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)
	32.60	9,793	319,241	37.3%	118,990
	6.30	676	4,261	29.5%	1,256
	7.25	808	5,861	37.8%	2,218
	11.03	2,014	22,210	10.4%	2,302
(D)	n/a	n/a	n/a	12.9%	2,490
(E)	n/a	n/a	n/a	8.5%	1,620
(D)	n/a	n/a	n/a	48.9%	1,731
Other assets and liabilities^(F)					-1,757
Market Value of Sum of Parties					128,850
	9.75	10,325	100,673		100,673
Discount					-21.9%

(A) Closing price of November 29, 2024 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 September 30, 2024, available at www.itausa.com.br..

(D) Refers to the investment value recorded in the Balance Sheet as of September 30, 2024.

(E) Refers to the fair value recorded in the Balance Sheet as of September 30, 2024.

(F) Considers the individual balance sheet of September 30, 2024.

Holding historical discount (%)

Itaúsa discount history (%)