Dear,

First of all, Id like to introduce myself. I am Daniel Garavaglia Toledo, a 22-year old Economics
student from Brazil, and I will live in Munich for one and a half year for my Erasmus program at TUM
studying Economics.
I was born in Salvador/BA, but I moved to Campinas/SP in 2010 to study Electrical Engineer at
UNICAMP. One year later after I joined the university, I realized that I didnt want to work as an
Engineer, so I decided to switch to Economics, in order to develop Finance skills, which have been
fascinating me since my youth.
On my second year at Economics, I was one of the founding members of the UNICAMP Financial
Market Group, mainly focusing on topics not included at the regular Economics scope. At this group I
had the opportunity to participate on the CFA Institute Research Challenge national competition and
reached the third place among 13 other groups. In this competition we wrote a complete equity
research report related to Brazilian company, analyzing all its aspects: Business and Industry
Overview, Competitive Positioning, Valuation, Financial Analysis and Risks. It was a great opportunity
to get in touch with Financial Modelling and Equity Research.
In the first semester of 2014, I worked as an intern at Morgan Stanley in the Latin America
Macroeconomic Research team, reporting directly to Brazil Chief Economist. It was a great
opportunity that enhanced my desire to further develop Capital Markets skills. During the internship I
had the chance to learn how real-life Economics take place and correlate it with my academic
background.
After having experiences with two major fields of modern Economy (Equity Research and
Macroeconomics) I have realized my passion for Valuation / Financial Modeling and I truly believe an
opportunity to join XAIA Investments will collaborate with my professional goals.
I am applying to XAIA mainly due to the opportunity to work directly with funds management. I think
that working in an independent company and not big as an investment bank, will allow me be in direct
contact with a fund management, enabling me to see in depth all the mechanisms and details of it.
Another key point for me is the fact that the XAIA is focused exclusively on fund management, and
this results in impartial opinion, differently from big investment banks, that have trading, research and
sales departments, which sometimes leads to skewed results. I also believe that markets are
inefficient resulting in overvalued and undervalued pricings and due to this is possible to take
advantages that generate returns. I think that being an intern at the company with direct contact to
high skilled members, I will be able to learn, understand and identify the dynamics of mispricing, and
then contribute to the development of the business. I believe that due to the focus and independence
of the company work, I will be able to further develop my financial skills specially related to funds
management which Im eager to develop.
I think that working in a company like XAIA would be a lifetime opportunity, since Brazil fund
management market is really new and with enough room to be developed, this internship would
enable me to put in practice what I learn at the company when I come back to Brazil.
I think that I will be able to help the development of the company, with my entrepreneurship mindset,
proactivity and the lessons learned from Morgan Stanley.
Considering all above said, I would like to reaffirm my wish to join the company as an intern. I am
deeply confident that being an intern of the company, putting in practice all I have learned, as well as
having access to specifics tools will help myself to reach my personnel and professional goals.
I have high expectations related to the Company, and I can guarantee I am very interested and
seriously committed to this opportunity. I am eager to have the opportunity to develop different points
of view, knowledge and expertise with other collaborators.
Best Regards,
Daniel Toledo.