Banco Btg Pactual S.A

Management Proposal for the Extraordinary Shareholders’ Meeting to be held on August 15, 2016 ______

BANCO BTG PACTUAL S.A.

Contents:

1. Introduction 3

2. Information about the Meeting 4

3. Call Notice 6

4. Matters on the Agenda of the Extraordinary Shareholders’ Meeting 4.1. Election of a member of the Board of Directors 8

Attachment I - Election of a member of the Board of Directors - Sections 12.6 to 12.10 of the Reference Form 9

1. Introduction Dear Shareholders,

The management of Banco BTG Pactual S.A. (the “Company” or “Banco BTG Pactual”), in compliance with CVM Instruction No. 481/2009, hereby submits its proposal for the matters to be included in the agenda for the Extraordinary Shareholders’ Meeting to be held on August 15, 2016, at 11 a.m. at the Company’s head office at Praia de Botafogo, 501, 6º andar, Torre Corcovado, in the Auditorium, in the City and State of Rio de Janeiro, CEP – 22250-040, to resolve on the election of a member of the Board of Directors.

The appointment of former government Minister and Chief Justice of the Federal Supreme Court (STF) Nelson Azevedo Jobim as a partner and board member, with responsibility for Institutional Relations and Compliance Policies, will allow him to contribute the experience and knowledge derived from his notable career to the benefit of BTG Pactual, and thus to enhance the Company’s governance.

Rio de Janeiro, July 28, 2016. Board of Directors of the Company

2. Details of the Meeting

The Extraordinary Shareholders’ Meeting to be held on August 15, 2016, at the Company’s head office at Praia de Botafogo 501, 6º andar, Torre Corcovado, in the Auditorium, in the City and State of Rio de Janeiro, CEP – 22250- 040, will take place, at the first call, in the presence of shareholders representing at least one quarter (1/4) of the voting capital (common shares), pursuant to Article 125, main section, of the Brazilian Corporate Law (“AGE”).

We would mention that if there is not a sufficient quorum at the first call, a second call will be issued in due course, giving not less than eight (8) days’ notice, pursuant to Article 124, paragraph 1, II, of the Brazilian Corporate Law. At the second call the Meeting shall take place without any quorum of holders of common shares being required.

We would mention, also, that the documents required by ICVM 481 are at your disposal at the headquarters of the Company, as well as on the websites of the Brazilian Securities Commission (www.cvm.gov.br) and the São Paulo Stock Exchange (BM&FBovespa S.A. – Bolsa de Valores, Mercadorias e Futuros) (www.bmfbovespa.com.br), as required by Law No. 6.404/76 and ICVM 481.

To attend the Extraordinary Shareholders’ Meeting, shareholders must comply with the following regulatory requirements:

1. The documents required by ICVM 481 are at your disposal at the headquarters of the Company, as well as on the websites of the Brazilian Securities Commission (www.cvm.gov.br) and the São Paulo Stock Exchange (BM&FBovespa S.A. – Bolsa de Valores, Mercadorias e Futuros) (www.bmfbovespa.com.br), as required by Law No. 6.404/76 and ICVM 481.

2. Shareholders or their legal representatives must bring the usual identity documents with them to the AGE.

3. If a shareholder wishes to be represented by a proxy-holder, a specific power of attorney must be deposited at the Company’s headquarters, at Praia de Botafogo No. 501, 6º andar, Torre Corcovado, Rio de Janeiro, RJ, CEP - 22250-040, at least twenty-four (24) hours before the meeting, as provided for in Article 21, sole paragraph, of the By-Laws, together with documents evidencing the powers of the signatories, with signatures duly authenticated, and:

 in the case of legal entities, a certified copy of the corporate document appointing representatives, and of the identity documents, with a photograph, of the legal representatives;

 in the case of investment funds, a certified copy of the latest consolidated regulations of the fund and of the by-laws of its administrator, in addition to a certified copy of the corporate document

appointing representatives, and of the identity documents, with a photograph, of the legal representatives; and

 please note that powers of attorney in a foreign language, before being submitted to the Company, must be translated into Portuguese and the translation registered with the Registry of Titles and Documents.

4. Pursuant to Article 21, sole paragraph, of the Company By-Laws, and to speed up the proceedings of the AGE, we would ask shareholders who wish to attend the AGE to deposit proof of ownership of their shares, together with the power of attorney and guidance on voting, if any, at the Company’s headquarters, at Praia de Botafogo No. 501, 6º andar, Torre Corcovado, in the Auditorium, in the City and State of Rio de Janeiro, CEP - 22250-040, for the attention of Legal Department, at least twenty-four (24) hours before the meeting.

5. Any shareholder appearing at the meeting and presenting the required documentation shall be permitted to attend.

6. Furthermore, the right to attend the AGE and exercise the prerogatives conferred on the shares represented by the Units must be exercised through the Depository Institution, subject to the procedures and restrictions contained in the corresponding issuance deed, as provided for in Article 46 of the Company By-Laws.

If you require more information or have any questions about the above proposal, please contact the Company’s Investor Relations area, by phone at (21) 3262-9717 or by email [email protected].

3. Call Notice

The shareholders of Banco BTG Pactual S.A. (the “Company”), as provided for by Article 124 of Law No. 6.404/76, are invited to attend an Extraordinary General Meeting (“AGE”), to be held on August 15, 2016, at 11:00 a.m., at the Company’s head office at Praia de Botafogo 501, 6º andar, Torre Corcovado, in the Auditorium, in the City and State of Rio de Janeiro, CEP – 22250-040, to resolve on the matters detailed below.

 To resolve on the election of Mr. Nelson Azevedo Jobim to the position of member of the Board of Directors.

Pursuant to CVM Instruction No. 165/91, as amended by CVM Instruction No. 282/98, the minimum percentage share in the voting capital required to request adoption of multiple vote for the election of members of the Board of Directors is five percent (5%).

General Instructions:

2. The documents required by ICVM 481 are at your disposal at the headquarters of the Company, as well as on the websites of the Brazilian Securities Commission (www.cvm.gov.br) and the São Paulo Stock Exchange (BM&FBovespa S.A. – Bolsa de Valores, Mercadorias e Futuros) (www.bmfbovespa.com.br), as required by Law No. 6.404/76 and ICVM 481.

7. Shareholders or their legal representatives must bring the usual identity documents with them to the AGE.

8. Pursuant to Article 21, sole paragraph, of the Company By-Laws, and to speed up the proceedings of the AGE, we would ask shareholders who wish to attend the AGE to deposit at the Company’s headquarters, at Praia de Botafogo No. 501, 6º andar, Torre Corcovado, in the Auditorium, in the City and State of Rio de Janeiro, CEP - 22250-040, for the attention of Legal Department, at least twenty-four (24) hours before the meeting:

 a specific power of attorney, with the signatures duly certified;

 in the case of legal entities, a certified copy of the corporate document appointing representatives, and of the identity documents, with a photograph, of the legal representatives;

 in the case of investment funds, a certified copy of the latest consolidated regulations of the fund and of the by-laws of its administrator, and of the corporate document appointing representatives, and of the identity documents, with a photograph, of the legal representatives;

 (please note that powers of attorney in a foreign language, before being submitted to the Company, must be translated into Portuguese and the translation registered with the Registry of Titles and Documents);

 proof of ownership of their shares; and

 guidance on voting.

9. Any shareholder appearing at the meeting and presenting the required documentation shall be permitted to attend.

10. Furthermore, the right to attend the AGE and exercise the prerogatives conferred on the shares represented by the Units must be exercised through the Depository Institution, subject to the procedures and restrictions contained in the corresponding issuance deed, as provided for in Article 46 of the Company By-Laws.

If you require more information or have any questions about the above proposals, please contact the Company’s Investor Relations area, by phone at (21) 3262-9717 or by email [email protected].

Rio de Janeiro, July 28, 2016.

Persio Arida Chairman of the Board of Directors

4. Matters on the Agenda of the Extraordinary Shareholders’ Meeting

4.1. Election of a member of the Board of Directors

The majority shareholder proposes the election of the following member of the Company Board of Directors for a term of office to coincide with that of the current members, i.e. until the new directors elected at the Annual Shareholders’ Meeting to be held in 2017 take office, with reelection being permitted: Mr. Nelson Azevedo Jobim to the position of member of the Board of Directors.

Born in Santa Maria, in the state of Rio Grande do Sul, on April 12, 1946, Nelson Jobim served as Minister of Defense between 2007 and 2011 and Minister of Justice from 1995 to 1997. Jobim was a member of the Federal Supreme Court, Brazil’s highest court of justice, between 1997 and 2006, holding the position of Chief Justice from 2004 to 2006. As Director responsible for Institutional Relations and Compliance Policies we expect that, thanks to his notable career, experience and skills, he will enhance the supervision by the Board of Directors and the corporate governance of Banco BTG Pactual.

Pursuant to Article 10 of CVM Instruction 481/2009, the information indicated in sections 12.5 to 12.10 of the Reference Form is included as Attachment I to this Management Proposal.

Attachment I

ELECTION OF A MEMBER OF THE BOARD OF DIRECTORS - SECTIONS 12.5 TO 12.10 OF THE REFERENCE FORM

12.5 / 8 - Composition and professional background of the Board of Directors

Whether an Appointe independent Date of the Other d by the member and, if Number of Individual Elective Meeting to Date of Date of Professi Term of positions and controlli so, the criteria consecutiv Name Taxpayer Card position to be resolve on the taking Birth on office functions held ng used by the e terms of (CPF): held election of the office at the issuer sharehol issuer to office appointee der determine independence 1 year or until the 2017 Persio Economis 03/01/1952 811.807.138-34 Chairman 04/29/2016 - Annual Not applicable Yes No 6 Arida t Shareholders’ Meeting 1 year or until John Huw the 2017 Deputy Gwili 02/20/1958 Banker 234.539.518-40 04/29/2016 - Annual Not applicable Yes No 5 Chairman Jenkins Shareholders’ Meeting 1 year or until CEO and Roberto the 2017 Economis member of the Balls 02/26/1972 135.962.478-37 Full member 04/29/2016 - Annual Yes No 5 t Risk Sallouti Shareholders’ Committee Meeting 1 year or until CEO and the 2017 Marcelo Economis member of the 10/15/1969 185.178.498-50 Full member 04/29/2016 - Annual Yes No 6 Kalim t Risk Shareholders’ Committee Meeting 1 year or until Claúdio the 2017 Eugênio Accounta 06/27/1940 381.876.128-00 Full member 04/29/2016 - Annual Not applicable Yes No 6 Stiller nt Shareholders’ Galeazzi Meeting 1 year or until Mark the 2017 Not Clifford 01/22/1959 Professor 000.000.000-00 Full member 04/29/2016 - Annual Yes No 1 Applicable Maletz Shareholders’ Meeting Nelson 04/12/1946 Lawyer 059.071.670-34 Full member 08/11/2016 - Until the 2017 Not Yes No 0

Azevedo Annual Applicable Jobim Shareholders’ Meeting

Professional experience/ Declaration of any convictions:

Persio Arida - 811.807.138-34

i. Resume:

Persio Arida. Persio Arida is a Partner of BTG Pactual, co-head of the resources management department of Banco BTG Pactual and works at the São Paulo office. Prior to joining BTG, he held a number of positions in the public and private sectors. He served as president of the Central Bank of Brazil in 1995, president of BNDES, the Brazilian Development Bank, from 1993 to 1994, a member of the Board of the Central Bank of Brazil in 1986 and special secretary for social and economic coordination at the Ministry of Planning, Budget and Management between 1985 and 1986. He was a board member of Banco Itaú Holding Financeira S.A. and Banco Itaú S.A. from 2001 to February 2009, a member of the executive board of SulAmérica S.A. from 2000 to 2001, an executive officer of Opportunity Asset Management Ltda. from 1996 to 1999, member of the board of Unibanco S.A. from 1989 to 1993, and special counselor to the President and an executive officer of Brasil Warrant Ltda. from 1987 to 1993. He holds a PhD in Economics from MIT (Massachusetts Institute of Technology), has published articles in a number of specialist magazines and has edited a series of books. He was a professor at the University of São Paulo (USP) and the Catholic University of Rio de Janeiro (PUC-RJ) and a visiting professor at the Smithsonian Institute and Oxford University. Mr. Persio Arida has declared, for all legal effects, that in the last five years he has not been convicted of any criminal offense, or been sentenced or penalized under administrative proceedings by the CVM, or been convicted in any final and unappeallable decision in any judicial or administrative proceedings, which might result in his suspension or disqualification from practicing any professional or business activity.

ii. list of all management positions held in other companies or in third sector organizations:

Chairman of the Board of Directors of BTG Pactual Participations Ltd. He was elected Deputy Chairman of the Board of Directors of Banco Pan S.A. on February 18, 2016, and is awaiting the approval of the Central Bank to take office. BSI Holding AG (board member), BTG Pactual Global Asset Management LTD (board member), BTG Pactual Participations (board member).

iii. Percentage of attendance at meetings of the Board of Directors during the same period, after taking office:

100%.

iv. Percentage of attendance at meetings of the Committee during the same period, after taking office:

Not applicable.

John Huw Gwili Jenkins - 234.539.518-40

i. Resume:

John Huw Gwili Jenkins. Partner of the BTG Pactual Group, based in the London office. Executive of UBS Investment Bank from 1996 to 2007 in various positions, including President from January 2006 to September 2007 and CEO from July 2005 to September 2007. Mr. Jenkins was previously Global Head of Equities, and Head of Equities for the Americas, Deputy Head of Equities for the USA, Head of Equities for Asia-Pacific and Head of Equities for Asia. Before he joined UBS he worked in BZW from 1986 to 1996 and in Hill Samuel in 1986. He has spent a large part of his career in Asia and the United States. Mr. Jenkins is a graduate of Liverpool University and obtained an MBA at the London Business School. Mr. John Huw Gwili Jenkins has declared, for all legal effects, that in the last five years he has not been convicted of any criminal offense, or been sentenced or penalized under administrative proceedings by the CVM, or been convicted in any final and unnappeallable decision in any judicial or administrative proceedings, which might result in his suspension or disqualification from practicing any professional or business activity. ii. list of all management positions held in other companies or in third sector organizations:

Deputy Chairman of the Board of Directors of BTG Pactual Participations Ltd., Aigues de Catalunya (board member), BTG Pactual Asia Limited (board member), BTG Pactual Commodities (UK) LLP (Member of the Executive Committee), BTG Pactual Commodities Group (UK) Ltd. (board member), BTG Pactual Commodities Holding (UK) Limited (board member), BTG Pactual Europe LLP (Member of the Executive Committee), BTG Pactual Participations LTD (board member), BTG Pactual Spanish Trading Holdings Ltd. (board member), Maybrooke Holdings S.A (board member Class A). iii. Percentage of attendance at meetings of the Board of Directors during the same period, after taking office:

53.33%. iv. Percentage of attendance at meetings of the Committee during the same period, after taking office:

Not applicable.

Marcelo Kalim - 185.178.498-50 i. Resume:

Marcelo Kalim. Partner of BTG Pactual, based in the São Paulo office. Before joining BTG, Mr. Kalim was an executive officer responsible for investments at UBS Pactual from 2006 to 2008, where he was responsible for all the investment decisions for the funds managed by UBS Pactual. He joined the company in 1996 and became a Partner in 1998. He started work as a fixed income trader in 1996 and then held the positions of chief funds manager and co-director of Pactual Asset Management. During his time as manager, the Pactual funds received various awards from S&P and the Valor Econômico newspaper. He graduated in Economics from the University of São Paulo, and obtained an MBA from the Sloan School of Management at MIT (Massachusetts Institute of Technology). He is a member of the Board of Directors of BTG Pactual Securitizadora S.A. (since November 28, 2011), of BR Properties S.A. (since March 29, 2012) and of Brasil Pharma S.A. (since July 3, 2012).// Mr. Marcelo Kalim has declared, for all legal effects, that in the last five years he has not been convicted of any criminal offense, or been sentenced or penalized under administrative proceedings by the CVM, or been convicted in any final and unappeallable decision in any judicial or administrative proceedings, which might result in his suspension or disqualification from practicing any professional or business activity. ii. list of all management positions held in other companies or in third sector organizations:

Banco Sistema S.A. (board member); BTG Pactual Holding S.A. (Officer); Principal DPC Serviços de Óleo e Gás S.A. (board member); Principal DSB Servicos de Oleo e Gas S.A. (board member); BTG Pactual G7 Holding S.A. (Officer); Member of the

Board of Directors of BTG Pactual Participations Ltd.; BSI Holding AG (board member), BTG Pactual Commodities Group (UK) Ltd. (board member), BTG Pactual Europe LLP (Member of the Executive Board), BTG Pactual Global Asset Management LTD. (board member), BTG Pactual Participations LTD. (board member and officer), BTG Pactual Proprietary Feeder (1) Ltd. (board member), BTG Pactual Reinsurance GP Ltd. (board member); Maybrooke Holdings S.A (board member Class A) iii. Percentage of attendance at meetings of the Board of Directors during the same period, after taking office:

100%. iv. Percentage of attendance at meetings of the Committee during the same period, after taking office:

Not applicable.

Roberto Balls Sallouti - 135.962.478-37 i. Resume:

Roberto Balls Sallouti. He is the Executive Officer responsible for the administrative area of the Company and Partner of BTG Pactual, based in the São Paulo office. He is a member of the Company’s Global and Brazil Executive Committees. Mr. Sallouti joined Banco Pactual in 1994 and became a Partner in 1998. Between 1999 and 2003, he was responsible for fixed income in domestic Brazilian markets. He also served as executive officer responsible for International Fixed Income and Emerging Markets from 2003 to 2006. After the sale of Banco Pactual to UBS, Mr. Sallouti took over the administrative area of UBS Pactual and was Deputy Manager of Emerging Markets Fixed Income and FICC (Fixed Income, Currencies and Commodities) for Latin America, between 2006 and 2008. He is a BA in Economics, and specialized in Finance and Marketing at the University of Pennsylvania, Wharton School. He is a member of the Board of Directors of BTG Pactual Securitizadora S.A. (since September 18, 2009) and of Banco PAN S.A. (since June 2, 2011).// Mr. Roberto Balls Sallouti has declared, for all legal effects, that in the last five years he has not been convicted of any criminal offense, or been sentenced or penalized under administrative proceedings by the CVM, or been convicted in any final and unappeallable judicial or administrative proceedings, which might result in his suspension or disqualification from practicing any professional or business activity. ii. list of all management positions held in other companies or in third sector organizations:

BTG Pactual Asset Management S.A. DTVM (Officer); Banco Sistema S.A. (board member); BSPE Participações e Empreendimentos S.A. (board member); Principal DPC Servicos de Oleo e Gas S.A. (board member); Principal DSB Servicos de Oleo e Gas S.A. (board member); BTG Pactual G7 Holding S.A. (Officer) Member of the Board of Directors of BTG Pactual Participations Ltd.; BTG GAM (UK) Ltd. (board member), BTG Pactual Casa de Bolsa S.A de C.V (board member), BTG Pactual Commodities (Singapore) Pte. Ltd. (board member), BTG Pactual Commodities (South Africa) Proprietary Limited (board member), BTG Pactual Commodities (Switzerland) AS (board member), BTG Pactual Commodities (UK) LLP (Member of the Executive Committee), BTG Pactual Commodities Group (UK) Ltd. (board member), BTG Pactual Commodities Holding (UK) Limited (board member), BTG Pactual Europe LLP (Member of the executive committee), BTG Pactual Global Asset Management LTD. (board member), BTG Pactual Participations LTD. (board member and officer), BTG Pactual Proprietary Feeder (1) Ltd. (board member), BTG Pactual Reinsurance GP Ltd. (board member), BTGP Servicios S.A de C.V (board member).

iii. Percentage of attendance at meetings of the Board of Directors during the same period, after taking office:

100%.

iv. Percentage of attendance at meetings of the Committee during the same period, after taking office:

Not applicable.

Claúdio Eugênio Stiller Galeazzi - 381.876.128-00 i. Resume:

Claudio Eugenio Stiller Galeazzi. Partner of Banco BTG Pactual and Head of the Commercial Banking area. Throughout his career, he has concentrated on company administration and management, having served on the board of quoted companies and being involved in large corporate restructurings. He was Superintendent/Executive Officer of the subsidiaries of Drew Chemical Corp in Brazil and Argentina between 1961 and 1967, president of Cesbra and of John Sommers (a joint venture between British Petroleum and Brascan) and vice president of British Petroleum Mineração in Brazil during the period 1987 to 1990. He was also involved in the restructuring of a number of companies, such as Artex (1997-the present), Mococa (1995- 1996), Vila Romana (1994-1995), Cecrisa (1991-1993), Lojas Americanas (1998-2000) and CDB - Grupo Pão Açúcar (2008- 2010). He also served as chairman of the National Council of SESI, as an officer of Fiesp, board member of IEL (Instituto Euvaldo Lodi) and vice president of ANFAC (National Association of Factoring),and today he is also a Director of MAM SP (the Museum of Modern Art). Mr. Cláudio Eugênio S. Galeazzi has declared, for all legal effects, that in the last five years he has not been convicted of any criminal offense, or been sentenced or penalized under administrative proceedings by the CVM, or been convicted in a final and unappeallable decision in any judicial or administrative proceedings, which might result in his suspension or disqualification from practicing any professional or business activity. ii. list of all management positions held in other companies or in third sector organizations:

Member of the Board of Directors of BTG Pactual Participations Ltd. iii. Percentage of attendance at meetings of the Board of Directors during the same period, after taking office:

100%. iv. Percentage of attendance at meetings of the Committee during the same period, after taking office:

Not applicable.

Mark Clifford Maletz - 000.000.000-00 i. Resume:

Mark Clifford Maletz is a senior partner of the Harvard Business School, Chairman Emeritus of the EastWest Institute and a member of the board of Global Capacity. Mr. Maletz also serves as a member of the Executive Committee of the EastWest Institute and a committee member in the Boston Arts Academy. He was previously a partner of McKinsey & Company in the area of M&A and worked in Banco BTG Pactual S.A. in the area of investment banking, asset and wealth management, becoming a partner of the bank. He graduated in Cognitive Sciences and Computation from the University of Michigan and the Industrial Technology Institute, and is a professor at Babson College specializing in corporate enterprise, a field of study in which he has carried out research and developed new theories. Mr. Mark Clifford Maletz has declared, for all legal effects, that in the last five years he has not been convicted of any criminal offense, or been sentenced or penalized under administrative

proceedings by the CVM, or been convicted in any final and unappeallable decision in any judicial or administrative proceedings, which might result in his suspension or disqualification from practicing any professional or business activity. ii. list of all management positions held in other companies or in third sector organizations:

Member of the Board of Directors of BTG Pactual Participations Ltd. and Global Capacity; President Emeritus of the East West Institute. iii. Percentage of attendance at meetings of the Board of Directors during the same period, after taking office:

53.33%. iv. Percentage of attendance at meetings of the Committee during the same period, after taking office:

Not applicable.

Note: It should be noted that none of the members of the board of directors now elected qualify as politically exposed persons under Brazilian law.

Nelson Azevedo Jobim – 059.071.670-34 i. Resume:

Mr. Nelson Azevedo Jobim graduated in 1968 as a Bachelor of Legal and Social Sciences from the Law School of the Federal University of Rio Grande do Sul. He held the positions of Minister of Justice, Minister of Defense, member and Chief Justice of the Federal Supreme Court, President of the National Council of Justice, and member and President of the Superior Electoral Tribunal. He has wide legal experience and worked as a lawyer from 1969 to 1994; from 2006 to 2007; and from 2011 to the present. // Mr. Nelson Azevedo Jobim has declared, for all legal effects, that in the last five years he has not been convicted of any criminal offense, or been sentenced or penalized under administrative proceedings by the CVM, or been convicted in any final and unappeallable decision in any judicial or administrative proceedings, which might result in his suspension or disqualification from practicing any professional or business activity. ii. list of all management positions held in other companies or in third sector organizations:

 Partner and Manager of the law firm NELSON A. JOBIM ADVOGADOS;  SOUZA CRUZ – Member of the Board of Directors  BRASIF – Member of the Finance Council - BRASIF S/A ADMINISTRAÇÃO E PARTICIPAÇÕES  FIESP – Member of the Superior Strategic Council  AES - Member of the Board of Directors - AES HOLDINGS BRASIL LTDA  FUNDAÇÃO ZERBINI – INCOR - Member of the Advisory Council. iii. Percentage of attendance at meetings of the Board of Directors during the same period, after taking office:

Not applicable. iv. Percentage of attendance at meetings of the Committee during the same period, after taking office:

Not applicable.

12.9 – Existence of any marital relationship, civil partnership or family relationship up to the second degree between managers of the issuer, subsidiaries or controlling shareholders

There is no marital relationship, civil partnership or family relationship up to the second degree between the managers of Banco BTG Pactual listed in section 12.6, between the managers of Banco BTG Pactual and the managers of its direct or indirect subsidiaries, between the managers of Banco BTG Pactual or its direct or indirect subsidiaries and its direct or indirect controlling shareholders, or between the managers of Banco BTG Pactual and the managers of its direct or indirect controlling shareholders.

12.10 – In respect of the members of the Board of Directors, relationships of subordination, supply of services or control existing between them in the last three reporting periods are given below: a) Company controlled directly or indirectly by the issuer

None. b) Direct or indirect controlling shareholder of the issuer

Messrs. Persio Arida, Marcelo Kalim and Roberto Balls Sallouti, members of the Board of Directors, are shareholders in BTG Pactual G7 Holding S.A., the indirect parent company of Banco BTG Pactual S.A.. c) If material, a supplier, customer, debtor or creditor of the issuer, of its subsidiaries or controlling shareholders, or of subsidiaries of any of the latter

None.