Translation Results Requested Through Conyac Made Public

Local press reports that ING could launch an IPO of these Latin American assets as a whole or sell its stake in SulAmerica publicly or in a private deal with Zurich.
"We would not see the potential transfer of control as a risk to our investment case. Fundamentally speaking, we don't believe that a strategic sale would be disruptive to SulAmérica's distribution network with brokers. SulAmerica could be a good "complementary asset for other banks having small operations in personal lines , an attractive way for an international life [or] non-life competitor to increase exposure to faster-growing regions or for any specialized player that aims to play the secular insurance market in developing countries." "Should the family decide to sell control, we believe Sul will be sold to a financial institution which will incorporate its portfolio and expand the distribution potential through access to the banking channel," Whately wrote in a note. "This would be the most interesting alternative for the minority shareholders as there could be a premium as a result of the competition, there is a tag-along right of 100% and the company's competitive position would expand."

Analysts noted the possibility of SulAmerica remaining the largest insurer not owned by a big banking franchise or a transaction, "in which the family remains at the front of the business for some time with control gradually transferred to the buyer."