XP : Institutional Presentation

May 2020

Institutional

Presentation

Important Disclosure

THE INFORMATION CONTAINED IN THIS PRESENTATION IS CONFIDENTIAL INFORMATION. ACCORDINGLY, THE INFORMATION INCLUDED HEREIN MAY NOT BE REFERRED TO, QUOTED OR OTHERWISE DISCLOSED BY YOU. IN REVIEWING THIS INFORMATION, YOU ARE ACKNOWLEDGING THE CONFIDENTIAL NATURE OF THIS INFORMATION AND ARE AGREEING TO ABIDE BY THE TERMS OF THIS DISCLAIMER. THIS CONFIDENTIAL INFORMATION IS BEING MADE AVAILABLE TO EACH RECIPIENT SOLELY FOR ITS INFORMATION AND IS SUBJECT TO AMENDMENT.

This presentation is prepared by XP Inc. (the "Company," "we" or "our"), is solely for informational purposes and is strictly private and confidential. This presentation does not constitute a prospectus and does not constitute an offer to sell or the solicitation of an offer to buy any securities. In addition, this document and any materials distributed in connection with this presentation are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contraryto law or regulation or which would require anyregistration or licensing within such jurisdiction.

You and your directors, officers, employees, agents and affiliates must hold this presentation and any oral information provided in connection with this presentation in strict confidence and may not communicate, reproduce, distribute or disclose it to any other person, or refer to it publicly, in whole or in part at any time except with our prior written consent. If you are not the intended recipientof this presentation, please delete and destroy all copies immediately.

This presentation was prepared by the Company. Neither the Company nor any of its affiliates, officers, employees or agents, make any representation or warranty, express or implied, in relation to the fairness, reasonableness, adequacy, accuracy or completeness of the information, statements or opinions, whichever their source, contained in this presentation or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company. The information in this presentation is in draft form and has not been independently verified. The Company and its affiliates, officers, employees and agents expressly disclaim any and all liability which may be based on this presentation and any errors therein or omissions therefrom. Neither the Company nor any of its affiliates, officers, employees or agents makes any representation or warranty, express or implied, as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any.

The information contained in this presentation does not purport to be comprehensive and has not been subject to any independent audit or review. Certain of the financial information as of and for the periods ended December 31, 2018, 2017 and 2016 has been derived from audited financial statements and all other financial information has been derived from unaudited interim financial statements. A significant portion of the information contained in this presentation is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate. The Company's internal estimates have not been verified by an external expert, and the Company cannot guarantee that a third party using different methods to assemble, analyze or compute market information and data would obtain or generatethe same results.

Statements in the presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. These statements are generally identified by the use of words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that such forward-looking statements will prove to be correct. These risks and uncertainties include factors relating to: (1) general economic, financial, political, demographic and business conditions in Brazil, as well as any other countries we may serve in the future and their impact on our business; (2) fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the future; (3) competition in the financial services industry; (4) our ability to implement our business strategy; (5) our ability to adapt to the rapid pace of technological changes in the financial services industry; (6) the reliability, performance, functionality and quality of our products and services and the investment performance of investment funds managed by third parties or by our asset managers; (7) the availability of government authorizations on terms and conditions and within periods acceptable to us; (8) our ability to continue attracting and retaining new appropriately-skilled employees; (9) our capitalization and level of indebtedness; (10) the interests of our controlling shareholders; (11) changes in government regulations applicable to the financial services industry in Brazil and elsewhere; (12) our ability to compete and conduct our business in the future; (13) the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors; (14) changes in consumer demands regarding financial products, customer experience related to investments and technological advances, and our ability to innovate to respond to such changes; (15) changes in labor, distribution and other operating costs; (16) our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us; (17) other factors that may affect our financial condition, liquidity and results of operations. Accordingly, you should not place undue reliance on forward-looking statements. The forward-looking statements included herein speak only as at the date of this presentation and the Company does not undertake any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, the Company and its affiliates, officers, employees and agents do not undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented and we do not intend to update any of these forward-lookingstatements.

Market data and industry information used throughout this presentation are based on management's knowledge of the industry and the good faith estimates of management. The Company also relied, to the extent available, upon management's review of industry surveys and publications and other publicly available information prepared by a number of third party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Althoughthe Company believes that these sources are reliable, there can be no assurance as to the accuracy or completenessof this information, and the Company has not independently verified this information.

The contents hereof should not be construed as investment, legal, tax or other advice and you should consult your own advisers as to legal, business, tax and other related matters concerning an investment in the Company. The Company is not acting on your behalf and does not regard you as a customer or a client. It will notbe responsible to you for providingprotectionsafforded to clients or for advising you on the relevant transaction.

This presentation also includes certain non-GAAP financial information. We believe that such information is meaningful and useful in understanding the activities and business metrics of the Company's operations. We also believe that these non-GAAP financial measures reflect an additional way of viewing aspects of the Company's business that, when viewed with our International Financial Reporting Standards ("IFRS") results, as issued by the International Accounting Standards Board, provide a more complete understanding of factors and trends affecting the Company's business. Further, investors regularly rely on non-GAAP financial measures to assess operating performance and such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measures calculated in accordance with IFRS. We also believe that certain non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of public companies in the Company's industry, many of which present these measures when reporting their results. The non-GAAP financial information is presented for informational purposes and to enhance understanding of the IFRS financial statements. The non-GAAP measures should be considered in addition to results prepared in accordance with IFRS, but not as a substitute for, or superior to, IFRS results. As other companies may determine or calculate this non-GAAP financial information differently, the usefulness of these measures for comparative purposes is limited. A reconciliation of such non-GAAP financial measures to the nearest GAAP measure is included in this presentation.

2

Index

01

02

03

XP Overview

Our Business

Financial Highlights

04 COVID-19 Update

1 XP Overview

XP At-a-Glance

2.0+ million	3	600+
Active Clients	Retail Brands	Investment
		Products

6,88772

IFAs

NPS

R$366 billion

R$6.4 billion

R$1.3 billion

AUC	LTM	LTM
	Revenue	Adj. Net Income

Note: Data as of 1Q20

5

Our History

	2001-2008		2009-2015			2016 Onwards
	Building Pillars		Developing Scale			Boosting Growth
•	Beginning as an IFA	•	#1 in B3 volume ranking		•	#1 Independent broker in Brazil
•	Inception of XP Educação	•	Creation of the insurance brokerage		•	Acquisition of Rico (2nd largest)
•	Start of XP Asset Management	• Beginning of XP Investments (Miami and NY)		•	Investment by Itaú (2018), endorsing
•	Acquisition of Clear, Interfloat, UM and
•	Acquisition of a broker-dealer			XP's disruptive business model
	InfoMoney		•
•	Beginning of open platform business model	•		International expansion to Europe
PE investments by Actis (2010) and GA &
			•	New businesses (insurance and bank)
			Dynamo (2012)
					•	IPO in Nasdaq

6

Corporate Governance

32.5% voting rights	8.6% voting rights
46.1% total shares	13.6% total shares

XP Controle

54.8% voting rights

23.1% total shares

Board of Directors

Guilherme Benchimol - CEO

9 Executive Directors

Free Float

0.5% voting rights	3.6% voting rights
2.1% total shares
15.1% total shares

Audit Committee

Executive Committees

Compliance &

Compensation

Strategic

Risk

Security

MLP1

Treasury

Funds

Credit

Ethics

Products

External Auditors

Regulators

Source: XP Inc, data as of March 31, 2020

1 Equivalent to money laundering prevention and terrorism funding combat

7

2 Our Business

Brazilian Financial Industry: The Problem

Concentrated market structure favored high costs, poor service and a limited product offering

90% ~R$ 8,605bn

Investment Assets

Bank 1

Bank 2

Bank 3

Bank 4

Bank 5

78%	~R$ 2,745bn	99%	~R$ 635bn	80%	~R$ 284bn	92%	~R$ 933bn	56%	~R$ 5,419bn	80%	~R$ 2,002bn

Deposits	Mortgages	Credit cards	Pension Funds	Institutional asset	Consumer Loans
(outstanding balance)	(ex. closed pension)	management

share of top 5 banks

BRAZILIAN MARKET STRUCTURE

R$487bn Revenue TAM

70% ~R$ 1,468bn

Corporate Loans

Bank 1

Bank 2

Bank 3

Bank 4

Bank 5

Conflicts of interest	High credit	Low savings	High fees	Limited	Restricted Investment	Restricted	Hidden
spread	yield	assortment	Advisory	credit	fees

Source: Oliver Wyman, Anbima, Brazilian Central Bank

Low NPS

Market data as of December 31, 2019

9

Brazilian Investments Industry: The Size of the Opportunity

Assets are increasingly migrating away from traditional banks

Evolution of Investment Assets in Brazil

(R$tn)

Proportion of Investment Held by Non-Bank Institutions

10%

CAGR

13.8

87%

8.6

10.4

Migration

Away from

4.7%	…With Plenty of
XP Market Share	Room to Grow

7.7Banks…

30%

CAGR

3.5

0.9

2019

2024

in investments (2019)

25%

10%

2019

2024

2016

Non-Banks1Banks1

Source: Industry report prepared by Oliver Wyman

¹Considers non-banks share of 10% of investments assets size in Brazil in 2019 , as estimated by Oliver Wyman, and 25% in 2024

10

How XP is Disrupting the Financial Market in Brazil

Unique business model which was built based on client-centricity and financial education

1) MISSION-DRIVEN CULTURE	2) SELF-REINFORCING		3) SUPERIOR PRODUCT &
ECOSYSTEM		SERVICES PLATFORM

Improving people's lives:	Powerful network effects:	Open platform with 600+
customer centric	Retail + Institutional + Issuers +	products in all asset classes
	Digital Content

NPS

72

1. DIFFERENTIATED TECHNOLOGY

Proprietary cloud-based platform that allows us to innovate quickly, compete effectively and operate efficiently

Note: NPS, is an independent widely known survey methodology that measures the willingness of customers to recommend a Company's products and services. The NPS calculation as of a given date reflects the average of the answers

in the previous six months.

11

1) Mission-Driven Culture: Our Purpose and Values

Our strong values and audacious quantitative goals create a dynamic and meritocratic environment

Our Purpose is to transform the financial market to improve people's lives

DREAM BIG

OPEN MINDED

ENTREPRENEURIAL SPIRIT

We want people who	We change our minds and	Sense of ownership is what
make impossible	stop projects fast. There	drives everyone to engage in
missions possible and	is no absolute truth	our lifetime project
are motivated by tough
challenges

12

2) Our Self-Reinforcing Ecosystem

All stakeholders benefit from network effects

RETAIL

XP Wealth Services

	XP Educação
	XP Research
DIGITAL	Social Network

CONTENT

XP Direct /

Online Services

Individual 6.9k IFAs

EXPERT Infomoney

Digital Influencers

INSTITUTIONAL

Dedicated Support Teams

Corporate Access

Trading Desks

Capital Market

Securities Placement

Complementary ISSUER

ServicesSERVICES

13

3) Superior Product Platform

Broad offering allows for customized asset allocation based on client suitability

MUTUAL AND	BROKERAGE
HEDGE FUNDS	SECURITIES

PENSION PLAN	+600	FIXED INCOME
AND LIFE
INSURANCE	Investment Options	SECURITIES
	(not including equities and futures)

STRUCTURED	OTHER
INVESTMENTS
PRODUCTS	PRODUCTS

14

4) Differentiated Technology

Continuous and agile improvement in client experience

~600 11 54

Employees TribesSquads

XP Genius - Our Integrated, Cloud-Based Technology Platform

App

15

How we Monetize our Business

Diversified revenues streams across four synergistic segments

RETAIL

INSTITUTIONAL

ISSUER SERVICES

DIGITAL CONTENT

68%

18%

7%

1%

of total gross revenue	of total gross revenue	of total gross revenue	of total gross revenue
(1Q20 LTM)	(1Q20 LTM)	(1Q20 LTM)	(1Q20 LTM)

Management fees	Commissions	Underwriting fees	Courses
Commissions	Spreads	Advisory fees	Advertisement
Rebates	Placement fees	Other revenues	Events
Spreads	Other revenues		Other revenues
Placement fees
Other revenues

Note : 6% of revenues come from Other Revenues	16

Retail: Portfolio of Brands

Three brands catering to all investor profiles

Retail		Institutional		Issuer Services		Digital Content

R$ 366bn AUC	2.0mm+ active clients

RETAIL BRAND

TARGET

INVESTOR

PROFILE

MID TO HIGH NET WORTH

POWER TRADERS

UPCOMING DIGITAL NATIVE

CHANNELS

DIRECT (XP DIRECT) | IFAs

DIRECT

DIRECT

Note: KPIs as of March 31, 2020

17

Retail: XP Direct

Clients and services segmented by wallet size

Retail			Institutional		Issuer Services			Digital Content

DIGITAL	ON DEMAND	HIGH INCOME	UNIQUE	PRIVATE	MULTI-FAMILY
OFFICE

NET	< 50K	50K - 300K	300K - 3mm	3mm - 10mm	10mm - 300mm	> 300mm
WORTH (R$)

SERVICE	ONLINE	CUSTOMER	FINANCIAL	SENIOR FINANCIAL	PRIVATE	PRIVATE
CUSTOMER
LEVEL	SERVICE CENTRAL	ADVISOR	ADVISOR	BANKER	BANKER
SERVICE

18

Retail: IFA Network

We partner with entrepreneurs from all regions of Brazil

Retail		Institutional		Issuer Services

IFAs Connect their own	Ancord1 certification and
brands to XP and leverage on	continuous training required to
our B2B expertise	ensure compliance with XP
	standards, specially suitability

Constant update of open	Tech-enabled management
product platform and	tools allow IFAs to focus on
functionality	their core: investments

1 National Association of Brokers and Distributors of Securities, Foreign Exchange and Commodities ("Associação Nacional das Corretoras e Distribuidoras de Títulos e

Digital Content

TREMENDOUS SCALE

6.9K IFAs

600+ OFFICES

Valores Mobiliários, Câmbio e Mercadorias").

19

Institutional Segment

Wide range of products and recognized services

Retail		Institutional

Issuer Services		Digital Content

#1 RANKING in:

• FX & Rates for BRL and LatAm products
• Bovespa Equities Ranking
• BM&F Ranking
• BM&F in equity, FX and interest rate options
• Corporate Debt trading and market making

DOMESTIC AND

INTERNATIONAL CLIENTS

• Asset Managers
• Pension Funds
• Banks and Corporate Treasuries
• Family Offices
• Insurance Companies

PRODUCTSGEOGRAPHIC EXPANSION

✓ Cash Equities	✓ Offshore opportunity
✓ Stock Lending	✓ XP's increasing recognition
✓	Derivatives	enables further expansion

• Commodities
• Corporate Bonds
• Government Bonds
• Mutual Funds
• REITs

SUPERIOR CORPORATE ACCESS		PROVIDES LIQUIDITY	BRINGS IN NEW PRODUCTS TO PLATFORM	ENHANCES DISTRIBUTION

Source: XP Inc., Bloomberg

20

Issuer Services

Complete capital market solutions to corporate clients

Retail		Institutional		Issuer Services		Digital Content

DEBT CAPITAL	STRUCTURED FINANCE	EQUITY CAPITAL	M&A
MARKETS	AND SECURITIZATION	MARKETS
•Local Debt (DCM): CRIs, CRAs, CDCS,	•Structured operations with focus on	•Financial advisory in IPOs, follow-ons,	•Generate business opportunities
FIDCs, LFs and FIIs (REITs)	private credit	block trades and tender offers	by leveraging XP's extensive
•International Debt: Infra debentures	•Swaps and other derivatives		institutional and retail network
and bonds
#1 CRAs structuring	#1 FIDCs structuring	#1 Retail allocations in
#1 REITs structuring	and securitization	equity public offerings
		#1 Number of IPOs
		structured¹

Source: XP Inc, Anbima, Bloomberg as of 2019	21
¹Companies doing their first ECM deals

Digital Content

Initiatives to attract, retain and monetize retail and institutional clients

Retail		Institutional		Issuer Services		Digital Content

		XP						DIGITAL
INFOMONEY		EDUCAÇÃO		XP RESEARCH		EVENTS		INFLUENCERS	LEADR

11mm Unique	+160 Courses	+1mm Audience	Expert: Largest	Influencers: +4mm	+950k Downloads
Monthly Visitors1	More than 50k	Avg. 80 Reports /	Investment Services	Followers
	Event in Latin
58k Monthly Top 10	Students	Month
America
Google Words2
			Approximately
			30,000 Attendees

Digital content and media channels drive attractive unit economics ->Lower CAC

Note: Data as of 31 March, 2020

¹Unique monthly visitors: The sum of devices visiting the analyzed domain, within one month, 6 months average	22
²Monthly Top 10 Google Words: a website's ranking for the number of first page google mentions when searching a finance related term

3 Financial Highlights

Our KPIs

Accelerating growth at scale

Assets Under Custody - AUC (R$bn)

Active Clients¹ ('000)

	85%							71%
	CAGR							CAGR
					+58%						+81%
					YoY						YoY
			409								2.039
					366				1.702
		202		232						1.126
							892
	126						539
65						339
2016	2017	2018	2019	1Q19	1Q20	2016	2017	2018	2019	1Q19	1Q20

¹ Active clients is the total number of retail clients served through XP's brands with an AUC above R$100.00 or that have transacted at least once in the last thirty days.

24

Our Financial Performance

Powerful operating leverage

Gross Revenues (R$mm)

Adj. Net Income1 and Adj. Net Margin2 (R$mm, %)

60%	64%
CAGR	CAGR
+84%	+147%
YoY	YoY

5.518

1.074

		3.216
							428	491			415
	2.065				1.856
1.347				1.006		244				168
2016	2017	2018	2019	1Q19	1Q20	2016	2017	2018	2019	1Q19	1Q20
						19%	22%	17%	21%	18%	24%

Guidance: Medium-Term Revenue CAGR 35%+	Guidance: Adj. Net Margin 18% - 22%
Note: Adjusted Net Income and Adjusted Net Margin exclude non-recurring items and are non-GAAP metrics

25

We Believe Our Best Cohorts Are Yet To Come

Rising inflows and share of wallet with each new cohort

Accumulated Net Inflow

R$ Million

Jan-2019 3,514

Jan-2018 2,135

Jan-2017 1,678

Jan-2016 511

Month 1

+79%

+57%

+122%

+92%	+143%
+75%	+128%
+112%
+101%

+57%+78%

+51%

			+109%	+109%	+116%	+127%	+138%
		+97%
	+76%
+44%

6

12

18

24

30

36

42

48

Note: Excludes Market Appreciation	Accumulated Net Inflows
	26

4 COVID-19 Update

COVID-19 Update | April 2020

Despite challenging scenario in April, growth remained healthy

	AUC (in R$ bn)				Monthly Net Inflow
				(in R$ bn)
409				385
	(46)			11.0
	(21)	43		10.7
4Q19	Market	One-Off	Net Inflow	2020 YTD	4Q19	2020 YTD¹
	Depreciation	Corporate
		Outflow

▪ R$19 billion increase in AUC in April-2020 was driven by R$7 billion	▪ As expected, monthly net inflow pace decelerated in April
net inflow and R$12 billion market appreciation.	relative to 1Q20;

▪ Result was mainly a consequence of the operational bottlenecks from a prolonged lockdown.

1 Excludes one-off outflow from corporate client

28

COVID-19 Update | April 2020

Client base kept growing consistently in April

Active Clients ('000)

+24%

2,112

1,702

4Q19

2020 YTD

• Active Clients totaled 2.1 million in April, up 24% vs 4Q19.

New Active Clients per month

('000)

+87%

103

55

4Q19

2020 YTD

▪ New Active Clients per month accelerated in 2020 versus 4Q19.

NPS Apr-20: 72

Note: NPS, is an independent widely known survey methodology that measures the willingness of customers to recommend a Company's products and services. The NPS calculation as of a given date reflects the average of the answers	29
in the previous six months

COVID-19 Update | April 2020

XP Inc. continues to reinforce its competitive advantages

RECORDSRANKINGS

✓ Retail Equity Custody Market Share	#1 retail equity custody in April
✓ Retail Equity Volume Market Share	#1 retail equity volume in April
✓ Research Platform Audience	#1 retail derivatives volume in April
✓ Organic Social Media Leads

AWARDS

• XP elected best investment advisory company by São Paulo residents (DataFolha)

Source: XP Inc.

30

Investor Relations

Carlos Lazar

André Martins

[e-mail]

IR Website:investors.xpinc.com