The distribution of dividends of Banco BTG Pactual S.A. will be made from time to time, as proposed by the management of the company and in accordance with its Bylaws.These dividend distributions will not depend specifically on net income or any other performance indicator of Banco BTG Pactual S.A., as long as they are in compliance with the applicable legislation:

Banco BTG Pactual S.A. - Expectation of 25% of consolidated net income.