0000000000-19-015943.txt : 20200109
0000000000-19-015943.hdr.sgml : 20200109
20191127150256
ACCESSION NUMBER: 0000000000-19-015943
CONFORMED SUBMISSION TYPE: UPLOAD
PUBLIC DOCUMENT COUNT: 2
FILED AS OF DATE: 20191127
FILED FOR:
COMPANY DATA:
COMPANY CONFORMED NAME: XP Inc.
CENTRAL INDEX KEY: 0001787425
STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
IRS NUMBER: 000000000
STATE OF INCORPORATION: E9
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: UPLOAD
BUSINESS ADDRESS:
STREET 1: AV. CHEDID JAFET 75, TORRE SUL
STREET 2: 30TH FLOOR, VILA OLIMPIA
CITY: SAO PAULO
STATE: D5
ZIP: 00000
BUSINESS PHONE: 55-11-3075-0429
MAIL ADDRESS:
STREET 1: AV. CHEDID JAFET 75, TORRE SUL
STREET 2: 30TH FLOOR, VILA OLIMPIA
CITY: SAO PAULO
STATE: D5
ZIP: 00000
PUBLIC REFERENCE ACCESSION NUMBER: 0001193125-19-293221
LETTER
1
filename1.pdf
begin 644 filename1
M)5!$1BTQ+C4-)>+CS],-"CD@,"!O8FH-/#PO3&EN96%R:7IE9" Q+TP@,S,T
M,C4O3R Q,2]%(#(X,S(T+TX@,B]4(#,S,3(X+T@@6R T-34@,30Y73X^#65N
M9&]B:@T@(" @(" @(" @(" @(" @(" @#0HQ-B P(&]B:@T\/"]$96-O9&50
M87)M7!E+UA2968O5ULQ(#(@,5T^/G-T('$UUH&)D:&&2 E#(Q,_QEW_P<(, "1?@?@
M#0IE;F1S=')E86T-96YD;V)J#7-T87)T>')E9@T*, T*)25%3T8-"B @(" @
M(" @#0HQ.2 P(&]B:@T\/"]&:6QT97(O1FQA=&5$96-O9&4O22 X,R],96YG
M=&@@-S O4R T.#X^S'P,^ /P,C$#(PL!Q
MX&(5 \,!!T80A018H9B!80=0+1\#@Z: :(S= JA40S*09@0B=H P!L0@@W
M#0IE;F1S=')E86T-96YD;V)J#3$P(# @;V)J#3P\+TUE=&%D871A(#,@,"!2
M+U!A9V5S(#<@,"!2+U1Y<&4O0V%T86QO9SX^#65N9&]B:@TQ,2 P(&]B:@T\
M/"]#;VYT96YT%LP(# @-C$R(#,C17,% PM% P-U&P
ML=%W2BQ.=%#(, @P 8!0VPPT*96YD)RM5\MRVS84W>LK[JI59R2&X%/JSH[K3-)Q$L=*TRU,
M0A9:D) !4AKU0[KVOW7=?^@%0-(T17GL:>S12(0N[N.<^]+]Y!ZBA0_F?Q%#
MLH0D22$KX TO[@A<2+B>7$_N)^>K"7Z7Q@&L\HD/^WY423!P@O&(SGMSFF5 20D\)8#A>]J+C9,%0PN
M.-5PR51)RYQI.&=EMN&%%,?@H:IXF0X4O=U0K@I:CHLOB$<&%W[_#._+S!N7
M3^*CT,]V'KS=L)SG\(&N637#/)G!2BK%X*86,PC]:@-K(:6:P6]<4/@D_BVV
MG,+?V[6]6&P5H*
M(?>\O#-^]2R'R\@Q-\UD8:YI[^'A/:J1V$;D&HR=]IL9[!D4] !4_VD\P 2#
MK9([GC.H->PYUBPOUY@LC2L2+PSM+7S7/:9&T2VK*LR-&L-0Z'C9!)9SG0FI
M:\7&6HI!/$Q2;_%_$ _CZ!F\/PM&M8%;;R4ZA7%6&ZY!.'=O#PYZ1-/Y^PP!
M#A\CB2P,L0B;C)\J=E\S72&7/?P,$6N+C.K+52?.<&[U40*\$OY:":6T$
MD9QAX@1Q[-K%5*)FM><:N7%1K)EBEEE;FUSV,T597[IG]-'Q>0&3>R'O.)8L*".G?FPRIXL
M%$>C#UXVSKHELG'HB8%YD*;FU&\VUR,HR+!IOQP(WQ1D,8E]',1I\W@""#]Q
M"3YV-@3BBI;TSD;ZH\8U4&>UU@8 D\AGF&,'C36-??V2XVZ8<4RZM]CA; ):
MF2],UZ*R(I^VS*&G^T!U#O<=F$=(9/0(U&.<9&'V,?2=X'O[.!XG638]8^QL
M&.>G'5.FHONNM3:>W)F;Q2 8\RP-<04J)D'@>\M%\WC"LS1R]39V-O3L5W:
M\UKSTM3O%:L4S[#BM\@*I,N^NYWAOJ(YB1;FM/7WI3\P2'*\E;]N>75JT+H_
M;,=D; W%A%T0*S^ Z 0%=J.'K.@T H;8INYL&;,
MM*=,U-A*S<,3EAO+8>0V6)PP@IK1B1;.OEXU>G(SI=V6I#5KM2OL@J:IXOC"
M=YSI"B%[_3[_7N?_ 8*\<&H-
M"F5N9'-T7!E+TEM86=E
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M2>&"9"+H%?%W.8@2J68\/S_'O_O]'AT#[2)VP!?#0T2=<91L)!J("H:(
MB(B(B(C(#^;]_?WY^3G5@/O[^SY")I$HTG B"@\=-V(OZOG]^_=R$$.BGI[8]_'QD:](J)HJ1]0PE% :$0/CD"_I(!$1$1$1$1'Y0WQ\
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MB(C(WP_!,%GX-ZI%>HN0G!0)@BWO[^\I%V29S%O:6#ADN,[8Z_[ (B(B(B(B(G\_L<9_>'C
MUJ)9SL=*/\TP\BO,&] 6EN*UD1)$"@AKVD74$Y508?J;1&$L(M+08BG:11ZN
MDH8<'"C-,#+^YQIY7M'X8611$1$1$1$1$?D;P'0!PXFA&T6J$.D8PDJ_Y@?)
M6)HI+Z3^T&@7F2Z$2@B=P;_8;]S?WQ/&,XNESTC5+LAL$A_2P(-(H7E%)"K?GN]51$1$1$1$1+Z'6,B3)62_WZ\%?X@%?L:X2'#'J!)$1K%
MS4"C( 9%K2JUB_B0OAM((J@0#P\/1 K-[5$,NX[X*JN*';&7R.-FNI/:C'KH
MOA(@3RN=H &&B(B(B(B(R-\#YA:Q9J^A+0AG,2R,VTC*%YF%A +I-H)8@49!
M'I!:R:X#V>'^_C[EBTQQ4BT]L([(RFEV2A]86?110_.D4GN)O;;WAHB(B(B(
MB(C\$; T8(W?F%M@3='G!UD.Z@3I1QL;#+2.:BF!<-$;/\1Q7U]?/XY,6HBQ
M1Q0F#2N*2@H:Q,2((V:&$?9J'%+RC%(5V7WV86E"DJ:O2I.@1$1$1$1$1$2^
M$_Q$\)[H!02TB]THUB7J :I"J@2[8X*/U"[2)>3D\O]CA4G+7P[$A]?7UVJY
ML7PVKLA*"/Y)0I-J%@((.$38R"9Q(OBJ;.U3$1$1$1$1$;D1Z7RQ%M@AM0LT
M@29:18E^">3;G$H>CPL<#
M[)6.*FQ!A&@;\%!$1$1$1$9$O(F-6K(7E7$I,RZ%\\?CX
M&%NJAD @S=@2Q:KU OE/XZOTUT S28GCY,*Q<"WA
MU%*@B"UI4U%KJ($ZJTJ#=D'XT/R6X)_#Q*PB(B(B(B(B62 Y(!^E_
M401
M554-A$":L05+B?B+YT@4N'G"#BPZ\G T9K_?/ST]97N04'X=0-G(9J>$0NR.
MS$O"=C*NDFHDCXA%1YR^\H6(B(B(B(C(5Y I1;;[/F1,C/U^GQ$MT@8CZDE3
MAUCRDZYT: 7Q#32&%M':V)*"R?/S<[0G3C^=5O@J^B1VP3^%'4EE0GB-/EZH
M\H6(B(B(B(C(%Q%K;8)7I"$!4L9\#1XK=S0*EO!('W7Q3OA-PD&09O0K3"RV
M4]M#6(SGY^?J]Y':!>V,$R%H9VH73P<(Y4$BE;<#60GY2LR=*B(B(B(B(G)#
M,@](6ES$ IPM^_U^;B 1JWC<*+!&J E#\=? T*(:.?P-Q$D]/3U5!8/FQ79.
M/-K,!TX_M0OT#>PT\*^I=B94CCF*UA/O<'>6\!D $T\3ENW79 SY3N(LT@8C
M[4;8V 3G1*D@>B?_IME)0+;6S+2"?$%8C#]U:B(B(B(B(B+_.GUP3E;WO+[*7X353JPKQ"Q Q$CW]ZG1ZGCP<-Z47J]O0!
MR=YH)!J2L:;9!AO1NK=&QA 1D>_AHW"R0%]F_NW)0PR_XF7!QP;>#ZPU
M9HT^.]BD\,9NG$"N\)<#,Z%U4'=\O,@Y0KQ.=GR<0A/
MBKT*WZ891A9(7YOL9#;6OA41D:_FXR#%[P^LA1["4@X:A1D1.[\=FL_50S0%
MUHX>U1(;:@O9I%K;G"9&=',6?>&8 PS#<9^$F%<9%*O::E)G;09O.BYH?^Z>
M!8:MW5Y_6IPNQY<+6_9J'&S9-TYSWWG7$J8[;H8U&4=$1$0V@DM(3K&(Y!#C
M[]N!V)[6 CB#[ _S,=PHTMX >0G^8FL0;S-&K,B0Y+FA"U=9M):@]D+Q>@B
M\JZ:=D1$Y#M)<;Y?>P)* F7ZYW-=F:X]P!E5ASZ5>?0:$[O&39K3U-E[= [)
MD1H^CIG0YP>*LSOK343-%9Y#7K-E7[074G=M;/]0N\@"0R/&[?5'JVK]&7][
M3N9?RXM8>[4__=UA;H YZ_9>%1$1D81U=T[A< -A1(YQ/U\,Q00F-L;,)&=*
MU3$DOOU?C<@(-;N#<06G'#U3DY)\''UJ]I\M+FKW+H=75+MBH2$B(E]-+FFO
MURYV)0A2Y0+M(I:]CX4\"A8+2=1?>/[
M"*8!62>^$KA.1+6I!E05(J8?4;*>6AX7VX_)9GQ@I/YCI_$GP%BWF;A&7Z5P@=5QSJQR&L.T.><\\<' %R(BW\9M
MM8MA/>=J%TO)155K&!:K)1L;DK7(#(W^4+6+WMLBOL4A="+.]*3+Y'XE^QAU
MUL,UU5:UO^FWO@%Y.*[4L*O[O?*D>E^>^F]J%W3^QEZ=M&0YNJ(,-181$1$Y
MR<.LS&IR,D8AITU/2A"!ZI%>JUB(_I_$RX29C@U^:1VL7UN0^2KO&1#8Q5>"6VL4$1$1"HQ
M*+.:YE\F T$.[CEV8_"9OIPYE<+?Y'\K7$!C?=$X_.(OS!;F,\3XJA,;"IPU
M\Q01D#G<)EK_._7+G8E.&2R]F9ABW:Q=*X3G*WJ.B(A\#S?4+I;/8V6. O]#[6(I&4+ONARI=?V^
M)E]LU"[2N+$F(I_'FDB^5+M8#E.CWGBU0?E"1$3D+!J3B;>WMSH32VJTKCJ!
MP413'X=*3@5S6L($ABXEL.=\^H=)AG*0B,B7X^C1+23RB'KJ7&*MMHW:!:VB;]^/Y.G,HUZ;O=GG"_)
M3\H+6[0+$HO/F8RA7Q>K$R8]D#$Z'.5%1$2VPQNB')&9<57WD":1.DORG*=A
M3N!;@R%,3E*F2.4G\\S.0419A)K8UG-O[E1NU@Z^>*?UBZJ]C[Q
M\FB(><5$$\@SFDA&)[6+K&3?D9T_Z8HOU2YBE&^F3Q5,*X=WCHB(B Q!B$B3
MQ?@W1G!,+JN1 E2[U(/Z8=!.
M$9$O(G,_[8Y. 1]'>&+7;_O=U[2+961]\0=]1AI/A]K:JETP?"?1.;&E1MV<
M+_,3E <"MR\2*XZ1VD0
M647RIHJ2U835MS\B(B);8/Z0HS81.PG]34:,ZC]"=K"T&6!6UHSX.<3C2/)_
M4S!P[(W98YTI9=;4C374:0QONS2]$!'Y.IH0E_GNOH9E6'/TFV@7RRC,]=JA
MOR%69]+83E3MXNZ0S#1IM)?M"^U&MR%!:M^K$\N$D]I%1A%9DR8:%]>>F\3J
M3&KDBNI^NRLI8IO3WV[$(B(B\C^'L37SB>0K#"#(9&. L3O&E<)@HUE3XQ,1
M&V-?9!!F)O^'H3E?ST&U/2,QQ#,QW);CHZGTSV6GNUCON\R%CK6!QR_P^S(Q$1
MD9O 6CL'=,P[L6SD;U-R=YR>90;/-1-9YGCQ]^'A@1E.3C/P^\$WG(R+ROX2Q+T:KAR/Q,(]_&?6&NZ2;
M),6&9:@3&@$$^T:^FB@#%Q2;TZR:X_.D<+1YT@-S>--1>Y4NQ3%GOB_JQ[#?
MEH-VD=^N*0"U3-]O]:PGCIGU$D\@ATA_4OC(T.?T0+J0S$]?1$1$$MX6I8EC
M?87Q/'H5POL+K%6?#S$R(B(C^#G_J"1D1$Y(]#I(LF_T4UYFQ6
MRE@_\@9ADA257'+(%\2M(K5]_.40!-/XCC/\8J)#,"F)L\N^2HN4X#TZOV$QB6C T[?A7B'//^.'1=4]/3\]'CQA\C==BJ='/
MU9TD Z'WMJ9H'>DV0M0+L\"+B(B(B(C(_X27EY<:3H%P6*RX8XW+CL8QAT@C_Y#:(R(B(B(B
M(G(9O.O/I!BQ](X5,685?12+FNUBO]]'R2V'P+6$13U!,VJ2=U;]F30MMO_-
M\D6<.XX>1!F-=B+@$/4B&A_=\G(@$ZR2WODBZB9-.N$
MN<"W(C.HXF<1V__"_"/XN:3_2W07P@)MQK"$""$4JYXX$S"]R. 56%G0,[L1
M&P2&Q*&@B<_+V/];@\3==2S9&NDBP[HB]6.93
M+38>42UA)SD$?B4L_/^J53FM(J8HC40ZR([""@)'&'Q)-L;2Q%4D#5J ;JD7
M@IH)<)K6%_-8H"(B(B(B(B+_.B@)*4&0A3-H5$3#B=- 9MFL[3<*1Y7 M
MT@"&T*;Y51R""[$7R'% 26&A?
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M< #A E>.C! 2_Y)"97N8BX8,";(<[2XPNN!<:K3C,N<7+)GZ%MTI/Y?
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MC7)"( @L'ZK;"U83J5T@@&P1%G"3H7!4FZX>"GG!Q%%,Z
MAPK16+#E0+[ 4J7Q'\ECH?88\D)$1$1$1$1^$E@(\#D=1E /^.KM"+$ZE\.B
MGM@.UQRW^HSD$3&W((Y$OT(G!RB-9-^L#44BML0'#!)2=NA]*+"F.!F, E6'
M?B!S:Z.E[(Z!.'!OR0]IE7&QAA [CD$I&V(137!:(,L&,(2K$.27=1A EL#2H)A]I]8%-PNYS
M0(EJ(U&%A?@[/#I95$XV+\-,(2]$1$1$1$3DQ\"BF*4NI@LX@_3K=$"[P"[BRI?[&;P"&8$Z
M,ZM(-?RH_B.80&1PC+I(IQBZ1\;Y3'>8!D)53.PBD [2H28M'U*F0,G!.H*4
M*-%4C$;8ZTIM![L4M)=H9]2/?%0O31R1]*FY%SXU%^12$1$1$1$1$?D[J8$K
M8PD:?R 8\[NF"DU4YRD
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MI!M&Z6FZ?8N,W)SCY/9H>JQO=G.]>DY>\2VDUZ9LMMV??>I W][Z@OW-PADSN*TV%F6/N!
MGMPR*^N'SHU/R-HS)X\U'!GQX)X?I>_;2?FF22?/741D"^0AY3->$HQ9^;#-
MYU(\Z"AYJX5Y5I5^%JQ$L*D@&2A&#E738*G"LGWNMS+7+I9#<(^H86U02P\4
M?$9JO(M4*K)M^>3'$(*]-J9AG8!%"MT>-2-B8%Y"3,YJ$I-Z!8.FX3KECT"P
MES6G,WXL^4MI]HV?3/VQ;V%-NZ 9S6^DDM%I^LEJ[-L_SB
M=S*L- _MNLM$_JVWQ_!,TZMQ E<\#GKQE+ZFW-I(WLE]*J[FNG.QF@)]AV"K
M.6\&I]DO7IH?^\3/D=C:V6\GYQY1U?"L)SW9_(@FN[P<CB:Q,2U-?F<)/92_,['1;N>V_^#&^B
MK_>W8ARB?X/6P^N_R34B=MS'@6%7G'Q"DO"NKX'[+4O&@2::XOYC; R
M)S=>?8:<_!F*B&R!(3LG+2S&,1ZH3R<\./)1R=AQJ]?ZC4\*,SH^8W>!_ER?
MDSDS.3DCG3Q763JE2T@/9B'T!N-%TTY,'6J\"UZO(*K,@VELA#/%.(3Y\+[+
MO5(O$Z,58_'URHG(N?3KJ;LCS>W*+[V?7S53TY,,?[_]TBQ;TM+N^81-V>HIM9*FL7R]=K%\EF:&#XPF^G]EK-HKFR_0ME-K\B5+^F:
MT,I;ILW->B=.8=*&O$O7$F%OOR@HY)<-%F?=6DT_- )+KUE5!6#8@4-=;O)[
M[RNIM\3\-43VYWY#.T*[D8SKLGONJEA\H-JM*;)&Z7E\STS;-*P][9K%VMOQ/(AN=;5_46?_!9Z
MB]_A2+%V(8:=607;M;GQ]CMS36[JVSF9AU=S96>D(G(3F+WDDR<>[_EX2>/M
MU('SX<_R^2;:!=$VL)],T[(T-B#52%4SF-/FL_>DN>:NF[=@J8N*SOQV$KB#
M02W:@U5V>HOLCF\B4DE K\#&DK.X.Z1SO;)_T$\83"=OV1#S\V0Y<2WTY/NI
M$TM>WV >SP^\>=TSG//4141F#EICN"!J%J%WAV1&&%?0$F+Y9H'A\O.+M(O[
M$/&X(HT;ZBO=WEK; :V
M+'C[=[7[0W[P8>'MV@6WW]-GFI#+:[^%D]1;ZX(?"^/O\-+7*SX\QT;Z8*!\
M.;K#\"NKISEVBZ3U>2M:C-(T<_O"'&LOD
M>N49J5V(R$U@?I*CR>39$H^F7(S?)%!GK1:/R("S0/Q+C*Q2#Z?UR:-
MP .V'X881!AH,KWI9&*3HRH#4'WL8][,V$U3]P=W&^PG;Q(M,V=!7".&C/W1
M$;5?'7 %AZ*-R%=3IT:3]0(3VK4I8DZ&M\QV<"YNVM"\39Y8_O.H&1[E*[2+
M*+!62;/>:8XXUR[Z7WI][]P_)V/WIOZSM(LM3[;&V[HN)2:+")ZH*Q-I9J?S$GM97AQY]05
M*.G;AL5P9!C^*IN;9ZV&^G@9_OQ[[6+M?NY7S1NUB[62&8.]GL@%VD4]A34=
MDM\"1A>]QT?>5!.3W?3-&=[/<^VB>2I.W%[V4W_)-4O"-;4D.TWM0D1N L^Z
M#-0Y<9'C$<3#!Y^[FS2 .<=!7#&>\U>5U [8B^H,OYF:3K2+(7/M8G[HFV@7?7MR]TEX
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M;N,MVL7D)>_=.-GA"O0=J<*3Y
MD+$4[0(WO>;!WMP#M](NJG1PP?1^BW:Q1>MN1M[\,!S%ZMUXY4A7M8N\&7JV
M+^3S3J-A)V,4)'E!?QW"@->KWT@0$^VB<1RX9K&V\92O%ZPN-G/:KE0OG25/
MM]X 5VH7U1>C'_N&E[)Y0N)^
M=>X350RG&5 /WQUAR5S3,%Y,[L%?\;,S,(1
M21. 1<>MTGST>5JQQ^[!L)//Q!>]20-$-M*G5^"GRD]X7[*P;5S"$X2_(>[S
MB;UKG?Y=>NXIL]
MU5:.?=S#!"5;2Z+T,0JY/'Q"SI]@N6_3+>?>F1ME$-RNF^A2]4>A=B$B-X>G
M,9\Q7FWF"16>2$RT+O#,C>%F.$KRD"2 ZN2*I@WJR&<)O@\'+5YKO8'ZM]C
M,CO%2X63&D[5JIE'CK $NTC= Y\1##/HT@OZ9PWF5 P??:Z35)9R"\,NKC=7
MOL$4.9G_=L"7/R,87#2(/S%GJC07M(\)F?+%1+N8]PP&)!M[9F.>D
M"A/J$W++>56#NN9"5.TB77%WY;=3E_88)&S7+E!$>].+/"@SI2NUBV5SABRT
MEW[WC5EQF7 .+]E7V1D6E&4V3.53F:0&8HJ/D^AD,,"X&TT_LX
M>!:+REC!/GV4^(GGS=*U#'J\Y\CE,.VED!NI,)>'D4YJY\9:N2]..
MY3CE>#[$KX8F<4..]4A :A?R_&JZH?K%V3U5Y.3?.[=5K\YJ1I9#^23F>1N
M]2%YF7:18U,-QKEH$-
M7Z1=K%G"8V\P"5GP]V@7:SXC!%*>'X@G& XFB,9T13]=OTQZ6EM4;HFD-U3%
MUZPO;JA=5,'M7&?,DSXCP\" /1^?(W;FF0X+WV3E"_6@0[>(O+M..OZD0M4L
M+9O8#FNF%\,+VDMVTFD%J/O9-_ >)TW+R"3E,#EYO
MU*95]69;:WPR4>&&VL4R,KED*KYVT45$+J-J%W6PJ-:V^\^IPUGC;WP*,5X\
M'U)OL)I.BX4Z6/.$)[31\R'U>0:X8#LAUWC^T[9TV=@=DX\\E^ 5Z6F8CTUF
M+W>%7R4D5_U,_1E58W=\VY+]LS\F0LU(%+0Y_N4<3\9PIMIT R&RTUKY1KMH
ME)S=T8&E<15'_U>[D+^!#,F"35=]G]C//+?$ZER[L1NOWBWW/PWKMV_4+JHQ
M\Y9X%RBT4+/1G3S*WZ-=3&)UGCQ0OTN],9JDC>=66*?N3?"$QJ)@S>)Z:-$W
MM+[(+==K%W4->'&\BPM^+)5Z ]2^.KDP/&ELDVV8_\IV5^<9:?)UKEW]M87;
MFAC56U]DUK/=*(QAG74T9T2_I:=J,X=IVK,Q),5E0_S'^=%6^ROXO"$K:-*H
M)9-X%WSU\3EG:--+%V@72[E#(D)Z_FR$R[:*W>ZF/LNNUBRV.P',CJW.?D,VW<[/#VI_S9WC5ZWJA8Z)=+.L!
MK]0N1.16L Q?CGGEUNP/F3FDX^&YVD4Z9>1ZGX&L/N>9+Q%S@_12F=.S.GP]U>M-/?L[5+IJ;O%EH3 (_XGO%;["?
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MH+$]^W7PC,@\(TQ0E\,#.1K#L/)K/R72N;NAXUVD3W9VYWNRN)([4+^"/P\?QW"R_1&7/%KJF:EPR=)U2Z>
M#Z%O)J!P-C4T+^S0%5'\>/6)$-I,Y)I*FM"%1+RI/R@>.XU.TG?(2>WBXW-V
MO.'\_Z_2+J(E\XO"56X:R:H!E?6IRQ5XF4%U)?MPS=CFXW-(AW[5.=1)_YWF!2MO-S)_=U3%F_IZ
MCOU(=Q/M8FVANE9FZ"5Q,H#), W$\'!]SS1/PH]C.*!?ZVX4C6,.'K7SBWM!
M%++&EZJ_@LU=VG1^(R_D%([6\GJEL8=96^T.^Z%Z>=1?Q\7:15V_-\_\*[6+
MO$49^_ITSTUD]7XLJ$_('+!JR^L3C) +1& (HUK\^^)Y,7K_1J:AWUH(UE
M:4.O7(?URYVGT,B#.G7&LV#:W)C[,Z/LYJ3]GGG-!%'
MU_QW)I7TGBDGM8O=YWNOOW-VYWC0-YR5PF;W>;U6Q9Q>.6F6I$JFY"4DQ H^YKV*)=+-W#0>U"1&Y%]7'(YQZ+:_C5^=:=FV<$(3=#7]X=
M")?RO!%VY#]P7U@6,E-M(NX
M\YOW^$/B9SOQ8L!->\M,;[_N)O-Q*I@G-+XGS>3Y;],N3G+7:1?#U$C#'2=N
M/D-JYYP\V7I+-(N:+=K%TEGB;=$NYJ!L;S_?RG;M E*[^#@FX8(M;VF'ZQ1\
MQ.8'Q?!@>$TOT"Y^=9%4\ZNYY-6,GDV?9TOFMU"SV)^XV0Z%G1Z<7/JGQ_=H
M%\OAIWWR+NI-1YJF]EIQ7\/)H%Z[D?T)8)7/!V3&&\D;F7%BL(@M+\
M.L;IY1<=S=LXE1J>"U7QQ)C'<&"BF R?G"PD:S$2<=9*:K?,9XQ-;6NOSQ*B
M,6?YX:2W:=Z6Z](?%$,^_/[VW8V!E=T% 24%,Y#&
M+V#2VBT7]S+M8CGFY1Q>P6CDQELTGY-I)[#E@;\<[7_ZBYO?]L],S''[ZYC4
MWNOOBAH9+!L_OQ7QKCIYW>E)YHK[SX^X+9V9WF07/"'/^BWTO]ELY,F1L?X$
MYD>IEVD_THM$1"X M;QN83J13[/]T4HPG[=/QW0D&P_!P)1C-R,L2@(JQ+XL
ML3-_XJ]#5E9HWE\0$(/A \^(5!5^'[D?P5/Z)#G!N#L8DR.V()74Z0>G$,W#
MCG08LP(E9'^,H;'[G%XM#3#F(=K0+G+..9^/UST*>>VE]RHS/M
MP2SM+(7_HT1I(#Q%KMG1+NH#D,+8P"[2")B[9<;Z.9<"R"2-=8
M'-46#J/!H!$N[DJ(3BP \P1YT[%F@K@_ABI=CEE6:YUI+I*V?YA>X&ASX6TA
M(B(B(B(B\M> $06?,US2?YPU
MLGE56MD=LZ_B?E+-2!K/G>3]&'T:[:*&X%MK)+9Y>A>*B(B(B(C(SP!M <4
M[8+X45@@ #(%ZW1$!E[T;W'8Q.6!]7ZC-N"% 3@[--&;JT:!"PGAI'9'9XW=
MT>MD5Q(=4CG)3'='JX964@OGAU^'"**UD>D;@GZ"EE+CCC;!DVND^EY8
MP*"E1NS,8FOQ0S*>-JZL!#[E[#CW# F5YXB_SW;;&!$1$1$1$9&_&9;&Z8]
MA,R:,XN0:[B3Q+^LTUFYG]0N/#(Z>3B)UN4TT8Z)&$.0J
MPUVF1$"V3]!S88Z0#!>6OURZJSPB!*3A-
M-I*B&D.1/E]YYCJ94V-9)N$1$1$1$1
MD7\%4FSP.;.!5+":2'>/Y1@Q,HT!)L3"GY4U0L0P>RD1.*OM!*X91,E(ZXY,
M>K([)EI%&/GX^,!!8Z)=I,E']1F9V%V@0L2.M($TJ;1J+8A$-(,CYCE6F:)G
MHT,';C+H$D3@#-)_)(]5$\$L!_.,/GN+B(B(B(B(R#\*!@^L.CFH11T>IJ%D\6-UCLU&UBU0D
M,GS'=NTBZZQI1T[:F53=@U/8C?*A[([90$YV'2$W=R509U4D,J0&X56KU),1
M4+=<(!$1$1$1$9&_'%;*;, T$0?I-B
MR!35" 3QH5IZ(&)@SM'+$56[B ^]=H&SQIIV@?A LA4"("[8)(&MO#7>+0
M,=$N\MRW6T1DL%/^):0&"E*>-3(($A/V,_&YQE\5$1$1$1$1^0&P3NR.4A(M,4&JB(B(B(B(_"1PON SJV.T@@Q_D:8"R @LYUF;SVO&'J"F25U+
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M,7%/2.VB"@)#RX2:523J?#XP-%1 0DDW$,PV:$DV.+4+4F^T>(FO]QH7@W^BB[/DJF%0K"R*O&NQ"1$1$1$1$?AY$T60)G"D_
MT@0"EX1^)8X%QYJ*_F&?EORA&I71 ;
MH' 3=RKS3SJ"U!0JGA)BHGHYC.R>@9Z9Z33CTDG,T&$^XCXWEB"G*6
M.D=A$''6H7U( A1R/@I.)!:H^46:K>DC5<$W$BU8ET5,%O
MA<\I:Z3%2YQ[ZD[DDS78A8B(B(B(B/P\B).PT=<@"J>?"#8)&U_THY!D<$L^
MW!_ $B/5 !;O&>23Q?NN(W.P]MLS0$0-89&?\8OAKATMPE;6;P):DY545$1$1$1$1^$O?W
M]ULL*&)E7=-]LO#?$AR2 !&(!J\'B-N)J0#&$ND-414)U(/XZNE 7;^GJM!H
M%]46(DTUFA2HZ152W4/JW]J W3'<*&V(EC<&).FZD@XF%QL_I.T'-2!*-,8J
MA.L,L)!!Q^"S#B,B(B(B(B+R4V'E>]):(,T5T"MXUW_2S !K!"PH'A\?,16@
MGJ@PXV;T@3U9E)DHG 5'Y''5B>H%'3'9%=2UI@G*(B(B(B(B(_"10(9K8F#V83]3W
M^R@/\QV)5A&D<06N(K%O5M@(%X@#L52/=7JUG<@U^]TQC6D0Q:@_;16P?TB;
M#78<2A^YWH_=HST4:R)=L 43$6)KU*82!R.^RD 9)[MQ#3HS0 O*J!V-.P_]
M26LY%AE&+CZNB(B(B(B(R#_!R4B/L5Y.XX<,X\FJ.8-);H&8EEAN$/L"M,411YJ$=C\IX
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MSBH8(B)R*W"U&,ZF8F!-2X:T0XB1B(D?GSJ6]:T_7K$:/#0&H1+<_?U!H%-CPTY5T+)H7]^(:X?>:-[D0$G5Z&_3_KF
M-;OT*@2:V[R73N98CV^;>.G][<&$) O@;UN#HE\<$$Q$1*0!0X@Z>/&&)4:?
M'"@SC"2N'Q1C$KLE02<3/^2+.H^*@343CN0X3@!/7BYLL2N@_9D0I'J.-.20
MFB\(^DDL;XXXKV8Z4:6,FX@&S32/B!:O1_!8:=[+W!WM7M!VOMHN5T2DDJNA
M?GW:+">;U4HNWH=F#ZD;3,HT]?#8_SC">C#?_#8U?)MVL3NL_?LR:]I%71@B
M4&/(!QGCJ!ETV"N'O P9O3OZ6B8$F.J;>G_GBCV@7
M<<370H;XSM/[N,'%*IQ)NJKNCY:K^K2(B'I)QH]4-DOHS+@6\YVNYN20"*PD <#*92.;O8=6\E
MTO:#B5D>)6MC"*ZI5(=I2K8;A$S(=Y29O:5_F4B/,7V].Z9M9??=-M5(1.2&
MI BP^ZP/Q/9,&SU<1N6W_2.]-Z68I)S.DFMOUD99V#SMJ*OBY"^Q<'O:5',P;]$>UB*'-5$6!C*J[:.6O2
M&1?B)J?&_= /XFG T!CP5$N;_CZI=U'S>HCYS&2V,!1/G6PP1^7Z&:_QJG,3SD,@#??S 7EO^
M'NVB/KJ;H!E#[:*>SI4KNY/:116()BO97#OW^D-N[U\W-(?XX]K% NU<[YMB1TM[WMI3;M(#6$M/$4U1,F-^,]2[DFH$&AQD5QYOCG-H)^9V*"OTBZ68J)S,JAX%3K^X$N!:O?2W(0GSR4G/,.[KF:!K[^=881/
MR%\B\ZMJ6+5F4]3[L591R!.0AI4QL1_O&.()7!D#*WZIN'@P1R48>!VF[X[AQS' (/=KG%?ZB=38I V]
MK>PU\\S&6V0Y.N,T_>S*?K$]QYV)55,[.FJGP>
M\@!<\TE)ZOIN#1[L=:]:[4DNMKO@778C7]"2H7;!DW^W$MITF-%RXQ7I2?>!
MDX/UVC*Y:DHU-F.]=G^5=C&W!ZCD'3L,1/D-$-NJ*D)->).\>]?>FZ1I4W-]
M,^+$[ACRJ[$I'1IRY.V:OX6)=E%M5J,\UE"\;6EBIYMP1$1$;@5O4FH.BQS@
M^LACZ93!H,8,X>;Y.@E<=C?*.L<1BNE\%?M=,HAQKRJOK<@:[>)N1'Y[C7:QE.=VK>U<[0+'QH9A=H\L
M3U7?HUTLGV,L,$RK75P -W.3XY6:$SS2>Z0^7H42K[=-$
MNUA*5]??5_.3_(:[0D1$_C\T.41B\,(L81A@LQ]&V7+;-%B,AN@,S5=LC (T
M@!<6:7W!)*H/'$%&>.8)V&!@MI')[C'&V)T"9Y/+R*D=LUSF)'6NBU]JEF="
MDNH-D52= (C('Z193&5LY-Y8G=35?.[?NJ:LP>M:J'D3)F,*2S!R,^'"CX*=
M#^JA>R,-_AC1OVNNNV_7+I9.OB"G=G]&$Y\19/:$?2>J]1:?D6S2Q.^/%6^X%K_5=K%]BB19P7'N!5$Z&KRB UC@6Z)53*)UL*W_<:AME-_DHVI
M;=4NAJ8:C6D3[UGRYVR\"Q$1N2U,?K9,.;!"K',8WNGTE@/74(-7]]M)#$?<
M[W2YS2"6S9PJQ8J MU=\")CQ@WQ.IL4CPT+].'PT?V
M0".)DR8[H)!_&(6E&S)1B_KAVL5&K@=HY:\$PL]J;B!M-
M;AU4BTG--=_'\/Y?BS4Z:7"5*;)5J3\@N%7R0O-BJZD-08-PH '^4[WK\7G=
M)"(BL@YC_<;QA;="&#]0'K/A&-UN.#PQ/VE&2<0*!DP$Z\28+=E"#$7Z:!L(+/FV@LF#;RY$Y(]3
MDS;V*\2/+NUI_[XX:^#AW+!FT$[-:\NQM:"+WZ]=+)U\ 9,-\TDZF!^S%!X2+.%.F?'?'#'UYH&;BG?/>9LC>R- .$VOJ5(%X8=','/+E
M5^95N:Y'141N0_6PZQ=T-7/3;A1>.)?;PX55?MO8W5'MW2'I57RN,2VKU7HS
M#/T1[6(9R1>]%%.E=$8;I+FPC4O>G(7+#;SQ\(+FI0'<\J7\ZLA
MM7.:7R67@SE5_A[KA=#H0D1$O@)4]V$T>,@Q-T=5!L<,,SZTE+AY"QD-<1LA
MO2FM8D:!;T@S2<,5%UM')EJQ%RE?=>O&WOG5 2-' .UWL9Y#*V?XQC4;"E
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MY&C23JTM\&MMD]"%6::I!U5\N#N6;LJ$F9Y1@VH3^C+4]^*A]>B(W'
M:MPS&VH'KA7CFKP,2FD"405G8>P9&$PQHHCM\9EW*WAW?D50]/HZYN6S
M-TKSPFM(RBF-E"0B(O+/P4CM>E9$1$1N2RSMTP(V[2C6,J,-XS#D7E^:TS-E
M%B0(#'K3$X38UR\'P^;XBQ$IMA:('K3MB]25%"AZ0V("ETV$BS06Y40,T2DB
M(O\NY 5; @2F64LJ1H-&[L+E(IT;\'W\XN\
M,-(B98LVDH$[AI,Z3D=O$1$1^7?9&+5#1$1$Y&)8AJ?#0I.5;*/10F:U&T9H
MORV$O(C#$EC7*XB(B(B(B(B_P?F
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MWRB0S4C](^$=!LD#SU9F&*9GB.6\U6X>'AX>']_)]@%UA1S
M2205AJ3NF[8646TM,PG^B682Y6L+4VE)#Y?ELWR!\A'"4,1!
M,0Z)9N!"@I\+C:R';BQ&UD2).%_<3"Z(#2(B(B(B(B(BMX*X$"E!--]BO4#F
MCBA9#2TR? 3J1..=0: )0FJD4%#M'R[F_?V=&!HU*RMN+/$MIA>I5*3I16-;
M\OKZFOL.PW7&43!*&<;Q$!$1$1$1$9%OYNWM#?VAL3%X?GY&>]^0M+[H%9MH-GXBV[.0B(B(B(B(B,A7$TO[7+/7Y?S;VQM&#AA:8("1
MBD$UNJC)0V.O=,>HUA$,# 3^K'45MS-#$(IO7
M"Q%H'77[FH8C(B(B(B(B(G\)L7BO>47K5T]/3UAH#N9%D);]^_;J_O\=2HFH=42RJC7^;9E?YHG-*8D$*G?IAE#J@1I(S$T5"!/1]4W:IS,W"6#:> \0FC0
MK*0F!]F5J!I)=1Z)DE5%:2)V]L$KB/B1T2TTMQ 1$1$1$1'Y)\!P MFA*ABL
M]!$*T"[0(F++L)['Q\?]?I^*1Q2+\NP>-533M?7EY0-J*%1K<0$1$1$1$1^><@_L.:@H%V@>90-8'7U]=,NAJ[Q^>J
M'J1&48-J&.@DA0VM/W[]]1&-L,=(;4*[#6&(:MB.T9U**/GD% C!K4HLH1B"0<
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MJSW=-8=*HFTE]ZOKZ]\
M%=OKCO?W][58?'YX>(CM\2WZ0)1GQZBA'C=VO"M0U?/S
M[/OT]%2;$96P;S8CB9(P>V^-;MD1Y
M%O[5$H,R]_?W+P>BN*(M# Z![.0(%K+^58MA=IBX\,(M0L1$1$1$1&1*TGMHJ['\DI]XWR4:9:._3:17Q ?Z@RQ7(P[7A\?*Q;FF*T*F@L,:(
M+4G!I&H7C7R!Y#+7+I IXF\CRZ"D-A$1$1$1$1&YF*%V 8^/
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MD8N9:!>-@\::=D'"$4JB430%AMK%L"4992(W-MH%L@,.&O/65NV"+6E]T8-=B(B(B(B(B'PI:[$Z,6.8Q^I,4A;HC2Z6%>WBZ>GI
M^?FY2:Z*=E%K:+2+JI/4E")1&VU+2:'7+JKUQ4GM(MI&FVNBV$P^4M45M0L1
M$1$1$1&1+Z7F2"6M9RS,,2T@#VF6G&@7I$\=I@Y95F)U(HP0&H*#LJ6&_5PZ
M[6(I\D54>'^ 0S>I2WOM JKSR+QGD"]H$@?BWPP'"FH7(B(B(B(B(E\*M@2_
M.F+C, ]ID+8-2:SEJ:2F1DVB/#O6Y*JD0R72!<3GIZ>GNCN22- <,;9'R;KO
MP\/#T).E'K2>!;K'R*@MF%P#!$1$1$1$1&YGH^.D\4F
MWYZ[8Q:8'_3<'2??SNM?%5;=[&X\XK'+8M*E^KJG;+I/[M36T.G7VRUOGS,Z6%DZK6CKNV
M??E\F6YR(K$E[IS)+;3E[$1$1$1$1.3_1BP)'QX>?OWZ=5?X_?MW;*RKQ?A\
M?W]?B\7GQ\?'NOR,E2E5->SW^]BWUA;KUM@X+!:KVMJ\J#^.TAPWBD4-M=CS
M\_.PPCB1ID*(C?L#]=MH/^>X1AZ4TXR&U3IC]V%3FT5WE*&I3<.BV.\#\T7Z
ML(UQW/Y86<^P#SG9^#8ZOZF0GF^D":Y1O1X]=
M8DL4JVOPV,[&ID(V]DOOJ&UW($ZDV[)N:AZ[:
MPG)0:5BD#XT<$NIL>ABB9E;W=&]3%3MR1HT]!E>G/Q:]VIQI0B?T]T">2#T*
MA:-5\>'Y !I.;(PM3>?$OOW9!6H7(B(B(B(B_S=RN9UKW@25@,^Q%!T6R]WK
MVI,E:B,(1 VL4E-#8'%=Y9'E:!M0*V0EVRR-,6]HMK/*;E;E66$LVYOV8!W1
M*"KLTIS=T.2@UR[8TAL;]$U-[8*CIWQQEG;1]'#3^+EVT;1S3;O@JJ6!1&\-
MDMI%H\/TVD7T8:_A+,=+62\9G3.42A0N1$1$1$1$_H>PHFR4@9Y8;\:J:A=Q*IS3;L82@UH%[EV[M6#OL*A=I'MJ>I*$,VCD:@3C2(
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M+W&M^_"DM=_2^J+1+O)RUW2HRS$_;],Y:AQ.EF;GPR&
MF;)#DW#D+.VB;VKV9-/47KM8BO7%=VH7RV?KB]R('U#3#'JXFE[TVL52=)A?
MGW.DUN >7,>\A:ITECE2[SL(X#DY:Q$1$1$1$?FIQ'J0C!NX!K!LC"V]#T5?
M+!:D3:*0V!C?-HOZ6-XV01;/AM5EZ7TL/DGEN..]SEY'$G)SC\:MXA&SMAK:DDXSAKKXV'SL:_
M':A5K>W8'+>Y4K7.YJMYA6L7-^N97\>>N:0C(B(B(B(B(B(B(B(B(B(B(B(B
M(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(WYS_F$)*<
M#0IE;F1S=')E86T-96YD;V)J#3$@,"!O8FH-/#PO0V]N=&5N=',@,B P(%(O
M0W)O<$)O>%LP(# @-C$R(#7!E+U!A9V4^/@UE;F1O8FH-,B P(&]B:@T\/"]&:6QT97(O
M1FQA=&5$96-O9&4O3&5N9W1H(#8S-#X^R#P4A&W#W+OW?+CE#"?$9&TX1L, >VE!_0P V)QWI8Q3BAWRK@@4;2-
M]_#TBA(2Q-VB)NZRW7D+[VSBDN.0P62*"Z(&GR\0'J=F+5$]]T9P
MH6MC;V2AX%IN!I=+G6>JQIES+0UZG*.O$6A2FN@*L%F"F8:G4ZUS,%8:=5F#;W'DASC*8JU5M6&K->W
MN9)&;94/68. A WKE3)&I]B4?D)"8Y&H*SX($M?9=YUF4N4PSF7QJ*U=]W)X
M ,_:9N!N0H4RZR$;]PGM]TC>V;[N-N'3 1&-=C:JA=A)]<--;X/47E(H:"OI
M>"$\HJX2'_>ADGM=I@JW8'7RP;;"B)%XG]@/*0KP" U!SG$_#3H-U0R?J?JQ
MJJ4S'E\$=X+4KGG)E4WI.5&-Z:V,Y9"(_/@H\>#IX;7!M971A('AM
M;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM<'1K/2)!9&]B92!835 @0V]R
M92 U+C8M8S Q-B Y,2XQ-C,V,38L(#(P,3@O,3 O,CDM,38Z-3@Z-#D@(" @
M(" @("(^"B @(#QR9&8Z4D1&('AM;&YS.G)D9CTB:'1T<#HO+W=W=RYW,RYO
M&UL.FQA;F<]
M(G@M9&5F875L="(^6% @26YC+B!&+3$@3&5T=&5R+G!D9CPO&UP.DUE=&%D871A1&%T93X*(" @(" @(" @/'!D
M9CI0&UP;65T83X*(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @
M(" @(" @(" @(" @( H\/WAP86-K970@96YD/2)W(C\^#0IE;F1S=')E86T-
M96YD;V)J#30@,"!O8FH-/#PO1FEL=&5R+T9L871E1&5C;V1E+T9I7!E+T]B:E-T;3X^0EH[DHS7K5MI*NMK?5U!BIAJPQQ+*-CWS-N;_D8;A X:"P$*U?
M-6='U?\)L9R)0JM^[$@S6=++?$"XH2O@[2.B,Y$ >!E4):2G-(&:)?LB=YZD
M']-);=M>*AF4@.2]4>7!E+UA2968O5ULQ(#(@,%T^/G-T
TEXT-EXTRACT
2
filename2.txt
November 27, 2019
Guilherme Dias Fernandes Benchimol
Chairman
XP Inc.
Av. Chedid Jafet, 75, Torre Sul, 30th floor, Vila Ol mpia S o Paulo
Brazil 04551-065
Re: XP Inc.
Amendment No. 1 to
Registration Statement on Form F-1
Filed November 20, 2019
File No. 333-234719
Dear Mr. Benchimol:
We have reviewed your amended registration statement and have the
following
comments. In some of our comments, we may ask you to provide us with
information so we
may better understand your disclosure.
Please respond to this letter by amending your registration statement
and providing the
requested information. If you do not believe our comments apply to your facts
and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.
After reviewing any amendment to your registration statement and the
information you
provide in response to these comments, we may have additional comments. Unless
we note
otherwise, our references to prior comments are to comments in our November 15,
2019 letter.
Amendment No. 1 to Registration Statement on Form F-1
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Overview
Key Business Metrics, page 79
1. We note your response to comment 3. We also note that management fees
include fees
related to AUM managed by your asset managers as well as third party
distribution fees.
Please revise the table on page 79 to insert a line that quantifies
third party distribution
fees included in management fees for each period. In addition, enhance
your MD&A
narrative for each period to discuss trends and causal factors for this
component of your
management fee revenue.
Guilherme Dias Fernandes Benchimol
XP Inc.
November 27, 2019
Page 2
You may contact Cara Lubit at 202-551-5909 or Hugh West at 202-551-3872
if you have
questions regarding comments on the financial statements and related matters.
Please contact
Jessica Livingston at 202-551-3448 or Michael Clampitt at 202-551-3434 with any
other
questions.
FirstName LastNameGuilherme Dias Fernandes Benchimol Sincerely,
Comapany NameXP Inc.
Division of Corporation
Finance
November 27, 2019 Page 2 Office of Finance
FirstName LastName