Quarterly Reporting Document

São Paulo, November 3, 2021 - Pursuant to legal provisions, Banco PAN SA ("PAN", "Banco", "Banco PAN" or "Company") and its subsidiaries disclose the results for the quarter ended on September 30, 2021, accompanied by the Independent Auditors' Report. The Bank's operating and financial information, except where otherwise indicated, is presented based on consolidated figures and in reais, in accordance with the Corporate Law and Accounting Practices adopted in Brazil.

NOTICE TO SHAREHOLDERS

Our vision is to lead the digital financial inclusion of Brazilian families, democratizing banking access and offering a complete platform for financial products and services. We remain focused on continuously getting to know our customers and offering solutions that make a difference in their lives and products that leverage their individual success, amongst them: Credit, Banking, Payment Methods, Insurance, Savings and Marketplace.

Our business strategy is supported by 3 pillars of action: growth, engagement and monetization. In 3Q21, we increased awareness of our brand, signed a strategic partnership with Luciano Huck, and continued to invest in digital media and in the consolidation of the PAN brand. As a result of this strategy, we grew our base by 52 thousand new customers per business day, 43% of which entered via organic flow in September.

We ended the 3Q21 with 15.2 million customers, of which 52% are active customers1, and by creating an increasingly complete range of services and products, engagement levels will strengthen even further.

In this sense, the incorporation of Mosaico announced in October is another step towards becoming a complete platform, creating the largest consumer and banking ecosystem, driven by technology, enabling a unique value proposition, involving the choice and acquisition of the best products, with cashback on the best price and the best credit and payment conditions, both for the more than 15.2 million PAN customers and for the more than 22 million (in 2Q21) monthly users of Mosaico's platforms.

In addition, the quarter featured big news. In July, we officially launched the Personal Loan with FGTS guarantee, being the only bank to offer its contract through the app. In September, we included the hiring of Turbo PAN, our payment machine, in the app and announced the acquisition of Mobiauto, the largest independent digital platform for the sale of vehicles in Brazil, with 4.6 million monthly accesses and 78% organic flow.

This demonstrates that our technology team is strategic for PAN's continued growth. We have more than 800 technology professionals, organized in more than 60 squads and 100% integrated with the business areas. As a result, we had an acceleration in the pace of product development and delivery in an increasingly assertive manner. The high investment in technology and products, in line with our customer-focused culture, allowed us to reach 214 million accesses to the application and a total

1 Customers who have credit with a debit balance or who carried out account transactions or transactions in the last 90 days

2

transaction volume of R$ 13.8 Billion in the third quarter, growing 89% in the quarter and demonstrating engagement from our base.

As next steps, we have an intense journey of releases in the coming months. In October, we launched the payroll loan in the app, in addition to car equity, and in November we will launch the Buscapé card, offering cashback to our customers. Next, our app will receive our marketplace, insurance tab, pre-approved vehicle credit and the Saúde PAN, and will also be updated with a new version adding new features and improving the user experience.

Analyzing our results, we originated more than R$7 billion in new credits in 3Q21 and reached R$33.3 billion in the credit portfolio, 90% of which with collateral.

Our drive to maintain healthy growth in line with an efficient engagement strategy allows us to consistently monetize our operation. In 3Q21, we posted net income of R$191 million and an accounting ROE of 13.6%, maintaining significant levels of investment.

New Clients			Total Clients
		(#Million)
(Thousands/Day)			15.2
		52		12.4
45	45		10.0
		7.6
			6.4

18	24

3Q20 4Q20

1Q21

2Q21

3Q21

3Q20

4Q20

1Q21

2Q21

3Q21

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MAIN INDICATORS

Results

Performance

StocksBalance Sheet

Other

	R$ MM	3Q21	2Q21	3Q20		3Q21 x		3Q21 x
		2Q21		3Q20
	Net Interest Margin	1,748	1,710	1,358		2%		29%
	Net Income	191	202	170		-5%		12%
	Adjusted Net Income	224	241	223		-7%		0%
		19.3%	20.5%	20.5%
	Net Interest Margin (% p.y.)		-1.2 p.y.		-1.2 p.y.
	Accounting ROE (% p.y.)	13.6%	14.7%	13.2%		-1.1 p.y.		0.4 p.y.
	Adjusted ROE - Unaudited (% p.y.)	18.4%	20.6%	21.5%		-2.2 p.y.		-3.1 p.y.
	Delinquency Index (90 days) p.y. - Retail	5.8%	5.4%	6.7%		0.4 p.y.		-0.9 p.y.
	Default Index (15 to 90 days) p.y. - Retail	7.5%	7.5%	7.3%		0.0 p.y.		0.2 p.y.
	PDD Expense/ Average Portfolio	4.6%	3.6%	4.8%		1.0 p.y.		-0.2 p.y.
		43,994	42,682	34,939
	Total Assets		3%		26%
	Total Credit Portfolio	33,262	32,355	25,3		3%		31%
	Fundraising	32,465	30,211	25,497		7%		27%
	Equity	5,676	5,559	5,221		2%		9%
	Basel Ratio	15.3%	15.6%	16.5%		-0.3 p.y.		-1.2 p.y.
	Main Capital	15.3%	15.6%	16.5%		-0.3 p.y.		-1.2 p.y.
		0.17	0.16	0.14
	Net Income per Share (Reais)		6%		18%
	Equity Value per Share (Reais)	4.61	4.51	4.33		2%		7%
	Market Value	19,233	28,994	9,785		-34%		97%
		15,182	12,376	6,446
	Total Customers (thousand)		23%		136%
	Banking Clients (thousand)	10,992	8,352	2,492		32%		341%
	Retail Origination	7,032	7,287	5,352		-3%		31%
	Credits Transferred without Co-obligation	2,916	2,425	1,744		20%		67%
	Employees	3,105	2,886	2,416		8%		29%
	Bank Correspondents	879	854	771		3%		14%
	Multibrand stores and dealerships	18,234	17,417	15,027		5%		22%

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MAIN INDICATORS

Others Stocks Performance Results

	R$ MM	9M21	9M20		9M21 X
		9M20
	Net Interestl Margin	4,914	3,787		30%
	Net Income	584	485		21%
	Adjusted Net Income	692	647		7%
	Net Interest Margin (% p.y.)	19.5%	19.2%		0.2 p.p.
	Accounting ROE (% p.y.)	14.2%	12.7%		1.4 p.p.
	Adjusted ROE - Unaudited (% p.y.)	19.8%	21.6%		-1.8 p.p.
	PDD Expense/ Average Portfolio	3.8%	4.9%		-1.1 p.p.
	Net Income per Share (Reais)	0.48	0.40		21%
	Equity Value per Share (Reais)	4.61	4.33		7%
	Market Value	19,233	9,785		97%
	Retail Origination	19,232	14,394		34%
	Credits Transferred	6,604	4,962		33%

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