Sul America S A : Minutes of the Board of Directors Meeting - Payment of Interest on Shareholders’ Equity

SUL AMÉRICA S.A.

Corporate Taxpayer ID (CNPJ/ME): 29,978,814/0001-87

Company Registry (NIRE): 3330003299-1

Authorized Capital Publicly Held Company

Minutes of the Board of Directors Meeting held on September 30, 2020.

On September 30, 2020, at 9 a.m., the Company Board of Directors met, as regularly convened, via conference call with the totality of members being present, to consider the following agenda:

• To approve, according to the applicable Law, and also to Article 32 of the Company Bylaws, the distribution of Interest on Shareholders' Equity in the gross amount of R$75,000,000.00 (seventy five million Reais) corresponding to R$0,0661584317718533 per common or preferred share not represented by unit, equivalent to R$0,1984752953155600 per unit, which after the retention of the income tax deduction, according to the applicable Law, equals to the net amount of R$0,0562346670060753 per common or preferred share not represented by unit, and R$0,1687040010182260 per unit, to be paid as of April 16, 2021. Shareholders that were registered in SulAmérica files in October 05, 2020, will be eligible to receive Interest on Shareholders' Equity and the Company's shares or units will be traded ex-Interest on Shareholders' Equity as of October 06, 2020.

The income tax retention will be applied to the amount of Interest on Shareholders' Equity hereby approved, except for those shareholders that are immune or exempt, according to the applicable Law. The net amount paid as Interest on Shareholders' Equity will be attributed to the total amount of dividends whose distribution will be submitted for approval at the Annual Shareholders Meeting to be held in 2021.

The attending Board Members unanimously approved the matter. There being no further matter to discuss, the meeting was adjourned and these minutes were drawn up, read, approved and signed by all attending Board Members.

Rio de Janeiro, September 30, 2020.

Signatures: Patrick de Larragoiti Lucas, Presidente; Carlos Infante Santos de Castro, Cátia Yuassa Tokoro, David Lorne Levy, Isabelle Rose Marie de Ségur Lamoignon, Jorge Hilário Gouvêa Vieira, Pierre Claude Perrenoud, Renato Russo, Romeu Cortês Domingues and Walter Roberto de Oliveira Longo; members of the Board of Directors; and Fernanda Bezerra, secretary of the meeting.

This is a free English translation of the minutes drawn up in the Company's records.

Fernanda Bezerra

ID document 174.796 (OAB/RJ)

Individual Taxpayer Register 086.375.037-05 (CPF/ME)

Secretary of the meeting