Banco do Estado do Rio Grande do Sul S A : Financial Statements 3Q22 IFRS

(Convenience Translation into English from the Original Previously Issued in Portuguese)

Banco do Estado do Rio Grande do Sul S.A.

Consolidated Interim Financial Statements in IFRS for the Three and Nine-month

Period Ended September 30, 2022 and Independent Auditor's Report

Deloitte Touche Tohmatsu Auditores Independentes Ltda.

Deloitte Touche Tohmatsu Av. Carlos Gomes, 222 - 2º andar - Boa Vista -

90480-000 - Porto Alegre - RS Brasil

Tel.: + 55 (51) 3327-8800

Fax: + 55 (51) 3328-3031

www.deloitte.com.br

(Convenience Translation into English from the Original Previously Issued in Portuguese)

REPORT ON REVIEW OF CONSOLIDATED INTERIM FINANCIAL STATEMENTS

To the Board of Directors, Management and Shareholders of

Banco do Estado do Rio Grande do Sul S.A.

Introduction

We have reviewed the accompanying consolidated interim financial statements of Banco do Estado do Rio Grande do Sul S.A. ("Bank"), which comprises the balance sheet as at September 30, 2022, and the related statements of income and of comprehensive income for the three and nine-month period then ended, of changes in equity and of cash flows for the nine-month period then ended, including the explanatory notes.

Management is responsible for the preparation and fair presentation of these consolidated interim financial statements in accordance with IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB. Our responsibility is to express a conclusion on these consolidated interim financial statements based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Review of Interim Financial Statements (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the consolidated interim financial statements

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial statements referred to above are not prepared, in all material respects, in accordance with IAS 34 - Interim Financial Reporting, issued by the IASB.

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© 2022. For information, contact Deloitte Global.

Other matters

Consolidated statements of value added

The consolidated interim financial statements referred to above include the consolidated statements of value added - DVA for the nine-month period ended September 30, 2022, prepared under the responsibility of the Bank's Management, the presentation of which is made on a voluntary basis. These statements were subject to review procedures performed together with the review of the consolidated interim financial statements to reach a conclusion on whether they are reconciled with the consolidated interim financial statements and accounting records, as applicable, and whether their form and content are consistent with the criteria set out in technical pronouncement CPC 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that these statements of value added are not fairly presented, in all material respects, in accordance with the criteria set out in technical pronouncement CPC 09 and consistently with the accompanying consolidated interim financial statements taken as a whole.

The accompanying consolidated interim financial statements have been translated into English for the convenience of readers outside Brazil.

Porto Alegre, November 7, 2022

DELOITTE TOUCHE TOHMATSU	Carlos Claro
Auditores Independentes Ltda.	Engagement Partner

2022SP018024
© 2022. For information, contact Deloitte Global.	2

Consolidated Financial Statements under IFRS

September 2022

Financial Statements

September 2022

MANAGEMENT REPORT..............................................................................................................................	Error! Bookmark not defined.
FINANCIAL STATEMENTS .................................................................................................................................................................	28
CONSOLIDATED BALANCE SHEETS ............................................................................................................................................................................................................................	28
CONSOLIDATED BALANCE SHEETS ............................................................................................................................................................................................................................	29
CONSOLIDATED INCOME STATEMENT ......................................................................................................................................................................................................................	30
CONSOLIDATED STATEMENT OFCOMPREHENSIVEINCOME ..............................................................................................................................................................................	31
CONSOLIDATED STATEMENT OFCHANGESINSHAREHOLDERS'EQUITY........................................................................................................................................................	32
CONSOLIDATED STATEMENT OFCASH FLOWS.......................................................................................................................................................................................................	33
STATEMENT OFADDED VALUE ....................................................................................................................................................................................................................................	34
NOTES TO THE FINANCIAL STATEMENTS ...........................................................................................................................................	35
NOTE 01 -GENERALINFORMATION...........................................................................................................................................................................................................................	35
NOTE 02 - PRESENTATION ON INTERIM CONSOLIDATED FINANCIAL STATEMENTS ...................................................................................................	35
NOTE 03 -SUMMARYOFSIGNIFICANTACCOUNTING PRACTICES......................................................................................................................................................................	37
NOTE 04 -ESTIMATESAND CRITICALACCOUNTING JUDGMENTS.....................................................................................................................................................................	48
NOTE 05 -CAPITALMANAGEMENT AND CORPORATE RISK...................................................................................................................................................................................	49
NOTE 06 -SEGMENTINFORMATION ..........................................................................................................................................................................................................................	70
NOTE 07 -CASHAND CASHEQUIVALENTS...............................................................................................................................................................................................................	71
NOTE 08 -COMPULSORYDEPOSITSIN CENTRAL BANKOFBRAZIL...................................................................................................................................................................	72
NOTE 09 -INTERBANKINVESTMENTS.......................................................................................................................................................................................................................	72
NOTE 10 -FINANCIALASSETSATAMORTIZATION COST -SECURITIES ............................................................................................................................................................	72
NOTE 11 -CREDIT OPERATIONSAND FINANCIAL LEASING ..................................................................................................................................................................................	73
NOTE 12 -FINANCIALASSETSAT FAIR VALUETHROUGHOTHER COMPREHENSIVE INCOME -SECURITIES ...........................................................................................	75
NOTE 13 -FINANCIALASSETSAT FAIR VALUETROUGHINCOME -SECURITIES..............................................................................................................................................	75
NOTE 14 -DERIVATIVE FINANCIALINSTRUMENTS..................................................................................................................................................................................................	76
NOTE 15 -OTHER FINANCIALASSETS........................................................................................................................................................................................................................	77
NOTE 16 -OTHER ASSETS ............................................................................................................................................................................................................................................	78
NOTE 17 -INVESTMENTS IN ASSOCIATES.................................................................................................................................................................................................................	78
NOTE 18 -PROPERTY, PLANTANDEQUIPMENT .....................................................................................................................................................................................................	79
NOTE 19 -INTANGIBLEASSETS...................................................................................................................................................................................................................................	80
NOTE 20 -FINANCIAL LIABILITIESATAMORTIZED COST.......................................................................................................................................................................................	81
NOTE 21 -FINANCIAL LIABILITIESAT FAIR VALUE THROUGHINCOME ..............................................................................................................................................................	81
NOTE 22 -PROVISIONS, CONTINGENT ASSETS AND LIABILITIES ........................................................................................................................................................................	81
NOTE 23 -OTHER FINANCIALLIABILITIES.................................................................................................................................................................................................................	83
NOTE 24 -DEFERRED TAXES........................................................................................................................................................................................................................................	84
NOTE 25 -OTHER LIABILITIES......................................................................................................................................................................................................................................	85
NOTE 26 -EQUITY............................................................................................................................................................................................................................................................	85
NOTE 27 -NETINTEREST INCOMEANDSIMILAR.....................................................................................................................................................................................................	87
NOTE 28 -NET GAINS (LOSSES)WITHASSETS AND LIABILITIESAT FAIR VALUE .............................................................................................................................................	87
NOTE 29 -REVENUES FROM FEES AND SERVICES ..................................................................................................................................................................................................	87
NOTE 30 -PERSONNELEXPENSES.............................................................................................................................................................................................................................	87
NOTE 31 -OTHER ADMINISTRATIVE EXPENSES ......................................................................................................................................................................................................	88
NOTE 32 -OTHER OPERATINGINCOME....................................................................................................................................................................................................................	88
NOTE 33 -OTHER OPERATINGEXPENSES................................................................................................................................................................................................................	88
NOTE 34 -INCOMETAXAND SOCIAL CONTRIBUTION ...........................................................................................................................................................................................	89
NOTE 35 -EARNINGS PER SHARE ...............................................................................................................................................................................................................................	90
NOTE 36 -POST-EMPLOYMENTLONG-TERM BENEFIT OBLIGATIONS TOEMPLOYEES .................................................................................................................................	90
NOTE 37 -COMMITMENTSAND OTHERMATERIALINFORMATION ..................................................................................................................................................................	101
NOTE 38 -RELATED-PARTYTRANSACTIONS..........................................................................................................................................................................................................	101
NOTE 39 -OTHER INFORMATION..............................................................................................................................................................................................................................	103

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