Itaúsa Head Office | Av. Paulista - SP Management’s Proposal and Ordinary and Extraordinary General Stockholders’ Meeting Manual April 30, 2021, 11:00 am Virtual-only format 1 Contents 1. Message from the Chairman of the Board and the CEO ............................................................................................. 3 2. Information about the Ordinary and Extraordinary General Stockholders’ Meeting ............................................. 4 a) Date, time and format .................................................................................................................................................................................... 4 b) Opening and approval quorums................................................................................................................................................................ 4 c) Documents made available to stockholders ......................................................................................................................................... 4 d) Attendance at the General Stockholders’ Meeting ............................................................................................................................ 4 Stockholders’ identification and representation documents (“Documents”).......................................................................... 5 Guidance on representation by proxies .................................................................................................................................................. 5 Guidance on attendance through the forwarding of the Distance Voting Ballot (“Ballot”) .............................................. 5 Guidance on attendance via digital platform ....................................................................................................................................... 6 e) Information on the election of members for the Board of Directors ......................................................................................... 6 f) Information on the election of members for the Fiscal Council ................................................................................................... 7 g) Conflicts of interest.......................................................................................................................................................................................... 8 h) Communication channel with the Board of Directors ...................................................................................................................... 8 3. Call Notice ......................................................................................................................................................................... 9 4. Agenda of the Ordinary General Stockholders’ Meeting.......................................................................................... 10 a) Balance Sheet, other Financial Statements and Notes to the Financial Statements for the fiscal year ended December 31, 2020 ....................................................................................................................................................................................... 10 b) Allocation of net income for 2020 and ratification of the distribution of dividends and interest on capital ............................................................................................................................................................................................................................... 10 c) Definition of the number of effective members and alternate members of the Board of Directors and election of members of the Board of Directors and Fiscal Council ................................................................................................................. 10 d) Definition of the overall amount allocated for compensation of members of the Board of Directors and Board of Officers, as well as the monthly individual compensation of the members of the Fiscal Council .............................. 12 5. Agenda of the Extraordinary General Stockholders’ Meeting ................................................................................. 14 Amendments to and Consolidation of the Bylaws ..................................................................................................................................... 14 ATTACHMENTS Attachment I – Executive Officers’ Comments (Item 10 of Reference Form - Attachment 24 to CVM Instruction No. 480/09) ..................................................................................................................................................................................................................................................... 16 Attachment II – Allocation of Net Income for the year (Attachment 9-1-II to CVM Instruction No. 481/09) ................. 47 Attachment III – Information on the candidates nominated for the Board of Directors and the Fiscal Council (Items 12.5 to 12.10 of Reference Form – Attachment 24 to CVM Instruction No. 480/09) .............................................................. 52 Attachment IV – Compensation of Management Members (Item 13 of Reference Form – Attachment 24 to CVM Instruction No. 480/09) ............................................................................................................................................................. 73 Attachment V – Proposal for consolidation of the Company’s Bylaws ........................................................................... 90 Attachment VI – Proxies ......................................................................................................................................................... 96 Proxy Template “A” for common and/or preferred stockholders ................................................................................................................... 97 Proxy Template “B” for proxies made available by the Company .................................................................................................................. 98 2 1. MESSAGE FROM THE CHAIRMAN OF THE BOARD AND THE CEO São Paulo, March 30, 2021. The rapid escalation of the Covid-19 pandemic in Brazil and in the world has brought about many challenges to year 2020, and paramount were the concerns about the employees’ health and safety, how people would adjust to remote working, and how our investees would manage liquidity, given the high volatility of the markets. This scenario has not however prevented us from having a very productive year. We have made headway in our internal risk and compliance management and implemented a new integrated management system to make for a more agile and reliable process and financial strength. Our investment portfolio management, linked to pillar Efficient Capital Allocation, has also featured a very productive year, with the analysis of 58 opportunities, 36 of which were presented to the Executive Committee, being assessed in a diligent and disciplined way focused on creating value and respecting our investment assumptions. At the end of 2020, we completed the acquisition of a 48.5% equity interest in Copagaz, through a contribution of R$1.2 billion used for the acquisition of Liquigás. This new investment in a company that has become a leader in its operating segment after the purchase of Liquigás operations, and with values aligned with Itaúsa’s, strengthens the moves made to expand our portfolio to non-financial sectors and increases our share in the energy industry. The funds allocated for this investment have been raised by Itaúsa through the issue of debentures worth R$1.3 billion, while preserving the Company’s sound equity position and low net debt level. In a year marked by the surge of the pandemic worldwide, Itaúsa and its investees and controlling stockholders have jointly donated R$1.5 billion, mainly destined to the “Todos Pela Saúde” (“All for Health”) program for the Covid-19 relief efforts, in addition to carrying out many actions to preserve employees’ health and jobs, adjust operating environment to new hygiene and safety rules and mitigate impacts on society. Our portfolio companies Alpargatas and Duratex, operating in the consumer and civil construction segments, respectively, have recorded higher recurring results with the strong recovery of sales in the second half of 2020. Itaú Unibanco, our largest investee, has recorded increase in loan portfolio and efficiently managed non-interest expenses, which increased below inflation but had their results impacted by a rise in provisions for loan losses. Therefore, in 2020 our net income totaled R$7.1 billion and return on equity (ROE) was 13%. The gross payout proposed for 2020 was 27.9% of net income (please see the proposal for allocation in this Manual), impacted by temporary restrictions imposed by the Central Bank on Brazil on financial institutions with respect to payment of 2020 dividends. At the end of the year, the dividend yield of the Company’s most liquid shares (ticker ITSA4) was 5.5%, one of the highest among the shares traded on B3 and well above the Selic rate. The set of Environmental, Social and Governance (ESG) actions Itaú carried out for decades and the leading role played by its investees in environmental and social (E&S) responsibility programs justify the outstanding roles these companies enjoy in their corresponding sectors and industries and the market recognition expressed by their inclusion in top international