Material Fact
Clarifications on news regarding
Banco Cruzeiro do Sul

Rio de Janeiro, May 31, 2012 - Banco BTG Pactual S.A. (Bovespa, BTG11) (“BTG Pactual” or “Bank”) hereby announces, in accordance with CVM Instruction 358/02 and considering the article published in the Valor Econômico newspaper under the title “BTG Pactual negocia compra do Cruzeiro do Sul” (BTG Pactual negotiates acquisition of Cruzeiro do Sul), that the Bank constantly analyzes market opportunities, including opportunities that involve investments and advisory services to third-parties.

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Investor Relations Department
Phone: +55 (11) 3383-2000
Fax: +55 (11) 3383-2001