| --- | --- | --- | --- | --- | |-----------|--------|--------------------------------------------|----------|-------| | | | | | | | São Paulo | Bogotá | Montevideo | Santiago | | | | | | | | | | | | | | | | | | | | | | | First Quarter 2022 Earnings MAY 10, 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

| --- | --- | --- | --- | --- | |-----------|--------|---------------------------------------------------------------------|-------|----------| | | | | | | | São Paulo | Bogotá | Montevideo | | Santiago | | | | | | | | | | | | | | | | | | | | | | Patria Investments (Nasdaq:PAX) Investor Presentation FEBRUARY 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 ...

Call Start: 09:00 January 1, 0000 10:15 AM ET Patria Investment Limited (NASDAQ:PAX) Q4 2021 Earnings Conference Call February 15, 2022, 9:00 AM ET Company Participants Alex Saigh – Chief Executive Officer Marco D'Ippolito – Chief Financial Officer Josh Wood – Head of Shareholder Relations Luis Fernando Lopes – Partner and Chief Economist Conference Call Participants Robert Lee – Keefe, Bruyette & Woods Craig Siegenthaler – Bank of America Tito Labarta – Goldman Sachs Marcelo Telles – Credit Suisse Riccardo ...

Financial Data and Key Metrics Changes - Patria generated $21.5 million in IFRS net income in Q3 2021, with fee-related earnings of $21.8 million and performance-related earnings of $1.5 million, resulting in distributable earnings of $22.5 million or $0.165 per share [6][32] - Fee-related earnings increased by 24% from $17.6 million in Q2 2021, and fee revenue rose 16% to $37.4 million [33] - The FRE margin for Q3 was 58%, up from 55% in Q2, indicating strong revenue growth [34] Business Line Data and Key Metrics Changes - Fee earnings AUM reached $9.2 billion, up 11% from $8.3 billion in the previous quarter and up 22% from $7.5 billion a year ago [35] - The company expects to see fee-related earnings growth of over 50% in 2022 compared to 2021, driven by the addition of Moneda's fee-related earnings [13][44] Market Data and Key Metrics Changes - The company is analyzing a pipeline of around $50 billion in potential equity checks for transactions and CapEx in the infrastructure sector across various countries in the region [19] - The telecom sector saw significant developments, including a winning bid for 5G spectrum, which will lead to the construction of over 5,000 telecom towers [20] Company Strategy and Development Direction - Patria is focused on organic growth and has accelerated its flagship strategy timelines, with a new private equity fund in the market ahead of schedule [14] - The strategic combination with Moneda Asset Management is expected to enhance earnings and create a leading alternative credit platform in the region [15][26] - The company aims to expand its product offerings and geographic footprint through acquisitions, particularly in the credit and real estate sectors [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving targets for 2021 and anticipates strong growth in 2022, with a focus on maintaining high margins and expanding fee-related earnings [11][44] - The management noted that the current macroeconomic environment, including rising inflation and interest rates, could impact local investor behavior, but emphasized that their products are designed to be inflation-protected [61][63] Other Important Information - The company is raising a renewable energy fund to complement its flagship infrastructure fund, targeting to raise this fund before returning to market with the infrastructure fund next year [22] - The company has established anchor investors for its upcoming credit products, indicating strong demand for capital in the infrastructure and credit sectors [25] Q&A Session Summary Question: M&A outlook after Moneda - Management confirmed an appetite for further acquisitions post-Moneda, with $200 million in cash available for additional transactions [53][59] Question: Impact of rising interest rates on business - Management indicated that their products are designed to be inflation-linked, which should mitigate the impact of rising interest rates on their business [61][63] Question: Changes in the LP base and fundraising - The majority of capital raised is expected to come from existing LPs, with a goal of expanding the LP base to include more high-net-worth individuals [70][72] Question: Capital deployment and realizations in 2022 - Management expects to maintain or increase capital deployment levels in 2022, while being cautious about divestments due to current market conditions [86][92]

Patria Investments Limited (NASDAQ:PAX) Q2 2021 Earnings Conference Call August 19, 2021 9:00 AM ET Company Participants Josh Wood - Head of Shareholder Relations Alex Saigh - Chief Executive Officer Marco D'Ippolito - Chief Financial Officer Conference Call Participants Tito Labarta - Goldman Sachs Ricardo Buchpiguel - BTG Pactual Domingos Falavina - JPMorgan Operator Good day and thank you for standing by. Welcome to the Patria Investments Second Quarter Earnings Call. At this time, all participants are i ...

Financial Data and Key Metrics Changes - Patria generated $13.1 million in IFRS net income for Q1 2021, with fee-related earnings of $17.3 million, up 14% from $15.2 million in Q1 2020, driven by a 20% increase in total fee revenues [5][25] - Management fees reached $31.3 million in Q1 2021, a 31% increase compared to Q1 2020, largely due to inflows from Private Equity Fund VI and Infrastructure Fund IV [25] - Fee earnings AUM rose to over $8 billion, up 4% from the last quarter and 14% year-over-year [25] Business Line Data and Key Metrics Changes - Private Equity Fund VI is now 68% deployed, with expectations to reach the 75% threshold for launching fundraising for Fund VII by the end of Q2 2021 [14][41] - Infrastructure Fund IV remains at 56% invested and reserved, with a strong pipeline for deployment due to record levels of government concessions expected [28] - Actual capital deployments to portfolio companies in Q1 amounted to $277 million, including amounts reserved in prior quarters [27] Market Data and Key Metrics Changes - Latin America is showing encouraging trends in pandemic recovery, with over 110 million vaccines administered in the region [9][10] - The interbank rate in Brazil has recently reversed from 2% to 3.5%, with expectations of reaching 5% to 6% by year-end, which is seen as stabilizing for local currency [19][46] Company Strategy and Development Direction - The company is focused on deploying capital into resilient sectors linked to basic human needs, such as healthcare, food, transportation, and energy, which have lower correlations to economic cycles [17] - Patria is exploring opportunities for strategic M&A using IPO capital, viewing it as an upside to an already compelling organic growth profile [22] - The company aims to expand its country-specific strategies to drive organic growth in fee-related earnings [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of Patria's business model and investment performance, emphasizing the ability to navigate through various market environments [11][12] - The outlook for fee-related earnings growth remains intact, with expectations for strong fee revenue growth exceeding 20% year-over-year [34] - Management remains cautiously optimistic about performance fees, particularly from Private Equity Fund III and Fund V, with positive indicators from portfolio companies [60][66] Other Important Information - The net accrued performance fee balance was $253 million at the end of Q1, down from $276 million, primarily due to local currency depreciation [29] - The company is considering share buybacks but prioritizes capital for M&A opportunities [69] Q&A Session Summary Question: Is all of the binding and reserve capital in the 41% based on transactions that have already been announced? - Yes, two-thirds of the 41% is already committed and deployed, including investments in a gas distribution network and a healthcare initiative in Colombia [39][40] Question: How does the evolving interest rate backdrop change the domestic migration to equities and alternative investments? - The increase in interest rates is viewed positively, as it stabilizes local currency and allows for passing on inflation costs [42][46] Question: Can you provide additional color around the performance fee outlook for the remainder of 2021? - Performance fees are expected from Private Equity Fund III and Fund V, with strong performance indicators from portfolio companies [56][66] Question: Any updates on discussions regarding secondary market transactions? - The company is considering GP-led transactions in the secondary market, given the rebound in the region and the strengthening of currencies [85][88] Question: What is the appetite for acquiring private market businesses outside of Brazil? - The appetite is high, with plans to diversify into adjacent markets like Chile, Colombia, and Mexico [92][93]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number: 001-39911 Patria Inve ...