Sul America S A : Notice to Shareholders - Payment of Dividends and Interest on Shareholders` Equity

SUL AMÉRICA S.A.

National Registry of Corporate Taxpayers (CNPJ/MF) 29.978.814/0001-87

Number of Corporate Registry Identification (NIRE) 3330003299-1

Publicly-held Company with Authorized Share Capital

NOTICE TO SHAREHOLDERS

Sul América S.A. (B3: SULA11) ("Company" or "SulAmérica") hereby informs its shareholders that, as approved by the Board of Directors in a meeting held on November 12, 2020, the payment of interim dividends based on the profit account verified in the balance sheet of September 30, 2020, in the amount of R$343,000,000.00, to be paid at the rate of R$0.302578586001467 per Company's common or preferred shares not represented by unit, and R$0.907735758004401 per unit, will be carried out as of November 27, 2020. Shareholders registered in the Company's records in November 17, 2020 will be entitled to receive the dividends, with the shares and units being traded "ex right" to the dividend as of November 18, 2020, inclusive.

The Company also informs the anticipation of the payment, as of November 27, 2020, of Interest on Shareholders' Equity ("JCP"), approved at the meetings of the Board of Directors, as follows:

• JCP approved on March 17, 2020, in the total gross amount of
  R$80,000,000.00 (eighty million reais), corresponding to R$0.0688949021048395 per common or preferred share, and R$0.2066847063145190 per unit. Shareholders registered in the Company's records on March 20, 2020 are entitled to receive interest on capital, while the shares and units as from March 23, 2020, inclusive, will not have rights to receive interest on capital, in accordance with the Notice to Shareholders published on March 17, 2020. The income tax withholding (imposto de renda na fonte or "IRRF") was applied to the amount of interest on capital, except to shareholders that evidenced to be exempt or immune, in accordance with applicable legislation, by presenting to the Company the documentary evidence of their tax status until March 23, 2020.
• JCP approved on June 12, 2020, in the total gross amount of R$75,000,000.00 (seventy five million reais), corresponding to R$0.0644438542934044 per common or preferred share, and R$0.1933315628802130 per unit.
  Shareholders registered in the Company's records on June 17, 2020 are entitled to receive interest on capital, while the shares and units as from June

18, 2020, inclusive, will not have rights to receive interest on capital, in accordance with the Notice to Shareholders published on June 12, 2020. The income tax withholding (imposto de renda na fonte or "IRRF") was applied to the amount of interest on capital, except to shareholders that evidenced to be exempt or immune, in accordance with applicable legislation, by presenting to the Company the documentary evidence of their tax status until June 18, 2020.

• JCP approved on September 30, 2020, in the total gross amount of R$75,000,000.00 (seventy five million reais), corresponding to R$0.0661584317718533 per common or preferred share, and R$0.1984752953155600 per unit. Shareholders registered in the Company's records on October 05, 2020 are entitled to receive interest on capital, while the shares and units as from October 06, 2020, inclusive, will not have rights to receive interest on capital, in accordance with the Notice to Shareholders published on September 30, 2020. The income tax withholding (imposto de renda na fonte or "IRRF") was applied to the amount of interest on capital, except to shareholders that evidenced to be exempt or immune, in accordance with applicable legislation, by presenting to the Company the documentary evidence of their tax status until October 06, 2020.

For further information and/or clarification, shareholders may contact Itaú Corretora de Valores S.A., the custody agent of the Company's shares.

Rio de Janeiro, November 12, 2020. The Management.