As announced on April 21, 2016, CNP Assurances entered into agreements to acquire a 51% stake in Pan Seguros and Pan Corretora from Banco BTG Pactual (“BTGP”).

As indicated in the press release dated April 21, 2016, the completion of such acquisition was subject to the fulfilment of various conditions precedent. In view of the fact that some of these conditions precedent have not been met, both CNP Assurances and BTGP acknowledged that the acquisition agreements ceased to be effective.