BTG Pactual Timberland Investment Group Global Timberland Overview. December 2017

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1 BTG Pactual Timberland Investment Group Global Timberland Overview December 2017

BTG Pactual Business Verticals & Key Financial Data Key Business Verticals (1) Wealth Management Brazil s leading UHNW adviser (2) US$ 25 billion of AUM Access to leading entrepreneurs, wealthy

Research House for Brazil and LatAm (4) Asset Management (5) US$ 27 billion in AUM globally Complete range of products in LatAm: Equities and Fixed Income Private Equity, Infrastructure, Real Estate,

1 billion Notes: (1) As of June 30, 2017 BRL/USD at 3.2952; the figures presented in this slide are those of Banco BTG Pactual S.A., and its affiliates, which includes BTG Pactual Timberland Investment Group LLC.

2 BTG Pactual Business Verticals & Key Financial Data Key Business Verticals (1) Wealth Management Brazil s leading UHNW adviser (2) US$ 25 billion of AUM Access to leading entrepreneurs, wealthy families and business owners in the region Investment Banking One of the largest independent investment banks in LatAm (3) Leading franchise in M&A and capital markets in Brazil (3) #1 equity Research House for Brazil and LatAm (4) Asset Management (5) US$ 27 billion in AUM globally Complete range of products in LatAm: Equities and Fixed Income Private Equity, Infrastructure, Real Estate, Natural Resources and Timberland Highlights (1) Revenues Net Income ROAE US$ 1.6 billion US$ 0.8 billion 13.3% Shareholders Equity BIS Capital Ratio Total Assets US$ 5.5 billion 19.0% US$ 36.1 billion Notes: (1) As of June 30, 2017 BRL/USD at ; the figures presented in this slide are those of Banco BTG Pactual S.A., and its affiliates, which includes BTG Pactual Timberland Investment Group LLC. (2) #1 Best Private Banking Services Overall, Best Range of Investment Products and Best Relationship Management, by Euromoney Private Banking and Wealth Management Survey 2013; (3) Top 1,000 World Banks: Latin America and Caribbean, The Banker magazine, July 2016; (4) Awarded #1 Equity Research Team in 2017 by Institutional Investor and Best Equity House in Brazil in , 2007, 2008, 2010 & 2011 by Euromoney; (5) BTG Pactual s Asset Management team was voted one of the best managers in the Brazilian funds industry, garnering the Top Management 2013 award, in the category Fixed Income and Flexible Equities/IncomeAllocation from Valor Econômico. 2

3 AM Integration of ESG, Sustainability & Responsible Investment Responsible Investment to be integrated through all strategies within Global Asset Management BTG Pactual Board of Directors Global Asset Management Investment Teams Chief Operating Officer Chief Risk Officer Distribution & Investor Relations Legal & Compliance ESG & Responsible Investment Fixed Income Equities Hedge Funds Timberland & Agriculture Real Estate Infrastructure Private Equity 3

4 BTG Pactual Public Commitments Based on 6 principles: We will incorporate ESG issues into investment analysis and decision-making processes. We will be active owners and incorporate ESG issues into our ownership policies and practices. We will seek appropriate disclosure on ESG issues by the entities in which we invest. We will promote acceptance andimplementation of the Principles within the investment industry. We will work together to enhance our effectiveness in implementing the Principles. We will each report on our activities and progress towards implementing the Principles. Based on 10 principles, developed on 4 pillars Human Rights Labor compliance Environmental Protection Anti-corruption Carbon Disclosure Program collects companies data on their environmental performance. They analyze and transform that data into detailed information on critical environmental risks, opportunities and impacts. This analysis is made available for all signatories, so investors can make better investment decisions, manage risks and capitalize opportunities. 4

5 TIG Focus Mission Statement TIG is committed to delivering superior, risk-adjusted returns to our clients through disciplined research and construction of timberland portfolios, the application of industry-leading analytics to investment management, and best-in-class sustainable forestry practices that support the environmental and social integrity of the geographies and communities within which we invest We accomplish our mission by leveraging the extensive global resources of the BTG Pactual platform and the deep, local expertise of our regional forestry staff, providing our clients with globally diversified timberland investment portfolios Operational Vision TIG is return-driven in its structure, management, and decision making TIG maintains a long-term view, considering the strategic impact of business decisions, as well as their impact on the communities and landscapes in which we invest TIG utilizes industry leading analytics to improve the management of clients investments and of our own business, and applies consistent investment discipline TIG provides the highest quality, most cost-efficient asset management in the U.S.; as well as closely managed / tightly integrated asset management overseas, allowing TIG to manage and mitigate the risks of investing in complex geographies TIG takes a practical, impartial approach to investment management, evaluating all options to reduce risk and maximize investment returns TIG recognizes that every basis point earned or saved is accretive to returns 5

TIG s Nine Responsible Investment Principles The principles below provide the framework for TIG s Responsible Investment strategy and guide our daily routine to maximize investor returns in a

Respect and Uphold Human Rights In All Operations and Contracts 4. Develop Supply Chains and Prioritize Local Hiring 5. Strictly Comply with Anti-corruption and Bribery Regulations 6.

6 TIG s Nine Responsible Investment Principles The principles below provide the framework for TIG s Responsible Investment strategy and guide our daily routine to maximize investor returns in a responsible manner 1. Strictly Comply With All Environmental, Social, Health and Safety Laws, Regulations, and Standards 2. Foster Environmental Protection and Enhance Biodiversity Conservation 3. Respect and Uphold Human Rights In All Operations and Contracts 4. Develop Supply Chains and Prioritize Local Hiring 5. Strictly Comply with Anti-corruption and Bribery Regulations 6. Establish an Open Dialogue with the Communities Where TIG Manages Timberlands 7. Promote ESG Awareness Among Employees by Developing and Providing Specific Training Programs 8. Report ESG Performance with Clarity and Transparency 9. Commit Publicly to Global Initiatives that Strengthen Our Values Notes: Image Source: BTG Pactual Timberland Investment Group. 6

7 TIG Overview TIG is one of the largest timberland managers globally (1) : Nearly US$ 3 billion in assets and commitments (2) Over 2 million acres under management (2) Geographic diversity with assets throughout the U.S., Latin America, Eastern Europe and South Africa FSC (3), CERFLOR (4) and Tree Farm (5) certified Executed more than 225 transactions since inception (6) Returned more than US$ 1.6 billion to investors since inception (6) Combined 800 years of investment, agribusiness and timberland management experience BTG Pactual and TIG operate under the U.N. Principles for Responsible Investment (PRI) (7) Global Assets Snapshot (8) 5,7% 1,4% North America (U.S.) 35,7% Latin America 57,3% Africa Europe Notes: Sources: (1) RISI, 2015; (2) Numbers shown are as of September 1, 2017; (3) FSC stands for the Forest Stewardship Council, an independent, non-governmental, not-for-profit organization established to promote the responsible management of the world s forests; (4) CERFLOR stands for the Brazilian s Forest Certification Program, conducted by Inmetro (Brazilian National Institute of Metrology and Technology), which was created in December, 1973, being committed to promoting sustainable forest management through independent third party forest certification; and (5) The American Tree Farm System is the largest and oldest sustainable woodland system in the United States, internationally recognized, meeting strict third-party certification standards, and is a program of the American Forest Foundation; (6) Since inception for distribution purposes is 1Q1990; (7) In June 2015, BTG Pactual became a signatory of the UN Principles for Responsible Investment (PRI), an international network of institutional investors working together to develop a more sustainable global financial system; (8) Includes agricultural assets managed by TIG. 8

8 TIG Portfolio Over 2 million acres under management across a globally diversified platform (1)(2) U.S. Portfolio Latin American Portfolio Eastern European Portfolio South African Portfolio BTG Pactual Portfolio Acres 775,781 Acres 1,246,697 Acres 29,493 Acres 123,221 Acres 2,175,192 Hectares 313,949 Hectares 504,522 Hectares 11,935 Hectares 49,866 Hectares 880,273 Estonia 20,159 acres United States 775,781 acres Hungary 9,334 acres Guatemala 14,148 acres Brazil 748,996 acres Uruguay 483,552 acres South Africa 123,221 acres Notes: (1) Includesagricultural assets managed by TIG; (2) Numbers shown are as of September 1,

9 Local Presence and Expertise United States: TIG has 39 team members in 8 strategically located offices (1) Asset Managers are the on-the-ground fiduciary representative and asset operators TIG s local forestry experts, with decades of experience in the regions they manage Provide 1direct oversight and quality assurance for all forestry activities TIG U.S. Footprint (1) 3 Office Location State Employees (2) Atlanta GA 26 Monticello AR 2 Columbus OH 2 Columbia SC 3 Henrico NC 1 New York NY 3 Huntsville AL 1 1 Nacogdoches TX Notes: (1) TIG Analysis as of September 25, (2) Please note that this is a graphic for the U.S.; TIG employees located in Johannesburg (South Africa), São Paulo (Brazil), London (U.K.), and Montevideo (Uruguay) are not included. 10

10 Asset Management: Local Presence and Expertise South America: TIG and affiliated entities have 39 team members strategically located in Brazil and Uruguay TIG and affiliated entities South American Footprint (1) Local Presence Country Employees São Paulo Brazil 17 Itapeva Brazil 4 Turmalina Brazil 4 Pirapora Brazil 2 Montes Claros Brazil Montevideo Uruguay Notes: (1) TIGanalysis as of May 31,

11 Responsible Investment & Governance Notes: Sources: BTG Pactual & TIG Responsible Investment Policy and BTG Pactual & TIG Environmental, Social, and Governance Policy. 12

12 TIG Investor Profile Nearly US$ 3 billion in assets and commitments under management (1) Broad range of investors including public & corporate pension funds, insurance companies, endowments & foundations and high net worth family offices TIG clients include some of the largest institutional and high net worth investors in the U.S., Europe, Latin America and the Middle East Large, state-wide U.S. and foreign public and private pension funds Insurance companies Sovereign wealth funds Investors have assets totaling over US$ 1 trillion providing benefits to over 20 million people across four continents (2) Client Types (by AUM) Client Locations 3% 9% 1% 6% Public Pension Private Pension U.S. Denmark UK Canada Netherlands Switzerland Sweden Germany Saudi Arabia Insurance Co. and Banks 53% Endowments & Foundations 28% High-Net Worth Brazil BTG Pactual Investment Notes: (1) Numbers shown are as of December 31, 2016; (2) BTG Pactual Research. 13

13 Global Timberland Investment Geographies Of the roughly US$ 65 billion invested in timberland by institutional investors, a majority is focused on the U.S. (1) U.S. Institutional Investments in Timberland by Location (1)(2)(3) Others 2% Australia & New Zealand 15% South & Central America 11% North America 72% Notes: Sources: (1) New Forest; (2) Timberlink December 2016 TIMO survey (latest available); (3) TIG analysis. 14

14 Responsible Investment: Mapping Internal ESG Stakeholders Entity Responsible Group Group Leader(s) Banco BTG Pactual BTG Pactual ESG Risk Management Timberland Investment Group (TIG) BTG Pactual Board of Directors (Six members including two outside, independent members) BTG Pactual Environmental, Social and Governance Risk Management Group TIG Investment Committee, Asset Management, and Acquisitions Groups Marcelo Kalim: Executive Chairman Huw Jenkins: Vice Chairman of the Board Iuri Rapoport: Senior Partner Beatriz Freitas: Head of Environmental, Social, and Governance Risk Management Gerrity Lansing: Head of Timberland Investment Group Chris Lipton: Head of Asset Management and Global Transactions Primary Governance Documents BTG Pactual Global ESG Policy Global Code of Business Principles & Ethics BTG Pactual Global ESG Policy Global Code of Business Principles & Ethics TIG Responsible Investment Policy Third-party certification policies Focus Areas ESG criteria ESG Global Policy approval process ESG Policies and procedures Regulatory compliance Business opportunities Eco-efficiency Publlic Commitments & Transparency Compliance with environmental standards Environmental protection & enhanced biodiversity conservation Report ESG performance with clarity and transparency Respect and uphold human rights in all operations and contracts Develop supply chain and prioritize local hiring Strict compliance with anti-corruption and bribery regulations Establish an open dialogue with the community where TIG manages timberlands Promote ESG awareness among employees by developing and providing specific training programs TIG-related Entities / Subcontractors TIG Asset Management Group Chris Lipton: Head of Asset Management and Global Transactions Steve Krietemeyer: Asset Manager, ESG Coordinator TIG Responsible Investment Policy Third-party certification standards TIG property management contract TIG influences and encourages sub-contractors and others in the forest management supply chain to adopt and comply with ESG principles through contractual obligations 15

BTG Pactual ESG: Achievements Business opportunities Promoted Green Bond discussions by coordinating sustainable projects in Brazil Assisted BTG in structuring sustainable credit lines at the World

15 BTG Pactual ESG: Achievements Business opportunities Promoted Green Bond discussions by coordinating sustainable projects in Brazil Assisted BTG in structuring sustainable credit lines at the World Bank, IFC, and IDB Supported an ESG Management System on one of the largest farms in Brazil Assistance with matters regarding environmental licensing, regulatory compliance, environmental litigation among agencies, and community engagement BTG Pactual Commodities Supported Coffee Certification: 4C Program Supported certifying the renewable energy sold by BTG Pactual s Energy Desk Developed ESG analyses for all commodities suppliers ESG Support to Timberland Investments Provides support on initial due dilligence for aquisitions: ESG analyses and reviews ESG clauses in contracts: counterparties must comply with environmental law, human rights, and labor regulations Provides support to our legal department in judicial and administrative liabilities Supported TIG Responsible Investment Policy development Works together with TIG team to execute various ESG initiatives Visits timberland and supports environmental and social programs TIG s primary goal: report our ESG performance annually alongside TIG Responsible Investment practices and achievements Notes: Image Source: BTG Pactual Timberland Investment Group. 16

Responsible Investment & ESG is part of TIG s Core Mission Statement Mission Statement TIG is committed to delivering superior, risk-adjusted returns to our clients through disciplined research and

16 Responsible Investment & ESG is part of TIG s Core Mission Statement Mission Statement TIG is committed to delivering superior, risk-adjusted returns to our clients through disciplined research and construction of timberland portfolios, the application of industry-leading analytics to investment management, and best-in-class sustainable forestry practices that support the environmental and social integrity of the geographies and communities within which we invest We accomplish our mission by leveraging the extensive global resources of the BTG Pactual platform and the deep, local expertise of our regional forestry staff, providing our clients with globally diversified timberland investment portfolios Principled Investing Disciplined Management Client Focused Best-in-class sustainable practices Focused asset and portfolio management Strive for Maximizing Returns Long-term view Support the environment and local communities in which we invest Retain both local and global talent Leverage global resources of BTG Pactual Broad strategic analysis of business impacts Aggressive & disciplined risk mitigation Recognize that every basis point earned or saved is accretive to our clients Risk/Return driven structure Tightly aligned interests Full transparency 17

17 Forest Carbon Cycle Notes: Sources: National Alliance of Forest Owners (NAFO);

18 Social Aspects of Timberland Management Notes: Sources: American Tree Farm System (ATFS); National Alliance of Forest Owners publication Economic Impact of Privately Owned Forests; Working Forest Easements presentation made by the Conservation Fund. 19

19 Timberland Offers Biodiversity Benefits Notes: Sources: Forestfact.org; The Food and Agriculture Organization of the United Nations; National Alliance of Forest Owners publication Economic Impact of Privately Owned Forests. 20

20 Benchmarking and Key Performance Indicators: U.S. Environmental sustainability KPIs (1) KPI % Rating Description Pre-acquisition Environmental Integrity 100% Review and confirmation of forest certification, title of ownership, Phase 1 environmental report Forest Certification Status 100% Percentage of asset that is certified under an audited forest management certification program Chemical & Production Inputs 100% Percentage of asset that uses Variable Rate or equivalent farming practices to efficiently apply fertilizer and/or pesticides Forest Productivity & Soil Health 95% Percentage of asset that grows trees under a third-party certification program that monitors and verifies best practices for forest productivity and soil health Protection of Special Sites & Biodiversity 90% Notes: (1) Source: BTG Pactual IC Memo Example. Identification and verification of all recorded special sites, endangered species located on the property (with maps), and indicator ecosystems Green: Satisfactory (95%+) Yellow: Opportunities for Improvement (80 94%) Red: Improvements Needed (<80%) 21

21 Benchmarking and Key Performance Indicators: U.S. (Cont.) Social sustainability and compliance KPIs (1) KPI % Rating Description Labor Compliance 100% Verification of property managers and subcontractors agreeing to comply with state and federal labor laws Worker Health & Safety 100% Percentage of asset that grows trees under an audited third-party forest management certification program that verifies worker health and safety issues Ownership & Local Land Rights 100% Percentage of asset with formal title search and review completed to verify chain of title/ownership Indigenous Rights 100% Identify any known rights related to land claims or access of indigenous people on the asset Community Involvement & Landowner Outreach 85% Notes: (1) Source: BTG Pactual IC Memo Example. Identification and verification of current initiatives supporting this KPI along with confirmation that current activities are supported in future management Green: Satisfactory (95%+) Yellow: Opportunities for Improvement (80 94%) Red: Improvements Needed (<80%) 22

22 Benchmarking and Key Performance Indicators: U.S. (Cont.) Corporate governance KPIs KPI % Rating Description Corporate Commitment & Responsibility 100% Corporate level participation in official Federal and International ESG programs and initiatives Commitment to Continuous Improvement 85% Percentage of timberlands managed under a third-party forest certification program where objectives are reviewed and revised as appropriate Tracking & Resolution of Environmental Non-Compliance 95% Percentage of timberlands managed that are subject to a formal tracker and resolution review on a quarterly basis Appropriate ESG Resources 100% Percentage of timberlands managed that have dedicated ESG resources at the corporate, asset manager, and property manager level Annual Executive Review 100% Percentage of timberlands managed that are subject to an annual Executive Committee review Green: Satisfactory (95%+) Yellow: Opportunities for Improvement (80 94%) Red: Improvements Needed (<80%) 23

Responsible Investment & ESG Implementation: Investment Committee Example ESG is considered in every

earlier this year, TIG considered the following items relating to Responsible Investment and ESG:

Inputs Forest Productivity & Soil Health Protection of Special Sites & Biodiversity Social Sustainability:

23 Responsible Investment & ESG Implementation: Investment Committee Example ESG is considered in every Investment Committee decision, example: During the Menasha Forest Products acquisition due diligence earlier this year, TIG considered the following items relating to Responsible Investment and ESG: Environmental: Pre-acquisition Environmental Integrity Forest Certification Status Chemical & Production Inputs Forest Productivity & Soil Health Protection of Special Sites & Biodiversity Social Sustainability: Labor Compliance Worker Health & Safety Ownership & Local Land Rights Indigenous Rights Community Involvement & Landowner Outreach 24

BTG Pactual Timberland Investment Group Responsible Investment & ESG

BTG Pactual Timberland Investment Group Responsible Investment & ESG June 2017 For additional information, please read carefully the notice at the end of this presentation Responsible Investment: Mapping