<SEC-DOCUMENT>0000895345-17-000207.txt : 20170516
<SEC-HEADER>0000895345-17-000207.hdr.sgml : 20170516
<ACCEPTANCE-DATETIME>20170516170418
ACCESSION NUMBER:		0000895345-17-000207
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170516
DATE AS OF CHANGE:		20170516
EFFECTIVENESS DATE:		20170516

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JONES LANG LASALLE INC
		CENTRAL INDEX KEY:			0001037976
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
		IRS NUMBER:				364150422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13145
		FILM NUMBER:		17849428

	BUSINESS ADDRESS:	
		STREET 1:		200 E RANDOLPH DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		3127825800

	MAIL ADDRESS:	
		STREET 1:		C/O JONES LANG LASALLE INC
		STREET 2:		200 EAST RANDOLPH DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LASALLE PARTNERS INC
		DATE OF NAME CHANGE:	19970417

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENERATION INVESTMENT MANAGEMENT LLP
		CENTRAL INDEX KEY:			0001375534
		IRS NUMBER:				980456791
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		20 AIR STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1B 5AN
		BUSINESS PHONE:		44 (0) 207 534 4700

	MAIL ADDRESS:	
		STREET 1:		20 AIR STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1B 5AN
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 0.35pt">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 0.4pt">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 0.45pt">Washington, D.C. 20549</div>

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</font> Submitted Pursuant to Rule 14a-6(g)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Name of the Registrant</u></font>:</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt">Jones Lang LaSalle Inc. (&#8220;Issuer&#8217;)</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">20 Air Street<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Written Materials</u></font>:</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">Form of client letter, dated May 16, 2017.&#160;&#160;This material is being submitted pursuant to Rule 14a-6(g)(1).&#160; Generation does not intend to solicit proxies with respect to the Issuer&#8217;s Annual Meeting of Shareholders scheduled to be held on May 31, 2017 and nothing herein is intended as a solicitation of proxies.</div>

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<div style="MARGIN-BOTTOM: 12pt">16 MAY 2017</div>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dear Client,</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">We are writing with regard to our on-going engagement with portfolio company Jones Lang LaSalle (JLL) ahead of its Annual Meeting of Shareholders on 31 May 2017. We have been investors in JLL, a leading global real estate and professional services company, for almost a decade. We believe JLL is a high-quality, sustainable business but have been concerned for some time about the structure of JLL&#8217;s executive compensation programme. This is unfortunate, as in our view, JLL rates highly in other aspects of governance. We recently informed JLL we would be voting against certain recommendations of the Board of Directors. We would like to share with you the rationale for our intended vote.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">We believe JLL is well-positioned as one of the long term beneficiaries from commercial real estate industry (CRE) trends, such as consolidation and greater professionalisation, as well as the growing popularity of CRE as an investible asset class. In our view, JLL has the potential for high organic revenue growth, as well as growing recurring revenue, and should be able to achieve this growth with high incremental returns on capital. We also think highly of JLL&#8217;s early leadership on diversity and sustainability in the built environment.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Nevertheless, we believe JLL has failed to reach its full potential - primarily due to execution issues related to a poorly designed incentive programme. Under its former CEO, JLL saw rapid revenue growth (16% p.a. from 2004-2016). However, during the same period net income margins fell while the share count rose substantially. As a result, diluted earnings per share (EPS) growth was much lower (11% p.a. from 2004-2016). Furthermore, the rate at which earnings were converted into cash fell, to the point of driving cash flow per share into negative territory in 2016<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">i&#160;</sup>(even using averages, cash flow per share fell from 154% of diluted EPS from 2004-2006 to 47% from 2014-2016). Finally, since much of the growth came from acquisitions, net debt increased from under $30 million in 2004 to over $1 billion in 2016.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">JLL is now at an inflection point. A new CEO, Christian Ulbrich, has been in place since October 2016. We have had discussions with Mr. Ulbrich and have confidence in his ability. We are already seeing tangible signs of improvement and are hopeful this is just the beginning. We have also engaged with the board on the subject of executive compensation. In the context of its compensation programme, the board indicated that JLL is in the final year of a three year review period. A new three year period will begin in 2018 and we believe there will be an opportunity to make improvements to the plan. We would like to see a more rigorous capital allocation process, improved operating leverage and cash flow conversion at JLL. In our view, if Mr. Ulbrich delivers on these, supported by a better compensation programme that incorporates more long term equity ownership for senior management, this could unlock substantial value.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">We have a duty as stewards of your capital to ensure executive compensation is set at an appropriate level and outsized bonuses reward only outstanding performance. We believe JLL&#8217;s historic compensation practices were problematic and have an obligation to hold those responsible to account. While we recognise there are differences in opinion on how compensation should be structured, our strong preference is for any programme to incorporate the following features: (1) balanced scorecards, with both financial and non-financial metrics, reflecting the interests of shareholders, customers, employees and other stakeholders; (2) financial metrics that are long-term and correlated with shareholder interests (e.g. return on capital, cash flow per share); (3) outsized rewards only for strong performance, paid largely in shares subject to meaningful holding periods; (4) transparent terms, verifiable and easily understood by all stakeholders; and (5) limited board discretion for upward adjustments when performance has been weak.</div>

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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">When we assess JLL&#8217;s compensation programme against these criteria, we do not believe it is well-designed. There is a heavy weighting towards short term performance. The majority of the compensation is paid in cash, not stock. The main financial metric in the programme (&#8216;Adjusted EBITDA&#8217;) does not, in our opinion, correlate well with long-term shareholder value creation. We believe this creates misalignment by potentially incentivising management to acquire businesses to earn outsized rewards, regardless of whether these acquisitions create value for shareholders. Moreover, it excludes real costs to shareholders (e.g. interest, tax, depreciation etc.) and provides scope for adjustment. Finally, many of the non-financial metrics are vague and give considerable discretion to the board.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">We recognise that the former CEO grew revenue significantly during his tenure. However, as we have explained above, we believe that the results more closely aligned with value creation have been less impressive. In recent years this divergence has been even more pronounced. From 2013-2016 revenue grew 15% p.a. but diluted EPS only grew 5% p.a., cash flow per share declined and net debt increased sharply. The outgoing CEO&#8217;s 2016 reported total compensation was more than twice that of the CEO of a larger peer (CBRE) in absolute terms. As a percentage of 2016 net income, his reported compensation was more than 3% compared to less than 1% at that peer. In this context, we view the $33m+ total compensation awarded to the former CEO over the past three years, including $11m+ in 2016 alone, as pay-for-failure.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">ii</sup></div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">We therefore plan to: (1) vote against the re-election of the Chairperson (Sheila A. Penrose); (2) abstain on the re-election of other board members on the compensation committee (Hugo Bagu&#233;, Samuel A. Di Piazza, Jr., Dame DeAnne Julius, Ming Lu, Shailesh Rao); and (3) vote against the &#8216;Say on Pay&#8217; proposal with respect to executive compensation. We presently plan to vote in favour of all other resolutions.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">We are hopeful you will share our views on these matters.&#160; Looking forward, we retain our conviction in JLL and believe they now have the right management team in place to unlock its full potential.</div>

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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Yours sincerely,</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Mark Ferguson</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Miguel Nogales</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Miguel Nogales, Co-Chief Investment Officer</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 18pt">Please refer to Important Information and notes on the following page.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Important Information</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">This letter does not constitute a request for a proxy for the annual meeting of shareholders of JLL and we are not providing any form of proxy. Nothing in this letter is intended to give rise to any agreement, arrangement or understanding between us with respect to acquiring, holding or disposing of securities of JLL and any intention to form or join any &#8216;group&#8217; with respect to securities of JLL within the meaning of Section 13(d)(3) of the United States Securities Exchange Act of 1934, as amended, is hereby disclaimed.</div>

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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">This letter does not constitute a recommendation to purchase, sell or hold any investment, and does not constitute investment research. Opinions expressed are current opinions as of the date of appearing in this letter. Our views in respect of the future prospects of JLL are based upon internal analysis and certain assumptions that reflect the present view of Generation, and which may not be indicative of actual events that could occur in the future.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">i</sup>&#160;We define cash flow as cash from operations less capital expenditure.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">ii</sup>&#160;JLL Share Price Analysis:</div>
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<table id="zb2442f6174b74efe925a7a1878843be4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">2016 Financial Year</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Absolute Performance (%)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Relative JLL Performance (%)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">JLL Share Price Performance (including dividends)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">-36%</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Russell 3000</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">13%</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">-49%</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">S&amp;P 500</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">12%</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">-48%</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">MSCI World Net Total Return USD Index</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">8%</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">-44%</div>
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<td style="WIDTH: 52.56%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">3 Years Ending 31 December 2016 (cumulative)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Absolute Performance (%)</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Relative JLL Performance (%)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">JLL Share Price Performance (including dividends)</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">0%</div>
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<td style="WIDTH: 52.56%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Russell 3000</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">27%</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">-27%</div>
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<td style="WIDTH: 52.56%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">S&amp;P 500</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">29%</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">-29%</div>
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<td style="WIDTH: 52.56%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">MSCI World Net Total Return USD Index</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">12%</div>
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<td style="WIDTH: 23.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">-12%</div>
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