BTG PACTUAL CORPORATE PRESENTATION 3rd QUARTER 2018

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 3rd Quarter Overview Business Units Financial Highlights 2018 Highlights Section 1 Section 2 Section 3 Section 4 BTG PACTUAL OVERVIEW

SECTION 1 BTG Pactual at a Glance

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

2017 7% 14% 43% 9% 7% 0% 0% 20%

3Q 2018 5% 25% 18% 13% 10% 17% -1% 14%

Net Revenues and Net Income Evolution (R$mm)

1,645

1,370 1,310 1,238 1,255

851 759 744 660 685 685 603

2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 Total Revenues Net Income Adjusted

4 BTG Pactual at a Glance

Total Assets R$163,9 bn Highlights (US$40,9 bn) Shareholders’ Equity R$19,2 bn (US$4,8 bn)

AuA and/or AuM R$184,2 bn (US$46,0 bn)

WuM R$115,5 bn (US$28,9 bn)

Note: 5 * Financial data as of September 30, 2018, converted for end of period R$/US$ rate of 4.0039 Summarized Shareholder Structure

Total Units • Each BPAC11 Unit is composed of 1 ON and Partners 2 PNA shares of Banco BTG Pactual S.A. • BPAC11 Formed: 243,090,055 • BPAC11 Theoretical: 893,867,257

100%

BTG Pactual Holding S.A.1 Free Float

81.6%, 18.4% of which 8.8% was acquired at market

Banco BTG Pactual S.A.

Note: 6 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 André Start of operations of Wealth Management Esteves, Persio Arida and a BTG Pactual activities group of former Pactual Seguradora and BTG partners and former UBS MDs Pactual Resseguradora in Brazil Creation of Acquisition of co- Sale of BSI and a 30% stake Pactual Asset controlling stake in in the combination of EFG Management Banco Pan for BSI R$450mm 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 CHF1.5 Bn Sale of Ariel Re

Acquisition of Celfin Capital in Chile Founded as BTG acquires brokerage house in Commencement of Rio de Janeiro regional expansion in UBS Pactual, Announced the Brazil: opening of Belo establishing BTG acquisition of Ariel Horizonte (MG) and Pactual Re. a reinsurance Acquisition of company based in Recife (PE) offices Bolsa Y Renta London and in Colombia Bermuda

Announced the acquisition of Pan Seguros, as a development of our insurance strategy for R$580mm 7 Organizational Chart and Main Executives Board Members Elected

Chairman of the Board Audit Committee Marcelo Kalim

Vice Chairman of the Board Huw Jenkins

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: 8 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 José Zitelmann

9 Dominant presence in America Latina

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

United Kingdom London Brazil

Chile USA Miami New York

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 10 BTG PACTUAL BUSINESS UNITS

SECTION 2 Highlights and Awards

2013 - Best IB: Brazil 2015 - Best Investment 2013 - Most Innovative IB: LatAm Investment Banking Bank in Brazil 2013 - Best IB: Chile (2012/11/10) Financial advisory and capital markets services

BTG Pactual is the leading M&A and Capital Markets franchise since 2010, 2013 - Equity House of the Year: LatAm 2015 - Best IB: Chile 2010 - Financial Advisor having advised the most relevant of the Year: Brazil transactions during this period 2013 - Investment Bank of the Year: Chile 2014 - Best M&A Bank: 2010 - Best Investment Bank: Brazil LatAm (2013/12)

Ranking 2017

Brazil 1st M&A | over US$16 bn in transaction volume Deloitte Diario Financeiro - Chile rd 3 ECM | over 40% market share in 2011 - Best OPA Agent/ Transaction 2013 - Best Equity House Brazil announced transactions 2011 - Best Debts Restructuring Agent 2013 - Best M&A House Brazil Latin America 2011 - Best Financial Institution 2013 - Best Equity House LatAm 1st M&A | over US$24 bn in transaction volume 1st ECM | over 30% market share in announced transactions 12 Investment Banking Revenues (R$ million) Market Positioning Highlights (9M 2018) Softer quarter for investment banking, mainly due to low market activity 456

383 378 M&A: #1 in number of transactions 367 367 in Brazil and in Latin America

Overview of 3Q 2018 ECM: #2 in Brasil and #1 in Latin America in number and volume of transactions • Financial Advisory revenues decreased due to lower volumes of closed transactions. • ECM delivered a weak performance mainly due to lower market activity in Brazil • DCM continues to perform well in line with the previous quarter 2014 2015 2016 2017 9M 2018

13 Revenues (R$ million)

985 877 Corporate Lending 790 692 715 Financing and loan guarantees to corporations in Latin America

2014 2015 2016 2017 9M 2018

Main Highlights Corporate Lending Portfolio by Industry Corporate Lending Portfolio (%) (1,2) (R$ bn) • Integrated origination platform 2Q 2018 • Anticipation of demand and Utilities Oil & Gas Utilities 1Q 2018 needs of our clients Wealth Management Oil & Gas 45.9 • Greater flexibility and agility in order to Financials 18% Infrastructure Infrastructure 25% structure and approve loan transactions Financials 18% Agribusiness • Partners involved in credit and risk Wealth Management 29.2 Retail 2% 29% 26.1 analysis Agribusiness 2% Real Estate 1% 21.8 Retail 3% 2% 19.3 • Cross-selling with IBD, Wealth Auto-Parts Real Estate 3% Management, Merchant Banking and Food Food& Beverage & Beverage 4% 12% 4% FICC distribution desk TelecomAuto-Parts 5% MetalsTelecom & Mining 5% 5% 6% 14% PetrochemicalsMetals & Mining Main booking areas: 6%7% 7% 2014 2015 2016 2017 9M 2018 OthersPetrochemicals 6% 4% 6% • High Grade Credit Desk: tailored 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, CRIs, FIDCs, FIPs, TDs, corporate bonds, letter of credit, commitments and others) 14 2. As of September 30, 2018 Sales & Trading

Integrated and diversified platform of customer facilitation businesses in Latin America Guillermo Ortiz Andres Borenstein Eduardo Loyo Luis Oscar Herrera

• Former governor of the • Former Chief Economist at • Former Executive • Former Chief Economist at Bank of Mexico British Embassy director at the IMF the central bank of Chile • Former Chairman of BIS • Former Director for • Former Director of the • Former Head of Research Highlights and Awards • Former Chairman of Banorte programee econ at UTT Central bank of Brazil at EuroAmerica • Former Secretary of finance • FormerBoard member of • Former Director of Representative of IMF Romikin and Atlas Pharma financial policy LatAm Equity Sales (2014, 2013)

Brasil Equity Sales (2017, 2014, 2013) 1º

Brasil Equity Research Latin America Dedicated Bank (2017, 2015, 2014, 2013) • Fixed Income • Equities LatAm Equity Sales In 2017, BTG Pactual had a total of 22 ranked analysts, including 6 (2017, 2015) ranked #1 in their respective sectors/regions • FX • Energy • Equity research and sales teams named among the best teams in Brasil Equity Sales • Insurance and Reinsurance (2016, 2015) 2º LatAm, covering 230 companies in 20 industries • Fixed Income and Credit Research team named among the best Brasil Equity Research teams in LatAm, covering over 30 companies (2016) 15 2013 2014 2015 2016 2017 1st 1st 2nd 6th 2nd

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 and 2017 the São Paulo - based outfit claims the summit. Institutional Investor 2017 – Brazil Rankings

Rank Total Team Positions First Team Revenues (R$ million) 2017 Firm 2017 2016 2017 2016

1º BTG Pactual 17 17 7 7 4,806 1º Itaú BBA 17 17 7 7 2,966 2,817 2,389 1º J.P. Morgan 17 13 1 2 1,042 2º Bradesco BBI 15 4 1 - 3º Credit Suisse 10 13 - - 2014 2015 2016 2017 9M 2018

In 2017, BTG Pactual had a total of 17 ranked analysts, 16 including 7 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$184.2 billion in assets, with a complete range of both traditional and alternative investment products

Global Hedge Fund Funds Services

17 2015 2016 2012/2010 Best specialist fund 2015 manager, Best specialist Best Brazilian Equities GEMM was equity fund manager, Best Asset Fund Manager, S&P awarded best Best Multi-Market Awards Manager in Chile and Valor Econômico Global Macro Fund Fund manager

THOMSON REUTERS LIPPER FUND AWARD 2015/2014 2014/2019 2016 2015 2008/2007 2013 Top Performer Equity Fitch Assigns Top Equity EM Latin America and Best Fixed Income Highest Rating Equity Performer in Fund Manager 1 Manager Grade - M1 Brazil

2015 2013/2012/2011 2013/2012/2011 Over years Top Performer BTG Pactual Funds Equity Brazil in Best Brazil Best Fixed Income received 5-star Nordic Countries Fund Manager Fund Manager rating consistently

18 Asset Management Revenues (R$ million) AuM and AuA (R$ billion) Higher revenues and strong net new money inflows - we continue to gain 1.6 (42.0) (81.0) 15.6 22.8 market share

1,378

1,252 201.4 Overview of 3Q 2018 192.5 184.2 22.9 24.6 5.2

• Revenues grew 10.6% when 40.0 144.9 37.6 compared to 2Q 2018, reaching 46.2 4.5 R$164.6 million 115.7 28.9 51.9 3.6 68.6 • 540 29.5 Positive net new money of 486 57.7 R$7.4 billion for the quarter 438 8.7 50.2 32.6 16.5 • Flows were positive across all 6.9 11.7 6.7 lines 77.9 57.1 56.3 43.5 49.7

2014 2015 2016 2017 9M 2018 2014 2015 2016 2017 9M 2018 Brazil FI & EQ Funds LatAm FI & EQ Funds Fund Services Alternative Investments Global Hedge Funds Net New Money 19 Recent Hightlights & Awards

• Best Wealth Management in Colombia – 2017 The European

• Best Family Office Services in Brazil – 2016 Euromoney Magazine

• Best Private Bank in Brazil – 2016 & 2015 World Finance Awards

Wealth Management • Best Private Bank in Colombia – 2015 & 2014 PWM / The Banker Magazine

• Best Private Bank in Brazil – 2014 World Finance Magazine We continued to receive significant inflows of net new • Best Private Bank for Growth Strategy – 2014 PWM / The Banker Magazine money

WuM Evolution (R$ billion) Revenues (R$ mm) Main Highlights

• Proactive and systematic approach to 464 portfolio monitoring 116 393 • Strong cross-selling with all business units 369 337 352 • LatAm platform 87 81 84 • 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 2014 2015 2016 2017 9M 2018 2014 2015 2016 2017 9M 2018

20 BTG PACTUAL FINANCIAL HIGHLIGHTS

SECTION 3 Track Record of Strong, Controlled and Profitable Growth

Shareholders' equity (R$ mm) Net income adjusted (R$ mm) ROAE (%) Net Income, Shareholder’s Equity, 19,713 19,180 ROAE & Basel Ratio 17,727 18,528 32.7% • Consistent growth, even in adverse market conditions 18.2% 5,623 16.3% 14.4% 3,409 • Solid profitability (average ROAE 2,949 2,030 of 21.0% in the last 4 years) 2015 2016 2017 9M 2018 • Strong capitalization

Basel ratio (%) VaR as a % of shr. equity (%) 21.5% (1,2) VaR and VaR/Average 18.0% 17.8% 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 9M 2018

Notes: 1. 1 day Value at Risk (95%) 2. Includes BSI’s RWA and VaR since September 15th 2015 22 Industry-Leading Operating & Profitability Metrics

ROAE (%) ROA (%)

32.7% 2.7% 2.4% 2.5% 25.1% 1.9% 2.0% 18.2% 16.3% 14.4%

2014 2015 2016 2017 9M 2018 2014 2015 2016 2017 9M 2018

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

54.2% 48.0% 45.6% 46.0% 41.7%

26.9% 27.8% 23.4% 23.1% 22.2%

2014 2015 2016 2017 9M 2018 2014 2015 2016 2017 9M 2018 Notes: 1. Salaries and benefits + bonus expenses/ net revenues 2. Total operating expenses/ net revenues 23 BTG Pactual Rating Summary

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

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

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

24 3rd QUARTER 2018 HIGHLIGHTS

SECTION 4 3Q 2018 Key Highlights

We continue to deliver a very strong performance on our client businesses, with 1 a 35% year on year growth of AuM on both Wealth and Asset Management units

BTG Pactual digital platform now complete, offering full suite of investment 2 products to B2B and B2C clients

Solid performance in Corporate Lending, from both large corporates and NPL 3 strategies, representing a 32.9% increase in revenues

Conservative risk allocation pre elections led to soft results from Sales & Trading. 4 Total average daily VaR decreased 23.5%

26 Total revenues and adjusted net income were R$1,255 million and R$685 million, 1 respectively • Annualized ROAE(1) was 14.3%. Excluding EFG and Banco Pan, the annualized ROAE was 18.3% • Net income per unit(1) was R$0.78 • Accounting net income was R$585 million Cost income ratio remained stable, slightly above the historical average, mostly Performance Summary 2 due to a one-off tax expense 3Q 2018 • Cost to income ratio was 47% • Compensation ratio was 22% We delivered 14.3% ROAE Total assets were at R$163.9 billion. BaseI ratio for BTG Pactual was 17.8% and and revenues remained flat 3 shareholders’ equity remained at R$19.2 billion when compared to 3Q 2018 • Distribution of interest on capital in the amount of R$592 million • Average VaR in the quarter decreased to R$57.7 million or 0.30% of average shareholders’ equity

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

759 19.2 19.2 685 685 18.6 1,645 1,238 1,255 16.5 0.71 14.5 14.3 0.85 0.78 0.78 0.40 0.30

3Q 2017 2Q 2018 3Q 2018 3Q 2017 2Q 2018 3Q 2018 3Q 2017 2Q 2018 3Q 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 1. Annualized ROAE and net income per unit uses the adjusted net income as basis for the calculations 27 Total revenues and adjusted net income were R$3,803 million and R$2,030 1 million, respectively • Year to date annualized ROAE(1) was 14.4%. Excluding EFG and Banco Pan, annualized ROAE was 18.6% • Accounting net income was R$1,808 million

Performance Summary 2 Cost income ratios were in line with historical average Nine-month period 2018 • Cost to income ratio was 46% • Compensation ratio was 22% Solid client franchise and soft trading results on a highly 3 Shareholders’ Equity increased 3.1% and ended the period at R$19.2 billion volatile and risk averse market • Distribution of interest on capital in the amount of R$592 million scenario

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

4,157 2,204 2,030 3,803 18.6 19.2

2.47 2.31 0.64 16.2 14.4 0.42

9M 2017 9M 2018 9M 2017 9M 2018 9M 2017 9M 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 1. Annualized ROAE and net income per unit uses the adjusted net income as basis for the calculations 28 Business Areas Performance

Revenue breakdown by business units

3Q 2018 Nine-month period

Total Revenues = R$1.3 billion Total Revenues = R$3.8 billion (R$mm) (R$mm) 1,042 311

715 224 211

165 171 484 438 125 378 352 363

58

30

-10

(% of total) (% of total)

27% 25% 19% 18% 13% 17% 14% 10% 12% 9% 10% 13% 5% 10% 1%

-1% 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

29 ROAE Components

BTG Pactual generated an ROAE of 18.3% in 3Q 2018

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

Banco BTG Pactual (excluding investments 14,387 18.3% in Banco Pan and EFG)

Banco Pan 1,705 6.0%

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

Notes: 1. Includes investment and goodwill 2. Does not include the positive effects of the hedging back to Brazilian Real or any other adjustments, such as taxes 30 Expenses and Main Ratios

Cost ratios remained stable and in line with our historical averages. The total operating expenses were up 2% when compared to 3Q 2018

9M 2018 Quarter 3Q 2018 % change to Year to Date % change to (in R$ mm, unless stated) 3Q 2017 2Q 2018 3Q 2018 3Q 2017 2Q 2018 9M 2017 9M 2018 9M 2017 Bonus (236) (122) (121) -49% -1% (504) (387) -23% Salaries and benefits (133) (152) (159) 19% 5% (398) (459) 15% Administrative and other (208) (218) (188) -10% -14% (602) (611) 1% Goodwill amortization (65) (36) (40) -39% 11% (226) (107) -53% Tax charges, other than income tax (64) (56) (88) 38% 57% (175) (187) 7% Total operating expenses (705) (584) (596) -16% 2% (1,905) (1,751) -8%

Cost to income ratio 43% 47% 47% 46% 46% Compensation ratio 22% 22% 22% 22% 22%

Income tax and social contribution (439) (32) (74) (529) (244) -54% Effective income tax rate 46.7% 4.9% 11.2% 23.5% 18.6%

31 Balance Sheet Analysis

(In R$ billion) Assets Liabilities 163.9 163.9 157.4 157.4 10.9 17.8 6.2 Settlement account Cash & Equivalents 17.1 13.1 Settlement Account 8.6 39.0 39.2 REPO Financing 40.5 38.9 Assets financed through REPOs 39.0 41.3 Secured funding

Trading portfolio 46.3 47.1 of assets 41.2 36.8 Unsecured funding Coverage Credit 15.4 16.4 249%(1) 10.9 11.1 Other assets 11.5 12.1 Other liabilities

22.8 22.8 Illiquid assets 18.0 18.5 Equity & Perpetual

2Q 2018 3Q 2018 3Q 2018 2Q 2018

Note: 1. Excludes demand deposits 32 Broader Credit Portfolio

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

32.8 32.8 32.8 32.8

29.4 2.6 2.9 4.6 29.4 28.1 28.6 4.7 28.1 28.6 2.5 5.0 2.0 2.1 3.2 4.6 4.7 3.7 11.7 11.6 2.1 1.9 2.0 10.1 9.6 9.9 0.5 0.7 0.4 0.4 0.3 26.1 26.1 21.6 21.8 22.5 18.0 16.4 17.6 14.2 15.5

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

33 Unsecured Funding Base

Unsecured Funding Base increased 10.9% concentrated in Brazilian local deposits

(In R$ billion)

44.8

40.4 3.6 Perpetual 36.0 3.8 Borrowings and 3.6 On-lendings 32.5 31.5 3.0 3.7 5.9 Subordinated debt 3.0 3.7 4.1 5.8 3.6 6.3 Securities issued 4.1 13.5 6.3 11.7 6.7 9.5 9.7 7.4

17.3 Time deposits 12.8 15.1 8.7 9.3 Interbank deposits 0.2 0.3 0.1 0.4 0.2 0.4 0.2 0.3 0.3 0.3 Demand deposits 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018

Demand deposits Interbank deposits Time deposits Securities issued Subordinated debt Borrowings and onlendings Perpetual 34 Basel Ratio and VaR Basel Ratio (%) Average daily Trading VaR The BIS capital ratio increased to (% of average shareholders equity) 17.8% at the end of 3Q 2018

The total average daily VaR decreased 23.5% when compared to 3Q 2018, mainly driven by a reduction in the overall market 18.0% 17.8% 17.3% 17.3% exposure due to higher volatility 16.3% 2.5% 2.4% 2.3% 2.5% 2.3% 3.2% 3.7% 3.9% 4.3% 3.1% 0.71% 0.65% 0.57%

0.40% 12.4% 0.30% 11.2% 10.9% 11.1% 11.0%

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

Common Equity Tier I Additional Tier I Tier II

35 Main Contacts

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

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