BTG Pactual Corporate Presentation 2nd Quarter 2019

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

1 2 3 4

BTG Pactual BTG Pactual BTG Pactual 2nd Quarter Overview Business Units Financial Highlights 2019 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 & Eq. • Investment • Global Markets • Banco Pan • Interest on Advisory • Structured • FX • Alternative Advisory • Merchant • ,too seguros capital (M&A) Credit • Equities Investments • Financial Banking • ECTP Description • Insurance • Fund Services • ECM • Letters of Planning to • Real Estate • EFG • Energy • • DCM Credit Global Hedge HNWI • Brokerage Funds • BTG Pactual digital

Net Revenues and Net Income Highlights Evolution R$ million 2018 6M 2019

Total Assets R$ 137.6 bn R$ 173.6 bn (US$ 35.5 bn) (US$ 45.2 bn) 2,181 Shareholders' Equity R$ 18.8 bn R$ 20.4 bn (US$ 4.9 bn) (US$ 5.3 bn) 1,549 1,482 Revenues R$5.4bn R$3.7 bn 1,238 1,255 (US$1.4 bn) (US$1.0 bn) 1,029 Net Income R$2.4 bn R$1.8 bn (US$0.6 bn) (US$0.5 bn) 685 685 711 721 AuA and/or AuM R$ 207.5 bn R$ 226.4 bn (US$53.6 bn) (US$59.0 bn)

2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 WuM R$ 119.2 bn R$ 141.9 bn (US$30.8 bn) (US$37.0 bn) Total Revenues Net Income Adjusted

Note: 4 1. US$ figures converted by end of period PTAX rate of R$3.8748 and R$3.8371 for 2018 and 2Q 2019, 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: 57.4% Voting: 42.6% Total: 22.8% Total: 77.2%

BTG Pactual Holding S.A.

100%

BTG Pactual Holding Free Float Financeira Ltda. 77.1%, 22.9% of which 8.8% was acquired at market(1)

Banco BTG Pactual S.A.

Note: 5 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

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 Asset Management Wealth Management Guilherme Paes Renato Santos Renato Santos Steve Jacobs Rogerio Pessoa Rogerio Stallone Rodrigo Goes

8 Dominant Presence in Latin America

Investment Corporate Sales & Asset Wealth Retail Banking Lending Trading Management Management

Brazil P P P P P P United Kingdom London

Chile P P P P P Core LatAm

USA Colombia P P P P P New York Miami Mexico P P P P Mexico Mexico City Argentina P P

Colombia Peru P P P P Bogotá Medellin USA P P P P

Peru Lima Brazil São Paulo UK P P P Rio de Janeiro Chile Recife Santiago Porto Alegre Belo Horizonte

Argentina Buenos Aires

Fully operational Recently Launched

9 Our Client Franchises are Experiencing Significant Growth

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

Strong performance, with Resilient results, with WuM Best semester in Investment significant revenue, NNM and growing over 30% year-on-year Banking since our IPO in 2012 AuM/AuA growth

464 226 142 208

119 367 367 361

145 87

116 74

2016 2017 2018 6M 2019 2016 2017 2018 6M 2019 2016 2017 2018 6M 2019

10 BTG PACTUAL BUSINESS UNITS

SECTION 3

11 M&A Ranking(1)| 2010 – 2Q2019 ECM Ranking(1)| 2010 – 2Q2019 DCM Ranking| 2013(1,2)-2Q2019

Deal Deal Deal # of # of # Institution Volume # Institution Volume # Institution Volume Deals Deals (US$ bn) (US$ bn) (US$ bn) BTG 1 IBBA 421 198.5 1 129 15.7 1 IBBA 19.4 Pactual BTG Bradesco Investment Banking 2 420 181.8 2 IBBA 2 14.9 Pactual 127 18.7 BBI Credit Credit BTG Leading Investment Banking 3 188 153.1 3 89 12.3 3 7.8 Suisse Suisse Pactual Franchise in Brazil Bradesco Bradesco Banco do 4 188 127.4 4 85 12.9 4 7.3 BBI BBI Brasil BTG Pactual is the most active IBD 5 BofAML 121 163.8 5 BofAML 73 13.5 5 XP 2.6 franchise in Brazil since 2010, having advised the most relevant transactions during this period

2019 2019 Financial advisor to Exclusive financial advisor US$329mm US$1,000mm US$700mm Hapvida in the landmark to Grupo Positivo in the US$220mm acquisition of São sale of Sistema Positivo de Francisco Saúde Ensino to Arco Platform Follow-on Follow-on Bond Bond

R$ 5.0 bn R$ 1.7 bn July, 2019 July, 2019 Due 2029 Due 2024

2019 2018 Exclusive financial advisor Financial advisor to Enel in to Cosan in the acquisition the public takeover US$628mm US$300mm US$500mm EUR600mm of Comgas PN shares process of Eletropaulo representing ~15% of Follow-on NASDAQ IPO Bond Bond Comgas total capital

R$ 1.6 bn R$ 7.1 bn July, 2019 July, 2019 Due 2028 Due 2021

2018 Financial advisor to 2017 Kroton in the acquisition Exclusive financial advisor US$118mm US$667mm US$750mm US$1,300mm of Somos Educação, in a to Paper Excellence in the landmark transaction in acquisition of Eldorado Follow-on Follow-on Bond Bond the education sector Celulose July, 2019 July, 2019 Due 2024 Perpetual Notes: US$ 2.2 bn R$ 15.0 bn 1. Dealogic, as of Aug, 2019 (ECM and M&A Rankings) and ANBIMA Long-Term Distribution Ranking – Brazilian Banks (DCM Rankings) 12 2. Ranking not available prior to 2013 Revenues (R$ million) Market Positioning Highlights Investment Banking (6M 2019)

Solid performance in the 464 quarter, with overall positive contribution

367 367 361 M&A: #1 in number of transactions in Brazil and Latin America

Overview of 2Q 2019 ECM: #1 in number of transactions in • Financial Advisory had lower Brazil and LatAm, and #1 in volume of revenues compared to previous transactions in LatAm quarter, due to lower volume of concluded transactions • ECM and DCM had strong performance, mainly due to higher market activity • We maintained our leading position in Brazil and Latin America rankings 2016 2017 2018 6M 2019

13 Revenues (R$ million)

877 849 790 Corporate Lending

Financing and loan 378 guarantees to corporations in Latin America

2016 2017 2018 6M 2019

Main Highlights Corporate Lending Portfolio by Industry Corporate Lending Portfolio (%) (1,2) (R$ bn) • Integrated origination platform 2Q 2019 • Anticipation of demand and needs of our clients Utilities 3Q 2018 Oil & Gas • Greater flexibility and agility in order to 21% 34.2 Financials 22% structure and approve loan transactions 29.7 Wealth Management 20% • Partners involved in credit and risk 22% Infrastructure 21.8 analysis Real Estate 19.3 2% 8% • Cross-selling with IBD, Wealth Retail 2% 2% 2% Agribusiness 3% Management, Merchant Banking and 5% FICC distribution desk Food & Beverage 8% 11% Auto-Parts 5%5% Telecom 5% 7% 5% Main booking areas: Government 5% 7% 8% 2016 2017 2018 6M 2019 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 June 30, 2019 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 Research Team Is Latin America’s Best In 2018, BTG Pactual had more than 20 ranked analysts, including 10 ranked #1 in their respective sectors/regions • Equity research and sales teams named among the best teams in LatAm, covering 215 companies in 22 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 15 Note: * According to Institutional Investor rankings UK

USA México Cayman Island Brazil Branch Sales & Trading Colômbia Peru Brazil

In 2011, BTG Pactual debuted Chile on Institutional Investor’s Argentina inaugural Latin American Sales Team as No 5. In 2012 Local presence started in 2012 the firm soared to second, 2013 2014 2015 2016 2017 2018 and in 2013, 2014, 2015, 1st 1st 2nd 6th 2nd 1st 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 2,817 2,389 1º BTG Pactual 18 17 11 7

1,539 1,322 1º Itaú BBA 18 17 4 7 3º J.P. Morgan 17 17 3 1 4º Bradesco BBI 9 15 0 1 2016 2017 2018 6M 2019 4º 9 10 0 -

In 2018, BTG Pactual had a total of 18 ranked analysts, 16 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$226.4 billion in assets, with a complete range of both traditional and alternative investment products

Global Hedge Fund Funds Services

17 Revenues (R$ million) AuM and AuA Asset Management (R$ billion)

Strong revenues performance (81.0) 15.6 43.7 7.1 in the quarter, with NNM and 717 AuM/AuA growth

226.4 5.2 207.5 540 5.0 36.7 486 Overview of 2Q 2019 36.4

• Revenues grew 35.6% when 395 144.9 compared to 1Q 2019, reaching 4.5 104.0 115.7 R$227.1 million - mainly due to 28.9 88.7 performance fees accrued in 3.6 29.5 June 50.2 17.2 • Net new money was R$7.2 32.6 15.6 billion in the quarter, coming 11.7 6.7 from Fund Services and Brazil 61.9 63.3 Fixed Income & Equities Funds 43.5 49.7 • AuM/AuA increased 5.8% quarterly and 32.9% yoy 2016 2017 2018 6M 2019 2016 2017 2018 6M 2019 Brazil FI & EQ Funds LatAm FI & EQ Funds Fund Services Alternative Investments Global Hedge Funds 18 # Net New Money 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) WuM Evolution (R$ billion)

Main Highlights (9.4) 4.0 23.8 11.2 472 142 • Proactive and systematic approach to portfolio monitoring 369 119 • Strong cross-selling with all business units 337

• LatAm platform 286 87 • One of the largest private wealth 74 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

2016 2017 2018 6M 2019 2016 2017 2018 6M 2019

# Net New Money 19 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 20,434 adverse market conditions 18,845 17,727 18,528 • Solid profitability 18.2% 16.3% 17.8% • Strong capitalization 14.7% 1,751 3,409 2,949 2,741 2016 2017 2018 2019

Basel ratio (%) VaR as a % of shr. equity (%) 21.5% VaR(1,2) and VaR/Average 18.0% 16.6% Shareholder’s Equity 15.1% 0.99% • Excellence in risk management, proven 0.71% in extremely adverse market conditions 0.65% 0.44%

2016 2017 2018 2019

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 (%)

18.2% 17.8% 16.3% 2.5% 14.7% 2.2% 1.9%

1.2%

2016 2017 2018 6M 2019 2016 2017 2018 6M 2019

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

54.2% 48.0% 47.8% 41.6% 27.8% 23.1% 24.3% 23.1%

2016 2017 2018 6M 2019 2016 2017 2018 6M 2019

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 Stable • 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 2nd QUARTER 2019 HIGHLIGHTS

SECTION 4

24 2Q 2019 Key Highlights

Successful follow-on secondary offering of R$2.5 billion (55.2 million units) 1 from our parent Holding Co., increasing free float and adhering to Nível II of

Revenues were up 47% when compared to 1Q 2019, with strong performance 2 and operational metrics from all our client franchises

Strong performance in AM and WM with significant inflows of NNM – AuM and 3 WuM growing above 30% year on year

Cost-to-income ratio at 40%, capturing benefits of our operational leverage as we 4 invest in our growth

Digital retail unit, now consolidated under a single leadership, continues to 5 make progress in its path for growth

25 Total revenues and adjusted net income were R$2,181 million and 1 R$1,029 million, respectively • Annualized ROAE(1) was 20.6%. Excluding EFG and Banco Pan, the annualized ROAE was 26.2% • Net income per unit(1) was R$1.18 • Accounting net income was R$972 million Performance Summary 2 Cost-to-income ratio was below our historical average 2Q 2019 • Cost-to-income ratio was 40% • Compensation ratio was 23% We delivered 20.6% ROAE and At the end of the quarter, total assets were R$173.6 billion, BaseI ratio was 15.1% revenues increased 47% when 3 and shareholders’ equity was R$20.4 billion compared to 1Q 2019 • Average VaR in the quarter increased to R$146.6 million or 0.74% of average shareholders’ equity

Revenues Net Income Shareholders’ Equity (R$ million) (R$ million) (R$ billion) 1,029 2,181 20.4 19.2 19.4 1,482 685 721 1,238 20.6 0.69 0.74 14.5 15.1 1.18 0.78 0.83 0.40

2Q 2018 1Q 2019 2Q 2019 2Q 2018 1Q 2019 2Q 2019 2Q 2018 1Q 2019 2Q 2019 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 adjusted net income as the basis for the calculations In 1H 2019, total revenues and adjusted net income were R$3,663 million and 1 R$1,751 million, respectively • Year to date annualized ROAE(1) was 17.8%. Excluding EFG and Banco Pan, annualized ROAE was 22.5% • Accounting net income was R$1,647 million

Performance Summary 2 Cost-to-income ratio were in line with historical average First Half 2019 • Cost to income ratio was 42% • Compensation ratio was 23% 1H 2019 was marked by good Shareholders’ Equity increased 6.3% yoy and ended the semester at R$20.4 billion performance in all franchises, 3 also following the improving • Announcement of a distribution of interest on capital in the amount of R$624 business environment in Brazil million to follow

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

3,663 1,751 19.2 20.4 2,548 1,345

0.71 17.8 2.01 14.3 1.53 0.48

6M 2018 6M 2019 6M 2018 6M 2019 6M 2018 6M 2019

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 unit

2Q 2019 First Half

Total Revenues = R$2.2 billion Total Revenues = R$3.7 billion (R$mm) (R$mm)

1,322 886

524 344 361 378 395 227 186 192 286 155 229 126 169 65

(% of total) (% of total)

41% 36% 14% 10% 16% 10% 10% 11% 8% 6% 9% 9% 7% 3% 6% 5%

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 stand alone generated an ROAE of 26.2% in 2Q 2019

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

Banco BTG Pactual 26.2% (excluding investments 16,051 in Banco Pan and EFG) 22.5%

12.5% Banco Pan 1,581 11.2%

0.0% EFG International(1),(2) 2,802 2.2%

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-to-income ratio at 40% and compensation ratio at 23%, capturing benefits from our operational leverage

6M 2019 Quarter 2Q 2019 % change to Year to Date % change to (in R$ mm, unless stated) 2Q 2018 1Q 2019 2Q 2019 2Q 2018 1Q 2019 6M 2018 6M 2019 6M 2018 Bonus (122) (170) (347) 184% 104% (265) (517) 95% Salaries and benefits (152) (165) (163) 8% -1% (300) (329) 10% Administrative and other (218) (203) (228) 4% 12% (423) (430) 2% Goodwill amortization (36) (37) (38) 7% 3% (67) (75) 11% Tax charges, other than income tax (56) (66) (106) 89% 59% (100) (172) 73% Total operating expenses (584) (641) (882) 51% 37% (1,155) (1,523) 32%

Cost to income ratio 47% 43% 40% 45% 42% Compensation ratio 22% 23% 23% 22% 23%

Income tax and social contribution (32) (166) (328) (170) (494) 190% Effective income tax rate 4.9% 19.7% 25.2% 12.2% 23.1%

30 Balance Sheet Analysis

(In R$ billion) Assets Liabilities

173.6 173.6 164.7 7.4 164.7 21.8 5.2 Settlement account Cash & Equivalents 22.1 8.8 38.3 Settlement Account 6.5 36.3 REPO Financing

Assets financed 38.4 36.0 through REPOs 43.3 45.9 Secured funding

54.3 Trading portfolio 51.4 of assets 48.7 Unsecured funding 43.5 Coverage 221%(1) Credit 19.7 21.8 12.0 Other assets 11.0 Other liabilities 11.2 11.2 Illiquid assets 23.9 Equity & Perpetual 17.8 17.4 22.9

1Q 2019 2Q 2019 2Q 2019 1Q 2019

31 1. Excludes demand deposits Broader Credit Portfolio

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

43.6 43.6 40.2 38.0 6.5 40.2 3.2 38.0 6.7 2.8 2.9 32.8 32.8 5.9 2.9 32.8 32.8 2.7 14.7 4.7 4.6 2.4 2.6 2.9 13.6 2.0 2.1 13.7 1.4 11.7 11.6 1.3 1.2 34.2 0.5 0.7 29.7 30.8 26.1 26.1 24.3 22.4 20.2 18.0 17.6

2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 Corporate Lending Wealth Management Others Loans Funds Letter of credit Marketable securities

32 Unsecured Funding Base

Unsecured Funding Base increased 11.1% compared to previous quarter

(In R$ billion)

52.2

47.0 3.5 Perpetual 44.8 45.1 3.8 3.5 Borrowings and 40.4 3.6 3.6 On-lendings 3.8 7.6 3.6 3.8 3.6 Subordinated debt 7.8 3.7 5.9 5.3

5.8 16.4 Securities issued 13.5 13.8 14.2 11.7

18.2 20.0 Time deposits 15.1 17.3 16.7

Interbank deposits 0.2 0.3 0.3 0.3 0.4 0.3 0.5 0.4 0.4 0.5 Demand deposits 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019

33 Basel Ratio and VaR Basel Ratio (%) Average daily Trading VaR The BIS capital ratio decreased (% of average shareholders equity) to 15.1% at the end of 2Q 2019

The total average daily VaR increased 10.2% when 17.8% 17.3% 17.6% compared to previous quarter 16.6% 2.5% 2.3% 15.1% 2.0% 3.8%

(1) 0.74% 0.69% 3.0% 3.9% 4.3% 4.0% 3.5%

2.7% 0.49%

0.40%

0.30% 11.1% 11.0% 10.6% 10.3% 9.3%

2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019

Common Equity Tier I Additional Tier I Tier II

Note: 34 1. Basel Ratio adjusted for the Tier II local bond issued during the quarter, still pending regulatory approval. 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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