Banco BTG Pactual S A : Date 02/09/2021 4Q20 Results Presentation

Earnings Release

Fourth Quarter 2020

English Conference Call

Portuguese Conference Call

•	February 9, 2021 (Tuesday)	•	February 9, 2021 (Tuesday)
•	11am (New York) / 1pm (Brasília)	•	9am (New York) / 11am (Brasília)
•	Phone: [phone]	•	Phone: [phone]
•	Code: BTG Pactual	•	Code: BTG Pactual
•	Replay: [phone]	•	Replay: [phone]
•	Code: BTG Pactual	•	Code: BTG Pactual

Webcast: The conference call audio will be broadcast live via a webcast system available on our websitewww.btgpactual.com/ir

Participants are requested to connect 15 minutes prior to the time set for the conference calls

Unique integrated business model

• ▪ Tech-enabled expansion of client segments and business lines

• ▪ No IT and branch legacy

• ▪ Leading wholesale client franchises

BankingDigital Retail

Investment

Banking

Wealth Management

Asset

Sales &

ManagementTrading

Combination of profitability of incumbents with growth of challenger banks

Strong organic growth in all client franchises

AuM	WuM
(R$)	(R$)
+38% y-o-y	+54% y-o-y
377bn in 4Q 20	258bn in 4Q 20
Net New Money	IBD Revenues
(R$)	(R$)
+46bn 4Q 20
+40% y-o-y
+127bn FY 20	1.3bn FY 20

Growth in Credit and SME Portfolio, with the strongest balance sheet in the industry

Credit and SME Portfolio

(R$)

+68% y-o-y	74bn Total Portfolio
Unsecured Funding	ROAE Adj
(R$)	(R$)
+100% y-o-y
107bn in 4Q 20

SME: 9.5bn

19%

4Q 20

17% FY 20

Achievements

Significant progress in our ESG agenda, incorporating ESG values to our corporate culture, complemented by donations to combat Covid-19, specially on support to social initiatives and to the healthcare system

Successful issuance of our first senior unsecured green bond on January 6,2021, in the total amount of US$500 mn at a fixed coupon rate of 2.75% p/a, printing the lowest coupon ever for a Brazilian financial company in an international placement

Successful completion of our primary equity follow on January 13, 2021, when we issued 27,777,778 units priced at R$92.52, raising R$2,6 bn in additional capital to continue to accelerate growth across our client franchises, and taking our pro-forma capital ratio post follow-on to 18.5%

Successful launch of our transactional bank platform, BTG+ on September 2020 for BTG Pactual clients, and for the general public on January 2021, with a full product array and a best-in-class UX, bringing innovative and contextual consumer banking solutions to mass affluent customers, using cutting-edge technology and extensive data management (including open banking readiness)

4Q 2020

We delivered a 19.1% adjusted ROAE and our cost-to-income ratio was 36.5%

Total rev enues and adj usted net income of R$2,825 mn and R$1,258 mn. Operating4 rev enues(1) reached R$ 2,460 mn

• • Annualized adjusted ROAE(2): 19.1%

• • Net income per unit(2): R$1.39

• • Accounting net income: R$1,229 mn

Efficientcost-to-income ratio, below our historical av erage, notw ithstanding significant inv estments in the Digital Retail Unit

• • Cost-to-income ratio: 36.5%

• • Compensation ratio: 21.6%

At the end of the quarter, total assets w ere R$244.9 bn, BIS ratio w as 16.7% andshareholders'equitywasR$26.7bn

• • Average VaR in the quarter wasR$87.6 mn or 0.33% of average shareholders' equity

• • Reflecting the JCP provision of R$563 million

Total Revenues and Operating Revenues (R$ million)

2,825

4Q 2019

3Q 2020

4Q 2020

RevenuesOperating Revenues

4Q 2020

4Q 2019

Adjusted Net Income

• 1. Operating revenues: total revenues excluding interest and others, participations and principal investments

  Net Income (R$ million)

  1,258

  3Q 2020

  4Q 2020

  Earnings p/Unit (R$)

• 2. Balance sheet items present data as of the end of the period. Annualized ROAE and net income per unit uses adjusted net incom e as the basis for the calculations

Shareholders' Equity and ROAE

(R$ billion)

26.0

26.7

4Q 2019

3Q 2020

Shareholders Equity

Avg. daily VaR / avg. S.E. (%)

Full Year 2020

2020 was marked by a strong performance, especially of our client franchises, despite the challenging market conditions

Total Revenues and Operating Revenues (R$ million)

9,304

2019

Total rev enues and adj usted net income w ere R$9,304 million and R$4,050 million, respectively. Operating rev enues(1) reached R$7.898mn

• • YTD annualized ROAE(2) was16.9%

• • Accounting net income wasR$3,976 million

Net Income (R$ million)

3,833

2020

Revenues

Operating Revenues

12M 2019

Adjusted Net Income

• 1. Operating revenues: total revenues excluding interest and others, participations and principal investments

  Cost-to-income ratio was in line w ith historical av erage, notw ithstanding significant inv estments in the DRU

  • • Cost to income ratiowas40.9%

  • • Compensation ratiowas24.1%

  4,050

  12M 2020

  Earnings p/Unit (R$)

• 2. Balance sheet items present data as of the end of the period. Annualized ROAE and net income per unit uses adjusted net incom e as the basis for the calculations

Shareholders' Equity increased 24.8% y-o-y and ended the year at R$26.7 bn

• • Reflecting the JCP provision of R$1,096 mn

• • Follow-on offering of R$2.65 bn in June 2020

  Shareholders' Equity and ROAE

  (R$ billion)

26.7

12M 2019

12M 2020

Shareholders Equity

Avg. daily VaR / avg. S.E. (%)

Revenue breakdown by business unit

Operating Revenues were 85% of total revenues in 2020, vs 72% in 2019

Total Revenues = R$2.8 billion

4Q 2020

Total Revenues = R$9.3 billion

Full Year

752

3,117

(% of total)

21%

27%

18%

12%

9%

8%

4%

2%

Investment

BankingCorporate LendingSales & TradingAsset Wealth Management Management

(% of total)

34%

14%

17%

11%

9%

8%

4%

3%

Principal InvestmentsParticipationsInterest & Others

Investment

BankingCorporate LendingSales & TradingAsset Wealth Management ManagementPrincipal InvestmentsParticipationsInteres t & Others

ESG Accomplishments

4Q 2020 update

First Green Bond (Private Placement)

First green issuance concluded by BTG Pactual, raising US$50 mn in a private placement with an individual investor

Global Bond issued under our Green, Social and Sustainable Framework

Issued a US$500 mn bond under out recent Green, Social, and Sustainable

Financing Framework. Eligible portfolio of R$6.5 bn

BTG Pactual was selected to join the B3 sustainability index ISE, along with 38 other companies with strong ESG practices

Inside Program

Climate, Forest and Agriculture Coalition

Carbon Disclosure Program

Kickstarted mentorship program for college students interested in financial markets, program received the Municipal

Seal of Human Rights and Diversity

Joined the Climate, Forest and Agriculture Coalition, aimed to open dialogue with peers in order to promote the development of the green economyReceived B scoring, meaning that BTG Pactual is taking coordinated actions to address climate risks and opportunities

Investment Banking

Outstanding performance and record revenues, for a single quarter and a full year

Overview of 4Q 2020

• • DCM had its best quarter ever, with strong activities especiallyin the local m arket

• • Significant performance in ECM, with record revenues in a year

• • Financial Advisoryrevenues have picked up, M&A pipeline resumed stronger activity and we recorded higher volume of concluded trans actions

Revenues by quarter (R$ million)

Revenues by year (R$ million)

Corporate and SME Lending

Record revenues in a quarter and in a year, with significant portfolio expansion

Overview of 4Q 2020

• • Revenues up 40.3% x 3Q 2020, due to credit book growth and strong contribution from Special Situations

• • Portfolio increased 7.9% q-o-q, and 68.3% y-o-y

• • SME tech-enabled lending portfolio reached R$9.5bn (pushed by pos itive s easonality im pact of approximatelyR$2 bn at year end)

Revenues (R$ million)

Corporate and SME Lending Portfolio

(R$ billion)

Sales & Trading

Solid performance while decreasing market risk component of RWA

Overview of 4Q 2020

• • Revenues of R$751.6 mn in 4Q 2020, mainlyfrom Credit and Rates desks

• • Growing contribution from client activities

• • Lower VaR levels, less intensive use of balance sheet

• • Growing revenue diversification inside Sales & Trading

Revenues (R$ million)

Sales & Trading Revenues

Avg. daily VaR / avg. S.E. (%)

2.00%

1.50%

1.00%

0.50%

0.00%

M arket risk component of RWA de creased from 46%on 2019, to 22% on 2020 and 18% on 4Q20

Asset Management

Higher revenues and record net new money

Overview of 4Q 2020

• • Revenues up 37.4% x 3Q 2020

• • All-time high NNM in a quarter and in a year (R$26 bn and R$63.7 bn, res pectively)

• • AuM/AuA increased 14.5% q-o-q and 38.1% y-o-y

• • Launch of several alternative investment products under our Illiquid Asset strategy

• • Annualized RoA in the quarter remains stable y-o-y, despite lower interest rates scenario

Revenues (R$ million)

Grow th = 23%

[4Q19/4Q20]

AuM and AuA

(R$ billion)

Wealth Management

All-time high revenues and inflows, as we grow our client numbers and increase our market share in upper retail

Overview of 4Q 2020

• • Record revenues of R$247.2 mn, up 5.7% q-o-q

• • All-time high NNMin a year: R$63.2 bn

• • Significant market share expansion in upper retail, benefiting from best in clas s s ervice, generating cros s-selling opportunities with other business units

• • Annualized RoA remained stable, despite lower interest rates

Revenues (R$ million)

Grow th = 52%

[4Q19/4Q20]

WuM (R$ billion)

247

Digital Retail Bank

BTG+ successfully launched on Sept-20 for BTG Pactual clients and to the public on Jan-18th

Highlights

• • Full transactional banking aiming medium and high income individuals, offering a wide and customized range of products

• • Customer experiencethrough fluid digital journeys, intuitive processes and Data Science

• • Our technology infras tructure allowed us to also launch "Bank as a Service",

  which alreadyserves 18 of the largest payment and merchant companies in Brazil

• • BTG + business accounts to be launched on 2H 2021

Retail Banking

Principal Investments

Existing investments have delivered good performance

Overview of 4Q 2020

• • Revenues of R$ 221 mn driven by positive mark-to-market from Eneva and global marketstrategies

Revenues (R$ million)

Expenses and Main Ratios

Cost-to-income ratio at 36.5% and compensation ratio at 21.6%, both below ourhistorical average, capturing benefits from operational leverage as we grow

Highlights of 4Q 2020

• • S&B increased 8.1% q-o-q, mostly due to new hires

• • A&O increased 24.6% q-o-q, mostlydue to outsourced technology s ervices

• • Year to date Income tax in line with historical average, and higher in the 4Q 2020 due to the marginal rate impact over the higher per-taxprofits

Bonus

Salaries and benefits Administrative and other Goodwill amortization

(982)

(1,084)

(1,031)

Tax charges, other than income tax Total operating expenses

Normalized Cost to income ratio Compensation ratio

Income tax and social contribution Effective income tax rate

(356) (175) (301)

(11) (138)

39%

(444) (230) (248)

(152)

44%

(11)

(363) (249) (309)

37%

(27)

(84)

140% -39% 5%

2% 42% 3%

40%

21%

27%

22%

22%

41% 24%

(325) 21.6%

(392) 28.1%

(565) 31.5%

(1,143) 23.0%

(1,525) 33% 27.7%

Balance Sheet Analysis

Highlights of 4Q 2020

• • Recordhighliquidity,with R$41.3 bn cash and cash equivalents,growthof138%(or R$24bn) compared to 2019, and LCR at 273%

• • Total assets (9.2x equity) decreased 3%

• • On balance sheet credit increased R$ 4.4 bn, w hile unsecured funding increased R$6.8 bn (coverage ratio at 193%)

Note: 1. Excludes demand deposits

(In R$bn)

Unsecured funding base growth of R$54 bn, a 100% expansion in the year

(In R$bn)

Highlights of 4Q 2020

• • Funding base grow ing 6.8% q-o-q, mostly on local currency deposits (BRL and CLP)

• • Demand deposits fromretail clientscontinuetogrow,as w ell as the share of retail on our total funding base (~11%)

• • Liquidity coverage at 273%, above our industry peers

• • Average tenor and average cost of funding (relative to CDI) reduced slightly q-o-q and y-o-y, already excluding impacts fromLTRO funding in Brasil and Chile

Notes: 1.

Does not include the green bond issued in January

1Q 2020

Perpetual

Borrowings and On-lendings Subordinated debt

Securities issuedTime deposits

Interbank deposits Demand deposits

4Q 2019

2Q 2020

3Q 2020

4Q 2020

BIS Ratio and VaR

BIS capital ratio decreased to 16.7% at the end of 4Q 2020, with CET1 at 13.8% (pro-forma ratio of 18.5% post follow on of Jan/21)Total average daily VaR decreased 44.3% when compared to the previous quarter

BIS Ratio

(%)

19.4%

19.6%Common Equity Tier IAdditional Tier ITier II

Average daily trading VaR

(% of average shareholders equity)

0.61%

Disclaimer

This presentation has been prepared by Banco BTG Pactual S.A. ("BTG Pactual", and together w ith its subsidiaries and affiliates, the "Company") for the

exclusive use of the party to w hom BTG Pactual delivers this presentation. This presentation w as prepared based on BTG Pactual ow n information and other

publicly available information. BTG Pactual does not make any representation or w arranty, either express or implied, as to the accuracy, completeness or reliability of the information, estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and stock performance) contained in this presentation. There is no guarantee that any of these estimates or projections w ill be achieved. Actual results w ill vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. BTG Pactual expressly disclaims any and all liability relating or resulting from the use of this presentation. This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. BTG

Pactual should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. This presentation does not purport to be all-inclusive or to contain all of the information that BTG Pactual may require. No investment, divestment or other financial decisions or actions should be based solely on the information in this presentation. This material must not be copied, reproduced, distributed or passed to others at any

time w ithout the prior w ritten consent of BTG Pactual.