Patria Investments Ltd

•general economic, financial, political, demographic and business conditions in Latin America, as well as any other macroeconomic factors in the countries we may serve in the future and their impact on our business;

•general economic, financial, political, demographic and business conditions in Europe, with respect to the conflict between Russia and Ukraine, the Middle East, with respect to the conflict between Israel and Hamas, and elsewhere where military action occurs, which may result in, among other things, global security issues that may adversely affect international business and economic conditions, and economic sanctions which may impact the global economy;

•fluctuations in exchange rates, interest and inflation in Latin America and any other countries we may serve in the future;

•the impact of the COVID-19 outbreak or other pandemics, epidemics and similar crises, on general economic and business conditions in Brazil, Chile, elsewhere in Latin America and globally, and any restrictive measures imposed by governmental authorities in response thereto;

•our ability to find suitable assets for investment;

•our ability to manage operations at our current size or manage growth effectively;

•our ability to successfully expand in Latin America and other new markets;

•the fact that we will rely on our operating subsidiaries to provide us with distributions to fund our operating activities, which could be limited by law, regulation or otherwise;

•our ability to arrange financing and maintain sufficient levels of cash flow to implement our expansion plan;

•our ability to adapt to technological changes in the financial services sector;

•our capitalization and our funds’ and portfolio companies’ level of indebtedness;

•the interests of our controlling shareholders;

•changes in the laws and regulations applicable to the private investment market in Brazil, Chile and in the other countries we operate;

•climate change and our ability to assess the climate related risks we face, as well as those applicable to the funds under our management;

•macroeconomic and political conditions in Chile, including the potential effects of constitutional reform, disruptions in trade with China or the United States, tax reform and natural disasters such as earthquakes and floods in the region;

•risk associated with our international operations;

•changes in our businesses;

•government interventions, resulting in changes in the economy, taxes, rates or regulatory environment;

•our ability to effectively market and maintain a positive brand image;

•the availability and effective operation of management information systems and other technology;

•our ability to comply with applicable cybersecurity, privacy and data protection laws and regulations;

•changes in client demands and preferences and technological advances, and our ability to innovate to respond to such changes;

•our ability to attract and maintain the services of our senior management and key employees;

•changes in labor, distribution and other operating costs;