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Equity Bottom-Up

<p>XP expects a lower effective group tax rate resulting from the reduction in US corporate tax rates from 35% to 21%. In addition, it expects to receive a tax refund from the Inland Revenue Authority of Singapore. This should drive upside to our FY18 EPS forecast as well as boosting XP&rsquo;s cash position.</p>

XP expects a lower effective group tax rate resulting from the reduction in US corporate tax rates from 35% to 21%. In addition, it expects to receive a tax refund from the Inland Revenue Authority of Singapore. This should drive upside to our FY18 EPS forecast as well as boosting XP&rsquo;s cash position.

XP Power - Tax changes support EPS upside

XP Power Ltd

XP Power - Tax changes support EPS upside