Conference Call

Presentation

4th Quarter 2020

For additional information, please read carefully

the notice at the end of this presentation

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 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: +55 (11) 2188-0155 • Phone: +55 (11) 2188-0155
• Code: BTG Pactual • Code: BTG Pactual
• Replay: +55 (11) 2188-0400 • Replay: +55 (11) 2188-0400
• Code: BTG Pactual • Code: BTG Pactual

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

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

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Unique integrated business model

Digital
Investment
Retail
▪ Tech-enabled Banking Banking
expansion of client
segments and business
Large
lines Institutional Corporate
Corporate
Wealth
and SME
Management
▪ No IT and branch Retail SME Lending
legacy
HNWI

▪ Leading wholesale
Asset Sales &
client franchises Management Trading

Combination of profitability of incumbents with growth of challenger banks 3

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
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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

SME: 9.5bn

Unsecured Funding ROAE Adj

(R$) (R$)

+100% y-o-y 19% 4Q 20

107bn in 4Q 20 17% FY 20
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 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)

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 Performance Summary
4Q 2020

We delivered a 19.1%
1 2 3
adjusted ROAE and Total rev enues and adj usted net Efficient cost-to-income ratio, At the end of the quarter, total assets

our cost-to-income
income of R$2,825 mn and
R$1,258 mn. Operating
4 below our historical av erage,
notw ithstanding significant
w ere R$244.9 bn, BIS ratio w as 16.7%
and shareholders’ equity w as R$26.7 bn
ratio was 36.5% rev enues (1) reached R$ 2,460 mn inv estments in the Digital
• Average VaR in the quarter was R$87.6 mn
Retail Unit
• Annualized adjusted ROAE (2): 19.1% or 0.33% of average shareholders’ equity
• Net income per unit (2): R$1.39 • Cost-to-income ratio: 36.5% • Reflecting the JCP provision of R$563 million
• Accounting net income: R$1,229 mn • Compensation ratio: 21.6%

Shareholders’ Equity
Total Revenues and Net Income and ROAE
Operating Revenues (R$ million)
(R$ billion)
(R$ million)

19.1% 15.7% 19.1%

1,258
2,825
2,486 2,478 1,010 1,016 26.7
26.0
2,460
2,209 21.4
1.39
1,660 1.16 1.12 0.54 0.61
48.1% 0.33

4Q 2019 3Q 2020 4Q 2020 4Q 2019 3Q 2020 4Q 2020 4Q 2019 3Q 2020 4Q 2020

Revenues Operating Revenues Adjusted Net Income Earnings p/Unit (R$) Shareholders Equity

Notes:
Avg. daily VaR / avg. S.E. (%)
1. Operating revenues: total revenues excluding interest and others, participations and principal investments
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
% ROAE 7
 Performance Summary
Full Year 2020
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2020 was marked by a
1 2 3
strong performance, Total rev enues and adj usted net Cost-to-income ratio w as in Shareholders’ Equity increased
income w ere R$9,304 million and line w ith historical av erage, 24.8% y-o-y and ended the year
especially of our client R$4,050 million, respectively. notw ithstanding significant at R$26.7 bn
franchises, despite the Operating rev enues (1) reached inv estments in the DRU
R$7.898mn • Reflecting the JCP provision of
challenging market
• YTD annualized ROAE (2) was 16.9% • Cost to income ratio was 40.9% R$1,096 mn
conditions • Accounting net income was R$3,976 • Compensation ratio was 24.1% • Follow-on offering of R$2.65 bn in
million June 2020

Shareholders’ Equity
Total Revenues and Net Income and ROAE
Operating Revenues (R$ million)
(R$ billion)
(R$ million)

19.1% 16.9%
9,304 3,833 4,050
8,333 26.7
21.4
7,898
6,041
4.48
4.40 0.67
30.7% 0.46

2019 2020 12M 2019 12M 2020 12M 2019 12M 2020

Revenues Operating Revenues Shareholders Equity

Adjusted Net Income Earnings p/Unit (R$)
Notes: Avg. daily VaR / avg. S.E. (%)
1. Operating revenues: total revenues excluding interest and others, participations and principal investments
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
% ROAE 8
 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

596
515

350 1,591
1,327
247 1,013
221
850
730
101 362 313
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(% of total) (% of total)
34%
21% 27% 17%
18% 12% 14% 11% 9% 8%
9% 8% 4% 2% 4% 3%

Investment Corporate Sales & Asset Wealth Principal Participations Interest Investment Corporate Sales & Asset Wealth Principal Participations Interest
Banking Lending Trading Management Management Investments & Others Banking Lending Trading Management Management Investments & Others

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 ESG Accomplishments
4Q 2020 update

First Green Bond Global Bond issued under our Green,

(Private Placement) Social and Sustainable Framework

First green issuance concluded Issued a US$500 mn bond under out BTG Pactual was selected to join
by BTG Pactual, raising US$50 recent Green, Social, and Sustainable the B3 sustainability index ISE,
mn in a private placement with an Financing Framework. along with 38 other companies
individual investor Eligible portfolio of R$6.5 bn with strong ESG practices

Climate, Forest and

Inside Program Carbon Disclosure Program
Agriculture Coalition

Kickstarted mentorship program for Joined the Climate, Forest and Received B scoring, meaning that
college students interested in financial Agriculture Coalition, aimed to open BTG Pactual is taking coordinated
markets, program received the Municipal dialogue with peers in order to promote actions to address climate risks
Seal of Human Rights and Diversity the development of the green economy and opportunities

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BTG Pactual
Business
Units

Section 1

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 Investment
Banking Revenues by quarter (R$ million) Revenues by year (R$ million)

Outstanding performance Grow th = 68% Grow th = 262%

1,327
515
and record revenues, for [4Q19/4Q20] [FY16/FY20]

a single quarter and a full

year 402
949

Overview of 4Q 2020
306

• DCM had its best quarter ever, with

strong activities especially in the local 222
market 189 464

367 367
• 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 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 2016 2017 2018 2019 2020
higher volume of concluded
transactions
ECM: #1 in FY2020 in fully
M&A: #1 in FY2020 in volume of
marketed offerings in Brazil and
transaction in Brazil and LatAm
LatAm
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Corporate and
Corporate and SME
SME Lending Revenues (R$ million)
Lending Portfolio
(R$ billion)

Record revenues in a Grow th = 160% Grow th = 68%

quarter and in a year, [4Q19/4Q20]
596
[4Q19/4Q20]
73.7
Grow th = 96%
with significant portfolio [FY19/FY20]
68.3
9.5
expansion 5.8
64.2
57.2 62.5
425 3.8
Overview of 4Q 2020 47.7 53.4
43.8 3.3
2.2
• Revenues up 40.3% x 3Q 2020, due 303 41.6
44.4

to credit book growth and strong 267

contribution from Special Situations 229

• Portfolio increased 7.9% q-o-q, and

68.3% y-o-y

• SME tech-enabled lending portfolio

reached R$9.5bn (pushed by
positive seasonality impact of 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020
approximately R$2 bn at year end) Corporate Lending SME

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Sales &
Trading Revenues (R$ million)

Solid performance while

decreasing market risk
2.00%

component of RWA 1,018

893 1.50%

752
Overview of 4Q 2020 678

1.00%

• Revenues of R$751.6 mn in 4Q
455
2020, mainly from Credit and
Rates desks 0.61%
0.54%
0.50% 0.50%

• Growing contribution from client 0.37%

0.33%
activities
0.00%

• Lower VaR levels, less 4T 2019 1T 2020 2T 2020 3T 2020 4T 2020

intensive use of balance sheet Sales & Trading Revenues Avg. daily VaR / avg. S.E. (%)

• Growing revenue diversification

inside Sales & Trading Market risk component of RWA decreased from 46% on 2019, to 22% on 2020
and 18% on 4Q20
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Asset
Management Revenues (R$ million) AuM and AuA
(R$ billion)

10.7 9.3 11.8 16.6 26.0

Higher revenues and
record net new money
Grow th = 23% 63.7
Overview of 4Q 2020 [4Q19/4Q20]
350
Grow th = 17% Grow th = 38% 377.1
[FY19/FY20] [4Q19/4Q20]
• Revenues up 37.4% x 3Q 2020
329.3
284
304.0
• All-time high NNM in a quarter 254 273.0 268.8
and in a year (R$26 bn and
R$63.7 bn, respectively) 214
195

• AuM/Au A 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 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020
lower interest rates scenario
# Net New Money

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Wealth
Management Revenues (R$ million) WuM
(R$ billion)

4.8 11.9 10.7 20.8 19.9

All-time high revenues
and inflows, as we grow
Grow th = 52% 63.2
our client numbers and [4Q19/4Q20] 247
increase our market Grow th = 39% 234 Grow th = 54% 258.4
[FY19/FY20] [4Q19/4Q20]
share in upper retail
199 221.5

Overview of 4Q 2020
170 193.4
163
168.0
• Record revenues of R$247.2 mn, up 160.6
5.7% q-o-q

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

• Significant market share expansion in

upper retail, benefiting from best in
class service, generating cross-selling
opportunities with other business units

• Annualized RoA remained stable, 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020
despite lower interest rates
# Net New Money

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Digital Retail Retail Banking

Bank
BTG+ successfully Full
transactional &
contextual
launched on Sept-20 for Banking
Personal
BTG Pactual clients and Flexible loyalty
and benefits Finance
Management
to the public on Jan-18th program tools

Highlights

• Full transactional banking aiming

E-wallets (via E-
medium and high income individuals, Lifestyle (via commerce
offering a wide and customized range Partners) partners such as
Mosaico)
of products

• Customer experience through fluid

digital journeys, intuitive processes
All types of
and Data Science Marketplace (via Credit (including
Partners such as personal loans
Mosaico) and home
• Our technology infrastructure allowed equity)
us to also launch “Bank as a Service”, Investments (via
BTG Pactual
which already serves 18 of the largest Digital)
payment and merchant companies in
Brazil

• BTG + business accounts to be

launched on 2H 2021
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Principal
Investments Revenues (R$ million)

Existing investments have

delivered good
performance

Overview of 4Q 2020
574

• Revenues of R$ 221 mn
driven by positive mark-to- 395
market from Eneva and global
market strategies
221

131

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

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Expenses

Section 2

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 Expenses and Main Ratios

Cost-to-income ratio at 36.5% 4Q 2020 % change

2020 %
and compensation ratio at Quarter Year to Date change
to
21.6%, both below our to

historical average, capturing (in R$ mm, unless stated) 4Q 2019 3Q 2020 4Q 2020 4Q 2019 3Q 2020 2019 2020 2019
benefits from operational Bonus (356) (444) (363) 2% -18% (1,128) (1,333) 18%
leverage as we grow Salaries and benefits (175) (230) (249) 42% 8% (673) (909) 35%
Administrative and other (301) (248) (309) 3% 25% (999) (1,056) 6%
Highlights of 4Q 2020 Goodwill amortization (11) (11) (27) 140% 152% (125) (64) -49%
• S&B increased 8.1% q-o-q, Tax charges, other than income tax (138) (152) (84) -39% -45% (436) (440) 1%
mostly due to new hires Total operating expenses (982) (1,084) (1,031) 5% -5% (3,362) (3,802) 13%

Normalized Cost to income ratio 39% 44% 37% 40% 41%

• A&O increased 24.6% q-o-q,
Compensation ratio 21% 27% 22% 22% 24%
mostly due to outsourced
technology services Income tax and social contribution (325) (392) (565) (1,143) (1,525) 33%
Effective income tax rate 21.6% 28.1% 31.5% 23.0% 27.7%
• 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

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Balance Sheet

Section 3

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 Balance Sheet Analysis

Assets Liabilities
253.2 253.2
244.9 244.9 Settlement account
4.7
Highlights of 4Q 2020 Cash & Equiv alents 35.5
3.4

41.3 47.5 REPO Financing

• Record high liquidity, w ith Settlement Account 7.7 54.3
R$41.3 bn cash and cash 4.7
equivalents, grow th of 138% (or Assets f inanced 48.0
through REPOs
R$24bn) compared to 2019, and 54.6 62.5
39.5 Secured f unding
LCR at 273%

• Total assets (9.2x equity)

decreased 3% Trading portf olio 77.1
of assets 54.3

• On balance sheet credit 106.8

100.0 Unsecured funding
increased R$ 4.4 bn, w hile
unsecured funding increased Coverage
Credit 54.0 193%(1)
49.6
R$6.8 bn (coverage ratio at
193%)
13.9 12.1
Other assets 13.6 13.8 Other liabilities

Illiquid assets 21.6 22.1 27.1 26.4 Equity & Perpetual

3Q 2020 4Q 2020 4Q 2020 3Q 2020

(In R$bn)

Note: 1. Excludes demand deposits 22

 Unsecured Funding Base

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

Highlights of 4Q 2020
107.2
• Funding base grow ing 6.8% 0.4 Perpetual
100.4
q-o-q, mostly on local currency 0.4 5.1 Borrowings and On-lendings
deposits (BRL and CLP) 5.2 7.1 Subordinated debt

80.0 8.1
• Demand deposits from retail
clients continue to grow , as 0.4
4.4 38.0 Securities issued
w ell as the share of retail on
61.1 8.0 37.2
our total funding base (~11%)
53.6 0.4
4.1
• Liquidity coverage at 273%, 0.4
4.2 8.3 32.0
above our industry peers 7.1
24.4
• Average tenor and average
22.3 52.4 Time deposits
cost of funding (relative to 46.7
CDI) reduced slightly q-o-q
33.3
and y-o-y, already excluding 22.5
impacts from LTRO funding in 18.8
0.3 0.4 0.8 1.6 Interbank deposits
Brasil and Chile 0.3 Demand deposits
0.6 1.1 1.4 2.0 2.7

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

Notes:
1. Does not include the green bond issued in January
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 BIS Ratio and VaR

BIS Ratio Average daily trading VaR

BIS capital ratio (%) (% of average shareholders equity)
19.6%
decreased to 16.7% at 19.4%
the end of 4Q 2020,
17.5%
with CET1 4.1%
3.6% 16.7%
at 13.8% (pro-forma
14.9% 0.3% 3.1%
ratio of 18.5% post 0.3% 2.6%
follow on of Jan/21) 0.2% 0.2%
2.8%
0.0% 0.61%
Total average daily 0.54%
VaR decreased 44.3% 0.50%
when compared to the
previous quarter 15.0% 15.7% 0.37%
14.1% 13.8% 0.33%
12.2%

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

Common Equity Tier I Additional Tier I Tier II

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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.

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