The Brazilian legislation requires that financial institutions have a defined controlling shareholdership. Thus, Banco Indusval S.A. controlling shareholdership is ruled by a Shareholders Agreement, executed on November 7, 2011 and amended previosly on May 14, 2012, which includes Mr. Jair Ribeiro da Silva Neto to the Controlling Group, and subsequently on November 04, 2013 with the inclusion of Messrs. Afonso Antônio Hennel, Roberto de Rezende Barbosa and Maria Cecilia Cavalcante Ciampolini to the Controlling Group. and with a third addition on January 18, 2016, in which after the inventory and sharing process, due to the death of Mr. Carlos Ciampolini, ON shares issued by Indusval were transferred to Mr. Carlos Eduardo and Mr. Caio, who will not be part of the Control Group and with a fourth addition on August 1, 2016, in which the shareholder Antonio Geraldo da Rocha withdrew from the Control Group as approved by the Central Bank on 02.03.2017.

The Shareholders Agreement aims at ruling the majority shareholders of Banco Indusval S.A. voting behaviour and pursuant to article 116 combined with article 118 of Law # 6404/76, it declares as jointly controlling shareholders Messrs. Luiz Masagão Ribeiro, Manoel Felix Cintra Neto, Carlos Ciampolini, Antonio Geraldo da Rocha, Jair Ribeiro da Silva Neto, Afonso Antônio Hennel, Roberto de Rezende Barbosa and Maria Cecilia Cavalcante Ciampolini, who commit to vote uniformly in all matters of competence of the ordinary, extraordinary and special general meetings and to elect the majority of directors, and to effectively use this power to control the corporate activities to direct and guide the functioning of the organs of the society.

On March 30, 2011, pursuant to the Material Fact disclosed on March 22, a Shareholders Agreement with WPX Fundo de Investimento em Participações was executed including WPX right to elect a member of the Board of Directors, among other rights detailed in such Agreement, although this is a minority investment that does not take part in the controlling shareholdership.