MOTIVATION LETTER

Dear Sir/Madam

I am writing to introduce myself and present the reasons why I would like to participate in the
Iberian Alpha project in collaboration with BPI.

My name is Tomás Tavares and I am in my penultimate semester in the Finance Master’s program.
My interest in this project is its buyside applications, as opposed to sell side or consulting. Asset
management deals with providing clients the maximum possible return while minimizing volatility
and, if possible, delivering alpha, that is, returns above what would be expected for the risk taken.
This is a subject I wish to delve further into. I believe I would be a good candidate due to my
experience and demonstrated interest in this subject. For the past three years I have been a part
of Portfolio Management Club at Nova. We manage a long only portfolio of private assets, mostly
of former members of the club. We research companies and buy the ones we believe will
outperform our benchmark (S&P 500). We believe our investment approach is very closely aligned
with industry practices since we have been getting guidance from banco BiG. Our results speak for
themselves, we have outperformed the S&P 500 every quarter since the club’s inception in early
2017.

In addition, I have also been taking the courses more directly applicable to this project. Those
include Asset Management, Fixed Income and Derivatives. I believe the above provides me with
enough experience for the project in question.

Lastly, I expect to learn about myself and gain expertise and confidence in this subject which will
enable me to become self sufficient and a productive employee for a firm that deals in these
matters, though I would predict those skills would be transferable to other areas. I hope that there
is a possibility of being accepted for the project.

Looking forward to hearing from you.

Thank you,

Tomás Tavares