457 88 2,558 9,103 136,793 19,192 51,687 207,672 Micro/Small and medium companies 98,030 55,839 5,309 159,178 15,637 3,818 414 19,869 9,130 252 148 9,530 122,797 59,909 5,871 188,577 Foreign loans—Latin America 184,796 47,961 15,526 248,283 17,445 2,476 912 20,833 19,218 163 183 19,564 221,459 50,600 16,621 288,680 Total 617,919 321,241 70,252 1,009,412 66,023 25,415 1,906 93,344 58,181 1,348 2,889 62,418 742,123 348,004 75,047 1,165,174 % 61.2 31.8 7.0 100.0 70.8 27.2 2.0 100.0 93.2 2.2 4.6 100.0 63.7 29.9 6.4 100.0 12/31/2020 Stage 1 Stage 2 Stage 3 Total Consolidated of 3 stages Loan Loan Financial Loan Loan Financial Loan Loan Financial Loan Loan Financial Total Total Total Total Operations commitments Guarantees Operations commitments Guarantees Operations commitments Guarantees Operations commitments Guarantees Individuals 199,158 190,273 854 390,285 30,793 19,387 - 50,180 25,532 987 - 26,519 255,483 210,647 854 466,984 Corporate 123,665 17,670 43,602 184,937 2,793 16 595 3,404 8,063 93 2,516 10,672 134,521 17,779 46,713 199,013 Micro/Small and medium companies 96,784 50,813 5,434 153,031 15,965 3,884 440 20,289 9,206 307 131 9,644 121,955 55,004 6,005 182,964 Foreign loans—Latin America 167,601 35,960 14,498 218,059 16,692 1,414 676 18,782 17,852 101 187 18,140 202,145 37,475 15,361 254,981 Total 587,208 294,716 64,388 946,312 66,243 24,701 1,711 92,655 60,653 1,488 2,834 64,975 714,104 320,905 68,933 1,103,942 % 62.1 31.1 6.8 100.0 71.5 26.7 1.8 100.0 93.3 2.3 4.4 100.0 64.7 29.1 6.2 100.0 03/31/2021 12/31/2020 Internal Rating Total loan Total loan Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 operations operations Low 531,389 12,344 - 543,733 501,463 13,172 - 514,635 Medium 85,459 37,129 - 122,588 84,193 37,249 - 121,442 High 1,071 16,550 - 17,621 1,552 15,822 - 17,374 Credit-Impaired — — 58,181 58,181 — — 60,653 60,653 Total 617,919 66,023 58,181 742,123 587,208 66,243 60,653 714,104 % 83.3 8.9 7.8 100.0 82.2 9.3 8.5 100.0 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.106

Other financial assets 03/31/2021 Fair Value Stage 1 Stage 2 Stage 3 Cost Fair Value Cost Fair Value Cost Fair Value Investment funds 10,766 4,050 3,764 7,002 7,002 — -Government securities 501,357 502,236 501,357 — — — - Brazilian government 440,709 441,241 440,709 — — — - Other Public - 36 — — — — - Other countries 60,648 60,959 60,648 — — — - Argentina 2,113 2,078 2,113 — — — -United States 7,014 7,031 7,014 — — — -Mexico 12,556 12,561 12,556 — — — -Italy 137 137 137 — — — -Spain 5,473 5,477 5,473 — — — -Korea 5,463 5,470 5,463 — — — -Chile 17,142 17,307 17,142 — — — -Paraguay 3,210 3,271 3,210 — — — -Uruguay 831 823 831 — — — -Colombia 6,701 6,796 6,701 — — — -Peru 8 8 8 — — — - Corporate securities 136,735 132,529 131,175 3,517 2,795 5,541 2,765 Rural product note 7,256 7,118 7,158 31 30 118 68 Real estate receivables certificates 5,304 5,270 5,230 78 74 — -Bank deposit certificate 880 878 880 — — — -Debentures 67,343 62,957 62,839 2,485 1,886 5,100 2,618 Eurobonds and other 7,487 7,403 7,487 — — — -Financial bills 15,607 15,605 15,607 — — — -Promissory notes 6,784 6,767 6,784 — — — -Other 26,074 26,531 25,190 923 805 323 79 Total 648,858 638,815 636,296 10,519 9,797 5,541 2,765 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.107

12/31/2020 Stage 1 Stage 2 Stage 3 Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Investment funds 14,204 3,232 2,997 10,943 10,943 1,232 264 Government securities 483,791 479,477 483,791 — — — - Brazilian government 422,098 417,782 422,098 — — — - Other Public — 36 — — — — - Other countries 61,693 61,659 61,693 — — — - Argentina 1,498 1,480 1,498 — — — -United States 5,835 5,847 5,835 — — — -Mexico 10,222 10,227 10,222 — — — -Italy 130 133 130 — — — -Spain 4,844 4,847 4,844 — — — -Korea 3,947 3,951 3,947 — — — -Chile 23,195 23,183 23,195 — — — -Paraguay 2,950 3,011 2,950 — — — -Uruguay 978 964 978 — — — -Colombia 8,089 8,012 8,089 — — — -Peru 5 4 5 — — — - Corporate securities 127,757 122,695 122,326 3,485 2,738 5,873 2,693 Rural product note 5,823 5,717 5,723 38 36 115 64 Real estate receivables certificates 5,342 5,290 5,268 77 73 — 1 Bank deposit certificate 1,066 1,064 1,066 — — — -Debentures 62,723 57,963 58,365 2,402 1,779 5,462 2,579 Eurobonds and other 7,604 7,445 7,604 — — — -Financial bills 15,783 15,784 15,783 — — — -Promissory notes 7,629 7,611 7,629 — — — -Other 21,787 21,821 20,888 968 850 296 49 Total 625,752 605,404 609,114 14,428 13,681 7,105 2,957 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.108

Other Financial Assets - Internal Classification by Level of Risk 03/31/2021 Financial Assets—At Amortized Cost Financial Assets at fair Financial assets at fair value Internal rating Interbank deposits and value through other Total through profit or loss (*) securities purchased under Securities comprehensive income agreements to resell Low 253,850 129,985 485,950 101,796 971,581 Medium — 4,142 3,166 - 7,308 High 131 1,350 348 - 1,829 Total 253,981 135,477 489,464 101,796 980,718 % 25.9 13.8 49.9 10.4 100.0 (*) Includes Derivatives in the amount of R$ 75,226 at 03/31/2021. 12/31/2020 Financial Assets—At Amortized Cost Financial Assets at fair Financial assets at fair value Internal rating Interbank deposits and value through other Total through profit or loss (*) securities purchased under Securities comprehensive income agreements to resell Low 295,334 123,553 463,168 109,942 991,997 Medium — 4,396 2,192 - 6,588 High 294 1,855 215 - 2,364 Total 295,628 129,804 465,575 109,942 1,000,949 % 29.5 13.0 46.5 11.0 100.0 (*) Includes Derivatives in the amount of R$ 76,504 at 12/31/2020. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.109

1.4.3 Collateral for loans and lease operations 03/31/2021 12/31/2020 Over-collateralized assets Under-collateralized assets Over-collateralized assets Under-collateralized assets Carrying Carrying Carrying Carrying Fair value of Fair value of Fair value of Fair value of value of the value of the value of the value of the collateral collateral collateral collateral assets assets assets assets Individuals 89,214 223,772 1,215 1,136 80,907 202,819 1,746 1,621 Personal (1) 1,984 7,019 794 744 1,960 6,759 737 698 Vehicles (2) 23,366 53,543 409 384 21,595 44,673 999 918 Mortgage loans (3) 63,864 163,210 12 8 57,352 151,387 10 5 Micro, small and medium companies and corporates (4) 157,684 471,277 29,558 25,344 151,129 444,696 31,582 27,011 Foreign loans—Latin America (4) 177,229 333,529 16,529 9,509 161,987 309,489 15,381 9,050 Total 424,127 1,028,578 47,302 35,989 394,023 957,004 48,709 37,682 (1) In general requires financial collaterals. (2) Vehicles themselves are pledged as collateral, as well as assets leased in lease operations. (3) Properties themselves are pledged as collateral. (4) Any collateral set forth in the credit policy of ITAÚ UNIBANCO HOLDING (chattel mortgage, surety/joint debtor, mortgage and others). Of total loan and lease operations, R$ 270,694 (R$ 271,372 at 12/31/2020) represented unsecured loans. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.110

1.4.4 Repossessed assets Assets received from the foreclosure of loans, including real estate, are initially recorded at the lower of: (i) the fair value of the asset less the estimated selling expenses, or (ii) the carrying amount of the loan. Further impairment of assets is recorded as a provision, with a corresponding charge to income. The maintenance costs of these assets are expensed as incurred. The policy for sales of these assets includes periodic auctions that are announced to the market in advance, and provides that the assets cannot be held for more than one year, as stipulated by BACEN. Total repossessed assets in the period were R$ 50 (R$ 99 from 01/01 to 03/31/2020), mainly composed of real estate. 2. 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, as set forth by CMN. Price Indexes are also treated as a risk factor group. 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, (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 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 (Stress Test): 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 – Mark to Market); and • 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: • ÄEVE (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 shock in interest rates; Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.111

• ÄNII (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. In order to operate within the defined limits, ITAÚ UNIBANCO HOLDING 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. 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 ITAU UNIBANCO HOLDING’s appetite for risk. The consumption of market risk limits is monitored and disclosed daily through exposure and sensitivity maps. The market risk area analyzes and controls the adherence of these exposures to limits and alerts and reports them timely to the Treasury desks and other structures foreseen in the governance. ITAÚ UNIBANCO HOLDING 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. 2.1 VaR—Consolidated ITAÚ UNIBANCO HOLDING It is calculated by Historical Simulation, i.e. the expected distribution for profits and losses (P&L) of a portfolio over time can be estimated from past behavior of returns of market risk factors for this portfolio. VaR is calculated at a confidence level of 99%, historical period of 4 years (1000 business days) and a holding period of one day. In addition, in a conservative approach, VaR is calculated daily, with and without volatility weighting, and the final VaR is the more restrictive of the values given by the two methods. From 01/01 to 03/31/2021, the average total VaR in Historical Simulation was R$ 271 or 0.2% of total stockholders’ equity (R$ 282 from 01/01 to 12/31/2020 or 0.2% of total stockholders’ equity). VaR Total (Historical Simulation) (in millions of Reais) 03/31/2021 (*) 12/31/2020 (*) Average Minimum Maximum Var Total Average Minimum Maximum Var Total VaR by Risk Factor Group Interest rates 652 425 949 893 614 292 1,961 431 Currencies 22 10 37 10 20 9 71 24 Shares 36 20 55 45 23 9 49 30 Commodities 5 1 8 6 2 1 4 1 Effect of diversification — — — (658) — — — (263) Total risk 271 198 329 296 282 166 763 223 (*) VaR by Group of Risk Factors considers information from foreign units. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.112

2.1.1 Interest rate risk The table below shows the accounting position of financial assets and liabilities exposed to interest rate risk, distributed by maturity (remaining contractual terms). This table is not used directly to manage interest rate risks; it is mostly used to permit the assessment of mismatching between accounts and products associated thereto and to identify possible risk concentration. 03/31/2021 12/31/2020 0-30 31-180 181-365 1-5 Over 5 0-30 31-180 181-365 1-5 Over 5 Total Total days days days years years days days days years years Financial assets 530,519 303,814 174,033 583,779 213,092 1,805,237 478,065 335,803 185,587 568,219 227,3971,795,071 At amortized cost 407,696 238,479 131,127 323,692 112,971 1,213,965 406,497 251,388 121,432 314,949 125,282 1,219,548 Compulsory deposits in the Central Bank of Brazil 85,096 — — — — 85,096 83,133 — — — — 83,133 Interbank deposits 54,494 8,372 2,490 7,726 154 73,236 34,998 5,410 8,178 6,864 187 55,637 Securities purchased under agreements to resell 150,134 30,169 159 4 220 180,686 196,053 43,625 170 10 77 239,935 Securities 4,370 15,423 8,265 69,245 35,521 132,824 9,325 16,907 11,440 55,070 33,997 126,739 Loan and lease operations 113,602 184,515 120,213 246,717 77,076 742,123 82,988 185,446 101,644 253,005 91,021 714,104 At fair value through other comprehensive income 5,444 9,178 5,380 60,304 21,490 101,796 13,357 12,557 6,958 54,452 22,618 109,942 At fair value through profit and loss 117,379 56,157 37,526 199,783 78,631 489,476 58,211 71,858 57,197 198,818 79,497 465,581 Securities 105,641 46,679 19,594 180,457 61,867 414,238 40,577 63,455 48,092 178,565 58,382 389,071 Derivatives 11,737 9,474 17,925 19,326 16,764 75,226 17,634 8,403 9,099 20,253 21,115 76,504 Other financial assets 1 4 7 — — 12 — — 6 — — 6 Financial liabilities 606,380 134,359 128,512 356,337 232,093 1,457,681 624,542 141,647 122,233 452,797 118,6161,459,835 At amortized cost 594,979 124,676 110,428 333,790 219,954 1,383,827 607,741 134,640 109,560 426,488 101,7531,380,182 Deposits 388,905 75,198 48,466 185,829 122,981 821,379 370,604 80,456 59,955 277,055 20,940 809,010 Securities sold under repurchase agreements 194,198 2,560 1,112 27,229 29,179 254,278 220,219 3,001 1,962 23,811 24,371 273,364 Interbank market funds 11,289 41,644 45,234 57,083 5,250 160,500 9,542 48,407 36,972 56,482 4,632 156,035 Institutional market funds 247 5,221 15,469 60,774 62,544 144,255 6,950 2,247 10,142 67,159 51,810 138,308 Premium bonds plans 340 53 147 2,875 — 3,415 426 529 529 1,981 — 3,465 At fair value through profit and loss 11,401 9,683 18,084 22,547 12,139 73,854 16,801 7,007 12,673 26,309 16,863 79,653 Derivatives 11,400 9,675 18,082 22,489 12,068 73,714 16,791 7,002 12,672 26,252 16,788 79,505 Structured notes — 1 — 57 71 129 10 — 1 57 75 143 Other financial liabilities 1 7 2 1 — 11 — 5 — — — 5 Difference assets / liabilities (*) (75,861) 169,455 45,521 227,442 (19,001) 347,556 (146,477) 194,156 63,354 115,422 108,781 335,236 Cumulative difference (75,861) 93,594 139,115 366,557 347,556 (146,477) 47,679 111,033 226,455 335,236 Ratio of cumulative difference to total interest-bearing assets -4.2% 5.2% 7.7% 20.3% 19.3% -8.2% 2.7% 6.2% 12.6% 18.7% (*) The difference arises from the mismatch between the maturities of all remunerated assets and liabilities, at the respective period-end date, considering the contractually agreed terms. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.113

2.1.2 Currency risk The purpose of ITAÚ UNIBANCO HOLDING’s management of foreign exchange exposure is to mitigate the effects arising from variation in foreign exchange rates, which may present high-volatility periods. The currency (or foreign exchange) risk arises from positions that are sensitive to oscillations in foreign exchange rates. These positions may be originated by financial instruments that are denominated in a currency other than the functional currency in which the balance sheet is measured or through positions in derivative instruments (for negotiation or hedge). Sensitivity to currency risk is disclosed in the table VaR Total (Historical Simulation) described in item 2.1 – VaR Consolidated – ITAÚ UNIBANCO HOLDING. 2.1.3 Share Price Risk The exposure to share price risk is disclosed in Note 5, related to Financial Assets Through Profit or Loss—Securities, and Note 8, related to Financial Assets at Fair Value Through Other Comprehensive Income—Securities. 3. 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 operates. All activities are subject to verification by independent validation, internal control and audit areas. Liquidity management policies and limits are based on prospective scenarios and senior management’s guidelines. These scenarios are reviewed on a periodic basis, by analyzing the need for cash due to atypical market conditions or strategic decisions by ITAÚ UNIBANCO HOLDING. ITAÚ UNIBANCO HOLDING manages and controls liquidity risk on a daily basis, using procedures approved in superior committees, including the adoption of liquidity minimum limits, sufficient to absorb possible cash losses in stress scenarios, measured with the use of internal and regulatory methods. Additionally the following items for monitoring and supporting decisions are periodically prepared and submitted to senior management: • Different scenarios projected for changes in liquidity; • Contingency plans for crisis situations; • Reports and charts that describe the risk positions; • Assessment of funding costs and alternative sources of funding; • Monitoring of changes in funding through a constant control of sources of funding, considering the type of investor, maturities and other factors. 3.1 Primary sources of funding ITAÚ UNIBANCO HOLDING has different sources of funding, of which a significant portion is from the retail segment. Of total customers’ funds, 37.9% or R$ 393.5 billion, are immediately available to customers. However, the historical behavior of the accumulated balance of the two largest items in this group – demand and savings deposits -is relatively consistent with the balances increasing over time and inflows exceeding outflows for monthly average amounts. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.114

03/31/2021 12/31/2020 Funding from customers 0-30 days Total % 0-30 days Total % Deposits 388,905 821,379 370,604 809,010 Demand deposits 141,657 141,657 13.6 134,805 134,805 13.2 Savings deposits 183,265 183,265 17.6 179,470 179,470 17.5 Time deposits 61,416 491,630 47.3 55,778 491,234 48.0 Other 2,567 4,827 0.5 551 3,501 0.3 Funds from acceptances and issuance of (1) 4,441 140,351 13.5 1,978 136,638 13.4 securities Funds from own issue (2) 204 1,188 0.1 218 1,985 0.2 Subordinated debt — 76,587 7.4 6,657 74,916 7.3 Total 393,550 1,039,505 100.0 379,457 1,022,549100.0 (1) Includes mortgage notes, guaranteed real estate credit bills, agribusiness, financial recorded in interbank markets funds and Obligations on the issue of debentures, Securities abroad and strutured operations certificates recorded in Institutional Markets Funds. (2) Refer to deposits received under securities repurchase agreements with securities from own issue. 3.2 Control over liquidity ITAÚ UNIBANCO HOLDING manages its liquidity reserves based on estimates of funds that will be available for investment, assuming the continuity of business in normal conditions. During the period of 2021, ITAÚ UNIBANCO HOLDING maintained sufficient levels of liquidity in Brazil and abroad. Liquid assets totaled R$ 286.5 billion and accounted for 72.8% of the short term redeemable obligations, 27.6% of total funding, and 20.7% of total assets. The table below shows the indicators used by ITAÚ UNIBANCO HOLDING in the management of liquidity risk: 03/31/2021 12/31/2020 Liquidity indicators % % Net assets (1) / customers funds within 30 days (2) 72.8 85.2 Net assets (1) / total customers funds (3) 27.6 31.6 Net assets (1) / total financial assets (4) 20.7 23.4 (1) Net assets (present value): Cash, Securities purchased under agreements to resell – Funded position and Government securities -available. Detailed in the table Non discounted future flows – Financial assets. (2) Funding from customers table (Total funding from customers 0-30 days). (3) Funding from customers table (Total funding from customers). (4) Detailed in the table Non discounted future flows – Financial assets, total present value regards R$ 1,386,539 (R$ 1,381,769 at 12/31/2020). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.115

Assets and liabilities according to their remaining contractual maturities, considering their undiscounted flows, are presented below: Undiscounted future flows, except for derivatives which are fair value 03/31/2021 12/31/2020 (1) Over 720 Over 720 Financial assets 0—30 31—365 366—720 Total 0—30 31—365 366—720 Total days days Cash 39,369 — — — 39,369 46,224 — — — 46,224 Interbank investments 201,395 31,412 6,997 1,171 240,975 234,755 43,276 6,273 1,092 285,396 Securities purchased under agreements to resell – Collateral held (2) 30,316 — — — 30,316 44,743 — — — 44,743 Securities purchased under agreements to resell – Collateral repledge 116,610 20,623 — — 137,233 150,474 31,561 — — 182,035 Interbank deposits (4) 54,469 10,789 6,997 1,171 73,426 39,538 11,715 6,273 1,092 58,618 Securities 226,867 21,786 22,385 140,628 411,666 239,964 16,348 17,144 101,908 375,364 Government securities—available 210,898 279 423 6,565 218,165 226,615 393 379 5,779 233,166 Government securities – under repurchase commitments 110 10,182 11,243 36,502 58,037 93 3,905 6,749 15,132 25,879 Corporate securities—available 15,790 10,669 8,707 64,954 100,120 13,256 11,113 8,352 51,927 84,648 Corporate securities – under repurchase commitments 69 656 2,012 32,607 35,344 — 937 1,664 29,070 31,671 Derivative financial instruments—Net position 11,737 27,399 7,787 28,303 75,226 17,634 17,502 6,478 34,890 76,504 Swaps 165 4,434 6,177 26,564 37,340 4,064 2,952 5,117 33,886 46,019 Options 3,107 17,938 1,064 595 22,704 10,103 8,783 992 540 20,418 Forwards 6,661 1,570 4 477 8,712 1,323 757 5 — 2,085 Other derivatives 1,804 3,457 542 667 6,470 2,144 5,010 364 464 7,982 Loan and lease operations (3) 77,732 239,333126,204 329,150 772,419 60,896 236,173 114,523 317,492 729,084 Other financial assets 1 11 — — 12 — 6 — — 6 Total financial assets 557,101 319,941 163,373 499,252 1,539,667 599,473 313,305 144,418 455,382 1,512,578 (1) The assets portfolio does not take into consideration the balance of compulsory deposits in Central Bank, amounting to R$ 91,317 (R$ 90,059 at 12/31/2020), which release of funds is linked to the maturity of the liability portfolios. The amounts of PGBL and VGBL are not considered in the assets portfolio because they are covered in Note 26. (2) Net of R$ 10,763 (R$ 11,119 at 12/31/2020) which securities are linked to guarantee transactions at B3 S.A.—Brasil, Bolsa, Balcão and in the BACEN. (3) Net of payment to merchants of R$ 66,271 (R$ 71,820 at 12/31/2020) and the amount of Liabilities from transactions related to credit assignments R$ 1,185 (R$ 1,623 at 12/31/2020). (4) Includes R$ 48,475 (R$ 32,477 at 12/31/2020) related to Compulsory Deposits with Central Banks of other countries. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.116

Undiscounted future flows, except for derivatives which are fair value 03/31/2021 12/31/2020 Over 720 Over 720 Financial liabilities 0 – 30 31 – 365 366 – 720 Total 0 – 30 31 – 365 366 – 720 Total days days Deposits 387,545 125,063 50,264 337,959 900,831 369,957 145,085 36,258 344,261 895,561 Demand deposits 141,657 — — — 141,657 134,805 — — — 134,805 Savings deposits 183,265 — — — 183,265 179,470 — — — 179,470 Time deposit 59,934 123,192 50,190 337,781 571,097 53,978 143,446 36,182 343,974 577,580 Interbank deposits 2,605 1,871 74 178 4,728 1,633 1,639 76 287 3,635 Other deposits 84 — — — 84 71 — — — 71 Compulsory deposits (36,960) (15,243) (5,725) (33,389) (91,317) (36,337) (16,874) (4,412) (32,436) (90,059) Demand deposits (6,221) — — — (6,221) (6,926) — — — (6,926) Savings deposits (23,078) — — — (23,078) (22,672) — — — (22,672) Time deposit (7,661) (15,243) (5,725) (33,389) (62,018) (6,739) (16,874) (4,412) (32,436) (60,461) Securities sold under repurchase agreements (1) 252,425 3,922 4,970 16,841 278,158 260,846 5,024 5,183 22,591 293,644 Government securities 173,554 1,022 2,201 16,816 193,593 182,848 2,070 2,414 22,564 209,896 Corporate securities 22,505 2,900 2,769 25 28,199 22,056 2,954 2,769 27 27,806 Foreign 56,366 — — — 56,366 55,942 — — — 55,942 Funds from acceptances and issuance of securities (2) 4,508 41,622 37,605 67,915 151,650 2,391 40,463 35,189 68,573 146,616 Loans and onlending obligations (3) 7,522 73,142 4,059 8,579 93,302 11,891 64,735 6,239 6,388 89,253 Subordinated debt (4) 51 16,543 25,536 52,504 94,634 6,797 8,428 28,994 45,762 89,981 Derivative financial instruments—Net position 11,400 27,757 9,439 25,118 73,714 16,791 19,674 6,895 36,145 79,505 Swaps 367 5,208 8,206 23,463 37,244 7,344 3,612 5,573 35,260 51,789 Options 3,594 19,540 854 604 24,592 6,355 12,381 998 528 20,262 Forwards 6,293 2 — 466 6,761 892 13 — — 905 Other derivatives 1,146 3,007 379 585 5,117 2,200 3,668 324 357 6,549 Other financial liabilities 1 9 1 — 11 — 5 — — 5 Total financial liabilities 626,492 272,815 126,149 475,527 1,500,983 632,336 266,540 114,346 491,284 1,504,506 (1) Includes own and third parties’ portfolios. (2) Includes mortgage notes, Guaranteed real estate notes, agribusiness, financial recorded in interbank market funds and Obligations on issue of debentures, Securities abroad and Structured Transactions certificates recorded in institutional markets funds. (3) Recorded in funds from interbank markets. (4) Recorded in funds from institutional markets. 03/31/2021 12/31/2020 Off balance commitments 0 – 30 31 – 365 366 – 720 Over 720 Total 0 – 30 31 – 365 366 – 720 Over 720 Total days days Financial Guarantees 5,805 21,473 8,129 39,640 75,047 2,859 24,491 6,428 35,155 68,933 Commitments to be released 140,304 25,410 15,617 166,673 348,004 128,792 27,144 11,776 153,193 320,905 Letters of credit to be released 38,845 — — - 38,845 41,477 — — - 41,477 Contractual commitments—Fixed and Intangible assets (Notes 13 and 14) — 24 — - 24 — 36 — - 36 Total 184,954 46,907 23,746 206,313 461,920 173,128 51,671 18,204 188,348 431,351 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.117

c) Capital Management Governance ITAÚ UNIBANCO HOLDING 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 premium 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 and 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. 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. The result of the last ICAAP, which comprises stress tests – which was dated December 2020 – indicated that ITAÚ UNIBANCO HOLDING 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 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. 03/31/2021 12/31/2020 Available capital (amounts) Common Equity Tier 1 121,025 119,960 Tier 1 139,552 137,157 Total capital (PR) 155,280 151,244 Risk-weighted assets (amounts) Total risk-weighted assets (RWA) 1,072,193 1,042,207 Risk-based capital ratios as a percentage of RWA Common Equity Tier 1 ratio (%) 11.3% 11.5% Tier 1 ratio (%) 13.0% 13.2% Total capital ratio (%) 14.5% 14.5% Additional CET1 buffer requirements as a percentage of RWA Capital conservation buffer requirement (%) (*) 1.25% 1.25% Countercyclical buffer requirement (%) 0.0% 0.0% Bank G-SIB and/or D-SIB additional requirements (%) 1.0% 1.0% Total of bank CET1 specific buffer requirements (%) 2.25% 2.25% (*) For purposes of calculating the Conservation capital buffer, BACEN Resolution 4,783 establishes, for defined periods, percentages to be applied to the RWA value with a gradual increase until April/22, when it reaches 2.5%. The Total Capital Ratio reached 14.5% at 03/31/2021, maintaining the same level when compared to 12/31/2020. The mainly positive effects are the net income in the period and the issuance of Tier II Subordinated Notes offset by the increase in the Credit Risk Weighted Assets and in the prudential adjustments. Additionally, ITAÚ UNIBANCO HOLDING has a surplus over the required minimum Referential Equity of R$ 69,505 (R$ 67,867 at 12/31/2020), well above the ACP of R$ 24,124 (R$ 23,450 at 12/31/2020), generously covered by available capital. In December 2020, ITAÚ UNIBANCO HOLDING issued R$ 2.1 billion in Tier II Subordinated Financial Notes. These Subordinated Financial Notes have a repurchase option as from 2025 and were approved by BACEN for the composition of ITAÚ UNIBANCO HOLDING´S Tier II Capital, according to the eligible value, with an increase of 0.20 p.p. in its Basel Ratio. In January 2021, ITAÚ UNIBANCO HOLDING issued USD 500 million in Tier II Subordinated Notes with maturity term of 10 years and 3 months. These notes were approved by BACEN for the composition of Tier II Capital, with an increase of 0.25 p.p. in its Basel Ratio. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.118

The fixed assets ratio shows the commitment percentage of adjusted Referential Equity with adjusted permanent assets. ITAÚ UNIBANCO HOLDING falls within the maximum limit of 50% of adjusted PR, established by BACEN. At 03/31/2021, fixed assets ratio reached 23.1% (24.0% at 12/31/2020), showing a surplus of R$ 41,805 (R$ 39,274 at 12/31/2020). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.119

Funds from the issuance of subordinated debt securities are considered Tier II capital for purpose of capital to risk-weighted assets ratio, as shown below. According to current legislation, the balance of subordinated debt in December 2012 was used for calculating the reference equity as of March 2021, totaling R$ 49,100. Name of security / currency Principal amount Issue Maturity Return p.a. Account balance (original currency) 03/31/2021 12/31/2020 Subordinated financial bills—BRL 6 2011 2021 109.25% to 110.5% of CDI 15 14 2,307 2012 2022 IPCA + 5.15% to 5.83% 5,689 5,484 20 IGPM + 4.63% 40 38 2,333 Total 5,744 5,536 Subordinated euronotes—USD 1,000 2010 2021 5.75% — 5,360 730 2011 2021 5.75% to 6.20% 2,895 3,805 550 2012 2021 6.20% 3,134 2,858 2,600 2012 2022 5.50% to 5.65% 14,885 13,764 1,851 2012 2023 5.13% 10,745 9,677 7,721 Total 31,659 35,464 Debt instruments eligible as capital—USD 740 2019 2029 4.50% 4,285 3,865 495 2021 2031 3.90% 2,819 - 1,235 Total 7,104 3,865 Debt instruments eligible as capital—BRL 50 2019 2028 CDI + 0.72% 52 52 2,280 2029 CDI + 0.75% 2,395 2,379 450 2020 2029 CDI + 2% 456 — 106 2020 2030 IPCA + 4.63% 112 — 1,555 2020 2030 CDI + 2% 1,578 - 4,441 Total 4,593 2,431 Total 49,100 47,296 II—Risk-Weighted Assets (RWA) For calculating minimum capital requirements, RWA must be obtained by taking the sum of the following risk exposures: RWA = RWACPAD + RWAMINT + RWAOPAD • ð‘…ð‘Šð´ð¶ð‘ƒð´ð· = portion related to exposures to credit risk, calculated using the standardized approach; • ð‘…ð‘Šð´ð‘€ð¼ð‘ð‘‡ = 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 Circular nº 3,646 and nº 3,674; • ð‘…ð‘Šð´ð‘,ð‘ƒð´ð· = portion related to capital required for operational risk, calculated based on the standardized approach. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.120

RWA 03/31/2021 12/31/2020 Credit Risk—standardized approach 963,403 921,934 Credit risk (excluding counterparty credit risk) 820,024 778,153 Counterparty credit risk (CCR) 45,217 45,674 Of which: standardized approach for counterparty credit risk (SA-CCR) 27,544 27,119 Of which: other CCR 17,673 18,555 Credit valuation adjustment (CVA) 6,960 5,960 Equity investments in funds—look-through approach 6,950 4,897 Equity investments in funds—mandate-based approach — 623 Equity investments in funds—fall-back approach 1,265 716 Securitisation exposures—standardized approach 1,174 1,506 Amounts below the thresholds for deduction 81,813 84,405 Market Risk 26,764 27,481 Of which: standardized approach (RWAMPAD) 33,455 34,351 Of which: internal models approach (RWAMINT) 25,227 22,362 Operational Risk 82,026 92,792 Total 1,072,193 1,042,207 III – 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. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.121

IV - Stress testing The stress test is a process of simulating extreme economic and market conditions on ITAÚ UNIBANCO HOLDING’s results, liquidity and capital. The institution has been carrying out this test in order to assess its solvency in plausible scenarios of crisis, as well as to identify areas that are more susceptible to the impact of stress that may be the subject of risk mitigation. For the purposes of the test, the economic research area estimates macroeconomic variables for each stress scenario. The elaboration of stress scenarios considers the qualitative analysis of the Brazilian and the global conjuncture, historical and hypothetical elements, short and long term risks, among other aspects, as defined in CMN Resolution 4,557. In this process, the main potential risks to the economy are assessed based on the judgment of the bank’s team of economists, endorsed by the Chief Economist of ITAÚ UNIBANCO HOLDING and approved by the Board of Directors. Projections for the macroeconomic variables (such as GDP, basic interest rate, exchange rates and inflation) and for variables in the credit market (such as raisings, lending, rates of default, margins and charges) used are based on exogenous shocks or through use of models validated by an independent area. Then, the stress scenarios adopted are used to influence the budgeted result and balance sheet. In addition to the scenario analysis methodology, sensitivity analysis and the Reverse Stress Test are also used. ITAÚ UNIBANCO HOLDING uses the simulations to manage its portfolio risks, considering Brazil (segregated into wholesale and retail) and External Units, from which the risk-weighted assets and the capital and liquidity ratios are derived. The stress test is also an integral part of the ICAAP, the main purpose of which is to assess whether, even in severely adverse situations, the institution would have adequate levels of capital and liquidity, without any impact on the development of its activities. This information enables potential offenders to the business to be identified and provides support for the strategic decisions of the Board of Directors, the budgeting and risk management process, as well as serving as an input for the institution’s risk appetite metrics. V – Leverage Ratio The Leverage Ratio is defined as the ratio of Capital Tier I to Total Exposure, calculated pursuant to BACEN Circular 3,748, of February 27, 2015. The purpose of this ratio is to be a simple measure of leverage not sensitive to risk, thus it does not consider weighting or mitigation factors. According to instructions in BACEN Circular Letter 3,706, of May 5, 2015, ITAÚ UNIBANCO HOLDING has sent the Leverage Ratio monthly to BACEN, whose minimum requirement is 3%. d) Management Risks of insurance and private pension I – Management Structure, roles and responsibilities In line with good domestic and international practices, ITAÚ UNIBANCO HOLDING has a risk management structure that ensures that the risks arising from insurance and pension plans products are properly monitored and reported to the appropriate bodies. The management process of insurance and pension plans risks is independent and focuses on the specific nature of each risk. ITAÚ UNIBANCO HOLDING has committees to define the management of funds from the technical reserves for insurance and private pensions, to issue guidelines for managing these funds with the objective of achieving long term returns, and to define valuation models, risk limits and strategies on allocation of funds to specific financial assets. The members of these committees are not only executives and those directly responsible for the business management process, but also heads and coordinators of commercial and financial areas. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.122

II – Risks of Insurance and Private Pensions ITAÚ UNIBANCO HOLDING offers its products to customers through a bancassurance structure or direct distribution. Life, personal accident, loan and multiple peril insurance products are mainly distributed by a bancassurance operation. Life insurance and pension plans are, in general, medium or long-term products and the main risks involved in the business may be classified as demographic, financial and behavioral. • Demographic risk relates to: i) a greater than expected increase in life expectancies for products with survivorship coverage (mostly pension plans); and ii) a greater than expected decrease in mortality rates for products with life coverage (mostly life insurance). • Financial risk: is inherent in the underwriting risk of products that offer a contractual financial guarantee, this risk being considered insurance risk. • Behavioral risk relates to a greater than expected increase in the rates of conversion into annuity income, resulting in increased payments of retirement benefits. Estimated actuarial assumptions are based on the past experience of ITAÚ UNIBANCO HOLDING, on market benchmarks and on the experience of the actuaries. a) Effect of changes on actuarial assumptions To measure the effects of changes in the key actuarial assumptions, sensitivity tests were conducted in the amounts of current estimates of future liability cash flows. 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 conducted under the ceteris paribus condition, in which the sensitivity of a system is measured when one variable of interest is changed and all the others remain unchanged. The results obtained are shown in the table below: Impact in Income and Stockholders’ Equity (1) Sensitivity Test 03/31/2021 (2) 12/31/2020 Private Pension Insurance Private Pension Insurance Mortality Rates 5% increase 56 2 56 2 5% decrease (59) (2) (59) (2) Risk-free Interest Rates 0.1% increase 98 10 98 10 0.1% decrease (100) (11) (100) (11) Conversion in Income Rates 5% increase (9) — (9) —5% decrease 9 — 9 - Claims 5% increase — (52) — (52) 5% decrease — 52 — 52 (1) Amounts net of tax effects. (2) The amounts shown in the tables express the position at 12/31/2020, since the actuarial calculations are made on a half-yearly basis. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.123

b) Risk concentration For ITAÚ UNIBANCO HOLDING, there is no product concentration in relation to insurance premiums, reducing the risk of product concentration and distribution channels. 01/01 to 03/31/2021 01/01 to 03/31/2020 Insurance Retained Retention Insurance Retained Retention premiums premium (%) premiums premium (%) Individuals Group accident insurance 210 210 100.0 212 212 100.0 Individual accident 43 43 100.0 50 50 100.0 Credit life 190 190 100.0 185 185 100.0 Group life 275 275 100.0 223 223 100.0 III) Market, credit and liquidity risk a) Market risk Market risk is analyzed, in relation to insurance operations, using the following metrics and sensitivity and loss control measures: Value at Risk (VaR), Losses in Stress Scenarios (Stress Test), Sensitivity (DV01- Delta Variation) and Concentration. In the table, the sensitivity analysis (DV01 – Delta Variation) is presented in relation to insurance operations that demonstrate the impact on the market value of cash flows when submitted to a one basis point increase in the current interest rate or indexer rate and one percentage point in the share price and currency. 0 03/31/2021 12/31/2020 Class Account DV01 Account DV01 balance balance Government securities National Treasury Notes (NTN-C) 7,535 (3.13) 7,025 (3.11) National Treasury Notes (NTN-B) 5,018 (5.33) 5,215 (5.42) National Treasury Notes (NTN-F) 113 (0.07) 134 (0.08) National Treasury Bills (LTN) 1,685 (0.23) 2,098 (0.31) Corporate securities Indexed to IPCA 270 (0.26) 22 (0.01) Indexed to PRE 84 — 85 -Indexed to PYG 5 — — - Shares 1,150 12 1,320 13 Post-fixed assets 2,557 — 2,414 - Under agreements to resell 750 — 697 -Total 19,167 19,010 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.124

b) Liquidity Risk Liquidity risk is identified by ITAÚ UNIBANCO HOLDING as the risk of lack of liquid resources available to cover its current obligations at a given moment. For insurance operations, the liquidity risk is managed continuously by monitoring payment flows against liabilities, compared to the inflows generated by its operations and financial assets portfolio. Financial assets are managed in order to optimize the risk-return ratio of investments, considering, on a careful basis, the characteristics of their liabilities. The risk integrated control considers the concentration limits by issuer and credit risk, sensitivities and market risk limits and control over asset liquidity risk. Thus, investments are concentrated in government and private securities with good credit quality in active and liquid markets, keeping a considerable amount invested in short-term assets, available on demand, to cover regular needs and any liquidity contingencies. Additionally, ITAÚ UNIBANCO HOLDING constantly monitors the solvency conditions of its insurance operations. Liabilities Assets 03/31/2021 12/31/2020 Liabilities Liabilities Assets Liabilities Liabilities Assets Insurance operations Backing asset amounts (1) DU (2) DU (2) amounts (1) DU (2) DU (2) Unearned premiums LFT, repurchase agreements, NTN-B, CDB, LF and debentures 2,387 57.7 19.1 2,298 57.8 19.1 IBNR, PDR e PSL LFT, repurchase agreements, NTN-B, CDB, LF and debentures 857 50.7 27.4 838 50.9 27.2 Redemptions and Other Unsettled Amounts LFT, repurchase agreements, NTN-B, CDB, LF and debentures 17 16.3 18.3 16 16.3 18.3 Mathematical reserve for benefits to be granted and benefits granted LFT, repurchase agreements, NTN-B, NTN-C, debentures 19 169.1 25.8 17 172.6 24.0 Financial surplus LFT, repurchase agreements, NTN-B, NTN-C, CDB, LF and debentures 2 204.1 18.3 2 204.1 18.3 Other provisions LFT, repurchase agreements, NTN-B, CDB, LF and debentures 132 7.0 96.4 132 7.0 96.4 Subtotal Subtotal 3,414 3,303 Pension plan, VGBL and individual life operations Related expenses LFT, repurchase agreements, NTN-B, CDB, LF and debentures 90 109.4 81.3 88 109.4 81.3 Unearned premiums LFT, repurchase agreements, NTN-B, CDB and debentures 11 17.4 22.2 12 17.4 22.2 Unsettled claims LFT, repurchase agreements, NTN-B, CDB and debentures 75 17.4 22.2 68 17.4 22.2 IBNR LFT, repurchase agreements, NTN-B, CDB and debentures 22 17.4 22.2 22 17.4 22.2 Redemptions and Other Unsettled Amounts LFT, repurchase agreements, NTN-B, CDB and debentures 379 17.4 22.2 332 17.4 22.2 Mathematical reserve for benefits granted LFT, repurchase agreements, LTN, NTN-B, NTN-C, NTN-F, CDB, LF and debentures 3,423 109.4 81.4 3,278 109.4 81.4 Mathematical reserve for benefits to be granted – PGBL/ VGBL LFT, repurchase agreements, LTN, NTN-B, NTN-C, NTN-F, CDB, LF and debentures (3) 201,859 166.5 56.2 205,670 166.5 56.2 Mathematical reserve for benefits to be granted – traditional LFT, repurchase agreements, NTN-B, NTN-C, debentures 6,797 188.5 80.9 6,268 188.5 80.9 Other provisions LFT, repurchase agreements, NTN-B, NTN-C, CDB, LF and debentures 1,302 188.4 80.9 1,304 188.4 80.9 Financial surplus LFT, repurchase agreements, NTN-B, NTN-C, CDB, LF and debentures 651 188.5 80.9 655 188.5 80.9 Subtotal Subtotal 214,609 217,697 Total technical reserves Total backing assets 218,023 221,000 (1) Gross amounts of Credit Rights, Deposits in Guarantee and Reinsurance. (2) DU = Duration in months. (3) Excluding PGBL / VGBL reserves allocated in variable income. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.125

c) Credit Risk I—Reinsurers Reinsurance operations are controlled through an internal policy, in compliance with the provisions of the regulatory authority governing the reinsurers with which ITAÚ UNIBANCO HOLDING operates. We present below a breakdown of the risks assigned by ITAÚ UNIBANCO HOLDING’s subsidiaries to reinsurance companies: - Insurance Operations: reinsurance premiums operations are basically represented by: IRB Brasil Resseguros S.A. with 80% (59% at 12/31/2020), Austral Resseguradora S.A. with 11% (20% at 12/31/2020) and Mapfre Re do Brasil Companhia de Resseguros with 9% (21% at 12/31/2020). - Private Pension Operations: related to reinsurance premiums are entirely represented by Mapfre Re do Brasil Companhia de Resseguros with 45%, Austral Resseguradora S.A. with 30% and IRB Brasil Resseguros S.A. with 25% (same percentages (%) observed at 12/31/2020). II – Premiums Receivable ITAÚ UNIBANCO HOLDING considers the credit risk arising from past-due premiums immaterial, since cases with coverage payment in default may be canceled, pursuant to Brazilian regulations. III—Risk level of financial assets The table below shows insurance financial assets, individually evaluated, classified by rating: 03/31/2021 Financial Assets at Amortized Cost Financial assets at fair Financial Assets at Fair Interbank deposits and securities Value Through Other value through profit or Total Internal rating purchased under agreements to Securities Comprehensive loss (*) resell Income Low 4,067 27,647 204,035 895 236,644 Medium — — — — -High — — 5 — 5 Total 4,067 27,647 204,040 895 236,649 % 1.7 11.7 86.2 0.4 100.0 (*) Includes Derivatives in the amount of R$ 2,246. 12/31/2020 Financial Assets at Amortized Cost Financial assets at fair Financial Assets at Fair Interbank deposits and securities Value Through Other value through profit or Total Internal rating purchased under agreements to Securities Comprehensive loss (*) resell Income Low 3,517 30,614 205,099 1,194 240,424 Medium — — 3 — 3 High — — — — - Total 3,517 30,614 205,102 1,194 240,427 % 1.5 12.7 85.3 0.5 100.0 (*) Includes Derivatives in the amount of R$ 1,336. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.126

Note 33 – Supplementary information a) “Coronavirus” COVID-19 relief efforts ITAÚ UNIBANCO HOLDING monitors the economic effects of this COVID-19 pandemic in Brazil and the other countries where it operates, which may adversely affect its Profit or Loss. At the beginning of the COVID-19 outbreak, the Institutional Crisis Management Committee was set up. The Executive Committee established an intensified agenda to manage the crisis, which is responsible for the monitoring the pandemic and its impacts on its operations, in addition to the government actions to mitigate the effects of this pandemic. In Brazil, measures were taken to mitigate the impacts caused by COVID-19 throughout 2020, by the Federal Government, the National Monetary Council (CMN) and the Central Bank of Brazil (BACEN), particularly: i) CMN Resolution No. 4,782/20, and amendments made by CMN Resolutions No. 4,791/20 and No. 4.856/20, which established, for a determined period of time, criteria for characterization of restructuring of loan operations; ii) CMN Resolution No. 4,838/20, which regulates the Working Capital Program for Business Preservation (CGPE); iii) CMN Resolution No. 4,846/20 which provides for loan operations for financing of payroll carried out by financial institutions, under the Emergency Employment Support Program (PESE); iv) Law No. 13,999/20 that instituted the National Support Program for Micro and Small Companies (Pronampe) with the purpose of developing and strengthening small businesses; v) Law No. 14,042/20 that established the Emergency Program for Access to Credit (Peac), with the purpose of making easier the access to credit and preserving companies, for the protection of jobs and income. The Peac has two modalities: Emergency Program for Access to Credit in the modality of guarantee (Peac-FGI) and Emergency Program for Access to Credit in the modality guarantee of receivables (Peac-Maquininha); and vi) BACEN Circular No. 3,990/20 and amendments made by BACEN Circular 3,992/20 which permits to carry out repurchase agreements in foreign currency by BACEN. ITAÚ UNIBANCO HOLDING identified the following impacts on its results, as well as effects on estimates and critical judgments for the preparation of the Consolidated Financial Statements: (a) increase in 2020 in loan and financing operations, especially for micro, small and medium-sized companies due to the measures adopted for mitigation of the impacts of COVID-19 by the authorities with the creation of programs such as PESE, Pronampe, Peac-FGI and CGPE, which balance in March 2021 is R$ 23,921. Through timely monitoring of credit standards and behavior of clients, ITAÚ UNIBANCO HOLDING maintained the regularity of its operations, despite the adverse conditions, and helped clients in the sustainable search for their financial rebalancing; (b) with the purpose of treating indebtedness in a structured way and giving financial impetus to clients, initiatives were established that allowed the extension of grace periods, terms and better interest rate conditions for individuals, and micro and small business clients. In March 2020, the Program 60+ was established, which, among other measures, allowed a 60-day grace period for defaulting agreements and in mid-April the Travessia (Crossing) Program. Travessia allowed the extension of grace periods between 120 and 180 days and terms of operations between 5 and 6 years, respectively, for individual and micro and small companies clients, under better interest rate conditions; (c) 2.72% increase in the period in applications of renegotiation and extension of terms for loan operations as the economic situation changed; (d) the allowance for loan losses in the amount of R$ 47,401 was affected due to the level of risk and default, due to the changes in the financial perspectives of clients and the visible deterioration of macroeconomic variables. To fully reflect the risk of its loan operations, ITAÚ UNIBANCO HOLDING adopts the expected loss model for provisioning of operations since the moment they are granted and it is periodically updated according to the macroeconomic variables and circumstances of the client, and in 2020, in view of the pandemic, a weighting in the economic scenarios was added. In March 2021, the level of coverage of provisions in the loan portfolio of ITAÚ UNIBANCO HOLDING accounted for 238% as compared to 255% in December 2020. Specifically for the expected loss of operations that have not shown any signs of deterioration so far (default or downgrading of the client’s rating), provisioning posted a decrease of 1.9% in the period. The credit risk governance allowed ITAÚ UNIBANCO HOLDING a quick response for monitoring the impacts of the COVID-19 pandemic on the loan portfolio, permitting quick access to the information needed for discussions and actions of the crisis management daily forums; Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.127

(e) the mark-to-market component of the securities portfolio was -1.3% in the first quarter of 2020, partially due to rate fluctuations and high price volatility in the markets in the beginning of the pandemic, influencing the measurement of items stated at fair value in their different levels; (f) due to the COVID-19 pandemic, instability in the variable income market was noted causing a migration to fixed income instruments with liquidity. This movement resulted in the increase in the Bank Deposit Certificates portfolio. Additionally, there were impacts on funding, with an increase in deposits too. With the purpose of mitigating the system’s liquidity risk, BACEN made available in 2020 to financial institutions credit lines through repurchase agreements in foreign currency and purchase of financial bills with guarantee, and operations in the total amount of R$ 30,547 were contracted during the period of life of these lines; (g) increase in the recognition of deferred income tax and social contribution in 2020 due to the greater volume of deductible temporary differences recorded for the period. The pandemic reduced the projections of taxable income, however, it was not responsible for the generation of tax loss and social contribution loss carryforwards in ITAÚ UNIBANCO HOLDING. In the period, there were no significant impacts of the pandemic in the recognition of deferred income tax and social contribution in ITAÚ UNIBANCO HOLDING; and (h) increase in expenses with claims related to COVID-19 of R$ 67, mainly related to credit life and life insurance. There was a reduction in the face-to-face service staff and an increase in the spacing between people in call centers to reduce the circulation of people and the possibilities of contagion. The average number of people circulating in administrative centers was reduced, since they started to work remotely. Employees in the central management, service centers and digital branches are substantially working from home. It should be noted that despite the aforementioned measures, ITAÚ UNIBANCO HOLDING maintains its operating activities. In order to reduce the effects of the crisis and ensure the employee’s health and safety, self-declaration was encouraged for employees who consider themselves at risk and those who cannot work remotely were put on vacation. In 2020, with the purpose of supporting those who possibly had additional expenses due to the current crisis, the 13th salary was advanced in full. Additionally, a process of communication and transparency with employees was established through e-mails, internal employee’s portal and periodic videos prepared by our Chief Executive Officer communicating news related to COVID-19. At the branches, masks were delivered to all employees who work in customer service, acrylic protections were implemented and cleaning protocols were reviewed. The adaptation of ITAÚ UNIBANCO HOLDING in the crisis is the result not only of investments in technology, which allows for these virtual interactions, but also of investments in flexibility in the work environment, such as work from home, communities integrated between different areas of the bank and new layouts in the administrative centers that promote the employees’ mobility. In 2020, ITAÚ UNIBANCO HOLDING created the initiative “Todos pela Saúde” from the donation of R$ 1 billion, with the purpose of combating the new Coronavirus and its effects on Brazilian society. “Todos Pela Saúde” is conducted based on four axes: Informing, Protecting, Caring, and Resuming. In February 2021, the “Todos pela Saúde” initiative was formalized as an Institute, and ongoing actions are being maintained. The mission of the “Todos pela Saúde” Institute is to contribute to strengthening and innovation in the health surveillance area in Brazil. The activities to be developed include both research funding and genomic (or metagenomic) surveys, in addition to the training of field epidemiologists. In April 2021, ITAÚ UNIBANCO HOLDING worked together with competitors to fight hunger resulting from the pandemic and the economic crisis. ITAÚ UNIBANCO HOLDING contributed for the purchase and distribution of basket of food staples. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.128

b) Provisional Measure (MP) No. 1,034/21 Enacted on March 1, 2021, it amends Law No. 7,689/88, which mainly provides for the increase in the tax rate of the Social contribution on net income of the financial sector in the period from July 1, 2021 to December 31, 2021, with the reestablishment of the tax rate on January 1, 2022. Below is the list of impacted institutions and changes in tax rates: • Banks of any kind—increase from 20% to 25%; and • Private insurance companies, capitalization, securities dealers, foreign exchange and securities brokers, credit, financing and investment companies, real estate credit companies, credit card administrators, leasing companies and savings and loans associations, and credit cooperatives – increase from 15% to 20%. This MP did not have any effect on the Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING in the period ended March 31, 2021, since it is not in force, will still be analyzed by the National Congress, and it may be amended or rejected. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – March 31, 2021 F.129