Date 05/11/2021 1Q21 - Consolidated Financial Statements

(A free translation of the original in Portuguese)

Banco BTG Pactual S.A.

Quarterly information (ITR) at March 31, 2021

and report on review of quartely information

(A free translation of the original in Portuguese)

Report on review of quarterly information

To the Board of Directors and Shareholders

Banco BTG Pactual S.A.

Introduction

We have reviewed the accompanying consolidate interim accounting information of Banco BTG Pactual S.A. ("Bank") and its subsidiaries, included in the Quarterly Information Form (ITR) for the quarter ended March 31, 2021, comprising the consolidated balance sheet at that date and the consolidated statements of income, consolidated comprehensive income, changes in shareholders equity and cash flows for the quarter then ended, and a summary of significant accounting policies and other explanatory information.

Management is responsible for the preparation of the consolidated interim accounting information in accordance in accordance with accounting practices adopted in Brazil, applicable to institutions authorized to operate by the Brazilian Central Bank (BACEN), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this consolidated interim accounting information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently did not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the consolidated interim information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with accounting practices adopted in Brazil, applicable to institutions authorized to operate by the Brazilian Central Bank (BACEN), and presented in accordance with the standards issued by the CVM.

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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.

Emphasis of matter

Deferred tax credits recorded in jointly controlled subsidiary

As mentioned in Note 13 to the interim financial statements, the Bank has an investment in the jointly- owned subsidiary Banco Pan S.A., which, on March 31, 2021, recorded income tax and social contribution tax credits, in the amount of approximately R$ 3.6 billion, recognized based on expected realization of tax credits. This projection of realization of tax credits was reviewed by the management of Banco Pan SA based on a study of the current and future scenario and approved by the Board of Directors in February 2021, whose main assumptions used were the macroeconomic, production and funding cost indicators. The realization of these tax credits, in the estimated realization period, depends on the materialization of these projections and the business plan as approved by the management bodies. Our conclusion is not qualified in respect of this matter.

Other matters

Audit and revision of previous year's figures

The Quarterly Information (ITR) mentioned in the first paragraph includes accounting information corresponding to the result, changes in shareholders' equity, cash flows and added value for the quarter ended March 31, 2020, obtained from the Quarterly Information (ITR) for that quarter, and the balance sheets as of December 31, 2020, obtained from the financial statements as of December 31, 2020, presented for comparison purposes. The review of the Quarterly Information (ITR) for the quarter ended March 31, 2020 and the examination of the consolidated financial statements for the year ended December 31, 2020 were conducted under the responsibility of other independent auditors, who issued review and audit reports. with dates of May 11, 2020 and February 9, 2021, respectively, without modifications.

Statement of Value Added

The quarterly information referred to above includes the consolidated statement of value added for the quarter ended March 31, 2021. This statement is the responsibility of the Company's management and is presented as supplementary information under IAS 34. This statement has been subjected to review procedures performed together with the review of the quarterly information for the purpose of concluding whether it is reconciled with the consolidated interim accounting information and accounting records, as applicable, and if its form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that this consolidated statement of value added has not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and that it is consistent with the consolidated interim accounting information taken as a whole.

São Paulo, May 11, 2021

PricewaterhouseCoopers	Edison Arisa Pereira
Auditores Independentes	Contador CRC 1SP127241/O-0
CRC 2SP000160/O-5
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BANCO BTG PACTUAL S.A and subsidiaries

Consolidated financial statements

March 31, 2021

Contents

Consolidated balance sheets...............................................................................................................................	1
Consolidated statements of income ...................................................................................................................	3
Consolidated statements of comprehensive income..........................................................................................	4
Statements of changes in shareholders' equity - parent company....................................................................	5
Consolidated statements of cash flows...............................................................................................................	6
Consolidated statements of value added............................................................................................................	7
Notes to the consolidated financial statements .................................................................................................	8

A free translation from Portuguese into English of consolidated financial statements prepared in accordance with accounting practices adopted in Brazil applicable to institutions authorized to operate by the Central Bank of Brazil and in Reais

BANCO BTG PACTUAL S.A. and subsidiaries

Consolidated balance sheets

As at March 31, 2021 and December 31, 2020 (In thousands of reais)

	Note	31/03/2021	31/12/2020
Assets
Current assets			217,457,948		187,717,707
Cash at banks	6	2,606,661	1,794,059
Financial instruments			161,926,714		156,316,664
Short-term interbank investments	7	47,843,739	51,624,133
Securities	8	75,554,577	70,682,719
Derivative financial instruments	9	5,345,210	5,849,388
Interbank transactions		5,789,522	5,033,771
Loans	10	27,940,833	23,689,197
Allowance for expected losses associated with credit risk	10	(547,167)	(562,544)
Other receivables			52,042,393		28,794,320
Foreign exchange portfolio	11	41,539,320	19,373,261
Income receivable	12	1,393,501	1,385,346
Securities trading and brokerage	11	8,452,077	5,047,647
Sundry	12	885,983	3,251,041
Allowance for impairment of assets		(228,488)	(262,975)
Other assets			882,180		812,664
Other assets		732,789	701,514
Prepaid expenses		168,162	138,870
Provision for losses on other assets		(18,771)	(27,720)
Long-term assets			49,321,326		44,278,252
Financial instruments			34,249,664		32,689,303
Long-term interbank investments	7	87,377	66,095
Securities	8	5,112,208	4,432,951
Derivative financial instruments	9	1,890,235	2,378,158
Interbank transactions		155,711	155,115
Loans	10	27,753,212	26,977,410
Allowance for expected losses associated with credit risk	10	(749,079)	(1,320,426)
Other receivables			14,744,309		11,331,309
Foreign exchange portfolio	11	269	6,029
Income receivable	12	90,485	9,515
Sundry	12	7,448,853	4,102,007
Deferred tax assets	18	7,204,702	7,213,758
Other assets			327,353		257,640
Prepaid expenses		327,353	257,640
Permanent assets			13,024,452		12,929,374
Investments			12,542,985		12,470,940
Investments in associates and jointly controlled entities - in Brazil	13	6,455,124	6,343,115
Investments in associates and jointly controlled entities - abroad	13	6,063,989	6,105,557
Other investments		28,404	26,800
Allowance for losses in investments		(4,532)	(4,532)
Property and equipment in use			143,860		142,601
Property in use		4,708	4,576
Other property and equipment in use		453,206	445,641
Accumulated depreciation		(314,054)	(307,616)
Intangible assets	14		337,607		315,833
Other intangible assets		604,244	574,053
Accumulated amortization		(266,637)	(258,220)
Total assets		279,803,726	244,925,333

The accompanying notes are an integral part of the consolidated financial statements.

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