Dear investors,

PPLA Participations, Ltd. ("PPLA") would like to clarify and reiterate to its investors the following:

(i) Notwithstanding the fact that PPLA and Banco BTG Pactual SA have equivalent control structures - PPLA, a company incorporated in Bermuda, and Banco BTG Pactual SA, a financial institution with headquarters in Brazil - are different companies and with segregated operations, as widely disclosed to the market.

(ii) The units "PPLA11" are composed of securities issued by PPLA only and do not represent an investment in securities issued by Banco BTG Pactual S.A

(iii) It is recommended that investors who wish to invest in PPLA undertake the necessary diligence efforts and consult their professional advisors and others they deem appropriate to assist them in evaluating the suitability of PPLA to their investment profile, the inherent risk of the PPLA business, and the investment in "PPLA11" units.

(iv) Investing in "PPLA11" units is a risk investment as it is an equity asset and, therefore, investors who wish to invest in PPLA are subject to equity losses and risks, including those related to the PPLA11 units, PPLA itself, the sector in which PPLA operates, its shareholders and macroeconomic conditions and thus must be carefully considered before making an investment decision. The investment in "PPLA11" units is not, therefore, an adequate investment option for investors who are averse to the risks associated with the volatility of the capital markets.

We reiterate that the assets held by investment vehicles indirectly owned by PPLA are in a continuous process of restructuring, according to (i) the information timely disclosed to the market by PPLA, in accordance with the applicable regulations, (ii) the Material Fact for PPLA and Banco BTG Pactual S.A., dated February 14, 2017, including the supporting material provided by PPLA on its Investor Relations website under the section "Other Information", item "Units Migration"; and (iii) its financial statements and other documents disclosed through the CVM.

Finally, we would like to point out, once again, that the direct sale of BDRs backed by shares issued by PPLA is not allowed, pursuant to Article 8.2 of PPLA’s Bylaws. Trading must occur, therefore, only through PPLA’s units "PPLA11".

For additional information on PPLA‘s assets, risks and other information, please refer to the Company’s financial statements and its Reference Form.