BTG Pactual Timberland Investment GroupResponsible Investment & ESG

December 2017

For additional information, please read carefully the notice at the end of this presentation

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Responsible Investment: Mapping Internal ESG Stakeholders

Entity Responsible Group Group Leader(s)Primary Governance

DocumentsFocus Areas

Banco BTG Pactual

BTG Pactual Board of Directors

(Six members including two outside, independent

members)

Marcelo Kalim: Executive Chairman

Huw Jenkins: Vice Chairman of the Board

• BTG Pactual Global ESG Policy

• Global Code of Business Principles & Ethics

• ESG criteria

• ESG Global Policy approval process

BTG Pactual ESG Risk

Management

BTG Pactual Environmental, Social and

Governance Risk Management Group

Iuri Rapoport:Senior Partner

Beatriz Freitas:Head of Environmental, Social,

and Governance Risk Management

• BTG Pactual Global ESG Policy

• Global Code of Business Principles & Ethics

• ESG Policies and procedures

• Regulatory compliance

• Business opportunities

• Eco-efficiency

• Publlic Commitments & Transparency

Timberland Investment

Group (“TIG”)

TIG Investment Committee,

Asset Management, and Acquisitions Groups

Gerrity Lansing: Head of Timberland Investment

Group

Chris Lipton:Head of Asset Management and

Global Transactions

• TIG Responsible Investment Policy

• Third party certification policies

• 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

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BTG Pactual’s environmental, social, and governance structure

• BTG Pactual established the ESG Risk Management Group to ensure full integration into all business units

• ESG is integrated with BTG Pactual’s corporate structure and involves several facets

BTG Pactual ESG Risk Management Structure

• Highest level of ESG Risk Management

• Responsible for the strategic review of ESG criteria and

ESG Global Policy approval process

• Responsible for overseeing and managing the firm’s ESG

risk profile as well as implementing ESG into the Risk

Management & Control Framework

• Responsible for adhrence to the ESG Policy

• Specialized team that supports the development of

specific policies, procedures, and tools to implement ESG

strategies

• Responsible for technical support, coordination, and

independent oversight of ESG policy implementation

through all global business units

• Responsible for ESG risk identification

• Individual business units require ESG department approval

to implement new procedures

• Ensure necessary measures are being taken in order to

mitigate ESG risk exposure

Board of Directors ESG Committee

ESG Risk Management Department Business Units

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BTG Pactual ESG Pillars

1. Regulatory Compliance

2. Business Opportunities

3. Eco-Efficiency

4. Commitments and Transparency

• Identify and communicate regulations and laws concerning ESG and Responsible Investing

• Structure and implement measures necessary in order to comply with all regulations and laws

• Interface and influence business verticals to assimilate ESG and RI policies

• Identify business opportunities that reflect our long-term vision and unconditional commitment to Responsible Investing

• Foster sustainable business practices and enhance stakeholder value

• Develop and support programs in order to reduce materials consumption

• Disseminate these programs throughout all BTG Pactual offices

• Oversee primary ESG initiatives and evaluate BTG Pactual’s adherence to them

• Measure and disclose ESG progress and standardize communications

• Implement and enhance ESG website

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BTG Pactual ESG: Achievements

Regulatory compliance

• Regulatory references

− Brazil: Brazilian Central Bank Resolution Number 4,324/2014

− Peru: S.B.S. Resolution Number 1,928/2015

Achievements

• Verification of an ESG responsible director before Brazilian Central Bank

• Board of Directors approval of the ESG Global Policy

• Established ESG Analysis Procedures as mandatory for every new loan issued by the

commercial lending team

• Online platform created to register all assessments made

• Completed 145 Risk Analyses

• Developed a Contaminated Land questionnaire applicable for mortgage loans

• Mapped all ESG sources for onboarding team

• ESG team provides ongoing assistance in relevant legal matters

• Implemented company-wide eco-efficiency and best management practices to reduce

unnecessary waste

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UN PRI membership UNGC membership CDP membership

BTG Pactual ESG: Achievements

Commitments to transparency through participation in global initiatives

• Signatory to United NationsPrinciples for ResponsibleInvestments

• Developed by large institutionalinvestors and other financialmarket participants in favor ofResponsible Investment

• Based on six principles that valuesocial, environmental, andcorporate governance aspectswhen conducting investments

• Signatory to United Nations GlobalCompact

• Developed by Kofi Annan with theaim of engaging the businesscommunity in the adoption ofvalues linked to human rights,environment, labor relations, andanti-corruption

• Based on 10 Principles, seeks topromote sustainable growth andcitizenship via committed andinnovative corporate leaderships

• Member of Carbon DisclosureProgram

• An international initiativerepresented by institutionalinvestors engaged in transformingthe way the world does business toprevent climate change andprotect natural resources

• Looks for company disclosures oncarbon management andassociated risks

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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.

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Responsible Investment & ESG is part of TIG’s Core Mission Statement

MissionStatement

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

• 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

Principled Investing Disciplined Management Client Focused

Best-in-class sustainable practices Focused asset and portfolio management Strive for maximizing returns

• 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

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Responsible Investment & Governance

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

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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

Notes: Image Source: BTG Pactual Timberland Investment Group.

1. Strictly Comply With All Environmental, Social, Health andSafety Laws, Regulations, and Standards

2. Foster Environmental Protection and Enhance BiodiversityConservation

3. Respect and Uphold Human Rights In All Operations andContracts

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 WhereTIG Manages Timberlands

7. Promote ESG Awareness Among Employees by Developingand Providing Specific Training Programs

8. Report ESG Performance with Clarity and Transparency

9. Commit Publicly to Global Initiatives that Strengthen OurValues

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Forest Carbon Cycle

Notes: Sources: National Alliance of Forest Owners (NAFO); www.biomass1.org; www.stateconservation.org.

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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.

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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.

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Certification: Sustainable Forestry Initiative (SFI)(1)

• SFI Inc. is an independent, nonprofit organization that is solely responsible for maintaining,overseeing and improving the internationally recognized Sustainable Forestry Initiative (SFI)program

• Across Canada and the United States, 280 million acres are certified to the SFI forestmanagement standard, the largest single forest standard in the world(1)

• The SFI program was launched in 1994 as one of the U.S. forest sector’s contributions to thevision of sustainable development established by the 1992 United Nations Conference onEnvironment and Development

• SFI program participants must invest in forestry research, science, and technology; researchfunding from SFI program participants has resulted in US$ 1.4 billion invested since 1995(1)

• SFI has 15 requirements its members must abide by:1. Forest Management Planning2. Forest Health and Productivity3. Protection and Maintenance of Water Resources4. Conservation of Biological Diversity5. Management of Visual Quality and Recreational Benefits6. Protection of Special Sites7. Efficient Use of Fiber Resources8. Recognize and Respect Indigenous People’s Rights9. Legal and Regulatory Compliance10. Forestry Research, Science, and Technology11. Training and Education12. Community Involvement and Landowner Outreach13. Public Land Management Responsibilities14. Communications and Public Reporting15. Managements Review and Continual Improvement

Notes: (1) Source: Sustainable Forestry Initiative (SFI). Image Source: BTG Pactual Timberland Investment Group.

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Certification: American Tree Farm System (ATFS)(1)

• The American Tree Farm System (ATFS) is a network of 82,000 family forest ownerssustainably managing 24 million acres of forestland

• ATFS is the largest and oldest sustainable woodland system in the United States,internationally recognized, meeting strict third-party certification standards

• Recruited over 3,500 woodland owners since 2013, for a combined total of over one millionnew acres of forest management

• Provided over US$ 1 million in grants and other funds to help our local partners deliver ATFSacross the U.S.

• ATFS has eight requirements its members must abide by:

1. Commitment to Practicing Sustainable Forestry

2. Compliance with Laws

3. Reforestation and Afforestation

4. Air, Water, and Soil Protection

5. Fish, Wildlife, Biodiversity, and Forest Health

6. Forest Aesthetics

7. Protect Special Sites

8. Forest Product Harvest and Other Activities

Notes: (1) Source: American Tree Farm System (ATFS). Image Source: BTG Pactual Timberland Investment Group.

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Certification: Forest Stewardship Council (FSC)(1)

• FSC operates in more than 81 countries, wherever forests are present

• 187,026,156 acres certified in the U.S. and Canada as of April 2016

• 5,225 companies Chain-of-Custody certified in the U.S. and Canada

• More than 40,000 American family forest owners are FSC certified

• FSC has 10 requirements its members must abide by:

1. Compliance with Laws and FSC Principles

2. Tenure and Use Rights and Responsibilities

3. Indigenous Peoples’ Rights

4. Community Relations and Worker's Rights

5. Benefits from the Forest

6. Environmental Impact

7. Management Plan

8. Monitoring and Assessment

9. Maintenance of High Conservation Value Forests

10. Plantations

Notes: (1) Source: Forest Stewardship Council (FSC). Image Source: BTG Pactual Timberland Investment Group.

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Certification: CERFLOR(1)

• CERFLOR was founded by the Brazilian Society for Silviculture (SBS)

• CERFLOR currently certifies over 2.9 million hectares of Forest Management area in Brazil

• Voluntary forestry certification process created and controled by Inmetro (National Instituteof Metrology, Standadization, and Quality) with two main areas of focus:

− Certification of Forestry Management

− Certification of Chain of Custody

• CERFLOR is based on five guiding principles:

1. Compliance with the Law

2. Rational Use of the Forest Resources in the Short,Medium and Long-Term

3. Protection of Biological Diversity

4. Respect for the Water, Soil, and Air

5. Environmental, Economic, and Social Development

Notes: (1) Source: INMETRO, Cerflor, PEFC. Image Source: BTG Pactual Timberland Investment Group.

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Certification: Programme for the Endorsement of Forest Certification (PEFC)(1)

• 35 worldwide independent national forest certification systemsrepresenting more than 593 million acres of certified forests, making it thelargest forest certification system in the world(1)

− This is an area almost equivalent to the size of Argentina; or Finland,France, Germany, Italy, Poland, Spain, and Sweden combined

• More than 17,000 companies have obtained PEFC Chain of Custodycertification, demonstrating their commitment to responsible sourcing ofcertified products

• Two-thirds of all certified forests globally are certified to PEFC

• 41 national members and 37 endorsed national certification systems havejoined forces under the PEFC umbrella to collaboratively promotesustainable forest management

Notes: (1) Source: Programme for the Endorsement of Forest Certification (PEFC). www.pefc.org. Image Source: BTG Pactual Timberland Investment Group.

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• Percentage of assets acquired thatunderwent environmental due diligence byan independent third-party prior toacquisition.

DescriptionKPI

Pre-acquisition Environmental

Integrity

Forest Certification

Status

Chemical & Production

Inputs

Protection of Special Sites &

Biodiversity

Tracking & Resolution of

Environmental Non-Compliance

• Percentage of assets that are certified underan audited and well-recognized forestmanagement certification program

• Percentage of fertilizer and pesticideprescriptions tailored to address site specificlevels of vegetative competition, nutrientdeficiency or insect/disease infestation

• Percentage of sites having residentpopulations of endangered species or sites ofhigh biodiversity, which are protected andthe health of the populations monitored

• Percentage of managed timberlands that aresubject to tracking of non-compliances andresolution review on a quarterly basis

%

Environmental sustainability KPIs(1)

100%

88%

96%

100%

100%

Rating

Benchmarking and Key Performance Indicators: Global

Notes: (1) As of December 31, 2016.(2) Primary reasons for non-certification are: recently acquired assets are scheduled for certification in the near

future; client not pursuing certification due to cost control.

Green: Satisfactory (95%+)Yellow: Opportunities for Improvement (80 – 94%)Red: Improvements Needed (<80%)

(2)

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• Verification of property managers and sub-contractors agreeing to comply with stateand federal labor laws

DescriptionKPI

Labor Compliance

Benchmarking and Key Performance Indicators: Global (Cont.)

Community Involvement &

Landowner Outreach

Indigenous Rights

• Percentage of assets engaged in activecommunity outreach programs

• Percentage of assets examined to identifyany known rights related to land claims oraccess of indigenous people on the asset

%

Social sustainability KPIs(1)

100%

97%

100%

Rating

Notes: (1) As of December 31, 2016.Green: Satisfactory (95%+)Yellow: Opportunities for Improvement (80 – 94%)Red: Improvements Needed (<80%)

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• Percentage of assets with formal title searchand review completed to verify chain oftitle/ownership

DescriptionKPI

Ownership & Local Land

Rights

Benchmarking and Key Performance Indicators: Global (Cont.)

Corporate Commitment & Responsibility

Dedicated ESG Resources

Annual Executive

Review

• Percentage of property managersparticipating in national associations focusingon ESG improvements

• Percentage of timberlands managed thathave dedicated ESG resources at theproperty management level

• Percentage of timberlands managed that aresubject to an annual Executive Committeereview

%

Corporate governance KPIs(1)

100%

98%

90%

100%

Rating

Notes: (1) As of December 31, 2016.(2) Some external property managers do not have the ability to dedicate resources towards ESG efforts. However,

TIG is constantly helping property managers with the resources and guidance necessary to meet our ESG goals. If TIG finds that its ESG goals are not being met, a new property manager will be retained.

Green: Satisfactory (95%+)Yellow: Opportunities for Improvement (80 – 94%)Red: Improvements Needed (<80%)

(2)

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Responsible Investment & ESG Implementation: Investment Committee Example

• During the Menasha Forest Products acquisition due diligenceearlier this year, TIG considered the following items relating toResponsible 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

ESG is considered in every Investment Committee decision, example:

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Notice to Recipients

This material has been prepared by BTG Pactual Asset Management US, LLC and BTG Pactual Timberland Investment Group, LLC (collectively, “BTG Pactual”) for the exclusive use of the party to whom BTG

Pactual delivers this material (together with its subsidiaries and affiliates, the “Company”) using information provided by the Company and other publicly available information. Although the information

herein is believed to be reliable and has been obtained from sources believed to be reliable, as of the date on which this material was issued and obtained from public sources, neither BTG Pactual nor any

of its affiliates makes any representation or warranty, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. BTG Pactual

has no obligation to update, modify or amend this material and communication or to otherwise notify a recipient in the event that any matter stated herein, or any opinion, projection, forecast or estimate

set forth herein, changes or subsequently becomes inaccurate. All and any information, opinions and amount indicated are subject to change, without prior warning. Any estimates or projections as to

events that may occur in the future (including projections of revenue, expense, net income and stock performance) are based upon the best judgment of BTG Pactual from the information provided by the

Company and other publicly available information as of the date of this material. Certain information contained in this material constitutes forward-looking statements, which can be identified by the use of

forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations thereon or

comparable terminology. The analysis contained herein, as projections, scenarios, investments, etc. are based on numerous assumptions. Different assumptions could result in materially different results.

Additional information relating to the financial instruments, models, projections and scenarios discussed in this material are available upon request. There is no guarantee that any of these estimates or

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Performance information and/or results, unless otherwise indicated, are un-audited and their appearance in this material reflects the estimated returns net of all expenses, including the management and

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24

Notice to Recipients (Cont.)

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