Manual of the Annual and Extraordinary General Stockholders Meetings. April 30, Time: 3 p.m. Venue: Paulista Avenue, 1938, 5 th floor,

Transcription

1 Manual of the Annual and Extraordinary General Stockholders Meetings April 30, 2019 Time: 3 p.m. Venue: Paulista Avenue, 1938, 5 th floor, Bela Vista, São Paulo (State of São Paulo)

2 CNPJ / Publicly Listed Company Table of Contents 1. Message from the Chairman of the Board and the CEO 3 2. Introduction 4 3. Information about the Annual and Extraordinary General Stockholders' Meetings a) Date, venue and opening quorum 5 b) Documents made available to stockholders 5 c) Guidance for representation by proxies 6 d) Guidance for participation through the forwarding of the Remote Voting Form 6 e) Information on the election of members for the Board of Directors and Fiscal Council 8 f) Communication channel with the Board of Directors 9 g) Conflict of interests 9 4. Call Notice Annual General Stockholders Meeting 12 a) Management accounts related to the fiscal year ended December 31, b) Allocation of net income for 2018 and ratification of the distribution of dividends and interest on capital c) Determination of the number of the Board of Directors and election of the members of the Board of Directors and Fiscal Council d) Determination of the aggregate budget allocated for the compensation of the members of the Board of Directors and Executive Board, as well as for the monthly individual compensation of the members of the Fiscal Council 6. Extraordinary General Stockholders Meeting 16 a) Merger of the shares issued by Itautec S.A. Itautec Group 16 b) Amendment and consolidation of the Bylaws 18 ATTACHMENT I - Comments of Executive Officers (Item 10 of the Reference Form - Attachment 24 of CVM Instruction No. 480/09, as amended by CVM Instruction No. 552/14) 22 ATTACHMENT II - Proxies 41 A Proxy Template for Common and Preferred Stockholders 42 B Proxy Template for Common Stockholders 47 C Proxy Template for Preferred Stockholders 52 D Proxy Template for Proxies Made Available by the Company (Common and Preferred Stockholders) D Proxy Template for Proxies Made Available by the Company (Common Stockholders) 58 F Proxy Template for Proxies Made Available by the Company (Preferred Stockholders) 63 ATTACHMENT III - Allocation of net income for the year (Attachment 9-1-II of CVM Instruction No. 481/09) ATTACHMENT IV Information on the candidates nominated for the Board of Directors and Fiscal Council (Items 12.5 to of the Reference Form - Attachment 24 of CVM Instruction No. 480/09, as amended by CVM Instruction No. 552/14) ATTACHMENT V - Compensation of Management Members (Item 13 of the Reference Form - Attachment 24 of CVM Instruction No. 480/09, as amended by CVM Instruction No. 552/14) ATTACHMENT VI - Proposal for the Consolidation of the Company's Bylaws ATTACHMENT VIII Right of Dissent and Appraisal (Attachment 20 to CVM Instruction No. 480/09) ATTACHMENT VIII Merger of Shares (Attachment 20-A of CVM Instruction No. 480/09) ATTACHMENT IX Information on Appraisers ATTACHMENT X Protocol and Justification and its attachments (this only in Portuguese) Annual and Extraordinary General Stockholders Meeting April 30,

3 CNPJ / Publicly Listed Company 1. Message from the Chairman of the Board and the CEO São Paulo, March 29, In 2018, management s focus on running Itaúsa with a view to capital and investment portfolio management in an efficient manner for the purpose of creating sustainable value for stakeholders became even more evident. With respect to portfolio management, 2018 was a very fruitful year. At Alpargatas, our most recent acquisition, we had an active participation in the improvement of governance and in supporting the preparation of the strategic review, whereas at Duratex we conducted a review of assets that culminated in the sale of idle assets and in the creation of a joint venture to explore the soluble pulp business. There was also the completion of the sale of the interest held in Elekeiroz for the amount of R$160 million and the sale of the remaining portion of 10.3% held by Itautec in Oki Brasil, thus causing Itaúsa to stop operating in the chemical and banking and commercial automation segments. The investment portfolio remains with Itaú Unibanco and it is our major asset, which will be maintained, but we are attentive to opportunities to expand the portfolio of companies that offer attractive returns and with a premium in relation to the capital cost. In this search, we prioritize established companies with good cash generation, consistent history of results, preferably with well-recognized brands and in industries that pose reduced execution and regulatory risks. At Itaúsa and its investees, management continues to be guided by the same principles and commitments: with respect to governance, we will continue to exert a significant influence on the investees by means of stockholders agreements and participation on the boards of directors and their advisory bodies and, with respect to the Corporate Environmental and Social Responsibility topic, we will continue to be engaged with and influence the development of eco-efficient, innovative and technological products and the adoption of sustainable practices in their processes. These are legitimate concerns that we share with investors, employees and stockholders. In 2018, our net income grew 16%, mainly due to the higher Equity in the Earnings of Subsidiaries of Itaú Unibanco and Duratex. Accordingly, it was possible to increase the distribution of dividends and interest on capital to our stockholders, with a growth of 33% in quarterly dividends (as from the payment related to the third quarter) and an increase in the payout ratio to 94%, which resulted in one of the highest dividend yields among the Brazilian companies traded on B3, of around 7.4% at year-end. We are prepared for the challenges and reaffirm our confidence in the future of Brazil. After a long recession, we expect Brazil to return to periods of growth, even if moderate, with controlled real interest rates and reasonably low inflation. It is in this scenario that we reinforce our conviction in our strategy, which prioritizes the sustainable expansion of our portfolio and is supported by the ability of our staff to seize opportunities that allow for the continuous creation of value for our stockholders. For the purpose of increasing and reinforcing dialogue with our stockholders, we would like to note that we have recently disclosed Itaúsa s Integrated Report, an upgrade of the Annual Report that describes, in a more direct way, how the company creates value. This Report is available at We invite all stockholders to share their impressions about the Report and participate in the Annual and Extraordinary General Stockholders Meeting that will be held on April 30 at 3 p.m., at the Auditorium of the head office located at Avenida Paulista, 1938, 5º andar, in the city of São Paulo, State of São Paulo. Sincerely, Henri Penchas Chairman of the Board of Directors Alfredo Egydio Setubal CEO and Investor Relations Officer Annual and Extraordinary General Stockholders Meeting April 30,

4 CNPJ / Publicly Listed Company 2. Introduction The General Stockholders Meeting is an important instrument of participation of stockholders in the decisions that govern, among other things, the management of Itaúsa Investimentos Itaú S.A. ( Itaúsa or Company or Issuer ) and, therefore, the way the business is run. On April 30, stockholders will be able to vote on issues that are essential to the organization. The holders of the ITSA3 shares (common shares) may vote on, among other matters, the election of the members of the Board of Directors and Fiscal Council of the Company and on the allocation of net income for The stockholders that hold the ITSA4 shares (preferred shares) may vote separately on the election of the members of the Fiscal Council that are nominated by the preferred stockholders. The call notice included in Item 4 of this Manual contains the matters that will be resolved upon at the General Stockholders Meeting of Itaúsa. To participate in the Meeting, the stockholder has the following options: In person: the stockholder must be present, on April 30, 2019, at 3 p.m., in the Auditorium located at Paulista Avenue, 1938, 5 th floor, Bela Vista, in the city of São Paulo, State of São Paulo (SP), bearing their identity card. By proxy: in this case, the stockholder must legally authorize somebody to vote in accordance with their instructions. Itaúsa will make three proxies available who will vote in person exactly in accordance with the instructions of the stockholder. The proxy templates to be used by stockholders who choose this form of participation may be found in Attachment II. By remote voting form: the stockholder may exercise their vote remotely, by means of the remote voting form according to the terms of Instructions No. 481/09 and No. 561/15 of the Brazilian Securities and Exchange Commission (CVM). Item 3 of this Manual presents detailed information for the participation of stockholders in the Meeting. This document contains all the important information for participating in the Meeting, such as the economic and financial performance in 2018, the résumés of the candidates for the Board of Directors and the Fiscal Council, the proposal for the allocation of net income, the proposal for the merger of the shares issued by Itautec S.A. Itautec Group ( Itautec ), in addition to a description of the compensation of the Company s management. For additional information on the Company and its investees, please visit the Investor Relations website ( Comments of the Executive Officers The comments of the management members on Itaúsa s financial position, under the terms of Item 10 of the Reference Form, Attachment 24 of CVM Instruction No. 480/09, are set out in Attachment I to this Manual. Annual and Extraordinary General Stockholders Meeting April 30,

5 CNPJ / Publicly Listed Company 3. Information about the Annual and Extraordinary General Stockholders Meetings Date As provided for in Article 132 of Law No. 6,404/76 ( Brazilian Corporate Law ), corporations must hold the Annual General Stockholders Meeting within four months after the end of the fiscal year. The fiscal year of Itaúsa begins on January 1 and ends on December 31 of each year. Accordingly, the Company must hold the Annual General Stockholders Meeting by April 30. This year, the Annual General Stockholders Meeting will be held on April 30 at 3 p.m. with both ordinary and extraordinary agendas. The Call Notice for this Meeting included in item 4 of this report will be published on March 2, 3 and 4, 2019, in the Diário Oficial do Estado de São Paulo (Official Gazette of the State of São Paulo) and the O Estado de S. Paulo newspapers, and it will also be available on the Company s Investor Relations website ( as well as on the websites of B3 ( and the Brazilian Securities and Exchange Commission ( Venue The General Stockholders Meeting will be held in the Auditorium of the Company s Head Office located at Paulista Avenue, th floor, Bela Vista, in the city of São Paulo, State of São Paulo. In order to organize the access of stockholders to the Meeting, the entry of stockholders to the Company s facilities will be permitted as from 2 p.m. Opening Quorum The Annual General Stockholders Meeting will be declared open upon a first call with the attendance of stockholders representing at least one fourth of the voting capital (common shares), in accordance with Article 125 of Brazilian Corporate Law. According to Articles 135 and 136 of Brazilian Corporate Law, the proposal for the merger of the shares issued by Itautec and for amendments to the Bylaws shall be resolved upon at an Extraordinary General Stockholders Meeting, which will be declared open upon a first call with the attendance of stockholders representing at least two thirds of the voting capital (common shares). We note that, should there not be sufficient quorum for declaring the General Stockholders Meeting open upon a first call, a new call will take place by means of a notice to be disclosed in a timely manner, and the period for holding the Meeting may not exceed eight days, according to Article 124 of Brazilian Corporate Law. Upon a second call, the above mentioned Meeting will be declared open with any number of common stockholders. Documents made available to stockholders The Management Report on the business and major administrative facts of the year, the Financial Statements, the Opinion of the Fiscal Council and the Reports of the Independent Auditors were made available by the Company on its Investor Relations website ( and on the websites of B3 ( and the Brazilian Securities and Exchange Commission ( on February 19, 2019, and published in the Diário Oficial do Estado de São Paulo (Official Gazette of the State of São Paulo) and the O Estado de São Paulo newspapers on March 8, With a view to guiding the matters to be resolved upon at the General Stockholders Meeting, the Company makes available to stockholders the legal documents, the Appraisal Reports of Itautec and Itaúsa and the Protocol and Justification for the Merger of the Shares Issued by Itautec into the Company, and this Annual and Extraordinary General Stockholders Meeting April 30,

6 CNPJ / Publicly Listed Company Manual containing the information required by CVM Instructions No. 480/09 and No. 481/2009, as amended, which are also available at the Company s head office, at the administrative office (Avenida Paulista, th floor, Bela Vista, São Paulo/SP, CEP ), as well as on the Company s Investor Relations website ( and on the websites of B3 ( and of the Brazilian Securities and Exchange Commission ( Guidance for representation by proxies To assist stockholders who wish to participate in the Meeting by means of proxies, we present a proxy template (Attachment II Templates A to C ). Alternatively, the Company will make available three proxies who can represent the stockholder at the Meeting and who will vote in strict conformity with the voting guidance presented by the stockholder in accordance with the templates in Attachment II Templates D to F. In order to make the work at the General Stockholders Meeting easier, the Company suggests that the stockholders represented by proxies should send a copy of the proxy and the other documents listed in the Call Notice at least 48 hours before the meeting via mail or courier to the following address: Gerência de Relações com Investidores (Investor Relations Office), Avenida Paulista, 1938, 18º andar, Bela Vista, São Paulo (SP) - CEP ; or To the address: relacoes.investidores@itausa.com.br. Guidance for participation through the forwarding of the Remote Voting Forms The Company s stockholders may also cast their vote at the General Stockholders Meetings by means of remote voting forms in accordance with the Remote Voting Form template made available by the Company on the Company s Investor Relations website ( and on the websites of B3 ( and the Brazilian Securities and Exchange Commission ( The stockholder that decides to exercise their remote voting right should do so between March 31, 2019 and April 24, 2019, using one of the alternatives described below: a. Forwarding of the voting form by the stockholder to the custodian/brokerage In this case, the holder of shares deposited at B3 S.A. Brasil, Bolsa, Balcão (B3 Brazilian Exchange and OTC) should send the voting instruction to their custodian/brokerage in the period mentioned above, unless a different timeframe is indicated, and in accordance with the procedures established and documents required by the respective custodian. b. Forwarding of the voting form by the stockholder to the Company s underwriter (Itaú Corretora de Valores) In this case, Itaú Unibanco has made available a website for the stockholder to exercise their remote voting right. In order to vote via the website, the stockholder must first register and be in possession of a digital certificate ( c. Forwarding of the voting form by the stockholder directly to the Company In this case, the stockholder should send a physical counterpart of the Remote Voting Forms to the Company s mailing address indicated below, duly filled out, signed with notarized signatures, together with a notarized copy of the following documents: (i) Individuals: identity document of the stockholder or their legal representative (in this case, together with the proxy); (ii) Legal Entities: corporate documents substantiating legal representation of the stockholder and an identity document of the representative; Annual and Extraordinary General Stockholders Meeting April 30,

7 CNPJ / Publicly Listed Company (iii) Investment Fund: documents listed in the previous item and fund regulations. For documents prepared abroad, a sworn translation legalized by the proper consulate will be required. In order to make the work of the Meeting easier, the stockholder may send a copy of the Remote Voting Form and required documents to the electronic address relacoes.investidores@itausa.com.br, but the original counterparts should be delivered to the Company s mailing address below by April 24, Original counterparts received after this date will be disregarded. Company s mailing address: ITAÚSA INVESTIMENTOS ITAÚ S.A. Gerência de Relações com Investidores (Investor Relations Office) Avenida Paulista, 1938, 18º andar Bela Vista São Paulo / SP CEP Once the documents mentioned above have been received, the Company will notify the stockholder as to their receipt and acceptance in accordance with CVM Instruction No. 481/09. Should the remote voting forms sent to the Company not be completely filled out or accompanied by the supporting documents described above, they will be disregarded and this information will be submitted to the stockholder through the electronic address indicated in the remote voting form. Stockholders with shares held in custody at more than one institution should send voting instructions to only one institution and the vote will always be considered as representing the stockholder s total number of shares. During the established voting period, stockholders may change their voting instructions as many times as they deem necessary so that the last voting instruction presented will be considered in the Company s voting map. Once the voting period elapses, the stockholder may not change the voting instructions that have been already sent. Should the stockholder deem that the change is necessary, they should personally participate in the Meeting, bearing the documents required by the Company, and request that the voting instructions sent via a remote voting form to be disregarded. With the exception provided for in CVM Instruction 481/09, should there be any discrepancy between the remote voting form received directly by the Company and the voting instruction contained in the consolidated voting map sent by B3 with respect to the same tax number of enrollment under the Individual Taxpayer s Registry (CPF) or Corporate Taxpayer s Registry (CNPJ), then the voting instruction contained in the voting map will prevail and the remote voting form received directly by the Company will be disregarded. Annual and Extraordinary General Stockholders Meeting April 30,

8 CNPJ / Publicly Listed Company Information on the election of members for the Board of Directors In accordance with Brazilian Corporate Law, the election of the members of the Board of Directors may be carried out based on the majority of votes, multiple voting or separate voting. Since the different voting processes may affect the determination of the number of effective members of the Board of Directors, for a better understanding of the dynamics of this election, the voting processes are described below: Multiple Voting According to CVM Instructions No. 165/91 and No. 282/98, the stockholders interested in requesting the adoption of multiple voting in the election of the members of the Company s Board of Directors must represent at least 5% of the voting capital. In accordance with Article 141, paragraph 1, of Brazilian Corporate Law, the option set forth in said article addressing the adoption of multiple voting must be exercised by stockholders at least forty-eight (48) hours before the General Stockholder s Meeting, and the presiding officers of said Meeting must inform the stockholders in advance, based on the Attendance Book, of the number of votes required for the election of each member of the Board of Directors. Separate Voting Article 141, paragraph 4, of Brazilian Corporate Law ensures the right to elect, in a separate voting process, one (1) member of the Board of Directors for the following groups of stockholders (excluding Controlling Stockholders): a) holders of at least 15% of the common shares (this nomination is unavailing because the common shares outstanding in the market represent less than 10% of the voting capital); b) holders of preferred shares representing at least 10% of the total capital; or c) if the previous quorums are not reached, non-controlling common and preferred stockholders that together hold at least 10% of the total capital. Only the Stockholders that can prove the uninterrupted ownership of the investment required for a period of at least three months prior to the date of the General Stockholders Meeting may exercise the right to separate voting. The stockholders that intend to nominate candidates for the Board of Directors by separate voting must forward a letter to the Company by April 6, 2019 so that the nominees can be included in the Remote Voting Form, containing the full qualification and a summarized résumé of the candidates together with the necessary evidence proving that the minimum applicable requirements for eligibility for the position provided for in Brazilian Corporate Law and CVM Instruction No. 367/02 are met. After this date, the nominations may only be made at the Meeting itself. If there is a request for the adoption of multiple voting and separate voting at the same Meeting, the stockholder must choose to which process they will allocate their shares but they may use part of the shares for the multiple voting process and the other part for the separate voting process. Information on the election of members for the Fiscal Council In accordance with Brazilian Corporate Law, the following conditions must be observed in the election of the members of the Fiscal Council: a) the holders of preferred shares will be entitled to elect one, in separate voting, (1) effective member and their respective alternate; non-controlling stockholders will have equal rights as long as they represent at least 10% of the Company s common shares; Annual and Extraordinary General Stockholders Meeting April 30,

9 CNPJ / Publicly Listed Company b) with the exception provided for in the preceding item, the other stockholders may elect the effective and alternate members who, in any case, will be in equal number to those elected under the terms of item a, plus one. Communication channel with the Board of Directors We note that stockholders may: (i) send suggestions, criticisms or questions and (ii) make recommendations for any inclusion in the agenda of the Meeting directly to the Board of Directors by means of the Fale com RI ( Contact IR ) link on Itaúsa s Investor Relations website ( The comment in the corresponding field must begin by informing that it is about Recommendations to the Board of Directors for the General Stockholders Meeting. In addition and for the purposes of the Remote Voting Form, Itaúsa makes available the investor.relations@itausa.com.br on its website for the stockholders: a) to nominate candidates to the Board of Director and the Fiscal Council by April 6; and b) to submit questions to the Executive Board by April 24 on matters that will be analyzed in this Meeting. Conflict of Interests During the General Stockholders Meeting, just like in the meetings of the Company s management and inspection bodies, the attending stockholders must inform the existence of any situation of conflict of interests on any matters under discussion or to be resolved upon in which their independence may be compromised. Any attending stockholder that is aware of a conflicting situation involving another stockholder and the subject matter to be resolved upon must also make this known. When the conflict of interests is informed, the conflicted stockholder shall abstain from the resolution related to that matter. If the conflicted stockholder refuses to abstain from the resolutions, the Chairman of the General Stockholders Meeting shall determine the annulment of the pronounced conflicted votes even if it is after the meeting. Annual and Extraordinary General Stockholders Meeting April 30,

10 CNPJ / Publicly Listed Company 4. Call Notice ANNUAL AND EXTRAORDINARY GENERAL STOCKHOLDERS MEETINGS The stockholders of ITAÚSA INVESTIMENTOS ITAÚ S.A. are invited to attend the Annual and Extraordinary General Stockholders Meeting to be held on April 30, 2019 at 3 p.m., in the auditorium located at Paulista Avenue, 1938, 5 th floor, Bela Vista, in the city of São Paulo, State of São Paulo, in order to: Agenda of the Annual General Stockholders Meeting: 1. Take cognizance of management accounts and examine, discuss, and vote on the Financial Statements for the fiscal year ended December 31, 2018; 2. Resolve upon the proposal for the allocation of net income for the fiscal year 2018 and ratify the interim distribution of dividends and interest on capital; 3. Establish the number of members of the Board of Directors for the next annual term of office; 4. Elect the effective and alternate members of the Board of Directors; 5. Elect the members of the Fiscal Council for the next annual term of office; 6. Resolve upon the amount to be allocated for the compensation of the members of the Board of Directors and the Executive Board; and 7. Resolve upon the monthly compensation of the members of the Fiscal Council. Agenda of the Extraordinary General Stockholders Meeting: 1. Merger of the shares issued by Itautec S.A. Itautec Group ( Itautec ) to: 1.1. ratify the appointment of the appraising companies: (i) PricewaterhouseCoopers Auditores Independentes for the purpose of preparing the appraisal report of Itautec in accordance with Article 252, Paragraph 1 of Law No /76; and (ii) Ernst & Young Assessoria Empresarial Ltda., for the purpose of preparing the appraisal reports of Itautec and the Company, in accordance with Article 264 of Law No /76; 1.2. approve the above mentioned appraisal reports; 1.3. approve the Protocol and Justification for the Merger of the Share Issued by Itautec into the Company; 1.4. approve the merger of the shares of Itautec, converting it into a wholly-owned subsidiary of the Company, in accordance with Article 252 of Law No /76; 1.5. approve the increase of the Company s capital by R$286,344.15, with the issue of 118,815 registered preferred shares with no par value for subscription by the management members of Itautec on behalf of the non-controlling stockholders of that company; and 1.6. authorize the management members of the Company to practice all acts necessary for the implementation of the above mentioned merger. 2. Amendment and consolidation of the Corporate Bylaws to: 2.1. amend the wording of the main paragraph of Article 3 to register the new composition of the capital resulting from: (i) increases due to the subscription of shares and shares bonus approved on May 24, 2018; (ii) cancelation of shares issued by the Company approved on November 12, 2018; and (iii) increase due to the issue of shares in the process of the merger of the shares of Itautec mentioned in item 1.5 above; and 2.2. consolidate the Corporate Bylaws to reflect the aforementioned amendments. General information: Participation and Representation: stockholders, their legal representatives or proxies may participate in the Meeting bearing an identity document, a proof of powers and statement of ownership of the shares in accordance with Article 126 of Law No /76. In order to accelerate the work of the Meeting, proxy documents and any voting declaration may be sent in advance to Gerência de Relações com Investidores, at Avenida Paulista, 1938, 18º floor, Bela Vista, São Paulo (SP), CEP , or to the relacoes.investidores@itausa.com.br; Annual and Extraordinary General Stockholders Meeting April 30,

11 CNPJ / Publicly Listed Company Remote Voting: stockholders that choose to exercise their remote voting rights must fill out the Remote Voting Form and send it by April 24, 2019 to the underwriter of the Company s shares, to the custodians brokerages or directly to the Company in accordance with the instructions contained in the General Stockholders Meeting Attendance Manual; Multiple Voting: stockholders interested in requesting the adoption of the multiple voting process in the election of members of the Board of Directors must represent at least 5% of the voting capital in accordance with CVM Instructions No. 165/91 and No. 282/98; Separate Election: non-controlling stockholders and preferred stockholders may elect, in separate voting, members of the Board of Directors and the Fiscal Council in accordance with the conditions provided for in Articles 141 and 161 of Law No /76 and, in the election for the Board of Directors, only the votes related to the shares held by stockholders that can substantiate uninterrupted ownership of the investment since January 30, 2019 will be considered; and Documents and Information: the legal documents and additional information necessary for analysis and the exercising of the voting right are available at the head office, at the administrative office and on the Company s Investor Relations website ( and on the websites of CVM ( and of B3 ( São Paulo (SP), March 29, BOARD OF DIRECTORS Henri Penchas Chairman Annual and Extraordinary General Stockholders Meeting April 30,

12 CNPJ / Publicly Listed Company 5. Annual General Stockholders Meeting According to the proposal made by the Board of Directors, the following matters will be submitted for the approval of stockholders: a) Balance Sheet, other Financial Statements and Notes to the Financial Statements related to the fiscal year ended December 31, 2018: The Management Report and the Financial Statements were approved by the Board of Directors at the meeting held on February 18, These documents, accompanied by the Opinion of the Fiscal Council and the Report of Independent Auditors, were made available on February 19, 2019 on the websites of the Company ( of B3 S.A. Brasil, Bolsa, Balcão ( and of the Brazilian Securities and Exchange Commission ( CVM ) ( and they were published on March 8, 2019 in the Diário Oficial do Estado de São Paulo (Official Gazette of the State of São Paulo) and in the O Estado de S. Paulo newspapers. b) Allocation of Net Income for 2018 and ratification of the distribution of dividends and interest on capital: Taking into consideration that Itaúsa s net income for the year ended December 31, 2018 was R$9,435,831,006.59, the Board of Directors will submit to the analysis and resolution of the General Stockholders Meeting the proposal for its allocation as follows: (i) (ii) (iii) R$471,791, to the Legal Reserve; R$122,662, to the statutory reserves, of which: R$61,331, to the Reserve for Dividend Equalization, R$24,532, to the Reserve for Working Capital Increase, and R$36,798, to the Reserve for the Increase of the Capital of Investees; and R$8,841,377, for the payment of dividends and interest on capital attributed to total dividends for 2018, as allowed by Article 9 of Law No. 9,249/95. Accordingly, the ratification of this interim distribution of dividends and interest on capital, corresponding to 94.0% of adjusted net income for 2018, will be proposed at the General Stockholders Meeting to be held on April 30, 2019, and it represents a 24.8% increase compared to the net dividends declared in 2017, taking the share bonus offered in May 2018 into consideration. The declaration of dividends additional to the declared dividends and interest on capital will not be proposed. The information required in the form of Attachment 9-1-II "Allocation of Net Income" of CVM Instruction No. 481/09 is disclosed in Attachment III to this Manual. Annual and Extraordinary General Stockholders Meeting April 30,

13 CNPJ / Publicly Listed Company c) Determination of the number of effective members and alternate members of the Board of Directors and election of the members of the Board of Directors and Fiscal Council: Board of Directors In accordance with Brazilian Corporate Law, the election of the members of the Board of Directors may be carried out based on the majority of votes, multiple voting or separate voting. Since the different voting procedures may affect the determination of the number of effective members and alternate members of the Board of Directors, the participation and voting processes are described on pages 5, 6 and 7 of this Manual for a better understanding of this election s dynamics. The Company's Bylaws provides that the Board of Directors will be composed of a minimum of three (3) and a maximum of twelve (12) members elected at the General Stockholders' Meeting, being one (1) Chairman and one (1) to three (3) Vice Chairmen, chosen by the members from among their peers. The unified term of office of each member is one year and reelection is permitted. At the General Stockholders' Meeting of April 30, 2019, the Controlling Stockholders will propose six (6) sitting effective positions and three (3) alternate positions in the Company's Board of Directors and the election of the people nominated below to compose said Board: As effective members: reelection of Alfredo Egydio Setubal, Ana Lúcia de Mattos Barretto Villela, Henri Penchas, Paulo Setubal Neto and Rodolfo Villela Marino. As alternate members: reelection of Ricardo Egydio Setubal and Ricardo Villela Marino. In addition to the members nominated by the Controlling Stockholders, the stockholder Fundação Antonio e Helena Zerrenner Instituição Nacional de Beneficência (FAHZ), nominated the following people to be part of said Board, in accordance with the Stockholders Agreement entered into with the Controlling Stockholders on February 1, 2018: As effective member: reelection of Victório Carlos De Marchi. As alternate member: election of Edson Carlos De Marchi. In order to comply with the requirement in Article 10 of CVM Instruction No. 481/09, the information in items 12.5 to of the Reference Form provided for in Attachment A to CVM Instruction No. 480/09, is presented in Attachment IV to this Manual. The number of members of the Board of Directors may be increased upon a decision to be made by the stockholders at the General Stockholders' Meeting if the non-controlling stockholders and preferred stockholders exercise their right to elect a member to the Board of Directors in a separate voting session, provided that the requirements in Article 141, paragraphs 4 to 6, of Brazilian Corporate Law are met. Fiscal Council The current Company s Bylaws provide for the installation of a Fiscal Council composed of three (3) to five (5) effective members and an equal number of alternate members, in accordance with the provision in Articles 161 to 165 of Brazilian Corporate Law for the election of Fiscal Council members. At the General Stockholders Meeting of April 30, 2019, the election of the people indicated below will be proposed: Effective members: Flavio César Maia Luz Paulo Ricardo Moraes Amaral Tereza Cristina Grossi Togni Alternate members, respectively: Felício Cintra do Prado Júnior João Costa Carlos Eduardo de Mori Luporini Annual and Extraordinary General Stockholders Meeting April 30,

14 CNPJ / Publicly Listed Company In addition to the members nominated by the Controlling Stockholders, preferred stockholders will be entitled to elect, in a separate voting session, one (1) member and his/her related alternate member. An equal right is given to non-controlling stockholders, provided that they represent, together, 10% or more of the common shares. Accordingly, the preferred stockholder Caixa de Previdência dos Funcionários do Banco do Brasil - PREVI has nominated the following candidates to compose said Board in the capacity of representatives of the Preferred Stockholders: Effective member: José Maria Rabelo Alternate: Isaac Berensztejn As for the non-controlling stockholders, the stockholder Fundação Antonio e Helena Zerrenner Instituição Nacional de Beneficência (FAHZ), holder of more than 10% of our common shares, nominated the following candidates for said Board as representatives of the non-controlling stockholders: Effective member: Eduardo Rogatto Luque Alternate member: Guilherme Tadeu Pereira Júnior In order to comply with the requirement in Article 10 of CVM Instruction No. 481/09, the information in items 12.5 to of the Reference Form Attachment 24 to CVM Instruction No. 480/09, is presented in Attachment IV to this Manual. d) Determination of the aggregate budget allocated for the compensation of the members of the Board of Directors and Executive Board, as well as for the individual monthly compensation of the members of the Fiscal Council:: Annual global compensation of management members (Board of Directors and Executive Board) In the definition of the general parameters of management member compensation, the Issuer takes into account the amounts adopted in the market, in line with the Company s strategy to attract, reward, retain and encourage management members to run the business. These amounts are consistent with the broad experience and the high level of commitment of the Company s management members. According to the guidance of the Brazilian Securities and Exchange Commission (Circular Letter/CVM/SEP/No. 03/2019), the General Stockholders Meeting shall determine the annual global amount of management member compensation taking into account any and every form of compensation (fixed and variable), in addition to benefits of any nature, direct and indirect, and representation fees. In 2018, the General Stockholders Meeting approved the amount of up to R$22 million exclusively for total compensation (fixed and variable, also including benefits of any nature) of the Company s management members (members of the Board of Directors and the Executive Board, regardless of the year in which the amounts are actually allocated or paid). Due to this limit, R$10.2 million was effectively spent, which, if added to the variable compensation and benefits due in the period, would increase the amount actually spent to R$21.3 million. For the fiscal year 2019, it is proposed that the General Stockholders Meeting approve the annual global amount of up to R$24.5 million for the total compensation (fixed and variable, including benefits of any nature) of the Company s management members (members of the Board of Directors and the Executive Board), regardless of the year in which the amounts are actually allocated or paid. Annual and Extraordinary General Stockholders Meeting April 30,

15 CNPJ / Publicly Listed Company As provided for in the Company s Bylaws, it is incumbent upon the Board of Directors to resolve upon the distribution of the annual global amount established by the General Stockholders Meeting for the compensation of its own members and of the Executive Board. The proposal for Management Member Compensation in the form specified in Item 13 of the Reference Form - Attachment 24 to CVM Instruction No. 480/09, is included in Attachment V to this document. Individual monthly compensation of the members of the Fiscal Council: With regard to the members of the Fiscal Council, it is proposed that the General Stockholders Meeting approve to maintain the individual monthly compensation of R$18, for the effective members and R$7, for the alternate members. With respect to the compensation of the fiscal council, Paragraph 3 of Article 162 of Brazilian Corporation Law establishes that it may not be less than, for each member in office, 10% of the average that is allocated to each officer, excluding benefits, representation fees and profit sharing. Annual and Extraordinary General Stockholders Meeting April 30,

16 CNPJ / Publicly Listed Company 6. Extraordinary General Stockholders' Meeting At the meeting held on March 29, 2019, Itaúsa s Board of Directors resolved to call the General Stockholders Meeting for April 30, at 3 pm., in order to examine, discuss and vote, on an extraordinary basis, the following proposals: a) Merger of the Shares Issued by Itautec S.A. Itautec Group ( Itautec ) In accordance with the joint Material Fact disclosed on February 25, 2019, on that date the boards of directors of Itaúsa and Itautec ( Companies ) had approved the commencement of the negotiations for the merger of the totality of the shares issued by Itautec into Itaúsa, according to the terms of Article 252 of Brazilian Corporate Law, with the consequent preservation of the legal personality of Itautec and its conversion into a wholly-owned subsidiary of Itaúsa ( Merger of Shares ). Since then, the executive boards of both Companies have been engaged in negotiations of the main terms and conditions to be complied with and implemented within the scope of the merger of shares, having signed on that date a Protocol and Justification for the Merger of Shares ( Protocol ), to be submitted to the general stockholders meetings of both Companies. On that date, the terms and conditions negotiated between the executive boards were submitted to the boards of directors of the Companies and the members of the boards of both Companies have expressed a favorable opinion towards the Merger of Shares under the terms that were negotiated. Description and purpose of the transaction: The Merger of Shares, which will result in the conversion of Itautec into a wholly-owned subsidiary of Itaúsa with the preservation of its legal personality, seeks to simplify the corporate structure of the Companies and make the management of their capital structure more flexible, with the concentration of the stockholders of both companies in a single company with securities listed on a stock exchange. Main benefits, costs and risks of the transaction: The management of the Companies believe that the Merger of Shares is advantageous and fulfills the best interests of the Companies and their stockholders given that (i) it will enable an important reduction of costs and expenses, including those arising from the maintenance of Itautec as a publicly-held company and from the trading of its shares in the traditional listing segment of B3; and (ii) it will significantly increase the liquidity for the existing stockholders of Itautec that will receive preferred shares of Itaúsa in exchange for the shares issued by Itautec that they hold. The cost of the Merger of Shares is expected to amount R$550,000, including the expenses with publications, contracting of companies specialized in the preparation of appraisal reports, in addition to the fees of a law firm specialized in transactions of this nature. Ratio of exchange of shares and criteria for establishing this ratio The stockholders of Itautec will receive one (1) preferred share issued by Itaúsa in exchange for each one (1) common share issued by Itautec held by them on the date the Merger of Shares is implemented. For the purpose of determining the ratio for the exchange of shares, the following aspects were taken into consideration, although not separately: (i) the liquidity and dispersion of the preferred shares issued by Itaúsa (listed in B3 s index), which will be granted to Itautec s stockholders; and (ii) the reduction of costs and expenses that the merger of shares will provide to Itaúsa. Annual and Extraordinary General Stockholders Meeting April 30,

17 CNPJ / Publicly Listed Company Criteria for the appraisal of the shares issued by Itaúsa and Itautec In order to determine the amount of the capital increase of Itaúsa arising from the Merger of Shares under the terms of Article 252, Paragraph 1, of Brazilian Corporate Law, PricewaterhouseCoopers Auditores Independentes was contracted to prepare an appraisal report on the book value of the shares issued by Itautec to be merged into Itaúsa. In accordance with the above mentioned appraisal report, the book value of the shares issued by Itautec on December 31, 2018 corresponds to R$26,641, or R$2.41 per common share. For the purpose of Article 264 of Brazilian Corporate Law, Ernst & Young Assessoria Empresarial Ltda. was contracted to prepare the respective appraisal reports of the Companies according to the criterion of stockholders equity at market prices. According to the above mentioned appraisal reports, the amounts of the respective stockholders equity at market prices were estimated (i) at approximately R$ 2.1 million for Itautec, and (ii) at approximately R$ 94,809 million for Itaúsa. Accordingly, the calculation of the ratio of a theoretical exchange of shares on the basis of this criterion would result in the issue of one (1) preferred share of Itaúsa for every lot of fifty-nine (59) common shares issued by Itautec held by the stockholders of Itautec on the date of the merger of shares (April 30, 2019). Additionally, for information purposes, and without presumption of setting an exchange ratio: Ernst & Young Assessoria Empresarial Ltda. prepared an appraisal report for Itautec based on the discounted cash flow criterion, having estimated a negative amount of R$ million for this company, so that any theoretical ratio for the exchange of common shares issued by Itautec for preferred shares of Itaúsa would result in a negative amount. The market value of the preferred shares issued by Itaúsa based on the average price determined on B3 for the 24 trading days prior to the disclosure of the Material Fact referring to the commencement of the negotiations for the Merger of Shares on February 25, 2019 (average number of 36,747,225 shares traded on each trading day) has been found to correspond to R$13.18 per share. In relation to Itautec, should the last 24 trading days on which its shares were traded be taken into consideration, which, given the low trading volume (average number of 321 shares traded on each trading day), would date back as far as June 09, 2015, the average price would be R$16.12 per share. Right of dissent and appraisal The right of dissent and appraisal is assured to Itautec s stockholders and to the common stockholders of Itaúsa that dissent from the Merger of Shares. To this end, dissenting stockholders will be considered those that reject or abstain from the respective resolution on the Merger of Shares, as well as those that are not present at the respective general stockholders meeting that resolves upon the matter, provided that the stockholders in question expressly show their intention within 30 days from the date of the publication of the respective minutes of the Meeting that approves the Merger of Shares. The preferred stockholders of Itaúsa shall not be entitled to the right to dissent and appraisal. The payment of the reimbursement will be made within 30 business days from the date the Merger of Shares becomes effective in accordance with Articles 137, Paragraph 3, and 230 of Brazilian Corporate Law. The reimbursement of the amount of the shares in any of the cases will only be assured with respect to the shares of which the stockholder has been an uninterrupted and proven holder since March 29, 2019, which is the date of the disclosure of the terms and conditions of the resolution upon the Merger of Shares Reimbursement amount The amount of the reimbursement will be R$2.41 per common share issued by Itautec and R$6.56 per common share issued by Itaúsa, calculated on the basis of the book values of December 31, 2018, unless the right to prepare a special balance sheet is exercised. Commitment to future payment: Also, as a result of the negotiations, the management of the Companies agreed that Itautec should commit to pay the holders of the common shares issued by it on February 25, 2019 (date of the disclosure of the Material Fact related to the commencement of the negotiations for the Merger of Shares) any amounts determined Annual and Extraordinary General Stockholders Meeting April 30,

18 CNPJ / Publicly Listed Company within the scope of certain Legal Claims, in proportion to the interest of each stockholder in the capital of Itautec on the date of the disclosure of the above mentioned material fact if they are received within three (3) years after February 25, To this end, the Legal Claims covered by this commitment include: (i) the legal claims mentioned in the notes to the financial statements of Itautec for the year ended December 31, 2018 as contingent assets with a probability of success classified as probable, which, in aggregate, may reach the amount of approximately R$20 million (amount before related taxes and costs), with the proviso, however, that the management of Itautec estimate that in the event of a favorable solution, the receipt of the respective amounts by Itautec would tend to occur in the long term; and (ii) the claim for damages filed before the Courts of the Netherlands in December 2015, equally disclosed in the notes to the financial statements of Itautec for the year ended December 31, 2018 in this case with the probability of success classified as possible, claiming the reimbursement of a surcharge paid on the purchase of kinescopes and Cathode Ray Tubes (CPTs) and Color Picture Tubes (CDTs) used by Itautec in the manufacture of televisions and computer monitors as a result of the cartelization, in Brazil and abroad, by the respective manufacturers between 1995 and In November 2017, the Dutch Court ruled that it has jurisdiction to accept and judge the lawsuit since one of the defendants is headquartered in the Netherlands; the claim for damages will be the subject matter of the review of merit, still subject to evidence examination and the indemnity amount, if any, will be determined by experts at the end of the proceeding, if Itautec is awarded a favorable decision. Cancelation of registration as a publicly-listed company Following the completion of the Merger of Shares, the management of Itautec will take the measures necessary for the cancelation of its registration as a category A publicly-listed company with the CVM, with its subsequent exit from the B3 s traditional listing segment. b) Amendment and consolidation of the Bylaws Amend the Company s Bylaws to register, in Article 3, the new composition of the capital arising from the: (i) (ii) ratification, on May 24, 2018, of the increase in the capital due to a private subscription of shares, resolved upon on February 19, 2018, from R$37,145,000, to R$38,515,000,018.60, by means of the issue of 175,641,026 new book-entry shares with no par value, of which 66,355,919 are common shares and 109,285,107 are preferred; share bonus approved by the Board of Directors on May 24, 2018, which increased the capital from R$38,515,000, to R$43,515,000,000.00, by means of the issue of 764,927,089 preferred, book-entry shares with no par value. (iii) cancellation of 3,500,000 preferred, book-entry shares existing in treasury without the reduction of the capital, approved by the Board of Directors on November 12, 2018; and (iv) merger of the shares issued by Itautec, mentioned in item a) above, which resulted in the increase of the capital from R$43,515,000, to R$43,515,286,344.15, with the issue of 118,815 preferred, book-entry shares with no par value. Annual and Extraordinary General Stockholders Meeting April 30,

19 CNPJ / Publicly Listed Company Table of comparison: Current Wording Proposed Wording Article 3 - CAPITAL AND SHARES - Subscribed and paid-up capital amounts to thirty-seven billion, one hundred and fortyfive million and fifteen Brazilian reais and eighty cents (R$37,145,000,015.80), and it is represented by seven billion, four hundred and seventy-three million, six hundred and twenty-nine thousand, eight hundred and seventy-three (7,473,629,873) book-entry shares with no par value, of which two billion, eight hundred and twenty-three million, four hundred and eighty-three thousand, seven hundred and twenty-four (2,823,483,724) are common shares and four billion, six hundred and fifty million, one hundred and forty-six thousand, one hundred and forty-nine (4,650,146,149) are preferred shares with no voting rights but with the following advantages: I - priority in the receipt of a non-cumulative minimum annual dividend of one cent of a Brazilian real (R$0.01) per share, and a dividend at least equal to that paid to common stockholders is assured; and II the tag along right in the event of a sale of control, at a price equal to eighty percent (80%) of the price paid for each share with voting right that is part of the controlling group. Article 3 - CAPITAL AND SHARES - Subscribed and paid-up capital amounts to forty-three billion, five hundred and fifteen million, two hundred and eighty-six thousand, three hundred and forty-four Brazilian reais and fifteen cents (R$43,515,286,344.15), and it is represented by eight billion, four hundred and ten million, eight hundred and sixteen thousand, eight hundred and three (8,410,816,803) bookentry shares with no par value, of which two billion, eight hundred and eighty-nine million, eight hundred and thirty-nine thousand, six hundred and forty-three (2,889,839,643) are common shares and five billion, five hundred and twenty million, nine hundred and seventy-seven thousand, one hundred and sixty (5,520,977,160) are preferred shares with no voting rights but with the following advantages: I - priority in the receipt of a non-cumulative minimum annual dividend of one cent of a Brazilian real (R$0.01) per share, and a dividend at least equal to that paid to common stockholders is assured; and II the tag along right in the event of a sale of control, at a price equal to eighty percent (80%) of the price paid for each share with voting right that is part of the controlling group. In accordance with the provision in Article 11, subsection II, of CVM Instruction No. 481/09, the Company s management hereby informs that it has analyzed the proposal for the merger of shares issued by the subsidiary Itautec and the capital increase and it believes that no material legal and/or economic effects should arise from this proposal. The Company's Consolidated Bylaws, containing the proposed amendments, are reproduced in Attachment VI - Proposal for the Amendment and Consolidation of the Bylaws to this Manual. Annual and Extraordinary General Stockholders Meeting April 30,

20 CNPJ / Publicly Listed Company Attachments Annual and Extraordinary General Stockholders Meeting April 30,

21 CNPJ / Publicly Listed Company ATTACHMENT I Annual and Extraordinary General Stockholders Meeting April 30,

22 CNPJ / Publicly Listed Company Attachment I COMMENTS OF EXECUTIVE OFFICERS (Item 10 of the Reference Form - Attachment 24 to CVM Instruction No. 480/09, as amended by CVM Instruction No. 552/14) Executive officers should comment on a) Financial and equity positions in general Itaúsa Investimentos Itaú S.A. (Itaúsa) is a publicly-held holding company with a portfolio of companies that operate in the non-financial segment: Alpargatas S.A. (Alpargatas), Duratex S.A. (Duratex), Nova Transportadora do Sudeste S.A. NTS (NTS) and Itautec S.A. (Itautec), and in the financial services industry: Itaú Unibanco Holding S.A. (Itaú Unibanco). Itaúsa is engaged in holding equity interests in the capital of other companies and is continuously analyzing new investments and assessing potential operations that add value for its stockholders. As a holding company, Itaúsa, by means of its representatives in the boards of directors and advisory committees of investees, seeks to guide them in financial and strategic decisions and shares its governance culture and ethical values. It also reinforces, by means of its work on the investees, the concern about risk management and regard for human capital, focused on the sustainable creation of value and the constant discipline in capital allocation. Additionally, it seeks to provide for a favorable environment for the investees to concentrate their efforts with independence in their activities and be able to define the vision for the development and management of their business. Non-financial Segment Alpargatas is a Brazilian company in the shoes and apparel segment. It has its own operations, by means of offices and sales structure, in 20 countries, including Brazil, Argentina, United States, Colombia, Hong Kong and many European countries, in addition to a joint venture in India. The Havaianas brand, by means of which Alpargatas is a leading company in the sandals segment, is sold in more than one hundred countries. The company is also the owner of Osklen and it has an exclusive license of the Mizuno brand in Brazil and some Latin American countries. Duratex is the largest producer of wood panels in the Southern Hemisphere and it is among the leading companies in the domestic market of bathroom fixtures and fittings, laminated floors and electric showers. With three business divisions - Wood, Deca and Ceramic Tiles -, its brands Deca, Hydra, Ceusa, Durafloor and Duratex reflect quality, design, sustainability and state-of-the-art technology. In addition to the 16 industrial units in Brazil, including two ceramic tiles units of the newly-purchased Ceusa, Duratex has three units in Colombia where the wood panels are produced. The company also has 251,000 hectares of planted forests. NTS carries natural gas by means of a system of pipelines and it operates in the states of Rio de Janeiro, Minas Gerais and São Paulo, which correspond to approximately 50% of Brazil s gas consumption. This system is connected to the Brazil-Bolivia pipeline, liquefied natural gas (LNG) terminals and gas processing plants. The company operates long-term authorizations with 100% of the contracted capacity under the ship or pay system of more than 150 million cubic meters of gas per day. In 2018, Itaúsa made some changes in its investment portfolio in the non-financial segment. In June, 2018, it completed the sale of the investment held in Elekeiroz S.A. and, in December 2018, Itautec sold the remaining portion of the shares held in Oki Brasil, corresponding to 10.3% of its capital. With these transactions, Itaúsa stopped operating in the chemical industry and in the commercial and banking automation and technology services industry. Annual and Extraordinary General Stockholders Meeting April 30,

23 CNPJ / Publicly Listed Company Financial Segment Itaú Unibanco is the largest Brazilian private bank in total assets and the leading bank in Latin America in market value, in addition to having its brand considered the most valuable among Brazilian brands by Interbrand, with a value of R$29.8 billion (in 2018). It operates in all types of banking activities by means of its portfolios: commercial, investment, real estate loans, loans, financing and investment and leasing, including foreign exchange operations and additional activities, such as the brokerage of securities and management of credit cards, consortiums, investment funds and managed portfolios. Business performance From January to December 2018, Itaúsa's recurring net income totaled R$9,366 million, up 5.7% from the same period of the previous year. Meanwhile, the average recurring return on equity (ROE) was 18.1% in In the same period, net income amounted to R$9,436 million, with an annualized return of 18.2%. In 2017, Itaúsa s recurring net income was R$8,861 million, an increase of 2.5% in relation to 2016, reaching a ROE of 18.1% in In the same period, net income amounted to R$8,144 million, with an annualized return of 16.6%. In 2016, Itaúsa's recurring net income totaled R$8,643 million, up 2.7% from the same period of 2015 and its ROE was 18.6%. In the same period, net income amounted to R$8,211 million, with an annualized return of 17.7%. In the past few years, Itaúsa has been transferring to its stockholders the totality of the dividends and interest on capital received, directly or indirectly, from Itaú Unibanco. When necessary, Itaúsa makes capital calls to raise funds for the payment of the holding company s general and administrative expenses, taxes and charges and the maintenance of an appropriate liquidity level. With respect to the 2018 accrual period, the remuneration to stockholders was R$8.4 billion in dividends and interest on capital, net of taxes, which is an increase of 27.7% in relation to the 2017 accrual period, when the remuneration amounted to R$ 6.6 billion (increase of 76.8% in relation to 2016, when total dividends/interest on capital was R$3.7 billion). The payout (resulting from the ratio of the sum of earnings dividends and interest on capital and net income of the Controlling Stockholder, less the legal reserve of 5%) in 2018 was 94%, an increase of 110 basis points from 2017 and 460 basis points from We present below the key indicators of the companies in Itaúsa s portfolio, extracted from the related consolidated financial statements. Net Income, Stockholder' Equity, and ROE correspond to the amounts attributable to the controlling stockholders. Annual and Extraordinary General Stockholders Meeting April 30,

24 CNPJ / Publicly Listed Company January to December Financial Sector Non Financial Sector R$ million Total assets Operating revenues (1) Net income Stockholders' equity Annualized return on average equity (%) (2) ,552,797 3,980 9,622 58, ,436,239 3,846 9,465 56, ,353,241 3,782 9,341 59, ,838 3,905 4,949 14, ,103 3,722 3,991 13, ,274 4,054 3,910 13, , , , , , , ,782 2,381 4,634 55, ,378 2,186 4,715 51, ,582 1,976 4,570 47, % 14.9% 8.8% 18.2% % 17.0% 4.0% 16.6% % 18.9% 0.5% 17.7% (1) Operating revenue by area of operations was obtained as follows: - Itaú Unibanco Holding: Interest and similar income, dividend income, net gain (loss) from investment securities and derivatives, banking service fees, income from insurance, private pension and capitalization operations before claim and selling expenses and other income. - Alpargatas and Duratex: Sales of products and services. (2) Represents the ratio of net income for the period and the average equity ((dec + sep + jun + mar + dec) /5). We present below the general financial and equity positions of the companies that are part of the portfolio. The figures presented refer to the performance of the companies as a whole and not just the interest held by Itaúsa. Non-financial Segment Alpargatas At the end of 2018, consolidated net revenue reached R$3,904.5 million, an increase of 4.9% in relation to 2017 as a result of the increase in the revenue from operations in Brazil and from International Sandals. In Brazil, the increase of 10.4% was mainly due to the growth in the Sandals business. In the international sandals operations, there was a growth of 11.3% in net revenue (boosted by the depreciation of the Brazilian real in relation to the U.S. dollar and the euro) despite the drop of 9.8% in the volume of sales in In Argentina, meanwhile, net revenue in Brazilian reais dropped 21.1% in 2018 due to a suppressed market and the depreciation of the Argentine peso in the period. Consolidated net income totaled R$324 million, a drop of 7.6% in relation to 2017 and a net margin of 8.3% in Consolidated EBITDA totaled R$564.7 million in 2018, 16.1% higher than in 2017, and the 14.5% EBITDA margin was 140 basis points higher than in the previous year. In Brazil, EBITDA was R$561.2 million, up 50.5%, and the EBITDA margin, of 21.0%, was 560 basis points higher than in On this point, we highlight the R$181 million won in a lawsuit for the exclusion of the State VAT (ICMS) from the calculation basis of the COFINS tax in Brazil in September In International Sandals, EBITDA in 2018 was R$77.6 million, a drop of 22.1% in relation to 2017 since investments were made in international expansion over the course of 2018, which are expected to bring returns in the future. In 2017, net revenue totaled R$3,721.9, a drop of 8.2% in relation to 2016, as a result of the decrease in the billings of the operations in both domestic and foreign markets. In Brazil, the 8.3% drop was mainly due to the 11.0% drop in the billings of the Sandals business. In the foreign sales of flip-flops, the 5.8% growth in the sales volume and the increase in the average U.S. dollar prices resulted in a 7.8% increase in eurodenominated revenue and an 18.7% increase in exports in U.S. dollars. Consolidated EBITDA totaled R$486.2 million in 2017, 15.6% lower than in 2016, and the 13.1% EBITDA margin was 110 basis points lower than last year. In Brazil, EBITDA was R$372.9 million, up 2.0%, Annual and Extraordinary General Stockholders Meeting April 30,

25 CNPJ / Publicly Listed Company and the EBITDA margin, of 15.4%, was 150 basis points higher than in The gross margin gain and the increased productivity of general and administrative expenses, due to the expenditure-cutting program, contributed to this evolution.net income totaled R$ million in 2017, with a net margin of 9.4%, up 60 basis points from In 2016, net revenue totaled R$4,054.4 million, a 0.4% increase from 2015, affected by the 12.1% growth in the revenue generated in Brazil. The highlights were the 19.6% increase in the Sandals business in Brazil as a result of the higher average price and the 11.5% and 13.6% increases in the volume of Havaianas flip-flops and Havaianas-branded products sold, respectively. EBITDA in 2016 was R$576.0 million, a 2.2% year-on-year increase, with a 42.5% growth in Brazil specifically. The 14.2% margin was up 20 basis points. Net income totaled R$358.5 million in 2016, with a net margin of 8.8%. If we exclude nonrecurring expenses with the change in control, income grew 25.9% from 2015, and the EBITDA generation was the factor that contributed the most to this increase in the year. Duratex In 2018, net revenue totaled R$4,949.4 million, an increase of 24.0% in relation to The increase in net revenue was affected by the sale of biological assets in the transaction with Suzano Papel e Celulose. If these effects are disregarded, the annual growth would have been 16.7%. The share of revenue in the foreign market reached 19.2% or R$948.1 million in In 2018, Duratex s recurring adjusted EBITDA totaled R$848.5 million, an 11.6% increase in relation to 2017, and the EBITDA margin was 18.2% compared to 19.0% in the previous year. The increase in EBITDA arose mainly from the improvement of operations and the results of the wood division and from the consolidation of Ceusa s results. Consolidated net revenue was R$431.8 million, up 133.4% from the R$185.0% million recorded in 2017, positively impacted by the sale of land and forests of Duratex Florestal, the restructuring of the panel and Deca/Hydra businesses and the impairment of intangible assets. At the end of 2018, net debt was R$1,700.3 million and represented 2.0x the recurring EBITDA for the year (2.76x in 2017). In 2017, net revenue totaled R$3,990.9 million, up 2.1% from 2016, mainly due to the higher sales volume recorded, the successful implementation of price increases and the merger of Ceusa s results. Of this amount, R$675.5 million arises from the foreign market, approximately 17% of total revenue, via exports and the operations of Duratex Colombia. In 2017, Duratex s recurring adjusted EBITDA totaled R$760.0 million, an 11.6% increase in relation to 2016, and the EBITDA margin was 19.0% compared to 17.4% in the previous year. In 2017, Duratex s consolidated net income was R$185.0 million, well higher than the R$26.2 million posted in 2016 (positively affected mainly by the sale of land owned by Duratex Florestal). Duratex s net debt amounted to R$2,100.5 million at the end of the year, which represented a gearing ratio of 2.76x in the net debt-to-ebtida ratio, compared to 2.99x at the end of Net revenue in 2016 totaled R$3,909.8 million, a drop of just 1.3% from 2015, despite the higher decrease in volume (-5.3% at Deca and -2.6% at the Wood division). This was mainly driven by the adjustments to the prices charged by both divisions throughout In 2016, Duratex s recurring adjusted EBITDA totaled R$681.0 million, down 18.6% from the previous year, reflecting the impacts of lower volumes recorded, the mix of products with lower value added and a still unfavorable market momentum. It is worth mentioning that recurring net income was negative by -R$12.9 million in 2016 (excluding land sales) and R$222 million in Duratex s net debt amounted to R$2,040.7 million at the end of 2016, 6.6% higher than in As a result, the gearing, net debt-to-ebitda, ratio reached 2.99x in In 2015, this ratio was 2.29x. NTS In 2018, net revenue totaled R$4,041 million, down 1.7% from the net revenue recorded in Meanwhile, EBITDA was R$3,618 million, up 6.4% from the previous year. Net revenue reached R$1,934 million, 6.9% higher than in In 2018, NTS restructured the debt by contracting more attractive financing, which culminated in the early redemption of the debentures issued in April In 2017, NTS s net revenue totaled R$4,112 million, and EBITDA was R$3,402 million. NTS posted a net income of R$1,809 million. NTS was established in 2017 and, therefore, there are no comparable data for Annual and Extraordinary General Stockholders Meeting April 30,

26 CNPJ / Publicly Listed Company Itautec Consolidated net revenue for 2018 was R$405,000. Loss for the year was R$7,1 million. In 2017, the company presented consolidated net revenue of R$1.8 million compared to R$7.9 million in In 2017, Itautec posted a loss of R$22.6 million and in 2016, it posted a loss of R$14.8 million. With respect to the partnership with OKI Electric Industry Co. Ltd. ( Oki ), on January 11, 2017, Itautec exercised the put option on 763,740 shares of Oki Brasil Indústria e Comércio de Produtos e Tecnologia em Automação S.A. (Oki Brasil) for R$53.4 million received from Oki. As a result, Itautec became the holder of 1,717,650 shares of Oki Brasil s capital. On December 19, 2018, Itautec sold the remaining portion of the shares held in Oki Brasil, corresponding to 10.3% of its capital and stopped operating in the commercial and banking automation and technology services industry. Financial Segment Itaú Unibanco The amounts commented upon, when related to accounting information, were determined in accordance with the International Financial Reporting Standards. In 2018, recurring net income was R$25.1 billion, up 5.9% in relation to the previous year, impacted by the lower credit cost related to the improvement in the credit risk of wholesale clients in Brazil and also due to the increase in revenue from the provision of services associated with our current account clients and higher revenue from fund management. General and administrative expenses increased 7.6% between 2018 and 2017, affected by the merger of Citibank s retail operation and by the increase of expenses in Latin America (former Brazil), impacted by the foreign exchange variation. The loan portfolio totaled R$640.5 billion at the end of December 2018, an increase of 6.0% in relation to In 2018, the portfolio of Individuals increased 9.9% and the micro, small and medium enterprise segment grew 14.0%. In 2018, net income attributable to the controlling stockholders was 7.4% higher than the figure reported in the same period of the previous year and totaled R$24.9 billion. Itaú Unibanco posted an annualized return of 20.4% on average stockholders equity. Recurring net income was R$23.7 billion in 2017, up 1.0% from the same period of 2016, and the annualized recurring return on average equity was 19.6% compared to 20.1% in In 2017, Itaú Unibanco recorded a net income attributable to the controlling stockholders of R$23.2 billion, which was stable in relation to General and administrative expenses increased 6.3% between 2017 and 2016, mainly driven by the increases in compensations and benefits and credit card-related expenses. The loan portfolio totaled R$563.9 billion at the end of December 2017, an increase of 0.5% in relation to We noted an increase in the demand for origination and a growth in some specific portfolios, such as vehicles, which, in the fourth quarter 2017, posted the first increase since we adopted the strategy of focusing on lower risk portfolios in The credit risk strategic management supported the quality of the portfolio over the year, with a 90-day non-performing loan ratio of 3.1% a year, a decrease of 30 basis points in relation to the previous year. In 2016, net income attributable to the controlling stockholders was 9.6% lower than net income reported in the same period of the previous year and totaled R$23.3 billion. Itaú Unibanco posted an annualized return of 20.1% on average stockholders' equity. Recurring net income was R$23.5 billion, up 2.7% from the same period of 2015, and the annualized recurring return on average equity was 20.3%. Annual and Extraordinary General Stockholders Meeting April 30,

27 CNPJ / Publicly Listed Company b) Capital structure Management believes that the current capital structure is adequate and consistent with Itaúsa s business expansion strategy. The breakdown of and the changes in the classes of shares that make up paid-in capital and the reconciliation of balances at the end of the year are as follows: Number Common Preferred Total Shares outstanding at 12/31/2016 (2) 2,828,112,054 5,315,505,432 8,143,617,486 Amount (R$ millions) Changes in shares of paid-in capital from 01/01 to 12/31/2017 (31,447,330) 79,321,804 47,874, Cancellation of treasury stock 77,789,229 7,778,923 85,568,152 - Subscription of shares 46,341,899 87,100, ,442, Shares of capital stock at 12/31/2017 2,823,483,724 5,397,509,136 8,220,992,860 37,145 Residents in Brazil 2,821,665,246 3,244,975,685 6,066,640,931 27,411 Residents abroad 1,818,478 2,152,533,451 2,154,351,929 9,734 Treasury shares at 12/31/2017 (1) Treasury shares at 12/31/2016 (26,819,000) (2,681,900) (29,500,900) Shares purchased (50,970,229) (5,097,023) (56,067,252) 10% bonus shares Cancellation of treasury stock 77,789,229 7,778,923 85,568,152 Shares outstanding at 12/31/2017 (2) 2,823,483,724 5,397,509,136 8,220,992,860 Changes in shares of paid-in capital from 01/01 to 12/31/ ,355, ,712, ,068,115 6,370 Capital increase based on capitalization of revenue reserves ,000 Cancellation of treasury stock - (3,500,000) (3,500,000) - 10% bonus shares - 764,927, ,927,089 - Subscription of shares 66,355, ,285, ,641,026 1,370 Shares of capital stock at 12/31/2018 2,889,839,643 5,520,858,345 8,410,697,988 43,515 Residents in Brazil 2,887,785,145 3,318,421,750 6,206,206,895 32,109 Residents abroad 2,054,498 2,202,436,595 2,204,491,093 11,406 Treasury shares at 12/31/ Treasury shares at 12/31/ Shares purchased - (3,500,000) (3,500,000) 10% bonus shares Cancellation of treasury stock - 3,500,000 3,500,000 Shares outstanding at 12/31/2018 2,889,839,643 5,520,858,345 8,410,697,988 (1) Own shares, purchased based on authorization of the Board of Directors, to be held in Treasury for subsequent cancellation or replacement in the market. (2) For better comparability, outstanding shares in the period of 12/31/2017 and 12/31/2016 were adjusted by the split approved on 05/24/2018. Annual and Extraordinary General Stockholders Meeting April 30,

28 CNPJ / Publicly Listed Company For the past three years, Itaúsa s assets were mainly financed by its own capital, as presented below: Parent Company Balance Sheet (Amounts in millions of reais) %in relation to Total Liabilities % in relation to Total Liabilities % in relation to Total Liabilities Stockholders equity Short-term third parties capital (1) Long-term third parties capital (2) Total liabilities and stockholders equity (1) Current liabilities (2) Total liabilities excluding Stockholders equity and Short-term third parties capital 55, % 51, % 47, % 1, % 2, % 2, % 1, % 2, % % 58, % 56, % 50, % c) Payment capability in relation to the financial commitments assumed For a better understanding of the Issuer s payment capability in relation to its financial commitments assumed, we present below the Company s overall liquidity ratio: Ratio Overall Liquidity Itaúsa s financial position with respect to its capability to pay for the commitments assumed has been at a comfortable level over the past years and these commitments assumed are mainly composed of dividends and interest on capital payable. Among Itaúsa s investments, management understands that the current financial and equity positions of its investees are sufficient for the development of their business in all areas they operate. The overall liquidity ratio was obtained by means of the sum of Cash and cash equivalents, Held-fortrading financial assets, Other financial assets and Tax and other assets, divided by Total liabilities. This data was obtained from the Parent Company Balance Sheet. d) Sources of financing for working capital and investments in non-current assets that were used In May 2017, the Company issued non-convertible debentures totaling R$1.2 billion as a way of restoring Itaúsa s cash position due to the investment made in the acquisition of shares and debentures of Nova Transportadora do Sudeste S.A. NTS and in the buyback of shares for treasury. For further details on this debt, please see item f, line i. No funds were raised in the market in 2016 and e) Sources of financing for working capital and investments in non-current assets that it intends to use to cover liquidity deficiencies: In July 2017, Itaúsa s Executive Board approved the Issue of Promissory Notes, totaling up to R$1.8 billion, aimed at strengthening the Company s working capital. However, according to its financial planning, the Company did not use this source of financing because it does not have a liquidity deficiency. f) Indebtedness ratios and characteristics of the debts The indebtedness ratio of Itaúsa was as follows at the end of the past three fiscal years: Ratio Indebtedness ratio 5.61% 8.09% 6.18% Annual and Extraordinary General Stockholders Meeting April 30,

29 CNPJ / Publicly Listed Company In 2017, the issue of debentures impacted the indebtedness ratio in that year. However, Itaúsa maintains its indebtedness ratio at levels that are considered low with a comfortable equity position and cash flow generation to meet the obligations assumed. Over the past years, the Issuer has been using reduced levels of third parties capital and its liabilities are composed mainly of dividends and interest on capital payable, as well as tax liabilities that are levied on these amounts. The indebtedness ratio was obtained from the percentage ratio between: Total liabilities to Total Liabilities plus Stockholders' equity extracted from the Parent Company Balance Sheet. i. Relevant loan and financing agreements Simple, non-convertible debentures totaling R$1.2 billion. These debentures are effective for seven year starting on the Issue Date, and they mature, therefore, on May 24, The par value of the debentures will be repaid in three (3) annual successive installments due in 2022, 2023, and The par value of the debentures will not be monetarily adjusted. The outstanding balance of the par value of the debentures is subject to compensatory interest equivalent to 106.9% of the Interbank Deposit (DI) rate. ii. Other long-term relationships with financial institutions Not applicable, as described above. iii. Level of subordination between debts Simple, non-convertible, single series, unsecured Company debentures, without collateral or preemptive rights. iv. Any restrictions imposed on the issuer, in particular in relation to indebtedness limits and the contracting of new debts, distribution of dividends, disposal of assets, issue of new securities and disposal of stockholding control, and whether the issuer has been complying with these restrictions Not applicable, as described above. g) Limits on the use of the financing already contracted and percentage used Not applicable. h) Significant changes in each item of the financial statements Because it is a holding company, the changes in Itaúsa s assets basically arise from the investments in other companies, flow of dividends and interest on capital payable and receivable, including the taxes related to them, and financial investments. below: The main changes in the accounts of the Balance Sheet and Statement of Income are presented Annual and Extraordinary General Stockholders Meeting April 30,

30 CNPJ / Publicly Listed Company 2018 X 2017 (in millions of Reais) Individual Balance sheet 12/31/ /31/2017 Variation Cash and Cash Equivalents % Financial Assets - Fair Value Through Profit or Loss 1, % Financial Assets - Amortised Cost % Other Financial Assets % Investments in subsidiaries, Associates and Joint Ventures 54,810 53,119 3% Fixed Assets, Net % Tax Assets 1,215 1,078 13% Other Assets % TOTAL ASSETS 58,420 56,494 3% Dividends and Interest on Capital 408 1,334-69% Debentures 1,208 1,208 0% Loans and Financing % Provision 1,285 1,244 3% Tax Liabilities % Other Liabilities % Total Stockholders' Equity 55,143 51,926 6% Total Liabilities and Stockholders' Equity 58,420 56,494 3% Statement of Income Variation Financial Results 18 (30) 160% Operating Income or Expenses (42) (30) -40% Tax Expenses (308) (308) 0% Equity in the Earnings of Subsidiaries 9,724 8,383 16% Income Tax and Social Contribution % Net Income 9,436 8,144 16% 2017 X 2016 (in millions of Reais) Individual Balance sheet 12/31/ /31/2016 Variation Cash and Cash Equivalents % Financial Assets - Fair Value Through Profit or Loss % Financial Assets - Amortised Cost Other Financial Assets 692 1,040-33% Investments in subsidiaries, Associates and Joint Ventures 53,119 47,138 13% Fixed Assets, Net % Tax Assets 1,078 1,168-8% Other Assets % TOTAL ASSETS 56,494 50,873 11% Dividends and Interest on Capital 1,334 2,028-34% Debentures 1,208 - Loans and Financing Provision 1, % Tax Liabilities % Other Liabilities % Total Stockholders' Equity 51,926 47,729 9% Total Liabilities and Stockholders' Equity 56,494 50,873 11% Statement of Income Variation Financial Results (30) % Operating Income or Expenses (30) (19) -58% Tax Expenses (308) (288) -7% Equity in the Earnings of Subsidiaries 8,383 8,246 2% Income Tax and Social Contribution % Net Income 8,144 8,211-1% As a holding company, the results of Itaúsa basically consist of equity in the earnings of subsidiaries determined based on these subsidiaries' results. On July 12, 2017, Itaúsa entered into, together with Brasil Warrant Administração de Bens e Empresas S.A. ( BW ) and Cambuhy Investimentos Ltda. ( Cambuhy ), an agreement for the acquisition of 54.24% of the capital of Alpargatas S.A.; as a result of this transaction, Itaúsa became the holder of 27.12% of Alpargatas total capital. This interest percentage is represented by 103,623,035 common shares (42.889% of total common shares) and 23,968,521 preferred shares (10.474% of total preferred shares). Annual and Extraordinary General Stockholders Meeting April 30,

31 CNPJ / Publicly Listed Company The transaction was completed on September 20, 2017 with the disbursement, by Itaúsa, of R$1,740 and the execution of a stockholders agreement between Itaúsa, BW, and Cambuhy for the shared management of Alpargatas. This agreement provides for, among other things, the majority and parity nomination of the members for Alpargatas Board of Directors. In 2018, Cash and Cash Equivalents was positively affected by the early redemption of the debentures acquired by Itaúsa, issued by NTS, in the amount of R$442 million, net of taxes. Additionally, Itaúsa sold the totality of the shares held in Elekeiroz for R$160 million (Enterprise Value). In liabilities in 2018, we had a lower provision for Dividends and Interest on Capital declared payable. There was also the settlement of the loan with Banco Safra in the amount of R$200 million and obligations with the subsidiary Itaúsa Empreendimentos S.A. in the amount of R$301 million Executive officers should comment on a) The issuer s results of operations, in particular i. Description of any important components of revenue As a holding company, Itaúsa s revenue arises, basically, from equity in the earnings of subsidiaries. ii. Factors that materially affected operating income and expenses Itaúsa s operating income and expenses arise mainly from equity in the earnings of subsidiaries, which are associated with the performance of each operational investee, which are described below: Equity in the earnings of subsidiaries (in millions of reais) Year Itaú Unibanco Holding S.A. 8,073 6,030 5,979 IUPAR - Itaú Unibanco Participações S.A. 1,439 2,249 2,605 Alpargatas S.A Duratex S.A Elekeiroz S.A (332) Itautec S.A. (7) (23) (20) Itaúsa Empreendimentos S.A. 2 (6) 5 ITH Zux Cayman Company Ltd TOTAL 9,724 8,383 8,246 b) Changes in revenue arising from changes in prices, foreign exchange rates, inflation, volumes and the introduction of new products and services Except for its finance result, Itaúsa, as a holding company, does not have any significant changes in its own revenue arising from changes in prices, foreign exchange rates, inflation and volumes and the introduction of new products and services However, Itaúsa is affected by the effects of these changes on the results of its main direct and indirect investees. c) Impact of inflation, changes in the prices of main inputs and products, foreign exchange rate and interest rates on the issuer's operating income and expenses and finance result, when relevant Except for its finance result, Itaúsa, as a holding company, is not significantly affected by inflation or changes in the prices of the main inputs and products, in the foreign exchange rate and in interest rates in its own results. However, it is affected by the effects of these changes on the results of its main direct and indirect investees: Annual and Extraordinary General Stockholders Meeting April 30,

32 CNPJ / Publicly Listed Company Executive officers should comment on the material effects that the events below may have caused or may cause in the future on the issuer s financial statements and results a) The introduction or disposal of operating segments On June 04, 2018, Itaúsa sold the totality of the shares issued by Elekeiroz S.A. it held to Kilimanjaro Brasil Partners I B - Fundo de Investimento em Participações Multiestratégia Investimento no Exterior whose funds arise from foreign entities managed by H.I.G. Capital LLC, one of the world s major companies of investments in private equity and alternative assets. On September 20, 2017, Itaúsa acquired, together with Brasil Warrant Administração de Bens e Empresas S.A. and Cambuhy Investimentos Ltda., the control of Alpargatas S.A. Alpargatas is a leading company in the shoes industry in Latin America and the owner of much sought-after brands such as Havaianas and Osklen, among others, and it has an exclusive license to manufacture Mizuno products in Brazil and some other Latin American countries. This company has plants in Brazil and Argentina, commercial offices in the United States and Europe, and exports its products to more than 100 countries. On April 4, 2017, Itaúsa communicated the acquisition of an interest in Nova Transportadora do Sudeste S.A. NTS ( NTS ), a company controlled by Nova Infraestrutura Fundo de Investimentos em Participações, a fund managed by Brookfield Brasil Asset Management Investimentos Ltda. NTS has permits to operate 2,050 km of gas pipelines in the Southeastern region of Brazil and 100% of its transportation capacity of million cubic meters per day is at the service of Petróleo Brasileiro S.A. The transactions above did not have significant effects on Itaúsa s results in the fiscal years 2017 and 2018 and significant effects on future financial statements are not expected. Itaúsa did not introduce or dispose of any operating segment in b) The incorporation, acquisition or disposal of ownership interests On June 04, 2018, Itaúsa sold the totality of the shares issued by Elekeiroz S.A. that it held, represented by 14,261,761 common shares and 16,117,360 preferred shares, equivalent to 98.2% and 95.0% of the common and preferred shares, respectively, which represent, together, 96.5% of Elekeiroz s total capital. In September 2017, Itaúsa acquired 27.12% of Alpargatas total capital, represented by 103,623,035 common shares (42.89% of total common shares) and 23,968,521 preferred shares (10.47% of total preferred shares), for which it paid around R$1.7 billion, which is equivalent to R$14.17 per common share and R$11.32 per preferred share. In April 2017, Itaúsa invested in NTS the amount of US$292.3 million, which resulted in a final investment of 7.65% in NTS s capital. Of the amount invested, R$696.9 million was paid on April 4, 2017 and US$72.3 million will be paid within five years. The transactions above did not have significant effects on Itaúsa s results in the fiscal years 2017 and With these transactions Itaúsa reaffirms its confidence in the future of Brazil and reinforces its commitment to the creation of value for its stockholders. The transactions above did not have significant effects on Itaúsa s results in the fiscal years 2017 and 2018 and significant effects on future financial statements are not expected. There were no changes in the ownership interests of Itaúsa in Annual and Extraordinary General Stockholders Meeting April 30,

33 CNPJ / Publicly Listed Company c) Unusual events or operations In order to allow for the proper analysis of the financial statements for the period, Itaúsa presents its Net Income, excluding the main non-recurring effects, net of the respective tax effects, as follows: Reconciliation of recurring net income (Amounts in millions of reais) 2018 vs Year Net Income 9,436 8,144 Inclusion (Exclusion) of non-recurring effects (70) 717 Itaúsa Results of sale of all total shares issued by Elekeiroz Provision for tax contigencies Arising from stockholding interest in Financial Sector (118) 589 Change in treasury shares (181) 403 Provision for contingencies (34) 123 Provision for citibank integration costs Realization of assets and impairment Liability adequacy test 54 (17) Sale of IRB shares - (58) Other (1) (22) Arising from stockholding interest in Non Financial Sector (75) 20 Alpargatas (16) 29 Duratex (59) (2) Other Areas - (7) recurring net income 9,366 8,861 Annual and Extraordinary General Stockholders Meeting April 30,

34 CNPJ / Publicly Listed Company Reconciliation of recurring net income (Amounts in millions of reais) 2017 vs Year Net Income 8,144 8,211 Inclusion (Exclusion) of non-recurring effects Itaúsa Provision for tax contigencies Arising from stockholding interest in Financial Sector Change in treasury shares Sale of IRB shares (58) - Pension fund - (49) Program for the settlement or installment payment of taxes - (5) Civil lawsuits - Economic plans Tax contingencies and legal liabilities 85 2 Provision for citibank integration costs Realização de Ativos e Redução ao Valor Recuperável Liability adequacy test (17) - Other (22) (6) Arising from stockholding interest in Non Financial Sector Alpargatas 29 - Duratex (2) (13) Other Areas (7) 275 recurring net income 8,861 8, Executive officers should comment on a) Significant changes in accounting practices Over the past three fiscal years, there were no significant changes in Itaúsa s accounting practices, except for those required by the introduction of the new accounting pronouncements described below: Consolidated financial statements The consolidated financial statements were prepared and are being presented in accordance with the accounting practices adopted in Brazil, including the pronouncements issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), as well as the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). Parent company financial statements The parent company financial statements were prepared in accordance with the accounting practices adopted in Brazil issued by the CPC and are presented together with the consolidated financial statements. The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the accounting policies of Itaúsa and its subsidiaries. The areas involving a higher degree of judgment or complexity, or areas where assumptions Annual and Extraordinary General Stockholders Meeting April 30,

35 CNPJ / Publicly Listed Company and estimates are significant to the consolidated financial statements, are disclosed in Note 2.3 to the Financial Statements Critical Accounting Estimates and Judgments. The presentation of the parent company and consolidated Statements of Value Added is required by Brazilian Corporate Law and by the accounting practices adopted in Brazil applicable to publicly-held companies. The Statement of Value Added was prepared in accordance with the criteria defined in Technical Pronouncement 09 Statement of Value Added. The IFRS do not require the presentation of these statements. As a consequence, in the financial statements presented under the IFRS, these statements are presented as supplementary information, without prejudice to the set of financial statements. New accounting pronouncements applicable for the period ended December 31, 2018 i.cpc 48 / IFRS 9 Financial Instruments CPC 48 establishes new criteria for the classification, measurement and recognition of financial assets and liabilities and the measurement of expected credit losses for financial and contractual assets, as well as new requirements for hedge accounting. This pronouncement replaces CPC 38/IAS 39 - Financial Instruments: recognition and measurement and requires the classification of financial assets into three categories: measured at fair value through profit or loss, fair value through other comprehensive income (loss) and measured at amortized cost, from the combination of two factors: the entity s business model for the management of financial assets and the contractual characteristics of their cash flows. As from January 1, 2017, Itaúsa adopted CPC 48 and, therefore, the balances of the previous periods are being restated. With respect to financial liabilities, the standard maintains the majority of the requirements established by CPC 38 and the main change is the recording of the change in fair value related to credit risk of the entity itself in other comprehensive income and not in the statement of income (operations) for the financial liabilities for which the entity has made the fair value option. Itaúsa was not affected by the adoption of CPC 48 for the purpose of the classification and measurement of its financial liabilities. CPC 48 also replaces the incurred losses model of CPC 38 with a prospective model of expected credit losses, which covers all financial assets classified as amortized cost and fair value through other comprehensive income. For the measurement of this loss, the specific credit position of the counterparties and the probable impacts of changes in economic or conjectural factors in credit losses are evaluated. With respect to Hedge Accounting, Itaúsa will continue to apply the requirements provided for in CPC 38, as allowed by CPC 48. ii. CPC 47 / IFRS 15 Revenue from contract with customers CPC 47 is based on a five-stage approach that seeks to identify the contracts with clients, their performance obligations and the price of both the contract as a whole and each of the performance obligations, taking into consideration market conditions or other alternative methodologies, if necessary. At the end, the entity must define if revenue will be recognized over time or at a given time, taking into consideration the form and the time of the transfer of goods or services to clients. This pronouncement replaced CPC 30 / IAS 18 Revenue and CPC 17 / IAS 11 - Construction Contracts, as well as the related interpretations. The effect of the application of CPC 47 on the financial statements of Itaúsa of December 31, 2018 was not considered significant. b) Significant effects of the changes in accounting practices Effects of the application of the new pronouncements that took place in 2018 with the restatement of the financial statements for 2017: Annual and Extraordinary General Stockholders Meeting April 30,

36 CNPJ / Publicly Listed Company 12/31/2017 1/1/2017 Stockholders' equity Net income Stockholders' equity Amounts disclosed 56,222 8,522 50,679 Adjustments to adoption of new pronouncements (1,303) (259) (929) Amounts restated 54,919 8,263 49,750 ASSETS Disclosed 12/31/2016 Adjustments Restated 01/01/2017 Cash and cash equivalents 2,434-2,434 Investments in associates and joint ventures 45,522 (929) 44,593 Other assets 11,064-11,064 TOTAL ASSETS 59,020 (929) 58,091 LIABILITIES AND STOCKHOLDERS' EQUITY Disclosed 12/31/2016 Adjustments Restated 01/01/2017 Liabilities 8,341-8,341 Stockholders' equity 50,679 (929) 49,750 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 59,020 (929) 58,091 ASSETS Disclosed 12/31/2017 Adjustments Restated 12/31/2017 Cash and cash equivalents 1,218-1,218 Investments in associates and joint ventures 52,237 (1,303) 50,934 Other assets 12,123-12,123 TOTAL ASSETS 65,578 (1,303) 64,275 LIABILITIES AND STOCKHOLDERS' EQUITY Disclosed 12/31/2017 Adjustments Restated 12/31/2017 Liabilities 9,356-9,356 Stockholders' equity 56,222 (1,303) 54,919 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 65,578 (1,303) 64,275 In 2016, there were no significant changes in accounting practices. c) Qualifications and emphases of matter presented in the auditor's report There were no qualifications and emphases of matter in the auditor s report on the Financial Statements for 2016, 2017 and Executive officers should indicate and comment on the critical accounting policies adopted by the issuer, in particular, the accounting estimates made by management on uncertain and relevant issues for describing the financial position and results that require subjective or complex judgment, such as: provisions, contingencies, revenue recognition, tax assets, long-lived assets, useful lives of non-current assets, pension plans, foreign currency translation adjustments, environmental recovery costs, criteria for asset and financial instrument impairment tests Overview The main accounting practices adopted by us are described in Note 2 to our financial statements for the years ended December 31, 2018, 2017 and The preparation of the parent company and consolidated financial statements in compliance with the CPCs requires management to make estimates and assumptions that affect the balances of assets and liabilities and contingent liabilities disclosed on the date of the financial statements, as well as the reported amounts of revenue, expenses, gains and losses during the reporting periods and subsequent periods because actual results may differ from those determined in accordance with these estimates and assumptions. Although we continuously review these estimates and assumptions in the ordinary course of our business, the presentation of our financial position and results from operations often require that we make judgments on matters that are inherently uncertain. The topics below describe the areas that require our judgment the most or that involve a high level of complexity in the application of accounting policies that currently affect our financial position and results from operations. Annual and Extraordinary General Stockholders Meeting April 30,

37 CNPJ / Publicly Listed Company Use of estimates and assumptions The preparation of the parent company and consolidated financial statements in compliance with the CPCs requires the management to make estimates and assumptions that affect the balances of assets, liabilities and contingent liabilities disclosed on the date of the consolidated financial statements, as well as the reported amounts of revenue, expenses, gains, and losses during the reporting periods and subsequent periods since actual results may differ from those determined in accordance with these estimates and assumptions. All estimates and assumptions made by management are in compliance with the CPCs and represent the current best estimates made in conformity with the applicable standard. Estimates and judgments are assessed on an ongoing basis, and take into consideration past experience and other factors. The financial statements include a variety of estimates and assumptions. The critical accounting estimates and assumptions that have a significant impact on the carrying amounts of assets and liabilities are described below: Deferred income tax and social contribution Deferred tax assets are recognized only in relation to temporary differences and tax loss carryforwards to the extent that it is probable that Itaúsa and its investees will generate future taxable income against which deferred tax assets can be utilized. The expected realization of the tax credits of Itaúsa and the companies in the portfolio is based on the projection of future revenue and other technical studies. On December 31, 2018, deferred tax assets amounted to R$1,294 million (R$ 1,158 million on December 31, 2017). Fair value of financial instruments, including derivatives The fair value of financial instruments, including derivatives, is determined using valuation techniques. This calculation is based on assumptions that take into consideration the judgment of the management of Itaúsa and its subsidiaries based on the information and market conditions existing on the balance sheet date. At Itaúsa and its investees we classify the fair value measurements into a fair value hierarchy that reflects the relevance of the inputs used in the measurement process. The fair value hierarchy must have the following levels: Level 1: prices quoted (unadjusted) in active markets for identical assets or liabilities; Level 2: inputs other than quoted prices included in Level 1 that are adopted by the market for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and Level 3: inputs for assets or liabilities that are not based on data adopted by the market (that is, unobservable inputs). We assume that the balances of cash and cash equivalents, restricted deposits, trade receivables and trade payables at their carrying amounts, less impairment losses, and loans, financing and debentures approximate their fair values. The fair values of other financial assets and other financial liabilities for disclosure purposes are estimated by discounting the future contractual cash flows at the current market interest rate, which is available to Itaúsa and its investees for similar financial instruments. We believe that all methodologies adopted are appropriate and consistent with the market players. However, the adoption of other methodologies or the use of different assumptions to determine fair value may result in different estimates of the fair values. Provisions, assets, and contingent liabilities Itaúsa and its investees, in the performance of their ordinary activities, are parties to tax, labor and civil contingencies. The provisions are recognized taking into consideration the assessment of the probability of loss by the group s legal advisors. Management, based on the opinion of its legal advisors, believes that the recognized provisions for contingencies are sufficient to cover any losses from lawsuits and administrative proceedings. Annual and Extraordinary General Stockholders Meeting April 30,

38 CNPJ / Publicly Listed Company For the cases of a legal obligation, regardless of the loss probability, a provision is recognized, that is, the success in the lawsuit depends on the recognition of the unconstitutionality of the law in effect. For the other cases, a provision is recognized whenever the likelihood of loss is considered probable. We use models and criteria to quantify the amounts of the contingencies that allow for their adequate measurement, despite the uncertainty inherent to terms and amounts. At December 31, 2018, the book values of these provisions was R$ 1,710 million (R$ 1,471 million at December 31, 2017). Pension plan benefits The current amount of the assets related to pension plans depends on a number of factors that are determined based on actuarial calculations that use many assumptions. Among the assumptions that we use to determine the amounts are the discount rate and current market conditions. Any changes in these assumptions will affect the corresponding book values. Itaúsa s investees are part of the group of sponsors of Fundação Itaúsa Industrial (Industrial Itaú Foundation) (Fundação), a non-profit organization that is engaged in managing private plans to grant annuity, supplementary income or Social Security-like benefits. The Foundation manages the Defined Contribution Plan - PAI - CD ("CD Plan"), and the Defined Benefit Plan - BD ("BD Plan"). The employees hired by companies from the non-financial segment (manufacturing and services) can elect to voluntarily participate in the Defined Contribution Plan - PAI - CD, managed by Fundação Itaúsa Industrial. (a) Defined Contribution Plan CD Plan: this Plan is offered to all sponsors employees and at December 31, 2019, it had 8,546 participants (8,736 at December 31, 2017). In the CD - PAI Plan (individual retirement plan) there is no actuarial risk and participants assume the investment risk. Pension Program Fund The pension program fund consists of contributions made by sponsors that remained within the plan because the participants have elected to redeem their funds or opted for early retirement, according to the plan s charter, and these contributions are being used to offset the contributions made by the sponsors. The amount is recorded in the balance sheet, in the Other financial assets account, and totals R$111 million (R$123 million at December 31, 2017). An expense of R$12 million was recognized in the results for the period (income of R$6 million from January 1, 2017 to December 31, 2017). (b) Defined Benefit Plan BD Plan: The main purpose of this Plan is the granting of life annuity benefits aimed at supplementing the retirement benefits paid by Social Security, as provided for in the Plan s charter. This Plan is being extinguished because it prohibits the access to new participants. The Plan covers the following benefits: supplementation of any retirement pension granted on grounds of time of contribution, special services, age, disability, monthly life annuity, retirement premium, and lumpsum death benefit. At December 31, 2018, the balance receivable due to the allocation of a portion of the BD Plan special reserve to the sponsors, recognized in the balance sheet in the Other financial assets account totaled R$5 million (R$9 million at December 31, 2017), to be realized in six (6) monthly installments. Annual and Extraordinary General Stockholders Meeting April 30,

39 CNPJ / Publicly Listed Company Main Assumptions Used in the Actuarial Assessment of Retirement Plans 12/31/ /31/2017 Discount Rate (Per Year) 9.13% 9.75% Mortality Table (1) AT-2000 AT-2000 Turnover Null Null Future Wage Growth (Per Year) 6,36 % 6,62 % Growth of Social Welfare Benefits and Plans (Per Year) 4,00 % 4,25 % Inflation (Per Year) 4,00 % 4,25 % (1) The mortality tables adopted correspond to those disclosed by SOA - Society of Actuaries, a US entity corresponding to IBA - Brazilian Actuarial Institute, which reflects a 10% increase in survival probabilities in relation to the respective basic tables; The life expectancy in years of AT-2000 mortality table for 55-year-old participants is 27 and 31 for men and women, respectively. Estimated impairment of goodwill This is a significant topic for Duratex, a company that is consolidated in Itaúsa s financial statements. Goodwill arising from the positive difference between the amount paid or payable to the seller and the fair value of identified assets acquired and liabilities assumed is tested by Itaúsa and its investees on an annual basis or whenever there is any objective evidence. Goodwill is not subject to amortization. Goodwill is considered impaired and impairment losses are incurred only if there is objective evidence that the carrying amount cannot be recoverable as a result of one or more events that occurred after the initial recognition of the goodwill and that loss event has an impact on the estimated future cash flows. Accordingly, the impacts of obsolescence, demand, competition and other economic factors are taken into consideration. We also take into consideration that the balance may be affected by changes in the macroeconomic or market scenarios. Risk of change in the fair value of assets This is a significant topic for Duratex, a company that is consolidated in Itaúsa s financial statements. We adopt several estimates to assess our forestry reserves in accordance with the methodology established by CPC 29 / IAS 41 - "Biological assets and agricultural produce". Our estimates were based on market benchmarks and they are subject to changes in circumstances that could affect the consolidated financial information. Accordingly, based on our estimates, a 5% drop in the market prices of standing wood would cause a reduction in the fair value of the biological assets of approximately R$51 million, net of tax effects. If the discount rate used were increased by 0.5%, this would cause a reduction in the fair value of the biological assets of about R$8 million, net of tax effects Executive officers should describe relevant items that are not evidenced in the issuer s financial statements, indicating: a) Assets and liabilities directly or indirectly held by the issuer that are not presented in its balance sheet (off-balance sheet items), such as: i. Operating leases, assets and liabilities ii. Written-off portfolios of receivables for which the entity bears the risks and responsibilities, indicating the related liabilities iii. Agreements for the future purchase and sale of products or services iv. Agreements for construction in progress v. Agreements for the future receipt of financing There are no assets and liabilities held by the Issuer that are not presented in its balance sheet and no relevant items that have not been duly and properly disclosed in Itaúsa s financial statements and the notes thereto. b) Other items that are not presented in the financial statements Not applicable. Annual and Extraordinary General Stockholders Meeting April 30,

40 CNPJ / Publicly Listed Company With respect to each of the items that are not presented in the financial statements indicated in item 10.6, executive officers should comment on: a) How these items change or may change the recorded amounts of revenue, expenses, operating income and expenses, financial expenses or other items of the issuer s financial statements b) The nature and purpose of the operation c) The nature and amount of the liabilities assumed and rights generated in favor of the issuer as a result of the operation Not applicable Executive officers should indicate and comment on the main elements of the issuer s business plan, describing, in particular, the following topics: a) Investments, including: i. Quantitative and qualitative description of the investments in progress and expected investments ii. Sources of investment financing iii. Relevant divestitures in progress and expected divestitures The purpose of Itaúsa is to hold interests in other businesses and it is always considering alternatives to expand its operations in industries that add value for its stockholders. The investment opportunities are carefully analyzed considering the risks involved, especially in view of the appraised business, its market and the country in which it is located. The risks that could influence Itaúsa s business plan are described in detail in the Company s Reference Form, items 4.1 and 4.2. Itaúsa presents in the Reference Form the key risks that it deems relevant for its business. The list is not exhaustive and compiles only the risks that, in the Company s judgment, are currently the most material. However, Itaúsa's results, as well as the value of the securities issued by it, may also be negatively affected by other risks that the Company considers less material or even by unknown risks and that, therefore, are not described in the Reference Form. b) Provided that it has already been disclosed, indicate the acquisition of plants, equipment, patents or other assets that are expected to have a material impact on the issuer s production capacity: Itaúsa, as a holding company, did not acquire any plants, equipment, patents or others assets that could influence its production capacity. c) New products and services, indicating: i. Description of the research in progress that has already been disclosed ii. Total amounts spent by the issuer on research for the development of new products or services iii. Projects in progress that have already been disclosed iv. Total amounts spent by the issuer in the development of new products or services Because the Issuer is a holding company, there are no new products or services in the business plan of Itaúsa Comment on other factors that have significantly affected the operating performance and that were not identified or commented on in the other items of this section All factors that have significantly affected the performance of Itaúsa have already been commented on in the other items of this section. Annual and Extraordinary General Stockholders Meeting April 30,

41 CNPJ / Publicly Listed Company Attachment II Annual and Extraordinary General Stockholders Meeting April 30,

42 CNPJ / Publicly Listed Company PROXY TEMPLATE FOR COMMON AND PREFERRED STOCKHOLDERS Attachment II Model A By this proxy, [STOCKHOLDER], [QUALIFICATION], ("Grantor"), hereby appoints Mr./Ms. [PROXY], [NATIONALITY], [MARITAL STATUS], [OCCUPATION], Brazilian Identification (RG) No. XXX and Individual Taxpayer s Registry (CPF) No. XXX XXX, domiciled at [FULL ADDRESS] as his/her proxy, with powers to represent him/her, in the capacity of Stockholder of Itaúsa Investimentos Itaú S.A. ("Company"), at the Company's Annual and Extraordinary General Stockholders Meeting, which will be held on April 30, 2019, at 3 p.m., in the auditorium located at Avenida Paulista, 1938, 5th floor, in the city and state of São Paulo, casting his/her vote in conformity with the voting instructions below. The proxy will have limited powers to attend the General Stockholders Meeting and to cast a vote in conformity with the voting instructions below, and he/she will have no right or obligation to take any measures other than those required to fully comply with the voting instructions indicated below. The proxy is authorized to abstain from voting in any resolution or matter for which he/she has not received sufficiently specific voting instructions. [City],, 2019 [STOCKHOLDER] (Notarized signature) VOTING INSTRUCTIONS ANNUAL GENERAL STOCKHOLDERS MEETING 1 Take cognizance of management accounts and examine, discuss, and vote on the Financial Statements for the fiscal year ended December 31, Approve Reject Abstain 2 Resolve upon the Board of Directors proposal for the allocation of net income for 2018 including the ratification of the distribution of dividends and interest on capital, as detailed in the Manual of the General Stockholders Meeting available on No further distribution of earnings will be proposed at the General Stockholders Meeting relating to Approve Reject Abstain 3 Resolve upon management's proposal to set at six (6) effective members and three (3) alternate members the number of members on the Board of Directors for the next annual term of office. Approve Reject Abstain 4 Do you wish to request the adoption of the multiple voting process for the election of the Board of Directors members in accordance with Article 141 of Law No. 6,404 of 1976? Yes No Abstain Annual and Extraordinary General Stockholders Meeting April 30,

43 CNPJ / Publicly Listed Company 5 Appointment of all the names in the slate - by appointment of the controlling stockholders and Fundação Antonio e Helena Zerrenner Instituição Nacional de Beneficência ( FAHZ ) Effective members Alternate members Alfredo Egydio Setubal Paulo Setubal Neto Henri Penchas Ana Lúcia de Mattos Barretto Villela Rodolfo Villela Marino Victório Carlos De Marchi Ricardo Egydio Setubal Ricardo Villela Marino Edson Carlos De Marchi (Appointed by FAHZ) Approve Reject Abstain 6 If one of the candidates that make up the chosen slate ceases to be part of such slate, can the votes corresponding to your shares continue to be granted to the chosen slate? Yes No Abstain 7 In the event of the adoption of the multiple voting process, should the votes corresponding to your shares be distributed in equal percentages to the members in the slate you chose?[if the stockholder chooses to abstain and the multiple voting process is adopted, his/her vote will be calculated as abstention in the corresponding resolution in the meeting.] Yes No Abstain 8 Presentation of all the candidates that make up the slate to indicate the percentage (%) of votes to be attributed ANA LÚCIA DE MATTOS BARRETTO VILLELA (EFFECTIVE) / RICARDO VILLELA MARINO (ALTERNATE)[ ] % ALFREDO EGYDIO SETUBAL (EFFECTIVE) / RICARDO EGYDIO SETUBAL (ALTERNATE) [ ] % HENRI PENCHAS (EFFECTIVE) [ ] % PAULO SETUBAL NETO (EFFECTIVE) / RICARDO EGYDIO SETUBAL (ALTERNATE) [ ] % RODOLFO VILLELA MARINO (EFFECTIVE) / RICARDO VILLELA MARINO (ALTERNATE) [ ] % VICTÓRIO CARLOS DE MARCHI (EFFECTIVE) / EDSON CARLOS DE MARCHI (ALTERNATE) [ ] % (nominated by FAHZ) Election of the fiscal council through a single slate 9 Listing of all the names that make up the slate - by appointment of the controlling stockholders Effective members Alternate members Flavio César Maia Luz Felício Cintra do Prado Júnior Paulo Ricardo Moraes Amaral João Costa Tereza Cristina Grossi Togni Carlos Eduardo de Mori Luporini Approve Reject Abstain Annual and Extraordinary General Stockholders Meeting April 30,

44 CNPJ / Publicly Listed Company 10 If one of the candidates that make up the chosen slate ceases to be part of such slate in order to permit the separate voting addressed by Article 161, paragraph 4, of Law No. 6,404, of 1976, can the votes corresponding to your shares continue to be granted to the chosen slate? Yes No Abstain Election of the fiscal council in separate voting Common shares 11 Appointment of candidates for the fiscal council by minority stockholders with voting rights (the stockholder must fill out this field if he or she has left the general election field blank) EDUARDO ROGATTO LUQUE (EFFECTIVE) / GUILHERME TADEU PEREIRA JÚNIOR (ALTERNATE) Nominated by FAHZ Approve Reject Abstain Election of the fiscal council in separate voting Preferred shares 12 Appointment of candidates for the fiscal council by preferred stockholders with no voting rights or with restricted voting JOSÉ MARIA RABELO (EFFECTIVE) / ISAAC BERENSZTEJN (ALTERNATE) Nominated by Caixa de Previdência dos Funcionários do Banco do Brasil PREVI Approve Reject Abstain 13 Resolve upon the Board of Directors proposal to set the global annual amount to be allocated for the compensation of management members of up to R$24.5 million (Board of Officers and Executive Board). Approve Reject Abstain 14 Resolve upon the Board of Directors proposal to set the individual monthly compensation of the members of the Fiscal Council at R$18,000 for effective members and R$7,000 for alternate members. Approve Reject Abstain 15 Do you authorize the drafting of the minutes of this Meeting in summarized form, in accordance with paragraph 1 of Article 130 of Law No. 6,404 of 1976? Yes No Abstain 16 Do you authorize the publication of the minutes of this Meeting with the omission of the names of the stockholders, in accordance with paragraph 2 of Article 130 of Law No. 6,404 of 1976? Yes No Abstain 17 In the event of a second call of this Meeting, can the voting instructions in this Voting Form also be considered valid for the purposes of holding the Meeting upon a second call? Yes No Abstain Annual and Extraordinary General Stockholders Meeting April 30,

45 CNPJ / Publicly Listed Company EXTRAORDINARY GENERAL STOCKHOLDERS' MEETING 1 Ratify the appointment of PricewaterhouseCoopers Auditores Independentes ( PwC ) for the purpose of preparing the appraisal report of Itautec, in accordance with Article 252, paragraph 1 of Law No. 6,404/76. Approve Reject Abstain 2 Ratify the appointment of Ernst & Young Assessoria Empresarial Ltda. ( EY ) for the purpose of preparing the appraisal reports of Itaúsa, in accordance with Article 264 of Law No. 6,404/76. Approve Reject Abstain 3 Ratify the appointment of Ernst & Young Assessoria Empresarial Ltda. ( EY ) for the purpose of preparing the appraisal reports of Itautec, in accordance with Article 264 of Law No. 6,404/76. Approve Reject Abstain 4 Approve the appraisal report of Itautec s stockholders equity at book value prepared by PwC. Approve Reject Abstain 5 Approve the appraisal report of Itaúsa s stockholders equity at market price prepared by EY. Approve Reject Abstain 6 Approve the appraisal report of Itautec s stockholders equity at market price prepared by EY. Approve Reject Abstain 7 Approve the appraisal report of Itautec at discounted cash flows prepared by EY. Approve Reject Abstain 8 Approve the Protocol and Justification for the Merger of the Shares issued by Itautec. Approve Reject Abstain 9 Approve the Merger of the Shares issued by Itautec. Approve Reject Abstain 10 Increase capital stock by R$286,344.15, with the issue of 118,815 preferred book-entry shares, with no par value, as a result of the merger of the shares issued by Itautec. Approve Reject Abstain Annual and Extraordinary General Stockholders Meeting April 30,

46 CNPJ / Publicly Listed Company 11 Amend the Bylaws to register in Article 3 the new composition of the capital stock as a result of the approval of capital increase with the subscription of shares and share bonus on May 24, 2018, the cancellation of own shares approved on November 12,.2018 and the capital increase as a result of the merger of the shares issued by Itautec. Approve Reject Abstain 12 Consolidate the Bylaws. Approve Reject Abstain 13 Do you authorize the drafting of the minutes of this Meeting in summarized form, in accordance with paragraph 1 of Article 130 of Law No. 6,404 of 1976? Yes No Abstain 14 Do you authorize the publication of the minutes of this Meeting with the omission of the names of the stockholders, in accordance with paragraph 2 of Article 130 of Law No. 6,404 of 1976? Yes No Abstain 15 In the event of a second call of this Meeting, can the voting instructions in this Voting Form also be considered valid for the purposes of holding the Meeting upon a second call? Yes No Abstain Annual and Extraordinary General Stockholders Meeting April 30,

47 CNPJ / Publicly Listed Company PROXY TEMPLATE FOR COMMON STOCKHOLDERS Attachment II - Model B By this proxy, [STOCKHOLDER], [QUALIFICATION], ( Grantor ), hereby appoints Mr./Ms.[PROXY], [NATIONALITY], [MARITAL STATUS], [OCCUPATION], Brazilian Identification (RG) No. XXX and Individual Taxpayer s Registry (CPF) No. XXX, domiciled at [FULL ADDRESS], his/her proxy with powers to represent him/her, in the capacity of Stockholder of Itaúsa Investimentos Itaú S.A.("Company"), at the Company's Annual and Extraordinary General Stockholders Meeting, which will be held on April 30, 2019, at 3 p.m., in the auditorium located at Avenida Paulista, 1938, 5th floor, in the city and state of São Paulo, casting his/her vote in conformity with the voting instructions below. The proxy will have limited powers to attend the General Stockholders Meeting and to cast a vote in conformity with the voting instructions below, and he/she will have no right or obligation to take any measures other than those required to fully comply with the voting instructions indicated below. The proxy is authorized to abstain from voting in any resolution or matter for which he/she has not received sufficiently specific voting instructions. [City,], [STOCKHOLDER] [Notarized signature] VOTING INSTRUCTIONS ANNUAL GENERAL STOCKHOLDERS MEETING 1 Take cognizance of management accounts and examine, discuss, and vote on the Financial Statements for the fiscal year ended December 31, Approve Reject Abstain 2 Resolve upon the Board of Directors proposal for the allocation of net income for 2018 including the ratification of the distribution of dividends and interest on capital, as detailed in the Manual of the General Stockholders Meeting available on No further distribution of earnings will be proposed at the General Stockholders Meeting relating to Approve Reject Abstain 3 Resolve upon management's proposal to set at six (6) effective members and three (3) alternate members the number of members on the Board of Directors for the next annual term of office. Approve Reject Abstain 4 Do you wish to request the adoption of the multiple voting process for the election of the Board of Directors members in accordance with Article 141 of Law No. 6,404 of 1976? Yes No Abstain Annual and Extraordinary General Stockholders Meeting April 30,

48 CNPJ / Publicly Listed Company 5 Appointment of all the names in the slate - by appointment of the controlling stockholders and Fundação Antonio e Helena Zerrenner Instituição Nacional de Beneficência ( FAHZ ) Effective members Alternate members Alfredo Egydio Setubal Paulo Setubal Neto Henri Penchas Ana Lúcia de Mattos Barretto Villela Rodolfo Villela Marino Victório Carlos De Marchi Ricardo Egydio Setubal Ricardo Villela Marino Edson Carlos De Marchi (nominated by FAHZ) Approve Reject Abstain 6 If one of the candidates that make up the chosen slate ceases to be part of such slate, can the votes corresponding to your shares continue to be granted to the chosen slate? Yes No Abstain 7 In the event of the adoption of the multiple voting process, should the votes corresponding to your shares be distributed in equal percentages to the members in the slate you chose?[if the stockholder chooses to abstain and the multiple voting process is adopted, his/her vote will be calculated as abstention in the corresponding resolution in the meeting.] Yes No Abstain 8 Presentation of all the candidates that make up the slate to indicate the percentage (%) of votes to be attributed ANA LÚCIA DE MATTOS BARRETTO VILLELA (EFFECTIVE) / RICARDO VILLELA MARINO (ALTERNATE)[ ] % ALFREDO EGYDIO SETUBAL (EFFECTIVE) / RICARDO EGYDIO SETUBAL (ALTERNATE)[ ] % HENRI PENCHAS (EFFECTIVE) [ ] % PAULO SETUBAL NETO (EFFECTIVE) / RICARDO EGYDIO SETUBAL (ALTERNATE)[ ] % RODOLFO VILLELA MARINO (EFFECTIVE) / RICARDO VILLELA MARINO (ALTERNATE)[ ] % VICTÓRIO CARLOS DE MARCHI (EFFECTIVE) / EDSON CARLOS DE MARCHI (ALTERNATE) [ ] % (nominated by FAHZ) Election of the fiscal council through a single slate 9 Listing of all the names that make up the slate - by appointment of the controlling stockholders Effective members Flavio César Maia Luz Paulo Ricardo Moraes Amaral Tereza Cristina Grossi Togni Alternate members Felício Cintra do Prado Júnior João Costa Carlos Eduardo de Mori Luporini Approve Reject Abstain Annual and Extraordinary General Stockholders Meeting April 30,

49 CNPJ / Publicly Listed Company 10 If one of the candidates that make up the chosen slate ceases to be part of such slate in order to permit the separate voting addressed by Article 161, paragraph 4, of Law No. 6,404, of 1976, can the votes corresponding to your shares continue to be granted to the chosen slate? Yes No Abstain Election of the fiscal council in separate voting Common shares 11 Appointment of candidates for the fiscal council by minority stockholders with voting rights (the stockholder must fill out this field if he or she has left the general election field blank) EDUARDO ROGATTO LUQUE (EFFECTIVE) / GUILHERME TADEU PEREIRA JÚNIOR (ALTERNATE) Nominated by FAHZ Approve Reject Abstain 12 Resolve upon the Board of Directors proposal to set the global annual amount to be allocated for the compensation of management members of up to R$24.5 million (Board of Officers and Executive Board). Approve Reject Abstain 13 Resolve upon the Board of Directors proposal to set the individual monthly compensation of the members of the Fiscal Council at R$18,000 for effective members and R$7,000 for alternate members. Approve Reject Abstain 14 Do you authorize the drafting of the minutes of this Meeting in summarized form, in accordance with paragraph 1 of Article 130 of Law No. 6,404 of 1976? Yes No Abstain 15 Do you authorize the publication of the minutes of this Meeting with the omission of the names of the stockholders, in accordance with paragraph 2 of Article 130 of Law No. 6,404 of 1976? Yes No Abstain 16 In the event of a second call of this Meeting, can the voting instructions in this Voting Form also be considered valid for the purposes of holding the Meeting upon a second call? Yes No Abstain EXTRAORDINARY GENERAL STOCKHOLDERS' MEETING 1 Ratify the appointment of PricewaterhouseCoopers Auditores Independentes ("PwC"), for purposes of preparing Itautec's appraisal report, pursuant to Article 252, paragraph 1, of Law 6404/76. Approve Reject Abstain 2 - Ratify the appointment of Ernst & Young Assessoria Empresarial Ltda. ("EY"), for purposes of preparing Itaúsa valuation reports, pursuant to Article 264 of Law 6404/76. Reject Abstain Approve Annual and Extraordinary General Stockholders Meeting April 30,

50 CNPJ / Publicly Listed Company 3 - Ratify the appointment of Ernst & Young Assessoria Empresarial Ltda. ("EY") for the purposes of preparing Itautec valuation reports, pursuant to Article 264 of Law 6404/76. Approve Reject Abstain 4 Approve the appraisal report of Itautec s stockholders equity at book value prepared by PwC. Reject Abstain Approve 5 Approve the appraisal report of Itaúsa s stockholders equity at market price prepared by EY. Reject Abstain Approve 6 Approve the appraisal report of Itautec s stockholders equity at market price prepared by EY. Reject Abstain Approve 7 Approve the appraisal report of Itautec at discounted cash flows prepared by EY. Reject Abstain Approve 8 Approve the Protocol and Justification for the Merger of the Shares issued by Itautec. Reject Abstain Approve 9 Approve the Merger of the Shares issued by Itautec. Reject Approve Abstain 10 Increase the capital stock by R$286,344.15, with the issue of 118,815 preferred book-entry shares, with no par value, as a result of the merger of the shares issued by Itautec. Reject Abstain Approve 11 Amend the Bylaws to register in Article 3 the new composition of the capital stock as a result of the approval of capital increase with the subscription of shares and share bonus on May 24, 2018, the cancellation of own shares approved on November 12,.2018 and the capital increase as a result of the merger of the shares issued by Itautec. Approve Reject Abstain 12 Consolidate the Bylaws. Approve Reject Abstain 13 Do you authorize the drafting of the minutes of this Meeting in summarized form, in accordance with paragraph 1 of Article 130 of Law No. 6,404 of 1976? No Abstain Yes Annual and Extraordinary General Stockholders Meeting April 30,

51 CNPJ / Publicly Listed Company 14 Do you authorize the publication of the minutes of this Meeting with the omission of the names of the stockholders, in accordance with paragraph 2 of Article 130 of Law No. 6,404 of 1976? No Abstain Yes 15 In the event of a second call of this Meeting, can the voting instructions in this Voting Form also be considered valid for the purposes of holding the Meeting upon a second call? No Abstain Yes Annual and Extraordinary General Stockholders Meeting April 30,

52 CNPJ / Publicly Listed Company PROXY TEMPLATE FOR PREFERRED STOCKHOLDERS Attachment II - Model C By this proxy, [STOCKHOLDER], [QUALIFICATION], ( Grantor ), hereby appoints Mr./Ms.[PROXY], [NATIONALITY], [MARITAL STATUS], [OCCUPATION], Brazilian Identification (RG) No. XXX and Individual Taxpayer s Registry (CPF) No. XXX XXX, domiciled at [FULL ADDRESS] as his/her proxy, with powers to represent him/her, in the capacity of Stockholder of Itaúsa Investimentos Itaú S.A. ("Company"), in the Company's Annual and Extraordinary General Stockholders Meeting, which will be held on April 30, 2019, at 3 p.m., in the auditorium located at Avenida Paulista, 1938, 5th floor, in the city and state of São Paulo, casting his/her vote in conformity with the voting instructions below. The proxy will have limited powers to attend the General Stockholders Meeting and to cast a vote in conformity with the voting instructions below, and he/she will have no right or obligation to take any measures other than those required to fully comply with the voting instructions indicated below. The proxy is authorized to abstain from voting in any resolution or matter for which he/she has not received sufficiently specific voting instructions. [City,], [STOCKHOLDER] [Notarized signature] VOTING INSTRUCTIONS ANNUAL GENERAL STOCKHOLDERS MEETING Election of the fiscal council in separate voting Preferred shares 1 Appointment of candidates for the fiscal council by preferred stockholders with no voting rights or with restricted voting JOSÉ MARIA RABELO (EFFECTIVE) / ISAAC BERENSZTEJN (ALTERNATE) Nominated by Caixa de Previdência dos Funcionários do Banco do Brasil PREVI Approve Reject Abstain Annual and Extraordinary General Stockholders Meeting April 30,

53 CNPJ / Publicly Listed Company PROXY TEMPLATE FOR PROXIES MADE AVAILABLE BY THE COMPANY (COMMON AND PREFERRED STOCKHOLDERS) Attachment II - Model D By this proxy, I, [STOCKHOLDER], [NATIONALITY], [MARITAL STATUS], [OCCUPATION], Brazilian Identification (RG) No. XXX and Individual Taxpayer s Registry (CPF) No. XXX, domiciled at [FULL ADDRESS], stockholder of Itaúsa Investimentos Itaú S.A. ( Company ), appoint as my proxy(ies): Carlos Roberto Zanelato, Brazilian, married, holder of a Bachelor s degree in Law, Brazilian Identification RG-SSP/SP No , Individual Taxpayer s Registry (CPF/MF) No , with commercial address at Avenida Paulista, 1938, 18º andar, Bela Vista, São Paulo (SP), with powers to represent me, in the capacity of stockholder of the Company, at the Annual and Extraordinary General Stockholders Meeting to be held on April 30, 2019, at 3 p.m., in the auditorium located at Avenida Paulista, 1938, 5th floor, Bela Vista, in the city and state of São Paulo, CEP , to vote IN FAVOR of the matters contained in the agenda, in accordance with the voting instructions below. Claudinéia de Fátima Redondo Segantin, Brazilian, married, lawyer, Bar Association (OAB/SP) No , Individual Taxpayer s Registry (CPF/MF) No , with commercial address at Avenida Paulista, 1938, 18º andar, Bela Vista, São Paulo (SP), with powers to represent me, in the capacity of stockholder of the Company, at the Annual and Extraordinary General Stockholders Meeting to be held on April 30, 2019, at 3 p.m., in the auditorium located at Avenida Paulista, 1938, 5th floor, Bela Vista, in the city and state of São Paulo, CEP , to vote AGAINST the matters contained in the agenda, in accordance with the voting instructions below. Mirna Justino Mazzali, Brazilian, married, holder of a Bachelor s degree in Law,, Brazilian Identification RG-SSP/SP No , Individual Taxpayer s Registry (CPF/MF) No , with commercial address at Avenida Paulista, 1938, 18º andar, Bela Vista, São Paulo (SP), with powers to represent me, in the capacity of stockholder of the Company, at the Annual and Extraordinary Stockholders General Stockholders Meeting to be held on April 30, 2019, at 3 p.m., in the auditorium located at Avenida Paulista, 1938, 5th floor, Bela Vista, in the city and state of São Paulo, CEP , to ABSTAIN when voting on the matters contained in the agenda, in accordance with the voting instructions below. The proxy(ies) will have limited powers to attend the Annual and Extraordinary General Stockholders Meeting and to cast a vote in conformity with the voting instructions below, and he/she will have no right or obligation to take any measures other than those required to fully comply with the voting instructions indicated below. The proxy(ies) is (are) authorized to abstain from voting in any resolution or matter for which they have not received sufficiently specific voting instruction and will vote in accordance with the number of common shares held by the Grantor. This proxy will be in force only for this Annual and Extraordinary General Stockholders Meeting of the Company. [City,], [STOCKHOLDER] [Notarized signature] VOTING INSTRUCTIONS ANNUAL GENERAL STOCKHOLDERS MEETING 1 Take cognizance of management accounts and examine, discuss, and vote on the Financial Statements for the fiscal year ended December 31, Approve Reject Abstain Annual and Extraordinary General Stockholders Meeting April 30,

54 CNPJ / Publicly Listed Company 2 Resolve upon the proposal of the Board of Directors for the allocation of net income for 2018, including the ratification of the distribution of interest on capital and dividends, as described in the Manual of the General Stockholders' Meeting available on No further distribution of earnings will be proposed at the General Stockholders Meeting relating to Reject Abstain Approve 3 Resolve upon management's proposal to set at six (6) effective members and three (3) alternate members the number of members on the Board of Directors for the next annual term of office. Approve Reject Abstain 4 Do you wish to request the adoption of the multiple voting process for the election of the Board of Directors members in accordance with Article 141 of Law No. 6,404 of 1976? Yes No Abstain 5 Appointment of all the names in the slate - by appointment of the controlling stockholders and Fundação Antonio e Helena Zerrenner Instituição Nacional de Beneficência ( FAHZ ) Effective members Alternate members Alfredo Egydio Setubal Paulo Setubal Neto Henri Penchas Ana Lúcia de Mattos Barretto Villela Rodolfo Villela Marino Victório Carlos De Marchi Ricardo Egydio Setubal Ricardo Villela Marino Edson Carlos De Marchi (nominated by FAHZ) Approve Reject Abstain 6 If one of the candidates that make up the chosen slate ceases to be part of such slate, can the votes corresponding to your shares continue to be granted to the chosen slate? Yes No Abstain 7 In the event of the adoption of the multiple voting process, should the votes corresponding to your shares be distributed in equal percentages to the members in the slate you chose?[if the stockholder chooses to abstain and the multiple voting process is adopted, his/her vote will be calculated as abstention in the corresponding resolution in the meeting. No Abstain Yes Annual and Extraordinary General Stockholders Meeting April 30,

55 CNPJ / Publicly Listed Company 8 Presentation of all the candidates that make up the slate to indicate the percentage (%) of votes to be attributed ANA LÚCIA DE MATTOS BARRETTO VILLELA (EFFECTIVE) / RICARDO VILLELA MARINO (ALTERNATE) [ ] % ALFREDO EGYDIO SETUBAL (EFFECTVE) / RICARDO EGYDIO SETUBAL (ALTERNATE) [ ] % HENRI PENCHAS (EFFECTIVE) [ ] % PAULO SETUBAL NETO (EFFECTIVE) / RICARDO EGYDIO SETUBAL (ALTERNATE) [ ] % RODOLFO VILLELA MARINO (EFFECTIVE) / RICARDO VILLELA MARINO (ALTERNATE) [ ] % VICTÓRIO CARLOS DE MARCHI (EFFECTIVE) / EDSON CARLOS DE MARCHI (ALTERNATE) [ ] % (nominated by FAHZ) Election of the fiscal council through a single slate 9 Listing of all the names that make up the slate - by appointment of the controlling stockholders Effective members Alternate members Flavio César Maia Luz Felício Cintra do Prado Júnior Paulo Ricardo Moraes Amaral João Costa Tereza Cristina Grossi Togni Carlos Eduardo de Mori Luporini Approve Reject Abstain 10 If one of the candidates that make up the chosen slate ceases to be part of such slate in order to permit the separate voting addressed by Article 161, paragraph 4, of Law No. 6,404, of 1976, can the votes corresponding to your shares continue to be granted to the chosen slate? Yes No Abstain Election of the fiscal council in separate voting Common shares 11 Appointment of candidates for the fiscal council by minority stockholders with voting rights (the stockholder must fill out this field if he or she has left the general election field blank) EDUARDO ROGATTO LUQUE (EFFECTIVE) / GUILHERME TADEU PEREIRA JÚNIOR (ALTERNATE) Nominated by FAHZ Approve Reject Abstain Election of the fiscal council in separate voting Preferred shares 12 Appointment of candidates for the fiscal council by preferred stockholders with no voting rights or with restricted voting JOSÉ MARIA RABELO (EFFECTIVE) / ISAAC BERENSZTEJN (ALTERNATE) Nominated by Caixa de Previdência dos Funcionários do Banco do Brasil PREVI Approve Reject Abstain 13 Resolve upon the Board of Directors proposal to set the global annual amount to be allocated for the compensation of management members of up to R$24.5 million (Board of Officers and Executive Board). Reject Abstain Approve Annual and Extraordinary General Stockholders Meeting April 30,

56 CNPJ / Publicly Listed Company 14 Resolve upon the Board of Directors proposal to set the individual monthly compensation of the members of the Fiscal Council at R$18,000 for effective members and R$7,000 for alternate members. Reject Abstain Approve 15 Do you authorize the drafting of the minutes of this Meeting in summarized form, in accordance with paragraph 1 of Article 130 of Law No. 6,404 of 1976? No Abstain Yes 16 Do you authorize the publication of the minutes of this Meeting with the omission of the names of the stockholders, in accordance with paragraph 2 of Article 130 of Law No. 6,404 of 1976? No Abstain Yes 17 In the event of a second call of this Meeting, can the voting instructions in this Voting Form also be considered valid for the purposes of holding the Meeting upon a second call? No Abstain Yes EXTRAORDINARY GENERAL STOCKHOLDERS' MEETING 1 Ratify the appointment of PricewaterhouseCoopers Auditores Independentes ( PwC ) for the purpose of preparing the appraisal report of Itautec, in accordance with Article 252, paragraph 1 of Law No. 6,404/76. Reject Abstain Approve 2 Ratify the appointment of Ernst & Young Assessoria Empresarial Ltda. ( EY ) for the purpose of preparing the appraisal reports of Itaúsa, in accordance with Article 264 of Law No. 6,404/76. Reject Abstain Approve 3 Ratify the appointment of Ernst & Young Assessoria Empresarial Ltda. ( EY ) for the purpose of preparing the appraisal reports of Itautec, in accordance with Article 264 of Law No. 6,404/76. Reject Abstain Approve 4 Approve the appraisal report of Itautec s stockholders equity at book value prepared by PwC. Reject Abstain Approve 5 Approve the appraisal report of Itaúsa s stockholders equity at market price prepared by EY. Reject Abstain Approve 6 Approve the appraisal report of Itautec s stockholders equity at market price prepared by EY. Reject Abstain Approve Annual and Extraordinary General Stockholders Meeting April 30,

57 CNPJ / Publicly Listed Company 7 Approve the appraisal report of Itautec at discounted cash flows prepared by EY. Approve Reject Abstain 8 Approve the Protocol and Justification for the Merger of the Shares issued by Itautec. Approve Reject Abstain 9 Approve the Merger of the Shares issued by Itautec. Approve Reject Abstain 10 Increase the capital stock by R$286,344.15, with the issue of 118,815 preferred book-entry shares, with no par value, as a result of the merger of the shares issued by Itautec. Approve Reject Abstain 11 Change the Bylaws for the purpose of registering in Article 3 the new composition of the capital stock as a result of the capital increase through the share subscription and share bonus approved on May 24, 2018, the cancellation of own shares approved on November 12, 2018 and the capital increase through the merger of shares issued by Itautec. Reject Abstain Approve 12 Consolidate the Bylaws. Approve Reject Abstain 13 Do you authorize the drafting of the minutes of this Meeting in summarized form, in accordance with paragraph 1 of Article 130 of Law No. 6,404 of 1976? No Abstain Yes 14 Do you authorize the publication of the minutes of this Meeting with the omission of the names of the stockholders, in accordance with paragraph 2 of Article 130 of Law No. 6,404 of 1976? No Abstain Yes 15 In the event of a second call of this Meeting, can the voting instructions in this Voting Form also be considered valid for the purposes of holding the Meeting upon a second call? No Abstain Yes Annual and Extraordinary General Stockholders Meeting April 30,

58 CNPJ / Publicly Listed Company PROXY TEMPLATE FOR PROXIES MADE AVAILABLE BY THE COMPANY (HOLDERS OF COMMON SHARES) Attachment II - Model E By this proxy, I, [STOCKHOLDER], [NATIONALITY], [MARITAL STATUS], [OCCUPATION], Brazilian Identification (RG) No. XXX and Individual Taxpayer s Registry (CPF) No. XXX, domiciled at [FULL ADDRESS], stockholder of Itaúsa Investimentos Itaú S.A. ( Company ), appoint as my proxy(ies): Carlos Roberto Zanelato, Brazilian, married, holder of a Bachelor s degree in Law, Brazilian Identification RG-SSP/SP No , Individual Taxpayer s Registry (CPF/MF) No , with commercial address at Avenida Paulista, 1938, 18º andar, Bela Vista, São Paulo (SP), with powers to represent me, in the capacity of stockholder of the Company, at the Annual and Extraordinary General Stockholders Meeting to be held on April 30, 2019, at 3 p.m., in the auditorium located at Avenida Paulista, 1938, 5th floor, Bela Vista, in the city and state of São Paulo, CEP , to vote IN FAVOR of the matters contained in the agenda, in accordance with the voting instructions below. Claudinéia de Fátima Redondo Segantin, Brazilian, married, lawyer, Bar Association (OAB/SP) No , Individual Taxpayer s Registry (CPF/MF) No , with commercial address at Avenida Paulista, 1938, 18º andar, Bela Vista, São Paulo (SP), with powers to represent me, in the capacity of stockholder of the Company, at the Annual and Extraordinary General Stockholders Meeting to be held on April 30, 2019, at 3 p.m., in the auditorium located at Avenida Paulista, 1938, 5th floor, Bela Vista, in the city and state of São Paulo, CEP , to vote AGAINST the matters contained in the agenda, in accordance with the voting instructions below. Mirna Justino Mazzali, Brazilian, married, holder of a Bachelor s degree in Law, Brazilian Identification RG-SSP/SP No , Individual Taxpayer s Registry (CPF/MF) No , with commercial address at Avenida Paulista, 1938, 18º andar, Bela Vista, São Paulo (SP), with powers to represent me, in the capacity of stockholder of the Company, at the Annual and Extraordinary Stockholders General Stockholders Meeting to be held on April 30, 2019, at 3 p.m., in the auditorium located at Avenida Paulista, 1938, 5th floor, Bela Vista, in the city and state of São Paulo, CEP , to ABSTAIN when voting on the matters contained in the agenda, in accordance with the voting instructions below. The proxy(ies) will have limited powers to attend the Annual and Extraordinary General Stockholders Meeting and to cast a vote in conformity with the voting instructions below, and he/she will have no right or obligation to take any measures other than those required to fully comply with the voting instructions indicated below. The proxy(ies) is (are) authorized to abstain from voting in any resolution or matter for which they have not received sufficiently specific voting instruction and will vote in accordance with the number of common shares held by the Grantor. This proxy will be in force only for this Annual and Extraordinary General Stockholders Meeting of the Company. [City,], [STOCKHOLDER] [Notarized signature] VOTING INSTRUCTIONS ANNUAL GENERAL STOCKHOLDERS MEETING 1 Take cognizance of management accounts and examine, discuss, and vote on the Financial Statements for the fiscal year ended December 31, Approve Reject Abstain Annual and Extraordinary General Stockholders Meeting April 30,

59 CNPJ / Publicly Listed Company 2 Resolve upon the Board of Directors proposal for the allocation of net income for 2018 including the ratification of the distribution of dividends and interest on capital, as detailed in the Manual of the General Stockholders Meeting available onhttp:// No further distribution of earnings will be proposed at the General Stockholders Meeting relating to Reject Abstain Approve 3 Resolve upon management's proposal to set at six (6) effective members and three (3) alternate members the number of members on the Board of Directors for the next annual term of office. Approve Reject Abstain 4 Do you wish to request the adoption of the multiple voting process for the election of the Board of Directors members in accordance with Article 141 of Law No. 6,404 of 1976? Yes No Abstain 5 Appointment of all the names in the slate - by appointment of the controlling stockholders and Fundação Antonio e Helena Zerrenner Instituição Nacional de Beneficência ( FAHZ ) Effective members Alfredo Egydio Setubal Paulo Setubal Neto Henri Penchas Ana Lúcia de Mattos Barretto Villela Rodolfo Villela Marino Victório Carlos De Marchi Alternate members Ricardo Egydio Setubal Ricardo Villela Marino Edson Carlos De Marchi (nominated by FAHZ) Approve Reject Abstain 6 If one of the candidates that make up the chosen slate ceases to be part of such slate, can the votes corresponding to your shares continue to be granted to the chosen slate? Yes No Abstain 7 In the event of the adoption of the multiple voting process, should the votes corresponding to your shares be distributed in equal percentages to the members in the slate you chose?[if the stockholder chooses to abstain and the multiple voting process is adopted, his/her vote will be calculated as abstention in the corresponding resolution in the meeting.] Yes No Abstain 8 Presentation of all the candidates that make up the slate to indicate the percentage (%) of votes to be attributed ANA LÚCIA DE MATTOS BARRETTO VILLELA (EFFECTIVE) / RICARDO VILLELA MARINO (ALTERNATE) [ ] % ALFREDO EGYDIO SETUBAL (EFFECTVE) / RICARDO EGYDIO SETUBAL (ALTERNATE) [ ] % HENRI PENCHAS (EFFECTIVE) [ ] % PAULO SETUBAL NETO (EFFECTIVE) / RICARDO EGYDIO SETUBAL (ALTERNATE) [ ] % RODOLFO VILLELA MARINO (EFFECTIVE) / RICARDO VILLELA MARINO (ALTERNATE) [ ] % VICTÓRIO CARLOS DE MARCHI (EFFECTIVE) / EDSON CARLOS DE MARCHI (ALTERNATE) [ ] % (nominated by FAHZ) Annual and Extraordinary General Stockholders Meeting April 30,

60 CNPJ / Publicly Listed Company Election of the fiscal council through a single slate 9 Listing of all the names that make up the slate - by appointment of the controlling stockholders Effective members Alternate members Flavio César Maia Luz Felício Cintra do Prado Júnior Paulo Ricardo Moraes Amaral João Costa Tereza Cristina Grossi Togni Carlos Eduardo de Mori Luporini Approve Reject Abstain 10 If one of the candidates that make up the chosen slate ceases to be part of such slate in order to permit the separate voting addressed by Article 161, paragraph 4, of Law No. 6,404, of 1976, can the votes corresponding to your shares continue to be granted to the chosen slate? Yes No Abstain Election of the fiscal council in separate voting Common shares 11 Appointment of candidates for the fiscal council by minority stockholders with voting rights (the stockholder must fill out this field if he or she has left the general election field blank) EDUARDO ROGATTO LUQUE (EFFECTIVE) / GUILHERME TADEU PEREIRA JÚNIOR (ALTERNATE) Nominated by FAHZ Reject Abstain Approve 12 Resolve upon the Board of Directors proposal to set the global annual amount to be allocated for the compensation of management members of up to R$24.5 million (Board of Officers and Executive Board). Reject Abstain Approve 13 Resolve upon the Board of Directors proposal to set the individual monthly compensation of the members of the Fiscal Council at R$18,000 for effective members and R$7,000 for alternate members. Reject Abstain Approve 14 Do you authorize the drafting of the minutes of this Meeting in summarized form, in accordance with paragraph 1 of Article 130 of Law No. 6,404 of 1976? Yes No Abstain 15 Do you authorize the publication of the minutes of this Meeting with the omission of the names of the stockholders, in accordance with paragraph 2 of Article 130 of Law No. 6,404 of 1976? Yes No Abstain 16 In the event of a second call of this Meeting, can the voting instructions in this Voting Form also be considered valid for the purposes of holding the Meeting upon a second call? Yes No Abstain Annual and Extraordinary General Stockholders Meeting April 30,

61 CNPJ / Publicly Listed Company EXTRAORDINARY GENERAL STOCKHOLDERS' MEETING 1 Ratify the appointment of PricewaterhouseCoopers Auditores Independentes ( PwC ) for the purpose of preparing the appraisal report of Itautec, in accordance with Article 252, paragraph 1 of Law No. 6,404/76. Reject Abstain Approve 2 Ratify the appointment of Ernst & Young Assessoria Empresarial Ltda. ( EY ) for the purpose of preparing the appraisal reports of Itaúsa, in accordance with Article 264 of Law No. 6,404/76. Reject Abstain Approve 2 Ratify the appointment of Ernst & Young Assessoria Empresarial Ltda. ( EY ) for the purpose of preparing the appraisal reports of Itautec, in accordance with Article 264 of Law No. 6,404/76. Reject Abstain Approve 4 Approve the appraisal report of Itautec stockholders equity at book value prepared by PwC. Approve Reject Abstain 5 Approve the appraisal report of Itaúsa stockholders equity at market price prepared by EY. Reject Abstain Approve 6 Approve the appraisal report of Itautec stockholders equity at market price prepared by EY. Approve Reject Abstain 7 Approve the appraisal report of Itautec at the discounted cash flow prepared by EY. Approve Reject Abstain 8 Approve the Protocol and Justification for the Merger of the Shares issued by Itautec Approve Reject Abstain 9 Approve the Merger of the Shares issued by Itautec Approve Reject Abstain 10 Increase the capital stock by R$286,344.15, with the issue of 118,815 preferred book-entry shares, with no par value, as a result of the merger of the shares issued by Itautec. Approve Reject Abstain Annual and Extraordinary General Stockholders Meeting April 30,

62 CNPJ / Publicly Listed Company 11 Change the Bylaws for the purpose of registering in Article 3 the new composition of the capital stock as a result of the capital increase through the share subscription and share bonus approved on May 24, 2018, the cancellation of own shares approved on November 12,.2018 and the capital increase through the merger of shares issued by Itautec. Reject Abstain Approve 12 Consolidate the Bylaws. Approve Reject Abstain 13 Do you authorize the drafting of the minutes of this Meeting in summarized form, in accordance with paragraph 1 of Article 130 of Law No. 6,404 of 1976? No Abstain Yes 14 Do you authorize the publication of the minutes of this Meeting with the omission of the names of the stockholders, in accordance with paragraph 2 of Article 130 of Law No. 6,404 of 1976? No Abstain Yes 15 In the event of a second call of this Meeting, can the voting instructions in this Voting Form also be considered valid for the purposes of holding the Meeting upon a second call? No Abstain Yes Annual and Extraordinary General Stockholders Meeting April 30,

63 CNPJ / Publicly Listed Company Attachment II - Model F PROXY TEMPLATE FOR PROXIES MADE AVAILABLE BY THE COMPANY (PREFERRED STOCKHOLDERS) By this proxy, I, [STOCKHOLDER], [NATIONALITY], [MARITAL STATUS], [OCCUPATION], Brazilian Identification (RG) No. XXX and Individual Taxpayer s Registry (CPF) No. XXX, domiciled at [FULL ADDRESS], stockholder of Itaúsa Investimentos Itaú S.A. ( Company ), appoint as my proxy(ies): Carlos Roberto Zanelato, Brazilian, married, holder of a Bachelor s degree in Law,, Brazilian Identification RG-SSP/SP No , Individual Taxpayer s Registry (CPF/MF) No , with commercial address at Avenida Paulista, 1938, 18º andar, Bela Vista, São Paulo (SP), with powers to represent me, in the capacity of stockholder of the Company, at the Annual and Extraordinary General Stockholders Meeting to be held on April 30, 2019, at 3 p.m., in the auditorium located at Avenida Paulista, 1938, 5th floor, Bela Vista, in the city and state of São Paulo, CEP , to vote IN FAVOR of the matters contained in the agenda, in accordance with the voting instructions below. Claudinéia de Fátima Redondo Segantin, Brazilian, married, lawyer, Bar Association (OAB/SP) No , Individual Taxpayer s Registry (CPF/MF) No , with commercial address at Avenida Paulista, 1938, 18º andar, Bela Vista, São Paulo (SP), with powers to represent me, in the capacity of stockholder of the Company, at the Annual and Extraordinary General Stockholders Meeting to be held on April 30, 2019, at 3 p.m., in the auditorium located at Avenida Paulista, 1938, 5th floor, Bela Vista, in the city and state of São Paulo, CEP , to vote AGAINST the matters contained in the agenda, in accordance with the voting instructions below. Mirna Justino Mazzali, Brazilian, married, holder of a Bachelor s degree in Law, Brazilian Identification RG-SSP/SP No , Individual Taxpayer s Registry (CPF/MF) No , with commercial address at Avenida Paulista, 1938, 18º andar, Bela Vista, São Paulo (SP), with powers to represent me, in the capacity of stockholder of the Company, at the Annual and Extraordinary Stockholders General Stockholders Meeting to be held on April 30, 2019, at 3 p.m., in the auditorium located at Avenida Paulista, 1938, 5th floor, Bela Vista, in the city and state of São Paulo, CEP , to ABSTAIN when voting on the matters contained in the agenda, in accordance with the voting instructions below. The proxy(ies) will have limited powers to attend the Annual and Extraordinary General Stockholders Meeting and to cast a vote in conformity with the voting instructions below, and he/she will have no right or obligation to take any measures other than those required to fully comply with the voting instructions indicated below. The proxy(ies) is (are) authorized to abstain from voting in any resolution or matter for which they have not received sufficiently specific voting instruction and will vote in accordance with the number of common shares held by the Grantor. This proxy will be in force only for this Annual and Extraordinary General Stockholders Meeting of the Company. [City,], VOTING INSTRUCTIONS [STOCKHOLDER] [Notarized signature] ANNUAL GENERAL STOCKHOLDERS MEETING Election of the fiscal council in separate voting Preferred shares 1 Appointment of candidates for the fiscal council by preferred stockholders with no voting rights or with restricted voting JOSÉ MARIA RABELO (EFFECTIVE) / ISAAC BERENSZTEJN (ALTERNATE) Nominated by Caixa de Previdência dos Funcionários do Banco do Brasil PREVI Reject Approve Abstain Annual and Extraordinary General Stockholders Meeting April 30,

64 CNPJ / Publicly Listed Company Attachment III Annual and Extraordinary General Stockholders Meeting April 30,

65 CNPJ / Publicly Listed Company ALLOCATION OF NET INCOME FOR THE YEAR Attachment III (Attachment 9-1-II to CVM Instruction No. 481/09) We propose that the net income for the year reported in the Financial Statements at December 31, 2018, in the amount of R$9,435,831,006.59, is allocated as follows:(a) R$471,791, to the Legal Reserve; (b) R$122,662, to the statutory reserves, of which:r$61,331, to the Reserve for Dividend Equalization, R$24,532, to the Reserve for Working Capital Increase, and R$36,798, to the Reserve for the Increase of the Capital of Investees; and (c) R$8,841,377, to the payment of dividends and interest on capital, included in the dividend amount for the year 2015, in accordance with Article 9 of Law 9,249/95. The amounts reported in letter c above have already been declared by the Board of Directors. Itaúsa makes quarterly dividend payments, as well as additional payments, for which the Board of Directors determines the base date for the stockholding position and payment date. Interim dividends of any type provided for in Article 204 of Brazilian Corporate Law may also be declared. As resolved by the Board of Directors, interest on capital can be paid, including the interest on capital paid or credited to the amount of mandatory dividends, as provided for in Article 9, paragraph 7, of Law No. 9,249/95. For further information, please see the items below, which were prepared in compliance with the requirements in Attachment 9-1-II to CVM Instruction No. 481/ Net income for the year: R$9,435,831, Total and per share amount of dividends, including dividend advances and interest on capital already declared: The total amount distributed as dividends and interest on capital in advance was R$2,344,954, (gross), R$2,332,843, of which is net of taxes. At the meeting held on December 12, 2018, the Board of Directors declared interest on capital amounting to R$68,126, (gross), R$57,907, of which is net of taxes. A provision for this interest on capital was recognized in the balance sheet as of December 31, At the meeting held on February 18, 2019, the Board of Directors declared dividends and interest on capital in addition to the mandatory dividends for 2018 in the amount of R$6,428,296, (gross), R$6,035,811, of which is net of taxes. Accordingly, the total distributed amount of dividends and interest on capital was R$8,841,377, (gross), R$8,426,561, of which was net of taxes. Net amount per share: R$ Percentage of distributed net income for the year: The net amount distributed as dividends and interest on capital corresponds to 89.3% of net income for the year and to 94.0% of net income for the year adjusted to the legal reserve. Annual and Extraordinary General Stockholders Meeting April 30,

66 CNPJ / Publicly Listed Company 4. Total and per share amount of distributed dividends based on net income for prior years: Not applicable. 5. Please state: a. the gross amount of dividends and interest on capital, separately, per share type and class (less dividend advances and interest on capital already declared): No proposal will be submitted to the General Stockholders Meeting for the declaration of dividends or interest on capital in addition to those already declared. For the payment dates, please see the table included in item 6 of this Manual. b. method and term of payment of dividends and interest on capital (less dividend advances and interest on capital already declared): As mentioned in subitem "a" of this item, the mandatory dividend related to 2018 has been fully declared by the Board of Directors. The payment dates are shown in item 6 of this Manual. Stockholders can receive the amounts due as follows: Duly registered stockholders who hold current accounts with Itaú Unibanco S.A.: The payment will be made through direct credits to the respective current accounts; Stockholders who hold current accounts with other banks that have informed of the bank/branch/current account: The payment will be made through wire transfer (DOC or TED), according to the respective amounts; Stockholders whose shares are deposited in the fiduciary custody of B3 S.A. Brasil, Bolsa, Balcão (B3 - Brazilian Exchange and OTC) (B3): The payment will be made directly to B3, which will be responsible for transferring them to the stockholders, through the depositors Brokerage Firms. c. Any restatement and interest on dividends and interest on capital: Not applicable. d. Date of the declaration of payment of dividends and interest on capital considered in the identification of stockholders that will be entitled to receive them: Please see item 6 of this Attachment. Annual and Extraordinary General Stockholders Meeting April 30,

67 CNPJ / Publicly Listed Company 6. Amounts of dividends and interest on capital already declared and the dates of the respective payments: Base Year 2018 Stockholding position Date of Payment Payment (R$ shares) Amount (R$) Par value Net Par value Net Dividends 1 st quarter ,212, ,212, Dividends 2 nd quarter ,160, ,160, Dividends 3 rd quarter ,213, ,213, Dividends 4 th quarter ,213, ,213, Dividends ,675,411, ,675,411, Interest on Capital ,742, ,630, Interest on Capital ,126, ,907, Interest on Capital ,616,568, ,224,082, Dividends ,811,728, ,811,728, Total ,841,377, ,426,561, Comparative table indicating per share amounts by type and class: a. Net income for the year and the previous three (3) years: In R$ Net income per share Net income per share: adjusted by the effect of share bonuses of May 24, 2018 and April 4, In the calculation of net income per share, net income is divided by the average number of shares outstanding at the end of the year. b. Dividends and interest on capital distributed in the year and the previous three years: In R$ Common shares Preferred shares In the calculation of dividend/interest on capital per share, the dividend/interest on capital amount is divided by the number of shares outstanding on the date of the stockholding position of each payment, adjusted by the effect of share bonuses of 10% at the Annual and Extraordinary General Stockholders Meeting of May 24, 2018 and April 4, Allocation of earnings to the legal reserve: a. Amount allocated to the legal reserve: R$471,791, b. Describe the calculation method of the legal reserve: In accordance with article193 of Law No. 6,404/76, as amended, and Article 12.1 of the Bylaws, 5% of the net income of fiscal year was allocated for setting up the Legal Reserve, which shall not exceed twenty percent (20%) of the total capital. Annual and Extraordinary General Stockholders Meeting April 30,

68 CNPJ / Publicly Listed Company 9. Preferred shares entitled to fixed or minimum dividends: a. Calculation method of fixed or minimum dividends: Annual minimum dividend of R$0.01 per share, adjusted in case of split or reverse split of shares. b. Sufficiency of earnings for the year for the full payment of fixed or minimum dividends: The earnings for the year were sufficient for the full payment of the minimum mandatory dividends. c. Accumulation of any unpaid portion: Minimum dividends are not cumulative. d. Total amount of fixed or minimum dividends to be paid on each class of preferred shares: The total amount of minimum dividends statutorily established to preferred shares would be R$55,217, The preferred shares issued by the Company have only one class. e. Fixed or minimum dividends to be paid per preferred share of each class: We do not have different classes of preferred shares. f. Calculation method provided for in the Bylaws: Stockholders are entitled to receive as mandatory dividend each year the minimum amount of 25% of net income computed in the same year, adjusted by the addition or deduction of the amounts specified in letters "a" and "b" of subsection I of Article 202 of Brazilian Corporate Law and in compliance with subsections II and III of the same legal provision. Each preferred share is entitled to a priority minimum annual dividend of R$ 0.01, adjusted in case of split or reverse split. g. Payment: The mandatory dividend was fully paid in accordance with item 6 above. h. Possibly retained amount: There were no retained amounts. 10. Retention of mandatory dividends due to the company s financial position: There were no retained mandatory dividends. 11. Allocation of earnings to the reserve for contingencies: No allocation of earnings to the reserve for contingencies was made. 12. Allocation of earnings to the unrealized revenue reserve: There was no allocation of income to the unrealized revenue reserve. Annual and Extraordinary General Stockholders Meeting April 30,

69 CNPJ / Publicly Listed Company 13. Allocation of earnings to statutory reserves: a. Statutory clauses that establish the reserve: Upon proposal of the Board of Directors, the General Stockholders Meeting may resolve to set up the following reserves: I - Reserve for Dividend Equalization, II - Reserve for Working Capital Increase, and III Reserve for the Increase of the Capital of Investees: The Reserve for Dividend Equalization will be limited to 40% of the amount of capital stock and its purpose is to ensure funds for the payment of dividends, including interest on capital, or its advances, with the objective of maintaining a payment flow to stockholders, and it is composed of funds: a) equivalent to up to 50% of net income for the year, adjusted in accordance with Article 202 of Brazilian Corporate Law, b) equivalent to up to 100% of the realized portion of Revaluation Reserves, recorded as retained earnings, c) equivalent to up to 100% of the amount of prior-year adjustments, recorded as retained earnings, and d) arising from credits corresponding to the dividend advances. The Reserve for Working Capital Increase will be limited to 30% of the amount of total capital, and its purpose is to ensure funds for the company's operation, and it is composed of funds equivalent to up to 20% of net income for the year, adjusted in accordance with Article 202 of Brazilian Corporate Law. The Reserve for the Increase of the Capital of Investees will be limited to 30% of the amount of total capital and its purpose is to ensure the exercise of the preemptive right of subscription in capital increases of investees, and it is composed of funds equivalent to up to 50% of net income for the year, adjusted in accordance with Article 202 of Brazilian Corporate Law. Upon proposal of the Board of Directors, portions of these reserves will be periodically capitalized so that the respective amounts do not exceed the limit of 95% of the capital stock. The balance of these reserves, together with the balance of the Legal Reserve, may not exceed the amount of capital stock. b. Amount allocated to the reserve: Reserve for Dividend Equalization: R$61,331,093.45; Reserve for Working Capital Increase: R$24,532,437.38; and Reserve for the Increase of the Capital of Investees: R$36,798, c. Calculation method of the amount allocated to the reserve: The calculation method follows the provisions in the Bylaws, allocating up to 50% of net income to the Reserve for Dividend Equalization, up to 20% to the Reserve for Working Capital Increase, and up to 50% to the Reserve for the Increase of the Capital of Investees. 14. Retention of earnings provided for in capital budget: There were no retained earnings. 15. Allocation of earnings to the reserve for tax incentives: There was no allocation of earnings to the reserve for tax incentives. Annual and Extraordinary General Stockholders Meeting April 30,

70 CNPJ / Publicly Listed Company Attachment IV Annual and Extraordinary General Stockholders Meeting April 30,

71 CNPJ / Publicly Listed Company INFORMATION ON THE CANDIDATES NOMINATED FOR THE BOARD OF DIRECTORS AND FISCAL COUNCIL (Items 12.5 to of the Reference Form, as amended by CVM Instruction No. 552/14) Attachment IV With respect to each member of the Issuer s Board of Directors nominated by the Controlling Stockholders: 12.5 to 12.8 (except for item 12.5 "m") Name Date of birth Profession Individual Taxpayer s Registry (CPF) number Elected by the controlling stockholder Independent Member Description of any of the following events that may have taken place over the past five years: i. any criminal conviction; ii. any conviction in an administrative proceeding of CVM and the punishments applied; and iii. any conviction ruled final and unappealable at the legal or administrative levels that have suspended or disqualified him/her for the performance of any professional or commercial activity. Other positions or functions held at the issuer ALFREDO EGYDIO SETUBAL ANA LÚCIA DE MATTOS BARRETTO VILLELA HENRI PENCHAS Business Administrator Pedagogic Professional Mechanical Engineer yes yes yes no no no Not applicable Chief Executive Officer Investor Relations Officer Member of the Disclosure and Trading Committee Not applicable Elective position held Effective Member Effective Member Effective Member Date of election Date of investiture Board of Directors Term of office Annual Annual Annual Number of consecutive terms of office Number of meetings held since the investiture (*) Percentage of participation in the meetings (*) 88% 100% 100% Elective position held Member Member Date of election Date of investiture Disclosure and Term of office Trading Committee Annual Annual Number of consecutive terms of office Number of meetings held since the investiture (*) 6 6 Percentage of participation in the meetings (*) 100% 100% (*) For the calculation of the number of meetings held and the percentage of participation, the meetings held since the date of the investiture of the members until March 29, 2019 w ere considered. Not applicable Member of the Disclosure and Trading Committee Annual and Extraordinary General Stockholders Meeting April 30,

72 CNPJ / Publicly Listed Company 12.5 to 12.8 (except for item 12.5 "m") Name Date of birth Profession Individual Taxpayer s Registry (CPF) Number Elected by the controlling stockholder Independent Member Description of any of the following events that may have taken place over the past five years: i. any criminal conviction; ii. any conviction in an administrative proceeding of CVM and the punishments applied; and iii. any conviction ruled final and unappealable at the legal or administrative levels that have suspended or disqualified him/her for the performance of any professional or commercial activity. Other positions or functions held at the issuer PAULO SETUBAL NETO Industrial Engineer RICARDO EGYDIO SETUBAL Business Administrator yes no Not applicable He does not hold other offices or functions in the Company yes no Not applicable Member of the Disclosure and Trading Committee Board of Directors Disclosure and Trading Committee Elective position held Effective Member Alternate Member Date of election Date of investiture Term of office Annual Annual Number of consecutive terms of office Number of meetings held since the investiture (*) 8 8 Percentage of participation in the meetings (*) 63% 38% Elective position held Member Date of election Date of investiture Term of office Number of consecutive terms of office 10 Number of meetings held since the investiture (*) 5 Percentage of participation in the meetings (*) 67% (*) For the calculation of the number of meetings held and the percentage of participation, the meetings held since the date of the investiture of the members until March 29, 2019 w ere considered. Annual Annual and Extraordinary General Stockholders Meeting April 30,

73 CNPJ / Publicly Listed Company 12.5 to 12.8 (except for item 12.5 "m") Name Date of birth Profession Individual Taxpayer s Registry (CPF) Number Elected by the controlling stockholder Independent Member Description of any of the following events that may have taken place over the past five years: i. any criminal conviction; ii. any conviction in an administrative proceeding of CVM and the punishments applied; and iii. any conviction ruled final and unappealable at the legal or administrative levels that have suspended or disqualified him/her for the performance of any professional or commercial activity. Other positions or functions held at the issuer Board of Directors Disclosure and Trading Committee RICARDO VILLELA MARINO Mechanical Engineer RODOLFO VILLELA MARINO Business Administrator yes no yes no Director Vice-President Elective position held Alternate Member Effective Member Date of election Date of investiture Term of office Annual Annual Number of consecutive terms of office 9 8 Number of meetings held since the investiture (*) 8 8 Percentage of participation in the meetings (*) 0% 100% Elective position held Member of the Disclosure and Trading Committee Member Date of election Date of investiture Term of office Not applicable He does not hold other offices or functions in the Company Number of consecutive terms of office 10 Number of meetings held since the investiture (*) 6 Not applicable Percentage of participation in the meetings (*) 50% (*) For the calculation of the number of meetings held and the percentage of participation, the meetings held since the date of the investiture of the members until March 29, 2019 w ere considered. Annual Annual and Extraordinary General Stockholders Meeting April 30,

74 CNPJ / Publicly Listed Company With respect to each member of the issuer s Board of Directors nominated by Fundação Antonio e Helena Zerrenner Instituição Nacional de Beneficência (FAHZ): 12.5 to 12.8 (except for item 12.5 "m") Name Date of birth Profession Individual Taxpayer s Registry (CPF) Number Elected by the controlling stockholder Independent Member Description of any of the following events that may have taken place over the past five years: i. any criminal conviction; ii. any conviction in an administrative proceeding of CVM and the punishments applied; and iii. any conviction ruled final and unappealable at the legal or administrative levels that have suspended or disqualified him/her for the performance of any professional or commercial activity. Other positions or functions held at the issuer VICTÓRIO CARLOS DE MARCHI Economist and Lawyer EDSON CARLOS DE MARCHI Economist no no Not applicable He does not hold other offices or functions in the Company no no Not applicable He does not hold other offices or functions in the Company Board of Directors Disclosure and Trading Committee Elective position held Effective Member Alternate Member Date of election Date of investiture Term of office Annual Annual Number of consecutive terms of office 2 - Number of meetings held since the investiture (*) 8 - Percentage of participation in the meetings (*) 100% - Elective position held Date of election Date of investiture Term of office Number of consecutive terms of office Number of meetings held since the investiture (*) Percentage of participation in the meetings (*) (*) For the calculation of the number of meetings held and the percentage of participation, the meetings held since the date of the investiture of the members until March 29, 2019 w ere considered. Annual and Extraordinary General Stockholders Meeting April 30,

75 CNPJ / Publicly Listed Company With respect to each member of the issuer s Fiscal Council nominated by the Controlling Stockholders: 12.5 to 12.8 (except for item 12.5 "m") Name Date of birth Profession Individual Taxpayer's Registry (CPF) Number Elected by the controlling stockholder Independent Member Description of any of the following events that may have taken place over the past five years: i. any criminal conviction; ii. any conviction in an administrative proceeding of CVM and the punishments applied; and iii. any conviction ruled final and unappealable at the legal or administrative levels that have suspended or disqualified him/her for the performance of any professional or commercial activity. FLAVIO CÉSAR MAIA LUZ PAULO RICARDO MORAES AMARAL TEREZA CRISTINA GROSSI TOGNI Business Administrator and Bachelor in Civil Engineer Industrial Mechanical Engineer Accounting yes yes yes N/A N/A N/A Not applicable Not applicable Not applicable Other positions or functions held at the issuer He does not hold other offices or functions in the Company He does not hold other offices or functions in the Company He does not hold other offices or functions in the Company Elective position held Effective Member Effective Member Effective Member Date of election Date of investiture Fiscal Council Term of office Annual Annual Annual Number of consecutive terms of office Number of meetings held since the investiture (*) Percentage of participation in the meetings (*) 100% 100% 100% (*) For the calculation of the number of meetings held and the percentage of participation, the meetings held since the date of the investiture of the members until March 29, 2019 w ere considered to 12.8 (except for item 12.5 "m") Name Date of birth Profession Individual Taxpayer s Registry (CPF) Number Elected by the controlling stockholder Independent Member Description of any of the following events that may have taken place over the past five years: i. any criminal conviction; ii. any conviction in an administrative proceeding of CVM and the punishments applied; and iii. any conviction ruled final and unappealable at the legal or administrative levels that have suspended or disqualified him/her for the performance of any professional or commercial activity. FELÍCIO CINTRA DO PRADO JÚNIOR JOÃO COSTA CARLOS EDUARDO DE MORI LUPORINI Production Engineer Economist Business Administrator yes yes yes N/A N/A N/A Not applicable Not applicable Not applicable Other positions or functions held at the issuer He does not hold other offices or functions in the Company He does not hold other offices or functions in the Company He does not hold other offices or functions in the Company Elective position held Alternate Member Alternate Member Alternate Member Date of election Date of investiture Fiscal Council Term of office Annual Annual Annual Number of consecutive terms of office Number of meetings held since the investiture (*) Percentage of participation in the meetings (*) 13% - - (*) For the calculation of the number of meetings held and the percentage of participation, the meetings held since the date of the investiture of the members until March 29, 2019 w ere considered. Annual and Extraordinary General Stockholders Meeting April 30,

76 CNPJ / Publicly Listed Company With respect to each member of the issuer s Fiscal Council nominated by Fundação Antonio e Helena Zerrenner Instituição Nacional de Beneficência (FAHZ) for election by the Non-Controlling Stockholders: 12.5 to 12.8 (except for item 12.5 "m") Name Date of birth Profession Individual Taxpayer s Registry (CPF) Number Elected by the controlling stockholder Independent Member Description of any of the following events that may have taken place over the past five years: i. any criminal conviction; ii. any conviction in an administrative proceeding of CVM and the punishments applied; and iii. any conviction ruled final and unappealable at the legal or administrative levels that have suspended or disqualified him/her for the performance of any professional or commercial activity. EDUARDO ROGATTO LUQUE GUILHERME TADEU PEREIRA JÚNIOR Accountant Business Administrator no no N/A N/A Not applicable Not applicable Other positions or functions held at the issuer He does not hold other offices or functions in the Company He does not hold other offices or functions in the Company Fiscal Council Elective position held Effective Member Alternate Member Date of election Date of investiture Term of office Annual Annual Number of consecutive terms of office - 1 Number of meetings held since the investiture (*) - 8 Percentage of participation in the meetings (*) - 100% (*) For the calculation of the number of meetings held and the percentage of participation, the meetings held since the date of the investiture of the members until March 29, 2019 w ere considered. With respect to each member of the issuer s Fiscal Council nominated by Caixa de Previdência dos Funcionários do Banco do Brasil PREVI for election by Preferred Stockholders: 12.5 to 12.8 (except for item 12.5 "m") Name Date of birth Profession Individual Taxpayer s Registry (CPF) Number Elected by the controlling stockholder Independent Member Description of any of the following events that may have taken place over the past five years: i. any criminal conviction; ii. any conviction in an administrative proceeding of CVM and the punishments applied; and iii. any conviction ruled final and unappealable at the legal or administrative levels that have suspended or disqualified him/her for the performance of any professional or commercial activity. JOSÉ MARIA RABELO ISAAC BERENSZTEJN Lawyer Production Engineer no no N/A N/A Not applicable Not applicable Other positions or functions held at the issuer He does not hold other offices or functions in the Company He does not hold other offices or functions in the Company Fiscal Council Elective position held Effective Member Alternate Member Date of election Date of investiture Term of office Annual Annual Number of consecutive terms of office 3 3 Number of meetings held since the investiture (*) 8 8 Percentage of participation in the meetings (*) 100% - (*) For the calculation of the number of meetings held and the percentage of participation, the meetings held since the date of the investiture of the members until March 29, 2019 w ere considered. Annual and Extraordinary General Stockholders Meeting April 30,

77 CNPJ / Publicly Listed Company With respect to each member of the issuer s Board of Directors, please find below the information of item 12.5 m : I - professional experience for the past five years, indicating: Name and segment of activity of the company; Position and responsibilities inherent to the position; If the company (i) is part of the issuer s economic group or (ii) is a subsidiary of a stockholder of the issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the issuer. II Indication of all management positions they hold or have held in other companies or third sector organizations: Name:ANA LÚCIA DE MATTOS BARRETTO VILLELA Issuer or Company Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Itaúsa Investimentos Itaú S.A.: Vice Chairman of the Board of Directors (Non-Executive Director) since April 2017 and Member of the Finance Committee from May 2017 to August Industry in which it operates:holding company. Duratex S.A.: Alternate Member of the Board of Directors since April 2018 and Member of the Sustainability Committee from April 2015 to May Industry in which it operates: Civil construction, construction materials and decoration. Itaú Cultural: Member of the Board of Directors since 1995 and Member of the Executive Board since February Itaú Social: Member of the Guiding Group since February 2017.Itaú Unibanco Holding S.A.: Member of the Board of Directors since April Industry in which it operates:holding company. Itaú Unibanco S.A.: Member of the Board of Directors from April 1996 to July Industry in which it operates: Multiple-service banking, with commercial portfolio. AlanaLab (Maria Farinha Filmes, Flow, JungleBee): Co-founder since September 2014; Alana Foundation: Founding President since April 2012; Instituto Alana: Chief Executive Officer since April 2002; XPrizeMember of the Innovation Board since August 2018; Instituto Brincante: Member of the Advisory Board since 2001; Ashoka: Ashoka Fellow since February 2010; CommercialFreeChildhood (CCFC):Member of the Advisory Board from December 2015 to December 2017; Instituto Akatu: Member of the Advisory Board from June 2013 to December 2017; Conectas: Member of the Advisory Board from 2003 to January Annual and Extraordinary General Stockholders Meeting April 30,

78 CNPJ / Publicly Listed Company Name:ALFREDO EGYDIO SETUBAL Issuer or Company Itaúsa Investimentos Itaú S.A.:CEO and Investment Relations Officer since May 2015; Vice Chairman of the Board of Directors since September 2008; Coordinator of the Disclosure and Trading Committee since May 2015 and Member of the Disclosure and Trading Committee since May 2009; Member of the Investment Policies Committee from August 2008 to April 2011; Coordinator of the Investments Committee and Member of the Finance, the Personnel and Ethics, and the Sustainability and Risks committees since April Companies that compose Alpargatas S.A.: Member of the Board of Directors since September 2017 and of the Strategy the Issuer s economic group: Committee since October Industry in which it operates: Textile and clothing. Duratex S.A.: Co-chairman of the Board of Directors since April 2017 and Member of the Board of Directors since April 2015; Member of the Personnel, Corporate Governance and Nomination Committee since July Industry in which it operates: Civil construction, construction materials and decoration. Investimentos Bemge S.A.: Chairman of the Board of Directors from April 2008 to April Industry in which it operates: Holding company of non-financial institutions. Itautec S.A. - Itautec Group: Alternate Member of the Board of Directors since April Industry in which it operates: Holding company of non-financial institutions. Itaú Unibanco Holding S.A.: Member of the Board of Directors since June 2007; Director Vice President and Investor Relations Officer from March 2003 to February 2015; Member of the Disclosure and Trading Committee since November 2008; Chairman of the Disclosure and Trading Committee from November 2008 to February 2015; Member of the Nomination and Corporate Governance Committee since August 2009; Member of the Accounting Policies Committee from May 2008 to April 2009; Member of the Personnel and of the Risk and Capital Management committees since April Industry in which it operates: Financial Holding company. Itaú Unibanco S.A.: Director Vice President from April 1996 to March 2015; Investor Relations Officer from 1995 to 2003; Executive Officer from May 1993 to June 1996; Managing Director from 1988 to Industry in which it operates: Multiple-service banking, with commercial portfolio. Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Elekeiroz S.A.: Alternate Member of the Board of Directors from April 2015 to July 2018; Fundação Tide Azevedo Setubal: Member of the Fiscal Council; National Association of Investment Banks ANBID: Vice Chairman from 1994 to August 2003 and Chairman from August 2003 to August 2008; Brazilian Association of Publicly-Held Companies ABRASCA: Member of the Steering Committee since 1999; Brazilian Institute of Investor Relations IBRI: Chairman of the Board of Directors from 1999 to 2009 and Chairman of the Superior Guidance, Nomination and Ethics Committee since 2009; São Paulo Museum of Modern Art MAM: Financial Officer since 1992; Vice Chairman of the Decision-Making Council of the São Paulo Art Museum (MASP) since September 2014 and Vice Chairman of the Board of Directors of the São Paulo Bienal Foundation since June Name: EDSON CARLOS DE MARCHI Issuer or Company Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: AMBEV S.A: Benefits Officer since January 2015; Corporate Relations Officer from mid-2011 to December 2014; Strategic Planning Manager from May 2000 to December Industry in which it operates: Manufacturing, distribution and sale of beer, soft drinks and other non-alcoholic beverages. Fundação Antonio e Helena Zerrenner Instituição Nacional de Beneficência: Member of the Board of Directors since May 2018, Executive Officer since July 2012 and Member of the Advisory Board from December 2004 to August 2012; Anheuser-BuschInBev: Global Finance and Excise Tax Vice President from 2009 to 2011; Instituto Ambev de Previdência Privada (Ambev Private Pension Institute) IAPP: Member of the Fiscal Council from January 2004 to July Annual and Extraordinary General Stockholders Meeting April 30,

79 CNPJ / Publicly Listed Company Name: HENRI PENCHAS Issuer or Company Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Itaúsa Investimentos Itaú S.A.:(Non-Executive Director):Chairman of the Board of Directors since April 2017 and Member of the Board of Directors since May 2015; Director Vice President from April 2009 to May 2015; Investor Relations Officer from 2009 to May 2015 and from 1995 to April 2008; Executive Officer from December 1984 to April 2008; Member of the Disclosure and Trading Committee since April 2005; Member of the Investment Polices and Accounting Polices committees from August 2008 to May 2011; Coordinator of the Finance Committee and Member of the Investments, the Personnel and Ethics, and the Sustainability and Risks committees since April Industry in which it operates: Holding company. Alpargatas S.A.: Coordinator of the Finance Committee since October Industry in which it operates: Textile and clothing. Duratex S.A.: Effective Member of the Board of Directors and of the Audit and Risk Management Committee from April 2013 to April2016; Member of the Disclosure and Trading Committee from November 2009 to April 2016; CEO from August 2009 to April 2013; General Director from April to August Industry in which it operates: Civil construction, construction materials and decoration. Itautec S.A. Itautec Group: Member of the Board of Directors and of the Disclosure Committee since April 2013; CEO from April 2013 to April 2014; Member of the Audit and Risk Management, Strategy, Personnel and Corporate Governance committees from April 2014 to January Industry in which it operates: Holding company of non-financial institutions. Itaú Unibanco Holding S.A.: Member of the Board of Directors from March 2003 to April 2016; Member of the Strategy and Nomination and Corporate Governance committees from June 2009 to April 2016; Member of the International Advisory Board from March 2003 to April 2009; Member of the Disclosure and Trading Committee from May 2005 to April 2009; Senior Vice President from March 2003 to May 2008; Member of the Risk and Capital Management and Accounting Policies committees from May 2008 to April Industry in which it operates: Holding company. Elekeiroz S.A.: Member of the Board of Directors from April 2013 to June 2018; Member of the Audit and Risk Management, Personnel and Corporate Governance, and Disclosure committees from June 2013 to June 2018, and Member of the Strategy and Innovation Committee from April 2015 to April 2018; Fundação José Luiz Setubal: Member of the Board of Directors since October 2005; Instituto Alana: Fiscal Advisor since April 2002; Instituto Itaú Cultural: Member of the Board of Directors since February 1987; HIG Brasil Ass. de Invest. Ltda.: Member of the Advisory Board since April 2015; Nova Transportadora do Sudeste S.A NTS: Member of the Board of Directors since April Name: PAULO SETUBAL NETO Issuer or Company Itaúsa Investimentos Itaú S.A.: Member of the Board of Directors since 1999; Executive Director Vice President from 1991 to 1999; Executive Officer from 1987 to 1991; Member of the Disclosure and Trading Committee from April 2005 to April Industry in which it operates: Holding company. Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Duratex S.A.: Member of the Board of Directors from December 1990 to April 2015; Vice Chairman of the Board of Directors from April 2001 to April 2009; CEO from January 1991 to April Industry in which it operates: Civil construction, construction materials and decoration. Itautec S.A. Itautec Group: Alternate Member of the Board of Directors from 1997 to April 2015; CEO from 1997 to April Industry in which it operates: Holding company of non-financial institutions. Elekeiroz S.A.: Alternate Member of the Board of Directors from 1986 to April 2015; CEO from March 1993 to April 2009; Fundação Tide Azevedo Setubal: Member of the Fiscal Council. Annual and Extraordinary General Stockholders Meeting April 30,

80 CNPJ / Publicly Listed Company Name: RICARDO EGYDIO SETUBAL Issuer or Company Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Itaúsa Investimentos Itaú S.A.:(Non-Executive Director):Alternate Member of the Board of Directors since April 2009; Member of the Disclosure and Trading Committee since May 2009; Member of the Investment Policies Committee from August 2008 to May 2010; Coordinator of the Sustainability and Risks Committee and Member of the Finance, the Investments, and the Personnel and Ethics committees since April Industry in which it operates: Holding company. Duratex S.A.: Member of the Board of Directors since April 2008; Vice Chairman of the Board of Directors from April 2009 to April 2017; Member of the Personnel, Corporate Governance and Nomination Committee and the Audit and Risk Management Committee since November 2009; Member of the Sustainability Committee since April 2018/ Member of the Disclosure and Trading Committee since April 2018, and from April 2016 to May 2017, from April 2014 to April 2015, from April 2012 to April 2013 and from March 2010 to May Industry in which it operates: Civil construction, construction materials and decoration. Itautec S.A. Itautec Group: Chairman of the Board of Directors since February 2010; Alternate Member of the Board of Directors from April 2009 to January 2010; Effective Member of the Board of Directors from April 1999 to April 2008; Member of the Disclosure Committee since September 2010; Executive Director Vice President from April 1999 to January 2010; Member of the Audit and Risk Management, Strategy, and Personnel and Corporate Governance committees from September 2010 to January Industry in which it operates: Holding company of non-financial institutions. Elekeiroz S.A.: Effective Member of the Board of Directors from April 2011 to June 2018; Alternate Member of the Board of Directors from April 2009 to April 2011; Member of the Audit and Risk Management Committee from June 2013 to June 2018; Member of the Strategy and Innovation Committee from December 2010 to April 2018; Member of the Personnel and Corporate Governance Committee from December 2010 to June 2013; Executive Vice President of the Environmental, Social and Cultural Sustainability Committee from October 2007 to April 2009; IBGC Instituto Brasileiro de Governança Corporativa (Brazilian Institute of Corporate Governance): Chairman of the Board of Directors since March 2018 and Member of the Board of Directors since March 2014, and Vice Chairman from March 2016 to March Name: RICARDO VILLELA MARINO Issuer or Company Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Itaúsa Investimentos Itaú S.A.:(Non-Executive Director) - Alternate Member of the Board of Directors since April 2011 and Member of the Investment Policies Committee from August 2008 to April Industry in which it operates: Holding company. Duratex S.A.:(Non-Executive Director) Alternate Member of the Board of Directors from April 2009 to April Industry in which it operates: Civil construction, construction materials and decoration. Itautec S.A. Itautec Group: Alternate Member of the Board of Directors since April Industry in which it operates: Holding company of non-financial institutions. Itaú Unibanco Holding S.A.: Chairman of Itaú LatAm since July Member of the Board of Directors since April 2008, Member of the Personnel Committee since June 2009 and Member of the Risk and Capital Management Committee from May 2008 to April Industry in which it operates:holding company. Itaú Unibanco S.A.: Director Vice President from April 2010 to July 2018; Executive Officer from September 2006 to April 2010; Senior Managing Director from April 2005 to August 2006 and Managing Director from April 2004 to April Industry in which it operates: Multiple-service banking, with commercial portfolio. RudricIth Participações Ltda.: Managing Director since Industry in which it operates:holding company of non-financial institutions. Elekeiroz S.A.: Alternate Member of the Board of Directors from April 2009 to June 2018; Federación Latino Americana de Bancos - FELABAN: Chairman since November 2008; Instituto PDR: Founder of the institute; Comunitas: Executive Chairman; and MIT Sloan Latam: Chairman. Annual and Extraordinary General Stockholders Meeting April 30,

81 CNPJ / Publicly Listed Company Name: RODOLFO VILLELA MARINO Issuer or Company Itaúsa Investimentos Itaú S.A.:(Executive Director): Director Vice President since May 2015; Effective Member of the Board of Directors since April 2011; Alternate Member of the Board of Directors from April 2009 to April 2011; Member of the Disclosure and Trading Committee since May 2009; Member of the Investment Policies Committee from August 2008 to May 2011, having worked as a Coordinator of this Committee from May 2010 to May 2011; Coordinator of the Personnel and Ethics Committee and Member of the Finance, the Investments and the Sustainability and Risks committees since April Industry in which it operates:holding company. Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Alpargatas S.A.: Member of the Board of Directors since September 2017 and Member of the Strategy and Personnel committees since October Industry in which it operates: Textile and clothing. Duratex S.A.: Member of the Board of Directors since April 2008; Effective Member of the Board of Directors since August 2009; Member of the Personnel, Corporate Governance and Nomination Committee since April 2018 and from November 2009 to May 2017; Member of the Sustainability, and Audit and Risk Management Committee since November 2009; Member of the Disclosure and Trading Committee from May 2017 to April 2018, from April 2015 to April 2016, from April 2013 to April 2014, from May 2011 to April 2012 and from November 2009 to April Industry in which it operates: Civil construction, construction materials and decoration. Itautec S.A. Itautec Group: Vice Chairman of the Board of Directors since May 2017 and Member of the Board of Directors since April 2008; Member of the Personnel and Corporate Governance Committee from April 2012 to January 2015; Member of the Strategy Committee from September 2010 to January 2015; Member of the Audit and Risk Management Committee from September 2010 to April Industry in which it operates:holding company of non-financial institutions. RudricIth Participações Ltda.: Managing Director since Industry in which it operates:holding companies of non-financial institutions Elekeiroz S.A.: Member of the Board of Directors from April 2008 to June 2018; Chairman of the Board of Directors from April 2010 to June 2018; Member of the Audit and Risk Management, Strategy and Innovation, Disclosure, and Personnel and Corporate Governance committees from December 2010 to June 2018, in the latter as a Coordinator; Sociedade Cultura Artística: Executive Officer since June 2014; Instituto Itaú Cultural: Member of the Board of Directors since April 2009; Instituto PDR: Member of the Advisory and Fiscal Council from June 2009 to June 2011; São Paulo Companhia de Dança: Chairman of the Fiscal Council from June 2009 to June 2011, Member of the Board of Directors since June 2011 and Chairman of the Board of Directors since June 2017; Young Presidents Organization-YPO/WPO: Member since December 2011; IBGC - Instituto Brasileiro de Governança Corporativa - IBGC (Brazilian Institute of Corporate Governance):Member since August 2000; Fundação Itaú Social: Member of the Board of Directors since May 20/09; IEDI Instituto para Estudos do Desenvolvimento Industrial: Vice Chairman of the Board of Directors since August 2015; ABRASCA: Member of the Steering Committee since April Todos pela Educação: Member of the Governance Board since April Instituto Yandeh: Member of the Fiscal Council since August IBÁ - Indústria Brasileira de Árvores: Member of the Advisory Board since December 2017; Instituto Unibanco: Member of the Board of Directors since April Name: VICTÓRIO CARLOS DE MARCHI Issuer or Company Companies that compose the Issuer s economic group: Itaúsa Investimentos Itaú S.A.:(Non-Executive Director) Effective Member of the Board of Directors since February Industry in which it operates:holding company. Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: AMBEV S.A: Co-chairman of the Board of Directors since July 1999; Chairman of the Operations, Finance and Compensation and the Competition Compliance and Related Parties committees. Industry in which it operates: Manufacturing, distribution and sale of beer, soft drinks and other non-alcoholic beverages. Fundação Antonio e Helena Zerrenner Instituição Nacional de Beneficência: Member of the Board of Directors since 1985 and Executive Officer since 2006; Getulio Vargas Foundation FGV: Member of the Board of Trustees from April 2012 to January 2018; Instituto Ambev de Previdência Privada (Ambev Private Pension Institute) IAPP: Chairman of the Decision-Making Council since May 2006; Instituto de Estudos para o Desenvolvimento Industrial (Institute of Studies for Industrial Development) IEDI: Member of the Board of Directors since 2004; Conselho de Empresários da América Latina (Board of Business People of Latin America) CEAL: Member representative of Brazil since October 1994; FIESP - Federation of Industries of the State of São Paulo: Member of the Economic Studies Board since Annual and Extraordinary General Stockholders Meeting April 30,

82 CNPJ / Publicly Listed Company November 1992 and Member of the Strategic Board since February 2008; ALAFACE - Associação Latino Americana de Fabricantes de Cervejas Cerveceros Latinoamericanos (Latin America Association of Producers of Beer ):Member of the Executive Committee since 2002; Chairman of the Executive Board from 2015 to 2016; Instituto Brasileiro de Ética Concorrencial (Brazilian Institute of Competitive Ethics) ETCO: Chairman of the Board of Directors since December 2012 and Member of the Board of Directors since 2003; CISA Centro de Informações sobre saúde e álcool (Center of Information on Health and Alcohol):Chairman of the Decision-Making Council since 2005; and CERVBRASIL - Associação Brasileira de Indústria da Cerveja (Brazilian Beer Industry Association):Managing Vice President since 2014 and Chairman between 2012 and With respect to each member of the issuer s Fiscal Council, please find below the information of item 12.5 m : I - professional experience for the past five years, indicating: Name and segment of activity of the company; Position and responsibilities inherent to the position; If the company (i) is part of the issuer s economic group or (ii) is a subsidiary of a stockholder of the issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the issuer. II Indication of all management positions they hold or have held in other companies or third sector organizations: Name: CARLOS EDUARDO DE MORI LUPORINI Issuer or Company Itaúsa Investimentos Itaú S.A.: Alternate Member of the Fiscal Council since April Industry in which it operates:holding company. Companies that compose the Issuer s economic group: Duratex S.A.: Effective Member of the Fiscal Council since April Industry in which it operates: Civil construction, construction materials and decoration. Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Terra Brasis Resseguros (Brasil Plural Group): Member of the Board of Directors from 2010 to 2015; Finance and Operations Officer from 2010 to 2014; FEAUSP (School of Economics, Business Administration and Accounting of the University of São Paulo):Professor in Finance from 1988 to 2017; FIA (FIA Business School): Coordinator of the Courses of Development in Insurance and Pension and of the FIA Social Project of Corporate Management. Name: EDUARDO ROGATTO LUQUE Issuer or Company Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Irko Organização Contábil Ltda.: Managing Partner since August 2016 and head of the Quality department and Technical Committee; Member of IBRACON Instituto Brasileiro de Contadores (Institute of Independent Auditors of Brazil); Member of the California AICPA (CALAICPA); Member of IBGC Instituto Brasileiro de Governança Corporativa (Brazilian Institute of Corporate Governance); and Member of the Federal and Regional Accounting Councils in Brazil (CRC and CFC) Annual and Extraordinary General Stockholders Meeting April 30,

83 CNPJ / Publicly Listed Company Name: FELÍCIO CINTRA DO PRADRO JÚNIOR Issuer or Company Itaúsa Investimentos Itaú S.A.: Alternate Member of the Fiscal Council since April Industry in which it operates:holding company. Companies that compose the Issuer s economic group: Duratex S.A.: Alternate Member of the Fiscal Council since April Industry in which it operates: Civil construction, construction materials and decoration. Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Implamed Ltda: Member of the Finance Committee and Executive Board since 2014; Tecsis Tecnologia e Sistemas S.A: Consultant, working as a member of the Executive Board from August 2012 to May 2013; Usina Açucareira Ester S.A.: Superintendent Officer and Member of the Board of Directors from 2002 to 2012; Bandeirante Energia: Finance and Administrative Officer from 2000 to 2001; Fundação do Instituto de Pesquisas Tecnológicas (Foundation of the Institute of Technological Research):Member from 2013 to Name: FLAVIO CESAR MAIA LUZ Issuer or Company Itaúsa Investimentos Itaú S.A: Effective Member of the Fiscal Council since April Industry in which it operates:holding company. Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Duratex S.A.: Chairman of the Fiscal Council since May 2018 and Effective Member since April Industry in which it operates: Civil construction, construction materials and decoration. Ultrapar Participações S.A.: Chairman of the Fiscal Council since 2005; Ser Educacional S.A.: Member of the Board of Directors since 2010 and Member of the Finance Committee; CTEEP Cia. de Transmissão de Energia Elétrica Paulista: Member of the Fiscal Council since 2012; Senior Solution S.A.: Member of the Board of Directors from 2012 to 2016; Marcopolo S.A.: Member of the Board of Directors and Member of the Human Resources and Ethics Committee from 2016 to 2018; Linx S.A.: Chairman of the Fiscal Council since Name: GUILHERME TADEU PEREIRA JÚNIOR Issuer or Company Itaúsa Investimentos Itaú S.A.: Effective Member of the Fiscal Council since April Industry in which it operates:holding company. Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Alpargatas S.A.: Effective Member of the Fiscal Council since November Industry in which it operates: Textile and clothing. Duratex S.A.: Effective Member of the Fiscal Council since April Industry in which it operates: Civil construction, construction materials and decoration. Itautec S.A. Itautec Group: Administrative and Finance Vice President and Investor Relations Officer from April 2013 to April 2015; Administrative and Finance Executive Officer from March 2012 to March 2013; Corporate Controller s Officer from June 2010 to February Industry in which it operates:holding company of non-financial institutions. Minuto Corretora de Seguros S.A.: Administrative and Finance Officer since August 2017; Financial Consultant in the fields of financial planning and internal controls in companies in Brazil and the United States from August 2015 to July Annual and Extraordinary General Stockholders Meeting April 30,

84 CNPJ / Publicly Listed Company Name: ISAAC BERENSZTEJN Issuer or Company Itaúsa Investimentos Itaú S.A: Alternate Member of the Fiscal Council since April Industry in which it operates: Holding company. Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: StarOne: Member of the Board of Directors from April 2004 to December 2014; Financial Officer from January 2001 to January 2003; Claro: Financial Officer from January 2012 to January 2015 and Member of the Board of Directors from January 2014 to December 20153; NET: Member of the Board of Directors from January 2005 to December 2014; Embratel: Financial Officer from January 2006 to December 2014; Level 3: Financial Officer from 2016 to 2018; Embratel: CFO and Investor Relations Officer from 2004 to Name: JOÃO COSTA Issuer or Company Itaúsa Investimentos Itaú S.A.: Alternate Member of the Fiscal Council since April Industry in which it operates: Holding company. Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Alpargatas S.A.: Alternate Member of the Fiscal Council from November 2017 to April Industry in which it operates: Textile and clothing. Duratex S.A.: Alternate Member of the Fiscal Council since April Industry in which it operates: Civil construction, construction materials and decoration. Itaú Unibanco Holding S.A.: Alternate Member of the Fiscal Council since May Industry in which it operates: Financial Holding company. Liberty Seguros S.A Chairman of the Audit Committee in 2014 and 2015; Indiana Seguros S.A.- Chairman of the Audit Committee in 2014 and Name: JOSÉ MARIA RABELO Issuer or Company Itaúsa Investimentos Itaú S.A.: Effective Member of the Fiscal Council since April Industry in which it operates: Holding company. Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Cia. Energética de Minas Gerais S.A. - CEMIG: Business Development Officer from October 2017 to March 2018 and Alternate Member of the Board of Directors since June 2018; PREVIC Superintendência Nacional de Previdência Complementar (National Superintendency of Private Pension):Superintendent Officer from March 2011 to June 2014; Transmissora Aliança de Energia Elétrica S.A. -TAESA: Effective Member of the Fiscal Council from January 2011 to April 2014, Effective Member of the Board of Directors from May 2014 to April 2015, and Chairman of the Board of Directors since April 2018; Aliança Geração de Energia S.A.: Effective Member (Chairman) of the Board of Directors since March 2018; Madeira Energia S.A.: Effective Member of the Board of Directors from February 2017 to August 2018; Sto. Antonio Energia: Effective Member of the Board of Directors from February 2017 to August 2018; Banif- Banco Internac.do Funchal (Brazil) from September 2015 to January 2016; CNPC Conselho Nacional de Previdência Complementar (National Private Pension Board):Effective Member from March 2011 to June 2014; CONEF - Comitê Nacional de Educação Financeira (National Committee of Financial Education):Effective Member from March 2011 to June 2014; COREMEC Comitê de Regulação e Fiscalização de Mercados Financeiros, de Capitais, de Seguros, de Previdência e Capitalização (Regulation and Investigation Committee of the Financial, Capital, Insurance, Pension and Capitalization Markets):Effective Member from March 2011 to June Annual and Extraordinary General Stockholders Meeting April 30,

85 CNPJ / Publicly Listed Company Name: PAULO RICARDO MORAES AMARAL Issuer or Company Itaúsa Investimentos Itaú S.A.: Effective Member of the Fiscal Council since April 2006, Alternate Member of the Fiscal Council from April 1995 to April Industry in which it operates:holding company. Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: PMV Consultoria Empresarial: General Director and Partner since Name: TEREZA CRISTINA GROSSI TOGNI Issuer or Company Itaúsa Investimentos Itaú S.A.: Chairman of the Fiscal Council since April Industry in which it operates: Holding company. Companies that compose the Issuer s economic group: Companies that are controlled by a stockholder of the Issuer that holds, directly or indirectly, an interest equal to or higher than 5% of a same class or type of security of the Issuer. Other companies or third sector organizations: Duratex S.A.: Chairman of the Audit and Risk Management Committee since April 2012 and Expert since June Industry in which it operates: Civil construction, construction materials and decoration. Itautec S.A. Itautec Group: Coordinator of the Audit and Risk Management Committee from September 2010 to February 2015 and of the Disclosure Committee from May 2011 to January Industry in which it operates:holding company of non-financial institutions. Itaú Unibanco Holding S.A.: Member of the Board of Directors from February 2004 to November 2008; Member of the Audit Committee from July 2004 to May 2010; Member of the Disclosure and Trading Committee from May 2005 to May 2010; Member of the Accounting Policies Committee from May 2008 to April Industry in which it operates: Financial Holding company. B3 S.A. - Brasil, Bolsa, Balcão (B3 Brazilian Exchange and OTC):Member of the Audit Committee since May 2009, having worked as a Coordinator of this committee from May 2012 to April 2013; Terra Santa Agro S.A.: Effective Member of the Fiscal Council since May 2018; CVC Corp Member of the Audit and Related Parties Committee since March State the existence of a marital relationship, stable union or kinship extended to relatives once removed between a) issuer s management members Alfredo Egydio Setubal (Vice Chairman of the Board of Directors, CEO and Investor Relations Officer), Paulo Setubal Neto (Member of the Board of Directors), Ricardo Egydio Setubal (Alternate Member of the Board of Directors), and Roberto Egydio Setubal (Director Vice President) are brothers. Ricardo Villela Marino (Alternate Member of the Board of Directors) is the brother of Rodolfo Villela Marino (Member of the Board of Directors and Director Vice President). Ana Lúcia de Mattos Barretto Villela (Vice Chairman of the Board of Directors) is the sister of Alfredo Egydio Arruda Villela Filho (Director Vice President). b) (i) the issuer s management members; and (ii) management members of the issuer s direct or indirect subsidiaries Paulo Setubal Neto (Member of the Board of Directors of the Issuer) is the brother of Alfredo Egydio Setubal (Vice Chairman of the Board of Directors, CEO and Investor Relations Officer of the Issuer, Effective Member of the Board of Directors of the direct subsidiaries Itaú Unibanco Holding S.A. and Alpargatas S.A., Co-chairman of the Board of Directors of the direct subsidiary Duratex S.A. and Alternate Member of the Board of Directors of the direct subsidiary Itautec S.A.), of Olavo Egydio Setubal Júnior (Effective Member of the Board of Directors of the direct subsidiary Itautec S.A.), of Ricardo Egydio Setubal (Alternate Member of the Board of Directors of the Issuer, Chairman of the Board of Directors of the direct subsidiary Itautec S.A., Annual and Extraordinary General Stockholders Meeting April 30,

86 CNPJ / Publicly Listed Company Effective Member of the Board of Directors of the direct subsidiary Duratex S.A.) and of Roberto Egydio Setubal (Director Vice President of the Issuer and Co-chairman of the direct subsidiary Itaú Unibanco Holding S.A.). Ricardo Villela Marino (Member of the Board of Directors of the of the direct subsidiary Itaú Unibanco Holding S.A., Director Vice President of the indirect subsidiary Itaú Unibanco S.A. and Alternate Member of the Issuer and the direct subsidiaries Duratex S.A. and Itautec S.A.) is the brother of Rodolfo Villela Marino (Effective Member of the Board of Directors of the Issuer and Effective Member of the Board of Directors of the direct subsidiaries Alpargatas S.A., Duratex S.A. and Itautec S.A.). Ana Lúcia de Mattos Barretto Villela (Vice Chairman of the Board of Directors of the Issuer) is the sister of Alfredo Egydio Arruda Villela Filho (Director Vice President of the Issuer and Vice Chairman of the Board of Directors of the direct subsidiary Duratex S.A). c) (i) management members of the issuer or its direct or indirect subsidiaries, (iii ) the issuer s direct or indirect controlling stockholders The controlling group of the Issuer is composed of the following families: VILLELA: Maria de Lourdes Egydio Villela, her sons Rodolfo Villela Marino (Member of the Board of Directors and Director Vice President of the Issuer, and Effective Member of the Board of Directors of the direct subsidiaries Alpargatas S.A. Duratex S.A. and Itautec S.A.) and Ricardo Villela Marino (Member of the Board of Directors of the direct subsidiary Itaú Unibanco Holding S.A., Director Vice President of the indirect subsidiary Itaú Unibanco S.A. and Alternate Member of the Board of Directors of the Issuer and of the direct subsidiaries Duratex S.A. and Itautec S.A.)and her nephews Alfredo Egydio Arruda Villela Filho (Director Vice President of the Issuer and Vice Chairman of the Board of Directors of the direct subsidiary Duratex S.A) and Ana Lúcia de Mattos Barretto Villela (Vice Chairman of the Board of Directors of the issuer); and SETUBAL: the brothers Alfredo Egydio Setubal (Vice Chairman of the Board of Directors, CEO and Investor Relations Officer of the Issuer, Effective Member of the Board of Directors of the direct subsidiaries Itaú Unibanco Holding S.A. and Alpargatas S.A., Co-chairman of the Board of Directors of the direct subsidiary Duratex S.A. and Alternate Member of the Board of Directors of the direct subsidiary Itautec S.A.), José Luiz Egydio Setubal, Maria Alice Setubal (Alternate Member of the Board of Directors of the Issuer), Olavo Egydio Setubal Júnior (Effective Member of the Board of Directors of the direct subsidiary Itautec S.A.), Paulo Setubal Neto (Effective Member of the Board of Directors of the Issuer), Ricardo Egydio Setubal (Alternate Member of the Board of Directors of the Issuer, Chairman of the Board of Directors of the direct subsidiary Itautec S.A., Effective Member of the Board of Directors of the direct subsidiary Duratex S.A.) and Roberto Egydio Setubal (Director Vice President of the Issuer and Co-chairman of the Board of Directors of the direct subsidiary Itaú Unibanco Holding S.A.). d) (i) the issuer s management members; and (ii) management members of the issuer s direct or indirect subsidiaries The Executive Board of the controlling stockholder Companhia ESA is made up of the brothers Alfredo Egydio Setubal (Vice Chairman of the Board of Directors and CEO of the Issuer) and Roberto Egydio Setubal (Director Vice President of the Issuer), as well as of Ana Lúcia de Mattos Barretto Villela (Vice Chairman of the Board of Directors of the Issuer) and her cousin Rodolfo Villela Marino (Alternate Member of the Board of Directors of the Issuer) State the subordination, services provision or control relationships maintained for the past three years between the management members of the issuer and a) issuer s direct or indirect subsidiary, except for those in which the issuer holds, directly or indirectly, the total capital stock Except for the members of the Board of Directors Paulo Setubal Neto and Victório Carlos De Marchi, the management members of the Issuer hold management positions in subsidiaries. b) issuer s direct or indirect controlling stockholder The management members Alfredo Egydio Arruda Villela Filho, Alfredo Egydio Setubal, Ana Lúcia de Mattos Barretto Villela, Paulo Setubal Neto, Ricardo Egydio Setubal, Ricardo Villela Marino, Roberto Egydio Setubal and Rodolfo Villela Marino are part of the controlling group of Itaúsa. c) if relevant, supplier, client, debtor or creditor of the issuer, its controlling stockholder or controlling stockholders or subsidiaries of any of these people: Not applicable. Annual and Extraordinary General Stockholders Meeting April 30,

87 CNPJ / Publicly Listed Company Attachment V Annual and Extraordinary General Stockholders Meeting April 30,

88 CNPJ / Publicly Listed Company Attachment V COMPENSATION OF MANAGEMENT MEMBERS (Item 13 of the Reference Form - Attachment 24 to CVM Instruction No. 480/09, as amended by CVM Instruction No. 552/14) Describe the policy or practice for the compensation of the board of directors, statutory and nonstatutory executive board, fiscal council, statutory committees and audit, risk, financial and compensation committees, addressing the following aspects Itaúsa holds significant investments in many publicly-held companies that have compensation policies/practices adjusted to the profile of each business and details on these polices/practices can be found in the Reference Forms of the respective companies. The main companies in Itaúsa s portfolio are: Alpargatas S.A., Duratex S.A, Nova Transportadora do Sudeste S.A. NTS and Itautec S.A., investees in the industrial area, and Itaú Unibanco Holding S.A, a jointlycontrolled company in the financial services area. a) Objectives of the compensation policy or practice The objectives of the compensation practice adopted by the Issuer are, in general, the same as those of the compensation policies/practices of the publicly-held companies controlled by it, namely: to attract, reward, retain and stimulate management members in the conduction of their business, geared towards the achievement of sustainable results, always in line with the interests of the stockholders. The determination of the Issuer s compensation policy takes into consideration the alignment of values with those adopted by the market, the Company s strategy and the appropriate risk management over time. As provided for in the Bylaws, management members will receive a fixed and a variable compensation (profit sharing).for the payment of the compensations (fixed and variable and benefits of any nature), the Annual General Stockholders Meeting will determine the overall and annual amount, and the Board of Directors will resolve upon the partial distribution of this amount into fixed compensation. The Board of Directors will be equally responsible for regulating the pro rata distribution of the profit sharing due to the members of the Board of Directors themselves and to the members of the Executive Board and they may not exceed the sum of the fixed compensations to which management members are entitled in the period. The compensation so determined, in addition to ensuring transparency for stockholders and the market, is aimed at rewarding the contributions made by each management member and by management as a whole to the Issuer s results. The Annual General Stockholders Meeting will also establish the individual monthly fees of the members that compose the Fiscal Council. With respect to benefits, those focused on health and private pension are noteworthy. It should also be noted that the information below addresses only the compensation practice adopted in 2018 for the management members of the Issuer s statutory bodies, namely: Board of Directors, Executive Board (the Issuer does not have non-statutory officers), Fiscal Council and the Disclosure and Trading Committee. Finally, the Issuer, considered separately, has no employees. b) Breakdown of compensation, indicating: I - Description of the compensation elements and the objectives of each one Board of Directors and Executive Board The annual compensation of the members of the Issuer s Board of Directors and Executive Board is composed of:(i) monthly fixed fees, (ii) short-term variable compensation (profit sharing), and (iii) benefits plan. Annual and Extraordinary General Stockholders Meeting April 30,

89 CNPJ / Publicly Listed Company The monthly fixed compensation and the benefits plan are intended to reward the level of importance, experience and responsibility of the duties performed by the management member, whereas the short-term variable compensation is aimed at compensating the Issuer s management members in accordance with their contribution to the achievement of the targets previously set with the Issuer. The members of the Issuer s Board of Directors who were elected at the General Stockholders Meeting of April 12, 2018 as alternate members are entitled to the benefits plan. However, the monthly fixed compensation and profit sharing are linked to the performance of their duties, and these alternate members are compensated only when they effectively replace the effective member. Fiscal Council The compensation of the members of the Issuer s Fiscal Council is determined at the Annual General Stockholders Meeting and, in accordance with Brazilian legislation, it cannot be lower, for each acting member, than 10% of the fixed compensation awarded to each officer (not including benefits, representation allowances and profit sharing paid to officers).thus, the members of the Fiscal Council receive only the monthly fixed compensation. Disclosure and Trading Committee The members of the Disclosure and Trading Committee are part of the Board of Directors or Executive Board of the Issuer or its controlled companies and they are compensated only for the duties they have in management bodies or in the executive areas of the Itaúsa Conglomerate. II With respect to the past three years, state the proportion of each element to total compensation Year 2018 Year 2017 Board of Directors Statutory Executive Board Fiscal Council Monthly fixed compensation 49% 62% 100% Short-term variable compensation 41% 34% - Benefits 10% 4% - Board of Directors Statutory Executive Board Fiscal Council Monthly fixed compensation 50% 82% 100% Short-term variable compensation 42% 10% - Benefits 8% 8% - Year 2016 Board of Directors Statutory Executive Board Fiscal Council Monthly fixed compensation 51% 90% 100% Short-term variable compensation 43% 4% - Benefits 6% 6% - It should be noted that the proportions mentioned above do not consider possible charges borne by the Issuer arising from the compensation paid. III - Calculation and adjustment methodology for each of the compensation elements Monthly fixed fees: these are agreed upon with management members and periodically adjusted to ensure they are in line with the market and with the Company's strategy; Annual and Extraordinary General Stockholders Meeting April 30,

90 CNPJ / Publicly Listed Company Short-term variable compensation (semiannual or annual profit sharing):this represents a portion of total compensation and takes into consideration the Issuer s results and the performance of the management member; Benefits plan: consistent with market practices and the main benefits are healthcare and private pension plans. IV. Reasons that justify the composition of the compensation The composition of the compensation adopted by the Issuer is intended to allow for the alignment between management compensation practices and the interests of the Issuer so that the decisions made are the best decisions possible, seeking to create value for its stockholders and investors. V. Any members not compensated by the Issuer and the reason for this The alternate members of the Board of Directors are not compensated, except when they replace an effective member. c) Main performance indicators taken into consideration when determining each compensation element The fixed compensation of management members is not affected by performance indicators.the definition of the general fixed compensation parameters takes into consideration the amounts adopted in the market, in line with the Company s strategy to attract, reward, retain and stimulate management members in the conduction of the business. These amounts are in line with the broad experience and the high level of commitment of the Company s management members. On the other hand, the variable annual compensation may be directly affected by performance indicators. The first performance indicator is the Issuer s result (ROE).The other indicators to be considered are budget and assessment of the performance of the business of the Issuer and its investees. The annual variable compensation amount of the management members may not exceed the total annual fixed compensation or a tenth of the earnings, whichever is the lowest. However, for the members of the Board of Directors, the Issuer has been paying the same variable compensation as the fixed compensation received in the period. The benefits plan is not affected by performance indicators either. d) How the compensation is structured to reflect the evolution of performance indicators As mentioned above, a portion of the total amount paid to management members is received as variable compensation, which is directly affected by the performance indicators. Therefore, the higher the indicators, the higher is the compensation, and vice versa. e) How the compensation policy or practice is in line with the issuer s short-, medium- and long-term interests The variable compensation takes into consideration the application of three factors:performance of the management member, result of the applicable business area and result of the overall performance of the Issuer and its investees. It is paid on a semiannual basis to the members of the Board of Directors and on an annual basis to the members of the Executive Board. Taking into consideration that the Issuer s results and the risks assumed by the Issuer have an impact on the total compensation of management members, we believe that this compensation practice ensures that the interests of management members are in line with the Company s short-, medium- and long-term interests. f) Existence of compensation supported by direct or indirect subsidiaries or controlling stockholders Since 2015, a portion of the compensation of the Company s Executive Board started to be paid by the wholly-owned subsidiary Itaúsa Empreendimentos S.A. but the amounts spent by it are taken into consideration in the annual overall compensation of the Issuer s management members approved by the General Stockholders Meeting. Annual and Extraordinary General Stockholders Meeting April 30,

91 CNPJ / Publicly Listed Company However, some management members of the Issuer also serve on the management bodies of other publicly-held companies of the Conglomerate. However, in this case, the amounts paid by these companies to these management members for the activities they perform in these companies are not taken into consideration in the annual overall amount approved by the Issuer s General Stockholders Meeting. g) Existence of any compensation or benefit linked to the occurrence of a certain corporate event, such as the disposal of the issuer s stockholding control i. the issuer s bodies and committees that take part in the decision-making process, identifying how they do so For the payment of the compensations (fixed and variable and benefits of any nature), the Annual General Stockholders Meeting will determine the overall and annual amount, and the Board of Directors will resolve upon the partial distribution of this amount into fixed compensation, as well as regulate the pro rata distribution of the profit sharing due to the members of the Board of Directors themselves and to the members of the Executive Board and they may not exceed the sum of the fixed compensations to which management members are entitled in the period. ii. the criteria and methodology used to determine individual compensation, indicating if studies are used to check market practices and, if so, the comparison criteria and the scope of these studies To determine individual compensation, the Board of Directors adopts the overall amount approved by the General Stockholders Meeting and takes into consideration the values adopted by the market, in line with the Company s strategy and the appropriate risk management over time. policy iii. how often and how the board of directors assesses the adequacy of the issuer s compensation The adequacy of the Issuer s compensation practice is annually reviewed by the Board of Directors With respect to the compensation of the board of directors, statutory executive board, and fiscal council recognized in profit or loss for the past three years and to that determined for the current year, please prepare a table containing In accordance with the guidance contained in the CVM/SEP Circular Letter No. 02/2019, the establishment of up to R$24,500 million as the total aggregate and annual compensation amount (fixed and variable, also comprising benefits of any nature) of the Issuer s management bodies (Board of Directors and Executive Board) will be proposed to the Annual General Stockholders Meeting of 2019, regardless of the year in which the amounts will be effectively rewarded or paid. With respect to the members of the Fiscal Council, it will be proposed to the Annual General Stockholders Meeting the individual monthly compensation of R$18, to the effective members and of R$7, to the alternate members Annual and Extraordinary General Stockholders Meeting April 30,

92 CNPJ / Publicly Listed Company Expected Variable Compensation Amounts in reais (unless otherwise indicated) Body Board of Directors Statutory Executive Board Fiscal Council Total number of members (*) Number of members who receive compensation (*) Compensation: Annual fixed compensation, composed of: 2,600,000 11,148,000 1,800,000 15,548,000 - Salary or management fees 1,800,000 8,640,000 1,500,000 11,940,000 - Direct and indirect benefits 440, ,000 N/A 1,220,000 - Compensation for participating in committees 0 N/A N/A 0 - Other (INSS) 360,000 1,728, ,000 2,388,000 Variable compensation, composed of: 1,800,000 8,640, ,440,000 - Bonus N/A N/A N/A N/A - Profit sharing 1,800,000 8,640,000 N/A 10,440,000 - Compensation for attending meetings N/A N/A N/A N/A - Commissions N/A N/A N/A N/A - Other (INSS) 0 0 N/A 0 Post-employment benefits (private pension) 85, ,000 N/A 312,000 Benefits arising from the termination of office N/A N/A N/A N/A Stock-based compensation, including options N/A N/A N/A N/A Amount per body 4,485,000 20,015,000 1,800,000 Total compensation 26,300,000 (*) Annual average calculated in accordance with the CVM/SEP Circular Letter No. 02/2018. Total Annual and Extraordinary General Stockholders Meeting April 30,

93 CNPJ / Publicly Listed Company In 2018, the Annual General Stockholders Meeting approved the aggregate amount of up to R$22 million for the fixed compensation of the members of the Board of Directors and the Executive Board. The Board of Directors distributed this amount among the members of these bodies, according to the Issuer s compensation practice, and the amounts were paid in the proportions described in the table below. We note that the aggregate amounts approved did not include the variable compensation, the benefits and the charges borne by the Issuer resulting from the compensation paid, however, they are reflected in the table below in accordance with the guidance contained in the CVM/SEP Circular Letter No. 02/2018. With respect to the members of the Fiscal Council, the Annual General Stockholders Meeting approved the individual monthly compensation of R$18, to the effective members and of R$7, to the alternate members. Compensation Amounts in reais (unless otherwise indicated) Body Board of Directors Statutory Executive Board Fiscal Council Total Total number of members (*) Number of members who receive compensation (*) Compensation: Annual fixed compensation, composed of: 2,465,634 10,734,126 1,701,600 14,901,360 - Salary or management fees 1,750,000 8,428,103 1,418,000 11,596,103 - Direct and indirect benefits 365, ,401 N/A 986,036 - Compensation for participating in committees N/A N/A N/A N/A - Other (INSS) 350,00 1,685, ,600 2,319,221 Variable compensation, composed of: 1,750,000 6,175,000 N/A 7,925,000 - Bonus N/A N/A N/A N/A - Profit sharing 1,750,000 6,175,000 N/A 7,925,000 - Compensation for attending meetings N/A N/A N/A N/A - Commissions N/A N/A N/A N/A - Other N/A N/A N/A N/A Post-employment benefits (private pension) 54, ,905 N/A 157,521 Benefits arising from the termination of office N/A N/A N/A N/A Stock-based compensation, including options N/A N/A N/A N/A Amount per body 4,270,250 17,012,031 1,701,600 Total compensation 22,983,880.8 (*) Annual average calculated in accordance with the CVM/SEP Circular Letter No. 01/2017. Annual and Extraordinary General Stockholders Meeting April 30,

94 CNPJ / Publicly Listed Company In 2017, the Annual General Stockholders Meeting approved the aggregate amount of up to R$10 million for the fixed compensation of the members of the Board of Directors and the Executive Board. The Board of Directors distributed this amount among the members of these bodies, according to the Issuer s compensation practice, and the amounts were paid in the proportions described in the table below. We note that the aggregate amounts approved did not include the variable compensation, the benefits and the charges borne by the Issuer resulting from the compensation paid, however, they are reflected in the table below in accordance with the guidance contained in the CVM/SEP Circular Letter No. 01/2017. With respect to the members of the Fiscal Council, the Annual General Stockholders Meeting approved the individual monthly compensation of R$18, to the effective members and of R$7, to the alternate members. Body Compensation Amounts in reais (unless otherwise indicated) Board of Directors Statutory Executive Board Fiscal Council Total Total number of members (*) Number of members who receive compensation (*) Compensation: Annual fixed compensation, composed of: 2,392,819 8,267,679 1,800,000 12,460,498 - Salary or management fees 1,790,833 6,447,586 1,500,000 9,738,419 - Direct and indirect benefits 243, ,576 N/A 774,395 - Compensation for participating in committees N/A N/A N/A N/A - Other (INSS) 358,167 1,289, ,000 1,947,684 Variable compensation, composed of: 1,790, ,000 N/A 2,690,833 - Bonus N/A N/A N/A N/A - Profit sharing 1,790, ,000 N/A 2,690,833 - Compensation for attending meetings N/A N/A N/A N/A - Commissions N/A N/A N/A N/A - Other N/A N/A N/A N/A Post-employment benefits (private pension) 84, ,329 N/A 268,137 Benefits arising from the termination of office N/A N/A N/A N/A Stock-based compensation, including options N/A N/A N/A N/A Amount per body 4,268,460 9,351,008 1,800,000 Total compensation 15,419,468 (*) Annual average calculated in accordance with the CVM/SEP Circular Letter No. 01/2017. Annual and Extraordinary General Stockholders Meeting April 30,

95 CNPJ / Publicly Listed Company In 2016, the Annual General Stockholders Meeting approved the aggregate amount of up to R$20 million for the compensation of the members of the Board of Directors and the Executive Board. The Board of Directors distributed this amount among the members of these bodies, according to the Issuer s compensation practice, and the amounts were paid in the proportions in accordance with the table below. With respect to the members of the Fiscal Council, the Annual General Stockholders Meeting approved the individual monthly compensation of R$18, to the effective members and of R$7, to the alternate members. Compensation Amounts in reais (unless otherwise indicated) Body Board of Statutory Executive Fiscal Directors Board Council Total Total number of members (*) Number of members who receive compensation (*) Compensation: Annual fixed compensation, composed of: 2,243,569 7,469,462 1,704,000 11,417,031 - Salary or management fees 1,800,000 6,000,000 1,420,000 9,220,000 - Direct and indirect benefits 83, ,462 N/A 353,031 - Compensation for participating in committees N/A N/A N/A N/A - Other (INSS) 360,000 1,200, ,000 1,844,000 Variable compensation, composed of: 1,800, ,000 N/A 2,100,00 - Bonus N/A N/A N/A N/A - Profit Sharing 1,800, ,000 N/A 2,100,000 - Compensation for attending meetings N/A N/A N/A N/A - Commissions N/A N/A N/A N/A - Other N/A N/A N/A N/A Post-employment benefits (private pension) 151, ,619 N/A 355,738 Benefits arising from the termination of office N/A N/A N/A N/A Stock-based compensation, including options N/A N/A N/A N/A Amount per body 4,194,688 7,974,081 1,704,000 Total compensation 13,872,769 (*) Annual average calculated in accordance with the CVM/SEP Circular Letter No. 02/2016. Annual and Extraordinary General Stockholders Meeting April 30,

96 CNPJ / Publicly Listed Company With respect to the variable compensation of the board of directors, statutory executive board and fiscal council for the past three years and that determined for the current year, please prepare a table containing In addition to the compensation established at the General Stockholders Meeting, the members of the Board of Directors and the Executive Board may receive profit sharing from the Issuer, which, under the terms of paragraph 1, Article 152, of Law No. 6,404/76, will be limited to the annual compensation of management members or to 10% of the Company s earnings (6% of which to the Board of Directors and 4% to the Executive Board), whichever is the lowest. The variable compensation expected for 2019 and the variable compensation for the past three years of the Board of Directors, Executive Board and Fiscal Council are as follows: Body Expected Variable Compensation Amounts in reais (unless otherwise indicated) Board of Directors Statutory Executive Board Fiscal Council Total Total number of members (*) Number of members who receive compensation (*) With respect to bonuses: - Minimum amount provided for in the compensation plan N/A N/A N/A N/A - Maximum amount provided for in the compensation plan N/A N/A N/A N/A - Amount provided for in the compensation plan should the established targets be achieved N/A N/A N/A N/A - Amount effectively recognized in income or loss for the previous year N/A N/A N/A N/A With respect to profit sharing: - Minimum amount provided for in the compensation plan 0 0 N/A 0 - Maximum amount provided for in the compensation plan 1,800,000 8,640,000 N/A 10,440,000 - Amount provided for in the compensation plan should the established targets be achieved 1,800,000 8,640,000 N/A 10,440,000 - Amount effectively recognized in income or loss for the previous year N/A N/A N/A N/A (*) Annual average calculated in accordance with the CVM/SEP Circular Letter No. 02/2018. Annual and Extraordinary General Stockholders Meeting April 30,

97 CNPJ / Publicly Listed Company Body Variable Compensation 2018 Amounts in reais (unless otherwise indicated) Board of Directors Statutory Executive Board Fiscal Council Total Total number of members (*) Number of members who receive compensation (*) With respect to bonuses: - Minimum amount provided for in the compensation plan N/A N/A N/A N/A - Maximum amount provided for in the compensation plan N/A N/A N/A N/A - Amount provided for in the compensation plan should the established targets be achieved N/A N/A N/A N/A - Amount effectively recognized in income or loss for the previous year N/A N/A N/A N/A With respect to profit sharing: - Minimum amount provided for in the compensation plan 0 0 N/A 0 - Maximum amount provided for in the compensation plan 1,800,000 6,629,000 N/A 8,429,000 - Amount provided for in the compensation plan should the established targets be achieved 1,800,000 6,629,000 N/A 8,429,000 - Amount effectively recognized in income or loss for the previous year 1,750,000 6,175,000 N/A 7,925,000 (*) Annual average calculated in accordance with the CVM/SEP Circular Letter No. 01/2017. Annual and Extraordinary General Stockholders Meeting April 30,

98 CNPJ / Publicly Listed Company Variable Compensation 2017 Amounts in reais (unless otherwise indicated) Body Board of Directors Statutory Executive Board Fiscal Council Total Total number of members (*) Number of members who receive compensation (*) With respect to bonuses: - Minimum amount provided for in the compensation plan N/A N/A N/A N/A - Maximum amount provided for in the compensation plan N/A N/A N/A N/A - Amount provided for in the compensation plan should the established targets be achieved N/A N/A N/A N/A - Amount effectively recognized in income or loss for the previous year N/A N/A N/A N/A With respect to profit sharing: - Minimum amount provided for in the compensation plan 0 0 N/A 0 - Maximum amount provided for in the compensation plan 1,800, ,000 N/A 2,700,000 - Amount provided for in the compensation plan should the established targets be achieved 1,800, ,000 N/A 2,700,000 - Amount effectively recognized in income or loss for the previous year 1,790, ,000 N/A 2,690,833 (*) Annual average calculated in accordance with the CVM/SEP Circular Letter No. 01/2017. Annual and Extraordinary General Stockholders Meeting April 30,

99 CNPJ / Publicly Listed Company Variable Compensation 2016 Amounts in reais (unless otherwise indicated) Body Board of Directors Statutory Executive Board Fiscal Council Total Total number of members (*) Number of members who receive compensation (*) With respect to bonuses: - Minimum amount provided for in the compensation plan N/A N/A N/A N/A - Maximum amount provided for in the compensation plan N/A N/A N/A N/A - Amount provided for in the compensation plan should the established targets be achieved N/A N/A N/A N/A - Amount effectively recognized in income or loss for the previous year N/A N/A N/A N/A With respect to profit sharing: - Minimum amount provided for in the compensation plan 1,800, ,000 N/A 2,100,000 - Maximum amount provided for in the compensation plan 1,800, ,000 N/A 2,100,000 - Amount provided for in the compensation plan should the established targets be achieved 1,800, ,000 N/A 2,100,000 - Amount effectively recognized in income or loss for the previous year 1,800, ,000 N/A 2,100,000 (*) Annual average calculated in accordance with the CVM/SEP Circular Letter No. 02/2016. Annual and Extraordinary General Stockholders Meeting April 30,

100 CNPJ / Publicly Listed Company With respect to the stock-based compensation plan for the board of directors and statutory executive board in effect last year and determined for the current year, please describe a) General terms and conditions b) Main objectives of the plan c) How the plan contributes to these objectives d) How the plan is part of the issuer s compensation policy e) How the plan is in line with the interests of management members and the issuer in the short-, mediumand long-terms f) Maximum number of shares covered g) Maximum number of options to be granted h) Conditions for the purchase of shares i) Criteria for setting the purchase or exercise price j) Criteria for setting the exercise period k) Form of settlement l) Restriction on the transfer of shares m) Criteria and events that, when verified, will cause the suspension, change or termination of the plan n) Effects of the management member s withdrawal from the issuer s bodies on their rights provided for in the stock-based compensation plan The Issuer does not have a stock-based compensation plan for the Board of Directors and the Executive Board With respect to the stock-based compensation for the board of directors and statutory executive board recognized in profit or loss for the past three years and to that determined for the current year, prepare a table containing a) Body b) Total number of members c) Number of members who receive compensation d) With respect to the granting of stock options: i. grant date ii. number of options granted iii. term for the options to become exercisable iv. maximum term to exercise the options v. period of restriction for the transfer of shares vi. weighted average exercise price of each of the following option groups: outstanding at the beginning of the year lost during the year exercised during the year expired during the year e) Fair value of the options on the grant date f) Potential dilution in the case of exercise of all options granted The Issuer does not have a stock-based compensation plan for the Board of Directors and the Executive Board. Annual and Extraordinary General Stockholders Meeting April 30,

101 CNPJ / Publicly Listed Company With respect to the outstanding options of the board of directors and statutory executive board at the end of last year, please prepare a table containing: a) Body b) Number of members c) Number of members who receive compensation d) With respect to the options that are not yet exercisable i. number ii. date on which they will become exercisable i. maximum term to exercise the options iv. period of restriction for the transfer of shares v. weighted average exercise price vi. fair value of the options on the last day of the year; e) With respect to the exercisable options: i. number ii. maximum term to exercise the options iii. period of restriction for the transfer of options iv. weighted average exercise price v. fair value of the options on the last day of the year; vi. fair value of the total options on the last day of the year The Issuer does not have a stock-based compensation plan for the Board of Directors and the Executive Board With respect to the options exercised and the shares delivered relating to the stock-based compensation for the board of directors and statutory executive board for the past three years, prepare a table containing a) Body b) Number of members c) Number of members who receive compensation d) With respect to the options exercised, please inform: i. number of shares ii. weighted average exercise price iii. total amount of the difference between the exercise price and the market value of the shares related to the options exercised e) With respect to the shares delivered, please inform: i. number of shares ii. weighted average acquisition price iii. total amount of the difference between the acquisition price and the market value of the shares acquired The Issuer does not have a stock-based compensation plan for the Board of Directors and the Executive Board Provide a brief description of the information necessary for understanding the data disclosed in items 13.5 to 13.7, such as an explanation of the pricing model for the share and option price, indicating, at least a) pricing model b) data and assumptions used in the pricing model, including the weighted average price of shares, exercise price, volatility expected, term of the option, dividends expected and risk-free interest rate c) method used and assumptions made to absorb the expected early exercise effects d) method to determine expected volatility e) whether any other characteristic of the options was included in its fair value measurement The Issuer does not have a stock-based compensation plan for the Board of Directors and the Executive Board. Annual and Extraordinary General Stockholders Meeting April 30,

102 CNPJ / Publicly Listed Company 13.9 State the number of shares or quotas directly or indirectly held in Brazil and abroad and other securities convertible into shares or quotas issued by the issuer, its direct or indirect controlling stockholders, subsidiaries or jointly-controlled companies, by members of the board of directors, statutory executive board or fiscal council, grouped per body at the end of last year Issuer: Companies Controlling Stockholders (1, 4 and 5) Board of Directors (2) Executive Board (3) Fiscal Council (4) Shares Shares Shares Shares Common Preferred Total Common Preferred Total Common Preferred Total Common Preferred Total Itaúsa - Investimentos Itaú S.A. 1,828,486,356 1,028,252,369 2,856,738, , , ,531 10,533 Parent Company: Companhia Esa 1,798,200,474-1,798,200, Subsidiaries: Itaú Unibanco Holding S.A. 4,536,065,372 9,832,042 4,545,897,414-2,505,115 2,505, ,416 2,219,184 2,319,600 IUPAR - Itaú Unibanco Participações S.A. 355,227, ,942, ,169, Alpargatas S.A. 103,623,035 23,968, ,591, Duratex S.A. 276,713, ,713, ,308-8,308 Itautec S.A. 10,981,768-10,981, Base date: Note: Shares are held directly. (1) Item included to match the information sent monthly by the Issuer to B3 to comply with subitem 7.1 of the Corporate Governance Level 1 Regulation and with article 11 of CVM Instruction No. 358; (2) except those already included in item "Controlling Stockholders"; (3) included in item "Controlling Stockholders"; (4) in addition to the information on the controlling stockholders, members of the Board of Directors, Executive Board, Fiscal Council, as the case may be, includes interests of spouses (of whom they are not judicially or extrajudicially separated) or partners and any other dependents included in the annual income tax return and of companies directly or indirectly controlled by such persons; and (5) includes the information on the direct and indirect controlling stockholders in subsidiaries With respect to the pension plans in effect granted to the members of the board of directors and statutory executive board, please supply the following information in a table format Body Board of Directors Statutory Executive Board Number of members (*) 4 4 Number of members who receive compensation (*) Plan s name Itaubanco CD (**) Flexprev PGBL Itaubanco CD (**) Flexprev PGBL Number of management members that have the conditions necessary for retirement Conditions for early retirement 50 years of age 50 years of age 50 years of age 50 years of age Adjusted amount of contributions accumulated in the pension plan by the end of last year, less the portion related to contributions made directly by management members Total accumulated amount of the contributions made last year, less the portion related to the contributions made directly by management members R$8,009,625 R$1,687,070 R$13,059,690 R$54,616 R$0 R$102,905 R$208,357 R$0 Whether there is the possibility of early redemption and what the conditions are No No No No Notes: (*) The number of members of each body corresponds to the number of management members who are active participants in each pension plan. (**) The defined contribution supplementary pension plan was implemented in March 2010 to absorb the participants of the Defined Benefit Supplementary Retirement Plan (PAC) through the adherence of each participant. In the process of spinning off the plan, the account balance of each participant was separated. Annual and Extraordinary General Stockholders Meeting April 30,

103 CNPJ / Publicly Listed Company In a table, please indicate, for the past three years, with respect to the board of directors, statutory executive board and fiscal council a) body b) number of members c) number of members who receive compensation d) amount of the highest individual compensation e) amount of the lowest individual compensation f) average amount of individual compensation 2018 body Board of Directors Executive Board Fiscal Council number of members number of members who receive compensation amount of the highest individual compensation 883,959 13,194, ,200 amount of the lowest individual compensation 660, , ,800 average amount of individual compensation(total compensation divided by the number of members who receive compensation) 741,134 4,234, , body Board of Directors Executive Board Fiscal Council number of members number of members who receive compensation amount of the highest individual compensation 788,304 5,819, ,200 amount of the lowest individual compensation 593, , ,800 average amount of individual compensation (total compensation divided by the number of members who receive compensation) 711,410 3,117, ,000 Annual and Extraordinary General Stockholders Meeting April 30,

104 CNPJ / Publicly Listed Company body 2016 Board of Directors Executive Board Fiscal Council number of members number of members who receive compensation amount of the highest individual compensation 708,000 5,549, ,800 amount of the lowest individual compensation 660, ,623 96,000 average amount of individual compensation (total compensation divided by the number of members who receive compensation) 699,115 2,658, , Describe any contractual arrangements, insurance policies or other instruments used to structure mechanisms for compensating or indemnifying management members in the event of their removal from their position or retirement, indicating the financial consequences to the issuer The Issuer does not have any contractual arrangements, insurance policies or other instruments used to structure mechanisms for compensating or indemnifying management members in the event of their removal from their position or retirement With respect to the past three years, please indicate the percentage of total compensation of each body recognized in the issuer s profit or loss related to members of the board of directors, statutory executive board or fiscal council that are parties related to the direct or indirect controlling stockholders, as determined by the accounting rules that address this matter For the past three years, the percentage of total compensation of each body recognized in the Issuer s profit or loss was: Year 2018 Board of Directors 54% Statutory Executive Board 89% Fiscal Council 0% % 79% 0% % 79% 0% With respect to the past three years, please indicate the amounts recognized in the issuer s profit or loss as compensation to the members of the board of directors, statutory executive board or fiscal council, grouped by body, for any reason other than the position they hold, such as commissions and consulting or advisory services provided Not applicable. Annual and Extraordinary General Stockholders Meeting April 30,

105 CNPJ / Publicly Listed Company With respect to the past three years, please indicate the amounts recognized in profit or loss of the issuer s direct or indirect controlling stockholders, jointly-controlled companies and subsidiaries as compensation to the members of the Issuer s board of directors, statutory executive board or fiscal council, grouped by body, specifying the reason why such amounts were paid to these people Members of the Issuer s Executive Board received fixed fees from the wholly-owned subsidiary Itaúsa Empreendimentos S.A. in the amounts of R$5.1 million (2016), R$5.2 million (2017) and R$5.5 million (2018) Supply other information that the issuer may deem relevant The Issuer holds interest, either directly or indirectly, in the capital of other publicly-held companies, which have compensation policies/practices adjusted to the profile of each business, and they may or may not have their own stock-based compensation plans. Information on the above mentioned plans and policies/practices can be found in the Reference Forms disclosed by each of the companies in question (Itaú Unibanco Holding S.A., Alpargatas S.A., Duratex S.A., Nova Transportadora do Sudeste S.A. NTS and Itautec S.A.). Annual and Extraordinary General Stockholders Meeting April 30,

106 CNPJ / Publicly Listed Company Attachment VI Annual and Extraordinary General Stockholders Meeting April 30,

107 CNPJ / Publicly Listed Company Attachment VI PROPOSAL FOR THE CONSOLIDATION OF THE COMPANY'S BYLAWS Article 1 - NAME, TERM AND HEAD OFFICE The publicly-listed corporation governed by these Bylaws, named ITAÚSA - INVESTIMENTOS ITAÚ S.A.( ITAÚSA ), incorporated for an indefinite period of time, has its head office and legal address in the city and state of São Paulo, at Avenida Paulista, 1938, 5º andar, CEP , Bela Vista, and it may establish branches or offices in any marketplaces in Brazil or abroad upon a resolution of its Board of Directors Corporate Governance Level 1 Listing Regulations With the admission of ITAÚSA to the special listing segment denominated Corporate Governance Level 1 of B3.S.A. Brasil, Bolsa, Balcão (B3 - Brazilian Exchange and OTC) ( B3 ), the company, its stockholders, management members and members of the Fiscal Council are subject to the provisions of the Corporate Governance Level 1 Listing Regulation of B3 ( Level 1 Regulation ). Article 2 - PURPOSE The corporate purpose of ITAÚSA is to hold equity interests in other companies, in Brazil or abroad, for investment in any sectors of the economy, including through investment funds, disseminating among its investees its principles of appreciation of human capital, governance, and ethics in business, and creation of value for its stockholders on a sustainable basis. Article 3 CAPITAL AND SHARES Subscribed and paid-up capital is forty-three billion, five hundred fifteen million, two hundred eighty-six thousand, three hundred forty-four Brazilian reais and fifteen cents (R$43,515,286,344.15), represented by eight billion, four hundred ten million, eight hundred sixteen thousand, eight hundred three (8,410,816,803) registered shares, with no par value, of which two billion, eight hundred eighty-nine million, eight hundred thirty-nine thousand, six hundred forty-three (2,889,839,643) are common shares and five billion, five hundred twenty million, nine hundred seventy-seven thousand, one hundred sixty (5,520,977,160) are preferred shares, the latter with no voting rights but with the following advantages: I - priority in the receipt of a non-cumulative minimum annual dividend of one cent of the Brazilian real (R$0.01) per share, and a dividend at least equal to that paid to common stockholders is assured; and II - the right to tag along, in the event of a sale of control, at a price equal to eighty percent (80%) of the price paid for each share with voting right that is part of the controlling group Authorized Capital By means of a resolution of the Board of Directors, the company is authorized to increase its capital stock irrespective of any statutory reform, up to the limit of twelve billion (12,000,000,000) shares, four billion (4,000,000,000) of which are common shares and eight billion (8,000,000,000) are preferred shares. The issues of shares for sale on a stock exchange, public subscription or barter for our shares in a public offering for the acquisition of control, may be carried out without observing the preemptive right of former stockholders (Article 172 of Law no 6,404/76) Book-entry Shares Without any change in the rights and restrictions that are inherent to them, under the terms of this article, all shares of the company will be book-entry shares, and they will remain in deposit accounts at Itaú Corretora de Valores S.A. in the name of their holders, without the issue of share certificates, pursuant to Articles 34 and 35 of Law No. 6,404/76, for which a remuneration may be charged to stockholders in accordance with paragraph 3 of Article 35 of the above mentioned law Changes in Share Type - With the exception of the provision in sub item 3.3.1, the shares may not have their type altered from common to preferred shares or vice versa The Board of Directors may authorize, whenever it deems necessary, the conversion of common shares into preferred shares (reconversion being forbidden), on the basis of an exchange ratio established by it or through an auction at a stock exchange, in both cases, for periods and quantities of shares to be determined. Annual and Extraordinary General Stockholders Meeting April 30,

108 CNPJ / Publicly Listed Company The conversion ratio may not exceed one (1) preferred share for each common share presented for conversion, observing the legal limit. Should the common shares to be converted result in a final quantity of preferred shares that exceed the limit of two thirds (2/3) of the preferred shares, the company shall carry out the apportionment among the common stockholders interested in the conversion in proportion to the quantity of common shares presented for conversion, and the conversion that results in share fractions is forbidden After each conversion period, the Board of Directors will be responsible for specifying the new division of the number of shares by type and the first General Stockholders' Meeting will make the necessary statutory amendment Preferred Shares - The number of preferred shares, with no voting rights shall not exceed two thirds (2/3) of the total number of shares issued Share Buybacks - The company may buy back its own shares for the purposes of cancellation or holding them in treasury for subsequent sale, subject to authorization by the Board of Directors Obtainment of Voting Rights by the Preferred Shares - The preferred shares will obtain voting rights pursuant to the provisions in Article 111, paragraph 1 of Law No. 6,404/76, if the company fails to pay the priority dividend for three consecutive years. Article 4 GENERAL STOCKHOLDERS MEETING - The work of the General Stockholders Meeting shall be presided by a chairman and a secretary chosen by the attending stockholders, and the selection process will be conducted by a member of the company s management. Article 5 - MANAGEMENT - ITAÚSA shall be managed by a Board of Directors and an Executive Board. The Board of Directors shall play, as provided for in legislation and these Bylaws, a guiding, elective and supervisory role, whereas the Executive Board shall be responsible for the operational and executive duties Term of office - The unified term of office of the members of the Board of Directors and of the Executive Board is of one (1) year as from the date of the General Stockholders Meeting or the meeting of the Board of Directors that elects such members, as applicable, until the date of the investiture of the current members' successors, and reelection is permitted Investiture - The members of the Board of Directors and officers shall be invested in their positions upon the signing of their terms of office in the book of minutes of the Board of Directors or the Executive Board, as the case may be. The investiture of the members of the Board of Directors and officers shall be contingent upon their signing the Instrument of Agreement of Management Members pursuant to the provision in Level 1 Regulation, as well as compliance with the applicable internal and legal requirements Management Compensation - Management will receive both compensations and profit sharing. The General Stockholders Meeting will determine the global and annual amount for the payment of compensations and the Board of Directors will be responsible for regulating the use of this amount The Board of Directors shall also be responsible for regulating the pro-rata distribution of the profit sharing due to its own members and members of the Executive Board, which will correspond, respectively, to a maximum of six one-hundredths (0.06) and four one-hundredths (0.04) of the net income determined in the balance sheet, but it may not exceed the sum of the compensations to be paid to management members in the period to which the balance sheet that presents the above mentioned profit sharing relates. Article 6 - BOARD OF DIRECTORS - The Board of Directors shall be composed of at least three (3) and at the most twelve (12) effective members elected by the General Stockholders Meeting, and shall have one (1) Chairman and from one (1) to 3 (three) Vice Chairmen chosen by the its members from among their peers Within the limits established in the main paragraph, it shall be incumbent upon the General Stockholders Meeting that elects the Board of Directors to initially establish the number of members that shall compose this body for each term of office. The same General Stockholders' Meeting shall elect: a) one (1) alternate member to the member representing the minority stockholders, if elected, pursuant to Article 141, paragraph 4, subsection I, of Law No. 6,404/76; Annual and Extraordinary General Stockholders Meeting April 30,

109 CNPJ / Publicly Listed Company b) one (1) alternate member to the member representing the preferred stockholders, if elected, pursuant to Article 141, Paragraph 4, subsection II, of Law No. 6,404/76; c) two (2) alternate members to the members elected by the controlling stockholders, who, at the discretion of the Board of Directors, may be convened to replace an absent effective member Should the position of Chairman become vacant or the Chairman be otherwise absent or impeded, he/she shall be replaced by one of the Vice Chairmen appointed by the Board of Directors Should there be a vacant position in the Board of Directors, the remaining members may appoint a substitute to complete the term of office of the replaced member The Board of Directors, which is convened by the Chairman, shall meet ordinarily six (6) times a year and extraordinarily whenever necessary, and its resolutions shall be valid only where there is at least an absolute majority of its acting members present Meetings can be held via telephone, videoconference, telepresence, , or any other means of communication. In these cases, the member of the Fiscal Council shall be considered present in the meeting for the purpose of checking the opening and resolution quorum and his/her vote shall be considered valid for all legal purposes. The minutes of the meeting shall be signed by all members that attend the meeting either in person or remotely 6.5. It is incumbent upon the Board of Directors to: I) establish the general business guidelines of the company; II) elect and remove from office the company s officers and establish their duties according to the provisions in these Bylaws; III) oversee the management work of the officers, examine at any time the company s books and documents, request information on contracts that have already been signed or that are on the eve of being signed and any other acts; IV) call the General Stockholders' Meeting at least fifteen (15) days before the date it will be held, and this period shall be counted as from the publication of the first call notice; V) express an opinion on the management report and on the accounts of the Executive Board; VI) appoint and remove independent auditors; VII) resolve upon the establishment of committees to address specific matters within the scope of the Board of Directors; VIII) resolve upon the distribution of dividends according to the provisions in Article 11, subject to the approval of the General Stockholders Meeting; IX) resolve upon the payment of interest on capital, as provided for in item 11.6, subject to the approval of the General Stockholders Meeting; X) resolve upon the conversion of common shares into preferred shares, pursuant to sub item 3.3.1; XI) resolve upon:(i) the issue of simple, non-convertible debentures; and (ii) the issue of shares or convertible debentures, within the limit of the authorized capital, according to the provisions in item 3.1; XII) issue opinions on any public offering for the acquisition of shares, the subject matter of which being securities convertible into or that can be bartered for company shares, which must contain, among other relevant information, management s opinion on a possible acceptance of the public offering and the company s economic value that is deemed appropriate; and XIII) assess and disclose the names of the independent members of the Board of Directors on an annual basis, and indicate and justify any circumstances that might compromise their independence. Annual and Extraordinary General Stockholders Meeting April 30,

110 CNPJ / Publicly Listed Company Article 7 EXECUTIVE BOARD The Executive Board shall be composed of three (3) to seven (7) members elected by the Board of Directors within ten (10) business days as from the date of the General Stockholders Meeting that elects this Board, comprising the positions of Chief Executive Officer, General Director, Director Vice President and Executive Officer, as established by the Board of Directors when providing for to these positions The members of the Board of Directors can be appointed to hold up to one third of the Executive Board s positions. The positions of Chairman of the Board of Directors and Chief Executive Officer (or main executive of the company) may not be concurrently held by the same person In the event of the absence or impediment of any officer, the Executive Board shall choose the substitute officer from among its members The Chief Executive Officer and the General Director shall mutually replace each other in the performance of their duties, including when one of these positions is not filled or a vacancy occurs during the term of office Should any position become vacant, the Board of Directors may appoint a substitute officer to complete the term of the replaced officer One and the same officer may be elected or appointed, either permanently or temporarily, to concurrently hold more than one position No individual who is seventy-five (75) years of age on the date of his/her election may be elected for the position of officer The Executive Board, which is convened by the Chief Executive Officer, shall meet ordinarily six (6) times a year and extraordinarily whenever necessary, and its resolutions shall be valid only where there is at least an absolute majority of acting members present Meetings can be held via telephone, videoconference, telepresence, , or any other means of communication. In these cases, the officer shall be considered present in the meeting for the purpose of checking the opening and resolution quorum and his/her vote shall be considered valid for all legal purposes. The minutes of the meeting shall be signed by all officers that attend the meeting either in person or remotely It is incumbent upon the Executive Board to resolve upon:(i) the disposal and encumbrance of assets, including permanent assets, with powers to settle or waive rights, in individual or joint operations, within a twelve-month (12) period, in amounts that do not exceed two percent (2%) of the stockholders equity determined in the most recent financial statements approved by the General Stockholders Meeting; (ii) the provision of guarantees on third-parties liabilities; and (iii) the issue of promissory notes and bonds in Brazil and/or abroad, in accordance with current legislation Without prejudice to the provisions in item 7.7, ITAÚSA shall be represented by any two officers together, who will have powers to:(i) assume obligations or exercise rights in any act, contract or document that implies a responsibility on the part of the company, including the granting of pledges, sureties, or any other guarantees; and (ii) appoint proxies, except for powers of attorney with an ad judicia clause, for periods that do not exceed one year ITAÚSA may also be represented:(i) jointly, by one officer and one proxy, or by two proxies with powers that are established in the related power of attorney; (ii) individually, by one officer or one proxy in acts that do not imply the assumption of obligations or waving of rights, before any direct or indirect public administration body, or at general stockholders meetings or meetings of stockholders or quotaholders of companies or investment funds in which the company holds investments; and (iii) in court, by proxies with powers and modes of action (jointly or individually) established in a power of attorney It is the responsibility of the Chief Executive Officer to convene and chair the meetings of the Executive Board, coordinating its meetings. Annual and Extraordinary General Stockholders Meeting April 30,

111 CNPJ / Publicly Listed Company The General Director is responsible for structuring and running all the services of the company and establishing internal and operating rules in accordance with the guidelines set out by the Board of Directors The Director Vice Presidents and the Executive Officers are responsible for collaborating with the Chief Executive Officer and the General Director in the management of the business and the steering of corporate services. Article 8 - FISCAL COUNCIL Under the terms of Articles 161 to 165 of Law No. 6,404/76, the company will have a Fiscal Council, which shall work on a permanent basis, composed of three (3) to five (5) effective members and an equal number of alternate members elected by the General Stockholders Meeting, and the following must be observed: a) preferred stockholders shall be entitled to elect, in a separate voting process, one (1) effective member and his/her respective alternate member. b) minority stockholders that jointly represent ten percent (10%) or more common shares shall be entitled to elect, in a separate voting process, one (1) effective member and his/her respective alternate member; and c) the other common stockholders may elect effective members and their respective alternate members that, in any case, shall make up a number equal to the number of members elected according to items a) and b) above, plus one (1) effective member and his/her respective alternate member The effective members of the Fiscal Council and their alternate members shall hold office until the first Annual General Stockholders Meeting held after their election, reelection being permitted The members of the Fiscal Council shall be invested in their offices by signing an instrument of investiture in the Fiscal Council s book of minutes and opinions The compensation of the members of the Fiscal Council shall be set by the General Stockholders Meeting that elects them and cannot be lower, for each acting member, than ten percent (10%) of the average compensation paid to each officer, excluding benefits, representation allowances, and profit sharing The Fiscal Council shall have one (1) Chairman, chosen from among his/her peers, and shall meet ordinarily four (4) times a year and extraordinarily whenever necessary, and its resolutions shall be valid only where there is at least an absolute majority of its acting members present Meetings can be held via telephone, videoconference, telepresence, , or any other means of communication. In these cases, the member of the Fiscal Council shall be considered present in the meeting for the purpose of checking the opening and resolution quorum and his/her vote shall be considered valid for all legal purposes. The minutes of the meeting shall be signed by all members of the Fiscal Council that attend the meeting either in person or remotely Article 9 - FISCAL YEAR - The fiscal year will end on December 31 of each year and the preparation of interim balance sheets on any date is optional. Article 10 - ALLOCATION OF NET INCOME - Together with the financial statements, the Board of Directors shall submit to the Annual General Stockholders Meeting a proposal for the allocation of net income for the year pursuant to Articles 186 and 191 to 199 of Law No.6,404/76 and the following provisions: before any other distribution, five percent (5%) shall be allocated to the Legal Reserve, which may not exceed twenty percent (20%) of the capital stock; the amount to be allocated for the payment of dividends to stockholders shall be specified in accordance with the provisions in Article 11 and the following rules: a) each preferred share shall be entitled to a priority minimum annual dividend of one cent of the Brazilian real (R$0.01); b) the amount of the mandatory dividend that remains after the payment of dividends addressed in the previous item shall be firstly used to pay out common stockholders at a dividend amount equal to the priority dividend paid to preferred stockholders; Annual and Extraordinary General Stockholders Meeting April 30,

112 CNPJ / Publicly Listed Company c) the shares of both types shall share the profits to be distributed under equal terms and conditions once a dividend equal to the minimum amount paid to preferred stockholders is also attributed to common stockholders; d) in the case of a stock split, each preferred share shall be entitled to a fraction of the amount defined in item "a" and, in the case of a reverse split, to this amount multiplied by the number of shares forming one new share. Article 11 - DIVIDENDS - Stockholders are entitled to receive as mandatory dividend, an amount of not less than twenty-five percent (25%) of the net income recorded in the same year, adjusted by the reduction or increase of the specific amounts under letters "a" and "b" of subsection I of Article 202 of Law No. 6,404/76, and in compliance with subsections II and III of the same law The mandatory dividend shall be distributed in four or more installments, quarterly or at shorter intervals over the course of the year and until the Annual General Stockholders Meeting that approves the financial statements The Board of Directors shall determine the amount of the interim payments based on the provisional results for the year and these amounts will be charged to the "Reserve for Dividend Equalization. With respect to the allocation of profits (item 10.2), that portion of the mandatory dividend that corresponds to the interim distributions will be credited to the same Reserve It will be incumbent upon the Annual General Stockholders Meeting that approves the financial statements for the year to resolve upon the payment of the portion that may be needed to complete the mandatory dividend. The amount of this payment shall correspond to that part of the mandatory dividend that remains after the deduction of the installments paid in advance Whenever justified, interim dividends may be declared according to any of the forms provided for in Article 204 of Law No. 6,404/ Based on a proposal of the Board of Directors, an additional dividend may be distributed By means of a resolution of the Board of Directors, interest on capital may be paid, and the amount of the interest paid or received will be attributed to the amount of the mandatory dividend pursuant to Article 9, paragraph 7 of Law No. 9,249/95. Article 12 - STATUTORY RESERVES - Based on the proposal of the Board of Directors, the General Stockholders Meeting may resolve upon the establishment of the following reserves: I Reserve for Dividend Equalization; II Reserve for Working Capital Increase; III - Reserve for the Increase of the Capital of Investees The Reserve for Dividend Equalization shall be limited to 40% of the amount of capital stock and its purpose is to guarantee funds for the payment of dividends, including interest on capital (item 11.6), or interim distributions, so as to maintain the flow of remuneration to stockholders, comprising the following funds: a) equivalent to up to 50% of net income for the year, adjusted according to the provisions in Article 202 of Law No. 6,404/76; b) equivalent to up to 100% of the realized portion of the Revaluation Reserves, credited to retained earnings; c) equivalent to up to 100% of the amount of prior years adjustments, credited to retained earnings; d) arising from the credit corresponding to the payment of interim dividends (item11.2) The Reserve for Working Capital Increase shall be limited to 30% of the amount of capital stock, and its purpose is to guarantee financial means for the company's operations, consisting of funds equivalent to up to 20% of net income for the year, adjusted pursuant to Article 202 of Law No. 6,404/ The Reserve for the Increase of the Capital of Investees shall be limited to 30% of the amount of capital stock and its purpose is to guarantee the exercise of the preemptive right to subscribe capital increases in Annual and Extraordinary General Stockholders Meeting April 30,

113 CNPJ / Publicly Listed Company investees, and consists of funds equivalent to up to 50% of net income for the year, adjusted pursuant to Article 202 of Law No. 6,404/ By means of a proposal of the Board of Directors, portions of these reserves shall be periodically capitalized so that the related amounts do not exceed the limit of ninety-five percent (95%) of the capital stock. The balance of these reserves, together with the balance of the Legal Reserve, may not exceed the amount of capital stock The reserves shall be broken down into different subaccounts according to the years they were established, net income to be allocated for their establishment, and the Board of Directors shall specify the net income to be used in the distribution of interim dividends, which can be charged to different subaccounts according to the type of stockholder. Annual and Extraordinary General Stockholders Meeting April 30,

114 CNPJ / Publicly Listed Company Attachment VII Annual and Extraordinary General Stockholders Meeting April 30,

115 CNPJ / Publicly Listed Company RIGHT OF DISSENT AND APPRAISAL (Attachment 20 to CVM Instruction No. 480/09) Attachment VII 1. Describe the event that gave or will give rise to the right of dissent and appraisal and its legal grounds On April 30, 2019, a proposal will be submitted to be resolved on by the stockholders of Itaúsa Investimentos Itaú S.A. ( ITAÚSA or Company ), at the Annual and Extraordinary General Meeting ( AEGM ) called for that date, for the merger of the shares issued by Itautec S.A. -Itautec Group ( ITAUTEC and collectively with ITAÚSA the Companies ) into the Company ( Merger of Shares ), in accordance with Article 252 of Law No. 6,404/76 ( Brazilian Corporate Law ). The terms and conditions of the Merger of Shares have been negotiated by the management of the Companies, and on March 29, 2019 the Protocol and Justification for the Merger of the Shares Issued by Itautec S.A. -Itautec Group into Itaúsa - Investimentos Itaú S.A.( Protocol ) was signed, and is available to the public on the websites of Investor Relations of the Companies ( and and of the Brazilian Securities Commission ( CVM ) ( and B3 S.A. -Brasil, Bolsa, Balcão ( B3 ) ( This Merger of Shares will involve ITAÚSA s issuing one hundred eighteen thousand, eight hundred fifteen (118,815) preferred shares at the unit price of two Brazilian reais and forty-one cents (R$2.41), with the resulting capital increase by two hundred eighty-six thousand, three hundred forty-four Brazilian reais and fifteen cents (R$286,344.15), to be paid up with the common shares issued by ITAUTEC currently held by the other stockholders of the latter ( Capital Increase ). After the transaction is completed, ITAUTEC will become a wholly-owned subsidiary of ITAÚSA and management of ITAUTEC will adopt the necessary measures to cancel its registration as a category A publicly-listed company with the CVM, with its resulting departure from the B3 s traditional listing segment. 2. Inform the shares and classes of shares to which the right of dissent and appraisal is applicable If the Merger of Shares is approved, the right of dissent and appraisal will be applicable to the common shares issued by the Company held by any dissenting stockholders. 3. Inform the date of first publication of the call notice for the meeting, as well as the date of disclosure of the material fact in connection with the resolution that has given or will give rise to the right of dissent and appraisal The call notice for the General Stockholders Meeting was made available, as of this date, on the websites of the Company ( of B3 ( and CVM ( and will be published on April 2, 3 and 4, 2019 in Diário Oficial do Estado de São Paulo (Official Gazette of the State of São Paulo) and O Estado de S. Paulo newspapers. The Material Fact disclosing the terms and conditions of the Merger of Shares to be submitted to the AEGM, which has given rise to the right of dissent and appraisal, was published on March 29, 2019 on the websites of the Company ( of B3 ( of CVM ( and in the news portal ( in accordance with the Policy on Disclosure of Material Information. 4. Inform the period for exercising the right of dissent and appraisal and the date that will be considered for determining the stockholders entitled to exercise the right of dissent and appraisal The period for exercising the right of dissent and appraisal is thirty (30) days from the date of publication of the minutes of the Company s General Stockholders Meeting that will approve the Merger of Shares, in accordance with item IV of Article 137 of Brazilian Corporate Law, under penalty of peremption. In accordance with paragraph 1 of aforementioned Article 137, dissenting stockholders may exercise their right of dissent and appraisal on a fully or partially basis only in relation to the Company s common shares they have hold, in an uninterrupted and proven way, since March 29, 2019, that is, the date of disclosure of the Material Fact announcing the terms and conditions of the Merger of Shares. In view of the disclosure of this Material Fact after the B3 session closed, the trades carried out at that date will also be included accordingly. Annual and Extraordinary General Stockholders Meeting April 30,

116 CNPJ / Publicly Listed Company For these purposes, dissenting stockholders will be deemed as those stockholders (i) rejecting or abstaining from voting the Merger of Shares; or (ii) failing to attend the EGM that will resolve on such transaction. 5. Inform the reimbursement amount per share or, if it is not possible to calculate it in advance, the management s estimate Any dissenting stockholders set to exercise their right of dissent and appraisal will be reimbursed the book value of six Brazilian reais and fifty-six cents (R$6.56) per common share, calculated based on the book value as per the financial statements for the year ended December 31, 2018, to be submitted for approval from stockholders at the AEGM, except for the right to prepare a special balance sheet. 6. Inform how the reimbursement amount was calculated The reimbursement amount stated in item 5 above corresponds to the stockholders equity stated in the financial statements for 2018 (R$55,143,099,189.50), to be submitted for approval from stockholders at the AEGM, divided by the number of shares issued by the Company as of December 31, 2018 (8,410,697,988 shares). 7. Inform whether stockholders are entitled to request the preparation of a special balance sheet Dissenting stockholders will be entitled to request, together with the reimbursement, the preparation of a special balance sheet as of the date that meets the 60-day period set forth in paragraph 2 of Article 45 of Brazilian Corporate Law. In this case, the Company will pay 80% of the reimbursement amount at once, calculated based on the balance sheet as of December 31, 2018 and, after the special balance sheet is prepared, any remaining balance will be paid within 120 days from the date of the Meeting approving the merger of shares. 8. If the reimbursement amount is calculated based on appraisal, list any experts or specialized companies recommended by management Not applicable. 9. In the event of a takeover, merger of shares or merger involving parent companies, subsidiaries or companies under joint control: (a) Calculate the ratios of exchange of shares based on the stockholders equity at market price or on other criteria accepted by CVM To comply with the provisions in Article 264 of Brazilian Corporate Law and Article 8 of Instruction No. 565, Ernst & Young Assessoria Empresarial Ltda., enrolled in the National Register of Legal Entities/Ministry of Finance (CNPJ-MF) under number / , with head office in the City and State of São Paulo (SP), at Avenida Presidente Juscelino Kubitschek, 1909, Torre Norte, 10º andar ( EY ), has been engaged to prepare appraisal reports of ITAUTEC and ITAÚSA based on the appraisal of stockholders equity at market price. These appraisal reports have been prepared based on the same criteria and at the same base date (December 31, 2018) and, exclusively for information purposes of Article 264 da Lei das S.A., stated the following approximate amounts:(i) R$2.1 million for ITAUTEC, equivalent to approximately R$0.19 per common share of ITAUTEC; and (ii) R$94,809 million for ITAÚSA, equivalent to approximately R$11.27 per preferred share of ITAÚSA. Accordingly, the calculation of the ratio for a theoretical exchange of shares based on such criteria would result in the issue of one (1) preferred share of ITAÚSA for each lot of fifty-nine (59) common shares issued by ITAUTEC held by ITAUTEC s stockholders as of the date of the Merger of Shares. In addition to the appraisals conducted for purposes of Article 264 of Brazilian Corporate Law, and also for information purposes, EY has prepared an appraisal report of ITAUTEC based on the discounted cash flows and, based on information received and the work carried out, estimated ITAUTEC at negative R$30.05 million, so that if such criterion were to be used, a possible theoretical ratio of exchange of common shares issued by ITAUTEC for preferred shares issued by ITAUSA would result in a negative value. Ultimately, also for information purposes and with no intention to set up a ratio of exchange, the market value of preferred shares issued by ITAÚSA based on the average price determined on B3 at the 24 Annual and Extraordinary General Stockholders Meeting April 30,

117 CNPJ / Publicly Listed Company sessions prior to the disclosure of the First Material Fact on February 25, 2019 (average number of 34,431 shares traded at each session) is thirteen Brazilian reais and eighteen cents (R$13.18) per share. Regarding ITAUTEC, if one included the 24 sessions prior to the disclosure of the First Material Fact on February 25, 2019, in which ITAUTEC s shares issued were traded which, given the low trading volume (average number of 321 shares traded at each session) would go back to the volume of June 9, 2015 the average price would be sixteen Brazilian reais and twelve cents (R$16.12) per share. (b) Inform whether the ratios of exchange of shares provided for at the transaction protocol are less advantageous than those calculated according to item 9(a) above The management of the Companies have freely negotiated the ratio of exchange of shares and agreed that ITAUTEC s stockholders will receive one (1) preferred share issued by ITAÚSA in exchange for one (1) common share issued by ITAUTEC held by them as of the date of Merger of Shares. This ratio of exchange is more advantageous for ITAUTEC s minority stockholders than that calculated according to item 9(a). (c) Inform the reimbursement amount calculated based on stockholders equity at market price or other criteria accepted by CVM Not applicable, as it does not fall into the case laid down in paragraph 3 of Article264 of Brazilian Corporate Law. 10. Inform the book value of each share calculated according to the latest balance sheet approved The Company s share book value is six Brazilian reais and fifty-six cents (R$6.56), calculated based on the financial statements as of December 31, 2018, which will be submitted for approval from stockholders at the AEGM. 11. Inform the price of each class or type of shares to which the right of dissent and appraisal in the markets where they are traded is applicable, and identify: i) The lowest, average and highest stock prices for each year, in the last three (3) years (In Brazilian reais) Year Lowest R$5.15 R$7.14 R$9.29 Average R$6.81 R$8.60 R$11.41 Highest R$8.06 R$9.94 R$13.51 ii) The lowest, average and highest stock prices for each quarter, in the last two (2) years (In Brazilian reais) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Lowest R$7.14 R$7.50 R$7.80 R$8.92 R$9.54 R$9.29 R$9.81 R$10.40 Average R$8.23 R$8.70 R$8.70 R$9.40 R$11.85 R$11.29 R$10.53 R$12.05 Highest R$9.22 R$8.96 R$9.89 R$9.94 R$13.51 R$12.97 R$11.50 R$13.37 iii) The lowest, average and highest stock prices for each month, in the last six (6) months (In Brazilian reais) Oct /18 Nov/18 Dec/18 Jan/19 Feb/19 Mar/19 Lowest Average Maximum R$10.40 R$11.72 R$12.25 R$13.37 R$15.00 R$14.00 R$11.22 R$12.34 R$12.77 R$14.39 R$15.79 R$14.98 R$12.00 R$13.15 R$13.37 R$15.62 R$17.49 R$15.40 iv) Average stock price in the last ninety (90) days R$15.01 per common share issued by the Company, equivalent to the average price at close in the period from December 30, 2018 to March 29, Annual and Extraordinary General Stockholders Meeting April 30,

118 CNPJ / Publicly Listed Company Attachment VIII Annual and Extraordinary General Stockholders Meeting April 30,

119 CNPJ / Publicly Listed Company ATTACHMENT VIII MERGER OF SHARES (Attachment 20-A to CVM Instruction No. 480/09) 1. Protocol and justification for the transaction, in accordance with Articles224 and 225 of Law No. 6,404 of 1976 (Brazilian Corporate Law) The Protocol and Justification for the Merger of the Shares issued by Itautec S.A. - Itautec Group ( Itautec ) into Itaúsa Investimentos Itaú S.A.( Itaúsa and collectively with Itautec Companies ) ( Protocol ) is in Attachment X to this Meeting Manual ( Manual ). 2. Other agreements, contracts and precontracts regulating the exercise of the right to vote or the transfer of shares of surviving companies or companies resulting from the transaction, filed at the head office of the company, or to which the controlling stockholder of the company is a party Not applicable. 3. Description of the transaction, including: a. Terms and conditions It is the merger of the shares issued by Itautec into Itaúsa, in accordance with Article 252 of Law No. 6,404/76 ( Brazilian Corporate Law ), with Itautec maintaining its full juridical personality and its transformation into a wholly-owned subsidiary of Itaúsa ( Merger of Shares ). The ratio of exchange of shares has been freely negotiated by management of the Companies and it was agreed that Itautec s stockholders will receive one (1) preferred share issued by Itaúsa in exchange for one (1) common share issued by Itautec held by them as of the date of the Merger of Shares. Therefore, as a result of the Merger of Shares, Itaúsa will issue one hundred eighteen thousand, eight hundred fifteen (118,815) preferred shares at the unit price of two Brazilian reais and forty-one cents (R$2.41), with the resulting capital increase by two hundred eighty-six thousand, three hundred forty-four Brazilian reais and fifteen cents (R$286,344.15), by way of (i) Itautec s management subscribing new shares on account and behalf of Itautec s stockholders; and (ii) payment of common shares issued by Itautec currently held by its other stockholders. In addition to the shares issued by Itaúsa they will receive, as of the date of the Merger of Shares Itautec s stockholders will be entitled to any amounts earned under certain Lawsuits, proportionally to their interest in the capital stock of Itautec at the date of disclosure of the First Material Fact about the Merger of Shares (February 25, 2019), if such receipt is to occur in the next three (3) years counted from February 25, 2019 ( Commitment to Future Payment ). For these purposes, the Lawsuits subject to such commitment comprise: (i) the lawsuits disclosed in the notes to the financial statements of Itautec for the year ended December 31, 2018 as contingent assets with probable chance of success that, in aggregate, may reach the approximate amount of R$20 million (before related taxes and costs); however, it is certain that management of Itautec believes that, in the event of a favorable decision, the corresponding amounts to be received by Itautec are set to occur in the long-term; and (ii) the claim for damages filed in the Courts of the Netherlands in December 2015, also disclosed in the notes to the financial statements of Itautec for the year ended December 31, 2018 in this case with a possible chance of success - aimed at the reimbursement for a surcharge paid in the purchase of Cathode Ray Tubes (CRT) used by Itautec in the manufacture of TV sets and computer monitors CPTs and CDTs in view of the cartelization, in Brazil and abroad, by the respective manufacturers between 1995 and In November 2017, the Dutch Court ruled itself to have jurisdiction over the case, since one of the defendants has its registered office in the Netherlands, which is still pending production of evidence. The indemnity amount, if any, will be calculated by experts at the end of the proceedings, if Itautec has a favorable decision. Annual and Extraordinary General Stockholders Meeting April 30,

120 CNPJ / Publicly Listed Company Holders of common shares issued by the Company and shares issued by Itautec dissenting from the Merger of Shares will be entitled to the right of dissent and appraisal. b. Obligations to compensate: i. The management of any of the companies involved Not applicable. ii. If the transaction does not take place Not applicable. c. Comparative table of the rights, advantages and restrictions of the shares of involved or resulting companies, before and after the transaction The rights, advantages and restrictions of the common shares issued by Itautec and of the preferred shares issued by Itaúsa will remain unchanged after the transaction. However, if the Merger of Shares is completed, Itautec s stockholders will receive one preferred share issued by Itaúsa for one common share issued by Itautec they hold as of the date of the Merger of Shares. Accordingly, Itautec s stockholders will be entitled to the rights and advantages pertaining to the preferred shares issued by Itaúsa. The comparative table below summarizes the characteristics of the shares of both companies: Right to priority dividends Minimum mandatory dividend Tag along right ITAÚSA (ITSA4) The Company s Bylaws provides for the receipt of a non-cumulative minimum annual dividend of R$0.01 per share, assuring the right to a dividend at least equal to the common shares. Stockholders are entitled to receive as minimum mandatory dividend each year the amount of 25% of net income computed in the same year, adjusted by the addition or deduction of the amounts specified in letters "a" and "b" of item I of Article 202 of Brazilian Corporate Law and in compliance with items II and III of the same legal provision. Holders of preferred shares have the right to tag along, in the event of a sale of control, at a price equal to eighty percent (80%) of the price paid for each share with voting right that is part of the controlling group. Not applicable. ITAUTEC (ITEC3) Stockholders are entitled to receive as minimum mandatory dividend each year an amount not lower than 25% of net income computed in the same year, adjusted by the addition or deduction of the amounts specified in letters "a" and "b" of item I of Article 220 of Brazilian Corporate Law and in compliance with items II and III of the same legal provision. As set forth in Article 254-A of the Brazilian Corporate Law. Voting right No Yes Change of share type The shares may not have their type altered from common to preferred shares or vice versa. However, the Board of Directors may authorize, whenever it deems necessary, the conversion of common shares into preferred shares (reconversion being forbidden), on the basis of an exchange ratio established by it or through an auction at a stock exchange, in both cases, for periods and quantities of shares to be determined. The shares may not have their type altered from common to preferred shares or vice versa. Annual and Extraordinary General Stockholders Meeting April 30,

121 CNPJ / Publicly Listed Company Right to reimbursement of capital Restrictions on trading Yes. In the event of dissent, redemption and winding-up, as set forth in the Brazilian Corporate Law. Not applicable. Yes. In the event of dissent, redemption and winding-up, as set forth in the Brazilian Corporate Law. Not applicable. d. Any need for approval from debenture holders or other creditors Not applicable. e. Assets and liabilities making up each portion of the equity, in case of a spin-off Not applicable. f. Intention of the resulting companies to register as securities issuers Not applicable. 4. Plans for business, in particular any specific corporate events proposed With the Merger of Shares, total shares issued by Itautec will be held by Itaúsa, and as a result the former shall become a wholly-owned subsidiary of the latter. Therefore, this Merger of Shares will not cause Itaúsa to absorb any assets, rights, property, duties or responsibilities of Itautec, which shall maintain its full juridical personality, with no succession in place. Following the Merger of Shares, the management of Itautec will adopt the necessary measures to cancel its registration as a category A publicly-listed company with the CVM, with its resulting departure from the B3 s traditional listing segment. 5. Analysis of the following aspects of the transaction: a. Description of key benefits expected, including synergies, tax benefits and strategic advantages: This Merger of Shares seeks to streamline the corporate structure of the Companies and make their capital structure management more flexible, by concentrating both Companies stockholders into a single company with securities listed on stock exchanges. Accordingly, the management of the Companies understand that this Merger of Shares is advantageous and to the best interests of the Parties, since (i) it will allow a significant reduction in costs and expenses, including those arising from the maintenance of Itautec as a publicly-listed company and trading of its shares in the traditional listing segment of B3; and (ii) it will significantly increase liquidity for Itautec s current stockholders, that will receive preferred shares of Itaúsa in exchange for the shares issued by Itautec they currently hold. b. Costs The costs of the merger of shares are estimated at about R$550,000, including expenses on publication, engaging specialized companies that will prepare appraisal reports, legal fees of firms specialized in merger transactions. c. Risk factors Not applicable. d. If this is a transaction with a related party, inform any alternatives that could have been used to achieve the same objectives, indicating why they were ruled out As described in item 5(a) above, the management of Itaúsa and Itautec seek to implement the Merger of Shares to transform Itautec into a wholly-owned subsidiary of Itaúsa, aimed at (i) streamlining the corporate structure; and (ii) making the capital structure of the Companies more flexible. Against this backdrop, Itaúsa could opt for a Tender Public Offer of the shares issued by Itautec aimed to cancel Itautec s registration as a publicly-listed company, in accordance with CVM Instruction No. 361/02. Annual and Extraordinary General Stockholders Meeting April 30,

122 CNPJ / Publicly Listed Company This alternative, however, was ruled out, since the Merger of Shares, as it was negotiated, will ensure that Itautec s stockholders receive a highly liquid security within a quite shorter time period because, contrary to a Tender Offer, it requires no registration with CVM, and at the same time its implementation will result in costs substantially lower for both Companies. e. Ratio of exchange Itautec s stockholders will receive one preferred share issued by Itaúsa for one common share issued by Itautec they hold as of the date of the Merger of Shares. f. In transactions involving parent companies, subsidiaries or companies under common control Law i. Ratio of exchange of shares calculated according to Article264 of Brazilian Corporate To comply with the provisions in Article 264 of Brazilian Corporate Law and Article 8 of CVM Instruction No. 565, Ernst & Young Assessoria Empresarial Ltda., enrolled in the National Register of Legal Entities/Ministry of Finance (CNPJ-MF) under number / , with head office in the City and State of São Paulo (SP), at Avenida Presidente Juscelino Kubitschek, 1909, Torre Norte, 10º andar ( EY ), has been engaged to prepare appraisal reports of Itautec and Itaúsa, based on the criteria for stockholders equity at market price. These appraisal reports have been prepared based on the same criteria and at the same base date (December 31, 2018) and, exclusively for information purposes of Article 264 of Brazilian Corporate Law, stated the stockholders equity value at market price, as follows: (i) R$94,809 million for Itaúsa, equivalent to approximately R$11.27 per preferred share of Itaúsa; and (ii) R$2.1 million for Itautec, equivalent to approximately R$0.19 per common share of Itautec. Accordingly, the calculation of the ratio for a theoretical exchange of shares based on such criteria would result in the issue of one preferred share of Itaúsa for each lot of 59 common shares issued by Itautec held by Itautec s stockholders as of the date of the Merger of the Shares. In addition to the appraisal conducted for purposes of Article 264 of Brazilian Corporate Law, and also for information purposes, EY has prepared an appraisal report of Itautec at discounted cash flows and, based on information received and the work carried out, estimated Itautec at negative R$30.05 million, so that if such criterion were to be used, a possible theoretical ratio of exchange of common shares issued by Itautec for preferred shares issued by Itaúsa would result in a negative value. Ultimately, also for information purposes and with no intention to set up a ratio of exchange, the market value of preferred shares issued by Itaúsa based on the average price determined on B3 at the 24 sessions prior to the disclosure of the First Material Fact on February 25, 2019 (average number of 367,47,225 shares traded at each session) is thirteen Brazilian reais and eighteen cents (R$13.18) per share. Regarding Itautec, if one included the 24 sessions prior to the disclosure of the First Material Fact on February 25, 2019, in which Itautec s shares issued were traded which, given the low trading volume (average number of 321 shares traded at each session) would go back to the volume of June 9, 2015 the average price would be sixteen Brazilian reais and twelve cents (R$16.12) per share. ii. Detailed description of the process of negotiating the ratio of exchange and other terms and conditions of the transaction As disclosed to the market through the Joint Material Fact on February 25, 2019 ( First Material Fact ), the Boards of Directors of the Companies approved the commencement of negotiations to merger 100% of the shares issued by Itautec into Itaúsa in accordance with Article 252 of Brazilian Corporate Law. Since then, the Executive Boards of both Companies have engaged in negotiating the major terms and conditions to be complied with and implemented under this Merger of the Shares; having considered, albeit not in isolation:(i) the liquidity and widely-held nature of the preferred shares issued by Itaúsa (which makes up the B3 s stock index) which shall be assigned to Itautec s stockholders; and (ii) the reduction in costs and expenses to be provided by such Merger of the Shares to Itaúsa. As a result of these negotiations, management of the Companies have agreed (i) to establish the ratio of exchange of shares in the proportion of 1:1, as stated in item 5(e) above; (ii) that Itautec will assume the Commitment to Future Payment, as described in item 3(a) above. Annual and Extraordinary General Stockholders Meeting April 30,

123 CNPJ / Publicly Listed Company iii. If the transaction has been preceded, in the last twelve (12) months, by the acquisition of control or interest in a controlling group: Comparative analysis of the ratio of exchange and the price paid for acquiring control Not applicable. Reasons to justify any difference in valuation of the different transactions Not applicable. iv. Reasons why the ratio of exchange is commutative, with a description of the procedures and criteria adopted to guarantee the commutative conditions of the transaction or, if the ratio of exchange is not commutative, details of the payment or equivalent measures taken to ensure adequate compensation. The management of the Companies understand that the Merger of Shares ensures, on one hand, an adequate compensation for Itautec s stockholders, since it considers (i) a ratio of exchange more advantageous compared to a ratio for a theoretical exchange of shares based on the appraisal of stockholders equity at market price (also if considering the book value and discounted cash flow valuation criteria); (ii) the assignment of preferred shares, with liquidity and a widely-held nature, issued by Itaúsa; and (iii) Itautec assuming a Commitment to Future Payment; while, on the other hand, it will provide Itaúsa with (i) reduction in costs and expenses arising from maintaining Itautec as a publicly-listed company and trading its shares in the B3 traditional listing segment; and (ii) a streamlined corporate structure for the Companies and a more flexible management of its capital structure. 6. Copy of the minutes of all meetings of the board of directors, fiscal council and special committees at which the transaction was discussed, including any dissenting votes The minutes of the meetings of the Board of Directors and the Fiscal Council at which the transaction was discussed are available at the end of this Attachment. 7. Copy of studies, presentations, reports, opinions or appraisal reports of the companies involved in the transaction which were made available to the controlling stockholder at any stage of the transaction (i) Appraisal Report of Stockholders Equity of Itaúsa at Market Price, prepared by Ernst & Young Assessoria Empresarial Ltda., CNPJ / (only in Portuguese); (ii) Appraisal Report of the Book Value of Itautec s Stockholders Equity, prepared by PricewaterhouseCoopers Auditores Independentes, CNPJ / (only in Portuguese); (i) Appraisal Report of Stockholders Equity of Itautec at Market Price, prepared by Ernst & Young Assessoria Empresarial Ltda., CNPJ / (only in Portuguese); (iv) Appraisal Report of Itautec at Discounted Cash Flows, prepared by Ernst & Young Assessoria Empresarial Ltda., CNPJ / (only in Portuguese). The aforementioned appraisal reports are attached to the Protocol and Justification, Attachment X hereto Identification of any conflicts of interest between the financial institutions, companies and the professionals that have prepared the documents mentioned in item 7 and the companies involved in the transaction There is no real or potential conflict or convergence of interests between the appraisers and the Companies stockholders or regarding the Merger of Shares itself. Neither stockholders nor the management of the Companies have directed, restricted, made it difficult or carried out any actions that have or may have compromised the access, use or knowledge of any information, assets, documents or methodologies that were material to the quality of the conclusions by the appraisers. Annual and Extraordinary General Stockholders Meeting April 30,

124 CNPJ / Publicly Listed Company 8. Projects regarding or amendments to the bylaws of the companies resulting from the transaction If the Merger of Shares is completed, the wording of the main paragraph of Article 3 of Itaúsa s Bylaws will be amended to reflect the capital increase by R$286,344.15, arising from the issue of 118,815 new preferred shares to be subscribed on behalf of Itautec s minority stockholders, on account of the merger of shares of Itautec. Itautec s Bylaws will remain unchanged. 9. Financial statements used for the transaction, pursuant to specific regulations The financial statements of the Companies for the year ended December 31, 2018, to be submitted for resolution by the stockholders of both Companies at the annual general stockholders' meetings to be held on April 30, 2019 were used as basis for this transaction. 10. Pro forma financial statements prepared for the transaction, pursuant to specific regulations Not applicable, in accordance with Article 10 of CVM Instruction No. 565/ Document containing information on the companies directly involved that are not publiclylisted, including: a. Risk factors, in accordance with items 4.1 and 4.2 of the reference form; b. Description of main changes in risk factors occurred in the prior year and expectations in relation to reduction or increase in risk exposure as a result of the transaction, in accordance with item 5.4 of the reference form; c. Description of its activities, in accordance with items 7.1, 7.2, 7.3 and 7.4 of the reference form; d. Description of the economic group, in accordance with item 15 of the reference form; and e. Description of capital stock, in accordance with item 17.1 of the reference form Not applicable. 12. Description of capital and control structure after the transaction, in accordance with item 15 of the reference form Itautec s capital structure: Its current fully subscribed and paid-up capital stock is R$56,348,110.73, represented by 11,072,186 common registered book-entry shares, with no par value, of which Itaúsa holds 10,953,371 shares, which account for % of total shares. If the Merger of Shares is approved, total shares issued by Itautec will be held by Itaúsa, and as a result Itautec will become a wholly-owned subsidiary of Itaúsa. Itaúsa s capital structure: Its current fully subscribed and paid-up capital stock is R$43,515,000,000.00, represented by 8,410,697,988 registered book-entry shares, with no par value, of which 2,889,839,643 are common shares and 5,520,858,345 are preferred shares. If the Merger of Shares is approved, Itaúsa s capital stock will be increased by R$286,344.15, with 118,815 new preferred shares issued at R$2.41 per share, equivalent to the price per share of Itautec based on its stockholders equity appraisal at book value as of the base date. These new shares will be subscribed by Itautec s management on behalf of its minority stockholders. After this transaction, Itaúsa s capital stock will be R$43,515,286,344.15, represented by 8,410,816,803 book-entry shares with no par value, of which 2,889,839,643 are common and 5,520,977,160 are preferred shares. 13. Number, class and type of securities of each company involved in the transaction held by any other companies involved in the transaction or by persons related to these companies, as defined by the regulations governing public offerings for the purchase of shares As mentioned in item 12 above, Itaúsa currently holds 10,953,371 common shares of Itautec (98.926%).Additionally, management and indirect controlling parties hold 28,398 common shares issued by Itautec, totaling 10,981,769 shares (99.183%). Annual and Extraordinary General Stockholders Meeting April 30,

125 CNPJ / Publicly Listed Company Regarding Itaúsa, controlling stockholders, management and members of the fiscal council hold, in aggregate, 2,857,473,579 shares issued by Itaúsa (33.974%), of which 1,828, are common (63.273%) and 1,028,987,221 are preferred shares (18.638%). 14. Exposure of any of the companies involved in the transaction, or by persons related to these companies, as defined by the regulations governing public offerings for the purchase of shares, in derivatives backed by securities issued by the other companies involved in the transaction Not applicable. 15. Report covering all the trading during the last six (6) months by the persons indicated below in the securities issued by the companies involved in the transaction: a. Companies involved in the transaction i. Private purchase transactions, indicating the average price, number of shares involved, securities involved, percentage in relation to the class and type of securities, and other significant conditions Not applicable ii. Private sales transactions, indicating the average price, number of shares involved, securities involved, percentage in relation to the class and type of securities, and other significant conditions Not applicable iii. Purchase transactions in regulated markets, indicating the average price, number of shares involved, securities involved, percentage in relation to the class and type of securities, and other significant conditions Not applicable. iv. Sales transactions in regulated markets, indicating the average price, number of shares involved, securities involved, percentage in relation to the class and type of securities, and other significant conditions Not applicable. b. Parties related to the companies involved in the transaction i. Private purchase transactions, indicating the average price, number of shares involved, securities involved, percentage in relation to the class and type of securities, and other significant conditions Not applicable. ii. Private sales transactions, indicating the average price, number of shares involved, securities involved, percentage in relation to the class and type of securities, and other significant conditions Not applicable. iii. Purchase transactions in regulated markets, indicating the average price, number of shares involved, securities involved, percentage in relation to the class and type of securities, and other significant conditions Not applicable. iv. Sales transactions in regulated markets, indicating the average price, number of shares involved, securities involved, percentage in relation to the class and type of securities, and other significant conditions Not applicable. Annual and Extraordinary General Stockholders Meeting April 30,

126 CNPJ / Publicly Listed Company 16. Document through which the Special Independent Committee has submitted its recommendations to the Board of Directors if the transaction has been negotiated in accordance with CVM Guidance Opinion No. 35 of Not applicable. Copy of the minutes of all meetings of the board of directors, fiscal council and special committees at which the transaction was discussed, including any dissenting votes. ITAÚSA - INVESTIMENTOS ITAÚ S.A.: CNPJ / A Publicly-Listed Company NIRE SUMMARIZED MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF FEBRUARY 18, 2019 DATE, TIME AND PLACE: On February 18, 2019, at 6:30 p.m., at Paulista Avenue, 1938, 5º floor, Room 501, in the City and State of São Paulo (SP). CHAIRMAN: Henri Penchas. QUORUM: the totality of the elected members. RESOLUTION ADOPTED: The Directors unanimously resolved to approve the Executive Board s proposal to authorize the Company s officers to: (i) commence negotiations for the merger of the total shares issued by subsidiary Itautec S.A. Itautec Group ( Itautec ), in accordance with Article 252 of Law No. 6,404/76, with the resulting cancellation of Itautec s registration as a category A publicly-listed company with the Brazilian Securities Commission (CVM); and (ii) Inform the management of Itautec about the Company s intention, so that both companies start arrangements to set the best terms and conditions for the transaction, subject to the following: (a) the ratio of exchange of Itautec's shares for Itaúsa s preferred shares to be agreed to by the management of Itaúsa and Itautec may take into account the highest value for Itautec out of those arising from the appraisal at market price in accordance with Article 264 of Law No. 6,404/76, or cash flows or market price by the weighted average of prices on stock exchanges in the last twelve (12) months up to the date of disclosure of the first material fact about the transaction, even if one considers the lack of liquidity of the shares issued by Itautec; and (b) the amount of Itautec s lawsuit disclosed in Note 19.2 to the financial statements of Itautec for the year ended December 31, 2018, as well as in section 10, item 10.3 of its Reference Form, may be subject to commitment to future payment later to Itautec s current stockholders, proportionally to their interest in the capital stock of Itautec, if such receipt is to occur in the next three (3) years. CLOSING: there being no further matters on the agenda, these minutes were drafted, read, approved and signed by all. São Paulo (SP), February 18, (undersigned) Henri Penchas Chairman; Alfredo Egydio Setubal and Ana Lúcia de Mattos Barretto Villela Vice Chairs; Ricardo Egydio Setubal, Rodolfo Villela Marino and Victório Carlos De Marchi Directors. Annual and Extraordinary General Stockholders Meeting April 30,

127 CNPJ / Publicly Listed Company ITAUTEC S.A. - ITAUTEC GROUP CNPJ / A Publicly-Listed Company NIRE SUMMARIZED MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF FEBRUARY 21, 2019 DATE, TIME AND PLACE: On February 21, 2019, at 10:00 a.m., at Paulista Avenue 1938, 5º floor, Room 501, in the City and State of São Paulo (SP). CHAIRMAN: Ricardo Egydio Setubal. QUORUM: the totality of the elected members. RESOLUTION UNANIMOUSLY ADOPTED: On the grounds of having been informed by its parent company, Itaúsa Investimentos Itaú S.A.( Itaúsa ), about the latter s intention to carry out the merger of the total shares issued by Itautec, in accordance with Article 252 of Law No. 6,404/76, with the resulting cancellation of Itautec s registration as a category A publicly-listed company with the Brazilian Securities Commission (CVM), the Directors have resolved unanimously and supported by the favorable position stated by its Executive Board authorize Itautec s officers to commence negotiations with Itaúsa s Executive Board by seeking to negotiate the best ratio of exchange and the best terms and conditions for the transaction, subject to the following as proposed by Itaúsa s Executive Board: (i) the ratio of exchange of Itautec's shares for Itaúsa s preferred shares to be agreed to between the management of Itaúsa and Itautec may take into account the highest value for Itautec out of those arising from the appraisal at market price in accordance with Article 264 of Law No. 6,404/76, or cash flows or market price by the weighted average of prices on stock exchanges in the last twelve (12) months up to the date of disclosure of the first material fact about the transaction, even if one considers the lack of liquidity of the shares issued by Itautec; and (ii) the amount of Itautec s lawsuit disclosed in Note 19.2 to the financial statements of Itautec for the year ended December 31, 2018, as well as in section 10, item 10.3 of its Reference Form, may be subject to commitment to future payment later to Itautec s current stockholders, proportionally to their interest in the capital stock of Itautec, if such receipt is to occur in the next three (3) years. CLOSING: there being no further matters on the agenda, these minutes were drafted, read, approved and signed by all. São Paulo (SP), February 21, (undersigned) Ricardo Egydio Setubal, Chairman; Rodolfo Villela Marino, Vice Chairman; Henri Penchas and Olavo Egydio Setubal Júnior, Directors. Annual and Extraordinary General Stockholders Meeting April 30,

128 CNPJ / Publicly Listed Company ITAÚSA - INVESTIMENTOS ITAÚ S.A.: CNPJ / A Publicly-Listed Company NIRE SUMMARIZED MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF FEBRUARY 25, 2019 DATE, TIME AND PLACE: On February 25, 2019, at 11:00 a.m., at Paulista Avenue, 1938, 5º floor, Room 501, in the City and State of São Paulo (SP). CHAIRMAN: Henri Penchas. QUORUM: The totality of the members elected, with opinions submitted via . RESOLUTION ADOPTED:WHEREAS, (a) at the meeting held on February 18, 2019 the directors unanimously approved the commencement of negotiations for the merger of the total shares issued by subsidiary Itautec S.A. Itautec Group ( Itautec ), having authorized the Company s Executive Board to propose certain parameters to set a ratio of exchange to be followed at the transaction; (b) on February 21, 2019, a separate trading was conducted with shares issued by Itautec on stock exchange at the double price than the last trading, involving only 100 shares, which makes one of the options unfeasible for calculating the ratio of exchange previously considered by this Board at the meeting of February 18, 2019, as such separate transaction would have a fundamental role in setting the ratio of exchange, the Directors have unanimously resolved to: (iii) exclude the appraisal of companies at market price by the weighted average of prices on stock exchanges in the last twelve (12) months as an alternative for calculating the ratio of exchange for the transaction; and (iv) instruct the Company s Executive Board to inform Itautec s management about the aforementioned resolution, so that both companies proceed with the arrangements to set the best terms and conditions for the transaction, subject to the following: (a) the ratio of exchange of the shares issued by Itautec for Itaúsa s preferred shares to be agreed to between the management of Itaúsa and Itautec may take into account the highest appraisal of Itautec out of those resulting from the stockholders equity appraised at book value or market price in accordance with Article 264 of Law No. 6,404/76 or at discounted cash flows; and (b) the amount of Itautec s lawsuit disclosed in Note 19.2(ii) to the financial statements of Itautec for the year ended December 31, 2018, as well as in section 10, item 10.3 of its Reference Form, may be subject to commitment to future payment later to Itautec s current stockholders, proportionally to their interest in the capital stock of Itautec, if such receipt is to occur in the next three (3) years. CLOSING: there being no further matters on the agenda, these minutes were drafted, read, approved and signed by all. São Paulo (SP), February 25, (undersigned) Henri Penchas Chairman; Alfredo Egydio Setubal and Ana Lúcia de Mattos Barretto Villela Vice Chairs; Ricardo Egydio Setubal, Rodolfo Villela Marino and Victório Carlos De Marchi Directors. Annual and Extraordinary General Stockholders Meeting April 30,

129 CNPJ / Publicly Listed Company ITAUTEC S.A. - ITAUTEC GROUP CNPJ / A Publicly-Listed Company NIRE SUMMARIZED MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF FEBRUARY 25, 2019 DATE, TIME AND PLACE: On February 25, 2019, at 4:00 p.m., at Paulista Avenue, 1938, 5º floor, Room 501, in the City and State of São Paulo (SP). CHAIRMAN: Ricardo Egydio Setubal. QUORUM: the totality of the members elected, with opinions submitted via . RESOLUTION UNANIMOUSLY ADOPTED:WHEREAS, (a) at the meeting held on February 21, 2019, after the Company having been informed by its parent company, Itaúsa Investimentos Itaú S.A.( Itaúsa ), about the latter s intention to carry out the merger of the total shares issued by Itautec, the Directors have authorized the Company s Executive Board to commence negotiations with Itaúsa s Executive Board, subject to certain parameters to set a ratio of exchange to be followed at the transaction; and (b) as of this date, the Company received a new communication from its parent company Itaúsa informing the resolution taken by its Board of Directors to "exclude the appraisal of companies at market price by the weighted average of prices on stock exchanges in the last twelve (12) months as an option for calculating the ratio of exchange for the transaction, the Directors unanimously resolved to authorize Itautec s officers to proceed with the arrangements with Itaúsa s Executive Board by seeking to negotiate the best terms and conditions for the transaction, subject to the following as proposed by Itaúsa s Executive Board: (i) the ratio of exchange of the shares issued by Itautec for Itaúsa s preferred shares to be agreed to between the management of Itaúsa and Itautec may take into account the highest appraisal of Itautec out of those resulting from stockholders equity appraised at book value, or market price in accordance with Article 264 of Law No. 6,404/76, or at discounted cash flows; and (ii) the amount of Itautec s lawsuit disclosed in Note 19.2(ii) to the financial statements of Itautec for the year ended December 31, 2018, as well as in section 10, item 10.3(c) of its Reference Form, may be subject to commitment to future payment later to Itautec s current stockholders, proportionally to their interest in the capital stock, if such receipt is to occur in the next three (3) years. CLOSING: there being no further matters on the agenda, these minutes were drafted, read, approved and signed by all. São Paulo (SP), February 25, (undersigned) Ricardo Egydio Setubal, Chairman; Rodolfo Villela Marino, Vice Chairman; Henri Penchas and Olavo Egydio Setubal Júnior, Directors. Annual and Extraordinary General Stockholders Meeting April 30,

130 CNPJ / Publicly Listed Company ITAÚSA - INVESTIMENTOS ITAÚ S.A.: CNPJ / A Publicly-Listed Company NIRE SUMMARIZED MINUTES OF THE MEETING OF THE FISCAL COUNCIL OF MARCH 29, 2019 DATE, TIME AND PLACE: On March 29, 2019, at 10:00 a.m., at Paulista Avenue 1938, 5º floor, Room 505, in the City and State of São Paulo (SP). CHAIRWOMAN: Tereza Cristina Grossi Togni. QUORUM: the totality of the members elected, with opinions submitted by phone and . AGENDA: review and opine on the proposals related to the merger of the shares issued by Itautec S.A. Itautec Group ( Itautec ) into Itaúsa Investimentos Itaú S.A., which will be submitted for resolution by the Company's stockholders at the Annual and Extraordinary General Stockholders' Meeting to be held on April 30, RESOLUTIONS ADOPTED: After the matters included in the agenda were discussed and the documents related thereto were reviewed, as well as all clarifications were provided by the Company s management and the appraisers representatives, the members of the Fiscal Councils, unanimously and without qualification, expressed their favorable opinion so that, at the General Meeting of April 30, 2019, the following takes place:(i) ratification of the appointed appraisers: PricewaterhouseCoopers Auditores Independentes, to prepare the appraisal report of Itautec, in accordance with Article 252, paragraph 1, of Law No /76, and Ernst & Young Assessoria Empresarial Ltda., to prepare the appraisal reports of Itautec and Itaúsa, in accordance with Article 264 of Law No. 6,404/76; (ii) approval of said appraisal reports; (iii) approval of the Protocol and Justification for the Merger of the Shares issued by Itautec into the Company; (iv) approval of the merger of the shares issued by Itautec, thus transforming it into a wholly-owned subsidiary of the Company, in accordance with Article 252 of Law No. 6,404/76; and (v) approval of the Company s capital increase by R$286,344.15, with 118,815 preferred registered shares, with no par value, issued for subscription by the management of Itautec on behalf of Itautec s minority stockholders. In view of the opinion above, the members of the Fiscal Councils, unanimously and without qualification, resolved favorably to issue the following opinion: OPINION OF THE FISCAL COUNCIL: The effective members of the Fiscal Council of ITAÚSA - INVESTIMENTOS ITAÚ S.A. have reviewed the proposals related to the merger of the shares issued by Itautec S.A. - Itautec Group ( Itautec ) into Itaúsa Investimentos Itaú S.A., which will be submitted for resolution of the Company s Stockholders at the Annual and Extraordinary General Meeting to be held on April 30, 2019 and, in compliance with legal and regulatory provisions, opine, unanimously and without qualification, in favor of approving (i) the ratification of the appointed appraisers PricewaterhouseCoopers Auditores Independentes, to prepare the appraisal report of Itautec, in accordance with Article 252, Paragraph 1 of Law No. 6,404/76, and Ernst & Young Assessoria Empresarial Ltda., to prepare the appraisal reports of Itautec and of the Company, in accordance with Article 264 of Law No. 6,404/76; (ii) the related appraisal reports; (iii) the Protocol and Justification for the Merger of the Shares issued by Itautec into the Company; (iv) the merger of the shares of Itautec, thus transforming it into a wholly-owned subsidiary of the Company, in accordance with Article 252 of Law No. 6,404/76; and (v) the Company s capital increase by R$286,344.15, with 118,815 preferred registered shares with no par value issued for subscription by the management of Itautec on behalf of Itautec s minority stockholders. CLOSING: there being no further matters on the agenda, these minutes were drafted, read, approved and signed by all. São Paulo (SP), March 29, (undersigned) Tereza Cristina Grossi Togni, Chairwoman; Flávio Cesar Maia Luz, Guilherme Tadeu Pereira Júnior, José Maria Rabelo and Paulo Ricardo Moraes Amaral, Directors. Annual and Extraordinary General Stockholders Meeting April 30,

131 CNPJ / Publicly Listed Company ITAUTEC S.A. - ITAUTEC GROUP CNPJ / A Publicly-Listed Company NIRE SUMMARIZED MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF MARCH 29, 2019 DATE, TIME AND PLACE: On February 29, 2019, at 3:00 p.m., at Paulista Avenue 1938, 5º floor, Room 501, in the City and State of São Paulo (SP). CHAIRMAN: Ricardo Egydio Setubal. QUORUM: The totality of the members elected, with Directors opinions submitted via . LEGAL ATTENDANCE: Company s Officers. WHEREAS, (i) (ii) (iii) (iv) (v) (vi) as disclosed to the market through the Joint Material Fact on February 25, 2019, this Board and the Board of Directors of Itaúsa Investimentos Itaú S.A. have approved the commencement of negotiations to merger the total shares issued by Itautec into Itaúsa, in accordance with Article 252 of Law No. 6,404/76; Since then, the Executive Boards of both Companies have engaged in negotiating the major terms and conditions to be complied with and implemented under this merger of shares; The management of the Companies have freely negotiated the ratio of exchange of shares and agreed that Itautec s stockholders will receive one (1) preferred share issued by Itaúsa in exchange for one (1) common share issued by Itautec held by them as of the date of the merger of shares; Also as a result of these negotiations, the Parties have agreed that Itautec should commit to pay the holders of its common shares on February 25, 2019 (date of disclosure of the first material fact about the Merger of Shares) any amounts received under the Lawsuits (as defined in the Protocol then reviewed), proportionally to the interest of each stockholder in the capital stock of Itautec at the date of disclosure of the aforementioned material fact, if such receipt is to occur in the next three (3) years counted from February 25, 2019; This Merger of Shares seeks to streamline the corporate structure of the Companies and make their capital structure management more flexible, by concentrating both Companies stockholders into a single company with securities listed on stock exchanges; and Accordingly, the management of the Companies understand that this Merger of the Shares is advantageous and to the best interests of the Parties, since it will (i) allow a significant reduction in costs and expenses, including those arising from the maintenance of Itautec as a publicly-listed company and trading of its shares in the traditional listing segment of B3 Brasil, Bolsa, Balcão; and (ii) significantly increase liquidity for Itautec s current stockholders, who will receive preferred shares of Itaúsa in exchange for the shares issued by Itautec they currently hold. The members of the Board of Directors unanimously RESOLVE to:(i) approve the Protocol and Justification for the Merger of the Shares issued by Itautec S.A. Itautec Group into Itaúsa Investimentos Itaú S.A., as proposed by the Executive Board; and (ii) call the Company s stockholders to gather, at the Annual and Extraordinary General Stockholders Meeting to be held on April 30, 2019, at 11:00 a.m., at the Auditorium of the Head Office, located at Avenida Paulista, 1938, 5º andar, in the City and State of São Paulo (SP), to: Agenda of the Annual General Stockholders Meeting: Annual and Extraordinary General Stockholders Meeting April 30,

132 CNPJ / Publicly Listed Company 1. take cognizance of management accounts and examine, discuss, and vote on the Financial Statements for the fiscal year ended December 31, 2018; 2. approve the allocation of income for the year; 3. establish the number of members of the Board of Directors for the next annual term of office; 4. elect effective and alternate members of the Board of Directors; and 5. propose to proceed with, for fiscal year 2019, the overall amount of up to R$1,300, allocated to total compensation (fixed and variable, plus charges and benefits) of the Company s management (members of the Board of Directors and the Executive Board), regardless of the year when these amounts were effectively attributed or paid. Agenda of the Extraordinary General Stockholders Meeting: 6. approve the Protocol and Justification for the Merger of the Shares issued by the Company into its parent company, Itaúsa - Investimentos Itaú S.A., as well as the merger of Itautec s shares into Itaúsa, thus transforming the Company into a wholly-owned subsidiary of Itaúsa, in accordance with Article 252 of Law No. 6,404/76, and authorize its management to:(i) subscribe, on account and behalf of Itautec s stockholders, in accordance with Article 252, paragraph 2, of Law No. 6,404/76, the new shares to be issued by Itaúsa; and (ii) adopt the necessary measures to cancel its registration as a category A publicly-listed company with the CVM, with its resulting departure from the traditional listing segment of B3 S.A. Brasil, Bolsa, Balcão. CLOSING: there being no further matters on the agenda, these minutes were drafted, read, approved and signed by all. São Paulo (SP), March 29, (undersigned) Ricardo Egydio Setubal, Chairman; Rodolfo Villela Marino, Vice Chairman; Henri Penchas and Olavo Egydio Setubal Júnior, Directors. ITAÚSA - INVESTIMENTOS ITAÚ S.A.: CNPJ / A Publicly-Listed Company NIRE SUMMARIZED MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF MARCH 29, 2019 DATE, TIME AND PLACE: On March 29, 2019, at 4:00 p.m., at Paulista Avenue, 1938, 5º floor, Room 505, in the City and State of São Paulo (SP). CHAIRMAN: Henri Penchas. QUORUM: The totality of the members elected, with Directors opinions submitted via . LEGAL ATTENDANCE: Company s Officers and members of the Fiscal Council. WHEREAS, (vii) As disclosed to the market through the Joint Material Fact on February 25, 2019, this Board and the Board of Directors of Itautec S.A. Itautec Group have approved the commencement of negotiations to merger the total shares issued by Itautec into Itaúsa, in accordance with Article 252 of Law No. 6,404/76; (viii) Since then, the Executive Boards of both Companies have engaged in negotiating the major terms and conditions to be complied with and implemented under this merger of shares; (ix) The management of the Companies have freely negotiated the ratio of exchange of shares and agreed that Itautec s stockholders will receive one (1) preferred share issued by Itaúsa in exchange for one (1) common share issued by Itautec held by them as of the date of merger of shares; Annual and Extraordinary General Stockholders Meeting April 30,

133 CNPJ / Publicly Listed Company (x) (xi) (xii) Also as a result of these negotiations, the Parties have agreed that Itautec should commit to pay the holders of its common shares on February 25, 2019 (date of disclosure of the first material fact about the Merger of Shares) any amounts received under the Lawsuits (as defined in the Protocol then reviewed), proportionally to the interest of each stockholder in the capital stock of Itautec at the date of disclosure of the aforementioned material fact, if such receipt is to occur in the next three (3) years counted from February 25, 2019; This Merger of the Shares seeks to streamline the corporate structure of the Companies and make their capital structure management more flexible, by concentrating both Companies stockholders into a single company with securities listed on stock exchanges; and Accordingly, the management of the Companies understand that this Merger of the Shares is advantageous and to the best interests of the Parties, since it will (i) allow a significant reduction in costs and expenses, including those arising from the maintenance of Itautec as a publicly-listed company and trading of its shares in the traditional listing segment of B3. Brasil, Bolsa, Balcão; and (ii) significantly increase liquidity for Itautec s current stockholders, who will receive preferred shares of Itaúsa in exchange for the shares issued by Itautec they currently hold. The members of the Board of Directors unanimously RESOLVE to:(i) approve the Protocol and Justification for the Merger of the Shares issued by Itautec S.A. Itautec Group into Itaúsa Investimentos Itaú S.A., as proposed by the Executive Board; and (ii) call the Company s stockholders to gather, at the Annual and Extraordinary General Stockholders Meeting to be held on April 30, 2019, at 15:00 a.m., at the Auditorium of the Head Office, located at Avenida Paulista, 1938, 5º andar, in the City and State of São Paulo (SP), to: Agenda of the Annual General Stockholders Meeting: 1. take cognizance of the management accounts and review, discuss and vote on the Financial Statements for the year ended December 31, 2018; 2. resolve on the proposal for the allocation of net income for 2018 and ratify the early distribution of dividends and interest on capital; 3. establish the number of members of the Board of Directors for the next annual term of office; 4. elect effective and alternate members of the Board of Directors; 5. elect the members of the Fiscal Council for the next annual term of office; and 6. propose, for fiscal year 2019: (i) to set the overall amount allocated to compensation (fixed and variable, plus charges and benefits) of management members in up to R$24.5 million, regardless of the year when these amounts were effectively attributed or paid; and (ii) to proceed with the individual monthly compensation of R$18,000 for effective members and of R$7,000 for alternate members of the Fiscal Council. Agenda of the Extraordinary General Stockholders Meeting: 3. Merger of the shares issued by Itautec S.A. Itautec Group ( Itautec ): 1.1. Ratify the appointment of the appraisers:(i) PricewaterhouseCoopers Auditores Independentes, to prepare the appraisal report of Itautec, in accordance with Article 252, paragraph 1, of Law No /76, and (ii) Ernst & Young Assessoria Empresarial Ltda., to prepare the appraisal reports of Itautec and Itaúsa, in accordance with Article 264 of Law No. 6,404/76; 3.2. Approve said appraisal reports; 3.3. Approve the Protocol and Justification for the Merger of the Shares issued by Itautec into the Company Approve the merger of Itautec s shares, thus transforming it into a wholly-owned subsidiary of Itaúsa, in accordance with Article 252 of Law No. 6,404/76; 3.5. Approve the Company s capital increase by R$286,344.15, with the issue of 118,815 preferred registered shares, with no par value, to be subscribed by Itautec s management on behalf of Itautec s minority stockholders; and 3.6. Authorize the Company s management to take all measures necessary to carry out this merger of shares. Annual and Extraordinary General Stockholders Meeting April 30,

134 CNPJ / Publicly Listed Company 4. Amendment to and Consolidation of the Bylaws: 2.3. to amend the wording of the main paragraph of Article 3, to register the new composition of the capital stock, as a result of:(i) the increases by subscription and bonus shares approved on May 24, 2018; (ii) the cancelation of shares of own emission approved on November 12, 2018; and (iii) the increase through the issue of shares in Itautec s share merger process, as mentioned in item 1.5 above; and 2.4. to consolidate the Bylaws, to reflect the amendments mentioned above. CLOSING: there being no further matters on the agenda, these minutes were drafted, read, approved and signed by all. São Paulo (SP), March 29, (undersigned) Henri Penchas Chairman; Alfredo Egydio Setubal and Ana Lúcia de Mattos Barretto Villela Vice Chairs; Ricardo Egydio Setubal, Rodolfo Villela Marino and Victório Carlos De Marchi Directors. Annual and Extraordinary General Stockholders Meeting April 30,

135 CNPJ / Publicly Listed Company Attachment IX Annual and Extraordinary General Stockholders Meeting April 30,

136 CNPJ / Publicly Listed Company ATTACHMENT IX INFORMATION ON APPRAISERS (Attachment 21 to CVM Instruction No. 480/09) 1. List the appraisers recommended by management The management of the Companies have recommended the appointment of the following specialized companies, as qualified below, to prepare the appraisal reports for purposes of the merger of the shares issued by Itautec S.A. - Itautec Group ( Itautec ) into Itaúsa Investimentos Itaú S.A.( Itaúsa or Companies ). PricewaterhouseCoopers Auditores Independentes, enrolled in the National Register of Legal Entities/Ministry of Finance (CNPJ-MF) under number / , with head office at the City and State of São Paulo (SP), at Avenida Francisco Matarazzo, 1400, Torre Torino, 9º, 10º e 13º ao 17º andares ( PwC ), to prepare the appraisal report of stockholders equity at book value as of December 31, 2018; and Ernst & Young Assessoria Empresarial Ltda., enrolled in the National Register of Legal Entities/Ministry of Finance (CNPJ-MF) under number / , with head office in the City and State of São Paulo (SP), at Avenida Presidente Juscelino Kubitschek, 1909, Torre Norte, 10º andar ( EY ), to prepare the appraisal report of stockholders equity at market price and the appraisal report of stockholders equity at discounted cash flows as of December 31, Describe the qualifications of the recommended appraisers PwC One of the world s largest providers of professional audit, advisory and other accessory services for all types of companies, it is present around the world in 158 territory sites, with over 250,000 professionals dedicated to providing quality services in audit and assurance, tax and corporate advisory, business advisory and advisory in transactions. Present in Brazil since 1915, PwC Brazil has approximately 4,200 professionals in 17 offices located across all Brazilian regions. The most strategic aspect of this diversified structure is ensuring that, in addition to the specialized qualification inherent in all professionals in PwC Brazil, the regional employees have in-depth knowledge of the cultures and economic vocations of each region. EY Global leader in Audit, Tax, Corporate Transactions and Advisory services. The insights and quality services provided help build up trust in capital markets and economies around the world. Giving rise to outstanding leaders who work as a team to meet EY s commitments to all stakeholders. Having, therefore, a crucial role in building the path for a better business world for all people, clients and communities. EY refers to the global organization, and may also refer to one or more member firms of Ernst & Young Global Limited (EYG), each of which is a separate legal entity. 3. Provide copy of the engagement proposals and fees to be paid to recommended appraisers This information is included in EY s Engagement Proposals and Service Request No. 3 related to the Agreement for Audit and Related Services entered into between Investimentos Itaú S.A. and the firm engaged (PwC) on April 4, 2018, which is a part of this Attachment. Annual and Extraordinary General Stockholders Meeting April 30,

137 CNPJ / Publicly Listed Company 4. Describe any material relationship existing in the last three (3) years between the recommended appraisers and the parties related to the company, as defined in the accounting standards about this topic. PwC PwC has been providing audit services and carrying out a review of the financial statements since March 2017 and a review of the Reference Forms since December PwC also has been providing services to: (i) Itautec S.A. Itautec Group: audit services and review of the financial statements since March 2017; (ii) Companhia ESA: review of the financial statements since December 2016; and (iii) IUPAR Itaú Unibanco Participações S.A.: audit of the financial statements since December EY EY has been providing (has provided) the following services to: (i) Itaú Unibanco S.A. Internal Controls: staff loan (since 2017), Internal audit: staff loan (since 2017); and audit of the financial statements of over 500 investment funds regulated by CVM (since 2017); and (ii) Duratex S.A. audit of the financial statements ( ). Annual and Extraordinary General Stockholders Meeting April 30,

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177 Attachment X 177

178 Attachment X PROTOCOL AND JUSTIFICATION FORTHE MERGER OF THE SHARES ISSUED BY By this private instrument, ITAUTEC S.A. ITAUTEC GROUP INTO ITAÚSA INVESTIMENTOS ITAÚ S.A. (i) the management of ITAÚSA INVESTIMENTOS ITAÚ S.A., a publicly-listed company, with head office in the City and State of São Paulo (SP), at Paulista Avenue 1938, 5º floor, Bela Vista, CEP , enrolled in the National Register of Legal Entities/Ministry of Finance (CNPJ-MF) under number / and NIRE ( ITAÚSA or Acquiring Company ); and (ii) the management of ITAUTEC S.A. ITAUTEC GROUP, a publicly-listed company, with head office in the City and State of São Paulo (SP), at Paulista Avenue 1938, 5º floor, Bela Vista, CEP , enrolled in the National Register of Legal Entities/Ministry of Finance (CNPJ-MF) under number / and NIRE ( ITAUTEC or Acquired Company ) and, collectively referred to as the Parties or Companies. WHEREAS, (i) As disclosed to the market through the Joint Material Fact on February 25, 2019 ( First Material Fact ), the Boards of Directors of the Companies approved the commencement of negotiations to merger 100% of the shares issued by ITAUTEC into ITAÚSA ( Merger of Shares ), in accordance with Article 252 of Law No. 6,404/76 ( Brazilian Corporate Law ), with the resulting cancellation of ITAUTEC s registration as a category A publicly-listed company with the Brazilian Securities Commission (local acronym CVM); (ii) (iii) Since then, the Executive Boards of both Companies have engaged in negotiating the major terms and conditions to be complied with and implemented under this Merger of Shares; and As of this date, the terms and conditions negotiated by the Executive Boards were submitted to the Boards of Directors of the Companies, and the directors of both Companies have stated a favorable position for the Merger of Shares under these negotiated terms, THE PARTIES HERETO AGREE TO execute as of this date, in accordance with Articles 224, 225, 252 and 264 of Brazilian Corporate Law and CVM Instruction No. 565/15 ( Instruction No. 565 ), this Protocol and Justification for the Merger of the Shares Issued by ITAUTEC into ITAÚSA ( Protocol ), which shall be submitted under the following terms and conditions: 1. DESCRIPTION AND JUSTIFICATION FOR THE TRANSACTION 1.1. Description of the Merger of Shares: The management of the Companies hereby wish to submit for approval from their respective stockholders, gathered at the Extraordinary General Stockholders' Meetings, a proposal for the merger of total shares issued by ITAUTEC into ITAÚSA.As a result of this Merger of Shares, ITAUTEC shall become a wholly-owned subsidiary of ITAÚSA, and the number of preferred shares issued by 178

179 ITAÚSA shall be added by the number of shares issued in favor of ITAUTEC's stockholders, in accordance with the ratio of exchange stated in this Protocol Companies interest in and justification for the Merger of Shares: This Merger of Shares seeks to streamline the corporate structure of the Companies and make their capital structure management more flexible, by concentrating both Companies stockholders into a single company with securities listed on stock exchanges Accordingly, the management of the Companies understand that this Merger of Shares is advantageous and to the best interests of the Parties, since (i) it shall allow a significant reduction in costs and expenses, including those arising from the maintenance of ITAUTEC as a publicly-listed company and trading of its shares in the traditional listing segment of B3 S.A. Brasil, Bolsa, Balcão ( B3 ); and (ii) it shall significantly increase liquidity for ITAUTEC s current stockholders, which will receive preferred shares of ITAÚSA in exchange for the shares issued by ITAUTEC they currently hold Base Date: This Merger of Shares shall have December 31, 2018 as its base date ( Base Date ). 2. OWNERSHIP STRUCTURE OF THE PARTIES 2.1. ITAUTEC S ownership structure: As of this date, fully subscribed, paid-up capital stock of ITAUTEC is fifty-six million, three hundred forty-eight thousand, one hundred ten Brazilian reais and seventy-three cents (R$56,348,110.73), represented by eleven million, seventy-two thousand, one hundred eighty-six (11,072,186) common registered book-entry shares with no par value, of which ITAÚSA holds ten million, nine hundred fiftythree thousand, three hundred seventy-one (10,953,371) shares ITAÚSA S ownership structure: As of this date, fully subscribed, paid-up capital stock of ITAÚSA is forty-three billion, five hundred fifteen million Brazilian reais (R$43,515,000,000.00), represented by eight billion, four hundred ten million, six hundred ninety-seven thousand, nine hundred eighty-eight (8,410,697,988) registered book-entry shares with no par value, of which two billion, eight hundred eighty-nine million, eight hundred thirty-nine thousand, six hundred forty-three (2,889,839,643) are common shares and five billion, five hundred twenty million, eight hundred fifty-eight thousand, three hundred forty-five (5,520,858,345) are preferred shares. 3. RATIO OF EXCHANGE 3.1. Ratio of Exchange: The management of the Companies have freely negotiated the ratio of exchange of shares and agreed that ITAUTEC s stockholders shall receive one (1) preferred share issued by ITAÚSA in exchange for one (1) common share issued by ITAUTEC held by them as of the date of Merger of Shares ( Ratio of Exchange ).This Ratio of Exchange shall be submitted for approval from the Companies stockholders at the Extraordinary General Stockholders Meetings called to resolve on this Transaction In order to determine the Ratio of Exchange, the following aspects were considered, albeit not in isolation:(i) the liquidity and widely-held nature of the preferred shares issued by ITAÚSA (which makes up the B3 s stock index) which shall be assigned to ITAUTEC s stockholders; and (ii) the reduction in costs and expenses to be provided by such Merger of Shares to ITAÚSA Number of shares assigned: Taking into account the Ratio of Exchange, ITAÚSA shall issue and assign to ITAÚTEC s stockholders one hundred eighteen thousand, eight hundred fifteen (118,815) preferred registered shares, with no par value, issued by ITAÚSA ( New Shares ), and ITAÚSA's other stockholders shall remain as holders of eight billion, four hundred ten million, six hundred ninety-seven thousand, nine hundred eighty-eight (8,410,697,988) registered shares, with no par value, of which two billion, eight hundred 179

180 eighty-nine million, eight hundred thirty-nine thousand, six hundred forty-three (2,889,839,643) are common shares and five billion, five hundred twenty million, eight hundred fifty-eight thousand, three hundred forty-five (5,520,858,345) are preferred shares The Ratio of Exchange shall be adjusted proportionally in the case of stock split, reverse split, bonus or any other similar event prior to the completion of the Merger of Shares that would result in a change in the number of shares representing the capital stock of ITAUTEC or ITAÚSA, without changing its stockholders equity Preferred shares issued by ITAÚSA to be assigned to ITAUTEC s stockholders, in exchange for the common shares issued by ITAUTEC of which they are the holders, shall have the same rights assigned to the then existing preferred shares issued by ITAÚSA, and shall be entitled to all benefits, including dividends and return on capital to be declared by ITAÚSA as of the completion of the Merger of Shares. 4. CRITERIA FOR STOCK APPRAISAL, APPRAISERS AND TREATMENT GIVEN TO EQUITY CHANGES 4.1. Appraisal of ITAUTEC s stockholders equity for purposes of Article252, paragraph 1, of Brazilian Corporate Law: Appraiser: ITAUTEC s management has engaged the services of PRICEWATERHOUSECOOPERS AUDITORES INDEPENDENTES, enrolled in the National Register of Legal Entities/Ministry of Finance (CNPJ-MF) under number / , with head office in the city of São Paulo (State of São Paulo), at Avenida Francisco Matarazzo, 1400, Torre Torino, 9º, 10º e 13º ao 17º andares ( PWC ), as a company specialized in preparing appraisal reports of the book value of the shares issued by ITAUTEC to be merged into ITAÚSA, which appointment will be submitted for approval from the Extraordinary General Stockholders Meeting of ITAÚSA to resolve on the Merger of Shares, in accordance with Article 252, paragraph 1, of Brazilian Corporate Law Appraisal of the book value of ITAUTEC s stockholders equity: For purposes of the capital increase of ITAÚSA, as a result of the Merger of Shares as detailed in chapter 5 hereof -, PWC has submitted to the management of the Companies the appraisal report of the shares issued by ITAUTEC based on their book value at the Base Date, which is attached as Attachment I to this Protocol (only in Portuguese) ( Appraisal Report of the Acquired Company"). The figures specified therein shall be subject to the analysis of and approval from ITAÚSA s stockholders, in accordance with Brazilian Corporate Law Book value of ITAUTEC s shares: In accordance with the Appraisal Report of the Acquiring Company, the book value of the shares issued by ITAUTEC to be merged into ITAÚSA, as of the Base Date, is two Brazilian reais, forty-one cents (R$2.41) per common share Recording equity changes: Any equity changes occurring in ITAUTEC from the Base Date to the date of completion of the Merger of Shares shall be supported solely by ITAUTEC and be reflected on ITAÚSA as a result of the application of the equity method of accounting Appraisal of the stockholders equity of the Companies for purposes of Article 264 of Brazilian Corporate Law: Additionally, to comply with the provisions in Article 264 of Brazilian Corporate Law and Article 8 of Instruction No. 565, ERNST & YOUNG ASSESSORIA EMPRESARIAL LTDA., enrolled in the National Register of Legal Entities/Ministry of Finance (CNPJ-MF) under number / , with head office in the City and State of São Paulo (SP), at Avenida Presidente Juscelino Kubitschek, 1909, Torre Norte, 10º andar ( EY ), has been engaged to prepare appraisal reports of ITAUTEC and ITAÚSA, based on appraisal of 180

181 stockholders equity at market price, which are included respectively as Attachments II and III hereto (only in Portuguese). These appraisal reports have been prepared in accordance with the same criteria and at the same Base Date, and their findings, exclusively for information purposes of the Article 264 of Brazilian Corporate Law, are as follows: Appraisal of stockholders equity at market price: Based on information received and the work carried out, EY has estimated the stockholders equity at market price of (i) ITAUTEC at approximately R$2.1 million, and (ii) ITAÚSA at approximately R$94,809 million. Accordingly, the calculation of the ratio for a theoretical exchange of shares based on such criteria would result in the issue of one (1) preferred share of ITAÚSA for each lot of fifty-nine (59) common shares issued by ITAUTEC held by ITAUTEC s stockholders as of the date of the Merger of Shares Other Appraisals: Appraisal of ITAUTEC at discounted cash flows: In addition to the appraisal conducted for purposes of Article 264 of Brazilian Corporate Law, and also for information purposes, EY has prepared an appraisal report of ITAUTEC at discounted cash flows (Attachment IV hereto only in Portuguese) and, based on information received and the work carried out, estimated ITAUTEC at negative R$30.05 million, so that if such criterion were to be used, a possible theoretical ratio of exchange of common shares issued by ITAUTEC for preferred shares issued by ITAUSA would result in a negative value Other Information: Also for information purposes and with no intention to set up a ratio of exchange, the market value of preferred shares issued by ITAÚSA based on the average price determined on B3 at the 24 sessions prior to the disclosure of the First Material Fact (average number of 36,747,225 shares traded at each session) is R$13.18 per share. Regarding ITAUTEC, if one included the 24 sessions prior to the disclosure of the First Material Fact in which ITAUTEC s shares issued were traded which, given the low trading volume (average number of 321 shares traded at each session) would go back to the volume of June 9, 2015 the average price would be R$16.12 per share Representations: PWC and EY (collectively the Appraisers ) hereby represent that (i) there is no real or potential conflict or convergence of interests with the Companies stockholders or regarding the Merger of Shares itself; and (ii) neither stockholders nor the management of the Companies have directed, restricted, made it difficult or carried out any actions that have or may have compromised the access, use or knowledge of any information, assets, documents or methodologies that were material to the quality of their conclusions. 5. CAPITAL INCREASE AND ISSUE PRICE OF THE SHARES TO BE ISSUED BY THE ACQUIRING COMPANY 5.1. Acquiring Company s capital increase: If the appointment of the Appraisers, as well as the Appraisal reports of the Acquiring Company and the Merger of Shares, is approved, ITAÚSA s capital stock will be increased by two hundred eighty-six thousand, three hundred forty-four Brazilian reais and fifteen cents (R$286,344.15), with one hundred eighteen thousand, eight hundred fifteen (118,815) New Shares ( Capital Increase ) issued Issue price of New Shares: These New Shares will be issued by ITAÚSA at two Brazilian reais forty-one cents (R$2.41) per share, corresponding to the price of ITAUTEC s share as per the appraisal of its stockholders equity as of the Base Date. 181

182 Subscription of New Shares: These New Shares shall be fully subscribed by the management of ITAUTEC, on account and behalf of ITAUTEC s stockholders, in accordance with Article 252, paragraph 2, of Brazilian Corporate Law, and paid up by transferring, to ITAÚSA s assets, one hundred eighteen thousand, eight hundred fifteen (118,815) outstanding common shares issued by ITAUTEC Capital stock of Acquiring Company after the Merger of Shares is completed: After the Capital Increase is carried out, ITAÚSA s capital stock will amount to forty-three billion, five hundred fifteen million, two hundred eighty-six thousand, three hundred forty-four Brazilian reais fifteen cents (R$43,515,286,344.15), represented by eight billion, four hundred ten million, eight hundred sixteen thousand, eight hundred three (8,410,816,803) registered book-entry shares, with no par value, of which two billion, eight hundred eighty-nine million, eight hundred thirty-nine thousand, six hundred forty-three (2,889,839,643) are common shares and five billion, five hundred twenty million, nine hundred seventy-seven thousand, one hundred sixty (5,520,977,160) are preferred shares. ITAÚSA s stockholders shall not be entitled to preemptive right upon Capital Increase, in accordance with Article 252, paragraph 1, of Brazilian Corporate Law Wholly-owned subsidiary: With the Merger of Shares, total shares issued by ITAUTEC shall be held by ITAÚSA, and as a result the former shall become a wholly-owned subsidiary of the latter. 6. RIGHT TO CREDIT ON BEHALF OF ITAUTEC S STOCKHOLDERS 6.1. Acquired Company s contingent assets: As of the Base Date, ITAUTEC is a party to some civil and tax lawsuits in progress with expected right to credit, classified by ITAUTEC s legal advisors in accordance with their chance of success as possible and probable. These lawsuits are not recorded in the financial statements of ITAUTEC for the year ended December 31, 2018, as these are characterized as contingent assets in accordance with the applicable accounting standards Contingent assets classified as probable: The main lawsuits to which ITAUTEC is a party as of the Base Date with probable chance of success amount, in the aggregate, to R$20 million (before related taxes and costs) (Lawsuits with Probable Chance of Success ).However, management of ITAUTEC believes that, in the event of a favorable decision, the corresponding amounts may be received in the long-term only Contingent assets classified as possible: ITAUTEC has also other potential contingent assets with chance of success classified as possible, among which we highlight the claim for damages filed in the Courts of the Netherlands in December 2015, aimed at the reimbursement for a surcharge paid in the purchase of Cathode Ray Tubes (CRT) used by ITAUTEC in the manufacture of TV sets and computer monitors CPTs and CDTs in view of the cartelization, in Brazil and abroad, by the respective manufacturers between 1995 and 2007 ( CRT Lawsuit and, collectively with the Lawsuits with Probable Chance of Success, the Lawsuits ).In November 2017, the Dutch Court ruled itself to have jurisdiction over the case, since one of the defendants has its registered office in the Netherlands. This claim for damages will be examined on the merits and is pending production of evidence. The indemnity amount, if any, will be calculated by experts at the end of the proceedings, if ITAUTEC has a favorable decision Commitment to Future Payment assumed by the Acquired Company: ITAUTEC hereby agrees to pay to stockholders that held its common shares on February 25, 2019 (date of disclosure of the First Material Fact) any amounts received under the Lawsuits, proportionally to the interest of each stockholder in the capital stock of ITAUTEC at the date of disclosure of the First Material Fact, if such receipt is to occur in the next three (3) years counted from February 25,

183 7. AMENDMENTS TO BYLAWS 7.1. Acquiring Company s Bylaws: If the Merger of Shares is approved and the Capital Increase is carried out, the wording of the main paragraph of Article 3 of ITAÚSA s Bylaws will be amended to reflect the issue of the New Shares. Therefore, the wording of this provision will read as follows: Article3 CAPITAL AND SHARES Subscribed and paid-up capital is forty-three billion, five hundred fifteen million, two hundred eighty-six thousand, three hundred forty-four Brazilian reais and fifteen cents (R$43,515,286,344.15), represented by eight billion, four hundred ten million, eight hundred sixteen thousand, eight hundred three (8,410,816,803) registered shares, with no par value, of which two billion, eight hundred eighty-nine million, eight hundred thirty-nine thousand, six hundred forty-three (2,889,839,643) are common shares and five billion, five hundred twenty million, nine hundred seventy-seven thousand, one hundred sixty (5,520,977,160) are preferred shares, the latter with no voting rights but with the following advantages: I - priority in the receipt of a non-cumulative minimum annual dividend of one cent of the Brazilian real (R$0.01) per share, and a dividend at least equal to that paid to common stockholders is assured; and II - the right to tag along, in the event of a sale of control, at a price equal to eighty percent (80%) of the price paid for each share with voting right that is part of the controlling group. 8. CORPORATE ACTS 8.1. Prior to the execution of this Protocol, the following corporate acts were carried out: (i) Meetings of the Boards of Directors of ITAUTEC and ITAÚSA held on March 29, 2019, in which directors unanimously approved this Protocol and Justification for Merger of Shares, as well as the call of the respective stockholders meetings to approve this Protocol and other matters required to the implementation of this Merger of Shares; and (ii) Meeting of the ITAÚSA s Fiscal Council, as of the same date, in which the members stated a position favorable to the proposed Merger of Shares The completion of the Merger of Shares shall be conditioned upon: (i) The approval, at the Annual General Stockholders Meetings of ITAUTEC and ITAÚSA, of the respective financial statements for the year ended December 31, 2018, as disclosed on February 12 and 19, 2019; (ii) The approval, at the Extraordinary General Stockholders Meeting of ITAUTEC, of this Protocol and Merger of Shares, as well as the authorization to management to subscribe on account and behalf of ITAUTEC s stockholders the New Shares to be issued by ITAÚSA, in accordance with Article 252, paragraph 2, of Brazilian Corporate Law; and (iii) Extraordinary General Stockholders Meeting of ITAÚSA to:(i) approve the appointment of the Appraisers; (ii) approve the Appraisal reports of the Acquiring Company and this Protocol; (iii) approve the Merger of Shares and authorize the capital increase to be subscribed and paid up by the management of ITAUTEC as a result of this process; and (iv) authorize the ITAÚSA s Executive Board to enter into all contracts and instruments and carry out all other actions required for the completion of the Merger of Shares. 9. RIGHT OF DISSENT AND APPRAISAL 183

184 9.1. Right of dissent and appraisal: As set forth in Articles 252, paragraphs 1 and 2, and 137, item II, of Brazilian Corporate Law, ITAUTEC s stockholders and holders of common shares of ITAÚSA that dissent from the Merger of Shares shall be entitled to the right of dissent and appraisal ( Right of Dissent and Appraisal ) Dissenting stockholders: For exercising the right to dissent and appraisal, dissenting stockholders shall be deemed as those stockholders that reject or abstain from voting the respective resolution on the Merger of Shares, as well as those that fail to attend the respective Extraordinary General Stockholders Meeting held to resolve on the matter, provided that these stockholders expressly state their intention within thirty (30) days from the date of publication of the respective minutes of the Extraordinary General Stockholders Meeting which approves the Merger of Shares, in accordance with Article 230 of the Brazilian Corporate Law Reimbursement: The reimbursement to stockholders exercising the Right of Dissent and Appraisal at the Merging and Merged Companies shall be calculated based on the book value of the shares of the Companies as of the Base Date, which shall be paid in up to thirty (30) business days from the date of completion of the Merger of Shares, in accordance with Articles 137, paragraph 3, and 230 of the Brazilian Corporate Law. The reimbursement of the amount of the shares, in any case, shall only be guaranteed for those shares held by the stockholder in an uninterrupted and proven way since the date of disclosure of the material fact that included the terms and conditions of the Merger of Shares, in accordance with Instruction 565, and it is certain that the shares acquired after that date shall not be entitled to the Right of Dissent and Appraisal, in accordance with Article 137, paragraph 1, of Brazilian Corporate Law Reimbursement amount for ITAUTEC s stockholders: The reimbursement amount for ITAUTEC s dissenting stockholders shall be two Brazilian reais and forty-one cents (R$2.41) per share, based on the book value as per the financial statements for the year ended December 31, 2018, except for the right to prepare a special balance sheet Reimbursement amount for holders of common shares of ITAÚSA: The reimbursement amount for ITAÚSA s dissenting stockholders shall be six Brazilian reais and fifty-six cents (R$6.56) per common share, based on the book value as per the financial statements for the year ended December 31, 2018, except for the right to prepare a special balance sheet. Holders of preferred shares of ITAÚSA shall have no Right of Dissent and Appraisal. 10. GENERAL PROVISIONS Acquired Company s registration as a publicly-listed company: Following the Merger of Shares, the management of ITAUTEC shall adopt the necessary measures to cancel its registration as a category A publicly-listed company with the CVM, with its resulting departure from the B3 s traditional listing segment Lack of succession: The Merger of Shares shall not cause ITAÚSA to absorb any assets, rights, property, duties or responsibilities of ITAUTEC, which shall maintain its full juridical personality, with no succession in place Other documents: The documents mentioned herein shall be available to stockholders on the respective head offices, as of the call dates of the General Meetings, as well as on the websites of CVM ( B3 ( and on the Investor Relations websites of ITAUTEC ( and ITAÚSA ( Venue: It is hereby appointed the venue of the judicial district of the City of São Paulo, to the exclusion of any other, however more privileged it may be or become, to settle any controversies arising from this Protocol and Justification instrument. 184

185 IN WITNESS WHEREOF, the parties hereby have executed this Protocol and Justification in six copies of equal content for a single effect, together with the two witnesses identified below. São Paulo (SP), March 29, Itaúsa - Investimentos Itaú S.A. (undersigned) Alfredo Egydio Setubal and Rodolfo Villela Marino CEO and Director Vice-President, respectively; Itautec S.A. - Itautec Group (undersigned) Irineu Govêa and Priscila Grecco Toledo CEO and Officer, respectively; and Witnesses:(undersigned) Mirna Justino Mazzali and Claudinéia de Fátima Redondo Segantin. 185

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200 Itautec S.A. Grupo Itautec Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Estritamente Confidencial 29 de março de 2019 Final 200

201 29 de março de 2019 Final Estritamente Confidencial Itautec S.A. Grupo Itautec Avenida Paulista, º Andar Bela Vista CEP: São Paulo SP- Brasil Ernst & Young Assessoria Empresarial Ltda. Av. Presidente Juscelino Kubitschek, 1909 Torre Norte - 10º andar São Paulo SP Telefone: Avaliação do patrimônio líquido a preços de mercado da Itautec S.A. Grupo Itautec 29 de março de 2019 Conforme solicitação de V.Sa., a Ernst & Young Assessoria Empresarial Ltda. (EY) apresenta o laudo de avaliação do patrimônio líquido a preços de mercado da Itautec S.A.- Grupo Itautec (Itautec ou Empresa), na data-base de 31 de dezembro de 2018 (data-base). O propósito deste trabalho é assessorar a administração da Itautec (Administração) no processo de reestruturação societária conduzido pela Itaúsa Itaú Investimentos S.A. (Itaúsa), atendendo aos requerimentos do Artigo n 264 da Lei das Sociedades Anônimas. Este laudo de avaliação (Laudo) contempla objetivo, escopo, procedimentos e metodologias utilizadas, bem como as premissas mercadológicas e operacionais que envolveram o cálculo da estimativa do patrimônio líquido a preços de mercado da Itautec. Nossa estimativa de valor não deve ser considerada como um conselho/recomendação de investimento ou de qualquer transação envolvendo as ações da Empresa, fairness opinion ou utilizado para financiamento/ captação de recursos, bem como qualquer outra finalidade, exceto a descrita anteriormente. É importante destacar que não investigamos de forma independente, bem como não foi aplicado nenhum processo de auditoria nas informações fornecidas pela Administração notadamente em relação aos balanços patrimoniais da Empresa, é válido destacar que as Demonstrações Financeiras disponibilizadas na data-base de 31 de dezembro de 2018 foram auditadas pela PricewaterhouseCoopers Auditores Independentes. Conforme mencionado em nosso contrato, nossa análise está sujeita às limitações gerais descritas neste Laudo. Todas as pesquisas foram baseadas em transações/empresas comparáveis de mercado, bem como em nosso entendimento acerca da Empresa. Assumimos que a Administração analisou de forma consistente os fatores que possam impactar nos resultados obtidos, bem como não omitiu nenhuma informação relevante, a qual poderia impactar significativamente o resultado dos nossos trabalhos. Agradecemos a oportunidade de colaborarmos com a Administração. Caso haja quaisquer dúvidas ou necessitar de informações adicionais, entre em contato com o Sr. Jamiu Antunes pelo telefone +55 (11) ou Sra. Fernanda Luca pelo telefone +55 (11) Atenciosamente, Jamiu Antunes Sócio Fernanda de Luca Gerente Sênior Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 2 de

202 29 de março de 2019 Final Dashboard Sumário 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Sumário Executivo 1 Patrimônio Líquido a... 2 Apêndices 3 Anexos 4 Página 4 Página 7 Página 15 Página 25 Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 3 de

203 29 de março de 2019 Final 1 Sumário Executivo Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 4 de

204 29 de março de 2019 Final 1 Sumário Executivo Visão Geral do Trabalho 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Objetivo Escopo Premissas Gerais A Itautec é uma sociedade anônima brasileira, sediada em São Paulo e fundada em 1985, atuou até 2013 com fabricação e comercialização de equipamentos de computação, automações bancária e comercial e na prestação de serviços. Atualmente a Empresa encontra-se em estágio de descontinuidade de suas operações; e O objetivo deste trabalho é apresentar avaliação do patrimônio líquido a preços de mercado da Itautec, na data-base de 31 de dezembro de 2018, a fim suportar a Administração no processo de reestruturação societária conduzido pela Itaúsa. * auditados pela PricewaterhouseCoopers Auditores Independentes Discussões com executivos e funcionários da Itautec; Obtenção de dados contábeis históricos*, operacionais e financeiros da Itautec para o período de dezembro de 2017 a 31 de dezembro de 2018; Elaboração da avaliação da totalidade do capital da Itautec através da soma das partes, incluindo participações nas investidas, ativos imobilizados e demais ativos e passivos; e A metodologia adotada não contempla mudanças nos ambientes externo ou interno nos quais a Itautec. opera, além daquelas explicitadas nesse Laudo. Padrão de valor: Valor justo em atendimento ao CPC 46 valor justo ( CPC 46 ); Segundo o CPC 46, valor justo é o preço que seria recebido pela venda de um ativo ou que seria pago pela transferência de um passivo em uma transação não forçada entre participantes do mercado na data de mensuração. Data-base: 31 de dezembro de 2018; Metodologia: O valor do Patrimônio Líquido a preços de Mercado é definido pela Instrução CVM 436 como o valor apurado tomando por base a venda ou liquidação dos ativos e exigíveis separadamente, considerando: (i) o valor expresso em caixa ou equivalente, pelo qual propensos compradores e vendedores, com conhecimento de Mercado, trocariam uma propriedade, inexistindo compulsão para a transação; e (ii) o valor reflete condições de liquidação ordenada, portanto não devem ser consideradas condições de liquidação forçada. Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 5 de

205 29 de março de 2019 Final 1 Sumário Executivo Estimativa de Valor 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Sumário de valor (R$ milhões) Composição dos ajustes (R$ milhões) Patrimônio líquido contábil 26,6 Ajuste a Crédito do Patrimônio Líquido 61,8 Ajuste de Propriedade para Investimento 44,1 61,8 (86,4) Ajuste de imobilizado 1,7 Ajuste de ativos contingentes 16,0 Ajuste a Débito do Patrimônio Líquido 86,4 26,6 2,1 (-) Provisões para contingências 71,7 (-) IR diferido 14,7 Patrimônio Líquido contábil Ajuste a Crédito do Patrimônio Líquido Ajuste a Débito do Patrimônio Líquido Patrimônio Líquido a preços de mercado Patrimônio líquido a Preços de Mercado 2,1 Fonte: EY/Administração Ajustes do Patrimônio Líquido (R$ milhões) 1,7 16,0 (71,7) 44,1 Conclusão Com base nas informações recebidas e no trabalho realizado, nossa avaliação resultou em uma estimativa do valor do Patrimônio Líquido a preços de mercado da Itautec de aproximadamente R$ 2,1 milhões (dois milhões e oitenta e seis mil reais) na data-base de 31 de dezembro de (14,7) (24,6) Propriedade para Invetimento Imobilizado Ativos contingentes Provisões para contingências IR diferido Passivo de ajuste a valor justo Total dos ajustes Fonte: EY/Administração Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 6 de

206 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 7 de

207 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Visão Geral da Itautec 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Descrição da Empresa A Itautec é uma empresa brasileira com sede na cidade de São Paulo. Constituída em 1985, atuou até 2013 com fabricação e comercialização de equipamentos de computação, automações bancária e comercial e na prestação de serviços. Em maio de 2013 firmou parceria estratégica com a Oki Electric Industry Co., Ltd. ( Oki ), sociedade constituída de acordo com as leis do Japão, nas atividades de automação bancária e comercial e de prestação de serviços, com objetivo de reposicionamento estratégico da Itautec no mercado de TI. Na mesma data, foi iniciado o processo de desativação paulatina da unidade de Computação, cuja comercialização de produtos foi encerrada em Em janeiro de 2014, a Oki adquiriu 70% das participações que a Itautec e a Itautec Participações e Comércio S.A. detinham na empresa Oki Brasil Indústria e Comércio de Produtos e Tecnologia em Automação S.A. ( Oki Brasil ). Em janeiro de 2017 a Itautec exerceu a opção de venda (put option) passando a deter cerca de 11% do capital da Oki Brasil. Em dezembro de 2018, a Oki exerceu a opção de compra da parcela remanescente detida pela Itautec no capital social da Oki Brasil.Com a conclusão dessa venda, a Itautec deixou de atuar no segmento de automação bancária e comercial e de prestação de serviços por meio da sua participação acionária na Oki Brasil. A Itautec continua honrando os contratos de garantia e manutenção de equipamentos da marca Itautec/Infoway, mantendo seu compromisso com os clientes. O encerramento de tais contratos deverá ocorrer até meados de A Itautec é uma subsidiária da Itaúsa. Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 8 de

208 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Ajuste de Ativos por avaliação a valor justo 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Balanço Patrimonial Individual Auditado*, 31 de dezembro de 2018 R$ Mil Ativo Circulante Valor Contábil Ajustes Valor Justo a) Caixa e Equivalentes de Caixa b) Clientes c) Tributos a Recuperar d) Valores a Receber e Despesas Antecipadas Ativo não Circulante e) Depósitos Judiciais Depósitos judiciais Trabalhistas Depósitos judiciais Cíveis Depósitos judiciais Tributários f) Investimentos em Controladas g) Propriedade para Investimento h) Imobilizado i) Ativos Contingentes Total do Ativo *Demonstrações Financeiras Auditadas pela PricewaterhouseCoopers Auditores Independentes Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 9 de

209 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Ajuste de Passivos por avaliação a valor justo 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Balanço Patrimonial Individual Auditado*, 31 de dezembro de 2018 R$ Mil Valor Contábil Ajustes Valor Justo Passivo Circulante j) Fornecedores k) Obrigações com Pessoal l) Obrigações Fiscais m) Outras Provisões n) Receitas Diferidas Passivo Exigível a Longo Prazo o) Provisões Provisões Fiscais Provisões Previdênciarias e Trabalhistas Provisões Cíveis p) Outras Provisões q) Imposto de Renda e Contribuição Social Diferidos Total do Passivo Total do Patrimônio Líquido (24.555) Passivo + Patrimônio Líquido *Demonstrações Financeiras Auditadas pela PricewaterhouseCoopers Auditores Independentes Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 10 de

210 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Ajuste de Ativos por avaliação a valor justo 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Item a) b) c) d) e) f) Caixa e Equivalente de Caixa: Comentários Composta por caixa, fundos de investimentos não exclusivos e certificados de depósitos bancários no País, todos com remuneração atrelada à variação do Certificado de Depósito Interfinanceiro e possibilidade de resgate imediato. Não foram realizados ajustes devido à característica de liquidez e composição do ativo. Clientes: Composta pelo aluguel a receber da propriedade para investimentos. O montante a vencer corresponde aos valores a receber do aluguel mensal do imóvel locado à Oki Brasil que é recebido regularmente no prazo contratual não justificando o reconhecimento de qualquer provisão. Tributos a Recuperar: Composta por tributos a compensar. Não foram realizados ajustes, devido à perspectiva de não realização dos tributos federais e estaduais, a Administração decidiu pelo reconhecimento de perdas de parte substancial destes tributos. Valores a Receber e Despesas Antecipadas: Composta por contas que compreendem: (i) outros valores a receber devido ao êxito em ação transitada em julgado contra a Companhia de Saneamento Básico do Estado de São Paulo (Sabesp), referente ao sistema de cobrança da tarifa de suprimento de água da antiga unidade produtiva Tatuapé, na cidade de São Paulo, no período de 1997 a 2008, cujo valor foi depositado em juízo e recebido em março de 2019; (ii) Despesas antecipadas. Não foram realizados ajustes devido à característica de liquidez e composição do ativo. Depósito Judicial: Composta por depósitos trabalhistas, cíveis e tributários. Não foram realizados ajustes devido à característica de liquidez e composição do ativo. Investimentos em Controladas: Em 31 de dezembro de 2018 a Empresa detinha participação em empresas controladas, 99,94% na Itautec.com Serviços S.A., 100% na Itautec Locação e Comércio de Equipamentos S.A., e 100% na Itautec Participações e Comércio S.A. Em 31 de janeiro de 2019, a Itautec Locação e Comércio de Equipamentos S.A. incorporou a Itautec Participações e Comércio S.A. e a Itautec.com Serviços S.A. As empresas controladas encontram-se em estado não operacional. Dessa forma, o valor do investimento da Itautec e suas controladas somente sofrem alteração na posição patrimonial das mesmas por equivalência patrimonial. Não foram realizados ajustes dado que não há indicativo de um ajuste individual na data-base considerada. Fonte: EY/ Administração Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 11 de

211 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Ajuste de Ativos por avaliação a valor justo 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Item g) h) i) Propriedade para Investimento: Comentários Refere-se a imóvel localizado na cidade de Jundiaí, estado de São Paulo, Brasil. Em 31 de dezembro de 2018, o imóvel estava locado para a Oki Brasil, com previsão de encerramento do contrato de locação em meados de Foi realizado ajuste de R$ mil, referente a diferença entre o valor de mercado e o valor contábil, conforme detalhado no Apêndice B. Imobilizado: Composta por móveis, máquinas e equipamentos, ferramentas e equipamentos de processamentos de dados. Foi realizado ajuste de R$ mil, referente a diferença entre o valor de mercado e o valor contábil, conforme detalhado no Apêndice C. Ativos Contingentes: A Empresa possui em andamento pedidos administrativos de restituição de tributos pagos a maior e processos de natureza cível e tributária, em discussão judicial e com expectativa de direitos a receber. Estes processos são classificados de acordo com a avaliação dos assessores jurídicos segundo suas possibilidades de ganho. Como se tratam de ativos contingentes, os valores não estão registrados nas demonstrações contábeis. Os principais processos ativos da Empresa na data-base, com probabilidade de êxito provável, somados, podem alcançar o montante aproximado de R$ 20,0 milhões. É válido mencionar que a Empresa também possui outros potenciais ativos contingentes com probabilidade de êxito classificada como possível, dentre os quais se destaca a ação ajuizada pela Itautec na Holanda em dezembro de 2015, objetivando o ressarcimento de sobrepreço pago na compra de cinescópios e tubos CRT ( Cathode Ray Tubes) utilizados pela Itautec na fabricação de televisores e monitores de computador CPTs e CDTs em decorrência da conduta cartelizada, no Brasil e no exterior, pelas respectivas fabricantes, no período entre 1995 e Em novembro de 2017, a Corte da Holanda julgou ter jurisdição e ser competente para processar e julgar a ação, já que um dos réus (Phlilips) tem sede no país. A ação reparatória será objeto de análise de mérito, ainda sujeita a exame probatório, e o quantum indenizatório, se houver, será apurado em perícia apenas ao final do processo, caso a Itautec seja vitoriosa. Para a mensuração do valor de mercado dos ativos contingentes não contabilizados, de acordo com parâmetros de mercado consideramos o reconhecimento de 80% do valor de face dos processos com probabilidade de êxito provável, acima mencionados. Desta forma, foi reconhecido o montante de R$ 16,0 milhões, conforme detalhado no Apêndice D. Fonte: EY/ Administração Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 12 de

212 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Ajuste de Passivos por avaliação a valor justo 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Item j) k) l) m) e (o) n) Fornecedores: Comentários As contas a pagar aos fornecedores são compostas por obrigações a pagar por bens ou serviços que foram adquiridos de fornecedores nacionais e estrangeiros. Não foram realizados ajustes a valor de mercado pelas características de liquidez e composição do passivo. Obrigações com Pessoal: Composta por contas de encargos sociais a pagar e provisões de férias. Não foram realizados ajustes a valor de mercado pelas características de liquidez e composição do passivo. Obrigações fiscais: Composta por tributos. Não foram realizados ajustes a valor de mercado pelas características de liquidez e composição do passivo. Outras Provisões: Referem-se em sua maioria, à constituição de provisão para remediação ambiental, da antiga unidade produtiva Tatuapé (cidade de São Paulo) e provisão de honorários advocatícios. Em discussão com a Administração não foram identificadas mudanças na expectativa e no prazo de realização dos valores registrados no balanço da Itautec. Desta forma, os saldos contábeis apresentados no Passivo não sofreram ajustes a valor de mercado na database de 31 de dezembro de Receitas Diferidas: A Itautec na comercialização dos seus produtos, oferecia no mínimo garantia de 12 meses aos seus clientes e constituía provisão para os custos futuros, incluindo mão de obra, peças para reposição, deslocamento, logística e estrutura indireta necessária para a manutenção corretiva e preventiva dos equipamentos comercializados. As receitas provenientes destes serviços são diferidas de acordo com o prazo dos mesmos. Não foram relizados ajustes a valor de mercado tendo em vista que o saldo contábil deste passivo se realizará até meados de junho de Fonte: EY/ Administração Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 13 de

213 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Ajuste de Passivos por avaliação a valor justo 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Item p) q) Provisões para Contingências: Comentários Composta por contingências tributárias, trabalhistas e cíveis. A Empresa é parte em ações judiciais e processos administrativos decorrentes do curso normal de seus negócios, perante tribunais e órgãos governamentais de natureza trabalhista, cível e tributária. Quando se trata de obrigação legal, independente da probabilidade de perda, é constituída provisão, ou seja, o êxito na ação depende de ser reconhecida a inconstitucionalidade de lei vigente. Nos demais casos, a provisão é constituída sempre que a perda for considerada provável. A Empresa possui passivos não contingenciados de natureza cível e tributária, os quais foram classificados, pelos assessores jurídicos externos da Empresa, com risco de perda possível, representados por R$ mil para causas cíveis e R$ mil para causas tributárias. Para a mensuração do valor de mercado dos passivos contingentes não provisionados, de acordo com parâmetros de mercado, foi considerado o reconhecimento de 30% do valor de face dos processos de perda possível acima mencionados. Desta forma, o saldo contábil apresentado no Passivo sofreu ajuste de R$ mil totalizando R$ mil, conforme detalhado no Apêndice E. Imposto de Renda e Contribuição Social Diferidos: Foi realizado ajuste de R$ mil referente aos efeitos tributários estimados utilizando-se a alíquota considerada de 23,7% de IR e CSLL sobre os ajustes a valor justo nas contas de ativo, não foram constituídas diferenças temporais de caráter ativo devido as características de descontinuidade de operação da Empresa. Fonte: EY/ Administração Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 14 de

214 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Estimativa de Valor 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Sumário de valor (R$ milhões) Composição dos ajustes (R$ milhões) Patrimônio líquido contábil 26,6 Ajuste a Crédito do Patrimônio Líquido 61,8 Ajuste de Propriedade para Investimento 44,1 61,8 (86,4) Ajuste de imobilizado 1,7 Ajuste de ativos contingentes 16,0 Ajuste a Débito do Patrimônio Líquido 86,4 26,6 2,1 (-) Provisões para contingências 71,7 (-) IR diferido 14,7 Patrimônio Líquido contábil Ajuste a Crédito do Patrimônio Líquido Ajuste a Débito do Patrimônio Líquido Patrimônio Líquido a preços de mercado Patrimônio líquido a Preços de Mercado 2,1 Fonte: EY/Administração Ajustes do Patrimônio Líquido (R$ milhões) 1,7 16,0 (71,7) 44,1 Conclusão Com base nas informações recebidas e no trabalho realizado, nossa avaliação resultou em uma estimativa do valor do Patrimônio Líquido a preços de mercado da Itautec de aproximadamente R$ 2,1 milhões (dois milhões e oitenta e seis mil reais) na data-base de 31 de dezembro de (14,7) (24,6) Propriedade para Invetimento Imobilizado Ativos contingentes Provisões para contingências IR diferido Passivo de ajuste a valor justo Total dos ajustes Fonte: EY/Administração Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 15 de

215 29 de março de 2019 Final 3 Apêndices Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 16 de

216 29 de março de 2019 Final 3 Apêndices Apêndice A Declaração de limitações gerais 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos 1. Para atingir o objetivo do trabalho de avaliação do Patrimônio Líquido a Preço de Mercado da Itautec, foram aplicados procedimentos sempre baseados em fatos históricos, perspectivas econômicas e de mercado vigentes e da estratégia da Itautec existente na data-base da análise. Os valores apresentados nesse Laudo são resultantes da análise de dados históricos (financeiros e gerenciais); 2. Os comentários e as análises apresentados neste Laudo foram desenvolvidos por profissionais da EY com informações fornecidas pela Itautec e suas controladas, assim como por fontes externas, quando indicado; 3. A EY, os sócios e/ou profissionais da equipe que tenham participado da elaboração deste trabalho, não possuem qualquer interesse, direto ou indireto, na Itautec e suas controladas, bem como atestam não haver circunstância relevante que possa caracterizar conflito de interesse dos mesmos para com a Itautec, caracterizando, assim, sua independência. Os honorários estimados para a execução deste trabalho não foram baseados e não têm qualquer relação com os resultados aqui reportados; 4. Nenhum controlador ou administrador da Itautec e suas controladas (i) direcionou, limitou, dificultou ou praticou quaisquer atos que tenham ou possam ter comprometido o acesso, a utilização ou o conhecimento de informações, bens, documentos ou metodologias de trabalho relevantes para a qualidade das respectivas conclusões; (ii) restringiu de qualquer forma, nossa capacidade de determinar as conclusões apresentadas de forma independente; e (iii) determinou as metodologias por nós utilizadas para elaboração da avaliação da Itautec; 5. A estimativa do valor do Patrimônio Líquido a Preço de Mercado da Itautec têm como base as informações extraídas das demonstrações financeiras auditadas disponibilizadas pela Itautec, experiências adquiridas em reuniões e discussões com a Administração, informações públicas, a experiência da EY no setor em que a Empresa atua e em análises de mercado, que a EY considera consistentes, relevantes e apropriadas; 6. Não foram efetuadas investigações sobre os títulos de propriedade da Empresa, nem verificações da existência de ônus ou gravames; 7. A EY não tem responsabilidade de atualizar este Laudo para eventos e circunstâncias que ocorram após a data-base; 8. Não faz parte do nosso trabalho fornecer planilhas eletrônicas e/ou modelos financeiros que suportaram nossas análises; 9. Nossa avaliação é realizada com base em elementos que são razoavelmente esperados, portanto, não leva em consideração possíveis eventos extraordinários e imprevisíveis (novo regulamento para as empresas, mudanças na legislação tributária, catástrofes naturais, eventos políticos e sociais, nacionalizações, entre outros); e 10. Nossa avaliação foi baseada nas melhores informações e estimativas disponíveis. No entanto, como qualquer projeção engloba risco e incertezas, os resultados reais podem apresentar diferença quando comparados às projeções realizadas. Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 17 de

217 29 de março de 2019 Final 3 Apêndices Apêndice B Propriedade para Investimento 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Descrição: O escopo da análise dos ativos a valor justo incluiu a avaliação da Propriedade para Investimento, que refere-se às seguintes classes: Terrenos; Instalações; e Construções e Benfeitorias. Os ativos identificados estão localizados em Jundiaí SP. Premissas Específicas: Para estimar o valor justo dos ativos identificados, foram considerados o método comparativo direto de dados de mercado. As metodologias foram aplicadas apropriadamente considerando a natureza dos bens em estudo. Para mais detalhes consultar Anexos 1 e 2. Recomendação de valor justo R$ 67,7 mi A partir da data-base e com base nos parâmetros e premissas disponibilizados no Anexo 2, a nossa recomendação para o valor justo da Propriedade para Investimento é de R$ mil, gerando um aumento no valor do ativo de R$ mil. Resumo de Valores Com base nos parâmetros e premissas mencionados anteriormente, nossas recomendações de valor justo para a Propriedade para Investimento na data-base da avaliação estão representados na tabela a seguir em milhares de reais. Propriedade para Investimento Qty VOC 1 VRC Valor Justo Bens Imóveis Terrenos Construções e Benfeitorias Instalações Total Propriedade para Investimento Localização: Rua Wilhelm Winter, 301, Distrito Industrial, Jundiaí/SP Área do terreno: ,48 m² Área construída: ,03 m² Ano de Construção: 1998 Benfeitorias: muros de fechamento, pintura, pavimentação, entre outras. Instalações: sistema de infraestrutura da planta. Notas: 1.Valores de aquisição (VOC) são apenas ilustrativos e para conciliação. Os valores foram obtidos pela listagem do imobilizado em 31 de dezembro de Os valores não foram auditados pela EY. Este arquivo não é considerado uma consultoria contábil, assim, a implementação fica a critério da Empresa. O cálculo da depreciação dos ativos pode variar. VOC: Valor original contábil VRC: Valor residual contábil Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 18 de

218 29 de março de 2019 Final 3 Apêndices Apêndice C Imobilizado 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Descrição: Com base nos ativos identificados, os ativos foram classificados em grupos de acordo com suas funcionalidades. Essas classificações em grupos auxiliam certas etapas do processo de avaliação (como na seleção de metodologias) e foram definidas conforme listados abaixo: Móveis e utensílios inclui os itens que fazem parte do mobiliário da empresa, como Resumo de valores: Com base nos parâmetros e premissas mencionados anteriormente, nossas recomendações de valor justo para os bens móveis pertencentes à Itautec na data-base da avaliação estão representados na tabela a seguir em milhares de reais. Imobilizado Qty VOC 1 VRC Valor Justo Bens Móveis armários, cadeiras, mesas, entre outros; Máquinas e equipamentos inclui o maquinário utilizado, como empilhadeiras e transpaleteiras e seladoras; Móveis e Utensílios Estanterias Para Armazém Lavadora De Louca Modelo Outros Máquinas e Equipamentos Empilhadeira Bt Vector Vce150A Empilhadeira Hyster Mod.H55Xm Outros Software Sw Symantec Data Loss Prevention Outros Equipamentos de Informática Equipamentos de Comunicação Software inclui os sistemas utilizados para o desenvolvimentos dos produtos; e Equipamentos de processamento de dados inclui computadores, notebooks, servidores e outros ativos relacionados. Premissas Específicas: Para estimar o valor justo dos ativos identificados, foram considerados o método comparativo direto de dados de mercado e o método da quantificação do custo. As metodologias foram aplicadas apropriadamente considerando a natureza dos bens em estudo. Para mais detalhes consultar Anexo 1. Recomendação de valor justo R$ 1,8 mi A partir da data-base e com base nos parâmetros e premissas, a nossa recomendação para o valor justo dos bens móveis do imobilizado da Itautec é de R$ mil, gerando um aumento no valor do ativo de R$ mil. Notas: 1.Valores de aquisição (VOC) e residual (VRC) são apenas ilustrativos e para conciliação. Os valores foram obtidos pela listagem do imobilizado em 31 de dezembro de Os valores não foram auditados pela EY. 2. Itens com valor justo médio de R$ 2 mil reais. 3. Itens com valor justo médio de R$ 5 mil reais. 4. Itens com valor justo médio de R$ 1 mil reais. 5. Itens com valor justo médio de R$ 1 mil reais. 6. Itens com valor justo médio de R$ 5 mil reais. VOC: Valor original contábil VRC: Valor residual contábil Total Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 19 de

219 29 de março de 2019 Final 3 Apêndices Apêndice D Ativos Contingentes 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Descrição: A Empresa possui em andamento pedidos administrativos de restituição de tributos pagos a maior e processos de natureza cível e tributária, em discussão judicial e com expectativa de direitos a receber. Estes processos são classificados pela Empresa de acordo com a avaliação dos assessores jurídicos segundo suas possibilidades de ganho. Como se trata de ativos contingentes, os valores não estão registrados nas demonstrações contábeis. Os principais processos ativos da Empresa na data-base, com probabilidade de êxito provável, podem alcançar o montante aproximado de R$ 20,0 milhões. Para a mensuração do valor de mercado dos ativos contingentes não contabilizados, de acordo com parâmetros de mercado, consideramos o reconhecimento de 80% do valor de face dos processos acima mencionados. Desta forma, foi reconhecido o montante de R$ 16,0 milhões. Recomendação de valor justo R$ 16,0 mi Ativos contingentes (R$ milhões) Valor de Face Valor Contábil Ajuste Valor Justo Provável 20,0 0 16,0 16,0 A partir da data-base e com base nos parâmetros e premissas mencionados acima, a nossa recomendação para o valor justo da totalidade dos ativos contingentes é de R$ 16,0 milhões. Total 20,0 0 16,0 16,0 Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 20 de

220 29 de março de 2019 Final 3 Apêndices Apêndice E - Ajuste a Preços de Mercado Provisões para Contingências 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Descrição: Composta por contingências tributárias, trabalhistas e cíveis. A Empresa é parte em ações judiciais e processos administrativos decorrentes do curso normal de seus negócios, perante tribunais e órgãos governamentais de natureza trabalhista, cível e tributária. Quando se trata de obrigação legal, independente da probabilidade de perda, é constituída provisão, ou seja, o êxito na ação depende de ser reconhecida a inconstitucionalidade de lei vigente. Nos demais casos, a provisão é constituída sempre que a perda for considerada como provável. Provisões para contingências (R$ milhões) A Empresa possui passivos não contingenciados de natureza cível e tributária, os quais foram classificados, pelos assessores jurídicos externos da Empresa, com risco de perda possível, representados por R$ mil para causas cíveis e R$ mil para causas tributárias. Para a mensuração do valor de mercado dos passivos contingentes não provisionados, de acordo com parâmetros de mercado, foi considerado o reconhecimento de 30% do valor de face dos processos de perda possível acima mencionados. Desta forma, o saldo contábil apresentado no Passivo sofreu ajuste de R$ mil totalizando R$ mil. Valor de Face Valor Contábil Ajuste Valor Justo Provável 21,4 21,4 0 21,4 Possível 238,9 0 71,7 71,7 Recomendação de valor justo R$ 93,0 mi A partir da data-base e com base nos parâmetros e premissas mencionados acima, a nossa recomendação para o valor justo da totalidade das provisões para contingência é de R$ mil, gerando um aumento de valor de R$ mil correspondente a atualização do valor justo da conta. Remoto 109, Total 369,7 21,4 71,7 93,0 Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 21 de

221 29 de março de 2019 Final 4 Anexos Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 22 de

222 29 de março de 2019 Final 4 Anexos 1 Sumário Executivo Anexo 1: Metodologia Avaliação Ativos Tangíveis 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Bens Móveis Seleção e análise da metodologia de avaliação Os métodos e procedimentos adotados para a realização das análises dos bens móveis são pautados nos preceitos e diretrizes estabelecidos na Norma Brasileira de Avaliações publicada pela ABNT Associação Brasileira de Normas Técnicas, NBR em suas partes: Parte 1: Procedimentos Gerais; e Parte 5: Máquinas, equipamentos, instalações e bens industriais em geral; Para estimar o valor justo dos ativos, foram considerados o método comparativo direto de dados de mercado e o método da quantificação do custo. As metodologias foram aplicadas apropriadamente considerando a natureza dos bens em estudo. Para a avaliação de bens móveis, a avaliação pelo método da renda foi considerada inadequada porque fluxos de rendimentos individuais não podem ser alocados de forma razoável e eficaz para cada um dos ativos individuais. Aplicação do método comparativo direto de dados de mercado Ao considerar o método comparativo direto de dados mercado, identificamos que algumas categorias de ativos em que existe um mercado ativo. Dentro deste contexto, utilizamos este método para avaliar os Equipamentos de informática. A abordagem de mercado analisa as condições de mercado e transações comparáveis ao ativo que está sendo avaliado, e determina o valor justo onde os dados confiáveis e disponíveis sobre as vendas podem ser encontrados. O valor justo é determinado pela comparação de vendas recentes e os preços de venda de ativos similares, então são ajustados com base em fatores como idade, condição, capacidade e tipo de venda. Aplicação do método de quantificação do custo O método do custo foi utilizado para avaliar os demais bens móveis. Usando esta metodologia, reconhecemos o valor associado à instalação, frete, engenharia e nacionalização, sempre que aplicável. Na aplicação do método do custo, primeiramente determina-se a estimativa do valor de substituição ou reposição ou custo de reprodução dos ativos (CRN) usando os métodos direto ou indireto. Cálculo do CRN através do método direto O passo inicial no cálculo por custo direto foi desenvolver uma estimativa de custo de reposição a novo para cada ativo incluído no escopo de nossa análise. Especificamente, desenvolvemos uma estimativa de CRN que inclui todos os custos de engenharia, fundação, instalação, frete e nacionalização sempre que aplicável, através de orçamentos recentes e notas fiscais fornecidas pela Administração, em pesquisa externa, no nosso banco de dados interno, nas informações contidas no imobilizado e nas informações detalhadas fornecidas em resposta as nossas solicitações. Cálculo do CRN através do método indireto Utilizamos o método do custo indireto para avaliar os ativos que não foram cobertos pelo método comparativo direto de dados de mercado ou pelo método do custo direto. Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 23 de

223 29 de março de 2019 Final 4 Anexos 1 Sumário Executivo Anexo 1: Metodologia Avaliação Ativos Tangíveis 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Sob o método do custo indireto, o custo de reprodução a novo para cada ativo ou grupo de ativos foi estimado pela atualização de custos históricos registrados na lista contábil do ativo imobilizado considerando-se o tipo de ativo e data de aquisição e os respectivos índices econômicos. Estes custos geralmente incluem o custo base do ativo e quaisquer considerações adicionais relativas a acessórios, impostos, entrega, instalação, mão de obra e custos indiretos, tais como engenharia, suprimento e construção quando considerados apropriados. Os fatores de ajuste/índice de preços utilizados em nossa análise foram obtidos através de índices de inflação publicados pela Fundação Getúlio Vargas. Depreciação Física e Obsolescência Como os ativos foram utilizados ao longo de períodos variáveis, o valor justo é estimado pela adequação do CRN à perda de valor devido à depreciação física, além da possível obsolescência funcional e/ou econômica de cada ativo. Depreciação Física Nossa estimativa de depreciação física foi realizada principalmente sob o conceito idade/vida útil. Sob este conceito, a perda física de valor é atribuída através da relação entre a vida útil estimada de um ativo e sua vida útil remanescente em um determinado período no tempo. As principais definições são as seguintes: Vida útil técnica (VU) A vida útil, geralmente em anos, de um ativo será usada antes de sua deterioração a uma condição inutilizável ou quando este é retirado de serviço. Idade cronológica (IC) O tempo decorrido da vida de um ativo desde que foi originalmente posto em serviço. Idade efetiva (IE) A idade do ativo indicada pela sua atual condição, o qual pode ser ou não igual a IC. Vida útil remanescente (VUR) - Período contado em anos desde a data-base da análise até a data estimada em que o bem deixará de ser economicamente viável. Diferentes perfis de depreciação física são conhecidos e amplamente utilizados na prática que operam sob os conceitos básicos descritos anteriormente. No Método da Quantificação do Custo, nós utilizamos os seguintes perfis de depreciação: Linear (SL) - Um consumo linear da utilidade de um ativo durante a sua vida útil. Curva de Iowa (R2) - Curva derivada para medir a utilidade econômica de um ativo em relação à sua vida econômica e considera a premissa de acumular custos de manutenção de rotina e manutenção geral dos ativos. A curva de Iowa tem como base estudo e pesquisa realizada pela Universidade do Estado de Iowa. Este método utiliza um conceito de idade-vida em que se mede a perda física de valor atribuído a uma redução na qualidade de um dado tipo de ativo que se mantenha em serviço ou utilização, ao longo de um dado período de tempo. O período de tempo é medido a partir do momento em que o ativo é colocado em uso até que seja retirado de serviço. Além disso, em consequência do desgaste, um ativo pode ser cada vez mais caro para se operar ao longo do tempo, acumulando custos de manutenção e resultando em uma diminuição de sua utilidade global. Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 24 de

224 29 de março de 2019 Final 4 Anexos 1 Sumário Executivo Anexo 1: Metodologia Avaliação Ativos Tangíveis 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Obsolescência Funcional Obsolescência funcional pode ser atribuída aos excessos de custo de capital ou custo de operação associados a um ativo ou grupo de ativos. O excesso de custo de capital, que é a diferença entre o valor de reprodução e o valor de reposição, mede a diminuição do investimento necessário para uma substituição do ativo para produzir o mesmo ou similar produto a que está sujeito o ativo. Essa forma de obsolescência é vista em tecnologias mais recentes e custos de construções que tipicamente possuem valores menores que o ativo atual. Com base em nossas análises, não foram observadas evidências de obsolescência funcional uma vez que a tecnologia inerente aos tipos de bens avaliados não tem sofrido mudanças nas últimas décadas. Assim sendo, não foi realizado nenhum ajuste nos bens móveis relativos à obsolescência funcional. Obsolescência Econômica A obsolescência econômica é a perda de valor causada por condições adversas externas do ativo, como baixa demanda de mercado para o produto, mudança do foco do mercado, indisponibilidade de transporte e excessos das regulamentações governamentais. Com base no que foi descrito acima e, considerando a linha de serviço do cliente, não foi possível realizar estudos que considerassem volumes históricos ou capacidade produtiva e, portanto não houve nenhum ajuste relativo à obsolescência econômica. Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 25 de

225 29 de março de 2019 Final 4 Anexos 1 Sumário Executivo Anexo 1: Metodologia Avaliação Ativos Tangíveis 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Bens Imóveis Os métodos e procedimentos adotados para a realização das análises dos bens imóveis são pautados nos preceitos e diretrizes estabelecidos na Norma Brasileira de Avaliações publicada pela ABNT Associação Brasileira de Normas Técnicas, NBR em suas partes: Parte 1: Procedimentos Gerais; Parte 2: Imóveis Urbanos; e Parte 4: Empreendimento Também são seguidas as diretrizes e recomendações do Instituto Brasileiro de Avaliações e Pericias de Engenharia de São Paulo - IBAPE/SP. De acordo com as referidas normativas, os bens imóveis podem ser avaliados com base no Método da Renda, Método Involutivo, Método da Quantificação do Custo e o Método Comparativo Direto de Dados de Mercado, sendo a combinação dos dois últimos métodos atrelado a um fator de comercialização, caracterizando o Método Evolutivo. Embora todos estes métodos possam ser considerados na avaliação, a natureza dos bens e a disponibilidade de dados e de informações ditarão qual o método - ou métodos - será utilizado para estimar o valor justo de cada bem. Método Comparativo Direto de Dados de Mercado Esse método identifica o valor justo de um bem por meio do tratamento técnico de atributos dos elementos comparáveis constituintes da amostra. Essa metodologia é utilizada quando existe um mercado ativo de imóveis na região do imóvel avaliando que possibilite a obtenção de comparativos com características semelhantes a este. Além disso, esse método capta a perda de valor do bem a partir de todas as formas de depreciação a ele inerentes. Especificamente no caso dos bens imóveis, efetua-se uma análise no mercado imobiliário da região sobre vendas recentes ou ofertas correntes de imóveis similares (comparativos) ao(s) imóvel(is) compreendido(s) no presente trabalho. Os comparativos obtidos junto ao mercado são fornecidos pelas mais variadas fontes, tais como: donos de propriedades, corretores imobiliários, imobiliárias e/ou através de fontes públicas de consulta. Estas premissas são consideradas como boas e válidas. No método CDDM por tratamento por fatores é realizada a homogeneização da amostra comparativa através de fatores e critérios de ajustes das diferenças entre o imóvel compreendido pela análise e os comparativos, com a posterior análise estatística dos resultados homogeneizados. A escolha dos fatores a serem tratados deve ser feita para que se possa identificar e analisar de que forma os mesmos influenciam na formação dos valores dos imóveis. O tratamento por fatores é aplicado preferencialmente em amostras homogêneas, isto é, com características mais próximas possíveis do imóvel avaliando. Os fatores de ajuste foram aplicados a fim de considerar a diferença entre os comparativos e os bens analisados como detalhado a seguir: Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 26 de

226 29 de março de 2019 Final 4 Anexos Anexo 1: Metodologia Avaliação Ativos Tangíveis 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Fator Oferta/ Venda ou Oferta/ Alugado: desconto no valor ofertado devido à prática de mercado, geralmente, superestimar seus respectivos valores; Fator Localização: atribui a influência do entorno / local dentre os comparativos e o imóvel avaliado; Fator Depreciação: considera o estado de conservação dos comparativos e do imóvel avaliado. Para tanto, calculou-se a depreciação em função de idades aparentes pelo Método Linear (Straight Line) das amostras e do imóvel avaliado e, em seguida, utilizou-se a razão dentre as amostras e o avaliado; Padrão Construtivo: baseia-se na diferença dentre tipologias construtivas de cada imóvel; Fator Área: refere-se à influência das diferentes dimensões de áreas entre os comparativos e o imóvel em estudo. O fator área é depreendido pela seguinte expressão: Fatores de Ajuste Oferta / Venda Parâmetros Venda 1,00 Opinião 1,00 Oferta Paulista 0,90 Oferta Jundiaí 0,80 Localização Parâmetros Excelente 1,10 Ótimo 1,00 Bom 0,90 Regular 0,80 Ruim 0,70 Padrão Construtivo - Padrão Construtivo: Galpão, escritório, casa e apartamento - Intervalo: máximo, médio e mínimo Parâmetro Baseado nos fatores publicados pelo IBAPE-SP Fonte: IBAPE/ EY Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 27 de

227 29 de março de 2019 Final 4 Anexos Anexo 2: Homogeneização 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Tabela de Homogeneização Imóvel Todo Área edificada Situação Paradigma Área Útil (m²): ,03 Localização: 0,90 Padrão Construtivo: 1,37 Depreciação: 0,67 # Área Construída (m²) Preço de Venda/Oferta (R$) Valor unitário (R$/m²) Venda / Oferta Fatores de Ajuste Local Área Padrão Depreciação Fator de Ajuste Final Valor unitário ajustado (R$/m²) Valor Unitário Final (R$/m²) , , ,86 0,80 1,00 0,91 1,00 1,00 0, , , , , ,27 0,80 1,00 1,06 1,00 1,00 1, , , , , ,85 0,80 1,00 0,80 1,08 1,05 0, , , , , ,94 0,80 0,90 0,82 1,08 1,00 0, , , , , ,22 0,80 1,00 0,80 1,00 1,00 0, , , , , ,17 0,80 1,13 0,87 0,82 0,95 0, , ,54 Unitário Estimado Análise Estatística Média (ajuste de unidade) (BRL/m²) (1) 1.730,34 Unitário Observado Número de comparáveis (n) 6 Notas: Desvio padrão (2) 155, Valor Unitário Médio: média aritmética dos valores unitários dos comparativos após o tratamento. T (student) (3) 2, Desvio Padrão: uma medida da dispersão estatística da amostra analisada. Intervalo (4) 0, Distribuição T de Student: parâmetro utilizado para determinar o intervalo Mínimo (5) 1.211, Intervalo de Saneamento: faixa em torno do valor médio unitário para a exclusão de outliers. Máximo (6) 2.249, Valor Unitário Máximo: valor máximo na gama de amostra. Número de comparáveis ajustadas (n) Valor Unitário Mínimo: valor mínimo na faixa de saneamento. Área Útil (m²) , Média da Unidade de Saneamento: valores unitários médios aritméticos não diferindo. Valor Unitário Final Médio (BRL/m²) (7) 1.730, Campo de Arbitrariedade: Intervalo em torno da estimativa de tendência central, onde Campo de arbitrariedade (8) -15,00% o avaliador pode ajustar o valor final se devidamente fundamentado. No caso, deduz-se 10% Valor Unitário Final Adotado (BRL/m²) 1.470,79 do valor em razão das áreas não edificáveis. Valor de Mercado (R$) ,00 Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 28 de

228 29 de março de 2019 Final 4 Anexos Anexo 2: Homogeneização 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Tabela de Homogeneização Terreno 50 mil m² # Situação Paradigma Área de Terreno (m²): ,00 Topografia: 1,00 Localização: 1,00 EY ID Área Terreno (m²) Preço de Venda/Oferta (R$) Valor unitário (R$/m²) Venda/ Oferta Fatores de Ajuste Local Área Fator de Ajuste Final Valor unitário ajustado (R$/m²) Valor Unitário Final (R$/m²) , ,00 336,53 0,80 1,00 1,02 1,02 275,68 275, , ,00 426,52 0,80 1,00 1,02 1,02 349,60 349, , ,00 700,00 0,80 1,00 0,84 0,84 470,90 470, , ,00 480,00 0,80 1,11 0,94 1,05 404,21 404, , ,00 463,95 0,80 1,11 0,95 1,06 392,71 392, , ,00 397,26 0,80 1,11 1,05 1,16 368,52 368,52 Unitário Estimado Análise Estatística Média (ajuste de unidade) (BRL/m²) (1) 376,94 Unitário Observado Número de comparáveis (n) 6 Notas: Desvio padrão (2) 64, Valor Unitário Médio: média aritmética dos valores unitários dos comparativos após o tratamento. T (student) (3) 2, Desvio Padrão: uma medida da dispersão estatística da amostra analisada. Intervalo (4) 0, Distribuição T de Student: parâmetro utilizado para determinar o intervalo Mínimo (5) 263, Intervalo de Saneamento: faixa em torno do valor médio unitário para a exclusão de outliers. Máximo (6) 490, Valor Unitário Máximo: valor máximo na gama de amostra. Número de comparáveis ajustadas (n) Valor Unitário Mínimo: valor mínimo na faixa de saneamento. Área do Terreno (m²) , Média da Unidade de Saneamento: valores unitários médios aritméticos não diferindo. Valor Unitário Final Médio (BRL/m²) (7) 376, Campo de Arbitrariedade: Intervalo em torno da estimativa de tendência central, onde Campo de arbitrariedade (8) 0,00% o avaliador pode ajustar o valor final se devidamente fundamentado. Valor Unitário Final Adotado (BRL/m²) 376,94 Valor de Mercado (R$) ,00 Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 29 de

229 29 de março de 2019 Final 4 Anexos Anexo 3: Registros Fotográficos 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Unidade de Jundiaí - SP Prédio Administrativo Fonte: EY Armazém de Pintura Fonte: EY Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 30 de

230 29 de março de 2019 Final 4 Anexos Anexo 3: Registros Fotográficos 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Unidade de Jundiaí - SP Empilhadeira Fonte: EY Elevador Monta Carga Fonte: EY Itautec S.A. Grupo Itautec: Avaliação do Patrimônio Líquido a preços de mercado da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 31 de

231 EY Auditoria Impostos Transações Corporativas Consultoria Sobre a EY A EY é líder global em serviços de Auditoria, Impostos, Transações Corporativas e Consultoria. Nossos insights e os serviços de qualidade que prestamos ajudam a criar confiança nos mercados de capitais e nas economias ao redor do mundo. Desenvolvemos líderes excepcionais que trabalham em equipe para cumprir nossos compromissos perante todas as partes interessadas. Com isso, desempenhamos papel fundamental na construção de um mundo de negócios melhor para nossas pessoas, nossos clientes e nossas comunidades. EY refere-se à organização global e pode referir-se também a uma ou mais firmas-membro da Ernst & Young Global Limited (EYG), cada uma das quais é uma entidade legal independente. A Ernst & Young Global Limited, Empresa privada constituída no Reino Unido e limitada por garantia, não presta serviços a clientes. Para mais informações sobre nossa organização, visite ey.com.br EYGM Limited. Todos os direitos reservados

232 Itaúsa Investimentos Itaú S.A. Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Estritamente confidencial 29 de março de 2019 Final 232

233 29 de março de 2019 Final Estritamente confidencial Ernst & Young Assessoria Empresarial Ltda. Av. Presidente Juscelino Kubitschek, 1909 Torre Norte - 10º andar São Paulo SP Telefone: Itaúsa Investimentos Itaú S.A. Avenida Paulista, 1938, 5º Andar Bela Vista CEP: São Paulo SP- Brasil Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A. 29 de março de 2019 Conforme solicitação de V.Sa., a Ernst & Young Assessoria Empresarial Ltda. (EY) apresenta o laudo de avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A. (Itaúsa ou Empresa), na data-base de 31 de dezembro de 2018 (data-base). Entendemos que a administração da Itaúsa (Administração) utilizará este laudo como suporte no cálculo da relação de substituição das ações da Itautec S.A Grupo Itautec (Itautec) por ações da Itaúsa no contexto da incorporação de ações da primeira pela segunda, em atendimento ao artigo n 264 da Lei 6.404/1976 e suas posteriores alterações (Lei das S.A. ). Este laudo de avaliação (Laudo) contempla objetivo, escopo, procedimentos e metodologias utilizadas, bem como as premissas mercadológicas e operacionais que envolveram o cálculo da estimativa do patrimônio líquido a preços de mercado da Itaúsa. Nossa estimativa de valor não deve ser considerada como um conselho/recomendação de investimento ou de qualquer transação envolvendo as ações da Empresa, fairness opinion ou utilizado para financiamento/ captação de recursos, bem como qualquer outra finalidade, exceto a descrita anteriormente. É importante destacar que não investigamos de forma independente, bem como não foi aplicado nenhum processo de auditoria nas informações fornecidas pela Administração notadamente em relação aos balanços patrimoniais das Empresas, é válido destacar que as Demonstrações Financeiras disponibilizadas na data-base de 31 de dezembro de 2018 foram auditadas pela PricewaterhouseCoopers Auditores Independentes. Conforme mencionado em nosso contrato, nossa análise está sujeita às limitações gerais descritas neste Laudo. Todas as pesquisas foram baseadas em transações/empresas comparáveis de mercado, bem como em nosso entendimento acerca das Empresas. Assumimos que a Administração analisou de forma consistente os fatores que possam impactar nos resultados obtidos, bem como não omitiu nenhuma informação relevante, a qual poderia impactar significativamente o resultado dos nossos trabalhos. Agradecemos a oportunidade de colaborarmos com a Administração. Caso haja quaisquer dúvidas ou necessitar de informações adicionais, entre em contato com o Sr. Jamiu Antunes pelo telefone +55 (11) ou Sra. Fernanda Luca pelo telefone +55 (11) Atenciosamente, Jamiu Antunes Sócio Fernanda Luca Gerente Sênior Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 2 de

234 29 de março de 2019 Final Dashboard Conteúdo 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Sumário Executivo 1 Patrimônio Líquido a... 2 Apêndices 3 Anexos 4 Página 4 Página 8 Página 18 Página 36 Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 3 de

235 29 de março de 2019 Final 1 Sumário Executivo Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 4 de

236 29 de março de 2019 Final 1 Sumário Executivo Visão Geral do Trabalho 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Objetivo Escopo Premissas Gerais Conforme solicitação da Administração apresentamos a avaliação a preços de mercado do patrimônio líquido da Itaúsa na data-base de 31 de dezembro de Discussões com executivos e funcionários da Itaúsa; Obtenção de dados contábeis históricos*, operacionais e financeiros da Itaúsa para o período de dezembro de 2017 a 31 de dezembro de 2018; Elaboração da avaliação da totalidade do capital da Itaúsa através da soma das partes, incluindo participações nas investidas, ativos imobilizados e demais ativos e passivos; A metodologia adotada não contempla mudanças nos ambientes externo ou interno nos quais a Itaúsa. opera, além daquelas explicitadas nesse Laudo. Padrão de valor: Valor justo em atendimento ao CPC 46 valor justo ( CPC 46 ); Segundo o CPC 46, valor justo é o preço que seria recebido pela venda de um ativo ou que seria pago pela transferência de um passivo em uma transação não forçada entre participantes do mercado na data de mensuração. Data-base: 31 de dezembro de 2018 Metodologia: O valor do Patrimônio Líquido a preços de Mercado é definido pela Instrução CVM 436 como o valor apurado tomando por base a venda ou liquidação dos ativos e exigíveis separadamente, considerando: (i) o valor expresso em caixa ou equivalente, pelo qual propensos compradores e vendedores, com conhecimento de Mercado, trocariam uma propriedade, inexistindo compulsão para a transação e (ii) o valor reflete condições de liquidação ordenada, portanto não devem ser consideradas condições de liquidação forçada. * auditados pela PricewaterhouseCoopers Auditores Independentes Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 5 de

237 29 de março de 2019 Final 1 Sumário Executivo Estrutura Acionária da Itaúsa em 31 de dezembro de Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos IUPAR 50,00% ON 100,00% PN 66,53% Total 51,71% ON 0,00% PN 26,38% Total 39,21% ON 0,004% PN 20,00% Total 100% Total Itaúsa Empreendimentos 37,55% 42,89% ON 10,82% PN 27,55% Total 36,67% ON 36,67% Total 7,65% ON 7,65% Total 98,93% ON 98,93% Total Setor Setor Financeiro não Financeiro Fonte: Itaúsa Referem-se as ações em circulação, não sendo consideradas as ações em tesouraria. Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 6 de

238 29 de março de 2019 Final 1 Sumário Executivo Estimativa de Valor 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Sumário de valor (R$ milhões) Composição dos ajustes (R$ milhões) Patrimônio Líquido Contábil Ajuste a Crédito do Patrimônio Líquido ( ) Investimentos em Controladas em Conjunto Investimentos em Subsidiárias Ajuste de Imobilizado e Ativos fiscais Ajuste a Débito do Patrimônio Líquido (-) Provisões 168 (-) IR Diferido Passivo Patrimônio Líquido Contábil Fonte: EY/Administração Ajustes a crédito do Patrimônio Líquido (R$ milhões) Ajuste a Crédito do Patrimônio Líquido Ajuste a Débito do Patrimônio Líquido a Patrimônio Líquido preços de mercado (23) 201 (138) Patrimônio Líquido a Preços de Mercado Essa estimativa de valor não considera possíveis contingências, insuficiências ou superveniências ativas ou passivas que não estejam registradas na posição patrimonial da Empresa, exceto os assuntos tratados neste Laudo, fornecidas pela Administração. Devido a isso, os resultados apresentados não consideram o seu efeito, caso existam. Conclusão Com base nas informações recebidas e no trabalho realizado, nossa avaliação resultou em uma estimativa do valor do Patrimônio Líquido a preços de mercado da Itaúsa de aproximadamente R$ milhões (noventa e quatro bilhões e oitocentos e nove milhões de reais) na data-base de 31 de dezembro de Itaú Unibanco Holding IUPAR Alpargatas Duratex Itautec Imobilizado Ativos fiscais Ajuste Total Fonte: EY/Administração Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 7 de

239 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 8 de

240 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Visão Geral da Empresa 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Descrição da Empresa Empresas Investidas A Itaúsa é uma sociedade anônima de capital aberto, constituída e existente segundo as leis brasileiras e está localizada na Av. Paulista nº 1938, 5º andar, Bela Vista, na cidade de São Paulo, SP, Brasil, que tem por objeto participar em outras sociedades, no País ou no exterior, para investimento em quaisquer setores da economia, inclusive por meio de fundos de investimento, disseminando nas investidas os seus princípios de valorização do capital humano, governança e ética nos negócios e geração de valor para os acionistas, de forma sustentável. Por intermédio de suas controladas, controladas em conjunto e outros investimentos, a Itaúsa participa no setor financeiro através dos investimentos no Itaú Unibanco Holding S.A. e na IUPAR Itaú Unibanco Participações S.A. e no setor não financeiro através da Duratex S.A., Alpargatas S.A. e na Nova Transportadora do Sudeste NTS. O Itaú Unibanco Holding S.A. é uma instituição bancária que oferece, diretamente ou por intermédio de suas subsidiárias, uma ampla gama de produtos de crédito e outros serviços financeiros a uma base diversificada de clientes pessoas físicas e jurídicas, no Brasil e no Exterior. A Itaúsa exerce controle compartilhado nos negócios do Itaú Unibanco Holding; Alpargatas S.A. tem como suas atividades a fabricação e comercialização de calçados e respectivos componentes; artigos de vestuário; artefatos têxteis e respectivos componentes; artigos de couro, de resina e de borracha natural ou artificial e artigos esportivos. A Itaúsa exerce controle compartilhado nos negócios da Alpargatas; Duratex S.A. fabrica metais sanitários, louças sanitárias e seus respectivos acessórios, revestimentos cerâmicos e chuveiros elétricos, negociados sob as marcas Deca, Ceusa e Hydra, que se destacam pela ampla linha de produtos, pelo design arrojado e pela qualidade superior; e fabrica painéis de madeira feitos a partir de pinus e eucalipto, amplamente utilizados na fabricação de móveis, com destaque para a chapa de fibra, o painel de aglomerado e os painéis de média, alta e super densidade, mais conhecidos como MDF, HDF e SDF, a partir dos quais, são fabricados pisos laminados (Durafloor) e revestimentos para teto e parede. A Duratex S.A. é uma subsidiária da Itaúsa. Fonte: EY/ Administração Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 9 de

241 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Visão Geral da Empresa 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Descrição da Empresa Empresas Investidas A Itautec S.A. Grupo Itautec é uma empresa brasileira com sede na cidade de São Paulo. Constituída em 1985, atuou até 2013 com fabricação e comercialização de equipamentos de computação, automações bancária e comercial e na prestação de serviços. Em maio de 2013 firmou parceria estratégica com a Oki Electric Industry Co., Ltd. ( Oki ), sociedade constituída de acordo com as leis do Japão, nas atividades de automação bancária e comercial e de prestação de serviços, com objetivo de reposicionamento estratégico da Itautec no mercado de TI. Na mesma data, foi iniciado o processo de desativação paulatina da unidade de Computação, cuja comercialização de produtos foi encerrada em Em janeiro de 2014, a Oki adquiriu 70% das participações que a Itautec e a Itautec Participações e Comércio S.A. detinham na empresa Oki Brasil Indústria e Comércio de Produtos e Tecnologia em Automação S.A. ( Oki Brasil ). Em janeiro de 2017 a Itautec exerceu a opção de venda (put option) passando a deter cerca de 11% do capital da Oki Brasil. Em dezembro de 2018, a Oki exerceu a opção de compra da parcela remanescente detida pela Itautec no capital social da Oki Brasil.Com a conclusão dessa venda, a Itautec deixou de atuar no segmento de automação bancária e comercial e de prestação de serviços por meio da sua participação acionária na Oki Brasil. A Itautec continua honrando os contratos de garantia e manutenção de equipamentos da marca Itautec/Infoway, mantendo seu compromisso com os clientes. O encerramento de tais contratos deverá ocorrer até meados de A Itautec é uma subsidiária da Itaúsa. A Nova Transportadora do Sudeste S/A NTS transporta gás natural por meio de um sólido sistema de gasodutos, conectando a região mais industrializada do Brasil com segurança e confiabilidade. São mais de quilômetros de malha com capacidade para distribuir 158,2 milhões m³ de gás por dia. Os gasodutos da NTS ligam os estados do Rio de Janeiro, Minas Gerais e São Paulo (responsáveis por 50% do consumo de gás no Brasil) ao gasoduto Brasil- Bolívia, aos terminais de GNL e às plantas de processamento de gás. A companhia opera autorizações de longo prazo com 100% da capacidade contratada (pela modalidade ship or pay). O Investimento na NTS é classificado como ativo financeiro mensurado ao valor justo por meio de resultado. Fonte: EY/ Administração Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 10 de

242 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Ajuste de Ativos por avaliação a valor justo 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Balanço Patrimonial Individual Auditado*, 31 de dezembro de 2018 R$ Milhões Ativo Circulante Valor Contábil Ajustes Valor Justo a) Caixa e Equivalentes de Caixa b) Ativos Financeiros a Valor Justo por meio do Resultado c) Dividendos e Juros sobre o Capital Próprio d) Tributos Correntes a Recuperar e) Outros ativos circulantes Ativo não Circulante f) Imposto de Renda e Contribuição Social Diferidos 920 (138) 782 g) Depósitos Judiciais em Garantia de Contingências h) Outros ativos não circulantes 4-4 i) Participações em Subsidiárias Duratex S.A Itautec S.A. 25 (23) 2 Itaúsa Empreendimentos S.A ITH Zux Cayman Company Ltd. 2-2 j) Participações em Controladas em Conjunto Itaú Unibanco Holding S.A IUPAR - Itaú Unibanco Participações S.A Alpargatas S.A k) Imobilizado líquido Total do Ativo *Demonstrações Financeiras Auditadas pela PricewaterhouseCoopers Auditores Independentes Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 11 de

243 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Ajuste de Passivos por avaliação a valor justo 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Balanço Patrimonial Individual Auditado*, 31 de dezembro de 2018 R$ Milhões Passivo Circulante Valor Contábil Ajustes Valor Justo l) Obrigações Fiscais 7-7 m) Debêntures n) Dividendos e Juros sobre o Capital Próprio a Pagar o) Outros Passivos Circulante Passivo Exigível a Longo Prazo p) Debêntures q) Outros Passivos Não Circulante r) Imposto de Renda e Contribuição Social Diferidos s) Provisões Total do Passivo Total do Patrimônio Líquido Passivo + Patrimônio Líquido *Demonstrações Financeiras Auditadas pela PricewaterhouseCoopers Auditores Independentes Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 12 de

244 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Ajuste de Ativos por avaliação a valor justo 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Item Caixa e Equivalente de Caixa: Descrição a) Composta por contas que compreendem o caixa e contas correntes em banco, aplicações em ativos financeiros com prazo igual ou inferior a 90 dias. Não foram realizados ajustes a valor de mercado pelas características de liquidez e composição do ativo. Ativos Financeiros Mensurados ao Valor Justo por Meio de Resultado: b) c) d) e) f) Composta pela participação de 7,65% da Itaúsa no capital da Nova Transportadora do Sudeste NTS, adquirida em 04 de abril de Não foram realizados ajustes pois a conta já se encontra a valor justo, conforme informações preparadas pela Administração e validado pelos seus Auditores Independentes. Dividendos e Juros sobre o Capital Próprio: Composta por Dividendos e juros sobre capital próprio. Não foram realizados ajustes a valor de mercado pelas características de prazo e composição do ativo. Tributos Correntes a recuperar: Composto por Imposto de renda e Contribuição social de juros sobre capital próprio e aplicações financeiras a recuperar. Não foram realizados ajustes devido às características de composição e prazo do ativo. Outros ativos circulantes: Composto por Despesas antecipadas e Outros ativos. Não foram realizados ajustes devido às características de composição e prazo do ativo. Imposto de Renda e Contribuição Social Diferidos: Composto por Imposto de renda e Contribuição social diferido. Tendo em vista que a Administração disponibiliza em suas Demonstrações Financeiras o calendários de recuperação deste ativo, para a mensuração do valor justo, o montante estimado foi trazido a valor presente, através da taxa Selic (Apêndice H) esperada para o mesmo período, gerando uma redução de valor de R$ 138 milhões, conforme detalhado no Apêndice B. Fonte: EY/ Administração Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 13 de

245 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Ajuste de Ativos por avaliação a valor justo 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Item g) h) i) j) k) Depósitos Judiciais em Garantia de Contingências: Descrição Composta por depósitos judiciais em garantia de contingências. Não foram realizados ajustes devido às características de composição e a pouca relevância do ativo. Outros Ativos não Circulante: Composto por outros ativos. Não foram realizados ajustes devido à pouca relevância do ativo. Participação em Controladas: Composta pela participação da Itaúsa nas empresa: Duratex S.A., Itautec S.A. Grupo Itautec, Itaúsa Empreendimentos S.A. e ITH Zux Cayman Company Ltd. Foram realizados os seguintes ajustes: Duratex S.A.: Ajuste de R$ milhões referente a diferença entre o valor contábil e a capitalização das ações negociadas na bolsa de valores, conforme detalhado no Apêndice C; Itautec S.A. Grupo Itautec: Ajuste de R$ 23 milhões negativos referente a diferença entre o valor contábil e a estimativa do Patrimônio Líquido a Preços de Mercado., conforme detalhado no Apêndice D; Itaúsa Empreendimentos S.A. e ITH Zux Cayman Company Ltd.: Não foram realizados ajustes, por se tratar de ativos de liquidez imediata como depósitos em conta corrente e aplicações financeiras. Participação em Controladas em Conjunto: Composta pela participação da Itaúsa nas Empresas: Itaú Unibanco Holding S.A., IUPAR Itaú Unibanco Participações S.A. e Alpargatas S.A. Foram realizados os ajustes referentes as diferenças observadas entre o valor contábil e a capitalização das ações negociadas na bolsa de valores, com base na cotação de fechamento em 28 de dezembro de 2018, conforme detalhado no Apêndice C: Itaú Unibanco Holding S.A.: Ajuste de R$ milhões; IUPAR Itaú Unibanco Participações S.A.: Ajuste de R$ milhões; e Alpargatas S.A.: Ajuste de R$ 363 milhões. Imobilizado Líquido: Composta por terrenos, construções e benfeitorias, máquinas e equipamentos, instalações, móveis e utensílios, e veículos. Os seguintes ativos foram ajustados: Imóvel localizado na Av. Paulista na cidade de São Paulo / SP: Ajuste de R$ 172 milhões; referente a diferença entre o valor contábil e o valor de mercado do imóvel, conforme detalhado no Apêndice E. Imóvel localizado no Complexo Itaú Unibanco Centro Empresarial (IUCE) no qual a Itaúsa detém participação de 3,34%, ajuste de R$ 29 milhões, referente a diferença entre o valor contábil da participação e o valor de Mercado do imóvel Estimado pela Binswanger Brazil, com data-base em 31 de dezembro de 2018, conforme detalhado no Apêndice E. Fonte: EY/ Administração Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 14 de

246 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Ajuste de Passivos e Patrimônio Líquido por avaliação a valor justo 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Item Obrigações fiscais: Descrição l) Composta por obrigações fiscais federais. Não foram realizados ajustes a valor de mercado pelas características de liquidez e composição do passivo. Debêntures m) e p) Em 24/05/2017 a Itaúsa efetuou captação no mercado mediante a emissão, em série única, de debêntures, não conversíveis em ações, com valor de face de R$ 100 mil cada, com remuneração de 106,9% do CDI, com pagamentos semestrais dos juros e amortização do valor principal em três parcelas anuais e sucessivas, em maio de 2022, 2023 e Em 31 de dezembro de 2018 o valor atualizado dessas debêntures era de R$ milhões, sendo R$ 28 milhões de curto prazo. Não existem indicativos de alteração do risco de crédito da Itaúsa que demonstraria uma alteração na taxa de captação da debênture com um impacto no seu valor de mercado, conforme avaliação apresentada no Apêndice F. Dividendos e Juros sobre Capital Próprio a Pagar: n) Composta por Dividendos e Juros sobre capital próprio a pagar Não foram realizados ajustes a valor de mercado pelas características de prazo e composição do passivo. Outros passivos Circulante: o) q) r) Composta por Fornecedores, Obrigação com pessoal e outros passivos. Não foram realizados ajustes a valor de mercado pelas características de prazo e composição do passivo. Outros passivos não circulante: : Composto por Obrigações a Pagar da NTS, equivalente a US$ 72,3 milhões, com juros de 3,35% a.a. com vencimento em 04 de abril de Não foram realizados ajustes a valor de mercado pelas características e composição do passivo. Imposto de Renda e Contribuição Social Diferidos: Composta por Imposto de renda e contribuição social diferidos sobre ativos de depósitos judiciais e ajuste de ativos financeiros a valor justo por meio de resultado. Foi realizado ajuste de R$ milhões referente aos efeitos tributários estimados utilizando-se a alíquota considerada de 34% de IR e CSLL sobre os ajustes a valor de mercado nas contas de ativo e passivo do Patrimônio Líquido da Itaúsa. Fonte: EY/ Administração Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 15 de

247 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Ajuste de Passivos e Patrimônio Líquido por avaliação a valor justo 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Item Provisões: Descrição s) Composta basicamente por contingências tributárias da Itaúsa. As provisões equivalem ao valor principal dos tributos envolvidos em discussões administrativas ou judiciais, objeto de autolançamento ou lançamento de ofício, acrescido de juros e, quando aplicável, multa e encargos. Tal valor é objeto de provisão contábil independentemente da probabilidade de perda, quando se trata de obrigação legal, ou seja, o êxito na ação depende de ser reconhecida a inconstitucionalidade de lei vigente. A Empresa possui passivos não contingenciados de natureza cível e tributária, os quais foram classificados, pelos assessores jurídicos externos da Empresa, com risco de perda possível, representados por R$ 15,7 milhões para causas cíveis e R$ 560,5 milhões para causas tributárias. Para a mensuração do valor de mercado dos passivos contingentes não provisionados, de acordo com parâmetros de mercado, foi considerado o reconhecimento de 30% do valor de face dos processos tributários de perda possível acima mencionados. Desta forma, o saldo contábil apresentado no Passivo sofreu ajuste de R$ 168,2 milhões totalizando R$ 1.453,5 milhões, conforme detalhado no Apêndice G. Fonte: EY/ Administração Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 16 de

248 29 de março de 2019 Final 2 Patrimônio Líquido a Preços de Mercado Conclusão de valores 1 Sumário Executivo 2 Patrimônio Líquido a... 3 Apêndices 4 Anexos Sumário de valor (R$ milhões) Composição dos ajustes (R$ milhões) Patrimônio Líquido Contábil Ajuste a Crédito do Patrimônio Líquido ( ) Investimentos em Controladas em Conjunto Investimentos em Subsidiárias Ajuste de Imobilizado e Ativos fiscais Ajuste a Débito do Patrimônio Líquido (-) Provisões 168 (-) IR Diferido Passivo Patrimônio Líquido Contábil Fonte: EY/Administração Ajustes a crédito do Patrimônio Líquido (R$ milhões) Ajuste a Crédito do Patrimônio Líquido Ajuste a Débito do Patrimônio Líquido a Patrimônio Líquido preços de mercado (23) 201 (138) Patrimônio Líquido a Preços de Mercado Essa estimativa de valor não considera possíveis contingências, insuficiências ou superveniências ativas ou passivas que não estejam registradas na posição patrimonial da Empresa, exceto os assuntos tratados neste Laudo, fornecidas pela Administração. Devido a isso, os resultados apresentados não consideram o seu efeito, caso existam. Conclusão Com base nas informações recebidas e no trabalho realizado, nossa avaliação resultou em uma estimativa do valor do Patrimônio Líquido a preços de mercado da Itaúsa de aproximadamente R$ milhões (noventa e quatro bilhões e oitocentos e nove milhões de reais) na data-base de 31 de dezembro de Itaú Unibanco Holding IUPAR Alpargatas Duratex Itautec Imobilizado Ativos fiscais Ajuste Total Fonte: EY/Administração Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 17 de

249 29 de março de 2019 Final 3 Apêndices Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 18 de

250 29 de março de 2019 Final 3 Apêndices Apêndice A Declaração de limitações gerais 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos 1. Para atingir o objetivo do trabalho de avaliação do Patrimônio Líquido a Preço de Mercado da Itaúsa, foram aplicados procedimentos sempre baseados em fatos históricos, perspectivas econômicas e de mercado vigentes e da estratégia da Itaúsa existente na data-base da análise. Os valores apresentados nesse Laudo são resultantes da análise de dados históricos (financeiros e gerenciais); 2. Os comentários e as análises apresentados neste Laudo foram desenvolvidos por profissionais da EY com informações fornecidas pela Itaúsa e as suas subsidiárias, assim como por fontes externas, quando indicado; 3. A EY, os sócios e/ou profissionais da equipe que tenham participado da elaboração deste trabalho, não possuem qualquer interesse, direto ou indireto, na Itaúsa e todas as suas subsidiárias, bem como atestam não haver circunstância relevante que possa caracterizar conflito de interesse dos mesmos para com a Itaúsa, caracterizando, assim, sua independência. Os honorários estimados para a execução deste trabalho não foram baseados e não têm qualquer relação com os resultados aqui reportados; 4. Nenhum controlador ou administrador da Itaúsa e todas as suas subsidiárias (i) direcionou, limitou, dificultou ou praticou quaisquer atos que tenham ou possam ter comprometido o acesso, a utilização ou o conhecimento de informações, bens, documentos ou metodologias de trabalho relevantes para a qualidade das respectivas conclusões; (ii) restringiu de qualquer forma, nossa capacidade de determinar as conclusões apresentadas de forma independente; e (iii) determinou as metodologias por nós utilizadas para elaboração da avaliação da Itaúsa; 5. Nosso trabalho não contempla nenhum processo de auditoria, due diligence e/ou assessoria tributária e, portanto, não consideramos nesta avaliação quaisquer contingências que não estejam registradas contabilmente pela Itaúsa na data-base. 6. A estimativa do valor do Patrimônio Líquido a Preço de Mercado da Itaúsa têm como base as informações extraídas das demonstrações financeiras auditadas disponibilizadas pela Itaúsa, experiências adquiridas em reuniões e discussões com a Administração, informações públicas, a experiência da EY no setor em que a Empresa atua e em análises de mercado, que a EY considera consistentes, relevantes e apropriadas; 7. Não foram efetuadas investigações sobre os títulos de propriedade da Empresa, nem verificações da existência de ônus ou gravames; 8. A EY não tem responsabilidade de atualizar este Laudo para eventos e circunstâncias que ocorram após a data-base; 9. Não faz parte do nosso trabalho fornecer planilhas eletrônicas e/ou modelos financeiros que suportaram nossas análises; 10. Nossa avaliação é realizada com base em elementos que são razoavelmente esperados, portanto, não leva em consideração possíveis eventos extraordinários e imprevisíveis (novo regulamento para as empresas, mudanças na legislação tributária, catástrofes naturais, eventos políticos e sociais, nacionalizações, entre outros); e 11. Nossa avaliação foi baseada nas melhores informações e estimativas disponíveis. No entanto, como qualquer projeção engloba risco e incertezas, os resultados reais podem apresentar diferença quando comparados às projeções realizadas. Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 19 de

251 29 de março de 2019 Final 3 Apêndices Apêndice B - Ajuste a Preços de Mercado IR&CSLL Diferido 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Descrição A conta é composta por Imposto de Renda e contribuição social diferidos e foi mensurada a valor justo considerando a recuperabilidade do ativo no longo prazo e a expectativa de recuperação anual definida pela Administração da Itaúsa entre 2019 e 2023 e a partir de Para a mensuração do valor justo dos ativos fiscais, o montante estimado foi trazido a valor presente, através da taxa Selic (Apêndice G) esperada para o mesmo período. Recomendação de valor justo R$ 782 mi (BRL milhões) Valor Contábil A partir de 2024 IR&CS Diferido A partir da data-base e com base nos parâmetros e premissas mencionados acima, a nossa recomendação para o valor justo dos impostos a recuperar é de R$ 782 milhões, gerando uma redução de valor de R$ 138 milhões. Fator de Desconto 0,97 0,89 0,82 0,76 0,71 0,65 Fluxo Descontado Valor Justo 782 Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 20 de

252 29 de março de 2019 Final 3 Apêndices Apêndice C Market Cap 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos IUPAR Itaú Unibanco Participações S.A. (R$ milhões) Itaú Unibanco Holding S.A. (R$ milhões) Refere-se à participação da Itaúsa no Itaú Unibanco Holding S.A. através da controlada em conjunto IUPAR Itaú Unibanco Participações S.A. Cotação ON ITUB3 R$ a) 30,05 Cotação PN ITUB4 R$ a) 35,50 Cotação ON ITUB3 R$ a) 30,05 Cotação PN ITUB4 R$ a) 35,50 Quantidade de ações ON mil b) Quantidade de ações PN mil b) 0 Participação da Itaúsa na IUPAR 66,53% Valor justo da participação c) Valor Contábil b) Ajuste a valor de Mercado c) Alpargatas S.A. (R$ milhões) Cotação ON ALPA3 R$ a) 16,36 Cotação PN ALPA4 R$ a) 17,02 Quantidade de ações ON mil b) Quantidade de ações PN mil b) 169 Valor justo da participação c) Valor Contábil b) Ajuste a valor de Mercado c) Duratex S.A. (R$ milhões) Cotação ON - DTEX3 R$ a) 11,83 Quantidade de ações ON mil b) Quantidade de ações PN mil b) Quantidade de ações ON mil b) Valor justo da participação c) Valor Contábil b) Ajuste a valor de Mercado c) 363 Valor justo da participação c) Valor Contábil b) Ajuste a valor de Mercado c) Fontes:a) Capital IQ na data-base de 28 de dezembro de 2018, com base na cotação de fechamento.; b) Demonstrações Financeiras (31 de dezembro de 2018 Nota 9 Investimentos, alínea b; c) EY Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 21 de

253 29 de março de 2019 Final 3 Apêndices Apêndice D - Ajuste de Ativos por avaliação preços de mercado Itautec 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Balanço Patrimonial Individual Auditado*, 31 de dezembro de 2018 R$ Mil Ativo Circulante Valor Contábil Ajustes Valor Justo a) Caixa e Equivalentes de Caixa b) Clientes c) Tributos a Recuperar d) Valores a Receber e Despesas Antecipadas Ativo não Circulante e) Depósitos Judiciais Depósitos judiciais Trabalhistas Depósitos judiciais Cíveis Depósitos judiciais Tributários f) Investimentos em Controladas g) Propriedade para Investimento h) Imobilizado i) Ativos Contingentes Total do Ativo *Demonstrações Financeiras Auditadas pela PricewaterhouseCoopers Auditores Independentes Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 22 de

254 29 de março de 2019 Final 3 Apêndices Apêndice D - Ajuste de Passivos por avaliação preços de mercado Itautec 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Balanço Patrimonial Individual Auditado*, 31 de dezembro de 2018 R$ Mil Valor Contábil Ajustes Valor Justo Passivo Circulante j) Fornecedores k) Obrigações com Pessoal l) Obrigações Fiscais m) Outras Provisões n) Receitas Diferidas Passivo Exigível a Longo Prazo o) Provisões Provisões Fiscais Provisões Previdênciarias e Trabalhistas Provisões Cíveis p) Outras Provisões q) Imposto de Renda e Contribuição Social Diferidos Total do Passivo Total do Patrimônio Líquido (24.555) Passivo + Patrimônio Líquido *Demonstrações Financeiras Auditadas pela PricewaterhouseCoopers Auditores Independentes Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 23 de

255 29 de março de 2019 Final 3 Apêndices Apêndice D - Ajuste de os e Passivos por avaliação preços de mercado Itautec 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Item a) b) c) d) e) f) Caixa e Equivalente de Caixa: Comentários Composta por caixa, fundos de investimentos não exclusivos e certificados de depósitos bancários no País, todos com remuneração atrelada à variação do Certificado de Depósito Interfinanceiro e possibilidade de resgate imediato. Não foram realizados ajustes devido à característica de liquidez e composição do ativo. Clientes: Composta pelo aluguel a receber da propriedade para investimentos. O montante a vencer corresponde aos valores a receber do aluguel mensal do imóvel locado à Oki Brasil que é recebido regularmente no prazo contratual não justificando o reconhecimento de qualquer provisão. Tributos a Recuperar: Composta por tributos a compensar. Não foram realizados ajustes, devido à perspectiva de não realização dos tributos federais e estaduais, a Administração decidiu pelo reconhecimento de perdas de parte substancial destes tributos. Valores a Receber e Despesas Antecipadas: Composta por contas que compreendem: (i) outros valores a receber devido ao êxito em ação transitada em julgado contra a Companhia de Saneamento Básico do Estado de São Paulo (Sabesp), referente ao sistema de cobrança da tarifa de suprimento de água da antiga unidade produtiva Tatuapé, na cidade de São Paulo, no período de 1997 a 2008, cujo valor foi depositado em juízo e recebido em março de 2019; (ii) Despesas antecipadas. Não foram realizados ajustes devido à característica de liquidez e composição do ativo. Depósito Judicial: Composta por depósitos trabalhistas, cíveis e tributários. Não foram realizados ajustes devido à característica de liquidez e composição do ativo. Investimentos em Controladas: Em 31 de dezembro de 2018 a Empresa detinha participação em empresas controladas, 99,94% na Itautec.com Serviços S.A., 100% na Itautec Locação e Comércio de Equipamentos S.A., e 100% na Itautec Participações e Comércio S.A. Em 31 de janeiro de 2019, a Itautec Locação e Comércio de Equipamentos S.A. incorporou a Itautec Participações e Comércio S.A. e a Itautec.com Serviços S.A. As empresas controladas encontram-se em estado não operacional. Dessa forma, o valor do investimento da Itautec e suas controladas somente sofrem alteração na posição patrimonial das mesmas por equivalência patrimonial. Não foram realizados ajustes dado que não há indicativo de um ajuste individual na data-base considerada. Fonte: EY/ Administração Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 24 de

256 29 de março de 2019 Final 3 Apêndices Apêndice D - Ajuste de Ativos e Passivos por avaliação preços de mercado Itautec 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Item g) h) i) Propriedade para Investimento: Comentários Refere-se a imóvel localizado na cidade de Jundiaí, estado de São Paulo, Brasil. Em 31 de dezembro de 2018, o imóvel estava locado para a Oki Brasil, com previsão de encerramento do contrato de locação em meados de Foi realizado ajuste de R$ mil, referente a diferença entre o valor de mercado e o valor contábil, conforme detalhado no Apêndice B. Imobilizado: Composta por móveis, máquinas e equipamentos, ferramentas e equipamentos de processamentos de dados. Foi realizado ajuste de R$ mil, referente a diferença entre o valor de mercado e o valor contábil, conforme detalhado no Apêndice C. Ativos Contingentes: A Empresa possui em andamento pedidos administrativos de restituição de tributos pagos a maior e processos de natureza cível e tributária, em discussão judicial e com expectativa de direitos a receber. Estes processos são classificados de acordo com a avaliação dos assessores jurídicos segundo suas possibilidades de ganho. Como se tratam de ativos contingentes, os valores não estão registrados nas demonstrações contábeis. Os principais processos ativos da Empresa na data-base, com probabilidade de êxito provável, somados, podem alcançar o montante aproximado de R$ 20,0 milhões. É válido mencionar que a Empresa também possui outros potenciais ativos contingentes com probabilidade de êxito classificada como possível, dentre os quais se destaca a ação ajuizada pela Itautec na Holanda em dezembro de 2015, objetivando o ressarcimento de sobrepreço pago na compra de cinescópios e tubos CRT ( Cathode Ray Tubes) utilizados pela Itautec na fabricação de televisores e monitores de computador CPTs e CDTs em decorrência da conduta cartelizada, no Brasil e no exterior, pelas respectivas fabricantes, no período entre 1995 e Em novembro de 2017, a Corte da Holanda julgou ter jurisdição e ser competente para processar e julgar a ação, já que um dos réus (Phlilips) tem sede no país. A ação reparatória será objeto de análise de mérito, ainda sujeita a exame probatório, e o quantum indenizatório, se houver, será apurado em perícia apenas ao final do processo, caso a Itautec seja vitoriosa. Para a mensuração do valor de mercado dos ativos contingentes não contabilizados, de acordo com parâmetros de mercado consideramos o reconhecimento de 80% do valor de face dos processos com probabilidade de êxito provável, acima mencionados. Desta forma, foi reconhecido o montante de R$ 16,0 milhões, conforme detalhado no Apêndice D. Fonte: EY/ Administração Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 25 de

257 29 de março de 2019 Final 3 Apêndices Apêndice D - Ajuste de Ativos e Passivos por avaliação preços de mercado Itautec 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Item j) k) l) m) e (o) n) Fornecedores: Comentários As contas a pagar aos fornecedores são compostas por obrigações a pagar por bens ou serviços que foram adquiridos de fornecedores nacionais e estrangeiros. Não foram realizados ajustes a valor de mercado pelas características de liquidez e composição do passivo. Obrigações com Pessoal: Composta por contas de encargos sociais a pagar e provisões de férias. Não foram realizados ajustes a valor de mercado pelas características de liquidez e composição do passivo. Obrigações fiscais: Composta por tributos. Não foram realizados ajustes a valor de mercado pelas características de liquidez e composição do passivo. Outras Provisões: Referem-se em sua maioria, à constituição de provisão para remediação ambiental, da antiga unidade produtiva Tatuapé (cidade de São Paulo) e provisão de honorários advocatícios. Em discussão com a Administração não foram identificadas mudanças na expectativa e no prazo de realização dos valores registrados no balanço da Itautec. Desta forma, os saldos contábeis apresentados no Passivo não sofreram ajustes a valor de mercado na database de 31 de dezembro de Receitas Diferidas: A Itautec na comercialização dos seus produtos, oferecia no mínimo garantia de 12 meses aos seus clientes e constituía provisão para os custos futuros, incluindo mão de obra, peças para reposição, deslocamento, logística e estrutura indireta necessária para a manutenção corretiva e preventiva dos equipamentos comercializados. As receitas provenientes destes serviços são diferidas de acordo com o prazo dos mesmos. Não foram relizados ajustes a valor de mercado tendo em vista que o saldo contábil deste passivo se realizará até meados de junho de Fonte: EY/ Administração Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 26 de

258 29 de março de 2019 Final 3 Apêndices Apêndice D - Ajuste de Ativos e Passivos por avaliação preços de mercado Itautec 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Item p) q) Provisões para Contingências: Comentários Composta por contingências tributárias, trabalhistas e cíveis. A Empresa é parte em ações judiciais e processos administrativos decorrentes do curso normal de seus negócios, perante tribunais e órgãos governamentais de natureza trabalhista, cível e tributária. Quando se trata de obrigação legal, independente da probabilidade de perda, é constituída provisão, ou seja, o êxito na ação depende de ser reconhecida a inconstitucionalidade de lei vigente. Nos demais casos, a provisão é constituída sempre que a perda for considerada provável. A Empresa possui passivos não contingenciados de natureza cível e tributária, os quais foram classificados, pelos assessores jurídicos externos da Empresa, com risco de perda possível, representados por R$ mil para causas cíveis e R$ mil para causas tributárias. Para a mensuração do valor de mercado dos passivos contingentes não provisionados, de acordo com parâmetros de mercado, foi considerado o reconhecimento de 30% do valor de face dos processos de perda possível acima mencionados. Desta forma, o saldo contábil apresentado no Passivo sofreu ajuste de R$ mil totalizando R$ mil, conforme detalhado no Apêndice E. Imposto de Renda e Contribuição Social Diferidos: Foi realizado ajuste de R$ mil referente aos efeitos tributários estimados utilizando-se a alíquota considerada de 23,7% de IR e CSLL sobre os ajustes a valor justo nas contas de ativo, não foram constituídas diferenças temporais de caráter ativo devido as características de descontinuidade de operação da Empresa. Fonte: EY/ Administração Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 27 de

259 29 de março de 2019 Final 3 Apêndices Apêndice D Ajuste a Preços de Mercado Propriedade para Investimento 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Descrição: O escopo da análise dos ativos a valor justo incluiu a avaliação da Propriedade para Investimento, que refere-se às seguintes classes: Terrenos; Instalações; e Construções e Benfeitorias. Os ativos identificados estão localizados em Jundiaí SP. Premissas Específicas: Para estimar o valor justo dos ativos identificados, foram considerados o método comparativo direto de dados de mercado. As metodologias foram aplicadas apropriadamente considerando a natureza dos bens em estudo. Para mais detalhes consultar Anexos 1 e 2. Recomendação de valor justo R$ 67,7 mi A partir da data-base e com base nos parâmetros e premissas disponibilizados no Anexo 2, a nossa recomendação para o valor justo da Propriedade para Investimento é de R$ mil, gerando um aumento no valor do ativo de R$ mil. Resumo de Valores Com base nos parâmetros e premissas mencionados anteriormente, nossas recomendações de valor justo para a Propriedade para Investimento na data-base da avaliação estão representados na tabela a seguir em milhares de reais. Propriedade para Investimento Qty VOC 1 VRC Valor Justo Bens Imóveis Terrenos Construções e Benfeitorias Instalações Total Propriedade para Investimento Localização: Rua Wilhelm Winter, 301, Distrito Industrial, Jundiaí/SP Área do terreno: ,48 m² Área construída: ,03 m² Ano de Construção: 1998 Benfeitorias: muros de fechamento, pintura, pavimentação, entre outras. Instalações: sistema de infraestrutura da planta. Notas: 1.Valores de aquisição (VOC) são apenas ilustrativos e para conciliação. Os valores foram obtidos pela listagem do imobilizado em 31 de dezembro de Os valores não foram auditados pela EY. Este arquivo não é considerado uma consultoria contábil, assim, a implementação fica a critério da Empresa. O cálculo da depreciação dos ativos pode variar. VOC: Valor original contábil VRC: Valor residual contábil Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 28 de

260 29 de março de 2019 Final 3 Apêndices Apêndice D Ajuste a Preços de Mercado Imobilizado Itautec 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Descrição: Com base nos ativos identificados, os ativos foram classificados em grupos de acordo com suas funcionalidades. Essas classificações em grupos auxiliam certas etapas do processo de avaliação (como na seleção de metodologias) e foram definidas conforme listados abaixo: Móveis e utensílios inclui os itens que fazem parte do mobiliário da empresa, como Resumo de valores: Com base nos parâmetros e premissas mencionados anteriormente, nossas recomendações de valor justo para os bens móveis pertencentes à Itautec na data-base da avaliação estão representados na tabela a seguir em milhares de reais. Imobilizado Qty VOC 1 VRC Valor Justo Bens Móveis armários, cadeiras, mesas, entre outros; Máquinas e equipamentos inclui o maquinário utilizado, como empilhadeiras e transpaleteiras e seladoras; Móveis e Utensílios Estanterias Para Armazém Lavadora De Louca Modelo Outros Máquinas e Equipamentos Empilhadeira Bt Vector Vce150A Empilhadeira Hyster Mod.H55Xm Outros Software Sw Symantec Data Loss Prevention Outros Equipamentos de Informática Equipamentos de Comunicação Software inclui os sistemas utilizados para o desenvolvimentos dos produtos; e Equipamentos de processamento de dados inclui computadores, notebooks, servidores e outros ativos relacionados. Premissas Específicas: Para estimar o valor justo dos ativos identificados, foram considerados o método comparativo direto de dados de mercado e o método da quantificação do custo. As metodologias foram aplicadas apropriadamente considerando a natureza dos bens em estudo. Para mais detalhes consultar Anexo 1. Recomendação de valor justo R$ 1,8 mi A partir da data-base e com base nos parâmetros e premissas, a nossa recomendação para o valor justo dos bens móveis do imobilizado da Itautec é de R$ mil, gerando um aumento no valor do ativo de R$ mil. Notas: 1.Valores de aquisição (VOC) e residual (VRC) são apenas ilustrativos e para conciliação. Os valores foram obtidos pela listagem do imobilizado em 31 de dezembro de Os valores não foram auditados pela EY. 2. Itens com valor justo médio de R$ 2 mil reais. 3. Itens com valor justo médio de R$ 5 mil reais. 4. Itens com valor justo médio de R$ 1 mil reais. 5. Itens com valor justo médio de R$ 1 mil reais. 6. Itens com valor justo médio de R$ 5 mil reais. VOC: Valor original contábil VRC: Valor residual contábil Total Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 29 de

261 29 de março de 2019 Final 3 Apêndices Apêndice D Ajuste a Preços de Mercado Ativos Contingentes Itautec 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Descrição: A Empresa possui em andamento pedidos administrativos de restituição de tributos pagos a maior e processos de natureza cível e tributária, em discussão judicial e com expectativa de direitos a receber. Estes processos são classificados pela Empresa de acordo com a avaliação dos assessores jurídicos segundo suas possibilidades de ganho. Como se trata de ativos contingentes, os valores não estão registrados nas demonstrações contábeis. Os principais processos ativos da Empresa na data-base, com probabilidade de êxito provável, podem alcançar o montante aproximado de R$ 20,0 milhões. Para a mensuração do valor de mercado dos ativos contingentes não contabilizados, de acordo com parâmetros de mercado, consideramos o reconhecimento de 80% do valor de face dos processos acima mencionados. Desta forma, foi reconhecido o montante de R$ 16,0 milhões. Recomendação de valor justo R$ 16,0 mi Ativos contingentes (R$ milhões) Valor de Face Valor Contábil Ajuste Valor Justo Provável 20,0 0 16,0 16,0 A partir da data-base e com base nos parâmetros e premissas mencionados acima, a nossa recomendação para o valor justo da totalidade dos ativos contingentes é de R$ 16,0 milhões. Total 20,0 0 16,0 16,0 Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 30 de

262 29 de março de 2019 Final 3 Apêndices Apêndice D Ajuste a Preços de Mercado Provisões para Contingências Itautec 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Descrição: Composta por contingências tributárias, trabalhistas e cíveis. A Empresa é parte em ações judiciais e processos administrativos decorrentes do curso normal de seus negócios, perante tribunais e órgãos governamentais de natureza trabalhista, cível e tributária. Quando se trata de obrigação legal, independente da probabilidade de perda, é constituída provisão, ou seja, o êxito na ação depende de ser reconhecida a inconstitucionalidade de lei vigente. Nos demais casos, a provisão é constituída sempre que a perda for considerada como provável. Provisões para contingências (R$ milhões) A Empresa possui passivos não contingenciados de natureza cível e tributária, os quais foram classificados, pelos assessores jurídicos externos da Empresa, com risco de perda possível, representados por R$ mil para causas cíveis e R$ mil para causas tributárias. Para a mensuração do valor de mercado dos passivos contingentes não provisionados, de acordo com parâmetros de mercado, foi considerado o reconhecimento de 30% do valor de face dos processos de perda possível acima mencionados. Desta forma, o saldo contábil apresentado no Passivo sofreu ajuste de R$ mil totalizando R$ mil. Valor de Face Valor Contábil Ajuste Valor Justo Provável 21,4 21,4 0 21,4 Possível 238,9 0 71,7 71,7 Recomendação de valor justo R$ 93,0 mi A partir da data-base e com base nos parâmetros e premissas mencionados acima, a nossa recomendação para o valor justo da totalidade das provisões para contingência é de R$ mil, gerando um aumento de valor de R$ mil correspondente a atualização do valor justo da conta Remoto 109, Total 369,7 21,4 71,7 93,0 Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 31 de

263 29 de março de 2019 Final 3 Apêndices Apêndice E Ajuste a Preços de Mercado Imobilizado - Itaúsa 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Descrição: A conta do imobilizado é composta pelo imóvel da Itaúsa localizado na Av. Paulista, em São Paulo, estado de São Paulo, pela participação de 3,34% da Itausa no Complexo Itaú Unibanco Centro Empresarial (IUCE), por máquinas e equipamentos, Equipamentos de Processamento de Dados, Equipamentos de Telecomunicações, Móveis e Utensílios, e Imobilizado em Andamento. O escopo de avaliação a valor justo contemplou somente os bens imóveis, sendo estes: (i) Imóvel localizado na Av. Paulista, a Resumo de valores: metodologia e as respectivas premissas utilizadas na estimativa do valor justo do ativo está disposta no Anexo 1; (ii) Imóvel participação da Itaúsa no Complexo Itaú Unibanco Centro Empresarial (IUCE) no qual a Itaúsa detém participação de 3,34%. A estimativa de valor justo do imóvel foi realizda pela Binswanger Brazil, com data-base em 31 de dezembro de Avaliamos as metodologias empregadas na avaliação do imóvel e entendemos que estão razoáveis e estão adequadas às praticas de mercado. Recomendação de valor justo R$ 300 mi A partir da data-base e com base nos parâmetros e premissas mencionados acima, a nossa recomendação para o valor justo da totalidade do imobilizado é de R$ 300 milhões, gerando um aumento de valor de R$ 201 milhões no ativo. Imobilizado VRC Valor Justo Bens Imóveis Av. Paulista, São Paulo SP 87,0 258,8 IUCE Complexo Itaú Unibanco Empresarial (3,34%) 7,9 36,8 Notas: 1. Ativos avaliados a valor residual contábil Este arquivo não é considerado uma consultoria contábil, assim, a implementação fica a critério da Empresa. O cálculo da depreciação dos ativos pode variar. VRC: Valor residual contábil Bens Móveis 1 Máquinas e Equipamentos 0,0 0,0 Equipamentos de Processamento de Dados 0,3 0,3 Equipamentos de Telecomunicações 1,2 1,2 Móveis e Utensílios 2,4 2,4 Dados do Imóvel Localização: Avenida Paulista, 1.938, Bela Vista, São Paulo/SP Área construída: ,00 m² Ano de Construção: n/a Veículos 0,1 0,1 Imobilizado em Andamento 0,3 0,3 Total 99,3 300,0 Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 32 de

264 29 de março de 2019 Final 3 Apêndices Apêndice F Ajuste das Debêntures a Preços de Mercado 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Descrição: Avaliamos as debentures do tipo quirografária, não-conversível, emitidas sob o código ITSA12, em 24/05/2017 pelo valor nominal de R$ ,00, cujo vencimento é em 24/05/2024. As debentures são remuneradas a 106,90% do CDI, de forma semestral, e serão amortizadas em 3 anos a partir de 25/11/2021. Utilizamos duas metodologias para reavaliarmos o valor desta emissão: Fluxo de caixa descontado (1): Consiste na projeção dos pagamentos futuros, descontados a valor presente, utilizando o risco de crédito estimado para a Itaúsa. Estimamos o spread de crédito da Itausa na data-base de avaliação em 1,24% sobre a taxa livre de risco, e com isto, chegamos a um valor de aproximadamente 98,01% do valor da emissão da debênture. Valor de operações em mercado aberto (2): Dado que esta debenture é pública, utilizamos o histórico de transações da ANBIMA, disponível no site para estimar o valor do mercado para esta debênture. Encontramos transações na data de 27/12/2018, próximas a data base, considerando um fator de 101,48% sobre o valor da emissão, então aplicamos este mesmo fator para data-base 31/12/2018. Informações sobre estas negociações se encontram na tabela abaixo: Negociações considerada Data Código do Ativo Quantidade Número de Negócios Esta negociação representa cerca de 1,3% de todo volume desta emissão, portanto entendemos que ela é representativa desta transação. Assim, podemos consolidar nossos resultados da seguinte forma: Valor por debênture (R$) PU Mínimo PU Médio PU Máximo Valor total (R$ milhões) % sobre o valor de emissão Fluxo de caixa descontado (1) , ,01% % PU da emissão 27/12/2018 ITSA , , ,04 101,48% Fonte: Anbima / EY Recomendação de valor justo R$ mi Dado que o valor contábil se encontra entre as duas metodologias, e o valor estimado pelo cliente é está dentro de um intervalo de 1%, entendemos que o valor utilizado pelo cliente está dentro de um intervalo de razoabilidade. Saldo acruado , ,63% Valor de mercado aberto (2) , ,48% Fonte: EY Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 33 de

265 29 de março de 2019 Final 3 Apêndices Apêndice G Ajuste a Preços de Mercado Provisões para Contingências 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Descrição: Composta basicamente por contingências tributárias da Empresa. As provisões equivalem ao valor principal dos tributos envolvidos em discussões administrativas ou judiciais, objeto de autolançamento ou lançamento de ofício, acrescido de juros e, quando aplicável, multa e encargos. Tal valor é objeto de provisão contábil independentemente da probabilidade de perda, quando se trata de obrigação legal, ou seja, o êxito na ação depende de ser reconhecida a inconstitucionalidade de lei vigente. A Empresa possui passivos não contingenciados de natureza cível e tributária, os quais foram classificados, pelos assessores jurídicos externos da Empresa, com risco de perda possível, representados por R$ 15,7 milhões para causas cíveis e R$ 560,5 milhões para causas tributárias. Para a mensuração do valor de mercado dos passivos contingentes não provisionados, de acordo com parâmetros de mercado, foi considerado o reconhecimento de 30% do valor de face dos processos tributários de perda possível acima mencionados. Recomendação de valor justo R$ 1.5 bi Provisões para contingências (R$ milhões) Valor de Face Valor Contábil Ajuste Valor Justo Provável Possível A partir da data-base e com base nos parâmetros e premissas mencionados acima, a nossa recomendação para o valor justo da totalidade das provisões para contingência é de R$ milhões, gerando um aumento de valor de R$ 168 milhões correspondente a atualização do valor justo da conta. Total Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 34 de

266 29 de março de 2019 Final 3 Apêndices Apêndice H Premissas Macroeconômicas 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Premissas Macroeconômicas dez-16 dez-17 dez-18 dez-19 dez-20 dez-21 dez-22 dez-23 dez-24 dez-25 dez-26 dez-27 dez-28 PIB -3,6% 1,0% 1,3% 2,6% 2,6% 2,6% 2,6% 2,6% 2,6% 2,6% 2,6% 2,6% 2,6% IPCA 6,3% 2,9% 3,7% 4,0% 4,0% 3,8% 3,8% 3,8% 3,8% 3,8% 3,8% 3,8% 3,8% IGP-M 7,2% -0,5% 8,0% 4,3% 4,1% 4,1% 4,1% 4,3% 4,3% 4,3% 4,3% 4,3% 4,3% Selic 14,1% 10,1% 6,5% 6,7% 7,9% 8,0% 8,0% 8,1% 8,1% 8,1% 8,1% 8,1% 8,1% Fonte: Banco Central do Brasil - BACEN Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 35 de

267 29 de março de 2019 Final 4 Anexos Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 36 de

268 29 de março de 2019 Final 4 Anexos 1 Sumário Executivo Anexo 1: Metodologia Avaliação Ativos Tangíveis 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Bens Móveis Seleção e análise da metodologia de avaliação Os métodos e procedimentos adotados para a realização das análises dos bens móveis são pautados nos preceitos e diretrizes estabelecidos na Norma Brasileira de Avaliações publicada pela ABNT Associação Brasileira de Normas Técnicas, NBR em suas partes: Parte 1: Procedimentos Gerais; e Parte 5: Máquinas, equipamentos, instalações e bens industriais em geral; Para estimar o valor justo dos ativos, foram considerados o método comparativo direto de dados de mercado e o método da quantificação do custo. As metodologias foram aplicadas apropriadamente considerando a natureza dos bens em estudo. Para a avaliação de bens móveis, a avaliação pelo método da renda foi considerada inadequada porque fluxos de rendimentos individuais não podem ser alocados de forma razoável e eficaz para cada um dos ativos individuais. Aplicação do método comparativo direto de dados de mercado Ao considerar o método comparativo direto de dados mercado, identificamos que algumas categorias de ativos em que existe um mercado ativo. Dentro deste contexto, utilizamos este método para avaliar os Equipamentos de informática. A abordagem de mercado analisa as condições de mercado e transações comparáveis ao ativo que está sendo avaliado, e determina o valor justo onde os dados confiáveis e disponíveis sobre as vendas podem ser encontrados. O valor justo é determinado pela comparação de vendas recentes e os preços de venda de ativos similares, então são ajustados com base em fatores como idade, condição, capacidade e tipo de venda. Aplicação do método de quantificação do custo O método do custo foi utilizado para avaliar os demais bens móveis. Usando esta metodologia, reconhecemos o valor associado à instalação, frete, engenharia e nacionalização, sempre que aplicável. Na aplicação do método do custo, primeiramente determina-se a estimativa do valor de substituição ou reposição ou custo de reprodução dos ativos (CRN) usando os métodos direto ou indireto. Cálculo do CRN através do método direto O passo inicial no cálculo por custo direto foi desenvolver uma estimativa de custo de reposição a novo para cada ativo incluído no escopo de nossa análise. Especificamente, desenvolvemos uma estimativa de CRN que inclui todos os custos de engenharia, fundação, instalação, frete e nacionalização sempre que aplicável, através de orçamentos recentes e notas fiscais fornecidas pela Administração, em pesquisa externa, no nosso banco de dados interno, nas informações contidas no imobilizado e nas informações detalhadas fornecidas em resposta as nossas solicitações. Cálculo do CRN através do método indireto Utilizamos o método do custo indireto para avaliar os ativos que não foram cobertos pelo método comparativo direto de dados de mercado ou pelo método do custo direto. Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 37 de

269 29 de março de 2019 Final 4 Anexos 1 Sumário Executivo Anexo 1: Metodologia Avaliação Ativos Tangíveis 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Sob o método do custo indireto, o custo de reprodução a novo para cada ativo ou grupo de ativos foi estimado pela atualização de custos históricos registrados na lista contábil do ativo imobilizado considerando-se o tipo de ativo e data de aquisição e os respectivos índices econômicos. Estes custos geralmente incluem o custo base do ativo e quaisquer considerações adicionais relativas a acessórios, impostos, entrega, instalação, mão de obra e custos indiretos, tais como engenharia, suprimento e construção quando considerados apropriados. Os fatores de ajuste/índice de preços utilizados em nossa análise foram obtidos através de índices de inflação publicados pela Fundação Getúlio Vargas. Depreciação Física e Obsolescência Como os ativos foram utilizados ao longo de períodos variáveis, o valor justo é estimado pela adequação do CRN à perda de valor devido à depreciação física, além da possível obsolescência funcional e/ou econômica de cada ativo. Depreciação Física Nossa estimativa de depreciação física foi realizada principalmente sob o conceito idade/vida útil. Sob este conceito, a perda física de valor é atribuída através da relação entre a vida útil estimada de um ativo e sua vida útil remanescente em um determinado período no tempo. As principais definições são as seguintes: Vida útil técnica (VU) A vida útil, geralmente em anos, de um ativo será usada antes de sua deterioração a uma condição inutilizável ou quando este é retirado de serviço. Idade cronológica (IC) O tempo decorrido da vida de um ativo desde que foi originalmente posto em serviço. Idade efetiva (IE) A idade do ativo indicada pela sua atual condição, o qual pode ser ou não igual a IC. Vida útil remanescente (VUR) - Período contado em anos desde a data-base da análise até a data estimada em que o bem deixará de ser economicamente viável. Diferentes perfis de depreciação física são conhecidos e amplamente utilizados na prática que operam sob os conceitos básicos descritos anteriormente. No Método da Quantificação do Custo, nós utilizamos os seguintes perfis de depreciação: Linear (SL) - Um consumo linear da utilidade de um ativo durante a sua vida útil. Curva de Iowa (R2) - Curva derivada para medir a utilidade econômica de um ativo em relação à sua vida econômica e considera a premissa de acumular custos de manutenção de rotina e manutenção geral dos ativos. A curva de Iowa tem como base estudo e pesquisa realizada pela Universidade do Estado de Iowa. Este método utiliza um conceito de idade-vida em que se mede a perda física de valor atribuído a uma redução na qualidade de um dado tipo de ativo que se mantenha em serviço ou utilização, ao longo de um dado período de tempo. O período de tempo é medido a partir do momento em que o ativo é colocado em uso até que seja retirado de serviço. Além disso, em consequência do desgaste, um ativo pode ser cada vez mais caro para se operar ao longo do tempo, acumulando custos de manutenção e resultando em uma diminuição de sua utilidade global. Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 38 de

270 29 de março de 2019 Final 4 Anexos 1 Sumário Executivo Anexo 1: Metodologia Avaliação Ativos Tangíveis 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Obsolescência Funcional Obsolescência funcional pode ser atribuída aos excessos de custo de capital ou custo de operação associados a um ativo ou grupo de ativos. O excesso de custo de capital, que é a diferença entre o valor de reprodução e o valor de reposição, mede a diminuição do investimento necessário para uma substituição do ativo para produzir o mesmo ou similar produto a que está sujeito o ativo. Essa forma de obsolescência é vista em tecnologias mais recentes e custos de construções que tipicamente possuem valores menores que o ativo atual. Com base em nossas análises, não foram observadas evidências de obsolescência funcional uma vez que a tecnologia inerente aos tipos de bens avaliados não tem sofrido mudanças nas últimas décadas. Assim sendo, não foi realizado nenhum ajuste nos bens móveis relativos à obsolescência funcional. Obsolescência Econômica A obsolescência econômica é a perda de valor causada por condições adversas externas do ativo, como baixa demanda de mercado para o produto, mudança do foco do mercado, indisponibilidade de transporte e excessos das regulamentações governamentais. Com base no que foi descrito acima e, considerando a linha de serviço do cliente, não foi possível realizar estudos que considerassem volumes históricos ou capacidade produtiva e, portanto não houve nenhum ajuste relativo à obsolescência econômica. Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 39 de

271 29 de março de 2019 Final 4 Anexos 1 Sumário Executivo Anexo 1: Metodologia Avaliação Ativos Tangíveis 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Bens Imóveis Os métodos e procedimentos adotados para a realização das análises dos bens imóveis são pautados nos preceitos e diretrizes estabelecidos na Norma Brasileira de Avaliações publicada pela ABNT Associação Brasileira de Normas Técnicas, NBR em suas partes: Parte 1: Procedimentos Gerais; Parte 2: Imóveis Urbanos; e Parte 4: Empreendimento Também são seguidas as diretrizes e recomendações do Instituto Brasileiro de Avaliações e Pericias de Engenharia de São Paulo - IBAPE/SP. De acordo com as referidas normativas, os bens imóveis podem ser avaliados com base no Método da Renda, Método Involutivo, Método da Quantificação do Custo e o Método Comparativo Direto de Dados de Mercado, sendo a combinação dos dois últimos métodos atrelado a um fator de comercialização, caracterizando o Método Evolutivo. Embora todos estes métodos possam ser considerados na avaliação, a natureza dos bens e a disponibilidade de dados e de informações ditarão qual o método - ou métodos - será utilizado para estimar o valor justo de cada bem. Método Comparativo Direto de Dados de Mercado Esse método identifica o valor justo de um bem por meio do tratamento técnico de atributos dos elementos comparáveis constituintes da amostra. Essa metodologia é utilizada quando existe um mercado ativo de imóveis na região do imóvel avaliando que possibilite a obtenção de comparativos com características semelhantes a este. Além disso, esse método capta a perda de valor do bem a partir de todas as formas de depreciação a ele inerentes. Especificamente no caso dos bens imóveis, efetua-se uma análise no mercado imobiliário da região sobre vendas recentes ou ofertas correntes de imóveis similares (comparativos) ao(s) imóvel(is) compreendido(s) no presente trabalho. Os comparativos obtidos junto ao mercado são fornecidos pelas mais variadas fontes, tais como: donos de propriedades, corretores imobiliários, imobiliárias e/ou através de fontes públicas de consulta. Estas premissas são consideradas como boas e válidas. No método CDDM por tratamento por fatores é realizada a homogeneização da amostra comparativa através de fatores e critérios de ajustes das diferenças entre o imóvel compreendido pela análise e os comparativos, com a posterior análise estatística dos resultados homogeneizados. A escolha dos fatores a serem tratados deve ser feita para que se possa identificar e analisar de que forma os mesmos influenciam na formação dos valores dos imóveis. O tratamento por fatores é aplicado preferencialmente em amostras homogêneas, isto é, com características mais próximas possíveis do imóvel avaliando. Os fatores de ajuste foram aplicados a fim de considerar a diferença entre os comparativos e os bens analisados como detalhado a seguir: Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 40 de

272 29 de março de 2019 Final 4 Anexos Anexo 1: Metodologia Avaliação Ativos Tangíveis 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Fator Oferta/ Venda ou Oferta/ Alugado: desconto no valor ofertado devido à prática de mercado, geralmente, superestimar seus respectivos valores; Fator Localização: atribui a influência do entorno / local dentre os comparativos e o imóvel avaliado; Fator Depreciação: considera o estado de conservação dos comparativos e do imóvel avaliado. Para tanto, calculou-se a depreciação em função de idades aparentes pelo Método Linear (Straight Line) das amostras e do imóvel avaliado e, em seguida, utilizou-se a razão dentre as amostras e o avaliado; Padrão Construtivo: baseia-se na diferença dentre tipologias construtivas de cada imóvel; Fator Área: refere-se à influência das diferentes dimensões de áreas entre os comparativos e o imóvel em estudo. O fator área é depreendido pela seguinte expressão: Fatores de Ajuste Oferta / Venda Parâmetros Venda 1,00 Opinião 1,00 Oferta Paulista 0,90 Oferta Jundiaí 0,80 Localização Parâmetros Excelente 1,10 Ótimo 1,00 Bom 0,90 Regular 0,80 Ruim 0,70 Padrão Construtivo - Padrão Construtivo: Galpão, escritório, casa e apartamento - Intervalo: máximo, médio e mínimo Parâmetro Baseado nos fatores publicados pelo IBAPE-SP Fonte: IBAPE/ EY Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 41 de

273 29 de março de 2019 Final 4 Anexos Anexo 2: Homogeneização Imóvel Itautec S.A. Grupo Itautec 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Tabela de Homogeneização Imóvel Todo Área edificada Situação Paradigma Área Útil (m²): ,03 Localização: 0,90 Padrão Construtivo: 1,37 Depreciação: 0,67 # Área Construída (m²) Preço de Venda/Oferta (R$) Valor unitário (R$/m²) Venda / Oferta Fatores de Ajuste Local Área Padrão Depreciação Fator de Ajuste Final Valor unitário ajustado (R$/m²) Valor Unitário Final (R$/m²) , , ,86 0,80 1,00 0,91 1,00 1,00 0, , , , , ,27 0,80 1,00 1,06 1,00 1,00 1, , , , , ,85 0,80 1,00 0,80 1,08 1,05 0, , , , , ,94 0,80 0,90 0,82 1,08 1,00 0, , , , , ,22 0,80 1,00 0,80 1,00 1,00 0, , , , , ,17 0,80 1,13 0,87 0,82 0,95 0, , ,54 Unitário Estimado Análise Estatística Média (ajuste de unidade) (BRL/m²) (1) 1.730,34 Unitário Observado Número de comparáveis (n) 6 Notas: Desvio padrão (2) 155, Valor Unitário Médio: média aritmética dos valores unitários dos comparativos após o tratamento. T (student) (3) 2, Desvio Padrão: uma medida da dispersão estatística da amostra analisada. Intervalo (4) 0, Distribuição T de Student: parâmetro utilizado para determinar o intervalo Mínimo (5) 1.211, Intervalo de Saneamento: faixa em torno do valor médio unitário para a exclusão de outliers. Máximo (6) 2.249, Valor Unitário Máximo: valor máximo na gama de amostra. Número de comparáveis ajustadas (n) Valor Unitário Mínimo: valor mínimo na faixa de saneamento. Área Útil (m²) , Média da Unidade de Saneamento: valores unitários médios aritméticos não diferindo. Valor Unitário Final Médio (BRL/m²) (7) 1.730, Campo de Arbitrariedade: Intervalo em torno da estimativa de tendência central, onde Campo de arbitrariedade (8) -15,00% o avaliador pode ajustar o valor final se devidamente fundamentado. No caso, deduz-se 10% Valor Unitário Final Adotado (BRL/m²) 1.470,79 do valor em razão das áreas não edificáveis. Valor de Mercado (R$) ,00 Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 42 de

274 29 de março de 2019 Final 4 Anexos Anexo 2: Homogeneização Imóvel Itautec S.A. Grupo Itautec 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Tabela de Homogeneização Terreno 50 mil m² # Situação Paradigma Área de Terreno (m²): ,00 Topografia: 1,00 Localização: 1,00 EY ID Área Terreno (m²) Preço de Venda/Oferta (R$) Valor unitário (R$/m²) Venda/ Oferta Fatores de Ajuste Local Área Fator de Ajuste Final Valor unitário ajustado (R$/m²) Valor Unitário Final (R$/m²) , ,00 336,53 0,80 1,00 1,02 1,02 275,68 275, , ,00 426,52 0,80 1,00 1,02 1,02 349,60 349, , ,00 700,00 0,80 1,00 0,84 0,84 470,90 470, , ,00 480,00 0,80 1,11 0,94 1,05 404,21 404, , ,00 463,95 0,80 1,11 0,95 1,06 392,71 392, , ,00 397,26 0,80 1,11 1,05 1,16 368,52 368,52 Unitário Estimado Análise Estatística Média (ajuste de unidade) (BRL/m²) (1) 376,94 Unitário Observado Número de comparáveis (n) 6 Notas: Desvio padrão (2) 64, Valor Unitário Médio: média aritmética dos valores unitários dos comparativos após o tratamento. T (student) (3) 2, Desvio Padrão: uma medida da dispersão estatística da amostra analisada. Intervalo (4) 0, Distribuição T de Student: parâmetro utilizado para determinar o intervalo Mínimo (5) 263, Intervalo de Saneamento: faixa em torno do valor médio unitário para a exclusão de outliers. Máximo (6) 490, Valor Unitário Máximo: valor máximo na gama de amostra. Número de comparáveis ajustadas (n) Valor Unitário Mínimo: valor mínimo na faixa de saneamento. Área do Terreno (m²) , Média da Unidade de Saneamento: valores unitários médios aritméticos não diferindo. Valor Unitário Final Médio (BRL/m²) (7) 376, Campo de Arbitrariedade: Intervalo em torno da estimativa de tendência central, onde Campo de arbitrariedade (8) 0,00% o avaliador pode ajustar o valor final se devidamente fundamentado. Valor Unitário Final Adotado (BRL/m²) 376,94 Valor de Mercado (R$) ,00 Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 43 de

275 29 de março de 2019 Final 4 Anexos Anexo 2: Homogeneização Imóvel Itaúsa 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Tabela de Homogeneização Imóvel Todo - Paulista Área Útil do Pavimento Tipo(m²): 924,00 Localização: 1,00 # EY ID Área Construída (m²) Preço de Venda/Oferta (R$) Valor unitário (R$/m²) Venda/ Oferta Fatores de Ajuste Local Padrão Fator Vaga Fator de Ajuste Final Valor unitário ajustado (R$/m²) Valor Unitário Final (R$/m²) , , ,83 0,90 1,00 0,91 1,08 1, , , , , ,05 0,90 0,91 1,11 1,05 1, , , , , ,00 0,90 1,11 1,11 1,03 1, , , , , ,67 0,90 1,00 1,11 1,04 1, , , , , ,50 0,90 1,00 1,11 1,07 1, , ,75 Unitário Estimado Análise Estatística Média (ajuste de unidade) (BRL/m²) (1) ,65 Número de comparáveis (n) 5 Unitário Observado Notas: Desvio padrão (2) 2.445, Valor Unitário Médio: média aritmética dos valores unitários dos comparativos após o tratamento. T (student) (3) 2, Desvio Padrão: uma medida da dispersão estatística da amostra analisada. Intervalo (4) 30% 3 - Distribuição T de Student: parâmetro utilizado para determinar o intervalo Mínimo (5) , Intervalo de Saneamento: faixa em torno do valor médio unitário para a exclusão de outliers. Máximo (6) , Valor Unitário Máximo: valor máximo na gama de amostra. Número de comparáveis ajustadas (n) Valor Unitário Mínimo: valor mínimo na faixa de saneamento. Área Útil do Pavimento Tipo(m²) 924, Média da Unidade de Saneamento: valores unitários médios aritméticos não diferindo. Valor Unitário Final Médio (BRL/m²) (7) , Campo de Arbitrariedade: Intervalo em torno da estimativa de tendência central, Campo de arbitrariedade (8) 0% onde o avaliador pode ajustar o valor final se devidamente fundamentado. Valor Unitário Final Adotado (BRL/m²) , Área total fornecida pela Administração e conforme documentação recebida (IPTU). Área Total (m²) (9) ,00 Valor de Mercado (R$) ,00 Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 44 de

276 29 de março de 2019 Final 4 Anexos Anexo 3: Registros Fotográficos 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Imóvel Itaúsa Vista frontal do prédio Fonte: EY Padrão construtivo do pavimento tipo Fonte: EY Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 45 de

277 29 de março de 2019 Final 4 Anexos Anexo 3: Registros Fotográficos 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Imóvel Itaúsa Sala de equipamentos de processamento de dados Fonte: EY Sala de equipamentos de processamento de dados. Fonte: EY Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 46 de

278 29 de março de 2019 Final 4 Anexos Anexo 3: Registros Fotográficos 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Imóvel Itautec S.A. Grupo Itautec Prédio Administrativo Fonte: EY Armazém de Pintura Fonte: EY Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 47 de

279 29 de março de 2019 Final 4 Anexos Anexo 3: Registros Fotográficos 1 Sumário Executivo 2 Patrimônio Líquido a Pr... 3 Apêndices 4 Anexos Imóvel Itautec S.A. Grupo Itautec Empilhadeira Fonte: EY Elevador Monta Carga Fonte: EY Itaúsa Investimentos Itaú S.A.: Avaliação do patrimônio líquido a preços de mercado da Itaúsa Investimentos Itaú S.A., na data-base de 31 de dezembro de 2018 Página 48 de

280 EY Auditoria Impostos Transações Corporativas Consultoria Sobre a EY A EY é líder global em serviços de Auditoria, Impostos, Transações Corporativas e Consultoria. Nossos insights e os serviços de qualidade que prestamos ajudam a criar confiança nos mercados de capitais e nas economias ao redor do mundo. Desenvolvemos líderes excepcionais que trabalham em equipe para cumprir nossos compromissos perante todas as partes interessadas. Com isso, desempenhamos papel fundamental na construção de um mundo de negócios melhor para nossas pessoas, nossos clientes e nossas comunidades. EY refere-se à organização global e pode referir-se também a uma ou mais firmas-membro da Ernst & Young Global Limited (EYG), cada uma das quais é uma entidade legal independente. A Ernst & Young Global Limited, companhia privada constituída no Reino Unido e limitada por garantia, não presta serviços a clientes. Para mais informações sobre nossa organização, visite ey.com.br EYGM Limited. Todos os direitos reservados

281 Itautec S.A. Grupo Itautec Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Estritamente Confidencial 29 de março de 2019 Final 281

282 29 de março de 2019 Final Estritamente Confidencial Ernst & Young Assessoria Empresarial Ltda. Av. Presidente Juscelino Kubitschek, 1909 Torre Norte - 10º andar São Paulo SP Telefone: Itautec S.A. Grupo Itautec Avenida Paulista, º Andar Bela Vista CEP: São Paulo SP- Brasil Avaliação Econômico-Financeira da Itautec S.A. Grupo Itautec 29 de Março de 2019 Conforme solicitação de V.Sa., a Ernst & Young Assessoria Empresarial Ltda. (EY) apresenta o relatório de avaliação econômico-financeira para totalidade do capital social da Itautec S.A. Grupo Itautec (Itautec ou Empresa), na data-base de 31 de dezembro de 2018 (data-base). O propósito deste trabalho é assessorar a administração da Itautec (Administração) na determinação do valor justo da Empresa e dar suporte em processo de reestruturação societária conduzido pela Itaúsa Itaú Investimentos S.A. (Itaúsa), atendendo aos requerimentos do Artigo n 264 da Lei das Sociedades Anônimas. Nossa estimativa de valor não deve ser considerada como um conselho/recomendação de investimento ou de qualquer transação envolvendo as ações das Empresas, fairness opinion ou utilizado para financiamento/ captação de recursos, bem como qualquer outra finalidade, exceto a descrita anteriormente. Este Relatório contempla objetivo, escopo, procedimentos e metodologias utilizadas, bem como as premissas mercadológicas e operacionais que envolveram o cálculo da estimativa de valor justo da Itautec. É importante destacar que não investigamos de forma independente, bem como não foi aplicado nenhum processo de auditoria nas informações fornecidas pela Administração notadamente em relação aos balanços patrimoniais das Empresas, é válido destacar que as Demonstrações Financeiras disponibilizadas na data-base de 31 de dezembro de 2018 foram auditadas pela PricewaterhouseCoopers Auditores Independentes. Conforme mencionado em nosso contrato, nossa análise está sujeita às limitações gerais descritas neste Relatório. Todas as pesquisas foram baseadas em transações/empresas comparáveis de mercado, bem como em nosso entendimento acerca da Empresa. Assumimos que a Administração analisou de forma consistente os fatores que possam impactar nos resultados obtidos, bem como não omitiu nenhuma informação relevante, a qual poderia impactar significativamente o resultado dos nossos trabalhos. Agradecemos a oportunidade de colaborarmos com a Administração. Caso haja quaisquer dúvidas ou necessitar de informações adicionais, entre em contato com o Sr. Jamiu Antunes pelo telefone +55 (11) , Sra. Fernanda Luca pelo telefone +55 (11) Atenciosamente, Jamiu Jamiu Antunes Fernanda de Luca Sócio Sócio Gerente Sênior Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 2 de

283 29 de março de 2019 Final Dashboard Sumário 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Sumário Executivo 1 A Empresa 2 Informações Financeiras... 3 Conclusão 4 Página 4 Página 7 Página 10 Página 17 Anexos 5 Página 19 Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 3 de

284 29 de março de 2019 Final 1 Sumário Executivo Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 4 de

285 29 de março de 2019 Final 1 Sumário Executivo Visão Geral do Trabalho 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Objetivo Escopo Premissas Gerais A Itautec é uma sociedade anônima brasileira, sediada em São Paulo e fundada em 1985, atuou até 2013 com fabricação e comercialização de equipamentos de computação, automações bancária e comercial e na prestação de serviços. Atualmente a Empresa encontra-se em estágio de descontinuidade de suas operações. O objetivo deste trabalho é apresentar avaliação econômico-financeira da Itautec a fim suportar a Administração no processo de reestruturação societária conduzido pela Itaúsa, na data-base de 31 de dezembro de Discussões com executivos e funcionários da Itautec; Obtenção de dados históricos contábeis*, operacionais, e financeiros da Itautec; Análise do mercado que a Itautec está inserida; Análise das premissas de projeção das demonstrações financeiras da Itautec disponibilizadas pela Administração; Elaboração de avaliação econômicofinanceira da Itautec através da metodologia do Fluxo de Caixa Descontado (FCD); Cálculo da taxa de desconto que reflete adequadamente os riscos inerentes ao setor, sendo esta a taxa utilizada para trazer os fluxos de caixas a seu valor presente. Os resultados apresentados nesse relatório dependem de premissas que foram base para as projeções. A metodologia do FCD não prevê mudanças nos ambientes externo ou interno nos quais a Empresa opera, além daquelas explicitadas nesse Relatório. Padrão de valor: Valor justo conforme o CPC 46; Data-base: 31 de dezembro de 2018; Período de projeção: O período projetivo foi de 5 (cinco) anos, de 01 de janeiro de 2019 a 31 de dezembro de 2023, tendo em vista, que a Empresa está descontinuando suas operações, logo, o período projetivo contemplou as obrigações contratuais com terceiros e a expectativa do prazo médio para resolução de aspectos contingenciais; Não foi considerada perpetuidade na estimativa do valor do negócio em razão das perspectivas operacionais descritas acima (run off); Taxa de desconto: 16,7% em Reais (R$) em termos nominais, de acordo com a metodologia da CAPM, conforme Anexo 3; Ajustes: Ativos e passivos não operacionais não foram considerados nas projeções de fluxo de caixa. Quando observados, foram tratados à parte sendo projetados de acordo com a inflação brasileira projetada pelo Banco Central do Brasil (BACEN) e trazidos a valor presente no último ano de projeção, visto o cenário de run off da Empresa. * auditados pela PricewaterhouseCoopers Auditores Independentes Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 5 de

286 29 de março de 2019 Final 1 Sumário Executivo Estimativa de Valor - Avaliação Econômico-Financeira 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Composição do Valor (R$ milhões) Fluxo de caixa descontado do período explícito (18,61) Saldo a Receber 90,03 Tributos a recuperar 0,46 90,03 (101,47) Propriedade para Investimento 67,74 Imobilizado 1,77 Depósitos judiciais 4,05 Ativo contingente 16,00 Saldo a pagar (101,47) Fornecedores (0,16) Obrigações com pessoal (0,18) Fonte: EY (18,61) Σ fluxo de caixa descontado (30,05) Saldo a Receber Saldo a pagar Valor Justo Os resultados obtidos pela utilização da metodologia do FCD são relevantes no contexto da avaliação, dado que: Obrigações fiscais (0,41) Provisões para contingências (93,03) Outras provisões (7,70) Valor Justo (30,05) Fonte: EY Premissas de run off estão em linha com as expectativas da Administração; Os parâmetros de avaliação são consistentes com o tamanho da Itautec; e O método do FCD é o que melhor representa o valor de uma companhia baseado em sua rentabilidade futura (Abordagem da Renda). Conclusão Com base nas informações recebidas e no trabalho realizado, nossa avaliação resultou em uma estimativa de valor de aproximadamente R$ 30,05 milhões negativos (trinta milhões e cinquenta e um mil reais negativos) para 100,0% do capital social da Itautec na data-base de 31 de dezembro de 2018, conforme apresentado ao lado. As projeções do fluxo de caixa e os ajustes das contas patrimoniais demonstram que a Empresa não apresenta valor operacional, indicando que os acionistas da Empresa possuem a obrigação futura de aporte. Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 6 de

287 29 de março de 2019 Final 2 A Empresa Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 7 de

288 29 de março de 2019 Final 2 A Empresa Visão Geral da Itautec 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Descrição da Empresa A Itautec é uma empresa brasileira com sede na cidade de São Paulo. Constituída em 1985, atuou até 2013 com fabricação e comercialização de equipamentos de computação, automações bancária e comercial e na prestação de serviços. Em maio de 2013 firmou parceria estratégica com a Oki Electric Industry Co., Ltd. ( Oki ), sociedade constituída de acordo com as leis do Japão, nas atividades de automação bancária e comercial e de prestação de serviços, com objetivo de reposicionamento estratégico da Itautec no mercado de TI. Na mesma data, foi iniciado o processo de desativação paulatina da unidade de Computação, cuja comercialização de produtos foi encerrada em Em janeiro de 2014, a Oki adquiriu 70% das participações que a Itautec e a Itautec Participações e Comércio S.A. detinham na empresa Oki Brasil Indústria e Comércio de Produtos e Tecnologia em Automação S.A. ( Oki Brasil ). Em janeiro de 2017 a Itautec exerceu a opção de venda (put option) passando a deter cerca de 11% do capital da Oki Brasil. Em dezembro de 2018, a Oki exerceu a opção de compra da parcela remanescente detida pela Itautec no capital social da Oki Brasil.Com a conclusão dessa venda, a Itautec deixou de atuar no segmento de automação bancária e comercial e de prestação de serviços por meio da sua participação acionária na Oki Brasil. A Itautec continua honrando os contratos de garantia e manutenção de equipamentos da marca Itautec/Infoway, mantendo seu compromisso com os clientes. O encerramento de tais contratos deverá ocorrer até meados de A Itautec é uma subsidiária da Itaúsa. Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 8 de

289 29 de março de 2019 Final 2 A Empresa Informações Financeiras Históricas 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Demonstrações Contábeis Consolidadas (R$ milhares) Balanço Patrimonial dez-18 Caixa e equivalentes de caixa Contas a receber de clientes 471 Tributos a recuperar 462 Crédito com plano de previdência Outros valores a receber e despesas antecipadas Circulante Depósitos judiciais Propriedade para Investimento Imobilizado 55 Não circulante Total do ativo Fornecedores 164 Obrigações com pessoal 175 Impostos e obrigações a pagar 409 Outras provisões e contas a pagar Receitas Diferidas 133 Circulante Provisões para processos administrativos e judiciais Outras provisões Não circulante Patrimônio líquido Total do passivo DRE dez-18 Receita líquida de venda e serviços 405 Custo dos produtos vendidos e serviços prestados (801) Lucro Bruto (396) Despesas gerais e administrativas (18.107) Outros ganhos (perdas), líquidos (10.794) (Prejuízo) operacional (29.297) Receita financeira Despesa financeira (5.060) (Prejuízo) antes do impostos de renda e contribuição social (10.057) Imposto de renda e contribuição social (Prejuízo) líquido do exercício (7.076) As informações financeiras históricas da Itautec foram analisadas com o propósito de compreender os indicadores operacionais da Empresa. A Administração nos forneceu as informações financeiras auditadas de dezembro de A tabela à esquerda resume a performance histórica recente da Empresa avaliada. Sumário das informações financeiras históricas Em relação ao balanço patrimonial da Empresa, as contas do ativo de Caixa e equivalentes de caixa, Outros valores a receber e despesas antecipadas e Propriedade para Investimento são as que apresentam maior representatividade na data-base. Considerando o passivo da Empresa as contas de maior representatividade são as Provisões. Devido a Empresa estar em run off, é natural que a maioria de suas contas sejam relacionadas a atividades não operacionais. A empresa não possui dívida, e possui um caixa líquido de R$ 18,9 milhões em O patrimônio líquido da Itautec vem sofrendo uma deterioração devido aos prejuízos que a Empresa vem acumulando nos últimos anos. Fonte: Administração Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 9 de

290 29 de março de 2019 Final 3 Informações Financeiras Projetadas Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 10 de

291 29 de março de 2019 Final 3 Informações Financeiras Projetadas Receita e Custo 1 Sumário Executivo 2 A Empresa 3 Informações Financeir... 4 Conclusão 5 Anexos Principais Premissas: Em junho de 2014, foi finalizada a produção de computadores com a continuidade da venda dos estoques residuais de matéria prima e produtos acabados, sendo assim, a Itautec se tornou uma empresa não operacional. Apesar de não operar comercialmente, os produtos vendidos pela Empresa possuíam garantia, e as receitas operacionais da Itautec em dezembro de 2018 são as receitas geradas pela venda dos serviços de garantias ao longo do período operacional da empresa, esses contratos de garantia têm previsão de encerramento até meados de junho de 2019, desta forma, não foram consideradas projeções de receita operacional após Os custos operacionais da Empresa em 2018 referem-se ao custo de apropriação das garantias vendidas quando a Itautec operava comercialmente, e, assim como a receita, têm expectativa de encerramento dos contratos que originam tais custos também até meados de junho de Receitas e Custos com Garantias (R$ mil) Jan/19 Fev/19 Mar/19 Abr/19 Mai/19 Jun/19 Plano 2019 Garantia apropriada Receita líquida Custo apropriação garantia (24) (16) (40) (13) (13) (29) (135) Margem de Contribuição Fonte: EY/ Administração Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 11 de

292 29 de março de 2019 Final 3 Informações Financeiras Projetadas Despesas Gerais e Administrativas 1 Sumário Executivo 2 A Empresa 3 Informações Financeir... 4 Conclusão 5 Anexos Principais Premissas: As despesas Gerais e Administrativas da Itautec são compostas por (i) Despesa com Pessoal; (ii) Encargos com INSS e FGTS; (iii) Serviços de Terceiros; (iv) Risco Ambiental; e (v) Outras Despesas. Foram projetadas de acordo com sua natureza fixa e variável, conforme apresentado abaixo: (i) Despesas com Pessoal: a Empresa manterá 3 colaboradores ao final de 2019, realizando o run off da operação da Empresa, desta forma, a Despesa com Pessoal foi projetada até 2023, corrigida pela inflação; (ii) Encargos com INSS e FGTS: O mesmo racional das Despesas com Pessoal foi utilizado na projeção dos Encargos com INSS e FGTS; (iii) Serviços de Terceiros: aproximadamente 30% das despesas com serviços de terceiros observadas em 2018 são não recorrentes. As despesas recorrentes foram projetadas de acordo com a descrição abaixo: a. Para as contas (i) Honorários jurídicos; (ii) Arquivo morto; (iii) Consultorias; (iv) Aluguéis e Condomínios; (v) Despesa Viagem; (vi) Auditoria Externa; e (vii) Publicações, as despesas incorridas em 2018 foram projetadas até 2023, corrigidas pela inflação. b. Para as contas (i) Fianças; e (ii) Seguros, as despesas incorridas em 2018 foram projetadas até 2023, corrigidas pela taxa Selic. (iv) Risco Ambiental: A despesa de remediação observada em 2018 refere-se a constituição de provisão, sendo suficiente para todo o período da Remediação Ambiental, diante deste contexto não há expectativa de novas despesas; e (v) Outras Despesas: Despesas com tecnologia da informação, seguro garantia referente aos processos tributários, e demais despesas, sendo portanto passíveis de correção pela inflação. A partir de 2019, com o término do contrato de locação do imóvel para Oki Brasil, estimou-se gastos com despesas de manutenção e IPTU a partir de Julho de 2019 e correção inflacionária ao longo do período projetivo. Despesas Gerais e Administrativas (R$ milhões) 5,5 5,7 6,0 6,2 6,5 4,8 4,9 5,1 5,3 2,0 2,2 2,1 2,2 2,3 2,3 0,3 0,3 0,3 0,3 0,3 dez-19 dez-20 dez-21 dez-22 dez-23 Despesas com pessoal Encargos com INSS e FGTS Serviços de terceiros Outras Despesas Fonte: EY/ Administração Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 12 de

293 29 de março de 2019 Final 3 Informações Financeiras Projetadas Outras Receitas/ Despesas Operacionais 1 Sumário Executivo 2 A Empresa 3 Informações Financeir... 4 Conclusão 5 Anexos Principais Premissas: As Outras Receitas/ Despesas Operacionais são compostas por (i) Receita de Aluguel (Propriedade para Investimento); (ii) Recuperação (Perdas) com Impostos a ressarcir/ compensar; (iii) Recuperação de Valores Pagos; (iv) Acordo Contrato de Manutenção; (v) Provisão de Perdas com Ativos; (vi) Recuperação de Contingências; (vii) Remuneração da Administração/ Encargos; e (viii) Outras Receitas/ Despesas. Algumas despesas acima citadas são de natureza não recorrentes, portanto não foram projetadas. Para as receitas/ despesas classificadas como recorrentes, as projeções seguem os seguintes parâmetros: (i) Receitas de aluguel: referente ao aluguel do imóvel locado à Oki Brasil. O recebimento desse aluguel é esperado para os sete primeiros meses de 2019, após esse período, não há mais expectativa de receitas de aluguel por parte da Empresa; (vii) Remuneração da Administração/ Encargos: tendo em vista o cenário de run off da operação e expectativa de fechamento do capital da Empresa, para o ano de 2019, a despesa observada em 2018 foi corrigida pela inflação esperada. A partir de 2020, estima-se redução de despesa, as quais serão corrigidas pela inflação nos demais anos; e (v) Outras Receitas/ Despesas: em 2018 ocorreu a reversão de provisão de perda ao valor recuperável de intangível. Para 2019, estima-se despesas de PIS e COFINS sobre outras receitas e despesas referente ao pagamento cobrado pela Receita Federal por ocasião da consolidação do PERT Programa Especial de Regularização Tributária. Outras Despesas Operacionais (R$ mil) dez-19 dez-20 dez-21 dez-22 dez-23 (360) (374) (388) (403) Fonte: EY/ Administração Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 13 de

294 29 de março de 2019 Final 3 Informações Financeiras Projetadas Resultado Financeiro 1 Sumário Executivo 2 A Empresa 3 Informações Financeir... 4 Conclusão 5 Anexos Principais Premissas: Receita Financeira: foi projetada considerando a remuneração de 100% da taxa Selic (Anexo 8) sobre o saldo médio do Caixa e equivalentes de caixa, Contas a Receber de Clientes, Crédito com Planos de Previdência e outros valores a receber. Estes saldos foram consumidos até 2021 cobrindo o fluxo de caixa negativo da Empresa. Resultado Financeiro (R$ mil) dez-19 dez-20 dez-21 dez-22 dez-23 Fonte: EY/ Administração Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 14 de

295 29 de março de 2019 Final 3 Informações Financeiras Projetadas Taxa de desconto CAPM 1 Sumário Executivo 2 A Empresa 3 Informações Financeir... 4 Conclusão 5 Anexos Taxa livre de risco (RF USA) 3,1% 1 Diferencial de inflação 1,8% 2 Custo do Capital Próprio (Ke) Prêmio de risco de mercado 6,0% 3 Beta desalavancado Custo do capital próprio 0, ,7% 7 Prêmio específico da Empresa 3,7% 5 Prêmio de risco país 2,9% 6 Notas: [1] Fonte: Federal Reserve (média histórica de 6 meses dos T-bonds de 20 anos) [2] Fonte: Banco Central do Brasil e Oxford Economics [3] Fonte: EY LLP - O prêmio de risco de mercado é baseado no prêmio de risco histórico e expectativas de prêmio de risco futuro [4] Com base na média das empresas comparáveis selecionadas. Fonte: Capital IQ (Anexo 3) [5] Baseado no prêmio específico da Empresa relacionado às incertezas e riscos implícitos nas projeções econômico-financeiras [6] Fonte: JP Morgan EMBI + (média histórica de 6 meses) Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 15 de

296 29 de março de 2019 Final 3 Informações Financeiras Projetadas Valor residual 1 Sumário Executivo 2 A Empresa 3 Informações Financeir... 4 Conclusão 5 Anexos Valor residual Saldo a receber R$ mil Item Conta Valor* na data-base a) Tributos a recuperar 462 b) Propriedade para Investimento c) Imobilizado d) Depósitos judiciais e) Ativo contingente Total Saldo a pagar R$ mil Item Conta Valor* na data-base f) Fornecedores 164 Ao final do período projetivo, os ativos (a receber) e passivos (a pagar) existentes foram considerados como o valor residual da Empresa, de acordo com os critérios de ajuste demonstrados abaixo: a) Tributos a recuperar: considerado o valor contábil na data-base; b) Propriedade para investimento: considerado o valor justo do ativo (Anexo 4); c) Imobilizado: considerado o valor justo do ativo (Anexo 5); d) Depósitos Judiciais: considerado o valor contábil na data-base; e) Ativo Contingente: considerado o valor justo do ativo (Anexo 6); f) Fornecedores: considerado o valor contábil na data-base; g) Obrigações com pessoal: considerado o valor contábil na data-base; h) Obrigações fiscais: considerado o valor contábil na data-base; i) Provisões para Contingências: considerado o valor justo do passivo (Anexo 7); e j) Outras Provisões: considerado o valor contábil na data-base. g) Obrigações com pessoal 175 h) Obrigações fiscais 409 i) Provisões para contingências j) Outras provisões Total * O Padrão de Valor utilizado está descrito na tabela ao lado. Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 16 de

297 29 de março de 2019 Final 4 Conclusão Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 17 de

298 29 de março de 2019 Final 4 Conclusão Estimativa de Valor - Avaliação Econômico-Financeira 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Composição do Valor (R$ milhões) Fluxo de caixa descontado do período explícito (18,61) Saldo a Receber 90,03 Tributos a recuperar 0,46 90,03 (101,47) Propriedade para Investimento 67,74 Imobilizado 1,77 Depósitos judiciais 4,05 Ativo contingente 16,00 Saldo a pagar (101,47) Fornecedores (0,16) Obrigações com pessoal (0,18) Fonte: EY (18,61) Σ fluxo de caixa descontado (30,05) Saldo a Receber Saldo a pagar Valor Justo Os resultados obtidos pela utilização da metodologia do FCD são relevantes no contexto da avaliação, dado que: Obrigações fiscais (0,41) Provisões para contingências (93,03) Outras provisões (7,70) Valor Justo (30,05) Fonte: EY Premissas de run off estão em linha com as expectativas da Administração; Os parâmetros de avaliação são consistentes com o tamanho da Itautec; e O método do FCD é o que melhor representa o valor de uma companhia baseado em sua rentabilidade futura (Abordagem da Renda). Conclusão Com base nas informações recebidas e no trabalho realizado, nossa avaliação resultou em uma estimativa de valor de aproximadamente R$ 30,05 milhões negativos (trinta milhões e cinquenta e um mil reais negativos) para 100,0% do capital social da Itautec na data-base de 31 de dezembro de 2018, conforme apresentado ao lado. As projeções do fluxo de caixa e os ajustes das contas patrimoniais demonstram que a Empresa não apresenta valor operacional, indicando que os acionistas da Empresa possuem a obrigação futura de aporte. Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 18 de

299 29 de março de 2019 Final 5 Anexos Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 19 de

300 29 de março de 2019 Final 5 Anexos Anexo 1 - Declaração de Limitações Gerais 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos 1. Nossa análise é baseada em informações fornecidas pela administração da Empresa. De acordo com as práticas profissionais, a análise é derivada da aplicação da Abordagem da Renda utilizando a metodologia do Fluxo de Caixa Descontado. 2. Para atingir o objetivo do trabalho de Avaliação Econômico-Financeira, foram aplicados procedimentos sempre baseados em fatos históricos, econômicos e de mercado vigentes em 31 de dezembro de Os valores apresentados nesse relatório são resultantes da análise de dados históricos (financeiros e gerenciais), além de projeções de eventos futuros. 3. Os comentários apresentados neste relatório foram desenvolvidos por profissionais da EY com informações fornecidas pela Administração, assim como por fontes externas, quando indicado. 4. Nenhum dos sócios ou profissionais da equipe EY que participou da elaboração deste trabalho tem qualquer interesse financeiro na Itautec, caracterizando, assim, sua independência. Os honorários estimados para a execução deste trabalho não foram baseados e não têm qualquer relação com os resultados aqui reportados. 5. Este trabalho foi desenvolvido com base em informações fornecidas pela administração da Empresa, que foram consideradas verdadeiras, uma vez que não é parte do escopo deste projeto qualquer tipo de procedimento de auditoria. Por não ter realizado procedimentos de auditoria, a EY não pode assumir responsabilidades com relação às informações históricas utilizadas neste relatório, as quais foram auditadas pela PricewaterhouseCoopers Auditores Independentes. 6. As projeções têm como base as informações extraídas das demonstrações financeiras auditadas disponibilizadas pela Administração, experiências adquiridas em reuniões e discussões com a Empresa. 7. Fez parte do nosso trabalho obter informações com a Itautec que julgamos confiáveis, sendo a responsabilidade pela sua veracidade exclusivamente da administração da Empresa. 8. Não foram efetuadas investigações sobre os títulos de propriedade da Itautec, nem verificações da existência de ônus ou gravames; 9. A EY não tem responsabilidade de atualizar este relatório para eventos e circunstâncias que ocorram após a data-base. 10. Não fez parte de o nosso trabalho fornecer planilhas eletrônicas e/ou modelos financeiros que suportaram nossas análises. 11. Não foi calculado o valor por cota, bem como não foi considerado nenhum prêmio de controle na avaliação. Portanto, considerou-se que a estimativa de valor justo/de investimento da Itautec representa 100% de suas ações. Da mesma forma, não foi considerado nenhum desconto de liquidez sobre as cotas ou ativos da Empresa. 12. Não tivemos a oportunidade de expor os negócios ou ativos da Itautec, individualmente ou em conjunto, ao mercado. Como consequência, não pudemos concluir se existem potenciais compradores que desejam pagar uma quantia pelo negócio que exceda a nossa estimativa alcançada. 13. A expectativa/estimativa de valor de investimento da Itautec contida neste relatório foi calculada com base na metodologia do FCD o que não reflete, necessariamente, o eventual preço de negociação da mesma. Vale ressaltar que a metodologia do FCD apresenta algumas limitações, conforme mencionado neste relatório. Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 20 de

301 29 de março de 2019 Final 5 Anexos Anexo 1 - Declaração de Limitações Gerais 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos 14. Este relatório, as estimativas/expectativas, bem como as conclusões apresentadas, são para o uso exclusivo da Itautec. Sendo assim, a Administração e suas partes relacionadas não podem distribuir este documento para outras partes, exceto se requisitado por autoridades locais e fiscais, auditores e seus advogados, ou sob as seguintes condições: A EY deverá ser notificada a respeito de qualquer distribuição deste relatório, que, por sua vez, deverá ser previamente aprovada; Os receptores deverão se comprometer, por escrito, a não distribuir este relatório a nenhuma outra parte; Este relatório não deverá ser distribuído em partes; Qualquer usuário deste relatório deve estar ciente das condições que nortearam este trabalho, bem como das situações de mercado e econômicas do Brasil; e Caso necessário, a EY responderá às perguntas dos receptores relativas a este relatório, às custas da Itautec, somente se for acordado anteriormente com os receptores o escopo de tais perguntas e respostas. 15. Este relatório foi preparado para o propósito descrito no nosso contrato, e não deverá ser utilizado para nenhum outro fim. A EY não assumirá nenhuma responsabilidade por nenhum terceiro e nem em caso de o relatório ser usado fora do propósito mencionado. 16. Algumas informações financeiras históricas usadas na nossa avaliação foram derivadas de demonstrações financeiras auditadas e são da responsabilidade da Administração. As demonstrações financeiras podem incluir divulgações requeridas pelos princípios contábeis geralmente aceitos. Não realizamos uma verificação independente da exatidão ou completude dos dados fornecidos e não emitimos nosso parecer ou qualquer tipo de garantia quanto à sua exatidão ou completude. 17. Não assumimos qualquer responsabilidade por quaisquer decisões contábeis ou fiscais, que são de responsabilidade da Administração. Entendemos que a Administração assume responsabilidade por qualquer questão contábil ou fiscal relacionada aos ativos por nós analisados, e pela utilização final do nosso Relatório. 18. Qualquer usuário deste relatório deve estar ciente das condições que nortearam este trabalho, bem como das situações de mercado e econômicas do Brasil, na data-base da avaliação. 19. Nossa avaliação é realizada com base em elementos que são razoavelmente esperados, portanto, não leva em consideração possíveis eventos extraordinários e imprevisíveis (novo regulamento para as empresas, mudanças na legislação tributária, catástrofes naturais, eventos políticos e sociais, nacionalizações, entre outros). 20. Nossa avaliação foi baseada nas melhores informações e estimativas disponíveis. No entanto, como qualquer projeção engloba risco e incertezas, os resultados reais podem apresentar diferença quando comparados às projeções realizadas. 21. Os fatores que possam resultar em diferenças entre os fluxos de caixa projetados e os resultados reais incluem mudanças no ambiente externo, alterações no ambiente operacional interno da Empresa e diferenças de modelagem. O método do FCD não antecipa mudanças nos ambientes externo e interno em que a empresa está inserida, exceto aquelas apontadas neste relatório. Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 21 de

302 29 de março de 2019 Final 5 Anexos Anexo 2 - Fluxo de caixa descontado 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Itautec S.A. - Grupo Itautec Avaliação do valor justo da Itautec Data-base: 31 de Dezembro de DCF method Em milhares de R$ Informação Financeira Histórica Informação Financeira Projetada Informações financeiras projetadas dez-18 dez-19 dez-20 dez-21 dez-22 dez-23 Receita Custo dos produtos vendidos (801) (135) Lucro Bruto (396) Despesas gerais e administrativas (14.522) (9.952) (12.865) (13.381) (13.908) (14.458) Outras despesas operacionais (10.794) (360) (374) (388) (403) EBITDA (25.712) (8.844) (13.225) (13.754) (14.296) (14.861) Depreciação e Amortização (3.585) EBIT (29.297) (8.844) (13.225) (13.754) (14.296) (14.861) Receita financeira Despesa financeira (5.060) EBT (10.057) (7.042) (12.025) (13.385) (14.296) (14.861) Fluxo de caixa descontado dez-19 dez-20 dez-21 dez-22 dez-23 EBT / LAIR (7.042) (12.025) (13.385) (14.296) (14.861) IR&CS NOPAT (7.042) (12.025) (13.385) (14.296) (14.861) Movimentação do Caixa Fluxo de caixa livre - - (4.204) (14.296) (14.861) Meses (final do período) Meses (meio do período) Fator de desconto 16,7% 0,93 0,79 0,68 0,58 0,50 Fluxo de caixa descontado - - (2.858) (8.329) (7.419) Composição do valor Σ fluxo de caixa descontado do período explícito (18.606) Contas a receber Tributos a recuperar 462 Propriedade para investimento Imobilizado Depósitos judiciais Ativo Contingente Contas a pagar ( ) Fornecedores (164) Obrigações com pessoal (175) Obrigações fiscais (409) Provisões para contingências (93.029) Outras provisões e contas a pagar (7.697) Valor Operacional (30.051) Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 22 de

303 29 de março de 2019 Final 5 Anexos Anexo 3 - Taxa de desconto 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Itautec S.A. - Grupo Itautec Avaliação do valor justo da Itautec Data-base: 31 de Dezembro de 2018 Taxa de desconto 1 Nome da Empresa (comparável) Ticker Beta alavancado D / E Alíquota de imposto Beta desalavancado Dell Technologies Inc. NYSE:DELL 0,33 40,0% 0,33 International Business Machines Corporation NYSE:IBM 1,07 29,8% 26,6% 0,88 Lenovo Group Limited SEHK:992 0,64 44,1% 40,0% 0,50 Hewlett Packard Enterprise Company NYSE:HPE 1,22 58,1% 40,0% 0,90 Média 0,81 44,0% 36,6% 0,65 Mediana 0,85 44,1% 40,0% 0,69 Descrição Cálculo do custo de capital próprio (Ke) Parameters Beta desalavancado [a] 0,65 Capital de terceiros/ Capital próprio [a] 44,0% Taxa de IR&CS [b] 34,0% Beta realavancado 0,84 Prêmio de risco de mercado [c] 6,0% Taxa livre de risco (RF EUA) [d] 3,1% Risco Brasil EMBI + [e] 2,9% Prêmio específico [f] 3,7% Diferencial de inflação [g] 1,8% CAPM (Ke) 16,7% Notas: (a) Fonte: Capital IQ. (b) Conforme legislação brasileira (c) Fonte: EY LLP - O prêmio de risco de mercado é baseado no prêmio de risco histórico e expectativas de prêmio de risco futuro (d) Fonte: Federal Reserve (média histórica de 6 meses dos T-bonds de 20 anos) (e) Fonte: JP Morgan EMBI + (média histórica de 6 meses) (f) Riscos intrínsecos à operação da Empresa, incluíndo prêmio pelo tamanho. (g) Fonte: Banco Central do Brasil e Oxford Economics Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 23 de

304 29 de março de 2019 Final 5 Anexos Anexo 4 Propriedade para Investimento 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Descrição: O escopo da análise dos ativos a valor justo incluiu a avaliação da Propriedade para Investimento, que refere-se às seguintes classes: Terrenos; Instalações; e Construções e Benfeitorias. Os ativos identificados estão localizados em Jundiaí SP. Premissas Específicas: Para estimar o valor justo dos ativos identificados, foram considerados o método comparativo direto de dados de mercado. As metodologias foram aplicadas apropriadamente considerando a natureza dos bens em estudo. Para mais detalhes consultar Anexos 10 e 11. Recomendação de valor justo R$ 67,7 mi A partir da data-base e com base nos parâmetros e premissas disponibilizados no Anexo 2, a nossa recomendação para o valor justo da Propriedade para Investimento é de R$ mil, gerando um aumento no valor do ativo de R$ mil. Resumo de Valores Com base nos parâmetros e premissas mencionados anteriormente, nossas recomendações de valor justo para a Propriedade para Investimento na data-base da avaliação estão representados na tabela a seguir em milhares de reais. Propriedade para Investimento Qty VOC 1 VRC Valor Justo Bens Imóveis Terrenos Construções e Benfeitorias Instalações Total Propriedade para Investimento Localização: Rua Wilhelm Winter, 301, Distrito Industrial, Jundiaí/SP Área do terreno: ,48 m² Área construída: ,03 m² Ano de Construção: 1998 Benfeitorias: muros de fechamento, pintura, pavimentação, entre outras. Instalações: sistema de infraestrutura da planta. Notas: 1.Valores de aquisição (VOC) são apenas ilustrativos e para conciliação. Os valores foram obtidos pela listagem do imobilizado em 31 de dezembro de Os valores não foram auditados pela EY. Este arquivo não é considerado uma consultoria contábil, assim, a implementação fica a critério da Empresa. O cálculo da depreciação dos ativos pode variar. VOC: Valor original contábil VRC: Valor residual contábil Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 24 de

305 29 de março de 2019 Final 5 Anexos Anexo 5 Imobilizado 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Descrição: Com base nos ativos identificados, os ativos foram classificados em grupos de acordo com suas funcionalidades. Essas classificações em grupos auxiliam certas etapas do processo de avaliação (como na seleção de metodologias) e foram definidas conforme listados abaixo: Móveis e utensílios inclui os itens que fazem parte do mobiliário da empresa, como Resumo de valores: Com base nos parâmetros e premissas mencionados anteriormente, nossas recomendações de valor justo para os bens móveis pertencentes à Itautec na data-base da avaliação estão representados na tabela a seguir em milhares de reais. Imobilizado Qty VOC 1 VRC Valor Justo Bens Móveis armários, cadeiras, mesas, entre outros; Máquinas e equipamentos inclui o maquinário utilizado, como empilhadeiras e transpaleteiras e seladoras; Móveis e Utensílios Estanterias Para Armazém Lavadora De Louca Modelo Outros Máquinas e Equipamentos Empilhadeira Bt Vector Vce150A Empilhadeira Hyster Mod.H55Xm Outros Software Sw Symantec Data Loss Prevention Outros Equipamentos de Informática Equipamentos de Comunicação Software inclui os sistemas utilizados para o desenvolvimentos dos produtos; e Equipamentos de processamento de dados inclui computadores, notebooks, servidores e outros ativos relacionados. Premissas Específicas: Para estimar o valor justo dos ativos identificados, foram considerados o método comparativo direto de dados de mercado e o método da quantificação do custo. As metodologias foram aplicadas apropriadamente considerando a natureza dos bens em estudo. Para mais detalhes consultar Anexo 10. Recomendação de valor justo R$ 1,8 mi A partir da data-base e com base nos parâmetros e premissas, a nossa recomendação para o valor justo dos bens móveis do imobilizado da Itautec é de R$ mil, gerando um aumento no valor do ativo de R$ mil. Notas: 1.Valores de aquisição (VOC) e residual (VRC) são apenas ilustrativos e para conciliação. Os valores foram obtidos pela listagem do imobilizado em 31 de dezembro de Os valores não foram auditados pela EY. 2. Itens com valor justo médio de R$ 2 mil reais. 3. Itens com valor justo médio de R$ 5 mil reais. 4. Itens com valor justo médio de R$ 1 mil reais. 5. Itens com valor justo médio de R$ 1 mil reais. 6. Itens com valor justo médio de R$ 5 mil reais. VOC: Valor original contábil VRC: Valor residual contábil Total Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 25 de

306 29 de março de 2019 Final 5 Anexos Anexo 6 - Valor Justo dos Ativos Contingentes 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Descrição: A Empresa possui em andamento pedidos administrativos de restituição de tributos pagos a maior e processos de natureza cível e tributária, em discussão judicial e com expectativa de direitos a receber. Estes processos são classificados pela Empresa de acordo com a avaliação dos assessores jurídicos segundo suas possibilidades de ganho. Como se trata de ativos contingentes, os valores não estão registrados nas demonstrações contábeis. Os principais processos ativos da Empresa na data-base, com probabilidade de êxito provável, podem alcançar o montante aproximado de R$ 20,0 milhões. Para a mensuração do valor de mercado dos ativos contingentes não contabilizados, de acordo com parâmetros de mercado, consideramos o reconhecimento de 80% do valor de face dos processos acima mencionados. Desta forma, foi reconhecido o montante de R$ 16,0 milhões. Recomendação de valor justo R$ 16,0 mi Ativos contingentes (R$ milhões) Valor de Face Valor Contábil Ajuste Valor Justo Provável 20,0 0 16,0 16,0 A partir da data-base e com base nos parâmetros e premissas mencionados acima, a nossa recomendação para o valor justo da totalidade dos ativos contingentes é de R$ 16,0 milhões. Total 20,0 0 16,0 16,0 Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 26 de

307 29 de março de 2019 Final 5 Anexos Anexo 7 - Valor Justo da Provisão das Contingências 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Descrição: Composta por contingências tributárias, trabalhistas e cíveis. A Empresa é parte em ações judiciais e processos administrativos decorrentes do curso normal de seus negócios, perante tribunais e órgãos governamentais de natureza trabalhista, cível e tributária. Quando se trata de obrigação legal, independente da probabilidade de perda, é constituída provisão, ou seja, o êxito na ação depende de ser reconhecida a inconstitucionalidade de lei vigente. Nos demais casos, a provisão é constituída sempre que a perda for considerada como provável. Provisões para contingências (R$ milhões) A Empresa possui passivos não contingenciados de natureza cível e tributária, os quais foram classificados, pelos assessores jurídicos externos da Empresa, com risco de perda possível, representados por R$ mil para causas cíveis e R$ mil para causas tributárias. Para a mensuração do valor de mercado dos passivos contingentes não provisionados, de acordo com parâmetros de mercado, foi considerado o reconhecimento de 30% do valor de face dos processos de perda possível acima mencionados. Desta forma, o saldo contábil apresentado no Passivo sofreu ajuste de R$ mil totalizando R$ mil. Valor de Face Valor Contábil Ajuste Valor Justo Provável 21,4 21,4 0 21,4 Possível 238,9 0 71,7 71,7 Recomendação de valor justo R$ 93,0 mi A partir da data-base e com base nos parâmetros e premissas mencionados acima, a nossa recomendação para o valor justo da totalidade das provisões para contingência é de R$ mil, gerando um aumento de valor de R$ mil correspondente a atualização do valor justo da conta Remoto 109, Total 369,7 21,4 71,7 93,0 Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 27 de

308 29 de março de 2019 Final 5 Anexos Anexo 8 - Premissas Macroeconômicas 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Premissas Macroeconômicas dez-16 dez-17 dez-18 dez-19 dez-20 dez-21 dez-22 dez-23 dez-24 dez-25 dez-26 dez-27 dez-28 PIB -3,6% 1,0% 1,3% 2,6% 2,6% 2,6% 2,6% 2,6% 2,6% 2,6% 2,6% 2,6% 2,6% IPCA 6,3% 2,9% 3,7% 4,0% 4,0% 3,8% 3,8% 3,8% 3,8% 3,8% 3,8% 3,8% 3,8% IGP-M 7,2% -0,5% 8,0% 4,3% 4,1% 4,1% 4,1% 4,3% 4,3% 4,3% 4,3% 4,3% 4,3% Selic 14,1% 10,1% 6,5% 6,7% 7,9% 8,0% 8,0% 8,1% 8,1% 8,1% 8,1% 8,1% 8,1% Fonte: Banco Central do Brasil - BACEN Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 28 de

309 9,0% 8,0% 7,0% 6,0% 5,0% 4,0% 3,0% 2,0% 1,0% 0,0% -1,0% 4,0% 3,0% 2,0% 1,0% 0,0% -1,0% -2,0% -3,0% -4,0% 29 de março de 2019 Final 5 Anexos Anexo 9 - Análise Macroeconômica 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Inflação Histórica e Projetada 8,0% 7,2% 6,3% 3,7% 2,9% -0,5% PIB Histórico e Projetado 4,3% 4,1% 4,1% 4,1% 4,0% 4,0% 3,8% 3,8% (P) 2019(P) 2020(P) 2021(P) 2022(P) IPCA IGP-M 2,6% 2,6% 2,6% 2,6% 1,0% 1,3% -3,6% (P) 2019(P) 2020(P) 2021(P) 2022(P) Ao realizar a avaliação econômico-financeira de uma empresa ou de seus ativos, é importante compreender as principais tendências econômicas do país em que a empresa opera. Considerando que a Empresa está inserida no mercado brasileiro, as principais informações macroeconômicas estão apresentadas a seguir. A análise abaixo se refere à data-base deste trabalho, conforme informações do Banco Central do Brasil (BACEN), Boletim Focus, Fundação Getúlio Vargas (FGV), Global Insight e JP Morgan. Economia brasileira Atividade econômica Segundo expectativas do Bacen de 31 de dezembro de 2018, o PIB terá um crescimento de 1,3% em 2018 e um crescimento de 2,59% em Inflação O índice de inflação oficial, IPCA (Índice de Preços ao Consumidor Amplo), fechou o ano de 2017 em 2,94%. De acordo com as expectativas de mercado apresentadas pelo Bacen de 31 de dezembro de 2018, a variação do índice de inflação IPCA deve chegar a 3,64% em 2018 e 4,04% em Já o Índice Geral de Preços do Mercado (IGP-M), calculado pela FGV, fechou o ano de 2017 em -0,53%. A expectativa dos analistas do Bacen é de que esse índice fique em 8,02% em 2018 e 4,26% em Política monetária O Comitê de Política Monetária (Copom) levou em consideração a conjuntura macroeconômica, as perspectivas para a inflação brasileira e o balanço de riscos, e decidiu reduzir a taxa Selic de 10,1% para 6,5% a.a.. O Comitê entende que a queda na expectativa da inflação proporcionou uma folga para a diminuição do patamar da taxa básica de juros, o que pode possibilitar maiores investimentos por parte das empresas. O Copom ressaltou, também, que a política deve se manter vigilante em momentos como o atual, afirmando que a Selic poderá ser reduzida novamente, e a economia continue a crescer com a inflação sob controle e sem choques internacionais. A taxa de câmbio fechou o mês de dezembro em 3,65 BRL/USD. As expectativas de mercado apontam para taxas médias de 3,79 BRL/USD para 2019 e Risco-Brasil O índice explicita a diferença de desempenho diário dos títulos da dívida norte-americana e de países emergentes e é um indicador da saúde financeira do país em questão. O índice terminou o mês de dezembro em 276 pontos-base, o que indica uma diferença de 2,76 p.p. entre o desempenho dos títulos brasileiros e dos títulos norte-americanos. A média do mês foi de 269 pontos-base. Fonte: Embi+, calculado pelo JP Morgan. Ao realizar a avaliação econômico-financeira da Itautec as premissas macroeconômicas foram consideradas para reajustes de contas pela inflação, e elaboração da taxa de desconto. Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 29 de

310 29 de março de 2019 Final 5 Anexos Anexo 10: Metodologia Avaliação Ativos Tangíveis 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Bens Móveis Seleção e análise da metodologia de avaliação Os métodos e procedimentos adotados para a realização das análises dos bens móveis são pautados nos preceitos e diretrizes estabelecidos na Norma Brasileira de Avaliações publicada pela ABNT Associação Brasileira de Normas Técnicas, NBR em suas partes: Parte 1: Procedimentos Gerais; e Parte 5: Máquinas, equipamentos, instalações e bens industriais em geral; Para estimar o valor justo dos ativos, foram considerados o método comparativo direto de dados de mercado e o método da quantificação do custo. As metodologias foram aplicadas apropriadamente considerando a natureza dos bens em estudo. Para a avaliação de bens móveis, a avaliação pelo método da renda foi considerada inadequada porque fluxos de rendimentos individuais não podem ser alocados de forma razoável e eficaz para cada um dos ativos individuais. Aplicação do método comparativo direto de dados de mercado Ao considerar o método comparativo direto de dados mercado, identificamos que algumas categorias de ativos em que existe um mercado ativo. Dentro deste contexto, utilizamos este método para avaliar os Equipamentos de informática. A abordagem de mercado analisa as condições de mercado e transações comparáveis ao ativo que está sendo avaliado, e determina o valor justo onde os dados confiáveis e disponíveis sobre as vendas podem ser encontrados. O valor justo é determinado pela comparação de vendas recentes e os preços de venda de ativos similares, então são ajustados com base em fatores como idade, condição, capacidade e tipo de venda. Aplicação do método de quantificação do custo O método do custo foi utilizado para avaliar os demais bens móveis. Usando esta metodologia, reconhecemos o valor associado à instalação, frete, engenharia e nacionalização, sempre que aplicável. Na aplicação do método do custo, primeiramente determina-se a estimativa do valor de substituição ou reposição ou custo de reprodução dos ativos (CRN) usando os métodos direto ou indireto. Cálculo do CRN através do método direto O passo inicial no cálculo por custo direto foi desenvolver uma estimativa de custo de reposição a novo para cada ativo incluído no escopo de nossa análise. Especificamente, desenvolvemos uma estimativa de CRN que inclui todos os custos de engenharia, fundação, instalação, frete e nacionalização sempre que aplicável, através de orçamentos recentes e notas fiscais fornecidas pela Administração, em pesquisa externa, no nosso banco de dados interno, nas informações contidas no imobilizado e nas informações detalhadas fornecidas em resposta as nossas solicitações. Cálculo do CRN através do método indireto Utilizamos o método do custo indireto para avaliar os ativos que não foram cobertos pelo método comparativo direto de dados de mercado ou pelo método do custo direto. Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 30 de

311 29 de março de 2019 Final 5 Anexos Anexo 10: Metodologia Avaliação Ativos Tangíveis 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Sob o método do custo indireto, o custo de reprodução a novo para cada ativo ou grupo de ativos foi estimado pela atualização de custos históricos registrados na lista contábil do ativo imobilizado considerando-se o tipo de ativo e data de aquisição e os respectivos índices econômicos. Estes custos geralmente incluem o custo base do ativo e quaisquer considerações adicionais relativas a acessórios, impostos, entrega, instalação, mão de obra e custos indiretos, tais como engenharia, suprimento e construção quando considerados apropriados. Os fatores de ajuste/índice de preços utilizados em nossa análise foram obtidos através de índices de inflação publicados pela Fundação Getúlio Vargas. Depreciação Física e Obsolescência Como os ativos foram utilizados ao longo de períodos variáveis, o valor justo é estimado pela adequação do CRN à perda de valor devido à depreciação física, além da possível obsolescência funcional e/ou econômica de cada ativo. Depreciação Física Nossa estimativa de depreciação física foi realizada principalmente sob o conceito idade/vida útil. Sob este conceito, a perda física de valor é atribuída através da relação entre a vida útil estimada de um ativo e sua vida útil remanescente em um determinado período no tempo. As principais definições são as seguintes: Vida útil técnica (VU) A vida útil, geralmente em anos, de um ativo será usada antes de sua deterioração a uma condição inutilizável ou quando este é retirado de serviço. Idade cronológica (IC) O tempo decorrido da vida de um ativo desde que foi originalmente posto em serviço. Idade efetiva (IE) A idade do ativo indicada pela sua atual condição, o qual pode ser ou não igual a IC. Vida útil remanescente (VUR) - Período contado em anos desde a data-base da análise até a data estimada em que o bem deixará de ser economicamente viável. Diferentes perfis de depreciação física são conhecidos e amplamente utilizados na prática que operam sob os conceitos básicos descritos anteriormente. No Método da Quantificação do Custo, nós utilizamos os seguintes perfis de depreciação: Linear (SL) - Um consumo linear da utilidade de um ativo durante a sua vida útil. Curva de Iowa (R2) - Curva derivada para medir a utilidade econômica de um ativo em relação à sua vida econômica e considera a premissa de acumular custos de manutenção de rotina e manutenção geral dos ativos. A curva de Iowa tem como base estudo e pesquisa realizada pela Universidade do Estado de Iowa. Este método utiliza um conceito de idade-vida em que se mede a perda física de valor atribuído a uma redução na qualidade de um dado tipo de ativo que se mantenha em serviço ou utilização, ao longo de um dado período de tempo. O período de tempo é medido a partir do momento em que o ativo é colocado em uso até que seja retirado de serviço. Além disso, em consequência do desgaste, um ativo pode ser cada vez mais caro para se operar ao longo do tempo, acumulando custos de manutenção e resultando em uma diminuição de sua utilidade global. Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 31 de

312 29 de março de 2019 Final 5 Anexos Anexo 10: Metodologia Avaliação Ativos Tangíveis 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Obsolescência Funcional Obsolescência funcional pode ser atribuída aos excessos de custo de capital ou custo de operação associados a um ativo ou grupo de ativos. O excesso de custo de capital, que é a diferença entre o valor de reprodução e o valor de reposição, mede a diminuição do investimento necessário para uma substituição do ativo para produzir o mesmo ou similar produto a que está sujeito o ativo. Essa forma de obsolescência é vista em tecnologias mais recentes e custos de construções que tipicamente possuem valores menores que o ativo atual. Com base em nossas análises, não foram observadas evidências de obsolescência funcional uma vez que a tecnologia inerente aos tipos de bens avaliados não tem sofrido mudanças nas últimas décadas. Assim sendo, não foi realizado nenhum ajuste nos bens móveis relativos à obsolescência funcional. Obsolescência Econômica A obsolescência econômica é a perda de valor causada por condições adversas externas do ativo, como baixa demanda de mercado para o produto, mudança do foco do mercado, indisponibilidade de transporte e excessos das regulamentações governamentais. Com base no que foi descrito acima e, considerando a linha de serviço do cliente, não foi possível realizar estudos que considerassem volumes históricos ou capacidade produtiva e, portanto não houve nenhum ajuste relativo à obsolescência econômica. Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 32 de

313 29 de março de 2019 Final 5 Anexos Anexo 10: Metodologia Avaliação Ativos Tangíveis 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Bens Imóveis Os métodos e procedimentos adotados para a realização das análises dos bens imóveis são pautados nos preceitos e diretrizes estabelecidos na Norma Brasileira de Avaliações publicada pela ABNT Associação Brasileira de Normas Técnicas, NBR em suas partes: Parte 1: Procedimentos Gerais; Parte 2: Imóveis Urbanos; e Parte 4: Empreendimento Também são seguidas as diretrizes e recomendações do Instituto Brasileiro de Avaliações e Pericias de Engenharia de São Paulo - IBAPE/SP. De acordo com as referidas normativas, os bens imóveis podem ser avaliados com base no Método da Renda, Método Involutivo, Método da Quantificação do Custo e o Método Comparativo Direto de Dados de Mercado, sendo a combinação dos dois últimos métodos atrelado a um fator de comercialização, caracterizando o Método Evolutivo. Embora todos estes métodos possam ser considerados na avaliação, a natureza dos bens e a disponibilidade de dados e de informações ditarão qual o método - ou métodos - será utilizado para estimar o valor justo de cada bem. Método Comparativo Direto de Dados de Mercado Esse método identifica o valor justo de um bem por meio do tratamento técnico de atributos dos elementos comparáveis constituintes da amostra. Essa metodologia é utilizada quando existe um mercado ativo de imóveis na região do imóvel avaliando que possibilite a obtenção de comparativos com características semelhantes a este. Além disso, esse método capta a perda de valor do bem a partir de todas as formas de depreciação a ele inerentes. Especificamente no caso dos bens imóveis, efetua-se uma análise no mercado imobiliário da região sobre vendas recentes ou ofertas correntes de imóveis similares (comparativos) ao(s) imóvel(is) compreendido(s) no presente trabalho. Os comparativos obtidos junto ao mercado são fornecidos pelas mais variadas fontes, tais como: donos de propriedades, corretores imobiliários, imobiliárias e/ou através de fontes públicas de consulta. Estas premissas são consideradas como boas e válidas. No método CDDM por tratamento por fatores é realizada a homogeneização da amostra comparativa através de fatores e critérios de ajustes das diferenças entre o imóvel compreendido pela análise e os comparativos, com a posterior análise estatística dos resultados homogeneizados. A escolha dos fatores a serem tratados deve ser feita para que se possa identificar e analisar de que forma os mesmos influenciam na formação dos valores dos imóveis. O tratamento por fatores é aplicado preferencialmente em amostras homogêneas, isto é, com características mais próximas possíveis do imóvel avaliando. Os fatores de ajuste foram aplicados a fim de considerar a diferença entre os comparativos e os bens analisados como detalhado a seguir: Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 33 de

314 29 de março de 2019 Final 5 Anexos Anexo 10: Metodologia Avaliação Ativos Tangíveis 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Fator Oferta/ Venda ou Oferta/ Alugado: desconto no valor ofertado devido à prática de mercado, geralmente, superestimar seus respectivos valores; Fator Localização: atribui a influência do entorno / local dentre os comparativos e o imóvel avaliado; Fator Depreciação: considera o estado de conservação dos comparativos e do imóvel avaliado. Para tanto, calculou-se a depreciação em função de idades aparentes pelo Método Linear (Straight Line) das amostras e do imóvel avaliado e, em seguida, utilizou-se a razão dentre as amostras e o avaliado; Padrão Construtivo: baseia-se na diferença dentre tipologias construtivas de cada imóvel; Fator Área: refere-se à influência das diferentes dimensões de áreas entre os comparativos e o imóvel em estudo. O fator área é depreendido pela seguinte expressão: Fatores de Ajuste Oferta / Venda Parâmetros Venda 1,00 Opinião 1,00 Oferta Paulista 0,90 Oferta Jundiaí 0,80 Localização Parâmetros Excelente 1,10 Ótimo 1,00 Bom 0,90 Regular 0,80 Ruim 0,70 Padrão Construtivo - Padrão Construtivo: Galpão, escritório, casa e apartamento - Intervalo: máximo, médio e mínimo Parâmetro Baseado nos fatores publicados pelo IBAPE-SP Fonte: IBAPE/ EY Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 34 de

315 29 de março de 2019 Final 5 Anexos Anexo 11: Homogeneização 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Tabela de Homogeneização Imóvel Todo Área edificada Situação Paradigma Área Útil (m²): ,03 Localização: 0,90 Padrão Construtivo: 1,37 Depreciação: 0,67 # Área Construída (m²) Preço de Venda/Oferta (R$) Valor unitário (R$/m²) Venda / Oferta Fatores de Ajuste Local Área Padrão Depreciação Fator de Ajuste Final Valor unitário ajustado (R$/m²) Valor Unitário Final (R$/m²) , , ,86 0,80 1,00 0,91 1,00 1,00 0, , , , , ,27 0,80 1,00 1,06 1,00 1,00 1, , , , , ,85 0,80 1,00 0,80 1,08 1,05 0, , , , , ,94 0,80 0,90 0,82 1,08 1,00 0, , , , , ,22 0,80 1,00 0,80 1,00 1,00 0, , , , , ,17 0,80 1,13 0,87 0,82 0,95 0, , ,54 Unitário Estimado Análise Estatística Média (ajuste de unidade) (BRL/m²) (1) 1.730,34 Unitário Observado Número de comparáveis (n) 6 Notas: Desvio padrão (2) 155, Valor Unitário Médio: média aritmética dos valores unitários dos comparativos após o tratamento. T (student) (3) 2, Desvio Padrão: uma medida da dispersão estatística da amostra analisada. Intervalo (4) 0, Distribuição T de Student: parâmetro utilizado para determinar o intervalo Mínimo (5) 1.211, Intervalo de Saneamento: faixa em torno do valor médio unitário para a exclusão de outliers. Máximo (6) 2.249, Valor Unitário Máximo: valor máximo na gama de amostra. Número de comparáveis ajustadas (n) Valor Unitário Mínimo: valor mínimo na faixa de saneamento. Área Útil (m²) , Média da Unidade de Saneamento: valores unitários médios aritméticos não diferindo. Valor Unitário Final Médio (BRL/m²) (7) 1.730, Campo de Arbitrariedade: Intervalo em torno da estimativa de tendência central, onde Campo de arbitrariedade (8) -15,00% o avaliador pode ajustar o valor final se devidamente fundamentado. No caso, deduz-se 10% Valor Unitário Final Adotado (BRL/m²) 1.470,79 do valor em razão das áreas não edificáveis. Valor de Mercado (R$) ,00 Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 35 de

316 29 de março de 2019 Final 5 Anexos Anexo 11: Homogeneização 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Tabela de Homogeneização Terreno 50 mil m² # Situação Paradigma Área de Terreno (m²): ,00 Topografia: 1,00 Localização: 1,00 EY ID Área Terreno (m²) Preço de Venda/Oferta (R$) Valor unitário (R$/m²) Venda/ Oferta Fatores de Ajuste Local Área Fator de Ajuste Final Valor unitário ajustado (R$/m²) Valor Unitário Final (R$/m²) , ,00 336,53 0,80 1,00 1,02 1,02 275,68 275, , ,00 426,52 0,80 1,00 1,02 1,02 349,60 349, , ,00 700,00 0,80 1,00 0,84 0,84 470,90 470, , ,00 480,00 0,80 1,11 0,94 1,05 404,21 404, , ,00 463,95 0,80 1,11 0,95 1,06 392,71 392, , ,00 397,26 0,80 1,11 1,05 1,16 368,52 368,52 Unitário Estimado Análise Estatística Média (ajuste de unidade) (BRL/m²) (1) 376,94 Unitário Observado Número de comparáveis (n) 6 Notas: Desvio padrão (2) 64, Valor Unitário Médio: média aritmética dos valores unitários dos comparativos após o tratamento. T (student) (3) 2, Desvio Padrão: uma medida da dispersão estatística da amostra analisada. Intervalo (4) 0, Distribuição T de Student: parâmetro utilizado para determinar o intervalo Mínimo (5) 263, Intervalo de Saneamento: faixa em torno do valor médio unitário para a exclusão de outliers. Máximo (6) 490, Valor Unitário Máximo: valor máximo na gama de amostra. Número de comparáveis ajustadas (n) Valor Unitário Mínimo: valor mínimo na faixa de saneamento. Área do Terreno (m²) , Média da Unidade de Saneamento: valores unitários médios aritméticos não diferindo. Valor Unitário Final Médio (BRL/m²) (7) 376, Campo de Arbitrariedade: Intervalo em torno da estimativa de tendência central, onde Campo de arbitrariedade (8) 0,00% o avaliador pode ajustar o valor final se devidamente fundamentado. Valor Unitário Final Adotado (BRL/m²) 376,94 Valor de Mercado (R$) ,00 Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 36 de

317 29 de março de 2019 Final 5 Anexos Anexo 12: Registros Fotográficos 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Unidade de Jundiaí - SP Prédio Administrativo Fonte: EY Armazém de Pintura Fonte: EY Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 37 de

318 29 de março de 2019 Final 5 Anexos Anexo 12: Registros Fotográficos 1 Sumário Executivo 2 A Empresa 3 Informações Financeira... 4 Conclusão 5 Anexos Unidade de Jundiaí - SP Empilhadeira Fonte: EY Elevador Monta Carga Fonte: EY Itautec S.A. Grupo Itautec: Avaliação Econômico-financeira da Itautec S.A. Grupo Itautec, na data-base de 31 de dezembro de 2018 Página 38 de