Banco BTG Pactual S A : Date 02/10/2021 Corporate Presentation - Updated as of 4th Quarter 2020

Table of Contents

1

BTG Pactual Overview

2

BTG Pactual Business Units

3

BTG Pactual Financial Highlights

4

4th Quarter 2020 Highlights

Section 1

Section 2

Section 3

Section 4

2

BTG Pactual at a glance

Core Business

Investment BankingCorporate LendingSales & TradingAsset ManagementWealth ManagementPrincipal InvestmentsParticipations

Interest & Others

Net Revenues and Net Income Evolution

Highlights

4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020

Total Assets

Total RevenuesNet Income Adjusted

Shareholders' Equity	R$21.4 bn (US$5.3 bn)	R$26.7 bn (US$5.1 bn)
Revenues	R$8.3 bn (US$2.1 bn)	R$9.3 bn (US$1.8 bn)
Net Income	R$3.8 bn (US$0.9 bn)	R$4.0 bn (US$0.8 bn)
AuM and/or AuA	R$273.0 bn (US$67.7 bn)	R$377.1 bn (US$72.6 bn)
WuM	R$168.0 bn (US$41.7 bn)	R$258.4 bn (US$49.7 bn)

Note: 1. US$ figures converted by end of period PTAX rate of R$4.0307 and R$5.1967 for 4Q 2019 and 4Q 2020, respectively

2019

2020

R$164.4 bn

(US$40.8 bn)

R$244.9 bn

(US$47.1 bn)

4

Summarized shareholder structure

BTG Pactual G7 Holding S.A.

Voting: 57.4%

Total: 22.8%Voting: 42.6%

Total: 77.2%

BTG Pactual Holding S.A.1

100%

BTG Pactual Holding

Financeira Ltda.

Other Partners

Total Units

• • Each BPAC11 Unit is composed of 1

  ON and 2 PNA shares of Banco BTG Pactual S.A.

• • Total units 4Q 2020: 904,235,657

• • Total units Feb-21: 932,013,435

73.9% of which 7.4% was acquired at market(1)

Free Float

26.1%

Banco BTG Pactual S.A.

Note: 1. Includes units acquired by investment vehicles owned by certain partners individually or collectively and vehicles under common control of the Partnership

5

BTG Pactual history

Commencement of Wealth Management activitiesCreation of Pactual Asset ManagementBTG founded by a group of former Pactual partners and former UBS MDs

Start of operations of BTG Pactual Seguradora and BTG Pactual Resseguradora in BrazilFollow-on secondary offering of R$2.5 billion (55.2mm units) from our Holding Co., adhering to Nível II of B3

Acquisition of co-controlling stake in Banco Pan for R$450mm

Sale of BSI and a 30% stake in the combination of EFG BSI

Distribution of ECTP to BBTG11 shareholdersFollow-on of R$2.6 billion (27.7mn units) to accelerate strategic initiatives and growth in our DRU, keeping strong capital metrics

1983

1989

1990

2000-2001

2002

2008

2009

2010

2011

2012

2013

2014

2016

2017

2019

2020

2021

Commencement of Banking Activities and opening of an office in São Paulo

Founded as brokerage house in Rio de Janeiro

UBS acquires Banco Pactual creating UBS PactualCommencement of regional expansion in Brazil: opening of Belo Horizonte (MG) and Recife (PE) offices

US$1.8bn capital increase from international investors

BTG acquires UBS Pactual, establishing BTG Pactual

IPO: primary capital increase of R$3.2 billion

Acquisition of Celfin Capital in ChileAcquisition of Bolsa Y Renta in Colombia

Announced the acquisition of BSI, a private banking business based in Switzerland, for CHF1.2 Bn

BBTG11 Units migration into BPAC11 and BBTG12 unitsFollow-on of R$2.6 billion (35.6mm units) to accelerate strategic initiatives and growth in BTG Pactual's Digital Retail Unit keeping strong capital metrics

6

Board members elected

Note: 1. Compliance Committee responds directly to the board of directors

7

Main executives

Investment Banking

Guilherme Paes

Corporate Lending

Renato Santos Rogerio StalloneSales & Trading Renato Santos Rodrigo Goes

Asset Management Eduardo GuardiaWealth Management Rogerio Pessoa

8

Investment BankingCorporate LendingSales & TradingAsset ManagementWealth ManagementRetail Brazil P P P P P P Chile P P P P P Colombia P P P P P Mexico P P P P Argentina P P Peru P P P P USA P P P P UK P P P
Portugal	P

Core LatAm

9

Our client franchises are experiencing significant growth

AuM

(R$ bn)

AuM growing 38% y-o-y, with record net new money for a full year of R$63.7 bn

WuM

(R$ bn)

Record revenues and all-time high NNM in a year, as we grow our client numbers and increase our market share in upper retail

Investment Banking Revenues

(R$ mm)

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

Unique integrated business model

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

• ▪ No IT and branch legacy

• ▪ Leading wholesale client franchises

Banking

Wealth Management

Digital Retail

Investment

Banking

Asset

Sales &ManagementTrading

Combination of profitability of incumbents with growth of challenger banks

Investment Banking

Leading Investment Banking Franchise in Brazil

BTG Pactual is the most active IBD franchise in Brazil since 2010, having advised the most relevant transactions during this period

Notes:

1. Dealogic, as of December 2020 (ECM and

M&A Rankings) and ANBIMA Long-Term Distribution Ranking (DCM Rankings)

2.

Ranking not available prior to 2013

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 especially in the local market

• • Significant performance in

  ECM, with record revenues in a year

• • Financial Advisory revenues have picked up, M&A pipeline resumed stronger activity and we recorded higher volume of concluded transactions

Revenues (R$ million)

Market Positioning Highlights

(FY 2020)

Corporate Lending

Financing and loan guarantees to corporations in Latin America

Main Highlights

• • Integrated origination platform

• • Anticipation of demand and needs of our clients

• • Greater flexibility and agility in order to structure and approve loan transactions

• • Partners involved in credit and risk analysis

• • Cross-selling with IBD, Wealth

  Management, Merchant Banking and FICC distribution desk

Main booking areas:

• • High Grade Credit Desk: tailored credit solutions for large corporations

• • Special Situations: credit arbitrages on loans and acquisition of non-performing loans (NPL) portfolios

• • BTG+ business (SME): digitally-originated supplier financing portfolio and credit card receivables

Corporate Lending Portfolio by Industry

(%) (1,2)

2017

Revenues (R$ million)

790

2018

4Q 2020

1,591

849

814

2019

2020

Corporate Lending Portfolio (R$ bn)

73.7

2017

2018

2019

2020

Notes:

• 1. Does not include Banco Pan Loan Portfolio and includes off balance sheet items (loans, debentures, CRIs, FIDCs, FIPs, TDs, corporate bonds, letter of credit, commitments and others)

• 2. As of December 30, 2020

Sales & Trading

Integrated and diversified platform of customer facilitation businesses in Latin America

Highlights and Awards

1 st

Brasil Equity Sales

(2020, 2019, 2017, 2014, 2013)

Brasil Equity Research

(2020, 2019, 2018, 2017, 2015,

2014, 2013)

LatAm Equity Sales

(2014, 2013)

Research

BTG Pactual Wins Again In Brazil

2020

BTG Pactual was awarded, for the third straight year, the best Research team in Brazil, by the weighted commissions ranking of Institutional Investor. Our analysts ranked #1 in 9 of 17 categories, in their respective sectors/regions

• • Equity research and sales teams named among the best teams in LatAm, covering 223 companies in 16 industries

• • Fixed Income and Credit Research team named among the best teams in LatAm, covering over 30 companies

Latin America Dedicated Bank

• • Fixed Income

• • Equities

• • FX

Note: * According to Institutional Investor rankings

• • Energy Insurance and

• • Reinsurance

Sales & Trading

Sales Team has always been in the top positions on Institutional Investor's

Brasil ranking, and we rated as #1 again in 2020

Overview of 4Q 2020

• • Solid performance while decreasing market risk component of RWA

• • Growing contribution from client activities

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

• • Growing revenue diversification inside Sales & Trading

2013 1º

2014 1º

2015 2º

2016 6º

2017 2º

2018 1º

2019 1º

2020 1º

Revenues (R$ million)

3,117

2,801

2017

2018

2019

2020

Asset Management

Leading Latin American asset manager and world class global markets manager with R$377.1 billion in assets, with a complete range of both traditional and alternative investment products

Brasil FI & EQ Funds

LatAm FI & EQ Funds

Global Hedge

Alternative Investments

Funds

Fund Services

Revenues (R$ million)

AuM and AuA

(R$ billion)

• • Proactive and systematic approach to portfolio monitoring

• • Strong cross-selling with all business units

• • LatAm platform

• • One of the largest private wealth managers in Latin America

• • Broad footprint in Brazil, with offices in São Paulo, Rio de Janeiro, Recife, Belo Horizonte and Porto Alegre

• • Strong presence in Latin

  America and also a broker dealer presence in New York and offices in Miami

Wealth
Recent Highlights & Awards
Management
•	Best Private Bank in Brazil Service Overall - 2020, 2019, 2018 Euromoney
•	Best Private Banking Colombia - 2020 The Banker
•	Best Private Banking LatAm - 2020 The Banker
All-time high revenues	•	Best Family Office Services in Brazil - 2019, 2018 Euromoney
and net new money	•	Best Technology - 2019, 2018 Euromoney
•	Best Private Banking LatAm, Brazil and Chile - 2018 Global Finance
•	Best Private Banking Brazil - 2018, 2017, 2016 The Banker
Main Highlights

Revenues (R$ million)

WuM (R$ billion)

Wealth Management

Market segmentation for best service

2

• ✓ International awards recognition

• ✓ Focus on large IFAs, multi-family offices and consultants

• ✓ Accelerates growth, regional expansion and capillarity

• ✓ 100% commission based

• ✓ Cross-selling opportunities with IBD

• ✓ Proprietary IFA

• ✓ # of advisors more than doubled since acquisition of Ourinvest

• ✓ 6 new offices in 2020

• ✓ Commission based employees

Partnerships

• ✓ Online client acquisition with low CAC

• ✓ Only platform with 5 RA1000 stamps from Reclame Aqui - Grade LTM: 9.0

• ✓ "BTG Perto de Você"

• ✓ Employees (salary + bonus)

• ✓ New revenue stream with RLP

• ✓ Accelerate our retail client base

• ✓ Fully owned subsidiary with independent brand

• ✓ Focus on attraction of small IFAs

• ✓ Promote consolidation of niched broker dealers

• ✓ Proven track record to attract and retain clients

• ✓ Cost dilution and gains of scale

• ✓ Broker as a Service to be provided by BTG Pactual

Track record of strong, controlled and profitable growth, built on top of a fortress balance sheet

Net Income, Shareholder's Equity, ROAE & Basel Ratio

• • Strong and consistent RoE through out time and across economic cycles

• • Solid profitability

• • Strong capitalization

Shareholders' equity (R$ mm)Net income adjusted (R$ mm)

ROAE (%)

2018

2017

2019

2020

Basel ratio (%)VaR as a % of shr. equity (%)

VaR(1) and VaR/Average Shareholder's Equity

• • Excellence in risk management, proven in extremely adverse market conditions

Notes: 1. 1 day Value at Risk (95%) Includes BSI's RWA and VaR since September 15th 2015

18.0%

0.65%
0.44%	0.46%
0.67%

16.7%

16.6%

2017

2018

2019

2020

Industry-leading operating and profitability metrics

ROAE (%)ROA (%)Cost to Income Ratio (%)1

Compensation Ratio (%)2

48.0%	47.8%
40.3%	40.9%

2017

2018

2019

Notes:

• 1. Total operating expenses/ net revenues

• 2. Salaries and benefits + bonus expenses/ net revenues

2020

24.3%	24.1%
23.1%	21.6%

2017

2018

2019

2020

Rating summary

Banco BTG Pactual S.A.

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
19% 4Q 20
107bn in 4Q 20	17% FY 20

SME: 9.5bn

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 revenues and adjusted net income of R$2,825 mn and R$1,258 mn. Operating4 revenues(1) reached R$ 2,460 mn

• • Annualized adjusted ROAE(2): 19.1%

• • Net income per unit(2): R$1.39

• • Accounting net income: R$1,229 mn

Efficient cost-to-income ratio, below our historical average, notwithstanding significant investments in the Digital Retail Unit

• • Cost-to-income ratio: 36.5%

• • Compensation ratio: 21.6%

At the end of the quarter, total assets were R$244.9 bn, BIS ratio was 16.7% and shareholders' equity was R$26.7 bn

• • Average VaR in the quarter was R$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 income 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 revenues and adjusted net income were R$9,304 million and R$4,050 million, respectively. Operating revenues(1) reached R$7.898mn

• • YTD annualized ROAE(2) was 16.9%

• • Accounting net income was R$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 with historical average, notwithstanding significant investments in the DRU

  • • Cost to income ratio was 40.9%

  • • Compensation ratio was 24.1%

  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 income 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 InvestmentsParticipationsInterest & 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

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, mostly due to outsourced technology services

• • 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-tax profits

Bonus

(356)

(444)

(363)

2%

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

(175) (301)

(11) (138)

39%

(230) (248)

(152)

44%

(11)

(249) (309)

37%

(27)

(84)

140% -39% 5%

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

• • Record high liquidity, with

  R$41.3 bn cash and cash equivalents, growth of 138% (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, while 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 growing 6.8% q-o-q, mostly on local currency deposits (BRL and CLP)

• • Demand deposits from retail clients continue to grow, as well 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 from LTRO funding in Brasil and Chile

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 with its subsidiaries and affiliates, the "Company") for the exclusive use of the party to whom BTG Pactual delivers this presentation. This presentation was prepared based on BTG Pactual own information and other publicly available information. BTG Pactual does not make any representation or warranty, 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 will be achieved. Actual results will 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 without the prior written consent of BTG Pactual.