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. 2,730,250,371 3

BPAC11 - Shareholder Structure Details Total Number of Units (Theoretical) % of total
Partnership (Direta ou via BTG Pactual Holding S.A.) 676,535,750 74.3%
BTG Pactual Other Vehicles 5,734,143 0.6%
BTG Pactual Partners Vehicles 54,964,723 6.0%
Free Float Total(1),(2) 172,848,841 19.0%
Total 910,083,457 100.0%

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. 2,029,607,251 74.3%
Partnership Equity 1,952,331,606 71.5%
Adquiridas no Mercado 77,275,645 2.8%
BTG Pactual Other Vehicles 17,202,428 0.6%
BTG Pactual Partners Vehicles 164,894,169 6.0%
Free Float Total 518,546,522 19.0%
Total 2,730,250,371 100.0%

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.

(2) Assumes all current BBTG11 unit holders decide to break up their units and hold new Banco units and BTGP units; however the breakup is not mandatory and it is likely that there will be some BBTG11 units outstanding following the transaction.

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. 1.528.733.815 86,7% 51.517.097 9,9% 449.356.339 100,0% 2.029.607.251 74,3%
BTG Pactual Other Vehicles 5.734.143 0,3% 11.468.285 2,2% 0 0,0% 17.202.428 0,6%
BTG Pactual Partners Vehicles 54.964.723 3,1% 109.929.446 21,2% 0 0,0% 164.894.169 6,0%
Free-Float Total(1), (2) 172.848.841 9,8% 345.697.681 66,7% 0 0,0% 518.546.522 19,0%
Total 1.762.281.522 100,0% 518.612.510 100,0% 449.356.339 100,0% 2.730.250.370 100,0%

BTG Pactual Holding S.A.
Partnership Equity 1.502.975.267 85,3% 0 0.0% 449.356.339 100,0% 1.952.331.606 71,5%
Shares acquired at Market(1) 25.758.548 1,5% 51.517.097 9,9% 0 0,0% 77.275.645 2,8%

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