Unit Structure and Total Free Float Estimate

Units Structure

Shares Details Total Number of Shares # of shares in the unit
Banco BTG Pactual S.A. 2,681,601,770 3

BPAC11 - Shareholder Structure Details Total Number of Units (Theoretical) % of total
Partnership (Direta ou via BTG Pactual Holding S.A.) 684,876,070 76.6%
BTG Pactual Other Vehicles 5,734,142 0.6%
BTG Pactual Partners Vehicles 44,930,871 5.0%
Free Float Total(1),(2) 158,326,174 17.7%
Total 893,867,257 100.0%

Note
(1) Includes shares from December 2010 Investors, Former Celfin Shareholders and Former Bolsa y Renta Shareholders
(2) Subject to lock-up. Subsequent to the expiration of lock-up may be sold into free float

Shares Summary

Banco BTG Pactual
(# of shares) (% of total)
BTG Pactual Holding S.A. 2,054,628,210 76.6%
Partnership Equity 1,952,331,606 72.8%
Adquiridas no Mercado 102,296,604 3.8%
BTG Pactual Other Vehicles 17,202,426 0.6%
BTG Pactual Partners Vehicles 134,792,613 5.0%
Free Float Total 474,978,522 17.7%
Total 2,681,601,770 100.0%

Shareholder Structure

Notes:
(1) Includes units acquired by investment vehicles owned by certain partners individually or collectively and vehicles under common control of the Partnership.

Banco BTG Pactual S.A.
Share Characteristics ON % PNA % PNB % Total %
Economic Rights Yes Yes Yes
Voting Rights Yes No No
BTG Pactual Holding S.A. 1,537,074,135 88.0% 68,197,736 14.0% 449,356,339 100.0% 2,054,628,210 76.6%
BTG Pactual Other Vehicles 5,734,142 0.3% 11,468,284 2.4% 0 0.0% 17,202,426 0.6%
BTG Pactual Partners Vehicles 44,930,871 2.6% 89,861,742 18.5% 0 0.0% 134,792,613 5.0%
Free-Float Total(1), (2) 158,326,174 9.1% 316,652,348 65.1% 0 0.0% 474,978,522 17.7%
Total 1,746,065,322 100.0% 486,180,110 100.0% 449,356,339 100.0% 2.681,601,770 100.0%

BTG Pactual Holding S.A.
Partnership Equity 1,502,975,267 86.1% 0 0.0% 449,356,339 100.0% 1,952,331,606 72.8%
Shares acquired at Market(1) 34,098,868 2.0% 68,197,736 14.0% 0 0.0% 102,296,604 3.8%

Note:
(1) Includes shares from December 2010 Investors, Former Celfin Shareholders and Former Bolsa y Renta Shareholders
(2) Some shares subject to lock-up. Subsequent to the expiration of lock-up may be sold into free float