LETTER TO THE TEAM

“The strength of SPX lies in “The strength of SPX lies in the collective expertise and the collective expertise and dedication of our team.” dedication of our team.”

Federico Favero Head of Risk

MESSAGE FROM THE PARTNER

Federico Favero Head of Risk

Dear Colleagues,

Imust admit that when Lia informed me that I was tasked with writing the letter to the team for the month of August, my

initial reaction was, "Why me? How do I compare to the outstanding professionals who have written this letter before me?"

However, upon reflection, I felt extremely proud of having become a partner of SPX in 2024, and I realized that I do have a story worth sharing

Since I was a kid, I have had a profound

admiration for an uncle of mine who managed a hedge fund in Lugano, Switzerland. My admiration for him was mainly driven by his willingness to learn and his deep knowledge of plenty of matter of discussion (going from history to physics). One of the things I had in common with my uncle was loving challenges. He used to constantly test me with math problems. These challenges were not just logic exercises, but lessons in persistence and problem-solving It was through these interactions with him that my interest in the financial industry was sparked at a very

young age. The importance of being challenged to test one's limits and the ability to overcome them was a lesson that has stayed with me throughout my life.

My graduation course in mathematics at the University of Padova was one of the first tough challenges I faced along my adult life. My math knowledge was much weaker than that of my colleagues when I began, and I had to compensate with dedication and hard work. The rigorous curriculum and the competitive environment pushed me to my limits. I spent countless hours in the library, often working late into the night to ensure I could keep up This period taught me the value of perseverance and the importance of a strong work ethic It was a crucible that forged my determination and resilience, characteristics that have helped a lot along my career

As soon as I finished my graduation, I joined a small hedge fund near my hometown This experience was my first real exposure to the financial market, and it was invaluable Working in a hedge fund provided me with a broad range of experiences and a holistic understanding of financial management I learned the importance of using technology as a facilitator and the power of a small, dedicated team The fund was a very small group of young and extremely willing individuals, all eager to make a mark This foundational experience set the stage for my future endeavors and solidified my passion for the financial industry

master’s degree, I decided to move to Brazil. Even if the financial market in Brazil was not the main reason to move across the ocean, I had heard from a couple of colleagues from my master’s degree and a few friends of my wife about the vast potential and dynamic nature of the Brazilian financial market Their stories intrigued me, and I saw Brazil as a place where I could apply my skills and knowledge while also exploring new avenues for growth and development. The decision to move was not easy, but I was driven by the desire to seek out new challenges and opportunities. I joined BBM Bank, my first job in the financial market in Brazil This was a pivotal moment in my career. The Brazilian market was unlike anything I had experienced before it was vibrant, challenging, and full of opportunities. During my time at BBM Bank, I had the privilege of working with very talented professionals that taught me a lot. It was here that I first heard about SPX as a group of incredible professionals The reputation of SPX as a leading firm in the industry was well-known, and I was eager to learn more about what made this firm so special.

At the beginning of 2015, after I finished my

Since joining SPX, I have had the feeling to be part of an extremely meritocratic group of professionals who do not set limits to their ambitions. One of the most valuable lessons I have learned here is the importance of attention to detail and resilience. These qualities are not just important they are essential for success Attention to detail ensures that we deliver the highest quality of work, while resilience

allows us to overcome challenges and continue striving for excellence even in the face of adversity.

Another important aspect of our success at SPX is the culture of continuous learning and improvement In our industry, staying ahead of the curve requires constant learning and adaptation. At SPX, we are committed to fostering an environment where everyone is encouraged to expand their knowledge and skills. This culture of learning is one of the reasons why we can consistently deliver outstanding results for our clients. It is also one of the reasons why I am proud to be a part of this team

Collaboration and teamwork are also crucial to our success. The strength of SPX lies in the collective expertise and dedication of our team Each one of us brings unique skills and perspectives that contribute to our overall success. By working together, we can leverage our individual strengths and achieve results that would not be possible individually This spirit of collaboration is something I deeply value, and it is one of the reasons why I believe SPX is such a special place to work

As we look ahead to the future, I am confident that we will continue to achieve great things. The financial industry is constantly evolving, and with it comes new challenges and opportunities. By staying true to our values of attention to detail, resilience, continuous learning, and collaboration, we will continue to excel and set new standards of excellence.

In conclusion, I want to express my gratitude to each one of you for your hard work, dedication, and commitment to excellence. It is your efforts that make SPX the outstanding firm that it is today I am honored to be a part of this incredible team, and I look forward to continuing this journey together.

Warm regards,

Federico Favero.

DINNER WITH DAVID RUBENSTEIN AND VISION REGARDING PRIVATE EQUITY

by IR

On 10 July, SPX hosted a dinner with clients and the co-founder of The Carlyle Group, David Rubenstein The event took place at restaurant Fasano in NY and was attended by 14 people, including Fernando Borges, Bernardo Queiroz and the IR team Over the course of dinner, David discussed topics such as the US election, the US macro scenario and the private equity market, among other subjects.

The aim of the event was to promote SPX’s Private Equity fund to global institutional investors It was a very enriching evening with very positive feedback from clients.

PEDRO DALTRO AT THE XP FUNDS TALKS:

ANALYSING THE IMPACTS OF INTEREST RATE REVISIONS ON REAL ESTATE FUNDS

by IR

Pedro Daltro, our Head of Real Estate, took part in the panel “Keeping an eye on the cycle: in search of resilience | Brick FIIs” alongside José Eduardo Varandas (Valora), Felipe Teatini (XP Asset) and Rafael Doring (XP), during the second day of the XP Funds Talks event in São Paulo.

The panel addressed the impact of recent interest rate revisions in Brazil on real estate funds, with a focus on brick funds, and the tools needed to identify opportunities and mitigate risks in a challenging economic environment.

EPINNE:

MANAGERS' PERSPECTIVES ON ASSET ALLOCATION AND SPX PARTICIPATION

by IR

Bruno Maueler, our Director and Head of Investment Solutions, took part in the panel “Managers' view of Asset Allocation” alongside César Aragão (Bahia Asset Management) and Rodrigo Abreu (ASA), moderated by Carla Menezes (Compesaprev), during EPINNE, held on 25 and 26 July in Recife. Marcela Novaes, IR, also represented SPX at the event

The meeting, organised by Fachesf, Compesaprev and Bandeprev, with institutional support from Abrapp (Brazilian Association of Closed Supplementary Pension Funds) and ICSS (Institute for Institutional Certification and Social Security Professionals), aimed to bring together managers and professionals from the entities for a valuable exchange of knowledge.

SPX LATEST NEWS

by IR

Pedro Daltro, Director and Head of Real Estate, was featured in an article in Valor Econômico, in which he shared his views regarding the opportunities and challenges for brick property funds.

Click here to access the full content.

SPX SYN was featured in an article in Estadão about our new property investment fund, FII SPX SYN Desenvolvimento de Galpões Logísticos

Click here to see the whole article.

FII SPXS11 distributed dividends of BRL 0.098/share for June/24 (Dividend Yield: 1 10% p m or 13 40% p a - DY calculated using the closing price on 28/06). The highlights, according to the Management Report, were the purchase of CRI Varandas Park with an acquisition rate of CDI +5.5% p a and the sale of the position in FII MANA11, which represented 0.3% of the fund's equity with a return of 270% of CDI. In August, SPXS11 celebrates two years since its IPO.

Click here to read the Report.

On 30 and 31 August, SPX Capital will be at Expert XP 2024 The event will take place in person at the São Paulo Expo and will be broadcast 100% free of charge via the online platform.

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