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

empresas

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

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

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

  Price of Most Liquid Share (R$)(A) Total Shares (million)(B) Market Value (R$ million) Itaúsa's stake (%)(C) Market Value of the Stake (R$ million)(D)
Logo Itaú 30.94 9,780 302,590 37.3% 112,931
Logo Alpargatas 59.97 579 34,724 29.2% 10,133
Logo Dexco 20.61 687 14,167 36.8% 5,210
Logo AEGEA
(D)
n/a n/a n/a 12.9% 2,556
Logo Copagaz(E) n/a n/a n/a 48.5% 1,257
Logo NTS(F) n/a n/a n/a 8.5% 1,440
Other assets and liabilities(G)         -5,275
Market Value of Sum of Parties         128,253
Logo Itaúsa 11.56 8,405 97,183   97,183
Discount         -24.2%

(A) Closing price of the last day of the period for the most liquid shares of Itaú Unibanco (ITUB4), Alpargatas (ALPA4), Dexco (DXCO3) e Itaúsa (ITSA4).

(B) Total shares issued excluded treasury shares.

(C) Itaúsa's direct and indirect stake in the companies' total capital according to Explanatory Note 1 of the Financial Statements of Itaúsa of June 30, 2021, to be found in the www.itausa.com.br.

(D) Refers to the investment of R$ 2.6 billion of July of 2021, resulting in the 10,20% of the voting capital, 19,05% of the preferred shares, and 12,88% of the total capital of Aegea Saneamento.

(E) Refers to the investment value recorded in the Balance Sheet as of June 30, 2021.

(F) Refers to the fair value recorded in the Balance Sheet as of June 30, 2021.

(G) Refers to the individual balance sheet as of June 30, 2021, excluding R$ 2,556 million from cash balance related to the investment in Aegea Saneamento.

XPart Note: The spin-off of Itaú Unibanco's stake in XP Inc. was concluded on May 31,2021, therefore XPart was created. XPart has as assets 40.5% of XP Inc.'s capital (a company traded on Nasdaq). It is noteworthy that XPart is not a listed company and Itaú Unibanco shareholders will continue to trade bank's shares with the right to receive securities from XPart until cut-off date to be defined. Based on the market value of XP Inc. on August 31, 2021, Itaúsa's stake in XPart was equivalent to approximately R$ 21.1 billion.

Holding historical discount (%)

Gráfico Histórico do desconto da Itaúsa (%)

Note: In 2020, it refers to the calculation of the discount on September 30, 2020.

Monthly discount informative

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