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LETTER TO THE TEAM

INTERNAL USE www.spxcapital.com

09.2026

“Risk is not a limiter of opportunities, but the strategic compass that ensures our ambition is structurally sustainable over the long term.” Lucas Chaves Head of Risk

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LETTER TO THE TEAM

THE EVOLUTION AND FUTURE OF THE RISK DEPARTMENT by Lucas Chaves Head of Risk

The Risk department has undergone a profound transformation in its role within the organization. Whereas, historically, the

specific methodologies and rigorous daily monitoring.

into an actively strategic role. We act as partners to the business, providing analytical intelligence and ensuring that the pursuit of returns takes place in a

budget. As regards liquidity, our focus is on ensuring scalability and the ability to meet redemptions and margin calls even in scenarios of severe market stress, closely

market saw risk management merely as a line of defense focused on limit control and compliance, today our function has evolved

In market risk, we ensure that the volatility and directional exposures of our portfolios remain strictly within the defined risk

structured, conscious sustainable manner.

monitoring the depth of the assets we trade. In credit risk, we continuously assess

and,

above

all,

In the complex and dynamic environment in which we operate, the integration of the Risk department with the other desks and support departments, such as IT Dev and

Back Office, has proved to be a competitive advantage. More than measuring exposures, our objective is to improve the quality of decisions, reduce operational friction and provide a clear view of prospective scenarios. THE SCOPE AND COMPLEXITY OF WHAT WE DO Our team currently takes on a vast range of responsibilities that form the backbone of

institutional security. We are directly responsible for calculating, monitoring and managing every front of market, liquidity and credit risk. Each of these pillars requires MEET THE DIVISION

the financial health of counterparties and issuers, mitigating the impact of possible structural default events. PRICING,

PERFORMANCE

ATTRIBUTION

AND COMPLIANCE Beyond traditional risk measurement, our department plays a fundamental role in the day-to-day running of the firm: we are responsible for pricing the assets in the portfolios and for performance attribution. Understanding exactly where results come

from is essential. To this end, we invest continuously in building proprietary calculators for the various assets we trade, ensuring accuracy and speed in the figures we generate.

This robust processing allows us to maintain a dynamic and integrated relationship with the Investor Relations (IR) department,

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LETTER TO THE TEAM

working together to generate detailed performance attribution reports for our

able to incorporate all of these variables, ensuring that the funds are prepared to

In addition, we maintain constant interaction with the Legal and Compliance

LOOKING AHEAD With the solid maturity established in the

institutional security.

INNOVATION: NEW METRICS AND STRESS SCENARIOS Today’s market is unforgiving of static

management, and create a technological ecosystem where risk analysis is virtually real-time, monitoring dynamic changes in positions, prices, and volatility throughout the day. The market will continue to

“Risk is not a limiter of opportunities, but the strategic compass that ensures our ambition is structurally sustainable over

diligent work of our team and of our coordinator, Anderson Dantas, who have been key to ensuring the consistency of our structural deliverables. On this solid base,

clients and shareholders.

departments. This synergy is essential to ensure that all our processes, metrics and methodologies are rigorously in line with the full range of market due diligence requirements and regulations relating to risk, strengthening governance and

approaches. Events that, a decade ago, were considered black swans have become increasingly frequent, driven by geopolitical shocks, changes in monetary regimes and the rise of systematic strategies. For this reason, the Risk department cannot confine itself to traditional methodologies.

the long term.”

We devote a significant share of our analytical capacity to researching new risk metrics and building advanced stress scenarios. It is not enough to look in the financial rear-view mirror; we need to stress our portfolios against non-linear macroeconomic shocks, breakdowns in historical correlations and sudden liquidity crises. Through our risk framework, we are MEET THE DIVISION

weather even the most severe storms.

Risk department under the leadership of Leonardo Cabral, our Chief Risk Officer (CRO), our focus is now on scaling our technological and data infrastructure. We aim to continuously minimize manual processes, sharpen “Point-in-Time”

challenge us with new risk factors and unexplored dynamics. However, I am fully convinced that we are better prepared than ever to protect capital and support portfolio management. All this daily effort and the continuous evolution of our projects have relied, for more than five years, on the

we will continue to build the foundations that will secure the sustainable growth of of our institution over the coming decades.

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LETTER TO THE TEAM

MEETING WITH THE PARTNERS Rafael Magri hosted another edition of the

Meeting with the Partners, over lunch at the Rio de Janeiro office, attended by eight employees. It was an opportunity for those present to share experiences and enjoy a moment of integration and relaxation.

WORKSHOP INTEGRATIVO USP SPX was present at the 36th edition of

Workshop Integrativo, recognized as the largest recruitment fair in Latin America, organized by students from Poli Júnior USP. Over the two days of the event, we welcomed around 1,000 students to our stand, providing a space for direct dialogue with professionals from various departments about what SPX does, career prospects and the financial market. We would like to thank the employees who were there with us: Chiara Makul, Guilherme

Belon, Jean Anagnostopoulos, João Jonson, Juan Santos, Luísa Mendes, Manuel Alvarez, Marcelo Thompson, Otávio Martins, Pedro Ávila, Pedro Porto, Sávio Souza and Tiago Tutida. EVENTS/ LATEST NEWS

INTERNS’ DAY To celebrate Interns’ Day, we held a special chat in which partners and associates who began their careers at the firm as interns shared their journeys, the lessons learnt early on and their path to leadership. At the São Paulo office, the session was led by Paula Ronchi and Raphael Uram. In Rio de Janeiro, it featured Felipe Diedrich and João Torres.

The sessions provided an excellent opportunity for connection and the

exchange of experiences, strengthening our culture and demonstrating the real possibilities for building a career within the firm.

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LETTER TO THE TEAM