Allianz Seguros S.A. made a non-binding offer to acquire the Automobiles and Elementary Branch operations from Sul América S.A. (BOVESPA:SULA11) on July 2, 2019. Allianz Seguros S.A. entered into an agreement to acquire Automobiles and Elementary Branch operations from Sul América S.A. for BRL 3 billion on August 22, 2019. The consideration is subject to adjustments. The control of the business would be done in a phased manner. The transaction is subject to fulfilment of certain conditions precedents including regulatory and anti-trust approvals and is expected to complete in next 12 months. As of September 19, 2019, transaction has been approved by Brazilian competition watchdog, Cade. KPMG Corporate Finance LLC acted as financial advisor to Allianz Seguros S.A. Thomaz del Castillo Barroso Kastrup, Victor Gelli Cavalcanti, Flavio Mifano, Flavio Mifano, Renata Fonseca Zuccolo Giannella, Marcelo Mansur Haddad, Mary Fukugakiuchi Hamasaki, João Ricardo de Azevedo Ribeiro, Esther Collet Janny Teixeira Biselli, Anália Cristina Ferreira Brum, Mariana Hiromi Sonoda, William Sung Jin Lee, Rodrigo de Madureira Pará Diniz, Julio Souza Marson Madeira Costa, Mayara Ezaki, Guilherme Martins Bouzan, Lucas Cavasin de Souza, Karen Ferraz de Aguiar Schiavon and Roberto Panucci Filho of Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados acted as Legal advisor to Allianz Seguros S.A. in transaction. Henrique Vargas Gama Beloch, Barbara Rosenberg, Sandra Terepins, Adriano Guatimosim Carneiro, Leonardo Carneiro da R. Ramos de Carvalho, Marcos Filipe Sussumu Ueda, Maria Amaral de Almeida Sampaio and Fernanda Pereira da Silva Nassif of Barbosa, Müssnich & Aragão Advogados acted as legal adviser to Sul América S.A. in transaction. Olimpia Partners Gestão de Recursos S.A. acted as financial sdvisors to Sul América.

Allianz Seguros S.A. completed the acquisition of Automobiles and Elementary Branch operations from Sul América S.A. (BOVESPA:SULA11) for BRL 3.2 billion on July 10, 2020.