Date 05/11/2021 1Q21 Individual Financial Statements

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 interim accounting information of Banco BTG Pactual S.A. ("Bank"), included in the Quarterly Information Form (ITR) for the quarter ended March 31, 2021, comprising the balance sheet at that date and the statements of income, comprehensive income, changes in shareholder 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 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 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 interim information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying 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

(A free translation of the original in Portuguese)

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 sheet 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 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 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 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".

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(A free translation of the original in Portuguese)

Banco BTG Pactual S.A.

Based on our review, nothing has come to our attention that causes us to believe that this 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 interim accounting information taken as a whole.

São Paulo, May 11, 2021

PricewaterhouseCoopers

Auditores Independentes

CRC 2SP000160/O-5

Edison Arisa Pereira

Contador CRC 1SP127241/O-0

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BANCO BTG PACTUAL S.A.

Standalone financial statements

March 31, 2021

Contents

Balance sheets.....................................................................................................................................................	1
Statements of income .........................................................................................................................................	3
Statements of comprehensive income................................................................................................................	4
Statements of changes in shareholders' equity ..................................................................................................	5
Statements of cash flows ....................................................................................................................................	6
Statements of value added..................................................................................................................................	7
Notes to the standalone financial statements ....................................................................................................	8