•

Defined Contribution Plans (CD): are those plans which scheduled benefits have their value permanently adjusted to the investments balance, kept in favor of the participant, including in the benefit concession phase, considering net proceedings of its investment, amounts contributed and benefits paid; and

•

Variable Contribution Plans (CV): in this type of plan, scheduled benefits present a combination of characteristics of defined contribution and defined benefit modalities, and the benefit is actuarially determined based on the investments accumulated balance by the participant on the retirement date.

Below is a list of benefit plans and their modalities:


Entity	Benefit Plan	Modality
Fundação Itaú Unibanco – Previdência Complementar - FIU	Supplementary Retirement Plan Supplementary Retirement Plan – Flexible Premium Annuity Franprev Benefit Plan 002 Benefit Plan Prebeg Benefit Plan UBB PREV Defined Benefit Plan Benefit Plan II Itaulam Basic Plan Itaucard Defined Benefit Plan Itaú Unibanco Main Retirement Plan	Defined Benefit
	Itaubanco Defined Contribution Plan Itaubank Retirement Plan Redecard Pension Plan	Defined Contribution
	Unibanco Pension Plan – Intelligent Future Itaulam Supplementary Plan Itaucard Variable Contribution Plan Itaú Unibanco Supplementary Retirement Plan	Variable Contribution
FUNBEP – Fundo de Pensão Multipatrocinado	Benefit Plan l Benefit Plan ll	Defined Benefit Variable Contribution

Defined Contribution plans include pension funds consisting of the portions of sponsor’s contributions not included in a participant’s account balance due to loss of eligibility for the benefit, and of monies arising from the migration of retirement plans in defined benefit modality. These funds are used for future contributions to individual participants’ accounts, according to the respective benefit plan regulations.

a) Main Actuarial Assumptions

Actuarial assumptions of demographic and financial nature should reflect the best estimates about the variables that determine the post-employment benefit obligations.

The most relevant demographic assumption comprise of mortality table and the most relevant financial assumptions include: discount rate and inflation.


	12/31/2021	12/31/2020
Mortality table (1)	AT-2000	AT-2000
Discount rate (2)	9.46% p.a.	7.64% p.a.
Inflation (3)	4.00% p.a.	4.00% p.a.
Actuarial method	Projected Unit Credit	Projected Unit Credit

(1)	Correspond to those disclosed by SOA – “Society of Actuaries”, that reflect a 10% increase in the probabilities of survival regarding the respective basic tables.

(2)	Determined based on market yield relating to National Treasury Notes (NTN-B) and compatible with the economic scenario observed on the balance sheet closing date, considering the volatility of interest market and models used.

(3)	Refers to estimated long-term projection.

Retired plans sponsored by foreign subsidiaries - Banco Itaú (Suisse) S.A., Itaú CorpBanca Colombia S.A. and PROSERV - Promociones y Servicios S.A. de C.V. - are structured as Defined Benefit modality and adopt actual assumptions adequate to masses of participants and the economic scenario of each country.

b) Risk Management

The EFPCs sponsored by ITAÚ UNIBANCO HOLDING are regulated by the National Council for Complementary Pension (CNPC) and PREVIC, has an Executive Board, Advisory and Tax Councils.

Benefits offered have

long-tem

characteristics and the main factors involved in the management and measurement of their risks are financial risk, inflation risk and demographic risk.

- Financial Risk –

the actuarial liability is calculated by adopting a discount, which may differ from rates earned in investments. If real income from plan investments is lower than yield expected, this may give rise to a deficit. To mitigate this risk and assure the capacity to pay long-term benefits, the plans have a significant percentage of fixed-income securities pegged to the plan commitments, aiming at minimizing volatility and risk of mismatch between assets and liabilities. Additionally, adherence tests are carried out in financial assumptions to ensure their adequacy to obligations of respective plans.

- Inflation risk

– a large part of liabilities is pegged to inflation risk, making actuarial liabilities sensitive to increase in rates. To mitigate this risk, the same financial risks mitigation strategies are used.

- Demographic Risk

– plans that have any obligation actuarially assessed are exposed to demographic risk. In the event the mortality tables used are not adherent to the mass of plan participants, a deficit or surplus may arise in actuarial evaluation. To mitigate this risk, adherence tests to demographic assumptions are conducted to ensure their adequacy to liabilities of respective plans.

For purposes of registering in the balance sheet the EFPCs that manage them, actuarial liabilities of plans use discount rate adherent to its asset portfolio and income and expense flows, according to a study prepared by an independent consulting company. The actuarial method used is the aggregate method, through which the plan costing is defined by the difference between its equity coverage and the current value of its future liabilities, observing the methodology established in the respective actuarial technical note.

When deficit in the concession period above the legally defined limits is noted, debt agreements are entered into with the sponsor according to costing policies, which affect the future contributions of the plan, and a plan for solving such deficit is established respecting the guarantees set forth by the legislation in force. The plans that are in this situation are resolved through extraordinary contributions that affect the values of the future contribution of the plan.

c) Asset management

The purpose of the management of the funds is the long-term balance between pension assets and liabilities with payment of benefits by exceeding actuarial goals (discount rate plus benefit adjustment index, established in the plan regulations).

Below is a table with the allocation of assets by category, segmented into Quoted in an Active Market and Not Quoted in an Active Market:


	Fair value				% Allocation
Types	12/31/2021		12/31/2020		12/31/2021			12/31/2020
Fixed income securities		19,904		21,172		90.8	%		91.2	%
Quoted in an active market		19,508		20,804		89.0	%		89.6	%
Non quoted in an active market		396		368		1.8	%		1.6	%
Variable income securities		1,323		1,387		6.1	%		5.9	%
Quoted in an active market		1,312		1,378		6.0	%		5.9	%
Non quoted in an active market		11		9		0.1	%		0.0	%
Structured investments		150		82		0.7	%		0.4	%
Non quoted in an active market		150		82		0.7	%		0.4	%
Real estate		462		506		2.1	%		2.2	%
Loans to participants		73		78		0.3	%		0.3	%

Total		21,912		23,225		100.0%			100.0%

The defined benefit plan assets include shares of ITAÚ UNIBANCO HOLDING, its main parent company (ITAÚSA) and of subsidiaries of the latter, with a fair value of R$ 11 (R$ 11 at 12/31/2020), and real estate rented to group companies, with a fair value of R$ 374 (R$ 410 at 12/31/2020).

d) Other post-employment benefits

ITAÚ UNIBANCO HOLDING and its subsidiaries do not have additional liabilities related to post-employment benefits, except in cases arising from maintenance commitments assumed in acquisition agreements occurred over the years, as well as those benefits originated from court decision in the terms and conditions established, in which there is total or partial sponsorship of health care plan for a specific mass of former employees and their beneficiaries. Its costing is actuarially determined so as to ensure coverage maintenance. These plans are closed to new applicants.

Assumptions for discount rate, inflation, mortality table and actuarial method are the same used for retirement plans. ITAÚ UNIBANCO HOLDING used the percentage of 4% p.a. for medical inflation, additionally considering, inflation rate of 4% p.a.

Particularly in other post-employment benefits, there is medical inflation risk associated to increase in medical costs above expectation. To mitigate this risk, the same financial risks mitigation strategies are used.

e) Change in the net amount recognized in the balance sheet

The net amount recognized in the Balance Sheet is limited by the asset ceiling and it is computed based on estimated future contributions to be realized by the sponsor, so that it represents the maximum reduction amount in the contributions to be made.


	12/31/2021
	BD and CV plans												CD plans									Other post- employment benefits Liabilities			Total Recognized amount
	Net assets			Actuarial liabilities			Asset ceiling			Recognized amount			Pension plan fund			Asset ceiling			Recognized amount			Other post- employment benefits Liabilities			Total Recognized amount
Amounts at the beginning of the period		23,225			(20,662	)		(3,642	)		(1,079	)		1,454			(951	)		503			(922	)		(1,498	)

Amounts recognized in income (1+2+3+4)		1,722			(1,575	)		(278	)		(131	)		41			(68	)		(27	)		(66	)		(224	)
1 - Cost of current service		—			(53	)		—			(53	)		—			—			—			—			(53	)
2 - Cost of past service		—			—			—			—			—			—			—			—			—
3 - Net interest (1)		1,722			(1,522	)		(278	)		(78	)		104			(68	)		36			(66	)		(108	)
4 - Other expenses (2)		—			—			—			—			(63	)		—			(63	)		—			(63	)
Amounts recognized in stockholders´ equity - other comprehensive income (5+6+7)		(1,764	)		817			665			(282	)		(725	)		1,017			292			81			91
5 - Effects on asset ceiling (4)		—			—			665			665			(484	)		1,017			533			—			1,198
6 - Remeasurements		(1,766	)		801			—			(965	)		(241	)		—			(241	)		81			(1,125	)
Changes in demographic assumptions		—			4			—			4			—			—			—			—			4
Changes in financial assumptions		—			3,708			—			3,708			—			—			—			113			3,821
Experience of the plan (3)		(1,766	)		(2,911	)		—			(4,677	)		(241	)		—			(241	)		(32	)		(4,950	)
7 - Exchange variation		2			16			—			18			—			—			—			—			18
Other (8+9+10)		(1,271	)		1,381			—			110			(323	)		—			(323	)		128			(85	)
8 - Receipt by Destination of Resources (4)		—			—			—			—			(323	)		—			(323	)		—			(323	)
9 - Benefits paid		(1,381	)		1,381			—			—			—			—			—			128			128
10 - Contributions and investments from sponsor		110			—			—			110			—			—			—			—			110

Amounts at end of the period		21,912			(20,039	)		(3,255	)		(1,382	)		447			(2	)		445			(779	)		(1,716	)

Amount recognized in Assets (Note 18a)											48									445			—			493
Amount recognized in Liabilities (Note 18b)											(1,430	)								—			(779	)		(2,209	)


	12/31/2020
	BD and CV plans												CD plans									Other post- employment benefits Liabilities			Total Recognized amount
	Net assets			Actuarial liabilities			Asset ceiling			Recognized amount			Pension plan fund			Asset ceiling			Recognized amount			Other post- employment benefits Liabilities			Total Recognized amount
Amounts at the beginning of the period		22,732			(19,659	)		(3,761	)		(688	)		1,475			(849	)		626			(967	)		(1,029	)

Amounts recognized in income (1+2+3+4)		1,731			(1,578	)		(287	)		(134	)		20			(65	)		(45	)		(76	)		(255	)
1 - Cost of current service		—			(80	)		—			(80	)		—			—			—			—			(80	)
2 - Cost of past service		—			(1	)		—			(1	)		—			—			—			—			(1	)
3 - Net interest (1)		1,731			(1,497	)		(287	)		(53	)		112			(65	)		47			(76	)		(82	)
4 - Other expenses (2)		—			—			—			—			(92	)		—			(92	)		—			(92	)
Amounts recognized in stockholders´ equity - other comprehensive income (5+6+7)		(75	)		(669	)		406			(338	)		(41	)		(37	)		(78	)		6			(410	)
5 - Effects on asset ceiling		—			—			406			406			—			(37	)		(37	)		—			369
6 - Remeasurements		(113	)		(588	)		—			(701	)		(41	)		—			(41	)		6			(736	)
Changes in demographic assumptions		—			(11	)		—			(11	)		—			—			—			—			(11	)
Changes in financial assumptions		—			13			—			13			—			—			—			12			25
Experience of the plan (3)		(113	)		(590	)		—			(703	)		(41	)		—			(41	)		(6	)		(750	)
7 - Exchange variation		38			(81	)		—			(43	)		—			—			—			—			(43	)
Other (8+9)		(1,163	)		1,244			—			81			—			—			—			115			196
8 - Benefits paid		(1,244	)		1,244			—			—			—			—			—			115			115
9 - Contributions and investments from sponsor		81			—			—			81			—			—			—			—			81

Amounts at end of the period		23,225			(20,662	)		(3,642	)		(1,079	)		1,454			(951	)		503			(922	)		(1,498	)

Amount recognized in Assets (Note 18a)											82									503			—			585
Amount recognized in Liabilities (Note 18b)											(1,161	)								—			(922	)		(2,083	)

(1)

Corresponds to the amount calculated on 01/01/2021 based on the initial amount (Net Assets, Actuarial Liabilities and Restriction of Assets), taking into account the estimated amount of payments/ receipts of benefits/ contributions, multiplied by the discount rate of 7.64% p.a. (on 01/01/2020 the rate used was 7.64% p.a.).

(2)	Corresponds to the use of asset amounts allocated in pension funds of the defined contribution plans.

(3)	Correspond to the income obtained above/below the expected return and comprise the contributions made by participants.

(4)	Includes the effects of the allocation of the surplus from the pension fund of Itaubanco Defined Contribution Plan.

f) Defined benefit contribution


	Estimated contribution		Contributions made
	2022		01/01 to 12/31/2021		01/01 to 12/31/2020
Retirement plan - FIU		34		43		45
Retiremente plan - FUNBEP		22		32		5

Total		56		75		50

g) Maturity profile of defined benefit liabilities


	Duration (*)		2022		2023		2024		2025		2026		2027 to 2031
Pension plan - FIU		9.80		1,050		943		984		1,025		1,072		5,862
Pension plan - FUNBEP		9.10		594		614		634		652		667		3,541
Other post-employment benefits		7.09		140		157		149		36		37		209

Total				1,784		1,714		1,767		1,713		1,776		9,612

(*)	Average duration of plan´s actuarial liabilities.

h) Sensitivity analysis

To measure the effects of changes in the key assumptions, sensitivity tests are conducted in actuarial liabilities annually. The sensitivity analysis considers a vision of the impacts caused by changes in assumptions, which could affect the income for the period and stockholders’ equity at the balance sheet date. This type of analysis is usually carried out under the

ceteris paribus

condition, in which the sensitivity of a system is measured when only one variable of interest is changed and all the others remain unchanged. The results obtained are shown in the table below:


	BD and CV plans								Other post-employment benefits
Main assumptions	Present value of liability			Income		Stockholders´ equity (Other Comprehensive Income) (*)			Present value of liability			Income		Stockholders´ equity (Other Comprehensive Income) (*)
Discount rate
Increase by 0.5%		(835	)		—		308			(24	)		—		24
Decrease by 0.5%		905			—		(420	)		27			—		(27	)
Mortality table
Increase by 5%		(234	)		—		87			(10	)		—		10
Decrease by 5%		245			—		(91	)		11			—		(11	)
Medical inflation
Increase by 1%		—			—		—			63			—		(63	)
Decrease by 1%		—			—		—			(53	)		—		53

(*)	Net of effects of asset ceiling