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 (IRC) 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. 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 FCF will collaborate with my professional goals.
I am applying to FCF mainly due to the opportunity to work directly with capital raising as Equity or
Debt. I think that working in a smaller and independent Investment Bank as FCF, will allow me to face
more challenges and be in direct contact with high skilled people. I also believe that the company will
provide me all the necessaries tools so I can further develop my financial skills, which I am eager to
improve.
I think that working in a company like FCF would be a lifetime opportunity, since Brazil Investment
Banking and Corporate Finance is a market with enough room to be developed, this internship would
enable me to put in practice what I learn at FCF 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.