Fitch Affirms BTG Pactual Group‘s Ratings; Outlook Revised to Positive

Rio de Janeiro, January 27, 2014 - Banco BTG Pactual S.A. announces that Fitch Ratings has affirmed the ratings of Banco BTG Pactual S.A. (BTG Pactual) and its related parties: BTG Investments LP (BTGI) Banco Panamericano S.A. (PAN), Brazilian Finance & Real Estate (BFRE), Brazilian Mortgages Cia Hipotecaria (BM) and Brazilian Securities Cia de Securitizacao (BS) and of its holding company BTG Pactual Holding S.A. (BTGH). The Rating Outlook has been revised to Positive from Stable.

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