BTG Pactual Corporate Presentation 1st Quarter 2020

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 1st Quarter Overview Business Units Financial Highlights 2020 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 Description • EFG • ECM • Letters of • Insurance • Fund Services Planning to • Real Estate • Energy • DCM Credit • Global Hedge HNWI • Brokerage Funds • BTG Pactual digital

Net Revenues and Net Income Highlights Evolution R$ million 2019 3M 2020 R$164.4 bn R$200.4 bn Total Assets (US$ 40.9 bn) (US$ 38.6 bn) 2,486 Shareholders' Equity R$21.4 bn R$22.1 bn 2,181 2,184 (US$ 5.3 bn) (US$ 4.2 bn)

Revenues R$8.3 bn R$1.5 bn (US$2.1 bn) (US$0.3 bn) 1,482 1,518 R$3.8 bn R$0.8 bn Net Income 1,029 1,073 1,010 (US$1.0 bn) (US$0.2 bn) 721 789 AuA and/or AuM R$273.0 bn R$268.8 bn (US$67.9 bn) (US$51.8 bn) R$168.0 bn R$160.6 bn 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 WuM (US$41.8 bn) (US$30.9 bn) Total Revenues Net Income Adjusted

Note: 4 1. US$ figures converted by end of period PTAX rate of R$4.019 and R$5.193 for 4Q 2019 and 1Q 2020, respectively Summarized Shareholder Structure

Total Units 1Q 2020 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: 869,129,957

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. 76.8%, 23.2% of which 7.7% 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 Follow-on secondary activities former UBS MDs Seguradora and BTG Pactual Resseguradora offering of in Brazil R$2.5 billion Creation of Acquisition of co- (55.2mm units) Pactual Asset controlling stake in from our Holding Co., Management Banco Pan for Sale of BSI and a 30% adhering to R$450mm stake in the Nível II of 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 2019 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 Pactual office in São Paulo 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 Anibal Joaquim Claudio Galeazzi Nelson Jobim Claudio Galeazzi Claudio Galeazzi Roberto Sallouti Guillermo Ortiz Mark Clifford Maletz Pedro Longuini Bruno Duque Eduardo Loyo Sidnei Marques 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 Guilherme Paes Renato Santos Renato Santos Steve Jacobs Wealth Management Rogerio Pessoa Rogerio Stallone Rodrigo Goes Eduardo Guardia

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 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$ mn)

Resilient performance, even with highly Record high revenues and net new Solid performance, considering less volatile market scenario (Ibov fell 37%) - money in a quarter – WuM reduction than 2 months of normal operations strong NNM during the period due to market performance

949 168 273 269 161

208 119

145 87 464

367

189

2017 2018 2019 3M 2020 2017 2018 2019 3M 2020 2017 2018 2019 3M 2020

10 Our Initiatives to Capture Growth on Digital Frontier Digital Retail Unit

Partnership with Decode + investments in data real estate, financial education and content

Investment Consumer Finance Insurance Platform SMEs Data Analytics and Digital Ecosystem Platform Performance Marketing

Leveraging on Existing Capabilities

Robust No business Strong Talented Execution balance & tech brand team drive sheet legacy

Executed by Best-in-Class Partnership

Senior Evolution of Senior partners Doubled the management Immersion in recruitment already allocated share of mind technology programs, to lead the various team in the past tech hub and centers working opportunities committees in 4 years environment and place culture

11 BTG PACTUAL BUSINESS UNITS

SECTION 3

12 M&A Ranking(1)| 2010 – 1Q20 ECM Ranking(1)| 2010 – 1Q20 DCM Ranking| 2013(1,2) – 1Q20

Deal Deal Deal # of # of # Institution Volume # Institution Volume # Institution Volume Deals Deals (US$ bn) (US$ bn) (US$ bn)

BTG 1 IBBA 473 204.8 1 161 17.9 1 IBBA 21.4 Pactual BTG Bradesco Investment Banking 2 444 185.8 2 13.7 Pactual 2 IBBA 159 21.8 BBI

Bradesco Leading Investment Banking 3 BofA 130 168.6 3 113 15.4 3 Santander 9.5 BBI Franchise in Brazil Credit Credit 4 191 155.4 4 103 14.6 4 BB 9.1 Suisse Suisse JP BTG BTG Pactual is the most active IBD 5 110 146.5 5 6.8 franchise in Brazil since 2010, having Morgan 5 BofAML 93 16.7 Pactual advised the most relevant transactions during this period

2020 2019 Advisor to Supermercado Advisor to Advent US$470mm US$393mm R$ 1.5bn R$ 2.2bn Now in its 100% sale to International in the sale B2W of control of GBT to Follow-on Follow-on FIP-IE Debentures Knight Therapeutics February, 2020 February, 2020 Undisclosed R$ 1,340 mm December, 2019 November, 2019

2019 2019 Exclusive financial advisor Financial advisor to US$279mm US$83mm R$ 1.7bn R$ 1.1bn to Karoon energy in its Hapvida in the landmark acquisition of Baúna field acquisition of São IPO Debentures from Petrobrás Francisco Saúde Follow-on Debentures US$ 665 mm R$ 5.0 bn February, 2020 January, 2020 November, 2019 October, 2019

2019 2019 Exclusive financial advisor Exclusive financial advisor to Cosan in the acquisition US$296mm US$65mm R$ 800mm R$ 1.7bn to Grupo Positivo in the of Comgas PN shares sale of Sistema Positivo de representing ~15% of Follow-on Follow-on Debentures Debentures Ensino to Arco Platform Comgas total capital January, 2020 December, 2019 August, 2019 August, 2019 Notes: R$ 1.7 bn R$ 1.6 bn 1. Dealogic, as of April, 2020 (ECM and M&A Rankings) and ANBIMA Long-Term Distribution Ranking – Brazilian Banks (DCM Rankings) 13 2. Ranking not available prior to 2013 Revenues (R$ million) Market Positioning Highlights Investment Banking (1Q 2020)

Solid performance, 949 considering less than 2 months of normal operations M&A: #1 in volume of transactions in LatAm and in Brazil, #1 in number of transactions in LatAm and #2 in Brazil

Overview of 1Q 2020 ECM: #1 in number of transactions in • ECM, DCM and Financial 464 Latin America and #2 in Brazil Advisory posted weaker

revenues compared to previous 367 quarter, due to lower market activity and volume of concluded transactions 189 • Primary markets ground to a halt in March and haven’t changed since • We maintained our leading position in Brazil and Latin 2017 2018 2019 3M 2020 America rankings

14 Revenues(R$ million)

849 790 814 Corporate Lending

Financing and loan guarantees to corporations 267 in Latin America

2017 2018 2019 3M 2020

Main Highlights Corporate Lending Portfolio by Industry Corporate Lending Portfolio (%) (1,2) (R$ bn) • Integrated origination platform • Anticipation of demand and 1T 2020 needs of our clients Utilities 3Q 2018 • Greater flexibility and agility in order to Oil & Gas 12% Financials 21% structure and approve loan transactions 47.7 Wealth Management 1% 2% 20% 22% • Partners involved in credit and risk Infrastructure 3% analysis Real Estate 5% 29.7 29.7 Retail • Cross-selling with IBD, Wealth 2% 11% 21.8 6% Management, Merchant Banking and Agribusiness 3% Food & Beverage FICC distribution desk 6% 11% Auto-Parts 5% 9% Telecom 6% 5% 8% 9% Main booking areas: Government 8% 2017 2018 2019 3M 2020 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, 15 CRIs, FIDCs, FIPs, TDs, corporate bonds, letter of credit, commitments and others) 2. As of March 30, 2020 Highlights and Awards

1º LatAm Equity Sales 2º LatAm Equity Sales (2014, 2013) (2019, 2018, 2017, 2015) Sales & Trading Brasil Equity Sales Brasil Equity Sales (2019, 2017, 2014, 2013) (2016, 2015) Integrated and diversified Brasil Equity Research Brasil Equity Research platform of customer (2018, 2017, 2015, 2014, 2013) (2019, 2016) facilitation businesses in Latin America

Research 2020 BTG Pactual Wins Again In Brazil BTG Pactual was awarded, for the third straight year, the best Research team in Brazil, by the weighted commissions ranking of Institutional Investor. Our analysts ranked #1 in 9 of 17 categories, in their respective sectors/regions • Equity research and sales teams named among the best teams in LatAm, covering 223 companies in 16 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

Note: 16 * According to Institutional Investor rankings UK

USA México Cayman Island Brazil Branch Sales & Trading Colômbia Peru Brazil BTG Pactual Sales Team has Chile always been in the top Argentina positions on Institutional Investor’s Brasil ranking, and Local presence started in 2012 we rated as #1 in 2013, 2014, 2013 2014 2015 2016 2017 2018 2019 2020 2017, 2019 and 2020 1st 1st 2nd 6th 2nd 1st 1nd 2nd

Institutional Investor 2019 – Brazil Rankings

Revenues (R$ million) Rank Total Team Positions First Team 2020 Firm 2020 2019 2020 2019 2,801 1º J.P. Morgan 17 12 1 0 2,389

1,539 2º BTG Pactual 16 15 9 10

2º Bradesco BBI 16 13 5 1 455 4º 9 0 3

2017 2018 2019 3M 2020 In 2020, BTG Pactual had a total of 9 categories ranked #1, more than any other player 17 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$268.8 billion in assets, with a complete range of both traditional and alternative investment products

Global Hedge Fund Funds Services

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

Revenues impacted by our 15.6 43.7 36.5 9.3 lower use of VaR and balance 868 sheet due to volatility and 273.0 268.8 uncertain trading conditions 717 5.8 6.7

47.1 53.2 207.5 Overview of 1Q 2020 5.0 486 36.4 • Revenues were consistent, reaching R$214.0mn. The 144.9 134.7 128.9 decrease of 24.7% compared to 4.5 4Q 2019 was mainly due to 28.9 88.7 performance fees accrued in 214 50.2 December 14.5 15.6 13.6 • Strong inflows, especially from 11.7 Brazil FI & Equities Funds and 61.9 71.0 66.4 Fund Services 49.7 • AuM reduction due to market performance, especially from 2017 2018 2019 3M 2020 2017 2018 2019 3M 2020 Brazil FI & EQ Funds LatAm FI & EQ Funds equity funds (after Ibov fell 37%) Fund Services Alternative Investments Global Hedge Funds

# Net New Money 19 Recent Highlights & Awards

• Best Private Bank in Brazil Service Overall –2019, 2018 Euromoney

• Best Family Office Services in Brazil –2019, 2018 Euromoney

• Best Technology –2019, 2018 Euromoney

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

• Best Private Banking Brazil - 2018/17/16 The Banker Record high revenues and net new money in a quarter • Best Wealth Management in Colombia –2017 The European

Revenues (R$ million) WuM Evolution (R$ billion)

Main Highlights 4.0 23.8 24.5 11.9

168 • Proactive and systematic approach to 610 161 portfolio monitoring • Strong cross-selling with all business units 472 119 • LatAm platform

• One of the largest private wealth 369 managers in Latin America 87 • Broad footprint in Brazil, with offices in São Paulo, Rio de Janeiro, Recife, Belo Horizonte, Brasilia and Porto Alegre 170 • Strong presence in Latin America and also a broker dealer presence in New York and offices in Miami

2017 2018 2019 3M 2020 2017 2018 2019 3M 2020

# Net New Money 20 BTG Pactual Digital: Our Investment Platform Investment Platform Fully Operational Platform UX Well Regarded by Clients

Clients’ Satisfaction Grade(1)

Simple and quick Large selection of Jun-18 Feb-19 Dec-19 Mar-20 1 account opening 3 investment products BTG Pactual 4.6 4.7 4.7 4.7 Easynvest 2.3 2.8 4.6 4.5 XP 2.0 3.2 4.7 4.7 Rico 1.6 4.5 4.7 4.7 Modal Mais 4.6 4.7 4.6 4.6 Guide 3.4 2.7 3.9 3.8

Total Followers/Subscribers (# ‘000)

204 200

Integrated equity Investment advice and effective 2 trading platform 4 communication with advisors

1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 Focus on UX KPIs(2) % of complains +413 +795 +70mm Average Time Grade investment funds videos views solved BTG Pactual 93.3% 5 hours 9.1 (RA 1000) XP 79.1% 8 days 7.7 +147 +500 +180mm Rico 86.8% 3 days 8.3 Clear 76.3% 1 days 7.4 live broadcast managers minutes watched Easynvest 85.9% 1 day 8.2 (RA 1000) videos Modalmais 75.9% 1 day 7.1 Notes: 21 1. According to Apple Store 2. As of Mar 31st 2020 BTG PACTUAL FINANCIAL HIGHLIGHTS

SECTION 3

22 Track Record of Strong, Controlled and Profitable Growth

Shareholders' equity (R$ mm) Net income adjusted (R$ mm) Net Income, Shareholder’s Equity, ROAE (%) ROAE & Basel Ratio 21,387 22,053 18,845 • Consistent growth, even in 18,528 adverse market conditions 19.1% 16.3% • Solid profitability 14.7% 14.5%

2,949 3,833 789 • Strong capitalization 2,741 2017 2018 2019 3M 2020

Índice de Basileia (%) VaR como % do p. líquido (%)

19.4% 18.0% 16.6% 14.9% VaR(1,2) and VaR/Average Shareholder’s Equity 0.65% 0.67% • Excellence in risk management, proven 0.44% 0.37% in extremely adverse market conditions

2017 2018 2019 3M 2020

Notes: 1. 1 day Value at Risk (95%) 2. Includes BSI’s RWA and VaR since September 15 th 2015 23 Industry-Leading Operating & Profitability Metrics

ROAE (%) ROA (%)

2.8% 19.1% 2.5% 16.3% 2.2% 14.7% 14.5% 2.0%

2017 2018 2019 3M 2020 2017 2018 2019 3M 2020

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

48.0% 47.8% 42.9% 40.3% 24.3% 23.1% 21.6% 19.4%

2017 2018 2019 3M 2020 2017 2018 2019 3M 2020

Notes: 24 1. Salaries and benefits + bonus expenses/ net revenues 2. Total operating expenses/ net revenues BTG Pactual Rating Summary

• Outlook Stable • Rating Outlook Negative • Outlook Stable • Long Term Debt Ba2/NP • Foreign and local currency • Issuer Credit Rating: BB- Banco • Long Term Deposit 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)

25 1st QUARTER 2020 HIGHLIGHTS

SECTION 4

26 Covid-19 Initiatives

• 93% of global workforce switched to home-office in 2 weeks, with no disruption

• Adherence to “Não Demita” (‘don´t make layoffs’) movement in Brazil – we increased our HC by 240 in the quarter (87 in March alone)

• Settled almost twice the volume of trades compared to Q1 2019, keeping our operational platform available and working intensely in cooperation with market counterparts

• R$50mn donation (50% from the bank and 50% from the partners) to projects to combat Covid-19 on two fronts: support to social and healthcare system ‐ +430k people benefitted from social programs ‐ +86k basic food baskets to 32 NGO’s ‐ Aid to 16 hospitals, delivering equipment, ventilators, heart monitors, hand sanitizers and other supplies, and even hiring temporary health workers

27 27 What we expect for 2020

Conservative balance sheet: we will keep robust capitalization, above industry average, and high levels of liquidity

Corporate Lending: we will continue to selectively increase exposure to prime names - therefore, revenues should grow

We will maintain our focus and investments in the expansion of our digital retail businesses

Continuous focus and full commitment to the development of our client franchises: Investment Banking, Sales, Asset Management and Wealth Management - including Digital

28 28 1Q 2020 Highlights

Basel ratio of 19.4% and a cash cushion equivalent to 80% our equity, as we chose to 1 maintain excess liquidity and a strong capitalization

2 Our unsecured funding base grew R$7.5bn (or 14.0%), quarter-over-quarter 3 Investment Banking finished 1Q 2020 with leading position in the industry rankings

Strong net new money from AM and WM, including digital, achieving R$21.2bn aggregate 4 inflows - WM established also record high revenues in a quarter

Sales &Trading performance impacted by our conservative risk and balance sheet 5 approaches - total average daily VaR decreased 29.3%

6 The highest levels of brokerage fees in our history

29 29 1 Total revenues and adjusted net income of R$1.518bn and R$789mn • Annualized ROAE(1) was 14.5% • Net income per unit(1) was R$0.91 • Accounting net income was R$768mn

Performance Summary 2 Normalized cost-to-income ratio was in line with our historical average 1Q 2020 • Cost-to-income ratio was 42.9% • Compensation ratio was 19.4% Solid client franchises and lower trading results in a highly volatile, 3 At the end of the quarter, total assets were R$200.4bn, BaseI ratio was 19.4% and risk-averse market scenario, shareholders’ equity was R$22.1bn which led to revenues and net • Average VaR in the quarter was R$81.1mn or 0.37% of average shareholders’ income better than 1Q2019 equity

Revenues Net Income Shareholders’ Equity (R$mn) (R$mn) (R$bn)

2,486 1,010 21.4 22.1 789 721 19.4 1,482 1,518 19.1 14.5 0.69 15.1 1.16 0.54 0.83 0.91 0.37

1Q 2019 4Q 2019 1Q 2020 1Q 2019 4Q 2019 1Q 2020 1Q 2019 4Q 2019 1Q 2020 Adjusted Net Income 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 30 1. Annualized ROAE and net income per unit uses adjusted net income as the basis for the calculations 30 Business Areas´ Performance

Revenue breakdown by business unit

1Q 2020 Total Revenues = R$1.5bn (R$mn)

455

267 214 189 170 144 98

-18

(% of total)

30% 18% 14% 12% 11% 6% 9%

-1%

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

31 31 Expenses and Main Ratios

Cost-to-income ratio at 43% and compensation ratio at 19%, both under control and in line with our historical averages

Quarter 1Q 2020 % change to Year to Date

(in R$ mm, unless stated) 1Q 2019 4Q 2019 1Q 2020 1Q 2019 4Q 2019 Bonus (170) (356) (89) -48% -75% Salaries and benefits (165) (175) (205) 24% 17% Administrative and other (203) (301) (273) 34% -9% Goodwill amortization (37) (11) (12) -68% 8% Tax charges, other than income tax (66) (138) (72) 8% -48% Total operating expenses (641) (982) (650) 1% -34%

Normalized Cost to income ratio 43% 39% 43% Compensation ratio 23% 21% 19%

Income tax and social contribution (166) (325) (99) Effective income tax rate 19.7% 21.6% 11.4%

Highlights of 1Q 2020 • S&B increased 17% q/q, due to new hires and FX impact (USD is 16% of payroll) • A&O fell 9% q/q due to lower legal and travel expenses • Income tax positively impacted by declaration of JCP (interest on equity)

32 32 Balance Sheet Analysis

(In R$bn) Assets Liabilities 200.4 200.4 6.1 18.5

9.2 164.4 164.4 51.4 5.4 Settlement account Cash & Equivalents 17.3 50.5 Settlement Account 6.3 30.0 REPO Financing Assets financed 29.8 through REPOs 50.6 Trading portfolio 41.5 Secured funding of assets 56.4 52.7

Unsecured funding 60.7 53.2 Coverage Credit 32.9 181%(1) 29.8

Other assets 12.1 9.1 12.4 Other liabilities 10.9 Illiquid assets Equity & Perpetual 17.6 20.7 22.4 21.8

4Q 2019 1Q 2020 1Q 2020 4Q 2019 Highlights of 1Q 2020 • Total assets (9.1x equity) posted nominal increase of 22% due to repos on govt bonds • Despite growth in total assets, risk density (RwA/TA) and required capital fell significantly in the quarter • Cash cushion at 80% of equity • Comfortable coverage of unsecured funding to credit (unsec. funding growth 36% more than on-balance sheet credit) 33 33 1. Excludes demand deposits Unsecured Funding Base

Unsecured Funding Base grew 14.0% (R$7.5bn) compared to previous quarter

(In R$bn)

61.1

0.4 Perpetual 53.6 4.1 Borrowings and 52.2 52.3 On-lendings 0.4 0.4 8.3 47.0 3.5 Subordinated debt 4.0 4.2 3.8 7.1 3.5 7.9 3.8 7.6 7.8 24.4 Securities issued 22.3 16.4 20.7 14.2

22.5 20.0 16.7 18.5 18.8 Time deposits

0.5 Interbank deposits 0.4 0.4 0.5 0.4 0.4 0.3 0.6 0.3 1.1 Demand deposits 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020

34 34 BIS Ratio and VaR BIS Ratio (%) Average daily trading VaR BIS capital ratio rose to (% of average shareholders´ 19.4% at the end of 1Q equity) 2020, with CET1 at 15.0%

19.4% Total average daily VaR fell to historical low compared 17.6% to previous quarters 4.1% 3.8% 15.1% 15.1% 14.9% 0.3% 0.74% Risk management running 0.69% 0.72% 3.0% 3.0% 2.8% in capital and liquidity 3.5% 0.3% 0.0% preservation mode for the 0.54% foreseeable future 2.7%

0.37% 15.0%

11.8% 12.2% 10.3% 9.3%

1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020

Common Equity Tier I Additional Tier I Tier II

35 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 fromthe useof 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 inthis 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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