e. Description of the clauses related to the appointment of members to the Board of Directors

Control Group Members agree to appoint members for the Board of Directors of the Company, as follows: (i) during the time Par Participações is subject to the lock-up period (as described in item

“f” below), Par Participações will be entitled to appoint 4 (four) members and 4 (four) deputy members, and 1 (one) independent director (as defined in the regulations of BM&FBovespa’s New Market category under “Independent Director”) and their related deputy; (ii) during the time Caixa Seguros Holding is subject to the lock-up period (as described in item “f” below), Caixa Seguros Holding will be entitled to appoint 3 (three) members and 3 (three) deputy members, and 1 (one) Independent Director and their related deputy; and (iii) during the time Nisa is subject to the lock-up period (as described in item “f” below) or holds at least 10.0% (ten per cent) of the Company‘s total and voting capital, Nisa will be entitled to appoint 1 (one) member and 1 (one) deputy member.

Once the lock-up period applicable to Caixa Seguros Holding and Par Participações has expired, and during the time Par Participações and Caixa Seguros Holding hold together the controlling interest of the Company, the members of the Board of Directors (and their related deputy members) appointed by Par Participações and Caixa Seguros Holding will continue to be appointed as established above, except if, at any time after the expiration of the lockup period, the ownership interest held by Par Participações and Caixa Seguros Holding is altered; in such a case the appointment of directors shall be made as follows: (x) in the event the ownership interest of Caixa Seguros Holding in the Company becomes equal to the ownership interest held by Par Participações, Caixa Seguros Holding shall be entitled to appoint 1 (one) more member and the related deputy member, in order to have the same number of members and their related deputy members appointed by Par Participações; and (y) in the event the ownership interest of Par Participações in the Company becomes less than the ownership interest held by Caixa Seguros Holding, Caixa Seguros Holding will be entitled to appoint one more member and their related deputy, in order to have 1 (one) more member and their related deputy member than the number of members appointed by Par Participações.

The Chairperson of the Board of Directors of the Company and its associates, as applicable, shall be appointed by Par Participações, and the Vice-President of the Board of Directors of the Company and its associates, as applicable, shall be appointed by Caixa Seguros Holding.