Patria Investments : August 2022 Shareholder Presentation

São Paulo

Bogotá

Montevideo

Santiago

Patria Investments (Nasdaq:PAX)

Investor Presentation

AUGUST 2022

Disclaimer

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by the use of words such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "will," "could," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words, among others. Forward-looking statements appear in a number of places in this presentation and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time, including but not limited to those described under the section entitled "Risk Factors" in our most recent Form F-1 and 424(b) prospectus, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our periodic filings.

This presentation does not constitute an offer of any Patria Fund. We prepared this presentation solely for informational purposes. The information in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any of our securities or securities of our subsidiaries or affiliates, nor should it or any part of it form the basis of, or be relied on in connection with any contract to purchase or subscribe for any of our securities or any of our subsidiaries or affiliates nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

Results for the current reporting period are preliminary and unaudited. We have included in this presentation our Fee Related Earnings ("FRE") and Distributable Earnings ("DE"), which are non-GAAP financial measures, together with their reconciliations, for the periods indicated. We understand that, although FRE and DE are used by investors and securities analysts in their evaluation of companies, these measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations as reported under IFRS. Additionally, our calculations of FRE and DE may be different from the calculation used by other companies, including our competitors in the financial services industry, and therefore, our measures may not be comparable to those of other companies.

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Patria | Leading Latin America in Alternative Investments

DELIVERING VALUE FOR BOTH OUR LIMITED PARTNERS AND OUR SHAREHOLDERS

Platform

Expansion

$2.2+ billion

raised in 1H22, more than half the target for the year… across a

diversified set of products

Active inorganic growth: Products, Geography and Distribution

• Credit & Public Equities (4Q21)
• Growth Equity (1Q22)
• RE & Permanent Capital (2Q22)

Investment

Execution

Net IRR	▪ Private Equity V: 24%
▪	Private Equity VI: 16%
in US$	▪	Infrastructure III: 12%

• • Infrastructure IV: 28%
• $1.5 billion deployed from drawdown funds in LTM
• 18 portfolio M&A transactions in
  1H22 and even more expected in
  2H22
• 36% EBITDA growth1 YoY across our private equity portfolio
• Mature PE V and Infra III portfolios with active divestment agendas

Earnings

Growth

FEAUM up 126% from one year ago

50+% YoY FRE growth expected

for 2022

5+% annualized dividend yield

on FRE alone2

Net Accrued		$419 billion
Performance		as of 2Q22
Fees		($2.85/share)

Note: (1) Including M&A; (2) Considers PAX price as of 30-Jun-22. Annualized based on 1H22.

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Platform Expansion | History & Investment Platform

$26+ BN IN AUM BUILT OVER 30+ YEARS OF HISTORY

	M&A Activity:
2022 -	VBI (Real Estate - Permanent Capital)
	-	Kamaroopin (Growth Equity)
2021	IPO: PAX @Nasdaq
M&A Activity: Moneda (Credit & Public Equities)

2014	Launch of LatAm
	focused strategies

2009	AUM surpasses $2 billion			YE 2009
		$2.4 Bn
							Total AUM
2006	Launch of	$516 mn
Infrastructure
			Infrastructure I
	platform
1997	First Private Equity		$235 mn
	Private Equity I
fund raised
1988	Foundation and partnership
with Salomon Brothers
	50%/50%

CAGR

21%

Organic CAGR	2.4
16%	1.4

2.1	Q2 2022	10.2
	$26.3Bn

4.8	Total AUM

5.5

Private Equity

Infrastructure

Credit

Public Equities

Real Estate

Advisory & Distribution

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Platform Expansion | Product Offering

NEAR TERM FUNDRAISING TARGETS DIVERSIFIED ACROSS ASSET CLASSES AND DISTRIBUTION CHANNELS

• $2.2+ billion raised in 1H22, well on track to the $4 billion target for 2022…
• More than half of the amount raised year-to-date came from products other than our flagship funds

Product Offering (Current and In Development)

Credit

Public Equities Real Estate

Advisory &

	✓Flagship Buyout	✓Flagship
Global/Regional	(7th Vintage)	Development
✓SPAC	(5th Vintage)
Distribution
	✓Growth Equity

✓Core

Local Distribution

(Country Specific)

✓LatAm High

Yield & IG

✓LatAm Local

Currency

✓Private Credit

✓Infra Credit ✓Private Credit ✓Receivables

✓Chilean High

Yield & IG

Distribution

✓LatAm Large

& Small Caps

✓Chilean Large	✓	✓
	REITs	Global Alts
& Small Caps	✓	Access
	Development	(Distribution)
✓PIPE
		✓Wealth
		Management

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