Notice to the Market - Cost Reduction

São Paulo, January 28, 2016 - Banco BTG Pactual ("Banco BTG Pactual") and BTG PACTUAL PARTICIPATIONS, LTD. ("BTG Participations" and, jointly with Banco BTG Pactual, "BTG Pactual") hereby announce a cost reduction program, targeting a 25% decrease in total costs. As part of this program, BTG Pactual dismissed today 305 employees of a total of 1,653 in Brazil. BTG Pactual also clarifies that none of its business lines has or will be discontinued, and that it will continue serving clients with the same dedication, excellence and quality of service.

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