<SEC-DOCUMENT>0001193125-19-296689.txt : 20200109
<SEC-HEADER>0001193125-19-296689.hdr.sgml : 20200109
<ACCEPTANCE-DATETIME>20191120171832
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-296689
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20191120

FILER:

	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:		CORRESP

	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
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 20, 2019 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>XP Inc. </B></P></TD></TR></TABLE>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendment No.&nbsp;1 to </B></P></TD></TR></TABLE>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> </B></P></TD></TR></TABLE>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Submitted November&nbsp;15, 2019 </B></P></TD></TR></TABLE>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CIK #0001787425 </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3628 </P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Cara Lubit, Staff Accountant </P></TD></TR></TABLE>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Hugh West, Accounting Branch Chief </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jessica Livingston, Staff Attorney </P></TD></TR></TABLE>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Michael Clampitt, Attorney Advisor </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of our client, XP Inc. (the
&#147;Company&#148;), this letter sets forth the Company&#146;s responses to the comments provided by the staff (the &#147;Staff&#148;) of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the
&#147;Commission&#148;) in your letter dated November&nbsp;15, 2019 (the &#147;Comment Letter&#148;). On November&nbsp;15, 2019, the Company publicly filed a registration statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (the
&#147;Registration Statement&#148;) via the Commission&#146;s Electronic Data Gathering, Analysis and Retrieval system (&#147;EDGAR&#148;). The Company has revised the Registration Statement in response to the Staff&#146;s comments and is filing
concurrently with this letter Amendment No.&nbsp;1 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (&#147;Amendment No.&nbsp;1&#148;), which reflects these responses and certain other revisions and updates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the convenience of the Staff, each comment from the Comment Letter is restated in italics prior to the response to such comment. All references to page
numbers and captions (other than those in the Staff&#146;s comments) correspond to pages and captions in Amendment No.&nbsp;1. We are also sending, under separate cover, a marked copy of Amendment No.&nbsp;1 showing changes from the Registration
Statement. </P>
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<TD VALIGN="bottom">Division of Corporation Finance <BR>U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2</TD>
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<TD VALIGN="bottom" ALIGN="right">November 20, 2019</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Introduction to
XP, page 1 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to comment 1 and continue to review the supplemental materials provided. Please revise
to disclose that XP commissioned the report by Oliver Wyman. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised its disclosure on pages 1, 63 and 140 of Amendment No.&nbsp;1 to
disclose that XP commissioned the report by Oliver Wyman. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Summary Financial Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Income Statement Data, page 18 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that your current data shows EPS amounts of R$0.2265 and R$0.0973 for 2018 and 2016, respectively.
However, in your prior amendment and in Note 3xx, on page <FONT STYLE="white-space:nowrap">F-</FONT> 64, the restated EPS amounts for 2018 and 2016 are shown as R$0.2339 and R$0.1360, respectively. Please advise or revise. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
Company respectfully acknowledges the Staff&#146;s comment and confirms that the EPS amounts on pages 18 and 74 of Amendment No.&nbsp;1 were corrected in the Registration Statement and are now in line with the restated EPS amounts in Note 3.xx on
page <FONT STYLE="white-space:nowrap">F-64</FONT> of Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations Overview </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Review of Results for the Nine Months Ended September&nbsp;30, 2019, page 73 </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to comment 3. Please revise your disclosures to also include:
</I></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>AUM roll-forwards in tabular format, including tables for total AUM and for the specific classifications you
have identified (i.e., mutual and exclusive funds, pension funds, managed portfolios, and investment clubs), that show gross inflows, outflows, market appreciation / depreciation, and foreign exchange impact; and</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>expanded narrative that explains the factors causing weighted average management fee rate changes at the AUM
level classifications identified above.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised its disclosure on pages 80 through 82 of Amendment No.&nbsp;1
accordingly. In addition, the Company respectfully submits that it does not have AUM roll-forwards information available because it does not produce the granular information by fund/vehicle necessary to calculate the roll-forwards available because
it does not track AUM internally as a key business indicator, as set forth in response 15 in the Company&#146;s response letter to the Staff dated October&nbsp;17, 2019. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure on page 74 that one driver for institutional gross revenue growth was the
&#147;increasing maturity and acknowledgement by the market of [y]our value-added complementary services . . .&#148; Please revise your disclosure to tie this statement to concrete and specific revenue growth items, or remove it.
</I></P></TD></TR></TABLE>
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<TD VALIGN="top">Division of Corporation Finance <BR>U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">3</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">November 20, 2019</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
Company respectfully acknowledges the Staff&#146;s comment and has revised its disclosure on page 80 of Amendment No.&nbsp;1 to remove the sentence. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to Unaudited Interim Condensed Consolidated Financial Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11. Private Pension Liabilities, page <FONT STYLE="white-space:nowrap">F-20</FONT> </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosures regarding your private pension liabilities in Note 11. Please also expand your
accounting policy disclosures to discuss private pension liability considerations and accounting treatment. In addition, tell us whether and how you considered IFRS 4 and, if applicable, IFRS 17, in your analysis and conclusion of the appropriate
accounting treatment for these items</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has analyzed the disclosure in note 11 considering the following aspects.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s management does not believe that the Private Pension Liabilities are material to its Interim Financial Statements
taken as a whole. The Private Pension Liabilities represent less than 5% of the total liabilities as of September&nbsp;30, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
Company has performed an assessment of the contracts underlying its private pension products (the &#147;Contracts&#148;) and concluded that they are not within the scope of IFRS 4, Insurance Contracts as they are not contracts under which the
Company accepts significant insurance risk from participants by agreeing to compensate them if a specified uncertain future event adversely affects them. These Contracts also do not contain any discretionary participation features. Based on that,
the Company has concluded that the Contracts should be accounted for under the scope of IFRS 9, Financial Instruments (&#147;IFRS 9&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Upon receiving the participants&#146; funds, such funds are invested and the Company records an increase in Financial assets at fair value
through profit and loss as disclosed in Note 4(a) to its unaudited interim condensed financial statement for the nine months ended September&nbsp;30, 2019 (&#147;Interim Financial Statements&#148;) with a corresponding increase in Private Pension
Liabilities, which represent obligations that the Company has with the participants. These liabilities correspond to the participants&#146; account balance in the financial assets at the reporting date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Considering the materiality of the amount, the disclosures included in Note 11 to the Interim Financial Statements and the fact that there
were no changes in the Company&#146;s IFRS 9 accounting policies since December&nbsp;31, 2018, the Company concluded that the disclosures included in its Interim Financial Statements were sufficient. </P>
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<TD VALIGN="top">Division of Corporation Finance <BR>U.S. Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">4</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">November 20, 2019</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company is in the process of assessing the impacts, if any, of the guidance included in IFRS 17, <I>Insurance Contracts</I> and as such
have not yet concluded as to the treatment of these contracts under the new guidance. The Company expects to complete its assessment of the implications of IFRS 17 by the adoption date, which is expected to be January&nbsp;1, 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact me at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-450-6095</FONT></FONT> or
manuel.garciadiaz@davispolk.com; or Byron Rooney at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-450-4658</FONT></FONT> or byron.rooney@davispolk.com; or Konstantinos Papadopoulos at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">212-450-6189</FONT></FONT> or konstantinos.papadopoulos@davispolk.com if you have any questions regarding the foregoing or if I can provide any additional information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Manuel Garciadiaz </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manuel Garciadiaz </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Guilherme Dias Fernandes Benchimol, Chief Executive Officer, XP Inc. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Bruno Constantino Alexandre dos Santos, Chief Financial Officer, XP Inc. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fabr&iacute;cio Cunha de Almeida, General Counsel, XP Inc. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Kieran McManus, PricewaterhouseCoopers Auditores Independentes </P></TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
