Sul America S A : Minutes of the Board of Directors Meeting - Statutory Officers

SUL AMÉRICA S.A.

CNPJ/ME nº 29.978.814/0001-87

NIRE 3330003299-1

A Publicly held Company with Authorized Capital

Minutes of the Meeting of the Board of Directors

held on January 12, 2021

On January 12, 2021, at 2.00 p.m., by teleconference, the Board of Directors met, on duly-issued notice of call to meeting, with the presence of the totality of its members, to decide on the matter contained in the following agenda:

1 - Become aware of the decision of Mr. Gabriel Portella Fagundes Filho not to renewing his mandate as Chief Executive Officer of the Company and appoint Mr. Ricardo Bottas Dourado dos Santos, current Vice-President of Control and Investor Relations Officer, to the position of Chief Executive Officer of the Company after the end of Mr. Gabriel Portella's term, on 03/29/2021, date expected to the Company's Annual Shareholders Meeting.

After discussion, the Board of Directors presented at the meeting unanimously approved the matter on the agenda, recommending that the transition process be initiated, which will be conducted by Mr. Gabriel Portella with the supervision of the Board of Directors. Additionally, the Board invited Mr. Gabriel Portella to join the Board of Directors, composing the slate to be submitted to the Company's Annual Shareholders' Meeting, scheduled for 03/29/2021.

There being no further business, the meeting was concluded with the drawing-up of these minutes, which, after having been read and found in conformity, was signed by all those present at the meeting.

Rio de Janeiro, January 12, 2021.

Signatures:Patrick Antonio Claude de Larragoiti Lucas, Carlos Infante de Castro, Cátia Yuassa Tokoro, David Lorne Levy, Isabelle Rose Marie de Ségur Lamoignon, Jorge Hilário Gouvêa Vieira, Pierre Claude Perrenoud, Renato Russo, Romeu Côrtes Domingues e Walter Roberto de Oliveira Longo, Members of the Board of Directors; and Bruno Macedo de Larragoiti Lucas and Louis Antoine de Ségur de Charbonnières, Observers.

This is a faithful copy of the original drawn up in the book of minutes.

Patrick Antonio Claude de Larragoiti Lucas

Identity nº 004.785.073-0 (DETRAN) - CPF/MF nº 718.245.297-91

Chairman of the Board of Directors