Sul America S A : Notice to Shareholders - SulAmérica and Rede D’Or Association - Right to Withdraw

SUL AMÉRICA S.A.

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

Number of Corporate Registry Identification (NIRE) 3330003299-1

Brazilian Securities Commission (CVM) n. 02112-1

Publicly-Held Company with Authorized Share Capital

NOTICE TO THE SHAREHOLDERS

SUL AMÉRICA S.A. (B3: SULA11) ("Company" or "SulAmérica") hereby informs its shareholders over the approval of the merger of SulAmérica into Rede D'Or São Luiz S.A. ("Rede D'Or") ("Marger" or "Transaction") resolved on the Extraordinary Shareholders' Meeting of the Company ("Meeting") and on the Extraordinary Shareholders' Meeting of Rede D'Or, both held on April 14, 2022.

The consummation of the Merger is subject to the approval of the Transaction by the competent regulatory agencies and further conditions foreseen at the Protocol and Justification of the Merger.

The Company informs below the conditions for the exercise of the right to withdrawal by the Company's shareholders that dissent from the resolutions of the Meeting that approved the Merger.

1. RIGHT TO WITHDRAWAL. According to article 136, IV, coupled with article 137, II, both of Law n. 6.404/1976, as amended ("Corporation Law"), the shareholders dissenting from the resolutions relating to the Merger may exercise the right to withdrawal from the Company through the reimbursement of the value of its shares. The right to withdrawal is conditioned to the consummation of the Transaction, as established in the Protocol and Justification. The right of withdrawal can only be exercised by the Company's shareholders who: (i) have voted against the Merger, (ii) have abstained from voting in relation to the resolutions related to the Merger or (iii) do not attend the Meeting.

2. SHARES HELD UNINTERRUPTEDLY. The shareholders can only exercise their right to withdrawal in relation to the shares, ordinary and/or preferred, in the form of units or not, issued by the Company, of which they are demonstrably uninterruptedly proprietary from February 23, 2022 (the date of disclosure of the notice of material fact that announced the Merger) to the date of the effective exercise of the right to withdrawal, as provided for under article 137, Paragraph 1, of the Corporation Law.

2.1 The shares acquired after February 23, 2022, inclusive, by means of stock lease, will not be eligible to the right of withdrawal relating to the Merger.

3. REIMBURSMENT AMOUNT. The shareholders that exercise the right to withdrawal will receive, as reimbursement, the amount of R$20.31 (twenty reais and thirty one cents) per unit or R$6.77 (six reais and seventy seven cents) per share issued by the Company, regardless of the type, ordinary or preferred, that corresponds to the amount of the net income by share of the Company, based on the financial statements related to the calendar year ended December 31, 2021. The reimbursement amount will only be due by means of the conclusion of the Merger.

4. SPECIAL BALANCE SHEET. The shareholders that exercise the right tof withdrawal will have the right to require a special balance sheet, pursuant to article 45, Paragraph 2, of the Corporation Law.

4.1. If there is the requirement of the special balance sheet, the shareholder will receive 80% (eighty per cent) of the reimbursement amount, and the balance, if any, being paid within 120 days from the date of consummation of the Merger.

5. DEADLINE FOR THE EXERCISE OF THE RIGHT TO WITHDRAWAL. The shareholders that wish to exercise their right to withdrawal shall do it within thirty (30) days from the publication of the minutes of the Company's Meeting, namely, between April 18, 2022, inclusive, and May 18, 2022, inclusive.

6. PROCEDURES FOR THE EXERCISE OF THE RIGHT TO WITHDRAWAL.

6.1 Exercise of the right to withdrawal at the Central Securities Depository. The shareholders which shares are held under the custody of the B3 S.A. - Brasil, Bolsa, Balcão's Central Securities Depository shall, considering the procedures and deadlines of such Central Securities Depository, exercise their right to withdrawal by means of its respective custodian agencies, hiring them with the necessary advance timeframe for the taking of necessary measures and for consulting them with respect of the necessary documents.

6.2 Exercise of the right to withdrawal at the bookrunning environment. The shareholders which shares are carried by Itaú Corretora de Valores S.A., the bookrunning agent of the shares issued by the Company, shall make contact with the service channels for the shareholders in advance, with sufficient time for taking all necessary measures e for consulting them with respect of the necessary documents for the exercise of such right.

The service channels of Itaú Corretora de Valores S.A. for exclusive use of the investors are the following available on business days from 09:00a.m. until 6:00p.m.:

+55 (11) 3003-9285 (main cities and metropolitan regions)

0800 7209285 (other location)

6.3. For the exercise of the right of withdrawal, the shareholders shall present the following documents:

(a) Individual Shareholder: (i) Certified copy of (i.a) ID card and (i.b) National Individual Taxpayer's Registry Number (CPF), as well as (ii) the original version of the requirement letter signed by the shareholder, with the signature of the grantor certified by a notary public, or electronically signed by means of a digital certificate issued by an entity authorized by the Brazilian Public Keys Infrastructure - ICP-Brazil, requiring the withdrawal, that shall contain the shareholder's personal data, the name of the Company and the number of shares over which that the right to withdrawal shall be exercised;

(b) Legal Entity Shareholder: (i) Certified copy of (i.a) updated bylaws and minutes of the election of the management or the or articles of association, that is in force, (i.b) National Corporate Taxpayer Registry Number (CNPJ), (i.c) ID card and National Individual Taxpayer's Registry Number (CPF) and (i.d) proof of residence of its representatives, as well as (ii) the original version of the requirement letter signed by the shareholder, with the signature of the grantor certified by a notary public, or electronically signed by means of a digital certificate issued by an entity authorized by the Brazilian Public Keys Infrastructure - ICP-Brazil, requiring the withdrawal, that shall contain the shareholder's personal data, the name of the Company and the number of shares over which that the right to withdrawal shall be exercised; and

(c) Investment Fund Shareholder: (i)nCertified copy of (i.a) the latest consolidated regulations of the fund, duly registered before the competent body; (i.b) updated bylaws and minutes of the election of the management or the or articles of association, that is in force, of the fund manager (depending on the person that is authorized to attend and vote at the general meetings relating to the securities held by the fund); (i.c) National Corporate Taxpayer Registry Number (CNPJ) of the fund and/or the fund manager; (i.d) ID card and National Individual Taxpayer's Registry Number (CPF) and (i.e) proof of residence of its representatives, as well as; as well as (ii) the original version of the requirement letter signed by the shareholder, with the signature of the grantor certified by a notary public, or electronically signed by means of a digital certificate issued by an entity authorized by the Brazilian Public Keys Infrastructure - ICP-Brazil, requiring the withdrawal, that shall contain the shareholder's personal data, the name of the Company and the number of shares over which that the right to withdrawal shall be exercised.

6.3.1. The shareholders that are represented by proxy shall deliver, besides the above mentioned documents, the respective instrument of power of attorney, that shall contain special powers for the attorney in fact to express in the shareholder's name the right to withdrawal and require the reimbursement of the shares.

7. CONFIRMATION OF THE CONDITIONS PRECEDENT AND REIMBURSMENT

PAYMENT. After the conditions precedent for the Merger are verified (or waived, as the case may be), the Company will take the necessary acts to implement it. With the consummation of the Merger, the Company will inform its shareholders over the date of the payment of the reimbursement of the shares of those who exercised the right of withdrawal and additional operational information.

Further information related to the implementation of the Merger will be timely disclosed by the Company.

Rio de Janeiro, April 14, 2022.

Ricardo Bottas Dourado dos Santos

Chief Executive Officer and Investors Relations Officer