BTG Pactual Corporate Presentation

Updated as of 4th Quarter 2016 Disclaimer

This presentation has been prepared by Banco BTG Pactual S.A. and BTG Pactual Participations Ltd. (“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.

2 Table of Contents

BTG Pactual Group

Section 1 BTG Pactual Overview

Section 2 BTG Pactual Business Units

Section 3 BTG Pactual Financial Highlights

Section 4 4th Quarter 2016 Highlights

Banco BTG Pactual and BTGI Individual Highlights

3 Section 1 BTG Pactual Overview BTG Pactual at a Glance

Investment Corporate Sales & Asset Wealth Principal Interest Pan Banking Lending Trading Management Management Investments & Others % of Revenues 2015 3.8% 9.8% 51.7% 12.4% 14.4% (11.7)% 0.1% 19.5% 2016 4.2% 10.0% 33.5% 6.2% 27.6% (6.8)% (1.3)% 26.6%

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

Net Revenues and Net Income Evolution (R$mm) Highlights(1)

3Q 2016 4Q 2016 10,086 8,731 R$128.6 bn R$120.9 bn Total Assets (US$39.6 bn) (US$37.1 bn) 6,737 5,914 Shareholders’ R$23.9 bn R$20.4 bn Equity (US$7.4 bn) (US$6.3 bn) 4,616 R$115.9 bn R$115.7 bn 3,411 3,325 AuA and/or AuM 2,775 (US$35.7 bn) (US$35.5 bn) R$70.4 bn R$73.7 bn WuM(2) (US$21.7 bn) (US$22.6 bn) 2,965 2,197 2013 2014 2015 2016 Employees(1) Total Revenues Net Income (234 partners) (230 partners)

Note: * Financial data as of December 31, 2016, converted for end of period R$/US$ rate of 3.2591 5 (1) Includes outsourced employees and interns as of December 31, 2016 (2) WuM for BTG Pactual only, excluding BSI BTG Pactual LatAm Focus

BTG Pactual’s presence is based on a dominant fully fledged Latin America Investment Bank and an extensive Asset and platform

U.K. 57 Professionals Luxembourg 3 Professionals

U.S.A 136 Professionals

Mexico 35 Professionals Cayman Islands Branch

Colombia 269 Professionals

Peru 21 Professionals Brazil 1,365 Professionals

Chile 307 Professionals

Argentina 4 Professionals

BTG Pactual Presence

Note: 6 • As of December 31, 2016 • Partnership members that are currently not allocated in BTG Pactual are illustraded in Brazil Summarized Shareholder Structure

Partnership(3) Total Free Float

77.9% 22.1% 77.9% 22.1%

BTG Pactual Participations Ltd. / Banco BTG Pactual S.A. BTG Investments LP(1,2)

Investment Bank Investment Company

Unit Composition 3 shares from Banco BTG Pactual S.A. and 3 shares from BTG Participations Ltd. = 6 Shares

Notes: (1) Considering economic interest only (Class A and Class B shares) 7 (2) Reflects economic interest in BTG Participations Ltd. and BTG Investments combined (3) Includes units acquired by investment vehicles owned by partners and that share the same control BTG Pactual History

2016 Sale of BSI and a 30% stake in the 2013 combination of Start of operations of 2011 EFG BSI 2009 Acquisition of BTG Pactual Seguradora and BTG Pactual BTG acquires co-controlling Distribution of 2006 UBS Pactual, stake in Banco Resseguradora in Brazil Pan for ECTP to BBTG11 2000-2001 UBS acquires establishing shareholders 1989 Banco Pactual BTG Pactual R$450mm Creation of Commencement of creating UBS Pactual Asset Pactual Banking Activities Management and opening of an 2017 office in São Paulo BBTG11 2014 Units migration 2012 Announced the acquisition of BSI, a into BPAC11 2010 IPO: primary capital private banking business and BBTG12 2008 US$1.8bn increase of R$3.2 billion based in Switzerland, for units 2002 BTG founded by André capital CHF1.5 Bn 1990 Commencement of Esteves, Persio Arida increase from 1983 Commencement and a group of former international Founded as regional expansion of Wealth in Brazil: opening Pactual partners and investors Acquisition of Celfin brokerage house Management former UBS MDs in Rio de Janeiro of Belo Horizonte Capital in Chile Announced the activities (MG) and Recife acquisition of Ariel Re. a (PE) offices reinsurance company based in London and Bermuda Acquisition of Bolsa Y Renta in Colombia

Announced the acquisition of Pan Seguros, as a development of our insurance strategy for R$580mm

8 What Makes BTG Pactual Unique?

Experienced Team and Solid Governance

9 BTG Pactual Culture and Values

Performance Strategic Focus People Management

How we set our strategic direction How we work How we achieve superior results

• Client focused • Partnership • Meritocracy • Alpha-based • Teamwork • Entrepreneurship • Global thinking and presence • Hard-working and hands-on • Excellence • Long-term ambition • Grow our own talent • Bottom line driven and cost conscious

10 BTG Pactual Organizational Chart and Main Executives

Board Members Elected, 2016

Chairman of the Board Audit Committee Marcelo Kalim

Vice Chairman of the Board

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

BTG Pactual Main Executives

CEO Roberto Sallouti

Corporate Lending Sales & Trading Asset Management Wealth Management Renato Santos Renato Santos Steve Jacobs | José Guilherme Paes Rogerio Pessoa Rogerio Stallone Rodrigo Goes Zitelmann

Notes: 11 (1) Still subject to approvals, including regulatory (2) Compliance Committee responds directly to the board of directors. Section 2 BTG Pactual Business Units Business Units Investment Banking - Financial advisory and capital markets services

BTG Pactual has a leading franchise in the most important products in LatAm, especially in Brazil

Rankings Brazil

M&A 2010 - 2016 (Dealogic) ECM 2010 - 2016 (Dealogic) DCM 2010 – 2016(1) (Anbima)

Volume # Mkt Share Volume Mkt Share Volume Market Instituição Institution # Deals Institution # Deals (US$bn) Deals (%) (US$bn) (%) (R$bn) Share (%)

Itau BBA 153.1 318 25.3 Itau BBA 14.1 82 14.7 Itau BBA 59.0 698 25.0

BTG Pactual 151.6 320 25.1 BTG Pactual 12.8 92 13.4 Bradesco BBI 41.3 661 17.0

Credit Suisse 146.0 165 24.2 9.7 67 10.1 BTG Pactual 29.9 233 13.0

Rothschild 118.6 76 19.6 Bradesco BBI 9.6 51 9.9 BB 27.1 455 11.0 Santander 14.8 271 6.2 BofAML 118.1 95 19.5 BofAML 9.4 41 9.8

Rankings LatAm

Volume Mkt Share Volume Mkt Share Volume Market Instituição # Deals Institution # Deals Institution* # Deals (US$bn) (%) (US$bn) (%) (US$bn) Share (%)

Credit Suisse 241.3 235 22.6 BTG Pactual 18.5 136 10.3 HSBC 270.7 327 36.9

BofAML 197.6 162 18.5 Itau BBA 17.3 103 9.6 JP Morgan 255.2 309 34.8

JP Morgan 190.3 177 17.8 Credit Suisse 15.7 103 8.7 Citi 246.8 341 33.6

Itau BBA 171.1 355 16.0 Citi 14.6 78 8.1 BofAML 217.7 316 29.6

BTG Pactual 170.6 354 16.0 BofAML 13.8 68 7.6 197.6 275 26.9

Note: 13 • The source for DCM LatAm is Dealogic (1) DCM rankings updated as of December, 2016 Business Units Investment Banking - Financial advisory and capital markets services

BTG Pactual main awards and full year revenues for Investment Banking

Recent Highlights & Awards Revenues (R$ mm)

459 448 456 2013 - Best IB: Brazil 2013 - Best IB: Chile (2012/11/10) 2015 – Best IB: Chile 383 2014 – Best M&A Bank: LatAm 367 (2013/12)

2013 - Equity House of the Year: LatAm 2013 - Best Equity House Brazil 2013 - Investment Bank of the Year: 2013 - Best M&A House Brazil Chile 2013 - Best Equity House LatAm 2010 - Best Investment Bank: Brazil

2013 – Most innovative IB: Deloitte Diario Financeiero - Chile LatAm 2011 - Best OPA Agent / Transaction 2011 - Best Debt Restructuring Agent 2011 - Best Financial Institution

2010 - Financial Advisor of the Year: Brazil 2012 2013 2014 2015 2016

14 Business Units Corporate Lending

Financing and loan guarantees to corporations in Latin America

Main Highlights Corporate Lending Portfolio (R$ bn)

• Integrated origination platform 42.8 • Anticipation of demand and needs of our clients • Greater flexibility and agility in order to structure and approve loan transactions 29.2 25.8 • Partners involved in credit and risk analysis 21.7 20.4 19.3 • Cross-selling with IBD, Wealth Management, Merchant Banking and FICC distribution desk • Main booking areas: − High Grade Credit Desk: tailored credit solutions for large corporations − High Yield Credit Desk: credit arbitrages on loans and acquisition 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 of non-performing loans (NPL) portfolios Revenues (R$ mm) Corporate Lending Portfolio by Industry (%)(1,2) Utilities Oil & Gas 985 17% 877 Infrastructure 767 Retail 29% 692 Agribusiness 1% 3% 564 Real Estate Food & Beverage 3% Auto-Parts 4% Telecom 4% Financials 5% 11% Metals & Mining Petrochemicals 6% 8% 2012 2013 2014 2015 2016 Others 8%

Notes: (1) Does not include Banco Panamericano Loan Portfolio and includes off balance sheet items (loans, debentures, CRIs, FIDCs, FIPs, TDs, corporate bonds, letter of credit, commitments and others) 15 (2) As of December, 2016 Business Units Sales & Trading

Integrated and diversified platform of customer facilitation businesses in Latin America

Fixed Income 2016 2015 2014 2013 2012 • Fixed Income and Credit Research team named among the best teams in LatAm, covering over 30 companies • Dealer in Public Debt Offering from National Treasury Equity Research nd st st st st • Leading Futures Brokerage platform in Brazil House in Brazil 2 1 1 1 1 • Market making • Structured products Equities

• Equity research and sales teams named among Equity Research th rd nd rd st the best teams in LatAm, covering 216 companies in 20 industries House in LatAm 4 3 2 3 1 • Equity financial products and services to local and international clients, including: − Leader in market-making, with 46% market share(1) − Brokerage and clearing services − Derivatives for hedging and trading purposes Brazil Economics 6th 3rd 3rd 2nd 1st FX Research • Structured products • Market making • One of the primary dealers of Brazilian Central Bank Fixed Income / Commodities Credit Research 3rd 2nd 2nd 2nd 2nd Brazil • Global Commodities platform, including over 40 desks

Insurance and Reinsurance Fixed Income / • Structured solutions for judicial, performance, rental and financial Credit Research 4th 4th 3rd 3rd 2nd guarantees for high grade clients LatAm • #1 ranked surety in 2015

16 Note: (1) According with BM&FBovespa on December 31, 2016. Includes Brazilian equities only Business Units Sales & Trading

In 2011, BTG Pactual debuted on Institutional Investor’s inaugural Latin American Sales Team as No. 5. In 2012 the firm soared to second, and in 2013, 2014 and 2015 the São Paulo-based outfit claims the summit

Institutional Investor 2015 Brazil Rankings Latin America Sales Team Rank Total Team Positions First Team 2016 Firm 2016 2015 2016 2015

2nd 17 18 7 5

1 Itaú BBA 18 17 6 5 3 Credit Suisse 12 15 - 3 4 BofAML 11 12 - 1 5 JP Morgan 9 10 2 1 In 2016, BTG Pactual had a total of 17 ranked analysts, including 7 ranked #1 in their respective sectors/regions

Revenues (R$ mm)

5,212

2012 2013 2014 2015 2016 2,833 2,924 1,729 2nd 1st 1st 2nd 6th 1,517

Local presence started in 2012 2012 2013 2014 2015 2016

17 Business Units Asset Management

R$115.7 billion in assets under management

LatAm FI & EQ Funds Alternative Investments Fund Services Global Hedge Funds R$ 50.1 billion R$32.6 billion R$29.5 billion R$3.6 billion

LatAm Fixed Income Private Equity External Managers Funds Global Hedge Funds • Money Market Timberland • NAV Calculation Global Fund of Funds • Rates & Credit Infrastructure • Fund Accounting LatAm Equity Index-enhanced Real Estate • Register and Transfer Agent • Absolute Return • Compliance breaches control • Long Biased – Long /Short • Pricing Country Specific Funds • Custody reconciliation • Brazil • Chile • Colombia

Assets Evolution (R$ billion)

189.5 201.4 192.5 170.7 115.7

2012 2013 2014 2015 2016

18 Business Units Asset Management

BTG Pactual main awards and full year revenues for Asset Management

Recent Highlights & Awards Revenues (R$ mm)

• Best Fixed Income House in Chile – 2015 (World Finance) • Best Fixed Income and Equities Global Manager in Chile – 2015 (Morningstar) 1,378 • Best High Net Worth Fund Manager – 2013 / 2014 (Exame/FGV) 1,252 1,190 1,172 • Best Equities Strategist – 2014 (Institutional Investor Brazil) • Best Hedge Fund Strategist – 2014 (Institutional Investor Brazil) • Best Equities Fund Manager – 2013 (Exame/FGV) • Best Fixed Income and Flexible-Multi Asset – 2012/ 2013 (S&P/Valor Econômico) 540 • Best Hedge Fund Manager in Global Macro – 2012 (FN Hedge Fund Awards) • New Hedge Fund of the Year (Global Eq. Opp. Fund) – 2012 (FN Hedge Fund Awards) • Best Fund Manager – 2012 (Exame/FGV) • Best Global Macro Hedge Fund – 2012 (GEMM, EuroHedge Awards) 2012 2013 2014 2015 2016 • “High Standard” Asset Managers Rating by Fitch Ratings

19 Business Units Wealth Management

BTG Pactual Latin America franchise with R$73.7 billion in Wealth under Management

Main Highlights WUM Evolution (R$ billion) • Proactive and systematic approach to portfolio monitoring • Strong cross-selling with all business units 81 84 • LatAm Platform 74 68 − One of the largest private wealth managers in Latin America 62 − 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 • BSI Platform − Acquisition of BSI Bank concluded on September, 2015 − BSI’s brand is well recognized in its markets, mainly in Switzerland, supported by market initiatives and its strong track 2012 2013 2014 2015 2016 record Revenues (R$ mm) Recent Highlights & Awards

• Best Wealth Management in Brazil – 2015 & 2016 World 464 Finance Awards 393 386 • 337 Best Private Bank in Brazil – 2014 World Finance Magazine • Best Private Bank for Growth Strategy – 2014 PWM / The Banker Magazine 202 • Best Private Bank in Colombia – 2014 PWM / The Banker Magazine • Best Family Office Services in Brazil – 2014 Euromoney Magazine 2012 2013 2014 2015 2016 • Best Corporate Advisory for Private Banking Clients in Brazil – 2014 Euromoney Magazine

20 Note: * Considers only BTG Pactual WuM Business Units Principal Investments

Principal investments in broad range of financial instruments which are primarily managed by our Asset Management team

Global Markets Merchant Banking Real Estate • Highly experienced team with strong • BTG Pactual network of contacts grants • Investment Strategy focused in: Brazil, track record us access to numerous attractive Chile, Colombia and Peru • Strategy is designed to scale up and down investment opportunities and brings a • Income Generating Properties significant deal flow according to market opportunities ￚ Exposure to all the main assets classes: • Multi-strategy investments with • Asset Management has a local dedicated offices, shopping, industrial (logistics) optimization of performances through a investment team, allowing us to operate and hospitality in both sourcing deals and managing the dynamic capital allocation • Development investments portfolio • Existing strategies ￚ Exposure to residential, commercial • Divisions: ￚ EM Credit ￚ Global Rates & FX and mixed use projects ￚ Private Equity ￚ EM Rates & FX ￚ US Mortgages ￚ Partnership with local developers ￚ Natural Resources ￚ EM Equities ￚ US Credit ￚ Dedicated Investment team with broad ￚ Timber ￚ Equities GDM ￚ Reinsurance experience in the sector ￚ Infrastructure

Revenues (R$ mm)

2,338 Global Markets 620 Merchant Banking 245 (485) (1,178) 234 (594) Real Estate 255 1,859 32 Total -79 -239 718 258 -684 -353 -776 -188 -415 -167 2012 2013 2014 2015 2016

21 Business Units Pan

Pan turnaround underway Shareholding Structure and Rationale

• Co-controlling interest with Caixa Econômica Free-Float Federal • Long-term financing agreement with Caixa 40.4% 40.4% 19.3% Econômica Federal • Business opportunity with profitable products, low cost funding and a well established commercial base

Consumer Loans SME Lending Mortgage

• Auto loans • Main products are trade finance, working • BFRE acquisition capital and stand-by letters of credit • Payroll loans • Established distribution network for • Guarantees through: mortgage origination • Consumer loans ￚ Receivables and advances • Real estate mortgages • Credit cards ￚ Commercial pledge ￚ First priority security (interest on real ￚ New or used real estate financing estate) ￚ Construction financing ￚ Home equity

22 Section 3 BTG Pactual Financial Highlights Track Record of Strong, Controlled and Profitable Growth

Shareholders' Equity (R$mm) Net Income (R$mm) ROAE (%)

Net Income, Shareholder’s Equity, ROAE and BIS Ratio 22,511 20,371 18,678 • Consistent growth, even in adverse 16,091 market conditions

• Solid profitability (average ROAE of 20.9% in 22.4% 19.6% 18.4% 15.5% the last 4 years) 4,616 2,775 3,411 3,325 • Strong capitalization

2013 2014 2015 2016

Basel Ratio (%)(2) VaR/Avg. Shareholders' Equity (%) VaR(1,2) and VaR/Average Shareholder’s Equity 21.5% 17.7% 17.5% • Excellence in risk management, proven 15.5% in extremely adverse market conditions

0.8% 0.7% 0.5% 0.5%

2013 2014 2015 2016

Note: 24 (1) 1 day Value at Risk (95%) (2) Incudes BSI‘s RWA and VaR since September 15th 2015 Industry-Leading Operating & Profitability Metrics

ROAE (%) ROA (%)

22.4% 19.6% 18.4% 1.9% 1.7% 1.7% 1.7% 15.5%

2013 2014 2015 2016 2013 2014 2015 2016

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

30% 28% 55% 50% 24% 23% 43% 41%

2013 2014 2015 2016 2013 2014 2015 2016

Notes: * Includes BSI from September 1st, 2015 onwards – a one month impact for the 3rd quarter 2015, and a full impact for the 4th quarter 2015 onwards 25 (1) Salaries and benefits + bonus expenses / net revenues (2) Total operating expenses / net revenues Rigorous Risk Control Framework with Proven ALM

BTG Pactual has rigorous risk management and maintains a solid and diversified funding base

Strong Risk Management Culture Assets and Liabilities are Well-matched to Avoid Gaps (Dec-16) • Risk management and capital preservation are Assets Liabilities key elements of the investment decision 120.9 120.9 process 1.3 Settlement account • Vast majority of partners’ wealth is BTG Cash & Equivalents 12.7 19.5 REPO Financing Pactual’s equity, encouraging rigorous risk Settlement Account 1.9 control and long-term commitment Assets Financed 19.2 Through REPOs • Senior management sits on trading floor 30.6 Secured Funding • Average daily VaR of R$190.1 mm / (0.89% of Shareholders Equity) in 2016(1)

Trading Portfolio • Rigorous “Stress Test” modeling to complement Assets 42.2 VaR

• Strong discipline of mark-to-market and profit- 33.6 Unsecured Funding and-loss review on a daily basis 230% (2) Credit 14.6 coverage

12.9 Other Liabilities Other Assets 11.0 2.6 Perpetual

Illiquid Assets 19.3 20.4 Net Equity

Notes: 26 (1) Incudes BSI‘s VaR since September 15th 2015 (2) Excludes demand deposits from BTG Pactual stand alone 4Q 2016 4Q 2016 Balance Sheet Analysis

(In R$ billion) Assets Liabilities

128.6 128.6 Settlement 1.3 account Cash & 120.9 120.9 14.7 Equivalents 1.3 16.8 REPO 12.7 Financing Settlement 2.2 19.5 account 1.9 Assets financed 17.4 through REPOs 19.2 Secured 34.2 funding 30.6

Trading portfolio 45.5 of assets 42.2 Unsecured 37.4 funding 33.6

Coverage Credit 15.6 (1) 14.6 230% 12.6 Other liabilities Other assets 10.9 12.9 11.0

(2) 26.4 Equity & Illiquid assets 22.3 23.0 19.3 Perpetual(2)

3Q 2016 4Q 2016 4Q 2016 3Q 2016

Note: (1) Excludes demand deposits from BTG Pactual stand alone 27 (2) Includes full impact for BSI and ECTC. For ECTP approximately R$3.1bn equity (on a fully diluted basis) distributed to shareholders in 3Q 2016 Broader Credit Portfolio

By Area (R$ billion) By Product (R$ billion)(1,2)

52.2 52.2

4.4

1.9 15.7 39.6 39.6 38.6 38.6 2.6 33.8 33.8 0.9 6.9 10.1 7.4 2.6 0.5 2.5 28.0 14.0 28.0 12.2 6.5 10.7 12.9 5.6 45.9 2.3 2.1 0.0 36.2 0.00.4 8.8 9.8 2.5 30.7 29.2 0.00.3 19.3 3.2 20.1 16.3 17.9 13.2 8.6

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Loans Mortgage Funds Letter of credit Marketable securities Corporate Lending Wealth Management Others

By Ratings(1,2): AA-A: 69% | B-D: 27% | E-H: 4%

Note: * Includes BTG Pactual Stand alone only, excluding BSI 28 (1) According to Brazilian Central Bank’s 2682 resolution (2) As of December 31, 2016, rounding may apply Unsecured Funding Base

(In R$ billion) 68.1 66.3 9.7

14.5 3.5 52.2

3.5 7.4 7.4 7.9 6.7 36.2 31.5 24.4 5.1 Borrowings and onlending 2.2 17.8 22.1 2.6 Perpetual 6.2 7.3 Subordinated debt

8.5 11.9 22.2 Securities issued 19.8 16.6 13.7 Time deposits 9.0 Interbank deposits 0.4 0.8 Demand deposits 0.6 1.5 0.10.2 0.3 0.2 0.2 0.1 2012 2013 2014 2015 2016

29 Note: * BTG Pactual Stand Alone, excluding BSI Section 4 4th Quarter 2016 Highlights Performance Summary 4Q 2016 We are operating with historically high capitalization ratios, liquidity levels, low leverage and focused on our core activities.

1 For 4Q 2016, total revenues and net income reached R$997 million and R$652 million, respectively • Annualized ROAE of 12.7% • Net income R$0.70 per unit 2 Cost income ratio slightly higher than historic average due to one-off expenses related to the sale of BSI and increased goodwill expenses • Cost to income ratio at 53% for the quarter • Compensation ratio at 24% for the quarter 3 Total assets at R$120.9 billion. BaseI ratio for BTG Pactual was 21.5%. Shareholders Equity at R$20.4 billion • JCP of R$890million announced in the quarter and R$3.14 bn on ECTP’s distribution • Avg VaR in the quarter was R$137.8 million, or 0.67% of average shareholders’ equity

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

3,518 23.9 24.4 1,229 22.5 20.4 1,526 661 652 22.0 997 1.06 0.71 0.70 11.2 12.7 0.77 0.57 0.67

4Q 2015 3Q 2016 4Q 2016 4Q 2015 3Q 2016 4Q 2016 4Q 2015 3Q 2016 4Q 2016 Shareholders Equity Revenues ROAE (%) Net income Earnings p/Unit (R$) Distributions in the Period Avg. daily VaR / avg. SE (%)

Note: * Balance sheet items represents end of period data 31 ** Includes BSI from September 1st onwards – a one month impact for the 3rd quarter, and a full impact for the 4th quarter onward Performance Summary Full Year 2016

2016 results reflect good performance of our core businesses.

1 Good performance during the year • Revenues and net income reached R$8.7 billion and R$3.3 billion, respectively • Year to date annualized ROAE of 15.5% 2 Cost income above historic average, mainly due to one-off costs, independent internal investigation and ECTP underperformance • Cost to income ratio at 55% • Compensation ratio at 28% • Net margin at 38% 3 Shareholders’ equity ended the year at R$20.4 billion, which included R$4.5 billion distributions to shareholders (R$3.14 billion ECTP and R$1.39 billion JCP/dividend)

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

4,616 24.9 10,086 22.5 8,731 3,325 20.4

3.98 3.59 22.4 0.89 15.5 0.66

12M 2015 12M 2016 12M 2015 12M 2016 12M 2015 12M 2016 Shareholders Equity Distributions in the Period Revenues ROAE (%) Net income Earnings p/Unit (R$) Avg. daily VaR / avg. SE (%)

Note: 32 (1) BTG Pactual stand-alone excludes BSI and ECTP impacts Expenses and Main Ratios

Costs slightly pressured by one-off transaction costs and legal expenses during the year.

2016 % Quarter 4Q 2016 % change to Full Year change to

(in R$ mm, unless stated) 4Q 2015 3Q 2016 4Q 2016 4Q 2015 3Q 2016 2015 2016 2015 Bonus (514) 147 (105) -80% -171% (1,600) (814) -49% Salaries and benefits (579) (437) (131) -77% -70% (1,386) (1,637) 18% Administrative and other (651) (399) (190) -71% -52% (1,450) (1,717) 18% Goodwill amortization (57) (50) (85) 50% 71% (209) (244) 17% Tax charges, other than income tax (97) (123) (19) -80% -84% (430) (371) -14% Total operating expenses (1,898) (861) (530) -72% -38% (5,076) (4,783) -6%

Cost to income ratio 54% 56% 53% 50% 55% Compensation ratio 31% 19% 24% 30% 28%

Income tax and social contribution (391) (4) 185 -147% -4385% (394) (623) 58% Effective income tax rate 24.1% 0.6% -39.6% 7.9% 15.8%

33 Basel Ratio and VaR

Banco BTG Pactual Basel ratio reached 21.5%. Average VaR as a percentage of the average equity increased, yet still at low levels.

Basel Ratio Daily Average VaR (%) (% of average equity) 21.5%

3.8% 1.16%

16.4% 15.5% 15.5% 0.96% 14.3% 14.2% 2.1% 4.7% 2.3% 2.1% 0.77% 2.7% 1.9% 2.6% 3.0% 2.8% 0.67% 0.67% 2.4% 2.9% 0.57%

13.1% 11.6% 10.1% 10.6% 9.9% 8.7%

3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 Common Equity Tier I Additional Tier I Tier II

Note: * Includes BSI from September 1st onwards – a one month impact for the 3rd quarter, and a full impact for the 4th quarter onward 34 (1) Estimated taking into effects of the deconsolidation of BSI and ECTP and recognizing BTG Pactual’s remaining interest as permanent investment Segregation of BBTG11 Units

BTG Pactual intends to incentivize shareholders to migrate from the joint unit of Banco and BTGP to new units representing each company individually

Deliberate effort to recast • We have perceived greater investor interest in Banco and BTGP as standalone, Banco as a pure-play Latin pure-play entities rather than on a combined basis American investment bank and • We believe recasting each of those entities as companies focused on their core BTGP as a pure-play principal business will strengthen both Banco and BTGP, thereby unlocking value for our investments platform investors

• Market perception of Banco’s value has significant potential for improvement, Banco has a track record of solid and we believe that key to unlocking that potential is allowing Banco to clearly performance and currently focus on, and be analyzed for, its core activities trades at a significant discount • Banco’s financial resources will be more clearly allocated toward valuable when compared to its peers opportunities in its core Latin American investment banking and asset management activities

Possibly significant increase in • We believe Banco currently has a significant spectrum of potential investors that the range of potential investors are not allowed to invest in it due to the characteristics of the current trading in a pure-play Latin American structure. Removing such impediments would permit increased resources to be investment bank efficiently allocated to Banco

We expect that the sum of our parts will unlock value for our shareholders

35 Simplified Units Structure – Pre and Post

Unit Shareholder Structure Unit Shareholder Structure Current Post Separation(2)

Partners Partners 70.3% 70.3%

100% 100% BTG Pactual BTG Pactual Free Float Free Float Holding S.A.(1) 25.7% 74.3% Holding S.A.(1)

25.7% 74.3% 25.7% 74.3% BBTG11 BPAC 11 BBTG12 Units Units Units(3)

70.3% 29.7% 100.0% 70.3% 29.7% 100.0% Banco BTG Pactual BTG Pactual Banco BTG Pactual BTG Pactual S.A. Participations Ltd. S.A. Participations Ltd.

29.7% Total Units(2) 29.7% BTG Investments BPAC11 Formed: 275,377,935 BTG Investments Total Units L.P. BPAC11 Theoretical: 926,155,137 L.P. BBTG11 Formed: 275,377,935 BBTG12 Formed: 275,377,935 BBTG11 Theoretical: 926,155,137 BBTG12 Theoretical: 926,155,137

Note: (1) Includes units acquired by investment vehicles owned by certain partners individually or collectively and vehicles under common control of the Partnership (2) Assumes all current BBTG11 unit holders decide to break up their units and hold new Banco units and BTGP units; however the breakup is not 36 mandatory and it is likely that there will be some BBTG11 units outstanding following the transaction (3) Considering economic interest only (i.e., Class A and Class B shares) Banco BTG Pactual S.A. (“Banco”)

Since the IPO, Banco’s shareholders’ equity has been consistently growing(1) and its average return on equity has been over 25%. Banco has a solid and well-capitalized balance sheet. Balance Sheet Summary (R$ billion) Revenues, Net Income and ROAE

Assets Liabilities Revenues (R$mm) Net Income (R$mm) ROAE (%) 111.8 111.8 1.3 Settlement account 11,081 Cash & Equivalents 12.7 19.5 REPO Financing Settlement Account 1.9 32.7%

Assets Financed 19.2 8,797 Through REPOs

Secured Funding 30.6 25.1% 25.1%

22.4% 6,552 Trading Portfolio Assets 38.1 5,620 5,596 5,623 18.2%

31.6 Unsecured Funding 240% coverage(2) 3,369 3,409 Credit 13.0 2,489 8.4 Other Liabilities 2,061 Other Assets 11.1 2.6 Perpetual Bonds

Illiquid Assets 15.8 17.7 Net Equity

4Q 2016 4Q 2016 2012 2013 2014 2015 2016

37 Note: (1) If adjusted for the effects of ECTP’s separation Banco BTG Pactual S.A. | Core Business Areas Performance

Revenues breakdown by business units (not including, BSI, ECTP and Interest & Others). 4th Quarter 2016(1) Full Year 2016(1,2)

2,015 249

177 877 115 113 85 540 367 334

-30

-103

(% of total) (% of total) 49% 39% 28% 18% 18% 21% 13% 9% 13% 8%

-1% -16%

Investment Corporate Sales & Asset Wealth Principal Investment Corporate Sales & Asset Wealth Principal Banking Lending Trading Mgmt Mgmt Invest- Banking Lending Trading Mgmt Mgmt Invest- ments ments

Note: (1) Excludes Participations and interest and other revenues to better reflect the core strategy of Banco 38 (2) For the full year, revenues are adjusted to reflect ECTP’s distribution and BSI’s deconsolidation for the FY 2016 BTG Pactual Participations Ltd.

Pro-forma balance sheet summary of BTGP(1,2) In millions of R$ unless otherwise stated

Assets 6,927.5 Liabilities + Equity 6,927.5 Cash & Equivalents 7.7 Financial Liabilities 4,405.5 Merchant Banking 2,809.0 - Financial Institutions 1,962.8 BTG Pactual Bonds 1,723.1 - Medium Term Notes 2,442.6 Global Markets 161.0 Derivatives 3.7 Loans and Receivables 2,206.8 Other Liabilities 61.1 - Loans to Partners 2,119.6 - Others 87.2 Other assets 19.9 Shareholders Equity 2,457.2

Note: (1) Pro-forma balance sheet has been adjusted to eliminate intercompany balances within BTGI, which are not allowed on the statutory Fianancial Statements. 39 (2) BTGP owns through its wholly-owned subsidiary BTG Holdco a stake corresponding to 29.28% of BTG Investments capital. BTG Investments equity is held by BTGP as an investment portfolio at fair value in accordance with IFRS10 and substantially represents BTGP’s equity. Section 5 Banco BTG Pactual and BTGI Individual Highlights Income Statement Breakdown Between Entities In R$ million 2016 Banco BTG Pactual BTG Investments

367 Investment Banking -

877 Corporate Lending -

2,817 Sales and Trading 497

540 Asset Management -

2,408 Wealth Management 3

(30) Principal Investments (565)

(113) Participations -

1,932 Interest and Others 483

8,797 Total Revenues 418

(4,766) Total Operating Expenses (17)

4,032 Net Income 401

17,727 Shareholders Equity 2,457

41 Highlights Banco BTG Pactual S.A

Balance Sheet Summary (R$ billion) Shareholder’s Equity, Net Income and ROAE(1)

Shareholders' Equity (R$mm) Net Income (R$mm) ROAE (%) Assets Liabilities 19,713 17,727 111.8 111.8 1.3 Settlement account 14,733 12,128 32.7% Cash & Equivalents 12.7 19.5 REPO Financing 25.1% Settlement Account 1.9 22.4% 5,623 18.2% Assets Financed 19.2 3,369 3,409 Through REPOs 2,489

30.6 Secured Funding 2013 2014 2015 2016

Trading Portfolio Basel Ratio and VaR(2) Assets 38.1 Basel Ratio (%) VaR/Avg. Shareholders' Equity (%) 21.5%

31.6 Unsecured Funding 17.7% 17.5% 240% 15.5% Credit 13.0 coverage(2)

8.4 Other Liabilities 1.0% Other Assets 11.1 2.6 Perpetual Bonds 0.7% 0.5% 0.5% Illiquid Assets 15.8 17.7 Net Equity

4Q 2016 4Q 2016 2013 2014 2015 2016

Notes: * Includes BSI from September 1st onwards – a one month impact for the 3Q 2015, and a full impact for the 4Q 2016 onwards 42 (1) Incudes BSI‘s RWA and VaR since September 15th 2015 (2) Excludes demand deposits from BTG Pactual stand alone Highlights BTG Investments

Balance Sheet Summary (R$ billion) Total Revenues, Net Income and ROAE

Total revenues (R$ mm) Net Income (R$mm) ROAE (%) Assets Liabilities

10.9 10.9 Cash & Equivalents 0.0 287 17.6% 6.5% 267 418 401 2.2 Unsecured Funding -3.2% -100 -129

-55.5% Trading Portfolio 5.8 Assets

2013 2014 2015 2016 Shareholder’s Equity and VaR

6.2 Other Liabilities Shareholders' Equity (R$mm) VaR / Average Shareholders' Equity (%)

Other Assets 1.6 4,124 3,973

2,457 2,108 Illiquid Assets 3.5 2.5 Net Equity 1.2% 0.9% 1.1%

0.2% 4Q 2016 4Q 2016 2013 2014 2015 2016

43 BTG Pactual Rating Summary

• Outlook Stable • Rating Outlook Negative • Outlook Negative • Bank deposits Ba3/NP • Foreign and local currency • Issuer Credit Rating: BB-  Long Term IDR BB- • Issuer Credit Rating brA-/brA-2 Banco • NSR Bank Deposits – A2.br/BR-1  Short Term IDR B (local): BTG Pactual S.A. Dom Currency • Local  Long Term IDR A-(bra)  Short Term IDR F2(bra)

• Rating Outlook Negative BTG Investments • Foreign and local currency L.P.  Long Term IDR B+

• Rating Outlook Negative BTG Pactual • Foreign and local currency Holding S.A.  Long Term IDR BB-

44 Main Contacts

www.btgpactual.com/ir [email protected]

Investor Relations Team João Dantas Pedro da Rocha Lima Philippe Katz

45