BTG Pactual

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BTG Pactual Corporate Presentation

Updated as of 3rdQuarter 2015


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

Disclaimer


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Table of Contents

Section 1

BTG Pactual Overview

Section 2

BTG Pactual Business Units

Section 3BTG Pactual Financial Highlights

Section 4

3rdQuarter 2015 Highlights

BTG Pactual Group

Banco BTG Pactual and BTGI Individual Highlights


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BTG Pactual at a Glance

Note:

** For 3Q 2015 numbers includes BSI: (i) balance sheet consolidated assets and liabilities as of September 30th

and (ii) income statement from September 1st

onwards(1) Financial data as of September 30, 2015, converted for end of period R$/US$ rate of 3.97 and R$/CHF rate of 4.07

(2) Includes outsourced employees and interns as of September 30, 2015

Investment

Banking

Corporate

Lending

Sales &

Trading

Asset

Management

Wealth

ManagementPan

Principal

Investments

Interest

& Others

Financial

Advisory

(M&A)

ECM

DCM

Fixed Income

FX

Equities

Commodities

LatAm FI &

Eq.

Alternative

Investments

Fund Services

Global Hedge

Funds

Investment

Advisory

Financial

Planning to

HNWI

Commercial

and consumer

Banking

activities

Global

Markets

Merchant

Banking

Real Estate

Financing

Structured

Credit

Letters of

Credit

Interest on

capital

% of Revenues

Description

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

2014

9M 2015

6.8% 10.3% 42.0% 20.5% 5.8% (7.2)% (1.2)% 23.0%

4.1% 13.0% 44.5% 13.2% 9.3% (6.2)% (0.2)% 22.3%

Total assets: R$302.8 bn (US$76.2bn)

Shareholders equity: R$22.1bn (US$5.6bn)

AUA and/or AUM: R$230.5bn (US$58.0bn)

WUM: R$422.5bn (US$106.3bn)

5,446 employees(2), of which 64 partners

and 177 associate partners

6,817

5,914

6,737 6,568

3,2562,775

3,411 3,387

2012 2013 2014 9M 2015

Total Revenues Net Income


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BTG Pactual Latam Focus and Global Presence

BTG Pactual Presence

BSI only

Commodities dedicated

BTG Pactuals global presence is based on a dominant fully fledged Latin America Investment

Bank, a global commodities unit and an extensive global Asset and Wealth Management platform

Note:* As of S eptember 30, 2015

Cayman Islands

Branch

Brazil

1,828 Professionals

Peru

37 Professionals

Chile

392 Professionals

U.K.

316 Professionals

U.S.A

324 Professionals

Colombia

317 Professionals

Hong Kong

87 Professionals

Mexico

40 Professionals

Switzerland

1,289 Professionals

Argentina

25 Professionals

Singapore

310 Professionals

Johannesburg

19 Professionals

Luxembourg

61 Professionals

China36 Professionals

San Jose

6 Professionals

Kiev

21 Professionals

Moscow

18 Professionals

Kenya

6 Professionals

Mumbai

2 Professionals

Uruguay

14 Professionals

Panama

31 Professionals

Bahrain

12 Professionals

Turkey

3 Professionals

France

47 Professionals

Italy

83 Professionals

Monaco

81 Professionals

Netherlands

2 Professionals

Lithuania

2 Professionals

Bahamas

38 Professionals


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Summarized Shareholder Structure

Notes:

(1) Neither BTG Participations nor any of its subsidiaries is a guarantor or otherwise obligated under the subordinated notes

(2) Portion of the shares subject to lockup agreements

(3) Considering economic interest only (Class A and Class B shares)

(4) Reflects economic interest in BTG Participations Ltd. and BTG Investments combined(5) Includes 1% of units acquired by the Partnership in Aprils 2012 IPO.

Banco BTG Pactual S.A.BTG Pactual Participations Ltd. /

BTG Investments LP(1)

Investment Bank Investment Company

30.7%(2),(5) 69.3%(3)

Total Free FloatPartnership

30.7%(2),(3),(4),(5)69.3%

Unit Composition

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


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BTG Pactual History

1983Founded asbrokerage housein Rio de Janeiro

1989

Commencement ofBanking Activitiesand opening of anoffice in So Paulo

1990

Commencementof WealthManagementactivities

2000-2001

Creation ofPactual AssetManagement

2002

Commencement ofregional expansionin Brazil: opening ofBelo Horizonte(MG) and Recife(PE) offices

2006

UBS acquiresBanco Pactualcreating UBSPactual

2008

BTG founded byAndr Esteves, PersioArida and a group offormer Pactualpartners and formerUBS MDs

2009

BTG acquires UBSPactual,establishing BTGPactual

2010US$1.8bncapitalincrease frominternationalinvestors

2011

Acquisition ofco-controllingstake in BancoPan forR$450mm

2012

IPO: primary capitalincrease of R$3.2billion

Acquisition of CelfinCapital in Chile

Acquisition of Bolsa YRenta in Colombia

2013

Start of operations of BTGPactual Seguradora and BTGPactual Resseguradora inBrazil

2014

Announced theacquisition of BSI, aprivate bankingbusiness based inSwitzerland, forCHF1.5 Bn

Announced theacquisition of ArielRe. a reinsurancecompany based inLondon and Bermuda

Announced theacquisition of PanSeguros, as adevelopment of ourinsurance strategy forR$580mm


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What Makes BTG Pactual Unique?

Experienced

Team and SolidGovernance


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BTG Pactual Culture and Values

Client focused

Alpha-based

Global thinking and presence

Long-term ambition

Strategic Focus People PerformanceManagement

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

Partnership

Teamwork

Hard-working and hands-on

Grow our own talent

Meritocracy

Entrepreneurship

Excellence

Bottom line driven and cost

conscious


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BTG Pactual Organizational Chart and Main Executives

Chairman of the Board

Andre Esteves

Persio AridaClaudio Galeazzi

John Huw JenkinsMarcelo Kalim

Roberto Sallouti

Juan Carlos CanizaresJohn Oros

Mark Clifford MaletzJonathan Michael Hausman

John OrosAnibal Joaquim

BTG Pactual Main Executives

Board Members Elected April, 2015

External DirectorsBTG Pactual Audit Committee

Investment BankingGuilherme Paes

Jos Vita

Corporate LendingRenato Santos

Sales & TradingRenato SantosRicardo LeimanRodrigo Ges

Asset ManagementPersio Arida | Steve Jacobs |James Oliveira | John Fath |

Antoine Estier | CarlosFonseca

Wealth ManagementRogerio Pessoa

Renato Cohn

CFO

Marcelo Kalim

CEO

Andr Esteves

International CEOHuw Jenkins

AM CEORoberto Sallouti


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BTG Pactual Business Units

Section 2


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

Business UnitsInvestment Banking - Financial advisory and capital markets services

Note:* The source for DCM LatAm is Dealogic

Rankings Brazil

Rankings LatAm

M&A 2010-9M2015 (Dealogic)

InstitutionVolume

(US$bn)

#

Deals

Mkt Share

(%)

BTG Pactual 155.5 278 28.5

Credit Suisse 149.0 159 27.3

Itau BBA 116.4 256 21.3

BofAML 116.2 79 21.3

Rothschild 112.8 66 20.7

InstitutionVolume

(US$bn)# Deals

Mkt Share

(%)

Itau BBA 10.5 61 13.2

BTG Pactual 9.6 53 12.0

Bradesco BBI 7.3 42 9.2

BofAML 7.0 27 8.8


InstitutionVolume

(US$bn)# Deals

Mkt Share

(%)


BofAML 184.1 137 19.6

JP Morgan 169.3 153 18.0

BTG Pactual 162.6 303 17.3

Citi 147.9 118 15.8

InstitutionVolume

(US$bn)# Deals

Mkt Share

(%)


Citi 13.5 66 8.8

Itau BBA 12.5 77 8.2

JP Morgan 12.2 60 7.9


Institution*Volume

(US$bn)# Deals

Market

Share (%)

Deutsche Bank 66.9 222 10.8

Citi 66.2 253 10.7

HSBC 64.5 234 10.4

JP Morgan 62.3 225 10.1

BofAML 61.5 253 9.9

InstitutionVolume

(R$bn)# Deals

Market

Share (%)

Itau BBA 56.4 667 25.6

Bradesco BBI 37.7 621 17.1


BB 26.3 436 11.9

Santander 13.8 244 6.3

ECM 2010-9M2015 (Dealogic) DCM 2010-9M2015 (Anbima)


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BTG Pactual main awards and full year revenues for Investment Banking

Business UnitsInvestment Banking - Financial advisory and capital markets services

Revenues (R$ mm)Recent Highlights & Awards

2010 - Financial Advisor of the

Year: Brazil

2013 - Best Equity House Brazil

2013 - Best M&A House Brazil

2013 - Best Equity House LatAm

2013 - Best IB: Brazil

2013 - Best IB: Chile (2012/11/10)

Deloitte Diario Financeiero - Chile

2011 - Best OPA Agent / Transaction

2011 - Best Debt Restructuring Agent

2011 - Best Financial Institution

2013 - Equity House of the Year:

LatAm

2013 - Investment Bank of the Year:

Chile

2010 - Best Investment Bank: Brazil

2015 Best IB: Chile

2014 Best M&A Bank: LatAm

(2013/12)

2013 Most innovative IB:

LatAm

377

448 459 456

269

2011 2012 2013 2014 9M 2015


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Financing and loan guarantees to corporations in Latin America

Integrated origination platform

Anticipation of demand and needs of our clients

Greater flexibility and agility in order to structure and approve loan

transactions

Partners involved in credit and risk analysis

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

of non-performing loans (NPL) portfolios

Business UnitsCorporate Lending

Corporate Lending Portfolio (R$ bn)Main Highlights

Corporate Lending Portfolio by Industry (%)(1,2)Revenues (R$ mm)

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)

(2) As of September , 2015

366

564

767692

857

2011 2012 2013 2014 9M 2015

35.3 36.539.7

45.943.5 41.7 42.8

1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015

32%

10%

9%7%

7%

6%

5%

3%

2%2%

2%2%

2%2%

9%

Utilities

Infrastructure

Retail

Real Estate

Oil & Gas

Metals & Mining

Agribusiness

Health

Auto-Parts

Legal Claims

Food & Beverage

Industry

Sovereign

Pulp & Paper

Others


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Integrated and diversified platform of customer facilitation businesses in Latin America

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

Leading Futures Brokerage platform in Brazil

Market making

Structured products

Business UnitsSales & Trading

Note:(1) According with BM&FBovespa on September 30, 2015. Includes Brazilian equities only

Fixed Income

Equity research and sales teams named among

the best teams in LatAm, covering 265 companies in 20 industries Equity financial products and services to local and international clients,

including:

Leader in market-making, with 43.9% market share(1)

Brokerage and clearing services

Derivatives for hedging and trading purposes

Equities

Structured products

Market making

One of the primary dealers of Brazilian Central Bank

FX

Global Commodities platform, including over 40 desks

Commodities

Coverage of corporate insurance and infrastructure projects

Insurance and Reinsurance

2015 2014 2013 2012

Equity Research

House in Brazil1st 1st 1st

2nd 3rdEquity Research

House in LatAm

3rd 2nd 1stBrazil Economics

Research

2nd 2ndFixed Income /

Credit Research

Brazil2nd

3rd 2ndFixed Income /

Credit Research

LatAm3rd

3rd

3rd

1st

2nd

4th

1st


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In 2011, BTG Pactual debuted on Institutional Investors inaugural Latin American Sales Team as

No. 5. In 2012 the firm soared to second, and in 2013, 2014 and 2015 the So Paulo-based outfit

claims the summit

Business UnitsSales & Trading

Local presence started in 2012

Latin America Sales Team

Revenues (R$ mm)

2nd 1st 1st

2012 2013 2014

2nd

2015

Institutional Investor 2015 Brazil Rankings

Rank Total Team Positions First Team

2015 Firm 2015 2014 2015 2014

18 18 5 8

2 Ita BBA 17 16 5 3

3 Credit Suisse 15 11 3 54 BofAML 12 11 1 1

4 JP Morgan 10 11 0 0

In 2015, BTG Pactual had a total of 18 ranked analysts, including 8 ranked #1

in their respective sectors/regions

1st

1,0121,517 1,729

2,833 2,925

2011 2012 2013 2014 9M 2015


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R$230.5 billion in assets under management

Business UnitsAsset Management

Global Hedge FundsR$26.6 billion

LatAm FI & EQ FundsR$ 96.1 billion

Alternative InvestmentsR$ 46.9 billion

Fund ServicesR$ 60.9 billion

Global Hedge Funds

Global Fund of Funds

Private Equity

Timberland

Infrastructure

Real Estate

External Managers Funds

NAV Calculation

Fund Accounting

Register and Transfer Agent

Compliance breaches control

Pricing Custody reconciliation

LatAm Fixed Income

Money Market

Rates & Credit

LatAm Equity Index-enhanced

Absolute Return

Long Biased

Long /Short

Country Specific Funds

Brazil

Chile

Colombia

Assets Evolution (R$ billion)

120.1

170.7189.5 201.4

230.5

2011 2012 2013 2014 9M 2015


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BTG Pactual main awards and full year revenues for Asset Management

Business UnitsAsset Management

Revenues (R$ mm)Recent Highlights & Awards

Best Fixed Income House in Chile2015 (World Finance)

Best Fixed Income and Equities Global Manager in Chile

2015 (Morningstar)

Best High Net Worth Fund Manager2013 / 2014

(Exame/FGV)

Best Equities Strategist2014 (Institutional Investor

Brazil) Best Hedge Fund Strategist2014 (Institutional Investor

Brazil)

Best Equities Fund Manager2013 (Exame/FGV)

Best Fixed Income and Flexible-Multi Asset2012/ 2013

(S&P/Valor Econmico)

Best Hedge Fund Manager in Global Macro2012 (FN

Hedge Fund Awards)

New Hedge Fund of the Year (Global Eq. Opp. Fund)2012 (FN Hedge Fund Awards)

Best Fund Manager2012 (Exame/FGV)

Best Global Macro Hedge Fund2012 (GEMM,

EuroHedge Awards)

High Standard Asset Managers Rating by Fitch Ratings

507

1,190 1,172

1,378

867

2011 2012 2013 2014 9M 2015


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Global Private Banking franchise, with R$422.5 billion in Wealth under Management

Proactive and systematic approach to portfolio monitoring

Strong cross-selling with all business units

LatAm Platform

One of the largest private wealth managers in Latin America

Broad footprint in Brazil, with offices in So Paulo, Rio de

Janeiro, Recife, Belo Horizonte and Porto Alegre

Strong presence in Latin America and also a broker dealer

presence in New York

BSI Platform

Acquisition of BSI Bank concluded on September, 2015

BSIs brand is well recognized in its markets, mainly inSwitzerland, supported by market initiatives and its strong track

record

Business UnitsWealth Management

WUM Evolution (R$ billion)Main Highlights

Recent Highlights & AwardsRevenues (R$ mm)

Best Private Bank in Brazil2014 World Finance Magazine

Best Private Bank for Growth Strategy2014 PWM / The

Banker Magazine

Best Private Bank in Colombia2014 PWM / The Banker

Magazine

Best Family Office Services in Brazil2014 Euromoney

Magazine

Best Corporate Advisory for Private Banking Clients in

Brazil2014 Euromoney Magazine

Highly Commended for Best Private Bank in Brazil and Chile

2014 PWM / The Banker Magazine

345

264

41

202

386 393

609

2011 2012 2013 2014 9M 2015

BTG Pactual Stand Alone BSI

Note:(1) 3Q 2015 included BSI September revenues of R$264.2 million

(1)

100.5

321.9

38.962.2 67.6 81.0

422.5

2011 2012 2013 2014 9M 2015

BTG Pactual Stand Alone BSI


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48

1,859718

(776)

(84)173

234255

258

(113)(40)

245

(353)32

(208)

2011 2012 2013 2014 9M 2015

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

Asset Management team

Business UnitsPrincipal Investments

Global Markets Highly experienced team with strong

track record

Strategy is designed to scale up and down

according to market opportunities

Multi-strategy investments with

optimization of performances through a

dynamic capital allocation

Existing strategies EM Credit

EM Rates & FX

EM Equities

Equities GDM

Merchant Banking BTG Pactual network of contacts grants

us access to numerous attractive

investment opportunities and brings a

significant deal flow

Asset Management has a local dedicated

investment team, allowing us to operate

in both sourcing deals and managing the

investments portfolio

Divisions:

Private Equity

Natural Resources

Timber

Infrastructure

Real Estate Investment Strategy focused in: Brazil,

Chile, Colombia and Peru

Income Generating Properties

Exposure to all the main assets classes:

offices, shopping, industrial (logistics)

and hospitality

Development

Exposure to residential, commercialand mixed use projects

Partnership with local developers

Dedicated Investment team with

broad experience in the sector

Global MarketsMerchant Banking

Real Estate

Total

Revenues (R$ mm)

620

(485)(405)

2,338

181

Global Rates & FX

US Mortgages

US Credit

Reinsurance


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Pan turnaround underway

Business UnitsPan

Shareholding Structure and Rationale

Co-controlling interest with Caixa Econmica

Federal

Long-term financing agreement with Caixa

Econmica Federal

Business opportunity with profitable products,

low cost funding and a well established

commercial base

40.4% 40.4% 19.3%

Free-Float

Auto loans

Payroll loans

Consumer loans

Credit cards

Main products are trade finance, working

capital and stand-by letters of credit

Guarantees through:

Receivables and advances

Commercial pledge

First priority security (interest on real

estate)

Consumer Loans MortgageSME Lending

BFRE acquisition

Established distribution network for

mortgage origination

Real estate mortgages

New or used real estate financing

Construction financing

Home equity


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BTG Pactual Financial Highlights

Section 3


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Track Record of Strong, Controlled and Profitable Growth

Note:

(1) 1 day Va lue at R isk (95 %)(2) Incudes BSIs RWA and VaR since September 15th2015

Net Income, Shareholders Equity, ROAE and BIS Ratio

VaR(1,2)and VaR/Average Shareholders Equity

Consistent growth, even in adverse

market conditions

Solid profitability (average ROAE of 22.2% in

the last 3 years)

Strong capitalization

Excellence in risk management, proven

in extremely adverse market conditions

14,145

16,091

18,678

22,119

3,256 2,775 3,411 3,387

28.7%

18.4% 19.6%22.1%

2012 2013 2014 9M 2015

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

17.8% 17.7% 17.5%

14.3%

0.8%

0.5% 0.5%0.6%

2012 2013 2014 9M 2015

Basel Ratio (%) VaR/Avg. Shareholders' Equity (%)(2)


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Industry-Leading Operating & Profitability Metrics

ROA(%)ROAE (%)

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

Notes:

(1) Salaries and benefits + bonus expenses / net revenues(2) Total operating expenses / net revenues

40%

43%41%

48%

2012 2013 2014 9M 2015

22%

24%23%

29%

2012 2013 2014 9M 2015

28.7%

18.4%19.6%

22.1%

2012 2013 2014 9M 2015

2.5%

1.7% 1.7% 1.7%

2012 2013 2014 9M 2015


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

Rigorous Risk Control Framework with Proven ALM

Assets and Liabilities are Well-matched to Avoid GapsStrong Risk Management Culture

Risk management and capital preservation are

key elements of the investment decision

process

Vast majority of partners wealth is BTG

Pactualsequity, encouraging rigorous risk

control and long-term commitment

Senior management sits on trading floor

Average daily VaR of R$122.6mm / (0.60% of

Shareholders Equity) in the 9M 2015(1)

Rigorous Stress Test modeling to complement

VaR

Strong discipline of mark-to-market and profit-and-loss review on a daily basis

Investment Grade (Global Scale), Moodys and

Fitch

(Sep-15)

Illiquid Assets

Credit

Assets FinancedThrough REPOs

Cash & Equivalents REPO Financing

Assets Liabilities

Settlement Account

Settlement account

Other Assets

Unsecured Funding

Secured Funding

Trading Portfolio

Assets

Net Equity

Other LiabilitiesPerpetual

195%

coverage(2)

Notes:

(1) Incudes BSIs VaR since September 15th

2015(2) Excludes demand deposits from BTG Pactual stand alone

20.0

15.5

81.1

99.2

31.9

14.2

40.9

302.8

3Q 2015

22.1

4.513.4

158.1

65.8

31.2

7.6

302.8

3Q 2015


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Broader Credit Portfolio

By Area (R$ billion)

Note:

3Q 2015 numbers includes BSI: (i) balance sheet consolidated assets and liabilities as of September 30thand (ii) income statement from September 1stonwards

(1) Mortgages are related to BSI only(2) According to Brazilian Central Banks 2682 resolution

(3) As of September, 2015

By Product (R$ billion)(1)

By Ratings(2,3):

AA-A: 84% | B-D: 13% | E-H: 2%

16.320.1 20.3 20.7

51.4

0.0 0.0

17.3

2.52.3 1.3 1.1

1.3

10.7

14.0 13.6 13.0

15.2

10.1

15.713.9 14.1

13.0

39.6

52.249.1 48.9

98.2

2013 2014 1Q 2015 2Q 2015 3Q 2015

Loans Mortgage Funds Letter of credit Marketable securities

36.2

45.9 43.5 41.7 42.8

0.9

1.91.6 1.6

50.1

2.6

4.34.0 5.6

5.3

39.6

52.1

49.1 48.9

98.2

2013 2014 1Q 2015 2Q 2015 3Q 2015

Corporate Lending Wealth Management Others


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In the 3Q 2015 our unsecured funding base significantly increased, mostly due to consolidation of

BSI

Unsecured Funding Base

Borrowings and onlendings

Subordinated debt

Securities issued

Time deposits

Interbank deposits

Demand deposits

Perpetual

(In R$ billion)

Note:

* 3Q 2015 numbers includes BSI: (i) balance sheet consolidated assets and liabilities as of September 30thand (ii) income statement from September 1stonwards

0.3 0.2 0.2

73.5

0.60.4 0.8

1.0

13.719.8 22.2

27.4

8.5

17.824.4

28.3

6.2

6.77.4

8.8

3.5

4.5

2.2

7.4

9.7

19.2

31.5

52.2

68.1

162.6

2012 2013 2014 9M 2015


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Robust Capital Base

Notes:

(1) Includes shareholders equity of Banco BTG Pactual and BTG Participations

(2) Shareholders equity for 9M 2015 already impacted by the iss uance of 33.6 million units in connection to BSIs acquisition(3) Applicable only to Banco BTG Pactual S.A.

Basel Ratio Evolution(%)(3)Shareholders Equity Evolution (R$ billion)(1,2)

14.1

16.1

18.7

22.1

2012 2013 2014 9M 2015

12.5% 12.2%10.9%

8.7%

2.9%

2.9%

5.3% 5.5%3.7%

2.7%

17.8% 17.7% 17.5%

14.3%

2012 2013 2014 9M 2015

Common Equity Tier I Additional Tier I Tier II


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Revenue Mix(1)

Notes:

(1) Revenue mix does not consider revenues from Interest and Others

(2) Principal Risk revenues includes our Principal Investment unit and revenues from Banco Pan

(3) Return on average equity for BTG Pactual

20142010 2011 2012 2013

Principal Risk(2)

contributes withadditional alpha

ROAE(3)27.5% 24.2% 28.7% 18.4%

Fee BusinessIncludes IB, AM

and WM with

CAGR of 28%

Client Facing

businesses with

stable revenue mixover the last four

years

Sales and Trading

CAGR of 44%

Corporate Lending

CAGR of 28%

19.6%

14% 15% 14% 17% 12%

38% 42% 39% 38% 49%

48%43% 47% 45%

39%

2010 2011 2012 2013 2014

6581,012

1,517 1,729

2,833

8391,033

1,840 2,0172,228

252 366564 767 692

484 129

2,094

497

(565)


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3rdQuarter 2015 Highlights

Section 4


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31

3Q 2015 with record revenues and net income, 25% and 48% higher than 2Q 2015, respectively

Performance Summary3Q 2015

Note:

* Balance sheet items represents end of period data

** 3Q 2015 numbers includes BSI: (i) balance sheet consolidated assets and liabilities as of September 30thand (ii) income statement from September 1stonwards(1) Shareholders equity for the quarter already impacted by the issuance of 33.6 million units in connection to BSIs acquisition

(2) Incudes BSIs VaR since September 15th2015

1 For 3rdquarter, total revenues and net income reached R$2.6 billion and R$1.5 billion, respectively Annualized ROAE of 28.8%

Net income R$1.61 per unit

2 Fixed costs under control, with increase mainly attributable to bonus expense, FX and the consolidation of BSI Cost to income ratio at 54% for the quarter (BTG Pactual stand alone ratio at 51%)

Compensation ratio at 35% for the quarter (BTG Pactual stand alone ratio at 33%)

3 Total assets at R$302.8 billion, a 45% increase when compared to 2Q 2015, and our Basel ratio was 14.3% VaR in the quarter increased to R$140.1 million, or 0.67% of average shareholders equity(2)

BSIs consolidation in September added R$100.4 billion of assets

Shareholders equity for the quarter includes the issuance of 33.6 million units, R$977 million capital increase

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

1,702 1,5861,961 2,047

2,560

17.3 18.4 18.0 21.0

28.8

3Q

2014

4Q

2014

1Q

2015

2Q

2015

3Q

2015

Revenues ROAE (%)

769 848 8541,023

1,510

45.253.5

43.5 50.059.0

3Q

2014

4Q

2014

1Q

2015

2Q

2015

3Q

2015

Net income Net margin (%)

(1,2)

18.218.7

19.219.8

22.1

0.48 0.470.59 0.60 0.67

3Q

2014

4Q

2014

1Q

2015

2Q

2015

3Q

2015

Shareholders EquityAvg. daily VaR / avg. equity (%)


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Year to date we have delivered strong ROAE in tough market conditions

Performance Summary9 Months 2015

Note:

* Balance sheet items represents end of period data

** 3Q 2015 numbers includes BSI: (i) balance sheet consolidated assets and liabilities as of September 30th

and (ii) income statement from September 1st

onwards(1) Shareholders equity for the quarter already impacted by the issuance of 33.6 million units in connection to BS Is acquisition

(2) Incudes BSIs VaR since September 15th2015

1 Resilient performance during the year, record revenues and net income at R$6.6 billion and R$3.4 billion,respectively

Year to date annualized ROAE of 22.1%

2 Net Margin slightly higher when compared to 9M 2014 Cost to income ratio at 48% (BTG Pactual stand alone ratio at 47%)

Compensation ratio at 29% (BTG Pactual stand alone ratio at 28%)

Net margin at 52%

Shareholders equity increased R$3.9 billion year on year to R$22.1 billion(1) R$977 million of capital increase in connection with BSIs acquisition

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

3

5,151

6,568

19.922.1

9M 2014 9M 2015

Revenues ROAE (%)

2,563

3,387

49.8 51.6

9M 2014 9M 2015

Net income Net margin (%)

18.2

22.1

0.56 0.60

9M 2014 9M 2015

Shareholders EquityAvg. daily VaR / avg. equity (%)

(1,2)


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Year to date we have delivered strong revenues and ROAE while taking significant risk out of our

balance sheet, especially by reducing exposure in Principal Investments

Total RevenuesBusiness Units Breakdown

3rdQuarter 2015 9 Months 2015

(% of total)

Investment

Banking

Sales &

Trading

Wealth

Mgmt

Principal

Invest-

ments

Corporate

Lending

Asset

Mgmt

Pan Interest &

Others

(% of total)

Investment

Banking

Sales &

Trading

Wealth

Mgmt

Principal

Invest-

ments

Corporate

Lending

Asset

Mgmt

Total Revenues = R$6.6 billion

(R$mm)

Total Revenues = R$2.6 billion

(R$mm)

Pan Interest &

Others

66237

1,444

327 388

-469

8

560

3%9%

56%

13% 15%

-18%

0%

22%

269

857

2,925

867609

-405

-15

1,462

4%13%

45%

13% 9%

-6% 0%

22%


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Quarter 3Q 2015 % change to Full Year

9M 2015

% change

to

(in R$ mm, unless stated) 3Q 2014 2Q 2015 3Q 2015 3Q 2014 2Q 2015 9M 2014 9M 2015 9M 2014

Bonus (145) (394) (520) 258% 32% (603) (1,086) 80%

Salaries and benefits (175) (228) (364) 108% 59% (497) (807) 62%

Administrative and other (259) (227) (333) 28% 46% (653) (799) 22%

Goodwill amortization (41) (50) (56) 37% 11% (127) (152) 20%

Tax charges, other than income tax (82) (116) (99) 20% -15% (206) (334) 62%

Total operating expenses (702) (1,016) (1,371) 95% 35% (2,086) (3,178) 52%

Cost to income ratio 41% 50% 54% 41% 48%

Compensation ratio 19% 30% 35% 21% 29%

Income tax and social contribution (231) (8) 321 n.a. n.a. (502) (3) -99%

Effective income tax rate 23.1% 0.7% -27.0% 16.4% 0.1%

Expenses and Main Ratios

Note:

* Income taxes were impacted by gains on recognition of R$305.6 million of deferred tax assets related to the rise of 5% in socio contribution tax (CSLL) in Brazil

BSI BTG Pactual Stand Alone

3Q 2015 3Q 2015% Change to

3Q 2014

% Change to

2Q 2015

9M 2015% Change to

9M 2014

Bonus (33) (488) 235% 24% (1,053) 75%

Salaries and benefits (104) (259) 48% 14% (703) 41%

Administrative and other (69) (264) 2% 16% (730) 12%

Goodwill amortization - (56) 37% 11% (152) 20%

Tax charges, other than income tax (5) (94) 14% -19% (328) 60%

Total operating expenses (211) (1,160) 65% 14% (2,967) 42%

Cost to income ratio 80% 51% 47%

Compensation ratio 52% 33% 28%


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Banco BTG Pactual and BTGI Individual Highlights

Section 5

I S B kd B E i i


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Income Statement Breakdown Between EntitiesIn R$ million

9M 2015BTG InvestmentsBanco BTG Pactual

Shareholders Equity

Investment Banking

Corporate Lending

Sales and Trading

Asset Management

Wealth Management

Principal Investments

Pan

Interest and Others

Total Revenues

Total Operating Expenses

Net Income

269

855

2,916

867

609

426

(15)

1,213

7,141

(3,162)

4,080

-

1

9

-

-

(831)

-

248

(573)

(15)

(693)

18,919 3,186


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37

15.4

15.2

81.0

91.7

31.9

14.2

40.9

290.4

3Q 2015

18.9

4.513.4

149.6

65.1

31.2

7.6

290.4

3Q 2015

Balance Sheet Summary (R$ billion)

Assets Liabilities

Illiquid Assets

Credit

Assets Financed

Through REPOs

Cash & Equivalents

Settlement Account

Other Assets

Trading Portfolio

Assets

REPO Financing

Settlement account

Unsecured Funding

Secured Funding

Net Equity

Other Liabilities

Perpetual

185%

coverage(3)

Highlights Banco BTG Pactual S.A

ShareholdersEquity, Net Income and ROAE(1)

Basel Ratio and VaR(2)

10,10112,128

14,733

18,919

2,061 2,4893,369

4,080

25.1%22.4%

25.1%

32.3%

2012 2013 2014 9M 2015

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

17.8% 17.7% 17.5%

14.3%

0.7%

0.5% 0.5%

0.8%

2012 2013 2014 9M 2015

Basel Ratio (%) VaR/Avg. Shareholders' Equity (%)

Notes:

** 3Q 2015 numbers includes BSI: (i) balance sheet consolidated assets and liabilities as of September 30thand (ii) income statement from September 1stonwards

(1) Shareholders equity for the 3Q 2015 already impacted by the issuance of 33.6 million units in connection to BSIs acquisition

(2) Incudes BSIs RWA and VaR since September 15th2015

(3) Excludes demand deposits from BTG Pactual stand alone


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Balance Sheet Summary (R$ billion)

Assets Liabilities

Illiquid Assets

Cash & Equivalents

Trading Portfolio

Assets Unsecured Funding

Secured Funding

Net Equity

Other Liabilities

Other Assets

Highlights BTG Investments

Total Revenues, Net Income and ROAE

ShareholdersEquity and VaR

4,044 4,124 3,973

3,186

1.5%

0.9% 1.1%1.2%

2012 2013 2014 9M 2015

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

4.5

0.5

9.4

1.0

15.4

3Q 2015

3.2

1.1

10.1

1.0

15.4

3Q 2015

1,197

319184

-573

1,194

286 42

-693

38.3%

7.0%1.0%

-25.8%

2012 2013 2014 9M 2015

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


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BTG Pactual Rating Summary

Outlook

Bank deposits

NSR Bank Deposits

Dom Currency

Negative

Baa3/P-3

Aa1.br/BR-1

Rating Outlook

Foreign and local currency

Long Term IDR

Short Term IDR

Local

Long Term IDR

Short Term IDR

Negative

BBB-

F3

AA(bra)

F1+(bra)

Outlook

Issuer Credit Rating:

Issuer Credit Rating

(local):

Credit Watch

BB/B

brAA-/brA-1

Rating Outlook


Long Term IDR

Negative

BB+

Rating Outlook


Long Term IDR

Negative

BBB-

Banco

BTG Pactual S.A.

BTG Investments

L.P.

BTG Pactual

Holding S.A.


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Main Contacts

Investor Relations TeamJoo Dantas

Pedro da Rocha Lima

Philippe KatzMariana Quintanilha

www.btgpactual.com/[email protected]

Documents

BTG Pactual