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 (Direct or via BTG Pactual Holding S.A.) 683,376,070 76.5%
BTG Pactual Other Vehicles 5,734,142 0.6%
BTG Pactual Partners Vehicles 42,930,871 4.8%
Free Float Total(1),(2) 161,826,174 18.1%
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. 2,050,128,210 76.5%
Partnership Equity 1,952,331,606 72.8%
Acquired at market 97,796,604 3.6%
BTG Pactual Other Vehicles 17,202,426 0.6%
BTG Pactual Partners Vehicles 128,792,613 4.8%
Free Float Total 485,478,522 18.1%
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. 1,535,574,135 87.9% 65,197,736 13.4% 449,356,339 100.0% 2,050,128,210 76.5%
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 42,930,871 2.5% 85,861,742 17.7% 0 0.0% 128,792,613 4.8%
Free-Float Total(1), (2) 161,826,174 9.3% 323,652,348 66.6% 0 0.0% 485,478,522 18.1%
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) 32,598,868 2.0% 65,197,736 13.4% 0 0.0% 97,796,604 3.6%

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