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. 2,681,601,771 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 41.118.150 4.6%
Free Float Total(1),(2) 163.638.895 18.3%
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. 2,050,128,211 76.5%
Partnership Equity 1,952,331,607 72.8%
Acquired at market 97,796,604 3.6%
BTG Pactual Other Vehicles 17,202,426 0.6%
BTG Pactual Partners Vehicles 123.354.450 4.6%
Free Float Total 490.916.685 18.3%
Total 2,681,601,771 100.0%

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 41.118.150 2.4% 82.236.300 16,9% 0 0.0% 123.354.450 4.6%
Free-Float Total(1), (2) 163.638.895 9.4% 327.277.790 67,3% 0 0.0% 490.916.685 18.3%
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