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, 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 SAXO will collaborate with my professional goals.
I am applying to SAXO mainly due to the opportunity to work directly with M&A and venture capital
raising. I think that working in an independent company that is not big as an investment bank, will
allow me to face more challenges and be in direct contact with high skilled people. Another key point
for me is the fact that SAXO besides advising M&A transactions, the company also works providing
financing solutions and is focused in mid-sized IT companies, which are now at the top of their
momentum, growing really fast and requiring specific funding related to the business. 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 SAXO would be a lifetime opportunity, since Brazil M&A and
Venture Capital are markets 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.