Banco BTG Pactual operates as a partnership, whose Partners are also executives in the Bank.

BTG Pactual believes the key to its success is its Partnership model. This model (i) fosters a culture of teamwork, talent development, entrepreneurship, meritocracy and long-term commitment, (ii) substantially enhances the integration of its seven business units and maximizes the cross selling of its products, (iii) allows it to maintain an intense commitment to its clients, and identify and capitalize on opportunities in the Brazilian and international financial markets, (iv) substantially enhances its ability to attract the best available talents and (v) greatly facilitates its ability to consistently maintain a lean and cost-efficient organizational structure.

As a result of this model and the integration of its businesses, Banco BTG Pactual has a diversified revenue mix and low cost-to-income ratio, and have consistently achieved financial results that it believes exceed those of its competitors.

In contrast to other Investment Banking and Asset Management firms in Brazil and worldwide that have sold equity to the general market in the past, Banco BTG Pactual has implemented several steps to ensure that its Partnership model will not change. Its Partnership has the right, at any time and for any reason, to require any Partner to sell all or a portion of its Partnership. Such right will continue with respect to all of the Partnership equity for the foreseeable future, and thus, it is expect that such shares will never be eligible for sale into the market or to third parties, except for in some situations, such as the sale of Banco BTG Pactual in its entirety or in case of a new public offering.

Banco BTG Pactual believes that the substantial ownership position of its Partners in its share capital and the maintenance of its Partnership model will (i) ensure the continued commitment of its most important executives to its success, (ii) permit it to maintain its unique culture and the competitive advantage it grants, and (iii) permit it to attract and retain future generations of talents, all of which create an unprecedented alignment of the interests of its Senior Partners with market investors.