Unit Structure and Total Free Float Estimate

Units Structure

Shares Details Total Number of Shares # of shares in the unit
PPLA Participations Ltd.(1), (2) 301,365,752 3

PPLA11 - Shareholder Structure Details Total Number of Units (Theoretical) % of total
Partnership (Direct or via BTG Pactual Holding S.A.) 82,597,286 82,2%
Controlling Shareholders and Partners - Other Vehicles 1,220,460 1.2%
Controlling Shareholders and Partners - Individual Vehicles 808,200 0.8%
Total Free-Float(3),(4) 15,829,305 15.8%
Total 100,455,251 100.0%

Note
(1) Assuming conversion of all PPLA Investments LP partnership interest in PPLA Participations Ltd. shares or theoretical number of shares based on economic interest in PPLA Investment LP
(2) Detailed estimates in Shares Summary below
(3) Includes shares from December 2010 Investors, Former Celfin Shareholders and Former Bolsa y Renta Shareholders
(4) Subject to lock-up. Subsequent to the expiration of lock-up may be sold into free float

Shares Summary

PPLA Investments LP (Limited Partnership Interest)
Total (%)
Partnership 82.2%
Direct, Partnership Equity(1) 72.0%
Indirect, (via PPLA Participations Ltd.)(2)(A) 10.2%
Controlling Shareholders and Partners - Other Vehicles 1.2%
Direct(1) 0.0%
Indirect (via PPLA Participations Ldt.)(3)(A) 1.2%
Controlling Shareholders and Partners - Individual Vehicles 0.8%
Direct(1) 0.0%
Indirect (via PPLA Participations Ldt.)(3)(A) 0.8%
Total Free Float(4) 15.8%
Direct(1) 0.0%
Indirect (via PPLA Participations Ldt.)(3) (B) 15.8%
Total 100.0%
PPLA Participations Ltd. percentage ownership interest in
PPLA Investments(5) (A+B)
28.0%

PPLA Participations Ltd (in number of shares, unless otherwise stated)
Total number of shares 84.440.019
(-) Shares with no economic rights 1
Number of shares with economic rights (C) 84.440.018
Share in PPLA Investments (%) (D) 28.0%
Total theoretical number of shares (C/D) 301.365.752

Note:
(1) Convertible into PPLA Participations shares
(2) Shares in PPLA Participations Ltd. held by BTG Pactual Holding S.A.
(3) Shares in PPLA Participations Ltd. held by Free Float
(4) Includes shares from December 2010 Investors, Former Celfin Shareholders and Former Bolsa y Renta Shareholders, that will gradually become free float
(5) Total stake held by PPLA Participations Ltd. In PPLA Investments

Shareholder Structure

PPLA Participations owns through its wholly-owned subsidiary BTG Holdco a stake corresponding to 28.51% of PPLA Investments capital. PPLA equity is held by PPLA Participations as an investment portfolio at fair value in accordance with IFRS10 and substantially represents PPLA’s equity.

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

PPLA Participations Ltd.
Share Characteristics Class A % Class B % Class C % Class D % Total %
Economic Rights Yes Yes No No
Voting Rights Yes No Yes Yes
BTG Pactual GP Management Ltd. 0 0.00% 0 0.00% 1 100.00% 0 0.0% 1 0.0%
BTG Pactual Holding S.A. 10,288,708 36.6% 20,577,416 36.6% 0 0.00% 0 0.0% 30.866,124 36.6%
Controlling Shareholders and Partners - Other Vehicles 1,220,460 4.3% 2,440,920 4.3% 0 0.00% 0 0.0% 3,661,380 4.3%
Controlling Shareholders and Partners - Individual Vehicles 808,200 2.9% 1,616,400 2.9% 0 0.00% 0 0.0% 2,424,600 2.9%
Total Free-Float(1),(2) 15.829.305 56.2% 31.658.609 56.2% 0 0.00% 0 0.0% 47.487.914 56.2%
Total 28.146.673 100.0% 56.293.345 100.0% 1 100.0% 0 0.0% 84.440.019 100.0%
Total Shares with Economic Rights (Class A + Class B) 84.440.018

BTG Pactual Holding S.A.
Direct Investment of BTG Pactual Holding S.A. (Class A + Class B) 30,866,124
BTG Pactual Holding S.A. Share of Total Economic Rights 36.6%

PPLA Investments LP (Limited Partnership Interest)
Total (%)
Partners(3) 72.0%
Free-Float (1),(2),(3) 28.0%
Total 100%

Note:
(1) Includes shares from December 2010 Investors, Former Celfin Shareholders and Former Bolsa y Renta Shareholders and shares purchased in the market by BTG Pactual partners
(2) Some shares subject to lock-up. Subsequent to the expiration of lock-up may be sold into free float.
(3) Convertible into PPLA Participations shares