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 Wealth Management 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$580mm 8 What Makes BTG Pactual Unique? Experienced Team and Solid Governance 9 BTG Pactual Culture and Values Performance Strategic Focus People Management How we set our strategic direction How we work How we achieve superior results • Client focused • Partnership • Meritocracy • Alpha-based • Teamwork • Entrepreneurship • Global thinking and presence • Hard-working and hands-on • Excellence • Long-term ambition • Grow our own talent • Bottom line driven and cost conscious 10 BTG Pactual Organizational Chart and Main Executives Board Members Elected, 2016 Chairman of the Board Audit Committee Marcelo Kalim Vice Chairman of the Board Huw Jenkins (2) BTG Pactual Compliance Anibal Joaquim Nelson Jobim Persio Arida External Directors Claudio Galeazzi Claudio Galezzi Roberto Sallouti Claudio Galeazzi Roberto Sallouti Mark Clifford Maletz Nelson Jobim Mark Clifford Maletz Bruno Duque Pedro Longuini Mariana Cardoso Guillermo Ortiz(1) BTG Pactual Main Executives CEO Roberto Sallouti Corporate Lending Sales & Trading Asset Management Investment Banking Wealth Management Renato Santos Renato Santos Steve Jacobs | José Guilherme Paes Rogerio Pessoa Rogerio Stallone Rodrigo Goes Zitelmann Notes: 11 (1) Still subject to approvals, including regulatory (2) Compliance Committee responds directly to the board of directors. Section 2 BTG Pactual Business Units Business Units Investment Banking - Financial advisory and capital markets services BTG Pactual has a leading franchise in the most important products in LatAm, especially in Brazil Rankings Brazil M&A 2010 - 2016 (Dealogic) ECM 2010 - 2016 (Dealogic) DCM 2010 – 2016(1) (Anbima) Volume # Mkt Share Volume Mkt Share Volume Market Instituição Institution # Deals Institution # Deals (US$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 Credit Suisse 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$bn) Share (%) Credit Suisse 241.3 235 22.6 BTG Pactual 18.5 136 10.3 HSBC 270.7 327 36.9 BofAML 197.6 162 18.5 Itau BBA 17.3 103 9.6 JP Morgan 255.2 309 34.8 JP Morgan 190.3 177 17.8 Credit Suisse 15.7 103 8.7 Citi 246.8 341 33.6 Itau BBA 171.1 355 16.0 Citi 14.6 78 8.1 BofAML 217.7 316 29.6 BTG Pactual 170.6 354 16.0 BofAML 13.8 68 7.6 Deutsche Bank 197.6 275 26.9 Note: 13 • The source for DCM LatAm is Dealogic (1) DCM rankings updated as of December, 2016 Business Units Investment Banking - Financial advisory and capital markets services BTG Pactual main awards and full year revenues for Investment Banking Recent Highlights & Awards Revenues (R$ 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