Banco Pan S A : Quarterly Reporting Document

São Paulo, May 4th, 2022 - Pursuant to legal provisions, Banco PAN S.A. ("PAN", "Banco", "Banco PAN" or "Company") and its subsidiaries disclose the results for the quarter ended March 31st, 2022, accompanied by the Independent Auditors' Report. The Bank's operational and financial information, except where otherwise indicated, is presented based on consolidated figures and in reais, in accordance with corporate law and accounting practices adopted in Brazil.

NOTICE TO SHAREHOLDERS

The Year of 2022 started with new challenges for both PAN and Brazil. With an increasing inflation, family income contraction and growing uncertainty, PAN, aligned with its strategy of supporting Brazilians, remained simple and effective, offering our clients well fitted products designed to meet their needs.

Over the last two quarters, we have been adjusting our credit metrics, controlling the new cards emissions and marginally reducing the vehicle financing, at the same time, we accelerated the FGTS origination, a product that helps our client in a tough moment, given that it will not compromise his future income.

Looking to 1Q22, we are proud of our performance as we manage to grow further even facing this challenging macroeconomic scenario. We posted good credit origination figures, with 88% of collateralized portfolio, while sustaining net income levels, client's engagement and product deployments.

We keep investing to boost our origination channels and products portfolio. In 1Q22 we started using WhatsApp to onboarding and credit acquisition, furthermore, our preventive health service (Saúde PAN) will Go Live on May 15th , designed to meet the needs of more than 150 million Brazilians, unassisted in this regard.

Finally, we launched the new app's version, upgrading clients experience on 3 main aspects: (i) Better performance: faster login , with architecture evolution; ii) Intuitive use and Scalability: accessible homes, main menu with sales strategy and quick access; (iii) Contextualized Offer: precise offers promoting individual cross-sell.

The constant evolution of our channels and UX have allowed us to maintain high engagement levels. Today 53% of our banking clients are active and by the end of 1Q22 more than 6.0 million banking clients had a credit product with Banco PAN.

This is reflected on our cross-sellindex of 2.6 in 1Q22 and on our transacted volume, which reached R$ 19.6 billion in 1Q22. Additionally, we reached more than 6 million accounts with registered PIX keys, 558 thousand banking clients with insurance contracts and more than 489 thousand clients buying top ups.

Our client base evolution, products offering, and engagement aims to create a complete platform offering Credit, Banking, Payments, Insurance, Investments and Marketplace.

In March, we concluded the Mosaico acquisition to create a complete ecosystem and offer our clients a consumer journey tied to financial solutions. Our target is to explore the clients flow and we are already posting efficiency gains. Since November 2021 we received more than 1.1 million Buscapé cards request.

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With cashback integrated in Mosaico offers, the total GMV reached R$ 1,328 MM in 4Q21 and R$ 775 MM in 1Q22, with increasing take rate from 5.7% in 1Q21 to 7.3% in 1Q22.

All these growth and engagement initiatives, including the acquisition of Mobiauto, are reflected on a growing monetization capability, the basis of a sustainable business model that we have built over the past few years, offering products that attends the Brazilians necessities, scaling up our client's base.

Today we are one of the largest digital banks in Brazil, with more than 14.7 million banking clients and 19.4 million total clients, an increase of 94% since 1Q21, and we keep expanding in a significative way, always focused on our target audience.

Our drive is to maintain a sustainable growth aligned with an efficient engagement strategy allowing us to consistently monetize our operation. We reached a net profit of R$ 195 million in 1Q22 with accounting ROE of 13.3%.

At the end of 1Q22, 6 million of our banking clients had an outstanding balance of

R$ 14.6 billion in credit with PAN, which represent 40% of the entire credit portfolio. We believe that credit is an important tool for attracting, engaging, and monetizing clients, so we will continue expanding our product portfolio and improving user experience. We originated more than R$ 5.9 billion in new credits in 1Q22, reaching a total credit portfolio of R$ 36.2 billion.

We will continue scaling up and strengthening our credit business with proven execution as we evolve our banking platform, integrating e-commerce (Mosaico), Autos (MobiAuto) and health (Saúde PAN).

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MAIN INDICATORS

R$ MM	1Q22	4Q21	1Q21	1Q22 x	1Q22 x
4Q21	1Q21

Income	Net Interest Margin	1,799	1,748	1455	3%	24%
Net Income	195	190	190	3%	3%
Adjusted Net Income	227	224	227	1%	0%

				Net Interest Margin (% p.y.)		17.5%	18.4%	18.6%		-0.9 p.p.		-1.0 p.p.
	Performance			Accounting ROE (% p.y.)		13.3%	13.3%	14.2%		0.0 p.p.		-0.9 p.p.
			Adjusted ROE - Unaudited (% p.y.)		17.7%	18.0%	20.3%		-0.3 p.p.		-2.6 p.p.
						6.8%	6.3%	5.0%
				Delinquency Index (90 days) p.y. - Retail			0.5 p.p.		1.8 p.p.
				Default Index (15 to 90 days) p.y. - Retail		8.6%	7.8%	7.8%		0.8 p.p.		0.8 p.p.
				Credit Provisions Expense/ Average Portfolio		5.7%	4.8%	3.2%		0.9 p.p.		2.5 p.p.
						51,738	47,904	38,702
				Total Assets			8%		34%
	Sheet			Total Credit Portfolio		36,243	34,896	30,160		4%		20%
			Funding		36,189	34,730	27,949		4%		29%
	Balance			Equity		7,672	5,799	5,434		32%		41%
				Basel Ratio		16.5%	15.4%	15.9%		1.1 p.p.		0.6 p.p.
				Core Capital		16.5%	15.4%	15.8%		1.1 p.p.		0.7 p.p.
						0.16	0.16	0.16
	Equity			Net Income per Share (Reais)			3%		3%
			Equity Value per Share (Reais)		5.87	4.81	4.51		22%		30%
				Market Value		13,834	12,870	12,956		7%		7%
				Total Clients (thousand)		19,387	17,102	10,006		13%		94%
				Banking Clients (thousand)		14,709	12,711	5,987		16%		146%
				Retail Origination		5,985	6,901	4,926		-13%		21%
	Other			Credits Assignments		1,774	2,457	1,263		-28%		40%
				PAN Employees		3,022	3,140	2,678		-4%		13%
						830	827	821
				Bank Correspondents			0%		1%
				Stores and Dealerships		18,777	18,648	16,662		1%		13%

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