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Consolidated Financial Statements Banco BTG Pactual S.A

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Consolidated Financial Statements Banco BTG Pactual S.A Consolidated Financial Statements Banco BTG Pactual S.A. and subsidiaries June 30, 2021 with independent auditor’s review report. BANCO BTG PACTUAL S.A and subsidiaries Consolidated financial statements June 30, 2021 Contents Independent auditors’ review report .................................................................................................................. 1 Consolidated balance sheets ............................................................................................................................... 7 Consolidated statements of income ................................................................................................................... 9 Consolidated statements of comprehensive income ........................................................................................ 10 Statements of changes in shareholders’ equity – parent company .................................................................. 11 Consolidated statements of cash flows ............................................................................................................. 12 Consolidated statements of value added .......................................................................................................... 13 Notes to the consolidated financial statements ............................................................................................... 14 (A free translation of the original in Portuguese) Independent auditor’s report To the Board of Directors and Shareholders Banco BTG Pactual S.A. Opinion We have audited the accompanying consolidated financial statements of Banco BTG Pactual S.A. and its subsidiaries (the "Institution" or “Consolidated”), which comprise the consolidated balance sheet as at June 30, 2021 and the consolidated statements of income, comprehensive income, changes in shareholder´s equity and cash flows for the six-month period then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Banco BTG Pactual S.A. and its subsidiaries as at June 30, 2021, and its consolidated financial performance and consolidated cash flows for the six-month period then ended, in accordance with accounting practices adopted in Brazil, applicable to institutions authorized to operate by the Brazilian Central Bank (BACEN). Basis for opinion We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the consolidated financial statements” section of our report. We are independent of the Institution in accordance with the ethical requirements established in the Code of Professional Ethics and Professional Standards issued by the Brazilian Federal Accounting Council, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, Matters and we do not provide a separate opinion on these matters. Why it is a Key Audit Matter How the matter was addressed PricewaterhouseCoopers, Av. Francisco Matarazzo 1400, Torre Torino, São Paulo, SP, Brasil, 05001-903, Caixa Postal 60054, T: +55 (11) 3674 2000, www.pwc.com.br Banco BTG Pactual S.A. Why it is a Key Audit Matter How the matter was addressed in the audit Fair value measurement of derivative financial instruments As disclosed in Notes 4.d, 4.e, 4.f and 9, the fair Our main audit procedures considered, among value measurement of derivative financial others, our understanding of the main processes instruments is an area that includes subjectivity, involving the fair value measurement of as it depends on valuation techniques performed derivative financial instruments related to: (i) based on internal models and involving recording and confirmation of transaction data, Management’s assumptions for valuation of (ii) criteria for fair value measurement, and (iii) instruments and/or observable data. reconciliation of accounting balances with analytical reports for balance sheet and income We consider this a focus area in our audit as the statement balances. use of different valuation techniques and assumptions may produce significantly different We also (i) tested the completeness and integrity fair value estimates and due to the materiality of of the database extracted from the underlying the derivative financial instruments in the context systems that serve as a basis for fair value of the financial statements. measurement, and (ii) independent re- performance, on a sample basis, of the calculations for measurement of derivative financial instruments with the support of our specialists in the pricing of financial instruments and in accordance with the requirements provided for by the Brazilian Central Bank’s (Bacen) standards. We believe that the criteria adopted by management in the fair value measurement of these financial instruments are consistent with the information analyzed in our audit. Measurement of the provision for expected losses associated with credit risk As disclosed in Notes 4(j) and 10, the provision for Our procedures considered, among others, our expected losses associated with credit risk is understanding of the main processes related to: estimated based on the analysis of the operations (i) granting of credit, (ii) renegotiated operations, and specific risks presented in each portfolio, (iii) attribution of risk level, and (iv) taking into account the customer's risk rating, reconciliation of account balances with auxiliary depending on a periodic analysis of the quality of reports. the customer and the sectors of activity, in accordance with the criteria established by CMN We also conducted (i) analysis, on a sample basis, Resolution 2,682/99. of the criteria described in the policy and their consistency with those used by management to This is an area that was defined as the focus of determine the credit risk of the operations, (ii) our audit, as the application of different criteria recalculation of provisions based on the risk and judgment in measuring the provision for classification and delay in operations; and (iii) expected losses associated with credit risk could test of the completeness and integrity of the result in significant variations in the estimate of database extracted from the underlying systems this provision. that serve as a basis for calculating the provision. 3 Banco BTG Pactual S.A. Why it is a Key Audit Matter How the matter was addressed in the audit We believe that the criteria adopted by management to measure and record the provision for expected losses associated with credit risk are consistent with the information analyzed in our audit. Tax credits in consolidated subsidiary (Notes 4(s) and 13) Banco Pan S.A., an indirect subsidiary of the Our key audit procedures considered the Institution, whose total interest is approximately understanding of the calculation and recording 71.7% and is included in the consolidation process processes and their consistency with tax and in the consolidated financial statements, has tax accounting standards related to tax credits, credits totaling R$3.7 billion, arising from including specific requirements of the National temporary additions in the calculation bases of Monetary Council and the Brazilian Central Bank, Corporate Income Tax and Social Contribution on as well as an understanding of the more Net Income and income tax and social significant assumptions used by management to contribution losses, recognized based on a study project future taxable profit for purposes of of the current and future scenario approved by estimating the realization of tax credits. the management of Banco Pan S.A. We compared the assumptions used by Banco We consider this an area of focus in our audit Pan S.A. to project taxable profits with the budget since the use of different judgments and projections approved by its Board of Directors assumptions in the projection of taxable profit and with the macroeconomic projections could significantly change the periods and disclosed in the market, and analyzed historical amounts estimated for the realization of tax data to corroborate the consistency of these credits, with a consequent accounting impact, and realization estimates. could fail to meet the requirements of the Brazilian Central Bank regarding the recording We believe that the assumptions and criteria and maintenance of these assets in the financial adopted by management are consistent in relation statements. to the initial recognition, maintenance and realization of the tax credit. Other matters Statements of Value Added Consolidated statement of value added The Consolidated statement of value added for the semester ended June 30, 2021, prepared under the responsibility of the Institution's management and presented as supplementary information for purposes of the Brazilian Central Bank, was submitted to audit procedures performed in conjunction
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