Group 1 - The core investment opportunity identified for early 2025 is Patria Investments (PAX), which is an alternative asset manager experiencing rapid growth [1] - The company is currently offered at a favorable valuation despite its growth trajectory [1] Group 2 - A promotional offer is available for new subscribers, providing a discount of $100 off the first year, emphasizing the urgency of the offer [2] - The company invests significant resources, including thousands of hours and over $100,000 annually, into researching profitable investment opportunities [2]

Group 1 - The article highlights that Patria Investments (NASDAQ: PAX) has become a significant investment holding for the author, indicating strong confidence in the company's future performance [1] Group 2 - The company has released its latest top investment picks for July 2025, suggesting a proactive approach to identifying profitable opportunities [2] - A substantial investment of over $100,000 annually is dedicated to researching high-yield strategies, reflecting a commitment to delivering value to investors [2] - The approach has garnered over 180 five-star reviews from members, indicating a positive reception and effectiveness of the investment strategies [3]

Summary of Patria's Infrastructure Business Conference Call Company Overview - **Company**: Patria - **Focus**: Infrastructure business, specifically in Latin America - **Key Personnel**: Robert Lee (Head of Shareholder Relations), Matt Cook (Investor at Potento Partners), Roberto Siddharra (Partner and Chief of Portfolio Management for Infrastructure) Key Points and Arguments Infrastructure Platform - Patria's infrastructure platform started in 2006 and is currently raising Development Fund V with over **$2.1 billion** in fee-paying commitments [5] - The platform has **$6.7 billion** in Assets Under Management (AUM), with **$3.7 billion** in fee-earning AUM and **$1.6 billion** in pending fee-earning AUM [5] - Infrastructure generated approximately **17%** of management fee revenues in Q1, with expectations for Infrastructure Fund III to be a major source of performance fee generation [5] Growth Potential - Infrastructure fee-paying AUM is expected to grow from **10%** to **12%-16%** of total fee-earning AUM, indicating a potential growth rate of over **30%** per annum [6] - Significant deployment opportunities exist, with an actionable pipeline of over **$400 billion** in the region over the next five years [7] Competitive Advantage - Patria has over **80 professionals** in its infrastructure business, including engineers and operations professionals, providing a competitive edge in generating consistent excess returns [6] - The firm has a specialized investment team organized into verticals, allowing for in-depth market knowledge and relationships [28] Market Opportunities - Recent privatizations in Brazil, such as SABESP (valued at over **$8 billion**) and Electrobras (valued at over **$12 billion**), present significant opportunities for Patria [16] - The firm is well-positioned to capitalize on upcoming auctions in various sectors, including **30,000 kilometers** of transmission lines and **5,000 kilometers** of toll roads, with expected CapEx exceeding **$20 billion** [93][95] Data Center Platform - Patria has launched a new data center platform called Omnia, starting with over **100 megawatts** in IT capacity and an initial commitment of around **$1 billion** [21][22] - The demand for data centers is expected to grow significantly, driven by advancements in AI and the availability of renewable energy in Brazil [24] Value Creation Strategy - Patria employs a hands-on approach to managing portfolio companies, focusing on operational efficiency and cost reduction [40][43] - The firm has successfully implemented strategic procurement initiatives, saving millions across its portfolio [45] - Examples of successful value creation include reducing operational expenses in toll roads by **15%-20%** and improving asphalt procurement strategies [43][66] Investor Relations and Fundraising - Strong relationships with Limited Partners (LPs) have led to co-investments and direct involvement in auctions, enhancing fundraising capabilities [75][76] - The firm has a track record of successful fundraising, with significant capital raised from sovereign wealth funds [6] Conclusion - Patria's infrastructure business is positioned for substantial growth, driven by a robust pipeline of opportunities, a competitive team, and a strategic focus on value creation. The firm aims to leverage its expertise to capture a significant share of the privatization and infrastructure development market in Latin America.

l least and the later the later the later the later the later the later the liness of the lates and | | PATRIA d like a manufacturer First Quarter 2021 Results MAY 20, 2021 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," " ...

ll log = 1 = || | PATRIA t = Second Quarter 2021 Earnings AUGUST 19, 2021 Disclaimer Gráficos R 217 G 217 B 217 R 64 G 64 B 64 R 220 G 230 B 242 R 185 G 205 B 229 R 0 G 67 B 109 R 142 G 180 B 227 R 55 G 96 B 146 R 1 G 40 B 65 R 0 G 67 B 109 R 110 G 163 B 196 R 1 G 40 B 65 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-lookin ...

Financial Performance - Patria reported GAAP Net Income of US$215 million for 3Q21 and US$1080 million year-to-date[8] - Fee Related Earnings (FRE) reached $218 million in 3Q21, a 25% increase compared to 3Q20 when adjusted for comparable compensation structure[11, 17] - Distributable Earnings (DE) amounted to $225 million in 3Q21 and $1137 million year-to-date[12, 15] - The company declared a quarterly dividend of $0140 per common share, payable on December 16, 2021[6, 12] Assets Under Management - Total Assets Under Management (AUM) stood at $151 billion as of September 30, 2021, reflecting an 18% increase year-over-year[6, 12, 24] - Fee-Earning AUM (FEAUM) totaled $92 billion as of September 30, 2021, up 22% year-over-year[12, 32] - Performance Revenue Eligible AUM (PREAUM) represented 84% of Total AUM, amounting to $127 billion[12, 24] Fundraising and Deployment - Total Fundraising reached $274 million over the Last Twelve Months (LTM)[12] - Total Deployment amounted to $18 billion year-to-date and $32 billion over the LTM[12] - Total Realizations reached $192 million over the LTM[12] Accrued Performance Fees - Net Accrued Performance Fees were $314 million as of September 30, 2021[12, 20]

São Paulo Bogotá Montevideo Santiago Patria's New Growth Equity Strategy DECEMBER 2021 Kamaroopin Transaction Overview Disclaimer This presentation is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any securities of Patria Investments Limited. The information contained herein does not purport to be all-inclusive. The data contained herein is derived from various internal and external sources. Any estimates or proje ...

Economic Overview - As of 2023, Latin America and the Caribbean had a combined estimated total GDP of US$7.1 trillion, with an average GDP per capita of US$10,797 and average real growth of nearly 2.8% per annum over the past 50 years [600]. - Chile's GDP was estimated at US$301 billion in 2023, with exports of goods and services accounting for approximately one-third of its economy [602]. - Inflation in Chile reached 12.8% in 2022, but decreased to 3.9% by the end of 2023 [602]. Currency Exchange Rates - The real/U.S. dollar exchange rate was R$4.841 per US$1.00 on December 31, 2023, reflecting a 7.2% appreciation of the real against the U.S. dollar during 2023 [601]. - In 2024, the real depreciated 21.8% to R$6.192 per US$1.00 on December 31, 2024 [601]. Revenue and Income - Net revenue from services for 2024 was $374.2 million, an increase of $46.6 million or 14.2% from $327.6 million in 2023 [629]. - Net revenues from services in 2023 amounted to US$327.6 million, an increase of US$68.7 million, or 26.5%, from US$258.9 million in 2022 [645]. - Revenue from management fees increased by $41 million in 2024, contributing to the overall growth in net revenue from services [629]. - Performance fees decreased by $12 million in 2024, reflecting the variable nature of these fees and their dependency on investment fund performance [629]. - Net income for the year decreased to $75.7 million in 2024, down $45.1 million or 37.3% from $120.8 million in 2023 [638]. - Net income for the year was US$120.8 million, an increase of US$15.6 million, or 28.4%, from US$94.1 million in 2022 [654]. Expenses - Personnel expenses rose to $111.7 million in 2024, up $32.9 million or 41.8% from $78.8 million in 2023, primarily due to additional personnel from acquired businesses [630]. - Personnel expenses in 2023 were US$78.8 million, an increase of US$9.0 million, or 12.9%, from US$69.8 million in 2022 [646]. - Other expenses increased to $45.8 million in 2024, up $27.1 million from $18.7 million in 2023, driven by adjustments related to acquisitions and integration costs [633]. - Net financial expenses increased significantly to $20.6 million in 2024, up $18.9 million from $1.7 million in 2023, mainly due to higher interest expenses and unrealized losses [635]. - Income tax expense for 2024 was $10.3 million, an increase of $13.1 million from a positive balance of $2.8 million in 2023, attributed to tax rate differences in foreign subsidiaries [637]. - Amortization of intangible assets increased by $8.3 million or 37.4% from $22.4 million in 2023 to $30.7 million in 2024, due to higher values of identifiable intangible assets from acquisitions [632]. - Carried interest allocation decreased to $20.9 million in 2024, down $4.4 million or 17.4% from $25.3 million in 2023, due to lower recognized performance fee revenue [630]. Cash Flow and Financing - Cash flows provided by operating activities decreased by US$10.8 million, from US$156.7 million in 2023 to US$145.9 million in 2024 [659]. - Cash flows used in investing activities decreased by US$36.9 million, from US$62.2 million in 2023 to US$25.3 million in 2024 [661]. - As of December 31, 2024, the company had US$92.4 million in cash, cash equivalents, and short-term investments [656]. - Net cash flows from financing activities improved by US$77.9 million, decreasing from US$229.6 million used in 2023 to US$151.7 million used in 2024 [663]. - Dividends paid to shareholders were US$132.4 million in 2024, compared to US$145.1 million in 2023 and US$103.3 million in 2022 [663]. - Capital expenditures increased significantly to US$131.4 million in 2024 from US$45.2 million in 2023 and US$54.5 million in 2022 [667]. - As of December 31, 2024, the company had US$228 million in outstanding indebtedness on credit facilities, with no financial indebtedness in 2023 and 2022 [665]. - The company plans to fund future capital expenditures through operating cash flow, existing cash, and credit facilities [668]. - Financing activities included US$86.2 million for settlement of financing arrangements related to acquired businesses and US$141.3 million in SPAC shareholder redemptions [663]. Strategic Focus - The company is focused on mergers and acquisitions as part of its inorganic growth strategy, impacting future capital requirements [668]. - The company made US$14.7 million in financing arrangement settlements for acquired businesses in 2023 [664]. - The company regularly reevaluates its accounting estimates, which could lead to material differences in reported financial results [669]. Accounting and Reporting - The company follows a five-step guidance to recognize revenue in accordance with IFRS 15, which includes identifying contracts and performance obligations [609]. - Financial income is mainly composed of interest on highly liquid investments and realized and unrealized gains on long-term investments [621]. - Cybersecurity-related costs represented 21% and 24% of administrative expenses for the years ended December 31, 2024 and 2023, respectively [606]. - Deferred consideration related to the acquisition of Moneda included US$58.7 million expected to be paid to former shareholders, with US$28.7 million outstanding as of December 31, 2024 [616].

Financial Data and Key Metrics Changes - Fundraising in Q1 2025 reached a record $3.2 billion, contributing to a target of $6 billion for the year [6][24] - Fee-related earnings (FRE) were $42.6 million or $0.27 per share, reflecting a 2116% year-over-year growth [6][8] - Assets under management (AUM) grew to $46 billion, a 43% increase year-over-year and over 9% sequentially [10][26] - Distributable earnings were $37 million or $0.23 per share, up 12% year-over-year [8][32] Business Line Data and Key Metrics Changes - Fee-earning AUM increased to $35 billion, a 46% year-over-year growth and 6% sequentially [10][28] - Organic net inflows into fee-earning AUM were over $700 million, representing an annualized organic growth rate of over 8.6% [7][26] - Management fee revenue for Q1 was $77.3 million, up 28% year-over-year, but down 17% sequentially due to seasonal factors [28][29] Market Data and Key Metrics Changes - Approximately 20% of fee-earning AUM were in permanent capital vehicles, which is a key long-term objective [13][22] - Strong demand from Asian sovereign wealth fund investors led to $1 billion in commitments during the quarter [14][15] - Local investors accounted for approximately 17% of fundraising in Q1 2025, indicating a growing interest in alternative investments [22] Company Strategy and Development Direction - The company aims to diversify its investment strategies and product offerings, enhancing resilience against global uncertainties [23][24] - The focus is on organic growth through customized investment accounts and special managed accounts, moving away from a product-centric model [6][12] - The company is positioned to benefit from geopolitical shifts, with a low exposure to U.S. tariffs and a focus on local consumption markets in Latin America [17][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the $6 billion fundraising target despite global uncertainties [24][31] - The company believes Latin America is becoming a more attractive destination for capital, benefiting from low geopolitical risks and strong local consumption [18][39] - Management anticipates that the ongoing trade conflicts may lead to increased foreign direct investment (FDI) in the region [42] Other Important Information - The company has a net debt of approximately $143 million, with a net debt to FRE ratio well below one time [32] - The effective tax rate for the quarter was 9.2%, with expectations to trend towards 10% by 2027 [32] - A quarterly dividend of $0.15 per share was approved for 2025, with intentions to repurchase shares throughout the year [33] Q&A Session Summary Question: How are portfolios positioned regarding higher tariffs in the U.S.? - Management indicated that most investments are Latin America-oriented, with minimal exposure to Mexico, and sectors are resilient and locally driven [37][39] Question: Could Chinese institutions divert allocations from U.S. to LatAm? - Management confirmed that there is increased interest from Asian investors, with significant commitments already made [43][45] Question: Is there potential upside to the $6 billion fundraising target? - Management maintained the $6 billion target but acknowledged the strong start with $3.2 billion raised in Q1 [52][54] Question: Update on integration of M&A completed last year? - Management reported that 2025 is focused on integration, with no major issues encountered and synergies expected to improve margins [70][74] Question: Overview of the $3.5 billion pending fee AUM? - Management stated that most pending AUM will be allocated to infrastructure and GPMS verticals, with an average management fee of 96 basis points expected [78][80]

Financial Data and Key Metrics Changes - Fundraising in Q1 2025 totaled a record $3.2 billion, contributing to a target of $6 billion for the year [6][13] - Fee related earnings (FRE) were $42.6 million or $0.27 per share, representing a 2116% year-over-year growth [6][9] - Assets under management (AUM) grew to $46 billion, a 43% increase year-over-year and over 9% sequentially [11][26] - Distributable earnings were $37 million or $0.23 per share, up 12% year-over-year [9][33] Business Line Data and Key Metrics Changes - Fee earning AUM reached $35 billion, up 46% year-over-year and 6% sequentially [11][26] - Organic net inflows into fee earning AUM were over $700 million, reflecting an annualized growth rate of 8.6% [7][28] - Management fee revenue for Q1 was $77.3 million, up 28% year-over-year, driven by acquisitions [28] Market Data and Key Metrics Changes - Approximately 20% of fee earning AUM were in permanent capital vehicles, a key long-term objective [14][22] - Strong demand from Asian sovereign wealth funds resulted in $1 billion of commitments in customized investment accounts [14][20] - Local investors accounted for about 17% of fundraising in Q1 2025, indicating growing interest in alternative strategies [22] Company Strategy and Development Direction - The company aims to diversify and grow both organically and inorganically, enhancing resilience amid global uncertainty [23][24] - Focus on local consumption markets and resilient sectors such as healthcare and agribusiness [19][40] - The strategy includes increasing the proportion of assets that earn fees based on net asset value, which supports long-term compounding [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to weather economic uncertainty and potential global recession, highlighting Latin America's attractiveness for investment [17][18] - The company anticipates that geopolitical tensions may lead to increased foreign direct investment in Latin America [18][20] - Management remains cautious about extrapolating Q1 fundraising success across the entire year due to the unpredictable nature of large customized accounts [16][53] Other Important Information - The company expects FRE margins to fall within the range of 58% to 60% for the full year [32][72] - The effective tax rate for Q1 was 9.2%, with expectations to trend towards 10% by 2027 [33] - A quarterly dividend of $0.15 per share was approved for 2025 [34] Q&A Session Summary Question: How are portfolios positioned from higher tariffs in the U.S.? - Management indicated that most investments are Latin America-oriented, with minimal exposure to Mexico, and sectors are resilient and locally driven [40][42] Question: Could Chinese institutions divert allocations from U.S. to LatAm? - Management confirmed that conversations with Chinese investors have intensified, reflecting a shift away from U.S. exposure [45][48] Question: Is there potential upside to the $6 billion fundraising target? - Management maintained the $6 billion target but acknowledged the strong start with $3.2 billion raised in Q1 [52][53] Question: Update on integration of M&A completed last year? - Management reported that 2025 is focused on integration, with no major issues encountered and synergies expected to improve margins [67][72] Question: Overview of the $3.5 billion pending fee AUM? - Management indicated that most of the pending fee AUM will be allocated to infrastructure and GPMS, with deployment expected over the next four to six quarters [78][80]