Banco Pan S A : Quarterly Reporting Document

São Paulo, February 8, 2022 - Pursuant to legal provisions, Banco PAN S.A. ("PAN", "Banco", "Banco PAN" or "Company") and its subsidiaries disclose the results for the year ended December 31, 2021, 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

In 2021, PAN went through a deep transformation in line with the strategy of working side by side with all Brazilians, in a simple and efficient way.

Over this period, we have made investments of approximately R$ 1 billion, focusing on 3 main objectives: (i) Growth: with client base continuous expansion, increasing efficiency and growing brand awareness; (ii) Engagement: with new products and services, improved app experience and broadening acquisition channels; and (iii) Monetization: cross-sellincrease, diversification of revenue sources and credit portfolio, capturing benefits of scale.

Looking in perspective, the outlined goals have been achieved, today we are one of the largest digital banks in Brazil, with an accelerated growth rate, attracting 42 thousand new clients per business day in 4Q21, more than 49% of those organically originated. By the end of 2021, we had more than 12.7 million banking clients and

17.1 million total clients. In 2021 alone, we expanded our base by more than 9.5 million clients, and we will continue to expand in a relevant way, always focusing on our target audience.

In addition, the increasing offer of products and services in line with our client's profile and needs has transformed our app. In 4Q21, we launched new products such as Car Equity and Pre-approved auto loan, PIX Insurance, Loja PAN and Buscapé Card. All that on top off existing products such as: Turbo PAN, Payroll, FGTS (anticipation of the anniversary withdraw), Poupa PAN, card protection insurance, and personal loan insurance.

All these product's deployments, coupled with constant evolution of our channels and UX, have allowed us to maintain high levels of engagement. Today 52% of our banking clients are active and by the end of 4Q21 more than 5.4 million banking clients had a credit product with Banco PAN.

This is reflected on our cross-sell index, which improved from 2.4 in 3Q21 to 2.6 in 4Q21 and on our transacted volume, which reached R$ 18.7 billion in 2021 and R$ 82.5 billion when we annualize December volumes. We reached more than 5.4 million accounts with registered PIX keys, 491 thousand banking clients with insurance contracts and more than 472 thousand clients buying top ups in 4Q21.

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

With that in mind, in October we announced the acquisition of Mosaico to create a complete ecosystem and offer our clients a consumer journey tied to financial solutions. One month after the transaction announcement we launched the Buscapé Card with cashback and Loja PAN's experience in our app.

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With the integration of cashback into Mosaico' s platforms, the GMV trend was reversed reaching R$ 535 million just during the Black Friday. In addition, more than 500k Buscapé cards have been requested since November, proving the strength of Mosaico' s acquisition funnel channel.

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.

Our drive is to maintain a sustainable growth aligned with an efficient engagement strategy allowing us to consistently monetize our operation. We reached net profit of R$ 190 million in 4Q21 and R$775 million in 2021 with accounting ROE of 13.3% and 13.9% respectively.

Fee revenues in 2021 grew 54% reaching R$ 743 million, with greater product diversification together with card and insurance lines expansion. Over the next few months, new fee revenues will be added including: acquiring expansion, greater amount of insurance products offered and Saúde PAN launch.

In addition to a growing fee revenue, we also have the credit differential. At the end of 2021, 5.4 million of our banking clients had an outstanding balance of R$ 12.9 billion in credit with PAN, which represent 37% of the entire credit portfolio. We believe that credit is an important tool for attracting, engaging, and monetizing clients, so we continue to launch new products and increasing user experience. We originated more than R$ 6.9 billion in new credits in 4Q21, reaching a total credit portfolio of R$ 34.9 billion, 88% of which was collateral.

For 2022, we will continue developing our strategy based on the 3 pillars: Growth, Engagement and Monetization, strengthening PANs brand, launching new and innovative products, and delivering results for our clients and shareholders.

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MAIN INDICATORS

R$ MM	4Q21	3Q21	4Q20	4Q21 x	4Q21 x
3Q21	4Q20

Income	Net Interest Margin	1,748	1,748	1,585	0%	10%
Net Income	190	191	171	0%	11%
Adjusted Net Income	225	224	224	1%	0%

				Net Interest Margin (% p.y)		18.4%	19.3%	21.9%			-0.9 p.p.		-3.5 p.p.
	Performance			Accounting ROE (% p.y.)		13.3%	13.6%	13.0%			-0.3 p.p.		0.3 p.p.
			Adjusted ROE - Unaudited (% p.y.)		18.0%	18.4%	20.9%			-0.4 p.p.		-2.9 p.p.
				Delinquency Index (90 days) p.y. - Retail		6.3%	5.8%	5.5%			0.5 p.p.		0.8 p.p.
						7.8%	7.5%	6.3%
				Default Index (15 to 90 days) p.y. - Retail				0.3 p.p.		1.6 p.p.
				Credit Provisions Expense/ Average Portfolio		4.8%	4.6%	3.6%			0.2 p.p.		1.2 p.p.
						47,904	43,994	38,524
				Total Assets				9%		24%
	Sheet			Total Credit Portfolio		34,896	33,262	28,907			5%		21%
			Funding		34,730	32,464	27,026			7%		29%
	Balance			Equity		5,799	5,676	5,317			2%		9%
				Basel Ratio		15.4%	15.3%	15.9%			0.1 p.p.		-0.5 p.p.
				Core Capital		15.4%	15.3%	15.9%			0.1 p.p.		-0.5 p.p.
						0.16
	Equity			Net Income per Share (Reais)			0.16		0.14			0%		11%
			Equity Value per Share (Reais)		4.81		4.71		4.41			2%		9%
				Market Value		12,870		18,822		11,235			-32%		15%
					17,102	15,182	7,619
				Total Clients (thousand)				13%		124%
				Banking Clients (thousand)		12,711	10,992	3,454			16%		268%
				Retail Origination		6,901	7,069	8,138			-2%		-15%
	Other			Credits Assignments		2,465	2,916	2,523			-15%		-2%
				Employees		3,140	3,105	2,497			1%		26%
				Bank Correspondents		827	879	774			-6%		7%
				Stores and Dealerships		18,648	18,234	16,000			2%		17%

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MAIN INDICATORS

Other Equity Performance Income

R$ MM	2021	2020	2021 x 2020
Net Interest Margin	6,662	5,376	24%
Net Income	775	656	18%
Adjusted Net Income	917	871	5%
Net Interest Margin (% p.y.)	18.5%	19.0%	-0.4 p.p.
Accounting ROE (% p.y.)	13.9%	12.8%	1.1 p.p.
Adjusted ROE - Unaudited (% p.y.)	19.5%	21.4%	-1.9 p.p.
Credit Provisions Expense / Average Portfolio	4.1%	4.5%	-0.4 p.p.
Net Income per Share (Reais)	0.64	0.54	18%
Equity Value per Share (Reais)	4.81	4.41	9%
Market Value	12,870	11,235	15%
Retail Origination	26,183	22,532	16%
Credit Assignments	9,069	7,484	21%

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