Banco BTG Pactual S A : Date 08/10/2021 2Q21 Individual Financial Statements

Standalone financial statements

Banco BTG Pactual S.A.

June 30, 2021

with independent auditors' report.

BANCO BTG PACTUAL S.A.

Standalone financial statements

June 30, 2021

Contents

Independent auditors report...............................................................................................................................	1
Balance sheets.....................................................................................................................................................	6
Statements of income .........................................................................................................................................	8
Statements of comprehensive income................................................................................................................	9
Statements of changes in shareholders' equity ................................................................................................	10
Statements of cash flows ..................................................................................................................................	11
Statements of value added................................................................................................................................	12
Notes to the standalone financial statements ..................................................................................................	13

(A free translation of the original in Portuguese)

Independent auditor's report

To the Board of Directors and Shareholders

Banco BTG Pactual S.A.

Opinion

We have audited the accompanying financial statements of Banco BTG Pactual S.A. (the "Institution"), which comprise the balance sheet as at June 30, 2021 and the statements of income, comprehensive income, changes in shareholder´s equity and cash flows for the six-month period then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Banco BTG Pactual S.A. as at June 30, 2021, and its financial performance and cash flows for the six-month period then ended, in accordance with accounting practices adopted in Brazil, applicable to institutions authorized to operate by the Brazilian Central Bank (BACEN).

Basis for opinion

We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the Institution in accordance with the ethical requirements established in the Code of Professional Ethics and Professional Standards issued by the Brazilian Federal Accounting Council, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Matters

Why it is a Key Audit Matter

How the matter was addressed

PricewaterhouseCoopers, Av. Francisco Matarazzo 1400, Torre Torino, São Paulo, SP, Brasil, 05001-903, Caixa Postal 60054, T: [phone], www.pwc.com.br

Banco BTG Pactual S.A.

Why it is a Key Audit Matter

How the matter was addressed in the audit

Fair value measurement of derivative financial instruments

As disclosed in Notes 4.d, 4.e, 4.f and 9, the fair value measurement of derivative financial instruments is an area that includes subjectivity, as it depends on valuation techniques performed based on internal models and involving Management's assumptions for valuation of instruments and/or observable data.

We consider this a focus area in our audit as the use of different valuation techniques and assumptions may produce significantly different fair value estimates and due to the materiality of the derivative financial instruments in the context of the financial statements.

Our main audit procedures considered, among others, our understanding of the main processes involving the fair value measurement of derivative financial instruments related to: (i) recording and confirmation of transaction data, (ii) criteria for fair value measurement, and (iii) reconciliation of accounting balances with analytical reports for balance sheet and income statement balances.

We also (i) tested the completeness and integrity of the database extracted from the underlying systems that serve as a basis for fair value measurement, and (ii) independent re-performance, on a sample basis, of the calculations for measurement of derivative financial instruments with the support of our specialists in the pricing of financial instruments and in accordance with the requirements provided for by the Brazilian Central Bank's (Bacen) standards.

We believe that the criteria adopted by management in the fair value measurement of these financial instruments are consistent with the information analyzed in our audit.

Measurement of the provision for expected losses associated with credit risk

As disclosed in Notes 4(j) and 10, the provision for expected losses associated with credit risk is estimated based on the analysis of the operations and specific risks presented in each portfolio, taking into account the customer's risk rating, depending on a periodic analysis of the quality of the customer and the sectors of activity, in accordance with the criteria established by CMN Resolution 2,682/99.

This is an area that was defined as the focus of

our audit, as the application of different criteria and judgment in measuring the provision for expected losses associated with credit risk could result in significant variations in the estimate of this provision.

Our procedures considered, among others, our understanding of the main processes related to: (i) granting of credit, (ii) renegotiated operations, (iii) attribution of risk level, and (iv) reconciliation of account balances with auxiliary reports.

We also conducted (i) analysis, on a sample basis, of the criteria described in the policy and their consistency with those used by management to determine the credit risk of the operations, (ii) recalculation of provisions based on the risk classification and delay in operations; and (iii) test of the completeness and integrity of the database extracted from the underlying systems that serve as a basis for calculating the provision.

We believe that the criteria adopted by management to measure and record the provision for expected losses associated with credit risk are consistent with the information analyzed in our audit.

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Banco BTG Pactual S.A.

Why it is a Key Audit Matter

How the matter was addressed in the audit

Tax credits in subsidiary (Notes 4(r) and 13)

Banco Pan S.A., an indirect subsidiary of the Institution, whose total interest is approximately 71.7% and is accounted for using the equity method in the parent company financial statements, has tax credits totaling R$3.7 billion, arising from temporary additions in the calculation bases of Corporate Income Tax and Social Contribution on Net Income and income tax and social contribution losses, recognized based on a study of the current and future scenario approved by the management of Banco Pan S.A.

We consider this an area of focus in our audit since the use of different judgments and assumptions in the projection of taxable profit could significantly change the periods and amounts estimated for the realization of tax credits, with a consequent accounting impact, and could fail to meet the requirements of the Brazilian Central Bank regarding the initial recognition and maintenance of these assets in the financial statements.

Our key audit procedures considered the understanding of the calculation and recording processes and their consistency with tax and accounting standards related to tax credits, including specific requirements of the National Monetary Council and the Brazilian Central Bank, as well as an understanding of the more significant assumptions used by management to project future taxable profit for purposes of estimating the realization of tax credits.

We compared the assumptions used by Banco Pan S.A. to project taxable profits with the budget projections approved by its Board of Directors and with the macroeconomic projections disclosed in the market, and analyzed historical data to corroborate the consistency of these realization estimates.

We believe that the assumptions and criteria adopted by management are consistent in relation to the initial recognition, maintenance and realization of the tax credit.

Other matters

Statement of value added

The Statement of Value Added for the semester ended June 30, 2021, prepared under the responsibility of the Institution's management and presented as supplementary information for purposes of the Brazilian Central Bank, was submitted to audit procedures performed in conjunction with the audit of the Institution's financial statements. The presentation of this statement is required by the Brazilian corporate legislation for listed companies. For the purposes of forming our opinion, we evaluated whether this statement is reconciled with the financial statements and accounting records, as applicable, and if its form and content are in accordance with the criteria defined in Technical Pronouncement CPC 09 - "Statement of Value Added". In our opinion, this Statement of Value Added has been properly prepared in all material respects, in accordance with the criteria established in the Technical Pronouncement, and is consistent with the financial statements taken as a whole.

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