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BTG Pactual Corporate Presentation
Updated as of 3rdQuarter 2015
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This presentation has been prepared by Banco BTG Pactual S.A. and BTG Pactual Participations Ltd. (BTGPactual,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.
Disclaimer
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Table of Contents
Section 1
BTG Pactual Overview
Section 2
BTG Pactual Business Units
Section 3BTG Pactual Financial Highlights
Section 4
3rdQuarter 2015 Highlights
BTG Pactual Group
Banco BTG Pactual and BTGI Individual Highlights
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BTG Pactual at a Glance
Note:
** For 3Q 2015 numbers includes BSI: (i) balance sheet consolidated assets and liabilities as of September 30th
and (ii) income statement from September 1st
onwards(1) Financial data as of September 30, 2015, converted for end of period R$/US$ rate of 3.97 and R$/CHF rate of 4.07
(2) Includes outsourced employees and interns as of September 30, 2015
Investment
Banking
Corporate
Lending
Sales &
Trading
Asset
Management
Wealth
ManagementPan
Principal
Investments
Interest
& Others
Financial
Advisory
(M&A)
ECM
DCM
Fixed Income
FX
Equities
Commodities
LatAm FI &
Eq.
Alternative
Investments
Fund Services
Global Hedge
Funds
Investment
Advisory
Financial
Planning to
HNWI
Commercial
and consumer
Banking
activities
Global
Markets
Merchant
Banking
Real Estate
Financing
Structured
Credit
Letters of
Credit
Interest on
capital
% of Revenues
Description
Highlights(1)Net Revenues and Net Income Evolution (R$mm)
2014
9M 2015
6.8% 10.3% 42.0% 20.5% 5.8% (7.2)% (1.2)% 23.0%
4.1% 13.0% 44.5% 13.2% 9.3% (6.2)% (0.2)% 22.3%
Total assets: R$302.8 bn (US$76.2bn)
Shareholders equity: R$22.1bn (US$5.6bn)
AUA and/or AUM: R$230.5bn (US$58.0bn)
WUM: R$422.5bn (US$106.3bn)
5,446 employees(2), of which 64 partners
and 177 associate partners
6,817
5,914
6,737 6,568
3,2562,775
3,411 3,387
2012 2013 2014 9M 2015
Total Revenues Net Income
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BTG Pactual Latam Focus and Global Presence
BTG Pactual Presence
BSI only
Commodities dedicated
BTG Pactuals global presence is based on a dominant fully fledged Latin America Investment
Bank, a global commodities unit and an extensive global Asset and Wealth Management platform
Note:* As of S eptember 30, 2015
Cayman Islands
Branch
Brazil
1,828 Professionals
Peru
37 Professionals
Chile
392 Professionals
U.K.
316 Professionals
U.S.A
324 Professionals
Colombia
317 Professionals
Hong Kong
87 Professionals
Mexico
40 Professionals
Switzerland
1,289 Professionals
Argentina
25 Professionals
Singapore
310 Professionals
Johannesburg
19 Professionals
Luxembourg
61 Professionals
China36 Professionals
San Jose
6 Professionals
Kiev
21 Professionals
Moscow
18 Professionals
Kenya
6 Professionals
Mumbai
2 Professionals
Uruguay
14 Professionals
Panama
31 Professionals
Bahrain
12 Professionals
Turkey
3 Professionals
France
47 Professionals
Italy
83 Professionals
Monaco
81 Professionals
Netherlands
2 Professionals
Lithuania
2 Professionals
Bahamas
38 Professionals
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Summarized Shareholder Structure
Notes:
(1) Neither BTG Participations nor any of its subsidiaries is a guarantor or otherwise obligated under the subordinated notes
(2) Portion of the shares subject to lockup agreements
(3) Considering economic interest only (Class A and Class B shares)
(4) Reflects economic interest in BTG Participations Ltd. and BTG Investments combined(5) Includes 1% of units acquired by the Partnership in Aprils 2012 IPO.
Banco BTG Pactual S.A.BTG Pactual Participations Ltd. /
BTG Investments LP(1)
Investment Bank Investment Company
30.7%(2),(5) 69.3%(3)
Total Free FloatPartnership
30.7%(2),(3),(4),(5)69.3%
Unit Composition
3 shares from Banco BTG Pactual S.A. and 3 shares from BTG Participations Ltd. = 6 Shares
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BTG Pactual History
1983Founded asbrokerage housein Rio de Janeiro
1989
Commencement ofBanking Activitiesand opening of anoffice in So Paulo
1990
Commencementof WealthManagementactivities
2000-2001
Creation ofPactual AssetManagement
2002
Commencement ofregional expansionin Brazil: opening ofBelo Horizonte(MG) and Recife(PE) offices
2006
UBS acquiresBanco Pactualcreating UBSPactual
2008
BTG founded byAndr Esteves, PersioArida and a group offormer Pactualpartners and formerUBS MDs
2009
BTG acquires UBSPactual,establishing BTGPactual
2010US$1.8bncapitalincrease frominternationalinvestors
2011
Acquisition ofco-controllingstake in BancoPan forR$450mm
2012
IPO: primary capitalincrease of R$3.2billion
Acquisition of CelfinCapital in Chile
Acquisition of Bolsa YRenta in Colombia
2013
Start of operations of BTGPactual Seguradora and BTGPactual Resseguradora inBrazil
2014
Announced theacquisition of BSI, aprivate bankingbusiness based inSwitzerland, forCHF1.5 Bn
Announced theacquisition of ArielRe. a reinsurancecompany based inLondon and Bermuda
Announced theacquisition of PanSeguros, as adevelopment of ourinsurance strategy forR$580mm
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What Makes BTG Pactual Unique?
Experienced
Team and SolidGovernance
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BTG Pactual Culture and Values
Client focused
Alpha-based
Global thinking and presence
Long-term ambition
Strategic Focus People PerformanceManagement
How we set our strategic direction How we work How we achieve superior results
Partnership
Teamwork
Hard-working and hands-on
Grow our own talent
Meritocracy
Entrepreneurship
Excellence
Bottom line driven and cost
conscious
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BTG Pactual Organizational Chart and Main Executives
Chairman of the Board
Andre Esteves
Persio AridaClaudio Galeazzi
John Huw JenkinsMarcelo Kalim
Roberto Sallouti
Juan Carlos CanizaresJohn Oros
Mark Clifford MaletzJonathan Michael Hausman
John OrosAnibal Joaquim
BTG Pactual Main Executives
Board Members Elected April, 2015
External DirectorsBTG Pactual Audit Committee
Investment BankingGuilherme Paes
Jos Vita
Corporate LendingRenato Santos
Sales & TradingRenato SantosRicardo LeimanRodrigo Ges
Asset ManagementPersio Arida | Steve Jacobs |James Oliveira | John Fath |
Antoine Estier | CarlosFonseca
Wealth ManagementRogerio Pessoa
Renato Cohn
CFO
Marcelo Kalim
CEO
Andr Esteves
International CEOHuw Jenkins
AM CEORoberto Sallouti
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BTG Pactual Business Units
Section 2
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BTG Pactual has a leading franchise in the most important products in LatAm, especially in Brazil
Business UnitsInvestment Banking - Financial advisory and capital markets services
Note:* The source for DCM LatAm is Dealogic
Rankings Brazil
Rankings LatAm
M&A 2010-9M2015 (Dealogic)
InstitutionVolume
(US$bn)
#
Deals
Mkt Share
(%)
BTG Pactual 155.5 278 28.5
Credit Suisse 149.0 159 27.3
Itau BBA 116.4 256 21.3
BofAML 116.2 79 21.3
Rothschild 112.8 66 20.7
InstitutionVolume
(US$bn)# Deals
Mkt Share
(%)
Itau BBA 10.5 61 13.2
BTG Pactual 9.6 53 12.0
Bradesco BBI 7.3 42 9.2
BofAML 7.0 27 8.8
Credit Suisse 6.4 41 8.0
InstitutionVolume
(US$bn)# Deals
Mkt Share
(%)
Credit Suisse 229.9 216 24.5
BofAML 184.1 137 19.6
JP Morgan 169.3 153 18.0
BTG Pactual 162.6 303 17.3
Citi 147.9 118 15.8
InstitutionVolume
(US$bn)# Deals
Mkt Share
(%)
BTG Pactual 14.0 83 9.1
Citi 13.5 66 8.8
Itau BBA 12.5 77 8.2
JP Morgan 12.2 60 7.9
Credit Suisse 11.9 75 7.8
Institution*Volume
(US$bn)# Deals
Market
Share (%)
Deutsche Bank 66.9 222 10.8
Citi 66.2 253 10.7
HSBC 64.5 234 10.4
JP Morgan 62.3 225 10.1
BofAML 61.5 253 9.9
InstitutionVolume
(R$bn)# Deals
Market
Share (%)
Itau BBA 56.4 667 25.6
Bradesco BBI 37.7 621 17.1
BTG Pactual 29.3 219 13.3
BB 26.3 436 11.9
Santander 13.8 244 6.3
ECM 2010-9M2015 (Dealogic) DCM 2010-9M2015 (Anbima)
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BTG Pactual main awards and full year revenues for Investment Banking
Business UnitsInvestment Banking - Financial advisory and capital markets services
Revenues (R$ mm)Recent Highlights & Awards
2010 - Financial Advisor of the
Year: Brazil
2013 - Best Equity House Brazil
2013 - Best M&A House Brazil
2013 - Best Equity House LatAm
2013 - Best IB: Brazil
2013 - Best IB: Chile (2012/11/10)
Deloitte Diario Financeiero - Chile
2011 - Best OPA Agent / Transaction
2011 - Best Debt Restructuring Agent
2011 - Best Financial Institution
2013 - Equity House of the Year:
LatAm
2013 - Investment Bank of the Year:
Chile
2010 - Best Investment Bank: Brazil
2015 Best IB: Chile
2014 Best M&A Bank: LatAm
(2013/12)
2013 Most innovative IB:
LatAm
377
448 459 456
269
2011 2012 2013 2014 9M 2015
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Financing and loan guarantees to corporations in Latin America
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
High Yield Credit Desk: credit arbitrages on loans and acquisition
of non-performing loans (NPL) portfolios
Business UnitsCorporate Lending
Corporate Lending Portfolio (R$ bn)Main Highlights
Corporate Lending Portfolio by Industry (%)(1,2)Revenues (R$ mm)
Notes:
(1) Does not include Banco Panamericano 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 September , 2015
366
564
767692
857
2011 2012 2013 2014 9M 2015
35.3 36.539.7
45.943.5 41.7 42.8
1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015
32%
10%
9%7%
7%
6%
5%
3%
2%2%
2%2%
2%2%
9%
Utilities
Infrastructure
Retail
Real Estate
Oil & Gas
Metals & Mining
Agribusiness
Health
Auto-Parts
Legal Claims
Food & Beverage
Industry
Sovereign
Pulp & Paper
Others
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Integrated and diversified platform of customer facilitation businesses in Latin America
Fixed Income and Credit Research team named among the best teams
in LatAm, covering over 30 companies
Dealer in Public Debt Offering from National Treasury
Leading Futures Brokerage platform in Brazil
Market making
Structured products
Business UnitsSales & Trading
Note:(1) According with BM&FBovespa on September 30, 2015. Includes Brazilian equities only
Fixed Income
Equity research and sales teams named among
the best teams in LatAm, covering 265 companies in 20 industries Equity financial products and services to local and international clients,
including:
Leader in market-making, with 43.9% market share(1)
Brokerage and clearing services
Derivatives for hedging and trading purposes
Equities
Structured products
Market making
One of the primary dealers of Brazilian Central Bank
FX
Global Commodities platform, including over 40 desks
Commodities
Coverage of corporate insurance and infrastructure projects
Insurance and Reinsurance
2015 2014 2013 2012
Equity Research
House in Brazil1st 1st 1st
2nd 3rdEquity Research
House in LatAm
3rd 2nd 1stBrazil Economics
Research
2nd 2ndFixed Income /
Credit Research
Brazil2nd
3rd 2ndFixed Income /
Credit Research
LatAm3rd
3rd
3rd
1st
2nd
4th
1st
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In 2011, BTG Pactual debuted on Institutional Investors inaugural Latin American Sales Team as
No. 5. In 2012 the firm soared to second, and in 2013, 2014 and 2015 the So Paulo-based outfit
claims the summit
Business UnitsSales & Trading
Local presence started in 2012
Latin America Sales Team
Revenues (R$ mm)
2nd 1st 1st
2012 2013 2014
2nd
2015
Institutional Investor 2015 Brazil Rankings
Rank Total Team Positions First Team
2015 Firm 2015 2014 2015 2014
18 18 5 8
2 Ita BBA 17 16 5 3
3 Credit Suisse 15 11 3 54 BofAML 12 11 1 1
4 JP Morgan 10 11 0 0
In 2015, BTG Pactual had a total of 18 ranked analysts, including 8 ranked #1
in their respective sectors/regions
1st
1,0121,517 1,729
2,833 2,925
2011 2012 2013 2014 9M 2015
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R$230.5 billion in assets under management
Business UnitsAsset Management
Global Hedge FundsR$26.6 billion
LatAm FI & EQ FundsR$ 96.1 billion
Alternative InvestmentsR$ 46.9 billion
Fund ServicesR$ 60.9 billion
Global Hedge Funds
Global Fund of Funds
Private Equity
Timberland
Infrastructure
Real Estate
External Managers Funds
NAV Calculation
Fund Accounting
Register and Transfer Agent
Compliance breaches control
Pricing Custody reconciliation
LatAm Fixed Income
Money Market
Rates & Credit
LatAm Equity Index-enhanced
Absolute Return
Long Biased
Long /Short
Country Specific Funds
Brazil
Chile
Colombia
Assets Evolution (R$ billion)
120.1
170.7189.5 201.4
230.5
2011 2012 2013 2014 9M 2015
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BTG Pactual main awards and full year revenues for Asset Management
Business UnitsAsset Management
Revenues (R$ mm)Recent Highlights & Awards
Best Fixed Income House in Chile2015 (World Finance)
Best Fixed Income and Equities Global Manager in Chile
2015 (Morningstar)
Best High Net Worth Fund Manager2013 / 2014
(Exame/FGV)
Best Equities Strategist2014 (Institutional Investor
Brazil) Best Hedge Fund Strategist2014 (Institutional Investor
Brazil)
Best Equities Fund Manager2013 (Exame/FGV)
Best Fixed Income and Flexible-Multi Asset2012/ 2013
(S&P/Valor Econmico)
Best Hedge Fund Manager in Global Macro2012 (FN
Hedge Fund Awards)
New Hedge Fund of the Year (Global Eq. Opp. Fund)2012 (FN Hedge Fund Awards)
Best Fund Manager2012 (Exame/FGV)
Best Global Macro Hedge Fund2012 (GEMM,
EuroHedge Awards)
High Standard Asset Managers Rating by Fitch Ratings
507
1,190 1,172
1,378
867
2011 2012 2013 2014 9M 2015
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Global Private Banking franchise, with R$422.5 billion in Wealth under Management
Proactive and systematic approach to portfolio monitoring
Strong cross-selling with all business units
LatAm Platform
One of the largest private wealth managers in Latin America
Broad footprint in Brazil, with offices in So Paulo, Rio de
Janeiro, Recife, Belo Horizonte and Porto Alegre
Strong presence in Latin America and also a broker dealer
presence in New York
BSI Platform
Acquisition of BSI Bank concluded on September, 2015
BSIs brand is well recognized in its markets, mainly inSwitzerland, supported by market initiatives and its strong track
record
Business UnitsWealth Management
WUM Evolution (R$ billion)Main Highlights
Recent Highlights & AwardsRevenues (R$ mm)
Best Private Bank in Brazil2014 World Finance Magazine
Best Private Bank for Growth Strategy2014 PWM / The
Banker Magazine
Best Private Bank in Colombia2014 PWM / The Banker
Magazine
Best Family Office Services in Brazil2014 Euromoney
Magazine
Best Corporate Advisory for Private Banking Clients in
Brazil2014 Euromoney Magazine
Highly Commended for Best Private Bank in Brazil and Chile
2014 PWM / The Banker Magazine
345
264
41
202
386 393
609
2011 2012 2013 2014 9M 2015
BTG Pactual Stand Alone BSI
Note:(1) 3Q 2015 included BSI September revenues of R$264.2 million
(1)
100.5
321.9
38.962.2 67.6 81.0
422.5
2011 2012 2013 2014 9M 2015
BTG Pactual Stand Alone BSI
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48
1,859718
(776)
(84)173
234255
258
(113)(40)
245
(353)32
(208)
2011 2012 2013 2014 9M 2015
Principal investments in broad range of financial instruments which are primarily managed by our
Asset Management team
Business UnitsPrincipal Investments
Global Markets Highly experienced team with strong
track record
Strategy is designed to scale up and down
according to market opportunities
Multi-strategy investments with
optimization of performances through a
dynamic capital allocation
Existing strategies EM Credit
EM Rates & FX
EM Equities
Equities GDM
Merchant Banking BTG Pactual network of contacts grants
us access to numerous attractive
investment opportunities and brings a
significant deal flow
Asset Management has a local dedicated
investment team, allowing us to operate
in both sourcing deals and managing the
investments portfolio
Divisions:
Private Equity
Natural Resources
Timber
Infrastructure
Real Estate Investment Strategy focused in: Brazil,
Chile, Colombia and Peru
Income Generating Properties
Exposure to all the main assets classes:
offices, shopping, industrial (logistics)
and hospitality
Development
Exposure to residential, commercialand mixed use projects
Partnership with local developers
Dedicated Investment team with
broad experience in the sector
Global MarketsMerchant Banking
Real Estate
Total
Revenues (R$ mm)
620
(485)(405)
2,338
181
Global Rates & FX
US Mortgages
US Credit
Reinsurance
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Pan turnaround underway
Business UnitsPan
Shareholding Structure and Rationale
Co-controlling interest with Caixa Econmica
Federal
Long-term financing agreement with Caixa
Econmica Federal
Business opportunity with profitable products,
low cost funding and a well established
commercial base
40.4% 40.4% 19.3%
Free-Float
Auto loans
Payroll loans
Consumer loans
Credit cards
Main products are trade finance, working
capital and stand-by letters of credit
Guarantees through:
Receivables and advances
Commercial pledge
First priority security (interest on real
estate)
Consumer Loans MortgageSME Lending
BFRE acquisition
Established distribution network for
mortgage origination
Real estate mortgages
New or used real estate financing
Construction financing
Home equity
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BTG Pactual Financial Highlights
Section 3
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Track Record of Strong, Controlled and Profitable Growth
Note:
(1) 1 day Va lue at R isk (95 %)(2) Incudes BSIs RWA and VaR since September 15th2015
Net Income, Shareholders Equity, ROAE and BIS Ratio
VaR(1,2)and VaR/Average Shareholders Equity
Consistent growth, even in adverse
market conditions
Solid profitability (average ROAE of 22.2% in
the last 3 years)
Strong capitalization
Excellence in risk management, proven
in extremely adverse market conditions
14,145
16,091
18,678
22,119
3,256 2,775 3,411 3,387
28.7%
18.4% 19.6%22.1%
2012 2013 2014 9M 2015
Shareholders' Equity (R$mm) Net Income (R$mm) ROAE (%)
17.8% 17.7% 17.5%
14.3%
0.8%
0.5% 0.5%0.6%
2012 2013 2014 9M 2015
Basel Ratio (%) VaR/Avg. Shareholders' Equity (%)(2)
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Industry-Leading Operating & Profitability Metrics
ROA(%)ROAE (%)
Cost to Income Ratio(%)(2)Compensation Ratio (%)(1)
Notes:
(1) Salaries and benefits + bonus expenses / net revenues(2) Total operating expenses / net revenues
40%
43%41%
48%
2012 2013 2014 9M 2015
22%
24%23%
29%
2012 2013 2014 9M 2015
28.7%
18.4%19.6%
22.1%
2012 2013 2014 9M 2015
2.5%
1.7% 1.7% 1.7%
2012 2013 2014 9M 2015
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BTG Pactual has rigorous risk management and maintains a solid and diversified funding base
Rigorous Risk Control Framework with Proven ALM
Assets and Liabilities are Well-matched to Avoid GapsStrong Risk Management Culture
Risk management and capital preservation are
key elements of the investment decision
process
Vast majority of partners wealth is BTG
Pactualsequity, encouraging rigorous risk
control and long-term commitment
Senior management sits on trading floor
Average daily VaR of R$122.6mm / (0.60% of
Shareholders Equity) in the 9M 2015(1)
Rigorous Stress Test modeling to complement
VaR
Strong discipline of mark-to-market and profit-and-loss review on a daily basis
Investment Grade (Global Scale), Moodys and
Fitch
(Sep-15)
Illiquid Assets
Credit
Assets FinancedThrough REPOs
Cash & Equivalents REPO Financing
Assets Liabilities
Settlement Account
Settlement account
Other Assets
Unsecured Funding
Secured Funding
Trading Portfolio
Assets
Net Equity
Other LiabilitiesPerpetual
195%
coverage(2)
Notes:
(1) Incudes BSIs VaR since September 15th
2015(2) Excludes demand deposits from BTG Pactual stand alone
20.0
15.5
81.1
99.2
31.9
14.2
40.9
302.8
3Q 2015
22.1
4.513.4
158.1
65.8
31.2
7.6
302.8
3Q 2015
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Broader Credit Portfolio
By Area (R$ billion)
Note:
3Q 2015 numbers includes BSI: (i) balance sheet consolidated assets and liabilities as of September 30thand (ii) income statement from September 1stonwards
(1) Mortgages are related to BSI only(2) According to Brazilian Central Banks 2682 resolution
(3) As of September, 2015
By Product (R$ billion)(1)
By Ratings(2,3):
AA-A: 84% | B-D: 13% | E-H: 2%
16.320.1 20.3 20.7
51.4
0.0 0.0
17.3
2.52.3 1.3 1.1
1.3
10.7
14.0 13.6 13.0
15.2
10.1
15.713.9 14.1
13.0
39.6
52.249.1 48.9
98.2
2013 2014 1Q 2015 2Q 2015 3Q 2015
Loans Mortgage Funds Letter of credit Marketable securities
36.2
45.9 43.5 41.7 42.8
0.9
1.91.6 1.6
50.1
2.6
4.34.0 5.6
5.3
39.6
52.1
49.1 48.9
98.2
2013 2014 1Q 2015 2Q 2015 3Q 2015
Corporate Lending Wealth Management Others
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In the 3Q 2015 our unsecured funding base significantly increased, mostly due to consolidation of
BSI
Unsecured Funding Base
Borrowings and onlendings
Subordinated debt
Securities issued
Time deposits
Interbank deposits
Demand deposits
Perpetual
(In R$ billion)
Note:
* 3Q 2015 numbers includes BSI: (i) balance sheet consolidated assets and liabilities as of September 30thand (ii) income statement from September 1stonwards
0.3 0.2 0.2
73.5
0.60.4 0.8
1.0
13.719.8 22.2
27.4
8.5
17.824.4
28.3
6.2
6.77.4
8.8
3.5
4.5
2.2
7.4
9.7
19.2
31.5
52.2
68.1
162.6
2012 2013 2014 9M 2015
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Robust Capital Base
Notes:
(1) Includes shareholders equity of Banco BTG Pactual and BTG Participations
(2) Shareholders equity for 9M 2015 already impacted by the iss uance of 33.6 million units in connection to BSIs acquisition(3) Applicable only to Banco BTG Pactual S.A.
Basel Ratio Evolution(%)(3)Shareholders Equity Evolution (R$ billion)(1,2)
14.1
16.1
18.7
22.1
2012 2013 2014 9M 2015
12.5% 12.2%10.9%
8.7%
2.9%
2.9%
5.3% 5.5%3.7%
2.7%
17.8% 17.7% 17.5%
14.3%
2012 2013 2014 9M 2015
Common Equity Tier I Additional Tier I Tier II
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Revenue Mix(1)
Notes:
(1) Revenue mix does not consider revenues from Interest and Others
(2) Principal Risk revenues includes our Principal Investment unit and revenues from Banco Pan
(3) Return on average equity for BTG Pactual
20142010 2011 2012 2013
Principal Risk(2)
contributes withadditional alpha
ROAE(3)27.5% 24.2% 28.7% 18.4%
Fee BusinessIncludes IB, AM
and WM with
CAGR of 28%
Client Facing
businesses with
stable revenue mixover the last four
years
Sales and Trading
CAGR of 44%
Corporate Lending
CAGR of 28%
19.6%
14% 15% 14% 17% 12%
38% 42% 39% 38% 49%
48%43% 47% 45%
39%
2010 2011 2012 2013 2014
6581,012
1,517 1,729
2,833
8391,033
1,840 2,0172,228
252 366564 767 692
484 129
2,094
497
(565)
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3rdQuarter 2015 Highlights
Section 4
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3Q 2015 with record revenues and net income, 25% and 48% higher than 2Q 2015, respectively
Performance Summary3Q 2015
Note:
* Balance sheet items represents end of period data
** 3Q 2015 numbers includes BSI: (i) balance sheet consolidated assets and liabilities as of September 30thand (ii) income statement from September 1stonwards(1) Shareholders equity for the quarter already impacted by the issuance of 33.6 million units in connection to BSIs acquisition
(2) Incudes BSIs VaR since September 15th2015
1 For 3rdquarter, total revenues and net income reached R$2.6 billion and R$1.5 billion, respectively Annualized ROAE of 28.8%
Net income R$1.61 per unit
2 Fixed costs under control, with increase mainly attributable to bonus expense, FX and the consolidation of BSI Cost to income ratio at 54% for the quarter (BTG Pactual stand alone ratio at 51%)
Compensation ratio at 35% for the quarter (BTG Pactual stand alone ratio at 33%)
3 Total assets at R$302.8 billion, a 45% increase when compared to 2Q 2015, and our Basel ratio was 14.3% VaR in the quarter increased to R$140.1 million, or 0.67% of average shareholders equity(2)
BSIs consolidation in September added R$100.4 billion of assets
Shareholders equity for the quarter includes the issuance of 33.6 million units, R$977 million capital increase
Revenues (R$ million) Net Income (R$ million) Shareholders Equity (R$ billion)
1,702 1,5861,961 2,047
2,560
17.3 18.4 18.0 21.0
28.8
3Q
2014
4Q
2014
1Q
2015
2Q
2015
3Q
2015
Revenues ROAE (%)
769 848 8541,023
1,510
45.253.5
43.5 50.059.0
3Q
2014
4Q
2014
1Q
2015
2Q
2015
3Q
2015
Net income Net margin (%)
(1,2)
18.218.7
19.219.8
22.1
0.48 0.470.59 0.60 0.67
3Q
2014
4Q
2014
1Q
2015
2Q
2015
3Q
2015
Shareholders EquityAvg. daily VaR / avg. equity (%)
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Year to date we have delivered strong ROAE in tough market conditions
Performance Summary9 Months 2015
Note:
* Balance sheet items represents end of period data
** 3Q 2015 numbers includes BSI: (i) balance sheet consolidated assets and liabilities as of September 30th
and (ii) income statement from September 1st
onwards(1) Shareholders equity for the quarter already impacted by the issuance of 33.6 million units in connection to BS Is acquisition
(2) Incudes BSIs VaR since September 15th2015
1 Resilient performance during the year, record revenues and net income at R$6.6 billion and R$3.4 billion,respectively
Year to date annualized ROAE of 22.1%
2 Net Margin slightly higher when compared to 9M 2014 Cost to income ratio at 48% (BTG Pactual stand alone ratio at 47%)
Compensation ratio at 29% (BTG Pactual stand alone ratio at 28%)
Net margin at 52%
Shareholders equity increased R$3.9 billion year on year to R$22.1 billion(1) R$977 million of capital increase in connection with BSIs acquisition
Revenues (R$ million) Net Income (R$ million) Shareholders Equity (R$ billion)
3
5,151
6,568
19.922.1
9M 2014 9M 2015
Revenues ROAE (%)
2,563
3,387
49.8 51.6
9M 2014 9M 2015
Net income Net margin (%)
18.2
22.1
0.56 0.60
9M 2014 9M 2015
Shareholders EquityAvg. daily VaR / avg. equity (%)
(1,2)
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Year to date we have delivered strong revenues and ROAE while taking significant risk out of our
balance sheet, especially by reducing exposure in Principal Investments
Total RevenuesBusiness Units Breakdown
3rdQuarter 2015 9 Months 2015
(% of total)
Investment
Banking
Sales &
Trading
Wealth
Mgmt
Principal
Invest-
ments
Corporate
Lending
Asset
Mgmt
Pan Interest &
Others
(% of total)
Investment
Banking
Sales &
Trading
Wealth
Mgmt
Principal
Invest-
ments
Corporate
Lending
Asset
Mgmt
Total Revenues = R$6.6 billion
(R$mm)
Total Revenues = R$2.6 billion
(R$mm)
Pan Interest &
Others
66237
1,444
327 388
-469
8
560
3%9%
56%
13% 15%
-18%
0%
22%
269
857
2,925
867609
-405
-15
1,462
4%13%
45%
13% 9%
-6% 0%
22%
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Quarter 3Q 2015 % change to Full Year
9M 2015
% change
to
(in R$ mm, unless stated) 3Q 2014 2Q 2015 3Q 2015 3Q 2014 2Q 2015 9M 2014 9M 2015 9M 2014
Bonus (145) (394) (520) 258% 32% (603) (1,086) 80%
Salaries and benefits (175) (228) (364) 108% 59% (497) (807) 62%
Administrative and other (259) (227) (333) 28% 46% (653) (799) 22%
Goodwill amortization (41) (50) (56) 37% 11% (127) (152) 20%
Tax charges, other than income tax (82) (116) (99) 20% -15% (206) (334) 62%
Total operating expenses (702) (1,016) (1,371) 95% 35% (2,086) (3,178) 52%
Cost to income ratio 41% 50% 54% 41% 48%
Compensation ratio 19% 30% 35% 21% 29%
Income tax and social contribution (231) (8) 321 n.a. n.a. (502) (3) -99%
Effective income tax rate 23.1% 0.7% -27.0% 16.4% 0.1%
Expenses and Main Ratios
Note:
* Income taxes were impacted by gains on recognition of R$305.6 million of deferred tax assets related to the rise of 5% in socio contribution tax (CSLL) in Brazil
BSI BTG Pactual Stand Alone
3Q 2015 3Q 2015% Change to
3Q 2014
% Change to
2Q 2015
9M 2015% Change to
9M 2014
Bonus (33) (488) 235% 24% (1,053) 75%
Salaries and benefits (104) (259) 48% 14% (703) 41%
Administrative and other (69) (264) 2% 16% (730) 12%
Goodwill amortization - (56) 37% 11% (152) 20%
Tax charges, other than income tax (5) (94) 14% -19% (328) 60%
Total operating expenses (211) (1,160) 65% 14% (2,967) 42%
Cost to income ratio 80% 51% 47%
Compensation ratio 52% 33% 28%
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Banco BTG Pactual and BTGI Individual Highlights
Section 5
I S B kd B E i i
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Income Statement Breakdown Between EntitiesIn R$ million
9M 2015BTG InvestmentsBanco BTG Pactual
Shareholders Equity
Investment Banking
Corporate Lending
Sales and Trading
Asset Management
Wealth Management
Principal Investments
Pan
Interest and Others
Total Revenues
Total Operating Expenses
Net Income
269
855
2,916
867
609
426
(15)
1,213
7,141
(3,162)
4,080
-
1
9
-
-
(831)
-
248
(573)
(15)
(693)
18,919 3,186
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15.4
15.2
81.0
91.7
31.9
14.2
40.9
290.4
3Q 2015
18.9
4.513.4
149.6
65.1
31.2
7.6
290.4
3Q 2015
Balance Sheet Summary (R$ billion)
Assets Liabilities
Illiquid Assets
Credit
Assets Financed
Through REPOs
Cash & Equivalents
Settlement Account
Other Assets
Trading Portfolio
Assets
REPO Financing
Settlement account
Unsecured Funding
Secured Funding
Net Equity
Other Liabilities
Perpetual
185%
coverage(3)
Highlights Banco BTG Pactual S.A
ShareholdersEquity, Net Income and ROAE(1)
Basel Ratio and VaR(2)
10,10112,128
14,733
18,919
2,061 2,4893,369
4,080
25.1%22.4%
25.1%
32.3%
2012 2013 2014 9M 2015
Shareholders' Equity (R$mm) Net Income (R$mm) ROAE (%)
17.8% 17.7% 17.5%
14.3%
0.7%
0.5% 0.5%
0.8%
2012 2013 2014 9M 2015
Basel Ratio (%) VaR/Avg. Shareholders' Equity (%)
Notes:
** 3Q 2015 numbers includes BSI: (i) balance sheet consolidated assets and liabilities as of September 30thand (ii) income statement from September 1stonwards
(1) Shareholders equity for the 3Q 2015 already impacted by the issuance of 33.6 million units in connection to BSIs acquisition
(2) Incudes BSIs RWA and VaR since September 15th2015
(3) Excludes demand deposits from BTG Pactual stand alone
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Balance Sheet Summary (R$ billion)
Assets Liabilities
Illiquid Assets
Cash & Equivalents
Trading Portfolio
Assets Unsecured Funding
Secured Funding
Net Equity
Other Liabilities
Other Assets
Highlights BTG Investments
Total Revenues, Net Income and ROAE
ShareholdersEquity and VaR
4,044 4,124 3,973
3,186
1.5%
0.9% 1.1%1.2%
2012 2013 2014 9M 2015
Shareholders' Equity (R$mm) VaR / Average Shareholders' Equity (%)
4.5
0.5
9.4
1.0
15.4
3Q 2015
3.2
1.1
10.1
1.0
15.4
3Q 2015
1,197
319184
-573
1,194
286 42
-693
38.3%
7.0%1.0%
-25.8%
2012 2013 2014 9M 2015
Total revenues (R$ mm) Net Income (R$mm) ROAE (%)
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BTG Pactual Rating Summary
Outlook
Bank deposits
NSR Bank Deposits
Dom Currency
Negative
Baa3/P-3
Aa1.br/BR-1
Rating Outlook
Foreign and local currency
Long Term IDR
Short Term IDR
Local
Long Term IDR
Short Term IDR
Negative
BBB-
F3
AA(bra)
F1+(bra)
Outlook
Issuer Credit Rating:
Issuer Credit Rating
(local):
Credit Watch
BB/B
brAA-/brA-1
Rating Outlook
Foreign and local currency
Long Term IDR
Negative
BB+
Rating Outlook
Foreign and local currency
Long Term IDR
Negative
BBB-
Banco
BTG Pactual S.A.
BTG Investments
L.P.
BTG Pactual
Holding S.A.
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Main Contacts
Investor Relations TeamJoo Dantas
Pedro da Rocha Lima
Philippe KatzMariana Quintanilha
www.btgpactual.com/irri@btgpactual.com
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