XP Inc Results Presentation Deck

Non-GAAP Financial Information A low ETR driven by (i) corporate structure and (ii) share based compensation expenses Normalized ETR from Accouting ETR (in R$ mn) [A] Accounting ETR ETR EBT Income Tax [A+B] ETR ex-Adjustments¹ ETR EBT Income Tax 1Q20 [A+B+C] Normalized ETR³ ETR EBT Income Tax 21.8% 545 119 22.7% 573 130 2Q20 3Q20 4Q20 1Q21 28.0% 616 173 10.7% 650 69 2 [A+C] ETR ex-Corporate Structure accounting effects² ETR 27.5% EBT 587 Income Tax 161 12.4% 690 85 13.5% 7.6% 6.4% 677 799 784 91 60 50 15.0% 13.0% 12.1% 723 985 963 109 128 117 17.8% 22.0% 23.2% 17.4% 707 751 962 889 126 165 224 155 19.0% 22.9% 747 797 142 183 20.8% 25.4% 1,148 1,068 291 222 (1) Share-Based Compensation and Offering expenses effects on EBT and Income Tax (2) A portion of Total Revenue and Income generated is recognized already net of income tax (3) Illustrative ETR incorporating both item (1) and (2) [B] +178 +67 [C] +105 +105 [B+C] +283 +172 1Q21 Normalized Effective Tax Rate (in R$ mn) EBT Income Tax ETR% 6.4% 784 178 67 105 105 XP nc. 50 Accounting Share-Based Corporate Compensation Structure 20.8% 1,068 222 Normalized 22

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