BTG PACTUAL CORPORATE PRESENTATION 4th QUARTER 2018

For additional information, please read carefully the notice at the end of this presentation 1 Table of Contents

1 2 3 4

BTG Pactual BTG Pactual BTG Pactual 4th Quarter Overview Business Units Financial Highlights 2018 Highlights Section 1 Section 2 Section 3 Section 4

2 BTG PACTUAL OVERVIEW

SECTION 1

3 BTG Pactual at a Glance

Core Business

Investment Corporate Sales & Asset Wealth Principal Interest Banking Lending Trading Management Management Investments Participations & Others

• Financial • Financing • Fixed Income • LatAm FI & • Investment • Global • EFG • Interest on Advisory • Structured • FX Eq. Advisory Markets • Banco Pan capital (M&A) Credit • Equities • Alternative • Financial • Merchant • ,too seguros Description • ECM • Letters of • Insurance Investments Planning to Banking • ECTP HNWI • DCM Credit • Commodities • Fund Services • Real Estate • Global Hedge Funds

Net Revenues and Net Income Highlights Evolution R$ million 2017 2018

Total Assets R$126.6 bn R$ 137.6 bn (US$38.3 bn) (US$ 35.5 bn) 1,549 R$18.5 bn R$ 18.8 bn 1,370 Shareholders' Equity 1,310 (US$5.6 bn) (US$ 4.9 bn) 1,238 1,255 Revenues R$5.5bn R$5.4bn (US$1.7 bn) (US$1.4 bn) 744 R$2.4 bn R$2.4 bn 660 685 685 711 Net Income (US$0.7 bn) (US$0.6 bn) AuA and/or AuM R$144.9 bn R$ 207.5 bn (US$43.8 bn) (US$53.6 bn)

4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 WuM R$86.9 bn R$ 119.2 bn (US$26.3 bn) (US$30.8 bn) Total Revenues Net Income Adjusted 4 Notes: 1. US$ figures converted by end of period PTAX rate of R$3.308 and R$3.8748 for 2017 and 2018, respectively Summarized Shareholder Structure

Total Units BTG Pactual G7 Other Partners • Each BPAC11 Unit is composed of 1 ON and Holding S.A. 2 PNA shares of Banco BTG Pactual S.A. • Total units: 879,078,857

Voting: 57.1% Voting: 42.9% Total: 23.1% Total: 76.9%

BTG Pactual Holding S.A.1

100%

BTG Pactual Holding Free Float Financeira Ltda. 82.9%, 17.1% of which 8.8% was acquired at market

Banco BTG Pactual S.A.

5 Note: 1. Includes units acquired by investment vehicles owned by certain partners individually or collectively and vehicles under common control of the Partnership BTG Pactual History

Commencement of BTG founded by a group of Start of operations of former Pactual partners and BTG Pactual activities former UBS MDs Seguradora and BTG Pactual Resseguradora in Brazil Creation of Acquisition of co- Pactual Asset controlling stake in Management Banco Pan for Sale of BSI and a 30% stake R$450mm in the combination of EFG BSI Distribution of ECTP to BBTG11 shareholders

1983 1989 1990 2000- 2002 2006 2008 2009 2010 2011 2012 2013 2014 2016 2017 2001

US$1.8bn IPO: primary capital capital Announced the increase of Commencement of UBS acquires increase from acquisition of BSI, a BBTG11 Units R$3.2 billion private banking Banking Activities Banco Pactual international migration into BPAC11 and opening of an creating UBS business based in and BBTG12 units investors Switzerland, for office in São Paulo Pactual CHF1.2 Bn

Acquisition of Celfin Capital in Chile Founded as BTG acquires brokerage house in Commencement of Rio de Janeiro regional expansion in UBS Pactual, Brazil: opening of Belo establishing BTG Pactual Horizonte (MG) and Acquisition of Recife (PE) offices Bolsa Y Renta in Colombia

6 Organizational Chart and Main Executives Board Members Elected

Chairman of the Board Audit Committee Nelson Jobim

Vice Chairman of the Board

Compliance(1) BTG Pactual Nelson Jobim Roberto Sallouti External Directors Claudio Galeazzi Anibal Joaquim Nelson Jobim Claudio Galeazzi Roberto Sallouti Claudio Galeazzi Guillermo Ortiz Mark Clifford Maletz Bruno Duque Pedro Longuini Eduardo Loyo Mariana Cardoso

Note: 7 1. Compliance Committee responds directly to the board of directors Organizational Chart and Main Executives Main Executives

CEO Roberto Sallouti

Investment Banking Corporate Lending Sales & Trading Wealth Management Asset Management Guilherme Paes Renato Santos Renato Santos Rogerio Pessoa Steve Jacobs Rogerio Stallone Rodrigo Goes

8 Dominant Presence in Latin America

Asset Broker - Insurance/ Wealth z Credit Digital Management dealer re-insurance Management

Brazil United Kingdom London

Chile

USA New York Miami Colombia

Mexico Mexico City

Mexico Core LatAm Core

Colombia Bogotá Argentina Medellin

Peru Peru Lima Brazil São Paulo Rio de Janeiro Chile Recife USA Santiago Porto Alegre Brasília

UK Argentina Buenos Aires

Fully operational Late stages of development 9 Strong Growth in Client’s Franchise

AuM WuM Revenues (R$ bn) (R$ bn) (R$ bn)

Strong NNM and funds All time high WuM with strong 2018 revenues reached its highest performance – AuM close to all contribution from Brazil, Chile and historical level ever time high Colombia

464

208 383 193 119 367 367

145 84 87 116 74

2015 2016 2017 2018 2015 2016 2017 2018 2015 2016 2017 2018

10 BTG PACTUAL BUSINESS UNITS

SECTION 3

11 M&A Ranking(1) | 2010 - 2018 ECM Ranking(1)| 2010 - 2018 DCM Ranking | 2013(1,2) - 2018

Deal Deal Deal # of # of # Institution Volume # Institution Volume # Institution Volume Deals Deals (US$ bn) (US$ bn) (US$ bn) BTG 1 IBBA 409 190.1 1 122 15.1 1 IBBA 15.1 Pactual BTG Bradesco Investment Banking 2 392 177.8 2 IBBA 2 12.0 Pactual 119 17.5 BBI Credit Credit BTG Leading Investment Banking 3 188 153.4 3 85 11.9 3 5.8 Suisse Suisse Pactual Franchise in Brazil Bradesco Bradesco Banco do 4 184 126.1 4 80 12.2 4 5.6 BBI BBI Brasil BTG Pactual is the most active IBD 5 BofAML 113 150.0 5 BofAML 66 12.6 5 XP 1.4 franchise in Brazil since 2010, having advised the most relevant transactions during this period 2018 2018 Financial advisor CER Exclusive financial advisor Energia in the sale of to NewSteel and its US$499mm US$1,400mm US$1,000mm US$700mm Assurua Wind Complex to shareholder, the Omega Geração Lorentzen Group, in the Follow-on IPO Bond Bond sale to Vale S.A January, 2019 October, 2018 R$ 1.9 bn US$ 500 mm Due 2029 Due 2024

2018 2018 Financial advisor to Enel in Financial advisor to the public takeover Kroton in the acquisition US$234mm US$192mm US$500mm US$600mm process of Eletropaulo of Somos Educação, in a landmark transaction in IPO ABB Bond Bond the education sector

R$ 7.1 bn US$ 2.2 bn September, 2018 May, 2018 Due 2028 Due 2021

2017 2017 Exclusive financial advisor Financial Advisor to TCP US$997mm US$146mm US$750mm US$1,300mm to Paper Excellence in the and its Shareholders in acquisition of Eldorado the Sale of 90% of the IPO ABB Bond Bond Celulose Company to CMPort April, 2018 April, 2018 Due 2024 Perpetual Notes: R$ 15.0 bn R$ 2.9 bn 1. Dealogic, as of February 2, 2019 (ECM and M&A Rankings) and ANBIMA Long-Term Distribution Ranking – Brazilian Banks (DCM Rankings) 12 2. Ranking not available prior to 2013 Investment Banking Revenues (R$ million) Market Positioning Highlights (2018) Solid performance, reaching record full year revenue 464

383 M&A: #1 in volume of transactions in 367 367 Brazil and LatAm, and #2 in number of transactions

Overview of 4Q 2018 ECM: #4 in number of transactions and • Financial Advisory had a strong #5 in volume of transactions in Brazil performance, with the closing of significant transactions in Brazil and Latin America • ECM had a weak performance mainly due to lower market activity in Brazil

• DCM continues to perform well 2015 2016 2017 2018

13 Revenues (R$ million)

985 877 849 Corporate Lending 790

Financing and loan guarantees to corporations in Latin America

2015 2016 2017 2018

Main Highlights Corporate Lending Portfolio by Industry Corporate Lending Portfolio (%) (1,2) (R$ bn) • Integrated origination platform 4Q 2018 • Anticipation of demand and needs of our clients Utilities 3Q 2018 Oil & Gas • Greater flexibility and agility in order to 29.2 29.7 Financials 23% 24% structure and approve loan transactions Wealth Management 20% 22% 21.8 • Partners involved in credit and risk Infrastructure 19.3 analysis Real Estate 1% Retail • Cross-selling with IBD, Wealth 2% 2% 2% Agribusiness 3% 9% Management, Merchant Banking and 4% FICC distribution desk Food & Beverage 11% Auto-Parts 5%5% 7% Telecom 5% 5%5% 6% Main booking areas: Government 6% 8% 2015 2016 2017 2018 Metals & Mining 5% • High Grade Credit Desk: tailored 7% 8% Others credit solutions for large corporations • Special Situations: credit arbitrages on loans and acquisition of non-performing Notes: loans (NPL) portfolios 1. Does not include Banco Pan Loan Portfolio and includes off balance sheet items (loans, debentures, 14 CRIs, FIDCs, FIPs, TDs, corporate bonds, letter of credit, commitments and others) 2. As of December 31, 2018 Highlights and Awards

1º LatAm Equity Sales 2º LatAm Equity Sales (2014, 2013) (2018, 2017, 2015) Sales & Trading Brasil Equity Sales Brasil Equity Sales (2017, 2014, 2013) (2016, 2015) Integrated and diversified Brasil Equity Research Brasil Equity Research platform of customer (2018, 2017, 2015, 2014, 2013) (2016) facilitation businesses in Latin America

Research

BTG Pactual Sales Team Is Latim America’s Best In 2017, BTG Pactual had a total of 22 ranked analysts, including 6 ranked #1 in their respective sectors/regions • Equity research and sales teams named among the best teams in LatAm, covering 230 companies in 20 industries • Fixed Income and Credit Research team named among the best teams in LatAm, covering over 30 companies

Latin America Dedicated Bank • Fixed Income • Energy • Equities • Insurance and Reinsurance • FX Notes: 15 1. According to Institutional Investor rankings 2013 2014 2015 2016 2017 2018 1st 1st 2nd 6th 2nd 1st

UK

USA Sales & Trading Mexico Cayman Island Brazil Branch

In 2011, BTG Pactual debuted Colombia

on Institutional Investor’s Peru Brazil

inaugural Latin American Chile Sales Team as No 5. In 2012 Argentina the firm soared to second, Local presence started in 2012 and in 2013, 2014, 2015, 2017 and 2018 claims the summit Institutional Investor 2018 – Brazil Rankings

Rank Total Team Positions First Team Revenues (R$ million) (1) 2018 Firm 2018 2017 2018 2017

1º BTG Pactual 18 17 11 7 4,806

2,817 2,389 1º Itaú BBA 18 17 4 7 1,539 3º J.P. Morgan 17 17 3 1 4º Bradesco BBI 9 15 0 1 2015 2016 2017 2018 4º 9 10 0 -

In 2018, BTG Pactual had a total of 18 ranked analysts, Notes: 16 1. Information available in our quarterly earnings release including 11 ranked #1 in their respective sectors/regions Asset Management Brasil FI & LatAm FI & Alternative Leading Latin American EQ Funds EQ Funds Investments asset manager and world class global markets manager with R$207.5 billion in assets, with a complete range of both traditional and alternative investment products

Global Hedge Fund Funds Services

17 Asset Management Revenues (R$ million) AuM and AuA (R$ billion) Higher revenues and record net new money (42.0) (81.0) 15.6 43.7

1,252

207.5 Overview of 4Q 2018 192.5 5.0

• Revenues grew 69.4% when 24.6 36.4 compared to 3Q 2018, reaching 717 144.9 R$278.8 million - mainly due to 46.2 4.5 115.7 performance fees, mostly in 540 28.9 88.7 Fixed Income & Equities funds 486 3.6 57.7 29.5 • Record high NNM for a single 50.2 quarter, of R$20.9 billion 32.6 15.6 6.9 11.7 6.7 • Flows were positive across all 57.1 61.9 lines, and particularly strong in 43.5 49.7 Fund Services, and in Brazil Fixed Income & Equities Funds 2015 2016 2017 2018 2015 2016 2017 2018 Brazil FI & EQ Funds LatAm FI & EQ Funds Fund Services Alternative Investments Global Hedge Funds Net New Money 18 Recent Highlights & Awards

• Best Private Bank in Brazil Service Overall - 2018 Euromoney

• Best Family Office Services in Brazil - 2018 Euromoney

• Best Technology - 2018 Euromoney

Wealth Management • Best Private Banking LatAm, Brazil and Chile - 2018 Global Finance

• Best Private Banking Brazil - 2018/17/16 The Banker Strong Wealth Management capabilities in Brazil, Chile • Best Wealth Management in Colombia – 2017 The European and Colombia

Revenues (R$ mm) (1) WuM Evolution (R$ billion) (1) Main Highlights (10.3) (9.4) 4.0 23.8 119 • Proactive and systematic approach to portfolio monitoring 464 472 • Strong cross-selling with all business units 84 87 • LatAm platform 369 337 74 • One of the largest private wealth managers in Latin America • Broad footprint in Brazil, with offices in São Paulo, Rio de Janeiro, Recife, Belo Horizonte, Brasilia and Porto Alegre • Strong presence in Latin America and also a broker dealer presence in New York and offices in Miami 2015 2016 2017 2018 2015 2016 2017 2018

Net New Money Notes: 19 1. Information available in our quarterly earnings release BTG PACTUAL FINANCIAL HIGHLIGHTS

SECTION 3

20 Track Record of Strong, Controlled and Profitable Growth

Net Income, Shareholder’s Equity, ROAE & Basel Ratio Shareholders' equity (R$ mm) Net income adjusted (R$ mm) ROAE (%)

• Consistent growth, even in 19,713 18,845 17,727 18,528 adverse market conditions 32.7% • Solid profitability (average ROAE 18.2% of 20% in the last 4 years) 5,623 16.3% 14.7% 3,409 2,949 2,741 • Strong capitalization

2015 2016 2017 2018

Basel ratio (%) VaR as a % of shr. equity (%) 21.5% (1,2) 18.0% VaR and VaR/Average 16.6% Shareholder’s Equity 15.5% 1.0% • Excellence in risk management, proven 0.7% in extremely adverse market conditions 0.6% 0.4%

2015 2016 2017 2018

Notes: 1. 1 day Value at Risk (95%) 2. Includes BSI’s RWA and VaR since September 15th 2015 21 Industry-Leading Operating & Profitability Metrics

ROAE (%) ROA (%)

32.7% 2.7% 2.5% 2.2% 1.9% 18.2% 16.3% 14.7%

2015 2016 2017 2018 2015 2016 2017 2018

Cost to Income Ratio (%) 2 Compensation Ratio (%) 1

54.2%

48.0% 47.8% 45.6%

26.9% 27.8% 23.1% 24.3%

2015 2016 2017 2018 2015 2016 2017 2018

Notes: 1. Salaries and benefits + bonus expenses/ net revenues 2. Total operating expenses/ net revenues 22 BTG Pactual Rating Summary

• Outlook Stable • Rating Outlook Stable • Outlook Negative • Bank Ba2/NP • Foreign and local currency • Issuer Credit Rating: BB-  • Banco • Deposits Ba3/NP Long Term IDR BB- Issuer Credit Rating brAA+/brA-1  Short Term IDR B (local): BTG Pactual S.A. • NSR Bank Deposits - Aa2.br/BR-1 • Local Dom Currancy  Long Term IDR AA-(bra)  Short Term IDR F1(bra)

23 4th QUARTER 2018 HIGHLIGHTS

SECTION 4

24 4Q 2018 Key Highlights

AM and WM continued to expand significantly, with over 35% increase in managed 1 assets and record NNM

2 IBD revenues grew 27% year on year, reaching its highest historical level ever

BTG Pactual digital launched its home broker in December, with the platform 3 now fully fledged and at full speed in IFA’s expansion

Rebound in Sales & Trading revenues, and soft results from Corporate Lending due 4 to specific credit provision

25 Total revenues and adjusted net income were R$1,549 million and R$711 million, 1 respectively • Annualized ROAE(1) was 15.0%. Excluding EFG and Banco Pan, the annualized ROAE was 19.0% • Net income per unit(1) was R$0.81 • Accounting net income was R$552 million Cost income ratio was slightly above the historical average, mostly due to one-off Performance Summary 2 expenses 4Q 2018 • Cost to income ratio was 52% • Compensation ratio was 29% We delivered 15.0% ROAE and Total assets closed the quarter at R$137.6 billion. BaseI ratio of 16.6% and revenues increased 23.5% 3 shareholders’ equity of R$18.8 billion when compared to 3Q 2018 • Distribution of interest on capital in the amount of R$604.5 million • Average VaR in the quarter increased to R$93.3 million or 0.49% of average shareholders’ equity

Revenues Net Income Shareholders’ Equity (R$ million) (R$ million) (R$ billion)

744 19.2 18.8 1,549 685 711 18.5 1,370 1,255 16.0 15.0 0.65 14.3 0.49 0.84 0.78 0.81 0.30

4Q 2017 3Q 2018 4Q 2018 4Q 2017 3Q 2018 4Q 2018 4Q 2017 3Q 2018 4Q 2018 Net Income adjusted Shareholders Equity Revenues ROAE (%) Earnings p/Unit (R$) Avg. daily VaR / avg. S.E. (%)

Note: * Balance sheet items present data as of the end of the period 26 1. Annualized ROAE and net income per unit uses the adjusted net income as basis for the calculations Total revenues and adjusted net income were R$5,352 million and R$2,741 1 million, respectively • Year to date annualized ROAE(1) was 14.7%. Excluding EFG and Banco Pan, annualized ROAE was 18.8% • Accounting net income was R$2,361 million

Performance Summary 2 Cost income ratios were in line with historical average Full Year 2018 • Cost to income ratio was 48% • Compensation ratio was 24% Solid client franchise and softer trading results 3 Shareholders’ Equity flat and ended the period at R$18.8 billion • Distribution of interest on capital in the amount of R$1,197 million • Total share buy backs of 15,9 million units and approximately R$320 million

Revenues Net Income Shareholders’ Equity (R$ million) (R$ million) (R$ billion) 5,527 2,949 5,352 2,741 18.5 18.8

3.32 3.14 0.65 16.3 14.7 0.44

12M 2017 12M 2018 12M 2017 12M 2018 12M 2017 12M 2018

Net Income adjusted Shareholders Equity Revenues ROAE (%) Earnings p/Unit (R$) Avg. daily VaR / avg. S.E. (%)

Note: * Balance sheet items present data as of the end of the period 27 1. Annualized ROAE and net income per unit uses the adjusted net income as basis for the calculations Business Areas Performance

Revenue breakdown by business units

4Q 2018 Full Year

Total Revenues = R$1.5 billion Total Revenues = R$5.4 billion (R$mm) (R$mm) 1,539

497

328 849 279 717 691 615 464 472 133 120 132 86

5

-26

(% of total) (% of total)

32% 29% 18% 21% 16% 9% 8% 8% 9% 13% 9% 13% 11% 6% 0%

-2%

Investment Corporate Sales & Asset Wealth Principal Participations Interest Investment Corporate Sales & Asset Wealth Principal Participations Interest Banking Lending Trading Management Management Investments & Others Banking Lending Trading Management Management Investments & Others

28 ROAE Components

BTG Pactual generated an ROAE of 19.0% in 4Q 2018 and 18.8% for the full year

Equity allocated to BTG Pactual’s holdings Implied ROAE as of the end of the period (%) (R$ million)

19.0% Banco BTG Pactual (excluding investments 14,028 in Banco Pan and EFG) 18.8%

8.5% Banco Pan 1,729 7.4%

0.0%

EFG International(1),(2) 3,088 0.0%

Notes: 1. Includes investment and goodwill 29 2. Does not include the positive effects of the hedging back to Brazilian Real or any other adjustments, such as taxes Expenses and Main Ratios

Cost ratios were slightly above our historical averages in 4Q 2018, mostly due to one-off expenses

2018 % Quarter 4Q 2018 % change to Year to Date change to

(in R$ mm, unless stated) 4Q 2017 3Q 2018 4Q 2018 4Q 2017 3Q 2018 2017 2018 2017 Bonus (241) (121) (298) 24% 146% (746) (685) -8% Salaries and benefits (132) (159) (156) 19% -2% (529) (615) 16% Administrative and other (250) (188) (229) -8% 22% (853) (841) -1% Goodwill amortization (54) (40) (40) -26% 0% (280) (147) -48% Tax charges, other than income tax (69) (88) (85) 24% -3% (244) (273) 12% Total operating expenses (746) (596) (809) 8% 36% (2,651) (2,560) -3%

Cost to income ratio 54% 47% 52% 48% 48% Compensation ratio 27% 22% 29% 23% 24%

Income tax and social contribution 36 (74) (188) (492) (432) -12% Effective income tax rate -5.8% 11.2% 25.4% 17.1% 15.5%

30 Balance Sheet Analysis

Balance sheet reduction due to normal trading activities in government bonds

(In R$ billion) Assets Liabilities 163.9 163.9

10.9 17.8 Settlement account Cash & Equivalents 137.6 137.6 Settlement Account 13.1 2.3 39.0 21.3 28.0 REPO Financing 38.9 3.8 Assets financed through REPOs 28.0 31.2 39.0 Secured funding

Trading portfolio 47.1 of assets 37.3

41.5 41.2 Unsecured funding Coverage Credit 230%(1) 16.4 17.9 Other assets 12.2 10.9 Other liabilities 12.1 12.0

22.4 22.8 Illiquid assets 18.5 17.2 Equity & Perpetual

3Q 2018 4Q 2018 4Q 2018 3Q 2018

Note: 31 1. Excludes demand deposits Broader Credit Portfolio

Broader Credit Portfolio by Area Broader Credit Portfolio by Product (R$ billion) (R$ billion)

38.0 38.0

2.9 32.8 32.8 5.9 32.8 32.8

29.4 29.4 2.6 2.9 28.6 4.7 4.6 2.4 28.6 2.5 13.7 2.1 3.2 4.7 5.0 2.0 11.7 11.6 2.1 1.9 10.1 9.6 1.2 0.5 0.7 0.4 0.4 29.7 26.1 26.1 22.5 21.8 20.2 18.0 17.6 15.5 16.4

4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 Corporate Lending Wealth Management Others Loans Funds Letter of credit Marketable securities

32 Unsecured Funding Base

Unsecured Funding Base slightly increased compared to previous quarter

(In R$ billion)

44.8 45.1

40.4 3.6 3.6 Perpetual Borrowings and 36.0 3.8 3.6 3.6 On-lendings 32.5 3.0 3.7 5.9 5.3 Subordinated debt 3.0 3.7 5.8 3.6 6.3 Securities issued 13.5 13.8 6.3 11.7 9.5 9.7

18.2 17.3 Time deposits 12.8 15.1 9.3 0.1 Interbank deposits 0.4 0.2 0.4 0.2 0.3 0.3 0.3 0.4 0.3 Demand deposits 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018

33 Basel Ratio and VaR Basel Ratio (%) Average daily Trading VaR The BIS capital ratio decreased to (% of average shareholders equity) 16.6% at the end of 4Q 2018

The total average daily VaR increased 61.7% when compared to 3Q 2018

18.0% 17.8% 17.3% 16.3% 16.6% 2.5% 2.3% 2.5% 2.3% 2.0% 3.2% 3.9% 4.3% 3.1% 4.0% 0.65% 0.57% 0.49% 0.40% 12.4% 0.30% 10.9% 11.1% 11.0% 10.6%

4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018

Common Equity Tier I Additional Tier I Tier II

34 Main Contacts

Investor Relations Team Pedro da Rocha Lima Luciano Valle Julia Rocha www.btgpactual.com/ri [email protected] +55 (11) 3383-2000

35 Disclaimer

This presentation has been prepared by Banco BTG Pactual S.A. (“BTG Pactual”, and together with its subsidiaries and affiliates, the “Company”) for the exclusive use of the party to whom BTG Pactual delivers this presentation. This presentation was prepared based on BTG Pactual own information and other publicly available information. BTG Pactual does not make any representation or warranty, either express or implied, as to the accuracy, completeness or reliability of the information, estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and stock performance) contained in this presentation. There is no guarantee that any of these estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. BTG Pactual expressly disclaims any and all liability relating or resulting from the use of this presentation.

This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. BTG Pactual should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. This presentation does not purport to be all-inclusive or to contain all of the information that BTG Pactual may require. No investment, divestment or other financial decisions or actions should be based solely on the information in this presentation.

This material must not be copied, reproduced, distributed or passed to others at any time without the prior written consent of BTG Pactual.

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