Commentary & Deal Flow

Reoffer: 3yr: UKT+240bp / 98.979
Benchmark: 3yr: UKT 0.875 22-Oct-29 @ 89.037 mid / 89.017 bid (HR 103%) / B+240bp

Tranche 1 (3yr): Peak book in excess of £500m (incl £20m JLM)

Launched: 3yr: £250m @ UKT+240bp - Orderbooks in excess of £500m (incl £20m JLM)
Book Update: Orderbooks > £350m (incl £5m JLM)
Guidance: 3yr: UKT+250a

• Issuer: BTG Pactual Europe S.A.
• Ticker: BTGPEU
• Format: Regulation S, Registered Notes
• Status: Senior
• Expected Issue Ratings: Baa3 (Moody's) (expected)
• Size: £250m
• Tenor: 3yr
• Settlement: 02-Nov-26 (T+6)
• Maturity: 02-Nov-29
• Reoffer: UKT+240bp / 98.979
• Benchmark: UKT 0.875 22-Oct-29 @ 89.037 mid / 89.017 bid (HR 103%)
• Coupon / Day-Count Fraction: 6.875% Fixed, Semi-annual, Actual / Actual (ICMA)
• Target Market: MiFID II professionals/ECPs-only/No PRIIPs or UK PRIIPs KID or CCI Product Summary – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID)/CCI Product Summary has been prepared as not available to retail in EEA or the UK.
• Denomination: £100,000 + £1,000
• Governing Law: English Law
• Listing: Luxembourg Stock Exchange (Euro MTF)
• Clearing System: Euroclear and Clearstream, Luxembourg
• Business Days & Convention: London, T2, Following, Unadjusted
• Global Coordinator: BMO Capital Markets (B&D)
• Joint Lead Managers: BMO Capital Markets, Natixis, Banco BTG Pactual S.A. – Cayman Branch
• Early Redemption: The Notes may be redeemed at the option of the Issuer, in whole but not in part, for taxation reasons (Condition 6(c)), on giving not less than 30 nor more than 60 days notice. The Notes may also become immediately due and payable following an Event of Default (Condition 9).
• Redemption Price: 100%
• Documentation: This document must be read in conjunction with the Issuers US$2,000,000,000 Global Medium-Term Note Programme dated 13-Jan-26, as supplemented
• ISIN / Common Code: XS3550651544 / 355065154
• Timing: Priced, ToE 16.13 Ldn, FTT 16.30 Ldn
• Selling Restrictions: Regulation S Category 2, TEFRA not applicable, as set out in the Base Prospectus. Prohibition of sales to EEA and UK Retail Investors applicable. No sales into Italy. See section titled Subscription and Sale and Transfer and Selling Restrictions of the Base Prospectus and the final terms for the issue of the Notes for further information.
• Stabilization: FCA/ICMA
• Advertisement: The Base Prospectus, as supplemented on 21-Oct-26, and applicable Final Terms (when published) will be available on: https://www.luxse.com/programme/Programme-BTGPactualEuro/25028
• Note: Please Note That £ Pricing Is Vs Mid Gilts As Per ICMA Guidelines, But Hedges Will Be Executed Vs The DM Traders Bid Side