Sul America : Notice to Shareholders - Payment of Interest on Shareholders' Equity

SUL AMÉRICA S.A.

Corporate taxpayers' ID (CNPJ/MF) nº 29,978,814/0001-87

Company Registry (NIRE) 3330003299-1

Authorized Capital Publicly-held Company

Notice to Shareholders - Payment of Interest on Shareholders' Equity - Sul

América S.A. ("SulAmérica" or "Company") (B3: SULA11) hereby informs its shareholders that, as approved by the Company Board of Directors at a meeting held on December 22, 2017, SulAmérica will distribute Interest on Shareholders' Equity in the total gross amount of R$140,000,000.00 (one hundred and forty million Reais), as follows:

• 1. Value of Interest on Shareholders' Equity per share: The total gross amount of

  R$140,000,000.00 (one hundred and forty million Reais) corresponding to R$0.1205933009170620 per common or preferred share not represented by unit, and R$0.3617799027511850 per unit. The income tax withholding (imposto de renda na fonte or "IRRF") will be applied to the payment of Interest on Shareholders' Equity, except for the shareholders that are immune or exempt, according to the applicable Law.

• 2. Record Date and Ex-Date: According to the applicable Law, shareholders in the

  Company's records on December 28, 2017 are entitled to receive Interest on Shareholders' Equity. We also clarify that the Company's shares (SULA11) shall be negotiated ex-Interest on Shareholders' Equity as of December 29, 2017.

• 3. Income tax: The income tax retention will be applied to the amount of Interest on

  Shareholders' Equity as informed in item 1, according to the applicable Law. Shareholders that are immune or exempt should present the corresponding

• documentation at the Company's Headquarters until December 29, 2017.

• 4. Payment: The payment will be made in one installment, as follows:

  •  The gross amount of R$140,000,000.00 (one hundred and forty million Reais) corresponding to R$0.1205933009170620 per common or preferred share not represented by unit, and R$0.3617799027511850 per unit, which after the retention of the income tax deduction, according to the applicable Law, equals to the net amount of R$0.1025043057795020 per common or preferred share not represented by unit, and R$0.3075129173385070 per unit, to be paid as of April 18, 2018.

The Interest on Shareholders' Equity, net of income tax, will be attributed to the calculation of mandatory dividends of 2017 fiscal year, as provided in Paragraph 7, Article 9 of Law 9,249/95.

For further information and/or clarification, shareholders may contact the specialized branches listed below or any other branch of Banco Itaú Unibanco, during banking business hours.

• . Rio de Janeiro (RJ): Av. Almirante Barroso, 52 - 2º andar

• . São Paulo (SP): Rua Boa Vista 176, 1º subsolo

Rio de Janeiro, December 22, 2017. The Management.