Patria Investments : May 2023 Shareholder Presentation

Patria Investments

(Nasdaq: PAX)

Shareholder Presentation

MAY 2023

Disclaimer

This presentation (the "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 annual report on Form 20-F, 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 as of the date of the Form 20-F filing, in conjunction with the other cautionary statements that are included in our periodic filings.

This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any interest in Patria, any fund or other investment vehicle sponsored by Patria, or to provide any services. We prepared this Presentation solely for informational purposes and this Presentation is being made available to you by Patria Investments Limited (together with its affiliates, "Patria") for the purpose of providing certain summary information about Patria's activities. 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 portfolio companies, 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 portfolio companies 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.

An offering of interests in any fund managed by Patria may only be made to qualifying investors, and only by the private placement memorandum and governing and subscription documents (the "Operative Documents") of the relevant fund, which should be read in their entirety. The Operative Documents will be delivered to prospective investors prior to any sale of interests in a fund. The Operative Documents will contain additional information about the investment objective, terms and conditions of an investment in the relevant fund and also contain tax information and certain risks and conflicts of interest disclosures that are important to any investment decision regarding the fund. No person has been authorized to make any statement concerning a fund managed by Patria other than as set forth in this Presentation, and any such statements, if made, may not be relied upon.

This Presentation contains information that has been or may have been provided by a number of sources. Information provided from outside sources has not been separately verified. Nothing contained herein shall constitute any representation or warranty and no responsibility or liability is accepted as to the accuracy or completeness of any information supplied herein. Recipients of this Presentation are advised to perform independent verification of the data and conduct their own analysis with appropriate advisors. Any statement of belief contained in this Presentation is a belief solely of Patria. Recipients of this Presentation shall not treat this Presentation as tax, regulatory, accounting, legal, investment or any other advice and this Presentation should not and cannot be relied upon as such. The use of this Presentation in certain jurisdictions may be restricted by law. Recipients should inform themselves as to the legal requirements and tax consequences of an investment in a Patria-sponsored fund within the countries of their citizenship, residence, domicile and place of business.

Unless otherwise indicated, all internal rates of return ("IRRs") and multiples on invested capital ("MOICs") are presented on a "gross" basis (i.e., before management fees, expenses, performance fees and taxes, which in the aggregate are expected to be substantial and have a material effect on returns). Such fees and expenses are described in the Operative Documents. "Net Returns" are actual net returns presented after deducting all management fees, performance fees and other fees and expenses (other than taxes borne or to be borne by investors, including as a result of an investor's domicile). Prospective investors are encouraged to contact Patria to discuss the procedures and methodologies used to calculate the investment returns and other information provided in this Presentation.

This Presentation does not provide a prediction of future values or results, and no assurance can be given that losses, which may be material, will not be incurred. In considering any performance data contained herein the recipient should bear in mind that past performance is not indicative of future results, and there can be no assurance that any future fund will achieve comparable results, avoid losses, implement its investment strategy or achieve its investment objectives. An investment in a fund is speculative and involves a high degree of risk. Investment in a fund is suitable only for sophisticated investors who are in a position to tolerate such risk and satisfy themselves that such investment is appropriate for them. An investor could lose all or a substantial amount of its investment. In addition, a fund's fees and expenses may offset its profits. Unrealized returns are not to be relied upon as facts and there can be no assurance that such results will be achieved. Accordingly, the actual realized returns on unrealized investments may differ materially from the estimated returns indicated herein.

Any projections, market outlooks or estimates in the Presentation are forward-looking statements and are based upon certain assumptions. Other events which were not taken into account may occur and may significantly affect any fund or investment discussed herein. Any outlooks and assumptions should not be construed to be indicative of the actual events which will occur.

PATRIA AND ITS DIRECTORS, OFFICERS, EMPLOYEES, PARTNERS, SHAREHOLDERS, ADVISERS AND AGENTS EXPRESSLY DISCLAIM, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY AND ALL LIABILITY AND SHALL HAVE NO LIABILITY WHATSOEVER FOR ANY DIRECT, INDIRECT OR CONSEQUENTIAL LOSS OR DAMAGE SUFFERED OR INCURRED BY THE RECIPIENT OR ANY OTHER PERSON OR ENTITY HOWEVER CAUSED (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) IN ANY WAY IN CONNECTION WITH (I) THIS PRESENTATION OR ANY OTHER WRITTEN OR ORAL INFORMATION MADE AVAILABLE TO THE RECIPIENT OR SUCH OTHER PERSON OR ENTITY REGARDING A POTENTIAL OPPORTUNITY, INCLUDING, WITHOUT LIMITATION, THE INFORMATION CONTAINED IN THIS PRESENTATION, (II) ANY ERRORS THEREIN OR OMISSIONS THERETO HOWEVER CAUSED, (III) ANY RELIANCE ON THIS PRESENTATION OR SUCH OTHER INFORMATION BY THE RECIPIENT OR ANY OTHER PERSON OR ENTITY OR (IV) THE REASONABLENESS, AUTHENTICITY, VALIDITY, ADEQUACY, ACCURACY, COMPLETENESS OR RELIABILITY OF THIS PRESENTATION OR SUCH OTHER INFORMATION.

Comparisons to other benchmarks may yield different results. Methodologies employed for calculating returns for any fund may differ from the methodologies employed in such benchmarks. The volatility and risk profile of each benchmark is likely to be materially different from that of a fund. In addition, each benchmark employs different investment guidelines and criteria than a fund, may not employ leverage and may reflect reinvestment of dividends; as a result, the holdings in a fund and the liquidity of such holdings may differ significantly from the securities that comprise any benchmark. The benchmarks may not be subject to fees or expenses. The performance of each benchmark has not been selected to represent an appropriate benchmark to compare to any fund's performance, but rather is disclosed to allow for comparison of a fund's performance to that of a well-known and widely recognized index. A summary of the investment guidelines for each benchmark is available upon request. This information is included solely for illustrative purposes.

Where Are We Now?

Patria's History &

Growth

3

35

years

For more than 35 years, Patria has been delivering attractive private markets returns in Latin America over multiple vintages

Our IPO in 2021 set the stage for the next chapter of growth…

1988	1994	2006	2010	2021	2022
Foundation and	Launch of	Launch of	Partnership	IPO at Nasdaq
partnership with	Private Equity	Infrastructure	with
Salomon Brothers	Strategy	Strategy	Blackstone1

1993	1994	2000	2021
Foundation and	Launch of Public Equities	Launch of regional	Combination with
partnership with IFC	Fund Pionero	Credit Strategy
Patria

2002	2018	2021
Fundraising of 2nd
Foundation of Tarpon	Foundation
fund and
(Kamaroopin origin)	Kamaroopin and 1st
combination
		growth fund
		with Patria
2013	2014	2022
Foundation of Igah	Launch of 1st VC fund		Combination
				with Patria
2006	2018	2022
	Combination
Foundation of VBI	Launch of first REIT Fund
	with Patria

(1) Blackstone fully exited its ownership position in PAX in 2022

4

Two Years Post-IPO: A Diversified Platform with a Runway to Scale

2.5

Total AUM
$14.4Bn	1.3
at IPO	1Q 2023
2.2	10.6
	$27.3Bn

Private Equity

Infrastructure

Credit

Organic Growth

+

4 M&A Transactions

strengthening our platform in…

4.7

Total AUM

5.9

Public Equities

Real Estate

Advisory & Distribution

• Credit
• Public Equities
• Growth Equity
• Real Estate (permanent capital)
• Venture Capital

5