Portfolio Value and Discount

Itaúsa is a Holding Company that manages a portfolio of companies operating in different segments. Itaúsa’s main investees are:

Dicount is an indicator resulting from the difference between the market price ascertained for Itaúsa's shares and the theorical value obtained throught the sum of interests in investees ("sum of the parts").

Part of this discount can be justified in our view by maintenance expenses, taxes levied on a fraction of the earnings received (tax inefficiency), and risk assessment, among other factors.

Itaúsa’s management believes that the current level still does not reflect the proper indicator level.

	Price of Most Liquid Share (R$)^(A)	Total Shares (million)^(B)	Market Value (R$ million)	Itaúsa's stake (%)^(C)	Market Value of the Stake (R$ million)^(D)
	31.94	9,803	313,116	37.2%	116,581
	6.33	677	4,284	29.5%	1,262
	5.65	808	4,567	37.8%	1,728
	11.70	2,010	23,521	10.4%	2,441
(D)	n/a	n/a	n/a	12.9%	2,394
(E)	n/a	n/a	n/a	8.5%	1,587
(D)	n/a	n/a	n/a	48.9%	1,737
Other assets and liabilities^(F)					-1,552
Market Value of Sum of Parties					126,179
	8.79	10,842	95,298		95,298
Discount					-24.5%

(A) Closing price of February 28, 2025 for the most liquid shares of Itaú Unibanco (ITUB4), Alpargatas (ALPA4), Dexco (DXCO3), CCR (CCRO3) and Itaúsa (ITSA4).

(B) Total shares issued excluded treasury shares.

(C) Itaúsa’s direct and indirect equity interest in the total capital of companies, according to Note 1 of the Financial Statements of Itaúsa as of December 31, 2024, available at www.itausa.com.br.

(D) Refers to the investment value recorded in the Balance Sheet as of December 31, 2024.

(E) Refers to the fair value recorded in the Balance Sheet as of December 31, 2024.

(F) Considers the individual balance sheet of December 31, 2024.

Holding historical discount (%)

Itaúsa discount history (%)