Earnings Release First Quarter 2016

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1 Earnings Release First Quarter 2016 Conference Call Presentation May 11 th, 2016 For additional information, please read carefully the notice at the end of this presentation.

2 Earnings Release First Quarter 2016 English Conference Call May 11, 2016 (Wednesday) 12:00 pm (New York) / 01:00 pm (Brasília) Phone: +1 (412) Code: BTG Pactual Replay: +1 (412) Code: Portuguese Conference Call May 11, 2016 (Wednesday) 10:00 am (New York) / 11:00 am (Brasília) Phone: +55 (11) Code: BTG Pactual Replay: +55 (11) Code: BTG Pactual Webcast: The conference calls audio will be live broadcasted, through a webcast system available on our website Participants are requested to connect 15 minutes prior to the time set for the conference calls. Investor Relations Phone: +55 (11) Fax: +55 (11)

3 Performance Summary 1Q Q 2016 presents strong revenues, with an even stronger balance sheet 1 For 1 st quarter, total revenues and net income reached R$3.6 billion and R$1.1 billion, respectively Annualized ROAE of 18.8% Net income R$1.19 per unit 2 Labor and admin cost reduction successfully implemented Cost to income ratio at 50% for the quarter (BTG Pactual stand alone ratio at 47%) Compensation ratio at 30% for the quarter (BTG Pactual stand alone ratio at 28%) Cost reduction benefits to flow through PnL on upcoming quarters 3 Total assets at R$234.5 billion, 12% lower than 4Q and 30% lower than 3Q Basel ratio was 15.5% at quarter end Avg VaR in the quarter increased to R$264.5 million, or 1.16% of average shareholders equity Book value of R$26.07 per unit (2) Revenues (R$ million) Net Income (R$ million) Shareholders Equity (R$ billion) 1,961 2, , ,518 3, , , , , Q 2Q 3Q 4Q 1Q 2016 Revenues ROAE (%) 1Q 2Q Net income 3Q 4Q 1Q 2016 Earnings p/unit (R$) 1Q Note: * Balance sheet items represents end of period data ** Includes BSI from September 1st onwards a one month impact for the 3rd quarter, and a full impact for the 4th quarter onward (1) Incudes BSI s VaR since September 15 th, (2) Adjusted by treasure units 2Q 3Q 4Q 1Q 2016 Shareholders Equity Avg. daily VaR / avg. equity (%) (1) 3

4 Total Revenues Business Units Breakdown Record revenues with strong contribution from Sales & Trading and Wealth Management 1 st Quarter 2016 Total Revenues = R$3.6 billion (R$mm) 1,955 1, (40) (% of total) 54% 34% (519) 2% 6% 5% 15% -14% -1% Investment Banking Corporate Lending Sales and Trading Asset Management Wealth Management Principal Investments Pan Interest & Other 4

5 Section 1 Business Areas

6 Investment Banking Decrease in revenues mainly due to reduction in concluded transactions in financial advisory. Although market activity contracted, we continue to have a leadership position in M&A Revenues (R$ million) 162 Overview of 1Q 2016 Performance from Financial Advisory decreased due to significant transactions closed in the previous quarter. Market activity decreased, but we continued to lead M&A markets across LatAm. 114 Revenues in equity and debt underwriting remained relatively stable at low levels, impacted by continued weak activity in capital markets in LatAm, especially in Brazil Market Positioning Highlights (1Q 2016) 41 M&A: #1 in announced transactions and transaction volumes in Brazil and Latin America ECM: #1 in number of transactions and #3 in transaction volumes in Latin America 1Q 2Q 3Q 4Q 1Q 2016 DCM: #2 in transaction volumes in Brazil 6

7 Corporate Lending Revenues were positively impacted by the credit recovery in our NPL portfolios and by the increase in Corporate Lending spreads, partially offset by the significant portfolio reduction implemented Revenues (R$ million) Corporate Lending Portfolio (R$ billion) Q 2Q 3Q 4Q 1Q Q 2Q 3Q 4Q 1Q 2016 BRL Other Currencies 7

8 Sales & Trading Strong Sales and Trading performance, with very positive revenue contribution from all our trading desks Revenues (R$ million) 2,287 1,955 Sales & Trading revenues were driven by: Rates and FX desks having lower revenue contribution on the quarter 1,168 1,444 Strong performance from our commodities desks, especially energy, agriculture and metals and mining Good revenue contribution from our equities desks 313 1Q 2Q 3Q 4Q 1Q 2016 Very liquid balance sheet permits our trading desks to benefit from flows and market volatility, with higher VaR but lower RWAs 8

9 Asset Management Revenues decrease mainly reflects the reduction in AuM / AuA. In 1Q 2016 NNM was impacted by the effective liquidation of redemptions and transfers requested, mostly in December,. AuM has remained stable since then, and we have already noted positive inflows Revenues (R$ million) AuM and AuA (R$ billion) (0.9) (1.1) (0.4) (39.6) (59.2) Q 2Q 3Q 4Q 1Q Q 2Q 3Q 4Q 1Q 2016 Brazil FI & EQ Funds Fund Services Global Hedge Funds LatAm FI & EQ Funds Alternative Investments Net New Money 9

10 Wealth Management Solid performance and stable ROA. NNM was impacted by the effective liquidation of redemptions and transfers requested mosly in December,. WuM has remained stable since then, and we have already noted positive inflows Revenues (R$ million) WuM (R$ billion) (14.9) (8.3) BSI (1,2) 1, , Q 2Q 3Q 4Q 1Q 2016 BTG Pactual Stand Alone BSI Note: * Includes BSI from September 1st onwards a one month impact for the 3rd quarter, and a full impact for the 4th quarter ** BTG Pactual stand alone NNM (1) BSI s total WuM for 4Q was R$342.6Bn and for 1Q 2016 was R$294.6Bn (2) BSI s WuM from 4Q on includes assets under custody 1Q 2Q 3Q 4Q 1Q 2016 Funds Equities Fixed Income Money Market Derivatives Others Net New Money 10

11 Principal Investments Significant reduction in Merchant Banking exposure, in line with our strategy to reduce balance sheet risk. Revenues (R$ million) (444) 508 (469) (773) (519) 872 In Global Markets negative revenues were mainly driven by EM credit strategies 128 (35) (537) (111) (253) 62 5 (183) (448) (571) (240) (83) (96) Negative results in Merchant Banking, mainly due to the sale of an investment in the retail sector Real Estate negative revenues are mostly related to an asset sale (207) 1Q 2Q 3Q 4Q 1Q 2016 Global Markets Merchant Banking Real Estate Total 11

12 Section 2 Expenses

13 Expenses and Main Ratios Quarter 1Q 2016 % change to Full Year (in R$ mm, unless stated) 1Q 4Q 1Q Q 4Q Bonus (172) (514) (502) 193% -2% Salaries and benefits (215) (579) (569) 164% -2% Administrative and other (239) (651) (554) 132% -15% Goodwill amortization (46) (57) (55) 18% -4% Tax charges, other than income tax (119) (97) (134) 13% 39% Total operating expenses (791) (1,898) (1,814) 129% -4% Cost to income ratio 40% 54% 50% Compensation ratio 20% 31% 30% Income tax and social contribution (317) (391) (727) 130% 86% Effective income tax rate 27.0% 24.1% 40.4% BSI 4Q 1Q Q 1Q 2016 BTG Pactual Stand Alone % Change to 1Q % Change to 4Q Bonus (64) (99) (450) (403) 135% -10% Salaries and benefits (292) (286) (287) (283) 31% -1% Administrative and other (325) (247) (326) (307) 29% -6% Goodwill amortization - - (57) (55) 18% -4% Tax charges, other than income tax (10) (12) (87) (122) 3% 40% Total operating expenses (691) (644) (1,206) (1,170) 48% -3% Cost to income ratio 95% 57% 43% 47% Compensation ratio 49% 34% 26% 28% 13

14 Section 3 Balance Sheet

15 Balance Sheet Analysis (In R$ billion) Assets Liabilities Cash & Equivalents Settlement account Assets financed through REPOs Settlement account REPO Financing Secured funding Trading portfolio of assets Unsecured funding Credit Coverage 205% (1) Other assets Illiquid assets Other liabilities Equity & Perpetual 4Q 1Q Q Q Note: * Excludes demand deposits from BTG Pactual stand alone 15

16 Broader Credit Portfolio Broader credit portfolio decreased, mainly due to actions taken to reduce LatAm exposure and FX impacts Broader Credit Portfolio by Area (R$ billion) Broader Credit Portfolio by Product (R$ billion) (1) Q 2Q 3Q 4Q 1Q 2016 Corporate Lending Wealth Management Others 1Q 2Q 3Q 4Q 1Q 2016 Loans Mortgage Funds Letter of credit Marketable securities Note: Includes BSI from September 1st onwards a one month impact for the 3rd quarter, and a full impact for the 4th quarter (1) Mortgages are related to BSI only 16

17 Unsecured Funding Base (In R$ billion) Borrowings and onlendings Perpetual Subordinated debt Securities issued Time deposits Interbank deposits Demand deposits Q 2Q 3Q 4Q 1Q 2016 Note: * Includes BSI from September 1st onwards a one month impact for the 3rd quarter, and a full impact for the 4th quarter 17

18 Basel Ratio and VaR Banco BTG Pactual Basel ratio reached 15.5%. Average VaR increased due to larger FX exposure and higher observed volatility in commodities prices throughout the quarter Basel Ratio (%) Daily Average VaR (% of average equity) 17.5% 3.7% 2.9% 16.7% 16.9% 3.3% 3.2% 3.2% 3.0% 14.3% 2.7% 15.5% 15.5% 2.3% 2.1% 3.0% 2.8% 1.16% 10.9% 10.2% 10.7% 2.9% 8.7% 10.1% 10.6% 0.47% 0.59% 0.60% 0.67% 0.77% 4Q Q 2Q 3Q 4Q 1Q 2016 Common Equity Tier I Additional Tier I Tier II 4Q Q 2Q 3Q 4Q 1Q 2016 Note: Includes BSI from September 1st onwards a one month impact for the 3rd quarter, and a full impact for the 4th quarter 18

19 Simplifying our Business and Strengthening our Balance Sheet BTG Pactual announced several transactions that, once closed, will result in significant simplification and additional balance sheet deleverage Commodities ringfencing and potential delivery to shareholders Commodities has been operating as a fully owned and independent entity - Engelhart Commodities Trading Partners - incorporated in Luxembourg Company is managed through a board and several sub board committees Delivery to shareholders of a significant stake of the company is being analyzed - Structure under consideration guarantees to all shareholders the potential to retain their proportional stake in commodities or increased stake in BTGP, with no book value dilution - Deconsolidation of assets and liabilities of ECTP in BTG Pactual s balance sheet in light of the business de-leveraging and simplification BSI combination with EFG Final agreements signed February 22 nd and both institutions working to meet conditions precedent for closing Process of obtaining regulatory approvals under way, most filings concluded EFG s rights issue announced and expected conclusion on May 13, 2016 Under the current base case scenario, BTG Pactual should retain approximately 30% stake in EFG post combination 19

20 Simplifying our Business and Strengthening our Balance Sheet (in R$ million, unless stated) March 31, 2016 BSI Engelhart BTG Pactual Deconsolidation Combination Deconsolidation Partial delivery to combined (3) with EFG (1) BSI adjusted (3) shareholders (2) BSI+Engelhart adjusted Assets 235,053 (76,718) - 158,335 (21,393) (3,842) 133,100 Cash and Financial Assets 124,966 (38,158) 3,333 90,141 (12,820) - 77,321 Loans 52,586 (40,059) - 12,527 (32) - 12,495 Others 49,180 (2,131) - 47,048 (14,376) - 32,673 Permanent assets 8,322 3,630 (3,333) 8,619 5,834 (3,842) 10,611 Liabilities 211,878 (76,718) - 135,159 (21,393) - 113,766 Deposits and open market funding 92,738 (62,131) - 30, ,081 Securities issued and sub.liabilities 27,590 (357) - 27, ,233 Loans and onlendings 16,180 (1,352) - 14,827 (3,133) - 11,695 Derivative financial instruments 30,716 (1,556) - 29,160 (11,093) - 18,066 Other liabilities 44,321 (11,322) - 32,998 (7,641) - 25,358 Deferred income & minority interest Shareholders' equity 23, ,176 - (3,842) 19,334 Leverage Ratio 10.1x 6.9x 19.6% Tier II Tier I 15.5% 2.1% 2.8% 3.4% 4.6% Core Equity 10.6% 11.6% Note: (1) Main assumptions: (i) no profit from the transaction, all adjusted on the equity portion retained; (ii) cash portion of approximately CHF900 million; (iii) database as of March 31, 2016, which means does not include potential future adjustments, including business profitability; and (iv) CHF/R$ exchange rate of (2) Main assumptions: (i) Engelhart CTP shareholder s equity of R$5.9bn; (ii) reflects distribution of a 65% stake; and (iii) USD/R$ exchange rate of (3) Net of intercompany eliminations 20

21 Disclaimer This presentation has been prepared by Banco BTG Pactual S.A. ( Banco BTG Pactual ) and BTG Pactual Participations Ltd. ( BTG Pactual, and together with Banco BTG Pactual and their respective subsidiaries, BTG Pactual ) for the exclusive use during the earnings call of the 1th Quarter This presentation should not be considered a complete document and should be analyzed enclosed with the earnings release and the financial statements for the same period. 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. No person should 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 investors in BTG Pactual may require. No investment, divestment or other financial decisions or actions should be based solely on the information in this presentation. 21

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