Banco Safra S.A

Consolidated Financial Statements of the Prudential Conglomerate | Banco Safra S.A.

Consolidated Financial Statements for the period ended September 30, 2020

Banco Safra S.A. CNPJ 58.160.789/0001-28 Avenida Paulista, 2.100 - Bela Vista, São Paulo, SP

José Manuel da Costa Gomes Accountant – CRC nº 1SP219892/O-0

Independent Auditors’ Report

Deloitte Touche Tohmatsu Auditores Independente

(A free translation of the original report in Portuguese as published in Brazil)

1 Consolidated Financial Statements | Banco Safra S.A.

CONTENTS

CONSOLIDATED FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL POSITION ______2 STATEMENT OF INCOME AND COMPREHENSIVE INCOME FOR THE PERIOD______3 STATEMENT OF CHANGES IN EQUITY ______4 STATEMENT OF CASH FLOWS ______5

NOTES TO THE FINANCIAL STATEMENTS 1. OPERATIONS ______6 2. PRESENTATION OF THE FINANCIAL STATEMENTS______6 3. SIGNIFICANT ACCOUNTING POLICIES ______7 4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS ______13 5. CASH AND CASH EQUIVALENTS ______14 6. INTERBANK INVESTMENTS AND CENTRAL BANK COMPULSORY DEPOSITS ______14 7. OPEN MARKET INVESTMENTS AND FUNDING - GOVERNMENT SECURITIES ______15 8. FINANCIAL ASSETS ______16 9. CREDIT PORTFOLIO ______25 10. FINANCIAL LIABILITIES AND MANAGED ASSETS ______29 11. INSURANCE, REINSURANCE AND PRIVATE PENSION OPERATIONS ______33 12. OTHER FINANCIAL ASSETS AND LIABILITIES AND REVENUE, EXPENSES AND INCOME FROM OPERATIONS ______38 13. OTHER ASSET, LIABILITY, AND INCOME ACCOUNTS ______40 14. CONTINGENT ASSETS AND LIABILITIES AND LEGAL OBLIGATIONS – TAX AND SOCIAL SECURITY ______41 15. TAXES ______42 16. PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS ______44 17. EQUITY ______45 18. RISK AND CAPITAL MANAGEMENT ______46 19. RELATED-PARTY TRANSACTIONS ______57 20. OTHER INFORMATION ______58

INDEPENDENT AUDITOR’S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS ______59

BANCO SAFRA S.A. AND SUBSIDIARIES ("SAFRA CONSOLIDATED") STATEMENT OF FINANCIAL POSITION - NOTE 2(a) ALL AMOUNTS IN THOUSANDS OF REAIS

CONSOLIDATED CONSOLIDATED ASSETS Notes 09.30.2020 12.31.2019 LIABILITIES Notes 09.30.2020 12.31.2019

Cash 3(a) and 5 1,920,254 1,312,970 Financial liabilities 3(b-I and II) and 10 142,597,990 119,981,415 Funding 117,618,807 99,383,705 Interbank investments and Central Bank compulsory deposits 3(b) and 6 23,472,993 19,059,650 Borrowings and onlending 14,301,982 12,524,348 Subordinated debt 10,677,201 8,073,362 Financial assets 35,171,013 23,175,896 Marketable securities 3(b-I and II) and 8(a) 30,769,628 21,432,590 Derivative financial instruments 3(b-III) and 8(b) 4,401,385 1,743,306 Derivative financial instruments 3(b-III) and 8(b) 4,450,638 1,705,766

Investments linked to open market operations - Government securities 3(b-I and II) and 7(a) 22,886,672 28,472,607 Open market funding - Government securities 3(b-I and II) and 7(b) 22,774,091 28,208,651

Insurance, reinsurance and private pension operations 19,631,677 18,519,543 Insurance and private pension operations 11(c) 19,403,404 18,389,590 Funds guaranteeing technical reserves 11(a) 19,397,971 18,389,404 Technical reserves 3(g-III) 19,391,926 18,373,139 Receivables from insurance and reinsurance operations 3(g-I) and 11(b) 233,706 130,139 Payables for insurance and reinsurance operations 3(g-I) 11,478 16,451

Credit portfolio 3(c) and 9 98,818,777 90,668,515 Credit portfolio 102,221,460 93,796,391 (Allowance for credit risks) (3,402,683) (3,127,876)

Other financial assets 12(a) 6,285,249 5,535,630 Other financial liabilities 12(a) 7,205,687 6,389,575

Provisions for contingent liabilities 3(h) and 14(c) 1,795,806 1,884,481

Tax assets 15(b-I) 3,947,582 2,838,218 Tax liabilities 15(b-I) 1,154,017 1,285,394

Other assets 13(a) 600,106 420,243 Other liabilities 13(b) 1,091,936 1,055,125

Investments 3(d) 5,347 5,347

Property and equipment and intangible assets 3(e) and 16 796,956 775,753 CONSOLIDATED EQUITY 17 13,063,057 11,884,375

TOTAL ASSETS 213,536,626 190,784,372 TOTAL LIABILITIES 213,536,626 190,784,372

The accompanying notes are an integral part of these financial statements.

2 BANCO SAFRA S.A. AND SUBSIDIARIES ("SAFRA CONSOLIDATED") STATEMENT OF INCOME FOR THE PERIODS ENDED SEPTEMBER 30 - NOTE 2(a) ALL AMOUNTS IN THOUSANDS OF REAIS

CONSOLIDATED Notes 2020 2019

INCOME FROM FINANCIAL INTERMEDIATION 12(b-I) 9,219,230 11,065,593 Financial assets 1,990,564 3,494,333 Expanded credit portfolio operations 7,216,257 7,560,559 Other finance income 12,409 10,701

EXPENSES OF FINANCIAL INTERMEDIATION 12(b-II) (4,274,173) (6,596,231) Financial liabilities (3,274,036) (4,905,506) Open market funding - Government securities (885,783) (1,572,923) Other finance expenses 14(c) (114,354) (117,802)

FINANCIAL INSTRUMENTS, NET 12(b-III) and 18(c-II(2)) (1,525,034) (157,363)

FINANCE INCOME FROM INSURANCE AND PRIVATE PENSION OPERATIONS 11(e) 10,710 13,290

GROSS INCOME FROM FINANCIAL INTERMEDIATION BEFORE CREDIT RISK 3,430,733 4,325,289

RESULTS WITH CREDIT RISK 3(c) (851,465) (429,671) Expenses of allowance for credit risks 9(a-III) (1,116,593) (576,171) Income from recovery of credits written-off as loss 9(d) 265,128 146,500

NET INCOME ON FINANCIAL INTERMEDIATION 2,579,268 3,895,618

OTHER INCOME FROM OPERATIONS 1,744,710 1,534,646 Revenue from service, bank fees and foreign exchange transactions 12(b-IV) 1,529,055 1,339,198 Insurance, reinsurance and private pension operations 3(g) and 12(b-V) 215,655 195,448

TAX EXPENSES OF OPERATIONS 3(j), 15(a-II) and 18(c-II(2)) (351,106) (395,325)

NET INCOME FROM OPERATIONS 18(c-II(2)) 3,972,872 5,034,939

OTHER OPERATING INCOME (EXPENSES) (3,149,093) (3,126,963) Personnel expenses 13(c) (2,203,045) (2,126,561) Administrative expenses 13(d) (837,939) (831,627) Other operating income (expenses) 14(c) (108,109) (168,775)

INCOME BEFORE TAXES 823,779 1,907,976

INCOME TAX AND SOCIAL CONTRIBUTION 3(j), 15(a-I) and 18(c-II(2)) 550,742 (324,099) Current tax (419,575) (505,736) Deferred tax 970,317 181,637

NET INCOME 1,374,521 1,583,877

Basic and diluted earnings per share - Quantity of shares 15,300 (15,300 at 09.30.2019) 17(a) 89.84 103.52

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED SEPTEMBER 30 ALL AMOUNTS IN THOUSANDS Notes 2020 2019 NET INCOME 1,374,521 1,583,877

Available-for-sale financial assets 17(d) 4,287 (3,049) Net change in unrealized gains / (losses) 11,816 607 Change in fair value in the period 26,030 859 Tax effect (14,214) (252) Realized gains transferred to income for the period (7,529) (3,656) Profit /(loss) on sale of securities (16,586) (5,178) Tax effect 9,057 1,522

COMPREHENSIVE INCOME 1,378,808 1,580,828

Comprehensive income - Basic and diluted earnings per share - Number of shares: 15,300 (15,300 at 09.30.2019) 17(a) 90.12 103.32

The accompanying notes are an integral part of these financial statements.

3 BANCO SAFRA S.A. AND SUBSIDIARIES ("SAFRA CONSOLIDATED") STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS ENDED - NOTE 17 ALL AMOUNTS IN THOUSANDS OF REAIS

Paid-up Revenue Carrying value Retained capital reserves adjustment earnings Total

AT JANUARY 1, 2019 10,716,042 1,069,185 6,433 - 11,791,660

Capital increase 757,479 (757,479) - - - Carrying value adjustments - Available-for-sale securities - - (3,049) - (3,049) Net income for the period - - - 1,583,877 1,583,877 Allocation: Legal reserve - 79,194 - (79,194) - Special reserve - 937,809 - (937,809) - Interest on capital - - - (566,874) (566,874)

AT SEPTEMBER 30, 2019 11,473,521 1,328,709 3,384 - 12,805,614

AT JANUARY 1, 2020 11,473,521 408,301 2,553 - 11,884,375

Carrying value adjustments - Available-for-sale securities - - 4,287 - 4,287 Net income for the period - - - 1,374,521 1,374,521 Allocation: Legal reserve - 68,726 - (68,726) - Special reserve - 1,105,669 - (1,105,669) - Interest on capital - - - (200,126) (200,126)

AT SEPTEMBER 30, 2020 11,473,521 1,582,696 6,840 - 13,063,057

The accompanying notes are an integral part of these financial statements.

4 BANCO SAFRA S.A. E CONTROLADAS ("SAFRA CONSOLIDADO") STATEMENT OF CASH FLOWS FOR THE PERIODS ENDED SEPTEMBER 30 - NOTE 3(a) ALL AMOUNTS IN THOUSANDS OF REAIS

CONSOLIDATED NOTES 2020 2019

CASH FLOWS FROM OPERATING ACTIVITIES ADJUSTED NET INCOME 716,138 1,511,526 Net income for the periods 1,374,521 1,583,877 Adjustments to net income: Depreciation, amortization and impairment 16(b) 163,013 107,047 Allowance for credit risk 9(a-III) 373,401 138,224 Provisions for contingent liabilities 14(c) (63,025) 79,859 Fair value adjustments of financial instruments – Not Realized 12(b-III) (76,127) (117,834) Finance expenses on financing liabilities 10(b-II) 167,460 243,732 Supplementary coverage (PCC) and related expenses reserve (PDR) - Net 11(d-II) (2,671) 15,715 Provision for current and deferred income taxes 15(a-I) (550,742) 324,099 Taxes paid (669,692) (863,193) Current (609,477) (709,997) Tax and social security contingent liabilities and legal obligations 14(c) (26,418) (111,587) Special Tax Regularization Program - PERT 15(b-I) (33,797) (41,609)

CHANGES IN ASSETS AND LIABILITIES BY OPERATING ACTIVITIES 488,040 4,242,968

NET INVESTMENTS (15,935,845) (6,436,028) In interbank investments (3,107,038) 4,016,742 In open market investments and funding - Government securities (assets/liabilities) 242,397 (359,356) In financial assets (8,604,579) (7,420,552) Marketable securities (net) (8,889,888) (7,735,496) Derivative financial instruments (assets/liabilities) 285,309 314,944 In credit portfolio (4,402,272) (5,054,537) In other financial assets and liabilities (64,353) 2,381,675

NET FUNDING 16,728,826 10,623,516 In financial liabilities - Net 16,824,475 10,630,306 Funding and Central Bank compulsory deposits 17,573,465 6,240,553 Funding 16,020,645 7,627,943 Central Bank compulsory deposits 1,552,820 (1,387,390) Borrowings and onlending (748,990) 4,389,753 In insurance, reinsurance and private pension operations (assets/liabilities) (95,649) (6,790) Funds guaranteeing technical reserves for insurance and private pension operations (assets) (1,008,567) (2,725,621) Insurance and private pension operations (liabilities) 1,013,814 2,758,154 Payables for insurance and reinsurance operations and others (100,896) (39,323)

NET OTHER RECEIVABLES AND LIABILITIES (304,941) 55,480 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 1,204,178 5,754,494

CASH FLOWS FROM INVESTING ACTIVITIES (Acquisition) of property and equipment in use 16(b) (120,523) (292,598) Disposal of property and equipment in use 16(b) 6,678 5,217 (Investment) in intangible assets 16(b) (70,371) (52,183) NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (184,216) (339,564)

CASH FLOWS FROM FINANCING ACTIVITIES Third-party funds 828,356 108,893 Funding 10(b-II) 1,204,902 1,112,736 Liabilities for marketable securities abroad 59,098 84,187 Subordinated debt 1,145,804 1,028,549 Redemptions 10(b-II) (376,546) (1,003,843) Liabilities for marketable securities abroad (104,328) (223,998) Subordinated debt (272,218) (779,845) Own funds - Dividends and Interest on capital 17(b) (93,581) (566,874) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 734,775 (457,981)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,754,737 4,956,949

Cash and cash equivalents at the beginning of the period 5,350,249 4,295,467 Foreign exchange gains (losses) on cash and cash equivalents 1,668,296 31,562 Cash and cash equivalents at the end of the period 5 8,773,282 9,283,978 INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 1,754,737 4,956,949

The accompanying notes are an integral part of these financial statements.

Consolidated Financial Statements | Banco Safra S.A.

NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2020 (ALL AMOUNTS IN THOUSANDS OF REAIS UNLESS OTHERWISE STATED) 1. OPERATIONS Banco Safra S.A. and its subsidiaries (collectively referred to as "Safra", "Safra Group”, or “Bank”), with registered office at Avenida Paulista, 2.100, São Paulo – SP, Brazil, are engaged in asset, liability and accessory operations inherent in the related portfolios authorized by the Brazilian Central Bank (commercial, real estate loans, credit, financing and investment, and lease), including foreign exchange, repurchase agreement, rural credit, and securities portfolio management operations, as well as complementary activities among which are insurance, private pension, brokerage and distribution of securities, management of investment funds and managed portfolio operations, and operations in the payment institution market through the Safrapay brand, in compliance with current legislation and regulations. 2. PRESENTATION OF THE FINANCIAL STATEMENTS a) Presentation of financial statements The consolidated financial statements of Banco Safra S.A. and subsidiaries (“CONSOLIDATED”), approved by the Board of Directors and Audit Committee on October 29, 2020, have been prepared and are presented following the accounting practices adopted in Brazil, in accordance with Law 6,404/1976 (Brazilian Corporate Law) and the respective changes introduced by Laws 11,638/2007 and 11,941/2009, associated with the rules established by the National Monetary Council (CMN), Brazilian Central Bank (BACEN), Brazilian Securities and Exchange Commission (CVM), National Council of Private Insurance (CNSP) and the Superintendence of Private Insurance (SUSEP), as applicable. We declare that all material information of the financial statements, and only it, has been evidenced and corresponds to the one used by Management in its administration. Safra adopts a set of criteria for presenting its transactions in its financial statements, always aiming at generating the best representation of the economic substance of its operations, applying the general criteria for preparing and disclosing financial statements established by CMN Resolution 4,720/2019, and complementary rules, in effect as of January 1, 2020. We highlight the following: I. The adoption of the concept of expanded credit portfolio – Note 3(c) implies the presentation of the following operations as transactions with credit characteristics in both statement of financial position and statement of income:  Lease operations, under the financial method, that is, at present value;  Advances on exchange contracts, reclassified from the group “Foreign Exchange Operations”, except the income and expenses arising from the differences in the exchange rates applied on the amounts in foreign currency, presented as foreign exchange transactions in Statement of Income;  Advances on receivables of payment arrangement, reclassified from the line item “Interbank and interdepartmental transactions”; and  Corporate securities issued by non-financial companies, reclassified from the line item “Marketable Securities”. II. The presentation in the Statement of Income of the following:  The foreign exchange gains or losses on investments abroad and the operations in foreign currency in the line item “Financial instruments, net”, together with the foreign exchange gains or losses on derivatives which provide their hedge, for better presentation of the effective coverage of foreign exchange exposure;  The income from operations net of its direct costs. Such costs are substantially represented by the recovery, origination and maintenance of operations; and  The income from provided guarantees and sureties together with income from expanded credit operations; they were previously stated in the line item “Revenue from service, bank fees and foreign exchange transactions”. III. Additionally, in this period, we have started to adopt the following criteria for presenting the Statement of Financial Position and/or Statement of Income:  The presentation in a single line of the operations of Seguradora Líder dos Consórcios DPVAT, in the line item “Receivables from insurance and reinsurance operations”. The reclassification of Seguradora Líder’s operations affected the total assets and liabilities in the amount of R$ 181,242 as at December 31, 2019;  The adoption of the new presentation format established in CMN Resolution 4,720/2019, where we highlight that Safra opted to present the accounts of the Statement of Financial Position in descending order of liquidity and maturity, without breaking them down between current and non-current. In the notes, we present, regarding significant portfolios, the amounts expected to be realized in 12 months or less and longer periods, according to the option established in Article 5 of BACEN Circular 3,959/2019; and  Presentation of Statement of Comprehensive Income, immediately after the Statement of Income. For purposes of comparability, the balances and results arising from the criteria adopted in this period were reclassified in the comparative statements for the prior periods. The reclassification of the carrying amounts of assets, liabilities and income arising from the new presentation format did not change the total assets and liabilities, equity or net income for the periods ended September 30, 2020, December 31, 2019 and September 30, 2019. b) Basis of consolidation The asset, liability and income accounts between the parent company and its subsidiaries, as well as the unrealized gains and losses between the companies included in the consolidation, were eliminated in the consolidated financial statements. The Exclusive Investment Funds of the consolidated companies’ investments are consolidated. The securities and investments in the portfolios of these funds were classified by type of transaction and were distributed into types of securities, in the same categories to which they were originally allocated.

Consolidated Financial Statements | Banco Safra S.A.

The entities based overseas, basically represented by the branches in Cayman and Luxembourg, are shown consolidated in the financial statements. The consolidated balances of these entities, excluding the amounts of transactions among them, were translated at the foreign exchange rate ruling at the corresponding reporting date and are presented below: Assets Liabilities Equity Total as at 09.30.2020 30,397,432 27,089,776 3,307,656 Total as at 12.31.2019 21,136,058 18,055,548 3,080,510 The consolidated financial statements comprise Banco Safra and its subsidiaries, including fully consolidated exclusive investment funds, highlighting: Ownership interests % 09.30.2020 12.31.2019 Banco J. Safra S.A. 100.00 100.00 Safra Leasing S.A. – Arrendamento Mercantil 100.00 100.00 Banco Safra (Cayman Islands) Limited.(1) 100.00 100.00 Safra Corretora de Valores e Câmbio Ltda. 100.00 100.00 Safra Asset Management Ltda. 100.00 100.00 Safra Serviços de Administração Fiduciária Ltda. 100.00 100.00 Safra Vida e Previdência S.A. 100.00 100.00 Safra Seguros Gerais S.A. 100.00 100.00 Sercom Comércio e Serviços Ltda. 100.00 100.00 SIP Corretora de Seguros Ltda. 100.00 100.00 (1) Entity based abroad. Additionally, we consolidated a non-financial entity, in which the controlling shareholder of the Bank himself holds a 0.6% interest in the capital, shown as a liability in these consolidated financial statements, in the line item “Other liabilities”. c) Functional currency I- Functional and presentation currency The items included in the individual financial statements of subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in Brazilian reais (R$), which is the functional and presentation currency of Banco Safra S.A. and its Subsidiaries. II- Transactions in foreign currency They are accounted for, at their initial recognition, in the transaction’s currency, applying the spot foreign exchange rate between the functional currency and the foreign currency at the transaction date. Foreign exchange gains or losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities in foreign currency into the functional currency using closing foreign exchange rates are recognized as gain or loss in the consolidated statement of income. Changes in the fair value of marketable securities denominated in foreign currency classified as fair value through other comprehensive income are separated from foreign exchange gains or losses and other changes in the carrying amount of the security. Foreign exchange gains or losses are recognized in income in the accounts "Interest income" and "Interest expenses" and fair value adjustments are recognized in equity, in the account "Carrying value adjustments”. Foreign exchange gains or losses on financial assets and liabilities classified as fair value through profit or loss are recognized as part of Financial instruments, net. 3. SIGNIFICANT ACCOUNTING POLICIES a) Cash Flows I- Cash and cash equivalents: represented by cash and deposits with financial institutions, included in the heading cash, interbank deposits originally falling due in 90 days or less, the risk of change in their fair value being considered immaterial. Cash equivalents are amounts held for the purpose of settling short-term cash obligations and not for investments or other purposes. II- Statement of cash flows: prepared based on the criteria set out in Technical Pronouncement CPC 03 (R2) – Statement of Cash Flows, approved by CMN Resolution 4,720/2019, which provides for the presentation of cash flows of the entity as those arising from operating, investing and financing activities, taking into account the following: • Operating activities are the main revenue-generating activities of the entity and other activities that are neither investing nor financing activities. They include funding for financing financial intermediation and other operating activities that are typical of financial institutions; • Investing activities are those related to the buying and selling of long-term assets and other investments not included in cash equivalents, such as investments in held-to-maturity securities; and • Financing activities are those that result in changes to the size and composition of the Entity's and third party’s capital. They include structured funding for financing the Entity itself. The unrealized gains and losses arising from foreign currency exchange rate changes are presented in a separate line, according to Technical Pronouncement CPC 03 (R2), in the line item “Foreign exchange gains or losses on foreign operations”, in the cash flows from operating activities, to make the reconciliation of the cash and cash equivalents in the beginning of the reporting period with that in the end of such period. Cash flows from operating activities are presented using the indirect method. Cash flows from investing and financing activities are presented based on gross payments and receipts.

Consolidated Financial Statements | Banco Safra S.A.

b) Financial instruments I - Classification The classification of financial assets by Safra is into the following categories:  Loans and receivables;  Trading securities;  Available-for-sale securities; and  Held-to-maturity securities. The financial assets classified as loans and receivables, basically presented in the line items credit portfolio and other financial assets in the statement of financial position, besides the marketable securities classified as held to maturity, which are those which the Bank has intention and financial capacity to hold them in the portfolio until their maturities, are measured at amortized cost, except if such financial assets have been designated to hedge market risk. The marketable securities classified into the trading category are those acquired with the purpose of being actively and frequently traded, and are measured at their fair values as contra-entry to the income for the period. The marketable securities classified as available for sale are those that can be traded, but are not acquired with the purpose of being frequently traded or held to maturity, and are measured at their fair values as contra-entry to other comprehensive income, except if such financial assets have been designated to hedge market risk. The downward changes in the fair value of marketable securities, below their respective adjusted costs, related to reasons considered non temporary, will be reflected in income as realized losses. The classification of marketable securities is periodically reviewed, according to the guidelines set out by Safra, taking into consideration their intended use and financial capacity, in accordance with the procedures established by BACEN Circular 3,068/2001. The financial liabilities are measured at their amortized cost, except if designated to hedge market risk. II - Measurement The measurement of financial assets depends on the classification category, as mentioned in the previous item. • Amortized cost: the financial assets and liabilities in this category are initially recognized at their fair values, plus transaction costs. Subsequently, they are measured at amortized cost, plus the adjustments made using the effective interest rate. The gains on the financial assets of this category are recognized as “Income from financial intermediation”, while the interest expenses of financial liabilities are recognized as “Expenses of financial intermediation” in Statement of Income, over the term of the respective contract;  At fair value through other comprehensive income: the financial assets in this category are initially recognized by their fair values, the respective transaction costs being recognized as expense. Subsequently they are measured at fair value, the gains or losses arising from change in fair value being directly recognized in "Other comprehensive income", until the financial asset is derecognized. When derecognizing the asset, the accumulated gains or losses in the specific line item of equity are transferred to income for the period. The interests on the financial assets classified in this category are recognized in income for the year in the line item “Income from financial intermediation”. The interests on such financial assets are calculated by using the effective interest rate method; and  At fair value through profit or loss: are initially recognized by their fair values, the respective transaction costs being recognized as expense. The gains or losses arising from the changes in the fair values of such financial assets and liabilities are presented in the consolidated statement of income in the line item "Income from financial intermediation”, in the period they occur. The financial liabilities are stated at payable amounts and take into account, when applicable, the charges incurred through the statement of financial position reporting date, recognized on pro rata basis. The incurred transaction costs basically refer to the amounts paid to third parties for intermediation, placement and distribution of own securities. These are recorded as reduction of securities and recognized, on pro rata basis, in the appropriate expense account, except in the cases in which the securities are measured at fair value through profit or loss. III - Derivative financial instruments Derivatives are classified in the measurement category of fair value through profit or loss. They are considered assets when the fair value is positive and liabilities if it is negative. Derivatives can be used for hedging purposes or not. Safra basically purchases derivatives for hedge, designating as derivative instrument of hedge accounting or not, depending on the need. In this sense, in the cases in which hedged items are classified as measured at fair value through profit or loss, the results of the hedging strategy are naturally reflected in the consolidated statement of income. On contrary, it is necessary to designate a hedge accounting relationship, where the following conditions shall be met: • high correlation regarding the changes in the fair value of the derivative with the fair value of the hedged item, both at the inception and over the life of the contract; and • effectiveness in reducing the risk associated with the exposure to be hedged. Derivative financial instruments used to hedge exposures to risks by means of change to certain characteristics of financial assets and liabilities being hedged that are considered highly effective and meet all the other requirements of designation and documentation under BACEN Circular 3,082/2002, are classified as hedge accounting according to their nature:  Market risk hedge – the hedged financial assets and liabilities, including the assets classified as available for sale and their tax effects, and respective derivative financial instruments are recorded at fair value, with the related gains or losses recognized in income for the period; and  Cash flow hedge - the hedged financial assets and liabilities and the respective derivative financial instruments are recorded at fair value, with the related gains or losses, net of tax effects, recognized in a specific account of equity called “Carrying Value Adjustment”. The non-effective hedge portion is recognized in income for the period.

Consolidated Financial Statements | Banco Safra S.A.

The derivative financial instruments contracted at the request of customers or on own behalf that do not meet the hedge accounting criteria established by the Central Bank, used for managing overall risk exposure, are recorded at fair value, with gains or losses directly recognized in income for the period. IV - Fair value The methodology adopted for measuring fair value (probable realizable value) of financial assets and derivative financial instruments stated at fair value is based on the economic scenario and pricing models developed by Management, which include the gathering of average prices practiced in the market, applicable at the statement of financial position reporting date. Accordingly, when these items are financially settled, the actual results could differ from the estimates. The process for pricing financial instruments stated at fair value complies with the provisions of CMN Resolution 4,277/2013, which establishes the minimum elements to be considered in the mark to the market process. Safra calculated the mark to the market adjustments related to the pricing of the credit risk component and close-out costs. The adjustments made are recognized in the consolidated financial statements. V - Derecognition of financial instruments In accordance with CMN Resolution 3,533/2008, financial assets are derecognized when the contractual rights to the cash flows from these assets expire, or when substantially all the risks and rewards of ownership of the instrument are transferred. When substantially all the risks and rewards are not transferred nor retained, Safra assesses the control of the instrument in order to determine whether it should be maintained in assets. Securities linked to repurchase and assignment of credit with co-obligation are not derecognized because Safra retains substantially all the risks and rewards to the extent there is, respectively, a commitment to repurchase them at a predetermined amount or to make payments in the event of default of the original debtor of the credit operations. Financial liabilities are derecognized if the obligation is contractually extinguished or settled. c) Expanded credit portfolio and allowance for credit risk The expanded credit portfolio encompasses the credit operations and other operations that pose credit risk similar to a credit operation, such as other credit risk instruments issued by companies – Note 3(b-I), guarantees, sureties, foreign exchange gains or losses on advances on exchange contract transactions, plus the respective transaction costs directly attributable to the operation. Credit operations are stated at present value based on the index and contractual interest rate, calculated on a pro rata basis through the statement of financial position reporting date. The revenues related to transactions that are 60 days or more past due are recognized in income only when received, regardless of their risk rating level. Renegotiated credit transactions are maintained at least in the same rating. Renegotiated transactions that had already been written-off are assigned “H” rating and any gain on renegotiation is only recognized when actually received. When a significant amount is amortized or new material facts justify changing a transaction’s risk level, the transaction may be reclassified into a lower risk rating. Credit transactions, which are assigned “H” rating, are written-off of assets six months after they receive such rating, and then are controlled in memorandum accounts for at least five years, and while all collection procedures are not exhausted. The assets received in connection with the debt consolidation processes, related to credit operations written-off of assets, are classified as Assets Nor for Use, and fully provisioned, because of the likelihood of incurring losses related to their realization, given the several factors that may make impossible the disposal of the asset, such as legal restrictions, lack of legal regularization, low likelihood of sale to generate short-term liquidity at fair value, among others. The amount of the full provision recorded for such Assets Not for Use is shown in the statement of financial position net of its corresponding assets. The provision expenses and the income recognized upon sale of Assets Not for Use (cash basis) are recognized in the line item “Income with credit risk” in the Statement of Income. To recognize the allowance for credit risk, Safra considers all transactions classified into the expanded credit portfolio concept. The allowance for credit risk is monthly recognized in compliance with the minimum allowance required in CMN Resolution 2,682/1999, which requires the assignment of ratings for transactions among nine risk levels, between “AA” (minimum risk) and “H” (maximum risk), and is also based on the analysis of credit realization risk, periodically made and reviewed by Management, which takes into account, among other elements, the past experience of borrowers, the economic outlook and the overall and specific portfolio risks. In addition, Safra not only considers the above minimum allowance levels, but also recognizes an additional allowance for credit risk, calculated by analyzing in detail the risk of realization of credits, based on internal risk rating methodology that is periodically reviewed and approved by Management. d) Investments The investments in subsidiaries and associates over which there is significant influence or in which 20% interest or more is held in the voting capital are recognized by applying the equity method. The other investments are basically represented by stocks and shares of companies over which the Bank does not have direct or indirect significant influence or in which it does not hold more than 20% interest in voting capital, and therefore are stated at cost, adjusted for impairment. The dividends received from these investments are recognized in income. e) Property and equipment and intangible assets Property and equipment correspond to own tangible assets and leasehold improvements, aimed at maintaining the entity’s operations or that have such purpose for a period over one fiscal year. Intangible assets correspond to identifiable non-monetary assets without physical substance, acquired or developed by the institution, aimed at maintaining the entity or exercised for this purpose. These are recognized at cost, net of the respective accumulated depreciation or amortization and adjusted for impairment. Such depreciations are calculated using straight-line method at annual rates based on the economic useful lives of assets, as follows: properties in use and facilities in own properties - 4%; communication and security systems, aircrafts, furniture, equipment and fixtures - 10%; and vehicles and data processing equipment - 20%. The amortization of intangible assets with finite lives is recognized, monthly and on straight-line basis, over their estimated useful lives, the annual rate applied to software acquisitions and development being up to 20%, considering the contract period.

Consolidated Financial Statements | Banco Safra S.A.

f) Impairment – non-financial assets CMN Resolution 3,566/2008 provides the procedures applicable to the recognition, measurement and disclosure of impairment of assets and requires compliance with Technical Pronouncement CPC 01 – Impairment of Assets. The impairment of non-financial assets is recognized as loss when the value of an asset or cash-generating unit is higher than its recoverable or realizable amount. A cash-generating unit is the smallest identifiable group of assets that generates cash flows that are substantially independent of the other assets or group of assets. The impairment losses, when applicable, are recognized in income for the period when they are identified. The values of non-financial assets are periodically reviewed at least annually to determine if there are any indications that the assets’ recoverable amount or realizable value is impaired. Accordingly, in conformity with the above standards, Safra Group’s Management is not aware of any material adjustments that might affect the ability to recover the non-financial assets as at September 30, 2020, December 31, 2019 and September 30, 2019. g) Insurance, reinsurance and private pension operations I - Receivables from and payables for insurance and reinsurance operations  Premiums receivable – refer to inflowing financial resources as receipt of premiums related to insurance, recorded on the policy issue date;  Reinsurance assets – comprise technical reserves referring to reinsurance operations. Reinsurance operations are carried out in the regular course of activities in order to limit their potential losses. The liabilities related to reinsurance operations are presented gross of their respective asset recoveries, since the existence of a contract does not exempt its obligations to the insureds;  Deferred acquisition costs – include direct and indirect costs related to the origination of insurance. These costs, except for the commissions paid to the brokers and others, are recorded directly in income, when incurred. Commissions are deferred and recognized in income in proportion to the recognition of the revenues from premiums, that is, for the term corresponding to the insurance contract. Operations with insurers/reinsurers: the receivables basically refer to amounts receivable from claims of coinsurance and reinsurance operations. The payables refer to the portion of premiums to be passed on to insurers/reinsurers, in view of the coinsured/reinsured operations. These are recorded on the policy issue date and settled when premiums are received from insureds; and  Insurance brokers: refer to the commissions payable to brokers. These are recorded on the policy issue date and settled when premiums are received from insureds. II - Credit Risk An impairment is recorded on receivables from premiums receivable and insurance operations when they are over 60 days past due. The receivables from reinsurance operations are impaired when they are over 180 days past due. The impairment corresponds to the total receivable amount to which it refers, according to the criteria established by SUSEP Circular 517/2015. The impairments of such receivables are recorded concomitantly to writing-down the liability corresponding to the premiums to be passed on to insurance companies and/or reinsurance companies, as there is no longer expectation of receiving the premium, so there will be no expectation of passing on these amounts. III - Technical reserves of insurance and private pension The technical reserves for insurance and private pension are calculated based on technical actuarial notes, as provided by SUSEP, and according to the criteria established by CNSP Resolution 321/2015 and SUSEP Circular 517/2015, and further amendments. a) Insurance:  Unearned premium reserve (PPNG): recorded in order to cover claims and expenses to be incurred for the risks assumed on the calculation base date, regardless of its issue, corresponding to the policy period to be elapsed. It is calculated based on the gross written premium, gross of reinsurance and net of coinsurance ceded, also comprising the estimate for current risks not issued (PPNG-RVNE). Between the issue and the initial date of coverage, the policy period to elapse is equal to policy period. After the issue and initial date of the policy period, the reserve is calculated on a daily pro rata basis. The PPNG related to retrocession transactions is recognized based on information received from the reinsurance company;  Reserve for outstanding claims (PSL): recorded based on estimates of indemnities relating to claim reports received through the end of reporting period, and adjusted for inflation according to Superintendence of Private Insurance (SUSEP) regulations;  Reserve for incurred but not reported losses (IBNR): recorded to cover amounts that are expected to be settled, related to losses incurred but not yet reported through the end of reporting period. For life insurance and comprehensive and secondary insurance lines, the reserve is calculated by means of statistic-actuarial process, which uses the past experience of the Insurance company to project the amount of losses already incurred but not yet reported to the Insurance company. For other Insurance lines, characterized for not having sufficient data to apply the statistic-actuarial methodology, the insurance company determines the amount of the reserve based on average market factors. In view of the changes in effect from December 2017, SUSEP Circular 517/2015 no longer provides standardized percentages;  Reserve for related expenses (PDR): recorded to cover amounts expected from expenses related to claims incurred (reported or not). The reserve calculation is made by means of statistic-actuarial process, which uses the past experience of the Insurance company to project the amount of payable expenses; b) Private pension:  Mathematical reserves for unvested benefits (PMBAC) and vested benefits (PMBC): recorded to cover the obligations assumed with participants/insureds, in the accumulation period (PMBAC) and benefit vesting period (PMBC), of structured plans under the fully funded regime, and according to the actuarial technical note approved by SUSEP;  Reserve for related expenses (PDR): recorded to cover all expenses related to the settlement of indemnities and benefits, in view of the claims incurred and to be incurred (fully-funded regime);

Consolidated Financial Statements | Banco Safra S.A.

c) Liability Adequacy Test (LAT) The Adequacy Test is aimed at assessing the liabilities arising from the contracts of certificates of insurance plans (except for the Compulsory Bodily Injury Motor Insurance (DPVAT), Compulsory No-fault Bodily Injury for Boats Owners (DPEM) and Housing Insurance of the National Housing System (SFH)) and personal private pension, considering the minimum assumptions determined by SUSEP and the Company’s in-house actuaries. This test is carried out every quarter, in accordance with the criteria established by SUSEP Circular 517/2015, and further amendments. The LAT result is the difference between: (i) the current estimates of cash flows and (ii) the sum of the carrying amount at the base date of the technical reserves (PPNG, PPNG-RVNE, PSL, IBNR, PMBAC and PMBC), less the deferred acquisition costs and the intangible assets directly related to the technical reserves. For the Private Pension segment, in the LAT the interest rates and the actuarial tables contracted by the participants are taken into account (rates at 0%, 3% or 6% plus adjustment for IGPM or IPCA and AT-1983, AT-2000 and BR-EMSsb tables). In the LAT determination, the other actuarial decrements are considered, such as: projections of redemptions (persistency table), rate of conversion into vested benefits and expected interest rate released by SUSEP (term structure of interest rates - ETTJ) according to the interest curve related to the liability’s index. To calculate the estimate of the biometric variable mortality, the BR-EMS V.2015 table is considered, implemented as Improvement, according to the G scale on the Society of Actuaries (SOA) website. For the Insurance segment, in the LAT determination the actuarial projections of expected loss ratio and administrative expenses are contained. The current estimates for cash flows are gross of reinsurance, discounted to present value based on the risk-free term structures of interest rates (ETTJ) defined by SUSEP. In the LAT determination, the deficiency related to unearned premium reserve, mathematical reserve for unvested benefits and the mathematical reserve for vested benefits is recognized in the supplementary coverage reserve (PCC), and the adjustments arising from the deficiencies in the other technical reserves are made in the reserves themselves. IV - Calculation of income from insurance, reinsurance and private pension operations Insurance premiums, less premiums ceded in co-insurance, and the respective acquisition costs are recognized at the point of issue of the respective policy or invoice or policy period, as established in the SUSEP Circular 517/2015, and are recognized in income over the policy period, by recognizing the unearned premium reserve and deferred acquisition costs. Ceded reinsurance premiums are deferred and recognized in income over the coverage period, by recording in the reinsurance assets – technical reserves. Revenues from private pension contribution are recognized when received. V - DPVAT Agreement The Seguradora Líder’s operations are reported in a single line in assets, in the line item “Receivables from insurance and reinsurance operations”, in proportion to the interest held in the entity, according to the amendments to the rule provided in SUSEP Circular 595/2019, which revoked the articles 153 and 154 of SUSEP Circular 517/2015, which established the breakdown of the Agreement assets and liabilities in proportion to the consortium member’s interest. Any reserves other than technical ones are recorded as “Payables for insurance and reinsurance operations, commissions and other” to reflect the possible need for capital contribution due to insolvency of the DPVAT Agreement. Income and expenses arising from DPVAT line insurance operations are recognized based on the financial information received from Seguradora Líder dos Consórcios do Seguro DPVAT S.A. h) Provisions, contingent assets and liabilities, and legal obligations (tax and social security obligations) The recognition, measurement and disclosure of provisions for contingent assets and liabilities, and legal obligations are made according to the criteria established in Technical Pronouncement CPC 25 – Provisions, Contingent Liabilities and Contingent Assets, approved by CMN Resolution 3,823/2009 and BACEN Circular Letter 3,429/2010, as described below: (i) Contingent assets - these are possible assets arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events that are not fully under the control of the entity. Contingent assets are not recognized in the financial statements, but disclosed in the notes when it is probable that a gain from these assets will be realized. However, when there is evidence that the realization of the gain from these assets is practically certain, the assets are no longer contingent and begin to be recognized. (ii) Provisions and contingent liabilities: a present (legal or constructive) obligation as a result of past event, in which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably measured, should be recognized by the entity as a provision. If the outflow of resources to settle the present obligation is not probable or cannot be reliably measured, it does not characterize a provision, but a contingent liability, the recognition of a provision not being required but only disclosed in the notes, unless the likelihood of settling the obligation is remote. Also characterized as contingent liabilities are the possible obligations arising from past events and whose existence is confirmed only by the occurrence of one or more uncertain future events that are not fully under the control of the entity. These possible obligations should also be disclosed. Obligations are evaluated by Management, based on the best estimates and taking into consideration the opinion of legal advisors, which record a provision when the likelihood of a loss is considered probable; and discloses without recognizing the provision when the likelihood of loss is considered possible. Obligations for which there is a remote chance of loss do not require provision or disclosure. (iii) Legal obligations (tax and social security) – these refer to lawsuits challenging the legality or constitutionality of certain taxes and contributions. The amount in dispute is quantified, fully provisioned and monthly updated, notwithstanding the likelihood of outflow of funds, once the certainty of non-disbursement solely depends on the recognition of the unconstitutionality of the law in effect. The judicial deposits not linked to provisions for contingent liabilities and legal obligations are adjusted on a monthly basis.

Consolidated Financial Statements | Banco Safra S.A.

i) Employee benefits These are recognized and evidenced according to CPC 33 (R1) – Employee benefits, regulated through CMN Resolution 4,424/2015, are categorized as follows: I. Short- and long-term benefits Short-term benefits are those to be settled in twelve months. The benefits included in this category are salaries, contributions to the National Institute of Social Security, short leaves, profit sharing and non-monetary benefits. Safra does not have long-term benefits related to employment contract termination other than those established by the category's union. Additionally, Safra has no share-based payment to its employees and key personnel. II. Termination benefits Termination benefits are payable when the employment contract is terminated before the normal retirement date. Safra provides healthcare to its employees, as established by the category's union, as a form of termination benefit. III. Profit sharing Safra recognizes a provision for payment and a profit sharing expense (presented in the account "Personnel expenses" in the statement of income) based on a calculation that considers the profit after certain adjustments. Safra recognizes a provision when it is contractually required or when there is a past practice that has created a constructive obligation. j) Taxes Taxes are calculated at the rates below, considering, with respect to the respective calculation bases, the applicable legislation for each charge.

Income tax 15.00% Income tax surcharge 10.00% Social Contribution – Financial Institutions (1) 15.00% - 20.00% Social Contribution – Non-financial Institutions 9.00% PIS (3) 0.65% COFINS (2) 4.00% ISS up to 5.00% (1) The Constitutional Amendment 103, of November 12, 2019, changed the Social Contribution rate applicable to banks from 15% to 20%. The new rate, effective as of March 1, 2020, is applicable to any kind of bank, not being extendable to other financial institutions, which continue to apply the 15% rate. As a result, the entities that shall adopt the new rate started to calculate their current taxes at the rate of 20%, as of the aforementioned date. (2) The non-financial subsidiaries under the non-cumulative calculation regime continue to pay PIS and COFINS at the rates of 1.65% and 7.6%, respectively. The PIS and COFINS rates levied on Finance income are 0.65% and 4%, respectively. Taxes are recognized in the statement of income, except when they relate to items recognized directly in equity. Deferred taxes, represented by deferred tax assets and liabilities, are calculated on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets for temporary differences arise mainly from the fair value measurement of certain financial assets and liabilities, including derivative contracts, provisions for tax, civil and labor contingent liabilities, and allowances for credit risk (Minimum ALL Required), and are recognized only when all the requirements for their recognition, established by CMN Resolution 3,059/2002, are met. The taxes related to fair value adjustments of available-for-sale financial assets are recognized against the related adjustment in equity, and are subsequently recognized in income based on the realization of gains and losses on the respective financial assets. k) Earnings per share Basic earnings per share are calculated by dividing the net income attributable to Safra's stockholders by the weighted average number of outstanding common shares during the year, excluding the average amount of common shares purchased by Safra and held in treasury. Diluted earnings per share do not differ from basic earnings per share since there are no shares with dilutive effect. l) Managed assets The investment funds managed by Safra, except for the consolidated exclusive funds, are not presented in the statement of financial position since the related assets are owned by third parties and Safra acts only as a management agent. The fees and commissions earned during the period for services rendered to these funds (asset management and custody services) are recognized in the line item "Revenue from service, bank fees and foreign exchange transactions" in the consolidated statement of income.

Consolidated Financial Statements | Banco Safra S.A.

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The consolidated financial statements are influenced by Safra's accounting policies, assumptions, estimates and judgment. The estimates and assumptions that impact the accounting information are consistently applied over time. Any changes in the determination of accounting estimates are prospectively applied. The estimates and assumptions used are those that Safra consider the best ones available and are in accordance with the applicable accounting standards. Estimates and judgments are continually evaluated by Safra, based on past experiences, new evidences and other factors, including expectations concerning future events. a) Losses and adjustments to the recoverable amount for credit risk The preparation of financial statements requires Safra to make certain estimates and assumptions that, in its best judgment, affect the amounts of the allowance for losses and adjustments to the recoverable amount for credit risk. b) Fair value of financial instruments The financial instruments recorded at fair value in the statement of financial position mainly include the financial assets classified into the trading and available-for-sale categories, derivatives and the financial assets and liabilities designated to hedge accounting, such as the credit operations and fixed-rate funding. The financial assets and liabilities at amortized cost, of which the credit operations should be highlighted, have their corresponding fair values disclosed in the notes to the consolidated financial statements – Note 18(d-II). The fair value of financial instruments is determined based on the price that would be received to sell an asset or paid to transfer a liability in an arm's length transaction conducted between independent participants at the measurement date. There are different levels of data that must be used to measure the fair value of financial instruments: the observable data that reflects quoted prices for identical assets or liabilities in active markets (Level 1), the relevant data that is directly or indirectly observable as similar assets or liabilities (Level 2), relevant identical assets or liabilities in illiquid markets and unobservable market data that reflect Safra's premises when pricing an asset or liability (Level 3). It maximizes the use of observable inputs and minimizes the use of unobservable inputs to determine fair value. To arrive at an estimate of fair value of a financial instrument for which there is no relevant observable inputs in the market, Safra determines the most appropriate model to be adopted considering all relevant information captured through its past experience and market knowledge. From there, the derivation of valuation data includes, but is not limited to, yield curves, interest rates, volatilities, prices of interest in capital or debt, exchange rates and credit curves. Although it is believed that the valuation methods are appropriate and consistent with those prevailing in the market, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting and/or settlement date – Note 18(d). Also, to measure the fair value of financial assets and liabilities, the process of pricing financial instruments at fair value considers the credit risk component and the close-out cost of positions. The adjustments made are recognized in the consolidated financial statements. c) Provision for contingent liabilities The provision for contingent liabilities is recognized when, based on Safra's and the legal advisors' opinion, the risk of loss in a lawsuit or administrative proceeding is considerable probable, with a probable outflow of resources to settle the obligations and when the amounts involved are reliably measurable. The amount under litigation is quantified, provisioned and adjusted on a monthly basis, if applicable. The amounts of the possible settlement may differ from those presented based on these estimates, noting that in some cases there are judicial deposits – Note 14(c). d) Deferred income tax and social contribution Deferred tax assets are recognized when there is a strong expectation of using them through the generation of taxable profits – Notes 15(b-I and II). Such expectation is based on studies that involve Management's judgment as to the projected generation of future taxable profits and other variables. e) Technical reserves of insurance and private pension Technical reserves are liabilities arising from Safra's obligations to its insureds and participants. These obligations may have a short duration (property and casualty insurance) or medium or long duration (life insurance and private pension). The determination of the actuarial liability depends on innumerable uncertainties inherent in the coverage of the insurance and private pension contracts, such as assumptions of persistency, mortality, disability, longevity, morbidity, expenses, loss ratio, severity, conversion into income, redemptions and return on assets. The estimates of these assumptions are based on Safra's historical experience, benchmarks and the actuary's experience and seek to converge with the best market practices and aim at the continuous review of the actuarial liability. Adjustments resulting from these continuous improvements, when necessary, are recognized in income for the respective period - Note 11(c).

Consolidated Financial Statements | Banco Safra S.A.

5. CASH AND CASH EQUIVALENTS

09.30.2020 12.31.2019 Cash 1,920,254 1,312,970 In Brazil 212,703 341,438 Abroad 1,707,551 971,532 Interbank investments 6,853,028 4,037,279 Open market investments – own portfolio – National Treasury 3,425,264 1,178,471 Interbank deposits - 100,023 Foreign currency investments 3,427,764 2,758,785 Total 8,773,282 5,350,249

6. INTERBANK INVESTMENTS AND CENTRAL BANK COMPULSORY DEPOSITS a) Interbank investments These substantially refer to short-term investments, classified into the category of financial assets – loans and receivables and measured at amortized cost. 09.30.2020 12.31.2019 Amounts by maturity Up to 90 From 91 to 365 From 1 to 2 From 2 to 3 days days years years Total Total Open market investments – own portfolio – National Treasury 3,425,381 4,920,595 - - 8,345,976 2,651,386 Interbank deposits (2) 28,458 246,948 1,570,978 - 1,846,384 1,885,003 Foreign currency investments (1) 3,427,764 - - - 3,427,764 3,160,794 Total as at 09.30.2020 6,881,603 5,167,543 1,570,978 - 13,620,124 7,697,183 Total as at 12.31.2019 5,282,367 882,510 1,404,676 127,630 7,697,183 (1) Includes transactions with related parties – Note 19(b). Of this amount, R$ (1,769) (R$ (1,923 as at 12.31.2019) refer to the fair value of transactions – Note 8(c). (2) Of this amount, R$ 119,701 (R$ 241,770 as at 12.31.2019) refers to operations linked to rural credit. b) Central Bank compulsory deposits These are represented by compulsory deposits as shown below: 09.30.2020 12.31.2019 Interest bearing (1) 9,223,261 10,824,037 Non-interest bearing 482,900 410,389 Abroad 146,708 128,041 Total 9,852,869 11,362,467 (1) The income is shown in Note 12(b-I).

Consolidated Financial Statements | Banco Safra S.A.

7. OPEN MARKET INVESTMENTS AND FUNDING - GOVERNMENT SECURITIES a) Investments linked to open market funding – Government securities (Assets)

09.30.2020 12.31.2019 Amounts by maturity Up to 90 From 91 to From 1 to From 2 to Over days 365 days 2 years 3 years 5 years Total Total Own portfolio – Linked to repurchase agreements – Note 8(a-III) (1) 1,597,017 6,475,860 5,168,308 2,136,744 885 15,378,814 926,038 Restricted 1,597,017 6,475,860 5,168,308 2,136,744 - 15,377,929 926,038 Financial Treasury Bills ------449,598 National Treasury Bills 1,597,017 6,334,890 5,036,678 - - 12,968,585 116,551 National Treasury Notes - 140,970 131,630 2,136,744 - 2,409,344 359,889 Not restricted - - - - 885 885 - Third-party portfolio – open market investments – National Treasury 7,012,161 495,697 - - - 7,507,858 27,546,569 Third-party portfolio 4,050,584 154,499 - - - 4,205,083 23,946,997 Short position 2,961,577 341,198 - - - 3,302,775 3,599,572 Total as at 09.30.2020 (2) 8,609,178 6,971,557 5,168,308 2,136,744 885 22,886,672 28,472,607 Total as at 12.31.2019 (2) 21,860,710 6,045,748 566,149 - - 28,472,607 (1) Includes the fair value adjustments of trading securities in the amount of R$ (16,299) (R$ 6,151 as at 12.31.2019) – Note 8(c). (2) Includes repurchase agreements – fixed rate – Note 8(d).

b) Open market funding – Government securities (Liabilities)

09.30.2020 12.31.2019 Amounts by maturity Up to 90 days From 91 to 365 days Total Total Own portfolio – Subject to repurchase agreements (1) 15,294,644 - 15,294,644 922,446 Restricted 15,293,789 - 15,293,789 922,446 Financial Treasury Bills - - - 449,086 National Treasury Bills 12,919,259 - 12,919,259 115,543 National Treasury Notes 2,374,530 - 2,374,530 357,817 Not restricted 855 - 855 - Third-party portfolio 7,242,062 237,385 7,479,447 27,286,205 Repurchase agreements 4,157,023 - 4,157,023 23,662,162 Obligations related to unrestricted securities (1) 3,085,039 237,385 3,322,424 3,624,043 National Treasury Bills 373,410 - 373,410 257,287 National Treasury Notes – Note 8(d) 2,711,629 237,385 2,949,014 3,366,756 Total as at 09.30.2020 22,536,706 237,385 22,774,091 28,208,651 Total as at 12.31.2019 27,507,481 701,170 28,208,651 (1) Includes the fair value adjustment in the amount of R$ 206,303 (R$ 319,775 as at 12.31.2019) – Note 8(c).

Consolidated Financial Statements | Banco Safra S.A.

8. FINANCIAL ASSETS a) Marketable securities I – By accounting classification: 09.30.2020 12.31.2019 Effects of fair value adjustment on: Income Hedge Trading securities accounting Equity – Notes Amortized cost – Note 8(c) – Note 8(d) 8(c) and 17(d) Fair value Fair value Securities portfolio 30,775,173 (29,537) 18,454 11,845 30,775,935 21,432,690 Government securities 28,098,264 (58,135) - - 28,040,129 19,042,498 National Treasury 27,197,457 (54,251) - - 27,143,206 18,651,452 National Treasury Bills 10,907,766 (20,211) - - 10,887,555 1,413,905 National Treasury Notes – Note 8(d) 4,607,166 5,238 - - 4,612,404 2,240,161 Financial Treasury Bills 11,682,525 (39,278) - - 11,643,247 14,997,386 US government securities 900,807 (3,884) - - 896,923 391,046 Corporate securities issued by Financial Institutions 2,206,422 28,905 18,454 2,835 2,256,616 2,115,954 Investment fund quotas 71,886 - - - 71,886 102,713 Bank deposit certificate and other 926,418 - - - 926,418 1,310,188 Eurobonds 640,619 - 18,454 2,835 661,908 294,263 Fair value hedge – Note 8(d) 526,839 - 18,454 - 545,293 238,025 Other 113,780 - - 2,835 116,615 56,238 Credit Linked Notes – Note 8(b-III) 567,499 28,905 - - 596,404 408,790 Corporate securities issued by Companies 470,487 (307) - 9,010 479,190 274,238 Shares 206,302 (307) - 721 206,716 170,028 Eurobonds 264,185 - - 8,289 272,474 104,210 Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) - (6,307) - - (6,307) (100) Total securities portfolio as at 09.30.2020 30,775,173 (35,844) 18,454 11,845 30,769,628 21,432,590 Total securities portfolio as at 12.31.2019 21,303,036 128,979 (1,826) 2,401 21,432,590 Securities portfolio 21,303,036 129,079 (1,826) 2,401 21,432,690 Government securities 18,913,688 128,810 - - 19,042,498 Corporate securities issued by Financial Institutions 2,117,948 - (1,826) (168) 2,115,954 Corporate securities issued by Companies 271,400 269 - 2,569 274,238 Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) - (100) - - (100)

Consolidated Financial Statements | Banco Safra S.A.

II - By maturity: 09.30.2020 Amounts by maturity

From 91 to From 1 to From 2 to From 3 to Over

Fair value Up to 90 days 365 days 2 years 3 years 5 years 5 years Securities portfolio 30,775,935 1,049,251 10,784,705 6,234,436 2,935,721 8,339,707 1,432,115

Government securities 28,040,129 899,717 10,526,636 5,573,161 2,741,711 7,139,263 1,159,641

Corporate securities issued by Financial Institutions 2,256,616 72,539 258,069 661,275 64,289 1,200,444 -

Corporate securities issued by Companies 479,190 76,995 - - 129,721 - 272,474

Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) (6,307) - (14) (5,039) (6) (1,248) - Total securities portfolio as at 09.30.2020 30,769,628 1,049,251 10,784,691 6,229,397 2,935,715 8,338,459 1,432,115

Trading securities – Note 3(b-I) 28,782,351 1,045,541 10,526,636 5,573,161 2,741,705 7,735,667 1,159,641

Available-for-sale securities 1,987,277 3,710 258,055 656,236 194,010 602,792 272,474

Total securities portfolio as at 12.31.2019 21,432,590 817,342 445,727 8,039,606 459,789 6,814,994 4,855,132 Trading securities – Note 3(b-I) 20,465,184 698,472 445,675 8,039,606 459,789 6,196,839 4,624,803

Available-for-sale securities 967,406 118,870 52 - - 618,155 230,329

Consolidated Financial Statements | Banco Safra S.A.

III – By characteristics: 09.30.2020 12.31.2019 Accounting classification of Linked to securities: Restricted repurchase agreements and Securities related to

Own unrestricted Guarantees Central Available for (1) (2) portfolio repurchase provided Bank Trading sale Total agreement Total Securities portfolio 25,845,003 24,520 4,442,552 463,860 30,775,935 28,782,351 1,993,584 21,432,690 Government securities 23,185,304 - 4,390,965 463,860 28,040,129 28,040,129 - 19,042,498 Corporate securities issued by Financial Institutions 2,180,509 24,520 51,587 - 2,256,616 668,290 1,588,326 2,115,954 Corporate securities issued by Companies 479,190 - - - 479,190 73,932 405,258 274,238 Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) (6,307) - - - (6,307) - (6,307) (100) Total securities portfolio as at 09.30.2020 25,838,696 24,520 4,442,552 463,860 30,769,628 28,782,351 1,987,277 21,432,590 Investments linked to open market funding – Government securities – Note 7(a) - 15,378,814 - - 15,378,814 15,378,814 - 926,038 Other credit risk instruments – Note 9(a-I) 8,883,010 5,866,410 168,057 - 14,917,477 2,609 14,914,868 14,000,762 Eurobonds 3,202,080 - - - 3,202,080 - 3,202,080 2,643,720 Debentures 2,794,940 5,866,410 168,057 - 8,829,407 - 8,829,407 7,928,191 Promissory notes 1,754,171 - - - 1,754,171 - 1,754,171 1,650,649 Certificates of agribusiness receivables, rural certificate and other 1,131,819 - - - 1,131,819 2609 1,129,210 1,778,202 Total as at 09.30.2020 34,721,706 21,269,744 4,610,609 463,860 61,065,919 44,163,774 16,902,145 36,359,390 Total as at 12.31.2019 24,946,621 7,059,465 3,546,157 807,147 36,359,390 21,542,792 14,816,598 Securities portfolio 17,079,386 - 3,546,157 807,147 21,432,690 20,465,284 967,406 Government securities 14,738,190 - 3,497,161 807,147 19,042,498 19,042,498 - Corporate securities issued by Financial Institutions 2,066,958 - 48,996 - 2,115,954 1,412,849 703,105 Corporate securities issued by Companies 274,238 - - - 274,238 9,937 264,301 Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) (100) - - - (100) (100) - Total securities portfolio as at 12.31.2019 17,079,286 - 3,546,157 807,147 21,432,590 20,465,184 967,406 Investments linked to open market funding – Government securities –

Note 7(a) - 926,038 - - 926,038 926,038 - Other credit risk instruments – Note 9(a-I) 7,867,335 6,133,427 - - 14,000,762 151,570 13,849,192 Eurobonds 2,643,720 - - - 2,643,720 - 2,643,720 Debentures 1,794,764 6,133,427 - - 7,928,191 - 7,928,191 Promissory notes 1,650,649 - - - 1,650,649 - 1,650,649 Certificates of agribusiness receivables, rural certificate and other 1,778,202 - - - 1,778,202 151,570 1,626,632 (1) Refers to guarantee of derivative financial instrument transactions made in stock exchange in the amount of R$ 4,206,218 (R$ 2,863,376 as at 12.31.2019), realized in the clearing and depository corporation in the amount of R$ 320,479 (R$ 602,287 as at 12.31.2019) and labor appeals - Note 14(c) in the amount of R$ 83,912 (R$ 80,494 as at 12.31.2019). (2) It is mainly represented by transactions linked to the funds from savings accounts in the amount of R$ 463,860 (R$ 807,032 as at 12.31.2019). In the period ended September 30, 2020 and December 31,2019, there was no reclassification among the categories of marketable securities.

Consolidated Financial Statements | Banco Safra S.A.

b) Derivative financial instruments (assets and liabilities) The use of derivative financial instruments in the Conglomerate has the following main objectives:  provide to its customers fixed income structured products that hedge their assets and liabilities against possible risks, mainly from currency and interest rate fluctuations; and  outweigh the risks taken by Safra in the following operations (economic hedge and/or hedge accounting – Note 8(d)):  credit operations and funding contracted at fixed rates and other funding – Notes 9 and 10; and  investment abroad - together with interbank transactions for future settlement, the foreign currency derivatives are employed to minimize the effects on income of exposure to the foreign exchange gains and losses of investments abroad. These derivatives are contracted in a volume that is higher than the faced foreign exchange exposure, to counteract the corresponding tax effects – “over hedge”. The positions of Banco Safra and subsidiaries are monitored by an independent control area, which uses a specific risk management system, with calculation of VaR (Value at Risk) with confidence level at 99%, stress tests, back testing and other technical resources. I - Asset and liability accounts: 1) By type of operation 09.30.2020 12.31.2019 Amounts by maturity Fair value Amortized Adjustment – Fair Up to From 91 to From 1 to From 2 to From 3 to Over Fair Assets cost Note 8(c) value 90 days 365 days 2 years 3 years 5 years 5 years value Non Deliverable Forward (NDF) 247,942 11,551 259,493 73,237 172,394 13,402 185 275 - 54,727 Option premiums 364,849 (178,487) 186,362 17,195 37,511 100,610 26,529 3,213 1,304 655,618 Bovespa Index 56,591 3,599 60,190 15,080 22,115 18,193 1,061 2,437 1,304 167,570 Foreign currency 5,541 22,681 28,222 907 8,500 18,815 - - - 51,192 Interbank Deposit (DI) index 300,150 (292,975) 7,175 480 6,110 107 478 - - 226,352 Shares 2,567 88,208 90,775 728 786 63,495 24,990 776 - 210,504 Forward – Government securities 307,875 - 307,875 307,875 ------Purchases receivable 45,881 - 45,881 45,881 ------Sales receivable 261,994 - 261,994 261,994 ------Swap – Amounts receivable 3,034,300 473,357 3,507,657 1,285,719 881,469 37,980 53,294 67,951 1,181,244 980,305 Interest rate 69,682 26,946 96,628 821 5,152 8,599 14,158 43,326 24,572 90,715 Foreign currency 2,907,879 452,649 3,360,528 1,278,605 867,330 8,102 25,194 24,625 1,156,672 873,192 Other 56,739 (6,238) 50,501 6,293 8,987 21,279 13,942 - - 16,398 Credit derivatives – CDS 139,998 - 139,998 139,960 38 - - - - 52,833 Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) ------(177) Total as at 09.30.2020 4,094,964 306,421 4,401,385 1,823,986 1,091,412 151,992 80,008 71,439 1,182,548 1,743,306 Total as at 12.31.2019 1,553,702 189,604 1,743,306 838,191 478,169 146,398 8,357 8,940 263,251

Consolidated Financial Statements | Banco Safra S.A.

09.30.2020 12.31.2019 Amounts by maturity Fair value Amortized Adjustment – Fair Up to From 91 to From 1 to From 2 to From 3 to Over Fair Liabilities cost Note 8(c) value 90 days 365 days 2 years 3 years 5 years 5 years value Non Deliverable Forward (NDF) (151,519) 6,526 (144,993) (120,874) (20,326) (3,657) (79) - (57) (73,633) Option premiums (1,068,548) 192,502 (876,046) (40,548) (646,924) (123,526) (51,069) (9,155) (4,824) (511,727) Bovespa Index (81,094) (4,038) (85,132) (16,924) (23,285) (24,903) (8,072) (7,124) (4,824) (180,797) Foreign currency (646,585) (11,658) (658,243) (14,052) (618,717) (22,403) (3,071) - - (77,473) Interbank Deposit (DI) index (297,049) 291,880 (5,169) (4,481) (24) (251) (413) - - (217,599) Shares (43,820) (83,682) (127,502) (5,091) (4,898) (75,969) (39,513) (2,031) - (35,858) Forward - obligations for sales to be delivered (307,875) (17,238) (325,113) (325,113) - - - - - (10,522) Purchases payable – Government securities (45,881) - (45,881) (45,881) ------Sales deliverable (261,994) (17,238) (279,232) (279,232) - - - - - (10,522) Government securities (261,994) - (261,994) (261,994) ------Foreign currency - (17,238) (17,238) (17,238) - - - - - (10,522) Swap - amounts payable (2,733,592) (234,151) (2,967,743) (1,282,491) (1,274,661) (69,805) (79,408) (172,665) (88,713) (1,066,219) Interest rate (97,374) (227,955) (325,329) (2,006) (21,143) (20,249) (60,527) (161,486) (59,918) (291,313) Foreign currency (2,636,218) (6,196) (2,642,414) (1,280,485) (1,253,518) (49,556) (18,881) (11,179) (28,795) (774,906) Credit derivatives – CDS (134,391) - (134,391) (121,942) (12,449) - - - - (37,044) Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) - (2,352) (2,352) (2,352) - - - - - (6,621) Total as at 09.30.2020 (4,395,925) (54,713) (4,450,638) (1,893,320) (1,954,360) (196,988) (130,556) (181,820) (93,594) (1,705,766) Total as at 12.31.2019 (1,523,410) (182,356) (1,705,766) (697,291) (602,577) (144,606) (32,636) (130,412) (98,244)

2) By counterparty at fair value

Assets Liabilities 09.30.2020 12.31.2019 09.30.2020 12.31.2019 Financial institutions 2,487,403 1,032,484 (2,798,748) (926,748) B3 - - (17,238) (10,522) Legal entities 1,474,920 603,306 (1,060,868) (523,747) Individuals 439,062 107,693 (571,432) (238,128) Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) - (177) (2,352) (6,621) Total 4,401,385 1,743,306 (4,450,638) (1,705,766)

Consolidated Financial Statements | Banco Safra S.A.

II - Breakdown by notional amount: 1) By type of operation 09.30.2020 12.31.2019 Amounts by maturity Up to From 91 to From 1 to From 2 to From 3 to Over 90 days 365 days 2 years 3 years 5 years 5 years Total Total Non Deliverable Forward (NDF) 2,391,649 2,242,449 290,360 27,179 25,653 1,330 4,978,620 4,506,336 Long position 1,294,698 2,048,533 288,655 27,179 25,653 1,330 3,686,048 3,434,199 Short position 1,096,951 193,916 1,705 - - - 1,292,572 1,072,137 Options 23,426,103 75,708,326 635,714 81,526 20,156 9,080 99,880,905 259,291,651 Long position 11,743,996 37,961,263 134,264 10,795 20,156 9,080 49,879,554 133,677,502 Shares 9,918 50,229 - - - - 60,147 1,067,740 Interbank Deposit (DI) index 11,436,000 35,728,500 - - - - 47,164,500 121,127,922 Bovespa Index 139,756 239,610 26,143 10,795 20,156 9,080 445,540 9,917,108 Foreign currency 158,322 1,942,924 108,121 - - - 2,209,367 1,564,732 Short position 11,682,107 37,747,063 501,450 70,731 - - 50,001,351 125,614,149 Shares 12,126 - - - - - 12,126 732,806 Interbank Deposit (DI) index 11,440,000 35,487,450 388,500 68,000 - - 47,383,950 123,020,720 Bovespa Index 39,919 236,605 - - - - 276,524 462,234 Foreign currency 190,062 2,023,008 112,950 2,731 - - 2,328,751 1,398,389 Forward - Obligations for sales to be delivered 7,022,175 - - - - - 7,022,175 8,369,547 Long position - government securities 45,904 - - - - - 45,904 - Obligations for sales to be delivered 6,976,271 - - - - - 6,976,271 8,369,547 Foreign currency 6,713,934 - - - - - 6,713,934 8,369,547 Government securities 262,337 - - - - - 262,337 - Swap Assets 33,215,134 31,872,059 768,639 1,016,225 1,324,241 2,769,945 70,966,243 48,783,711 Interest rate 840,144 3,125,159 535,804 441,242 1,081,318 1,057,649 7,081,316 4,665,759 Foreign currency 32,235,219 28,535,713 68,063 471,191 242,923 1,712,296 63,265,405 43,871,817 Other 139,771 211,187 164,772 103,792 - - 619,522 246,135 Liabilities 33,215,134 31,872,059 768,639 1,016,225 1,324,241 2,769,945 70,966,243 48,783,711 Interest rate 941,305 2,732,385 600,505 647,550 1,007,086 2,572,020 8,500,851 5,737,117 Foreign currency 32,273,829 29,139,674 168,134 368,675 317,155 197,925 62,465,392 43,046,594 Futures 63,574,877 102,084,498 34,158,608 7,697,946 2,901,749 2,290,610 212,708,288 131,778,469 Long position 2,386,758 22,635,237 3,964,432 516,801 522,971 893,617 30,919,816 50,018,253 Interest rate - 196,891 - - 522,971 781,051 1,500,913 3,236,693 Currency coupon 1,582,944 21,351,808 3,964,432 516,801 - 112,566 27,528,551 24,795,102 Foreign currency 389,050 1,086,538 - - - - 1,475,588 21,063,480 Bovespa Index 414,764 - - - - - 414,764 922,978 Short position 61,188,119 79,449,261 30,194,176 7,181,145 2,378,778 1,396,993 181,788,472 81,760,216 Interest rate 16,735,787 30,524,194 16,745,946 5,916,567 1,364,006 - 71,286,500 61,147,001 Currency coupon 27,975,570 23,465,908 12,918,690 1,196,775 1,014,772 1,396,993 67,968,708 13,945,783 Foreign currency 16,162,260 25,459,159 529,540 67,803 - - 42,218,762 6,643,805 Bovespa Index 314,502 - - - - - 314,502 23,627 Credit derivatives – CDS – Received risk – Note 8(b-III) 2,356,244 564,070 - - - - 2,920,314 2,092,435

Consolidated Financial Statements | Banco Safra S.A.

09.30.2020 12.31.2019 Amounts by maturity Up to From 91 to From 1 to From 2 to From 3 to Over 90 days 365 days 2 years 3 years 5 years 5 years Total Total

Structured funding – Note 10(a) 14,954,847 42,681,330 3,408,284 1,255,340 315,240 47,044 62,662,085 24,630,563 Option premiums 12,446,924 42,644,680 3,282,751 276,640 57,038 26,856 58,734,889 22,025,160 Long position 46,900 628,932 357,160 36,276 - - 1,069,268 1,460,926 Interbank Deposit (DI) index 20,378 606,810 356,862 36,276 - - 1,020,326 1,460,926 Bovespa Index 26,522 22,122 298 - - - 48,942 - Short position 12,400,024 42,015,748 2,925,591 240,364 57,038 26,856 57,665,621 20,564,234 Shares 116,804 229,641 174,616 189,164 11,640 - 721,865 613,890 Bovespa Index 140,135 211,437 126,787 39,141 45,398 26,856 589,754 571,419 Foreign currency 12,143,085 41,574,670 2,624,188 12,059 - - 56,354,002 19,378,925 Swap – Assets/Liabilities – Interest rate - 29,797 125,533 978,700 258,202 20,188 1,412,420 946,597 Credit derivatives – CDS – Transferred risk – Note 8(b-III) 2,507,923 6,853 - - - - 2,514,776 1,658,806 TOTAL as at 09.30.2020 146,941,029 255,152,732 39,261,605 10,078,216 4,587,039 5,118,009 461,138,630 479,452,712 TOTAL as at 12.31.2019 266,252,202 110,012,368 85,096,889 7,291,623 6,120,362 4,679,268 479,452,712

2) Trading locations by counterparties

09.30.2020 12.31.2019 Trading locations B3 Financial institutions Legal entities Individuals Total notional amount Total notional amount B3 217,974,993 67,240,266 166,165,661 4,322,620 455,703,540 475,701,471 Over the counter – abroad - 5,435,090 - - 5,435,090 3,751,241 Total as at 09.30.2020 217,974,993 72,675,356 166,165,661 4,322,620 461,138,630 479,452,712 Total as at 12.31.2019 138,802,487 62,232,750 274,214,071 4,203,404 479,452,712

III - Credit derivatives – CDS Banco Safra uses derivative financial instruments of credit in order to offer its customers, through the issue of Structured CD, with opportunities to diversify their investment portfolios and Securities portfolio – Credit Linked Notes. Banco Safra has the following positions in credit derivatives, shown at their notional amount:

09.30.2020 12.31.2019 Credit swap whose underlying assets – Marketable securities – Note 8(b-II) (1) Received risks 2,920,314 2,092,435 Transferred risks (2,514,776) (1,658,806) Total, net of received/(transferred) exposure 405,538 433,629 Risk Asset – Credit Linked Notes – Note 8(a) 575,351 403,070 Risk Liability – Structured CD - Note 10(b) (169,813) 30,559 (1) The transferred and received risks refer to the same issuers. During the period, there was a credit event in a transaction with notional amount of R$ 7,118. Safra did not incur any loss, as the risk was transferred through credit swap embedded in a structured CD, which is the guarantee of the transaction. There was no material effect on the calculation of the minimum capital requirements as at 09.30.2020, according to the CMN Resolution 4,193/2013.

Consolidated Financial Statements | Banco Safra S.A.

c) Developments of changes in fair value adjustments 01.01. to 30.09.2020 Changes in the period Effects on: Foreign exchange gains or Opening losses and Income – Equity – Closing balance Other Note 12(b-III) Note 17(d) balance Interbank investments - Foreign currency investments – Note 6(a) (1,923) - 154 - (1,769) Trading securities and Obligations related to unrestricted securities (184,645) (496) (73,305) - (258,446) Trading securities – Note 8(a-III) 135,130 (496) (186,777) - (52,143) Securities portfolio – Note 8(a-I) 128,979 (496) (164,327) - (35,844) Investments linked to open market funding – Government securities – Note 7(a) 6,151 - (22,450) - (16,299) Obligations related to unrestricted securities – Note 7(b) (319,775) - 113,472 - (206,303) Available-for-sale securities – Securities portfolio – Notes 8(a-I) and 17(d) 2,401 - - 9,444 11,845 Derivative financial instruments (assets/liabilities) – Note 8(b-I) (3,102) 49,211 205,599 - 251,708 Fair value hedge – Note 8(d) 378,140 (6,826) (56,321) - 314,993 Fixed-rate portfolio 69,306 - (41,758) - 27,548 Repurchase agreements - fixed rate 8,303 - (8,181) - 122 Trade Finance - (4,496) 63,321 - 58,825 IPCA portfolio 274,161 - 1,390 - 275,551 Eurobonds 79,869 58,816 130,206 - 268,891 Financial liabilities – Note 10(b) (53,499) (61,146) (201,299) - (315,944) Funding (52,824) (38,243) (77,387) - (168,454) Subordinated debt (675) (22,903) (123,912) - (147,490) Total as at 09.30.2020 190,871 41,889 76,127 9,444 318,331 Total as at 09.30.2019 372,812 13,551 117,834 (4,319) 499,878 Trading securities and Obligations related to unrestricted securities 2,971 (165) (145,659) - (142,853) Available-for-sale securities – Securities portfolio – Notes 8(a-III) and 17(d) 8,323 - - (4,319) 4,004 Derivative financial instruments (assets/liabilities) 27,143 (540) (12,950) - 13,653 Fair value hedge – Note 8(d) 334,375 14,256 276,443 - 625,074

Consolidated Financial Statements | Banco Safra S.A.

d) Hedge of financial assets and liabilities The aim of the hedge accounting relations designated by Safra is to hedge the fair value of assets and liabilities, arising from the risk of fluctuation in benchmark interest rate (CDI or Libor), IPCA or foreign exchange gains or losses, as the case may be. MTM being hedged – Fair value Note 8(c) Hedge derivative Notional amount Strategy – Market risk hedge 09.30.2020 12.31.2019 09.30.2020 12.31.2019 instrument 09.30.2020 12.31.2019 Fixed-rate portfolio 37,596,529 37,756,182 27,548 69,306 Futures DI1 (39,733,287) (29,908,516) Assets – Credit portfolio – Note 9(a) 45,936,814 45,274,162 409,343 541,569 Credit operations 45,790,372 44,821,369 400,646 529,614 Other credit risk instruments 146,442 452,793 8,697 11,955 Financial liabilities – Note 10(b) (8,340,285) (7,517,980) (381,795) (472,263) Funding (7,666,976) (6,898,388) (282,602) (339,128) Deposits (257,873) (257,511) (4,199) (2,030) Funds from acceptance and issue of securities and Time Deposits – Funds from financial bills, bills of credit and similar notes (5,831,309) (4,916,963) (268,185) (316,694) Structured funding – Certificate of structured transactions (1,577,794) (1,723,914) (10,218) (20,404) Subordinated debt (673,309) (619,592) (99,193) (133,135) Assets – Credit portfolio – Trade finance – Note 9(a) 717,085 - 58,825 - Swap Fixed x Libor (675,072) - Repurchase agreements fixed rate – Investments linked to open market funding – Government securities – Note 7(a) 4,799,980 14,195,412 122 8,303 Futures DI1 (3,662,010) (16,573,515) Futures DAP + IPCA portfolio (1) 3,078,510 2,916,210 275,551 274,161 Swap IPCA, Net (3,353,177) (3,325,506) Assets – Other credit risk instruments – Debentures – Note 9(a) 6,057,574 5,727,606 523,669 546,910 Financial liabilities – Note 10(b) (2,979,064) (2,811,396) (248,118) (272,749) Funding – Funds from acceptance and issue of securities and Time Deposits – Funds from financial bills, bills of credit and similar notes (1,309,313) (1,267,770) (94,538) (95,453) Subordinated debt (1,669,751) (1,543,626) (153,580) (177,296) Eurobonds 3,747,373 2,881,745 268,891 79,869 Swap Fixed x Libor (4,718,178) (3,576,551) Marketable securities – Available for sale – Note 8(a-III) – Corporate securities issued by financial institutions 545,293 238,025 18,454 (1,826) Other credit risk instruments – Note 9(a) 3,202,080 2,643,720 250,437 81,695 Financial liabilities – Note 10(b) (9,736,731) (5,848,159) (315,944) (53,499) 10,397,333 6,233,491 Funding (4,124,563) (2,614,941) (168,454) (52,824) Swap Fixed x Libor 4,558,935 2,953,412 Liabilities for marketable securities abroad – US$ 500,000 – 02.08.2018 (2,444,481) (1,722,598) (131,674) (48,561) 2,936,750 2,044,196 Structured funding – Structured CD (1,680,082) (892,343) (36,780) (4,263) 1,622,185 909,216 Subordinated debt (5,612,168) (3,233,218) (147,490) (675) Swap Fixed x Libor 5,838,398 3,280,079 US$ 500,000 – 01.27.2011 (2,638,082) (2,010,130) (11,659) 6,383 2,865,618 2,063,601 US$ 300,000 – 06.06.2014 (1,790,547) (1,223,088) (88,793) (7,058) 1,791,324 1,216,478 US$ 200,000 – 02.14.2020 (1,183,539) - (47,038) - 1,181,456 - Total 40,202,746 51,901,390 314,993 378,140 (41,744,391) (47,150,597) (1) The hedge derivative instruments are shown net of hedged items recognized at fair value through profit or loss, totaling R$ (3,353,177) (R$ (3,325,506) as at 12.31.2019), represented by derivative instruments in the amount of R$ (2,254,172) (R$ (2,293,230) as at 12.31.2019) and Government securities – NTN-B in the amounts of R$ 747,656 (R$ 660,384 as at 12.31.2019) – Note 8(a-I) and Note 7(a) and R$ (1,846,661) (R$ (1,692,660) as at 12.31.2019) – Note 7(b). The effectiveness of accounting hedges designated by Safra is in accordance with the provisions of BACEN Circular 3,082/2002.

Consolidated Financial Statements | Banco Safra S.A.

9. CREDIT PORTFOLIO a) Expanded credit portfolio and allowance for credit risk I - Breakdown of the expanded credit portfolio 09.30.2020 12.31.2019 Allowance for Amortized Amortized Amortized Fair value Allowance for credit risk Amortized Fair value credit risk cost and Fair cost and Fair cost adjustment Minimum cost adjustment value Additional Total value Total required Credit portfolio 100,979,186 1,242,274 102,221,460 (2,539,683) (755,423) (3,295,106) 92,626,217 1,170,174 93,796,391 (2,968,022) Credit operations 86,844,512 459,471 87,303,983 (2,482,508) (660,174) (3,142,682) 79,266,015 529,614 79,795,629 (2,864,066) Fair value hedge – Note 8(d) 46,047,986 459,471 46,507,457 44,291,755 529,614 44,821,369 Other 40,796,526 - 40,796,526 34,974,260 34,974,260 Other credit risk instruments – Note 8(a-III) 14,134,674 782,803 14,917,477 (57,175) (95,249) (152,424) 13,360,202 640,560 14,000,762 (103,956) Fair value hedge – Note 8(d) 8,623,293 782,803 9,406,096 8,183,559 640,560 8,824,119 Other 5,511,381 - 5,511,381 5,176,643 5,176,643 Guarantees and sureties – Note 9(f) 15,904,345 - 15,904,345 (300,173) (107,577) (407,750) 17,273,417 - 17,273,417 (353,927) Expanded Credit Portfolio as at 09.30.2020 116,883,531 1,242,274 118,125,805 (2,839,856) (863,000) (3,702,856) 109,899,634 1,170,174 111,069,808 (3,321,949) Expanded Credit Portfolio as at 12.31.2019 109,899,634 1,170,174 111,069,808 (2,127,630) (1,194,319) (3,321,949) II - Changes in credit portfolio Foreign exchange gains or losses Interest – Write-offs of Loss –

Opening balance abroad Net financial change Note 12(b-I) Note 9(a-III) Closing balance Operations with companies 67,196,617 4,067,568 656,737 4,018,105 (363,087) 75,575,940 Consumer loan and finance operations 26,599,774 - (2,588,945) 3,014,796 (380,105) 26,645,520 Total credit portfolio as at 09.30.2020 93,796,391 4,067,568 (1,932,208) 7,032,901 (743,192) 102,221,460 Total credit portfolio as at 09.30.2019 86,381,351 1,055,121 (2,537,266) 7,355,842 (437,947) 91,817,101 III - Changes in allowance for credit risk Foreign exchange Write-downs of Opening gains or losses (Recognition) Loss – Closing balance abroad /Reversal Note 9(a-II) balance Minimum allowance required (2,127,630) (7,506) (1,447,912) 743,192 (2,839,856)

Credit portfolio (1,933,557) (7,506) (1,341,812) 743,192 (2,539,683) Operations with companies (927,579) (7,506) (571,076) 363,087 (1,143,074) Consumer loan and finance operations (1,005,978) - (770,736) 380,105 (1,396,609) Guarantees and sureties (194,073) - (106,100) - (300,173) Additional allowance (1,194,319) - 331,319 - (863,000) Total allowance of the expanded credit portfolio as at 09.30.2020 – Note 9(a-I) (3,321,949) (7,506) (1,116,593) 743,192 (3,702,856) Total allowance of the expanded credit portfolio as at 09.30.2019 (2,979,857) (1,189) (576,171) 437,947 (3,119,270) Minimum allowance required (1,622,267) (1,189) (739,217) 437,947 (1,924,726) Credit portfolio (1,470,278) (1,189) (757,008) 437,947 (1,790,528) Operations with companies (978,403) (1,189) (200,736) 193,031 (987,297) Consumer loan and finance operations (491,875) - (556,272) 244,916 (803,231) Guarantees and sureties (151,989) - 17,791 - (134,198) Additional allowance (1,357,590) - 163,046 - (1,194,544)

Consolidated Financial Statements | Banco Safra S.A.

b) Credit portfolio and allowance by risk level 09.30.2020 12.31.2019 Risk levels AA A B C D E F G H Total Total Operations with companies 64,672,033 4,403,614 3,857,738 1,143,036 354,246 160,953 159,198 113,918 711,204 75,575,940 67,196,617 Credit operations 49,882,015 4,398,233 3,805,270 1,143,036 354,246 160,953 159,198 44,308 711,204 60,658,463 53,195,855 Borrowings, financing and discounted receivables 27,980,756 3,380,831 2,901,643 949,852 185,479 86,584 117,973 43,675 642,986 36,289,779 28,568,213 Foreign trade 16,311,881 431,215 567,148 155,337 148,668 74,355 36,225 615 28,816 17,754,260 17,876,636 Directed credit – rural, agroindustrial and real estate 2,104,533 240,152 144,232 11,052 8,053 - - - 11,747 2,519,769 2,783,887 Onlending – BNDES/FINAME and Other 2,711,250 210,452 96,938 13,947 11,733 - - - 4,622 3,048,942 2,910,632 Lease 773,595 135,583 95,309 12,848 313 14 5,000 18 1,388 1,024,068 1,036,078 Other credits ------21,645 21,645 20,409 Other credit risk instruments 14,790,018 5,381 52,468 - - - - 69,610 - 14,917,477 14,000,762 Consumer loan and finance operations 3,800,225 870,337 19,028,758 953,121 197,596 209,097 943,228 150,536 492,622 26,645,520 26,599,774 Payroll advance loan 120,625 233,400 7,501,198 38,442 25,024 32,397 16,751 13,621 136,430 8,117,888 8,974,309 Direct consumer credit 1,314,111 630,748 11,367,257 853,080 162,836 172,967 101,971 135,509 331,348 15,069,827 15,545,935 Personal credit 2,365,489 6,189 160,303 61,599 9,736 3,733 824,506 1,406 24,844 3,457,805 2,079,530 Total portfolio as at 09.30.2020 68,472,258 5,273,951 22,886,496 2,096,157 551,842 370,050 1,102,426 264,454 1,203,826 102,221,460 93,796,391 Past due (1) - - 299,085 317,831 177,952 190,716 124,733 154,091 744,772 2,009,180 1,710,926 Regular (2) 68,472,258 5,273,951 22,587,411 1,778,326 373,890 179,334 977,693 110,363 459,054 100,212,280 92,085,465 Minimum allowance required (6,983) (33,514) (255,838) (87,409) (78,448) (119,991) (559,994) (193,680) (1,203,826) (2,539,683) (1,933,557) Additional allowance (87,312) (5,354) (161,350) (115,558) (72,927) (50,132) (205,958) (56,832) - (755,423) (1,034,465) Total allowance of the credit portfolio as at 09.30.2020 (94,295) (38,868) (417,188) (202,967) (151,375) (170,123) (765,952) (250,512) (1,203,826) (3,295,106) (2,968,022) Total portfolio as at 12.31.2019 59,650,437 22,856,307 6,436,998 2,176,940 505,035 182,150 908,199 112,059 968,266 93,796,391 Past due (1) - - 389,662 321,499 173,835 148,453 76,610 55,672 545,195 1,710,926 Regular (2) 59,650,437 22,856,307 6,047,336 1,855,441 331,200 33,697 831,589 56,387 423,071 92,085,465 Minimum allowance required (3,237) (118,605) (94,973) (98,141) (55,159) (58,015) (458,662) (78,499) (968,266) (1,933,557) Additional allowance (226,006) (106,148) (135,357) (118,168) (95,611) (33,042) (286,654) (33,479) - (1,034,465) Total allowance of the credit portfolio as at 12.31.2019 (229,243) (224,753) (230,330) (216,309) (150,770) (91,057) (745,316) (111,978) (968,266) (2,968,022) (1) Past Due – transactions that have installments more than 14 days past due. (2) Regular – transactions not in arrears and/or installments no more than 14 days past due.

Consolidated Financial Statements | Banco Safra S.A.

c) Breakdown of the portfolio and the minimum allowance for credit risk required 09.30.2020 Credit portfolio Minimum allowance required Past due Regular Total Past due Regular Total Operations with companies 387,867 75,188,073 75,575,940 (307,836) (835,238) (1,143,074) Credit operations 387,867 60,270,596 60,658,463 (307,836) (778,063) (1,085,899) Borrowings, financing and discounted receivables 331,089 35,958,690 36,289,779 (276,627) (637,430) (914,057) Foreign trade 34,135 17,720,125 17,754,260 (20,167) (98,211) (118,378) Directed credit – Rural and agroindustrial financing 3,146 2,516,623 2,519,769 (2,509) (13,876) (16,385) Onlending - BNDES/FINAME and Other 266 3,048,676 3,048,942 (3) (9,027) (9,030) Lease 11,916 1,012,152 1,024,068 (1,215) (5,189) (6,404) Other credits 7,315 14,330 21,645 (7,315) (14,330) (21,645) Other credit risk instruments - 14,917,477 14,917,477 - (57,175) (57,175) Consumer loan and finance operations 1,621,313 25,024,207 26,645,520 (699,539) (697,070) (1,396,609) Payroll advance loan 304,055 7,813,833 8,117,888 (140,803) (103,972) (244,775) Direct consumer credit 1,276,973 13,792,854 15,069,827 (536,720) (169,171) (705,891) Personal credit 40,285 3,417,520 3,457,805 (22,016) (423,927) (445,943) Total as at 09.30.2020 2,009,180 100,212,280 102,221,460 (1,007,375) (1,532,308) (2,539,683) Total as at 12.31.2019 1,710,926 92,085,465 93,796,391 (702,138) (1,231,419) (1,933,557) Operations with companies 462,027 66,734,590 67,196,617 (298,065) (629,514) (927,579) Consumer loan and finance operations 1,248,899 25,350,875 26,599,774 (404,073) (601,905) (1,005,978)

d) Renegotiated transactions and credit recoveries Minimum Portfolio allowance required % Past due 109,271 (107,879) 98.70 Past due transactions: From 15 to 30 days 20,386 (19,917) 97.70 From 31 to 60 days 10,852 (10,342) 95.30 From 61 to 90 days 19,262 (19,086) 99.10 From 91 to 180 days 52,792 (52,555) 99.60 From 181 to 365 days 5,979 (5,979) 100.00 Regular 268,853 (260,928) 97.10 Past due - up to 14 days 873 (817) 93.60 Falling due: From 01 to 90 days 33,018 (30,779) 93.20 From 91 to 365 days 76,758 (72,975) 95.10 Over 365 days 158,204 (156,357) 98.80 Total as at 09.30.2020 378,124 (368,807) 97.50 Total as at 12.31.2019 391,630 (383,621) 98.00 The recoveries of credits written-off as loss in the period amounted to R$ 265,128 (R$ 146,500 in 2019), and are shown in Statement of Income.

Consolidated Financial Statements | Banco Safra S.A.

e) Breakdown of the credit portfolio by maturity of credit operations 09.30.2020 12.31.2019 Minimum Minimum allowance Portfolio allowance required Portfolio required PAST DUE 2,009,180 (1,007,375) 1,710,926 (702,138) Past due transactions: From 15 to 30 days 401,337 (58,790) 529,618 (105,380) From 31 to 60 days 339,685 (56,629) 396,258 (89,197) From 61 to 90 days 240,365 (83,965) 239,213 (75,902) From 91 to 180 days 595,980 (376,180) 311,014 (196,836) From 181 to 365 days 431,813 (431,811) 234,823 (234,823) REGULAR 100,212,280 (1,532,308) 92,085,465 (1,231,419) Past due - up to 14 days 164,939 (14,522) 230,559 (7,638) Falling due: From 01 to 30 days 6,977,323 (80,481) 8,998,996 (94,115) From 31 to 60 days 5,723,839 (75,872) 8,049,074 (61,003) From 61 to 90 days 5,712,442 (88,197) 4,658,815 (51,686) From 91 to 180 days 10,545,366 (144,204) 11,576,930 (120,793) From 181 to 365 days 16,954,282 (240,733) 13,400,370 (218,635) From 1 to 2 years 19,363,370 (357,701) 15,439,660 (288,230) From 2 to 3 years 13,910,397 (221,373) 9,247,359 (196,122) From 3 to 5 years 13,986,923 (262,998) 10,754,178 (173,170) Over 5 years 6,873,399 (46,227) 9,729,524 (20,027) TOTAL 102,221,460 (2,539,683) 93,796,391 (1,933,557) The balance of transactions more than 60 days past due, non-accrued, amounts to R$ 1,268,158 (R$ 785,050 as at 12.31.2019) and more than 90 days past due amounts to R$ 1,027,793 (R$ 545,837 as at 12.31.2019).

f) Credit commitments (off balance) Off balance amounts related to financial guarantee contracts are as follows: 09.30.2020 12.31.2019 Guarantees, sureties and other guarantees provided – Note 9(a-I) (1) 15,904,345 17,273,417 AA 15,112,406 16,827,165 A 149,741 187,691 B 182,634 89,500 C 34,817 37,059 D 216,508 500 F - 7,124 H 208,239 124,378 Granted limits (2) 13,153,101 15,794,239 Total 29,057,446 33,067,656 Contractual term: Up to 90 days 11,689,521 13,066,046 From 91 to 365 days 8,118,183 8,498,276 From 1 to 2 years 3,947,620 5,211,751 From 2 to 3 years 992,775 1,717,108 From 3 to 5 years 2,865,769 2,523,319 Over 5 years 1,443,578 2,051,156 (1) The income of guarantees, sureties and other pledged guarantees is shown in Note 12(b-I). (2) Basically refer to credit limits granted but not used, characterized by the option for cancellation by Safra, the average term being 90 days.

g) Extension of terms - COVID-19 (CMN Resolution 4,803/20) In the period, we granted requests for extension of payment terms, which customers who are in compliance with their obligations and meet all the conditions to maintain their ratings, as established in CMN Resolution 4,803/20.

Quantity of Transaction Balance of postponed Balance of postponed customers balance instalment instalment/transaction

Operations with companies 872 2,439,044 446,947 18.3% Consumer loan and finance operations 49,821 1,513,604 88,956 5.9% Total 50,693 3,952,648 535,903 13.6%

Consolidated Financial Statements | Banco Safra S.A.

10. FINANCIAL LIABILITIES AND MANAGED ASSETS a) Summary I - By pricing

09.30.2020 12.31.2019 At amortized cost At fair value Total At amortized cost At fair value Total Funding 104,517,955 13,100,852 117,618,807 88,602,606 10,781,099 99,383,705 Open market deposits and funding – corporate securities 13,812,705 - 13,812,705 13,145,629 - 13,145,629 Funds from acceptance and issue of securities and Time deposits 84,747,771 9,842,976 94,590,747 71,157,566 8,164,842 79,322,408 Structured funding – Note 8(b-II(1)) 5,957,479 3,257,876 9,215,355 4,299,411 2,616,257 6,915,668 Borrowings and onlending 14,301,982 - 14,301,982 12,524,348 - 12,524,348 Subordinated debt 2,721,973 7,955,228 10,677,201 2,676,926 5,396,436 8,073,362 Total financial liabilities – Note 10(b) 121,541,910 21,056,080 142,597,990 103,803,880 16,177,535 119,981,415 Managed funds – Note 10(c) 80,989,125 74,436,949 Consolidated private pension funds – Note 10(c) 19,037,485 18,146,393 Total financial liabilities and managed assets 242,624,600 212,564,757

II - By counterparty

09.30.2020 12.31.2019 Customer funds Market funds Total Customer funds Market funds Total Funding 106,489,570 11,129,237 117,618,807 90,507,784 8,875,921 99,383,705 Open market deposits and funding – corporate securities 10,723,037 3,089,668 13,812,705 10,046,945 3,098,684 13,145,629 Funds from acceptance and issue of securities and Time deposits 89,456,744 5,134,003 94,590,747 75,614,633 3,707,775 79,322,408 Structured funding – Note 8(b-II(1)) 6,309,789 2,905,566 9,215,355 4,846,206 2,069,462 6,915,668 Borrowings and onlending - 14,301,982 14,301,982 - 12,524,348 12,524,348 Subordinated debt 4,489,649 6,187,552 10,677,201 4,319,560 3,753,802 8,073,362 Total financial liabilities – Note 10(b) 110,979,219 31,618,771 142,597,990 94,827,344 25,154,071 119,981,415 Managed funds – Note 10(c) 80,989,125 74,436,949 Consolidated private pension funds – Note 10(c) 19,037,485 18,146,393 Total financial liabilities and managed assets 242,624,600 212,564,757

Consolidated Financial Statements | Banco Safra S.A.

b) Financial liabilities I - By maturity 09.30.2020 12.31.2019 Amounts by maturity Up to From 91 to From 1 to From 2 to From 3 to Over

90 days 365 days 2 years 3 years 5 years 5 years Total Total Funding 26,538,921 53,337,668 21,970,116 11,237,995 3,417,102 1,117,005 117,618,807 99,383,705 Open market deposits and funding – corporate securities 10,203,702 3,575,228 33,775 - - - 13,812,705 13,145,629 Deposits 6,482,871 1,936,703 33,775 - - - 8,453,349 7,501,658 Demand deposits 1,554,655 - - - - - 1,554,655 1,601,650 Savings deposits 3,841,031 - - - - - 3,841,031 2,801,323 Deposits from financial institutions (1) 1,087,185 1,936,703 33,775 - - - 3,057,663 3,098,685 Open market funding – Corporate securities – Debentures 3,720,831 1,638,525 - - - - 5,359,356 5,643,971 Funds from acceptance and issue of securities and Time

deposits 14,939,508 46,840,671 20,471,383 9,643,636 2,070,461 625,088 94,590,747 79,322,408 Time deposits 12,220,540 38,442,701 4,797,527 1,384,081 121,412 10,788 56,977,049 36,178,835 Funds from financial bills, bills of credit and similar notes 2,718,968 8,397,970 15,673,856 5,815,074 1,949,049 614,300 35,169,217 41,420,975 Financial bills 1,661,359 6,552,730 10,842,687 4,056,549 536,091 120,530 23,769,946 27,578,713 Commercial leasing bills 305,585 530,702 114,751 25,484 7,301 - 983,823 5,173,465 Agribusiness credit notes 703,702 1,134,755 4,445,353 1,619,522 1,377,555 493,770 9,774,657 7,964,979 House loan bills, mortgage bills and other 48,322 179,783 271,065 113,519 28,102 - 640,791 703,818 Liabilities for marketable securities abroad – US$ 500,000 –

02.08.2018 – Fixed rate (4.12% p.a.) – Hedge (2) (5) - - - 2,444,481 - - 2,444,481 1,722,598 Structured funding – Note 8(b-II(1)) 1,395,711 2,921,769 1,464,958 1,594,359 1,346,641 491,917 9,215,355 6,915,668 Fixed income (3) 525,232 1,732,744 106,588 - - - 2,364,564 976,469 Certificate of structured transactions 435,914 1,161,136 799,211 1,196,823 314,912 40,330 3,948,326 3,871,938 Structured CD – Note 8(b-III) 434,565 27,889 559,159 397,536 1,031,729 451,587 2,902,465 2,067,261 Hedge (5) 50,312 22,505 281,371 112,186 799,895 413,813 1,680,082 892,343 Other 384,253 5,384 277,788 285,350 231,834 37,774 1,222,383 1,174,918 Borrowings and onlending 668,918 10,892,998 1,203,206 532,689 546,837 457,334 14,301,982 12,524,348 Foreign borrowings (4) 393,346 10,200,160 536,021 - - - 11,129,527 8,386,927 Domestic onlending 269,449 692,838 667,185 532,689 546,837 457,334 3,166,332 3,220,721 National Treasury 67,844 63,490 919 - - - 132,253 308,975 BNDES 112,091 361,284 387,292 315,216 333,930 289,230 1,799,043 1,633,146 FINAME 89,514 268,064 278,974 217,473 212,907 168,104 1,235,036 1,278,600 Other borrowings 6,123 - - - - - 6,123 916,700

Consolidated Financial Statements | Banco Safra S.A.

09.30.2020 12.31.2019 Amounts by maturity Up to From 91 to From 1 to From 2 to From 3 to Over

90 days 365 days 2 years 3 years 5 years 5 years Total Total Subordinated debt – Note 10(b-III) 272,744 2,997,557 248,839 483,745 1,446,026 5,228,290 10,677,201 8,073,362 Financial bills (LF) 254,839 359,475 248,839 483,745 1,446,026 2,272,109 5,065,033 4,840,144 CDI (100% to 119%) + (interest from 0.69% p.a. to 1.62% p.a.) 42,508 142,243 67,205 161,562 1,066,994 1,185,393 2,665,905 2,622,767 IGPM + (interest from 6.21% p.a. to 6.68% p.a.) - 4,316 - - - - 4,316 3,671 IPCA + (interest from 3.43%p.a. to 8.82% p.a.) – Hedge (5) 211,073 178,248 151,108 268,166 269,946 591,210 1,669,751 1,543,626 Fixed (7.26% p.a. to 17.66% p.a.) 1,258 34,668 14,564 18,227 109,086 495,506 673,309 619,592 Selic (109% to 110.5%) - - 15,962 35,790 - - 51,752 50,488 Medium term notes – Hedge (5) 17,905 2,638,082 - - - 2,956,181 5,612,168 3,233,218 Perpetual – Note 19(b) 17,905 - - - - 2,956,181 2,974,086 1,223,088 US$ 200,000 at 5.80% p.a. – 02.14.2020 8,361 - - - - 1,175,178 1,183,539 - US$ 300,000 at 7.52% p.a. – 06.06.2014 9,544 - - - - 1,781,003 1,790,547 1,223,088 US$ 500,000 at 6.75% p.a. – 01.27.2011 - 2,638,082 - - - - 2,638,082 2,010,130 Total financial liabilities as at 09.30.2020 27,480,583 67,228,223 23,422,161 12,254,429 5,409,965 6,802,629 142,597,990 119,981,415 Total financial liabilities as at 12.31.2019 35,797,253 41,130,057 16,987,307 12,654,764 8,068,733 5,343,301 119,981,415 Funding 33,228,584 33,294,889 13,594,771 11,985,046 6,458,990 821,425 99,383,705 Borrowings and onlending 2,488,457 7,531,044 993,337 517,211 587,251 407,048 12,524,348 Subordinated debt 80,212 304,124 2,399,199 152,507 1,022,492 4,114,828 8,073,362 (1) Of this amount, R$ 330,044 (R$ 357,833 as at 12.31.2019) refers to operations linked to rural credit. (2) Includes incurred transaction costs of R$ (3,415) (R$ (5,279) as at 12.31.2019) – Note 3(b-II). (3) Transactions made with derivative financial instruments – Options. (4) Credit facilities for financing imports and exports. (5) Note 8(d). II - By changes 01.01. to 09.30.2020 Recognition in income Interest paid of Interest – Change in fair Opening Foreign exchange Net financial financing Note value adjustment Total profit Closing balance gains or losses change activities 12(b-II) – Note 8(c) or loss balance Funding 99,383,705 2,183,241 13,544,479 (46,393) 2,533,830 19,945 2,553,775 117,618,807 Open market deposits and funding – corporate securities 13,145,629 667,076 (222,864) - 222,864 - 222,864 13,812,705 Funds from acceptance and issue of securities and Time deposits 79,322,408 692,282 12,516,987 (46,393) 2,100,635 4,828 2,105,463 94,590,747 Time deposits 36,178,835 1,615 19,858,131 - 936,299 2,169 938,468 56,977,049 Funds from financial bills, bills of credit and similar notes 41,420,975 - (7,295,914) - 1,093,581 (49,425) 1,044,156 35,169,217 Liabilities for marketable securities abroad 1,722,598 690,667 (45,230) (46,393) 70,755 52,084 122,839 2,444,481 Structured funding – Note 8(b-II(1)) 6,915,668 823,883 1,250,356 - 210,331 15,117 225,448 9,215,355 Borrowings and onlending 12,524,348 2,526,624 (1,060,324) - 311,334 - 311,334 14,301,982 Subordinated debt (1) 8,073,362 1,520,902 873,586 (285,774) 428,872 66,253 495,125 10,677,201 Total financial liabilities as at 09.30.2020 119,981,415 6,230,767 13,357,741 (332,167) 3,274,036 86,198 3,360,234 142,597,990 Total financial liabilities as at 09.30.2019 112,237,909 1,225,219 6,281,085 (228,004) 4,905,506 543,167 5,448,673 124,964,882 Funding 91,494,546 632,956 2,761,059 (33,663) 4,075,850 300,454 4,376,304 99,231,202 Open market deposits and funding – corporate securities 9,135,618 324,769 109,387 - 1,057,426 (106) 1,057,320 10,627,094 Funds from acceptance and issue of securities and Time deposits 76,261,350 137,109 3,402,319 (33,663) 2,792,399 270,817 3,063,216 82,830,331 Structured funding – Note 8(b-II(1)) 6,097,578 171,078 (750,647) - 226,025 29,743 255,768 5,773,777 Borrowings and onlending 13,429,094 442,961 3,271,322 - 420,621 - 420,621 17,563,998 Subordinated debt 7,314,269 149,302 248,704 (194,341) 409,035 242,713 651,748 8,169,682 (1) In the period, US$ 200,000 were raised, related to perpetual subordinated debts – Medium Term Notes, 5.80% p.a. interest with related parties – Notes 8(d) and 19(b).

Consolidated Financial Statements | Banco Safra S.A.

III - Subordinated debt – by characteristic 09.30.2020 12.31.2019 Approved at BACEN In process of Total Total Securities Without termination clause With termination clause approval at BACEN (1) 2020 34,826 220,008 - 254,834 322,418 2021 2,638,082 462,454 - 3,100,536 2,454,299 2022 6,079 154,780 - 160,859 152,505 2023 - 632,210 - 632,210 602,416 2024 - 432,728 - 432,728 420,076 2025 - 1,083,815 - 1,083,815 1,054,706 2026 - 1,060,746 - 1,060,746 1,033,901 2027 - 286,373 5,872 292,245 272,326 2028 - 338,442 1,699 340,141 325,697 2029 - 210,048 - 210,048 209,654 2030 - 125,102 7,816 132,918 - 2033 - 2,035 - 2,035 2,276 Perpetual (2) - 2,974,086 - 2,974,086 1,223,088 Total as at 09.30.2020 – Note 10(b-I) 2,678,987 7,982,827 15,387 10,677,201 8,073,362 Total as at 12.31.2019 – Note 10(b-I) 2,049,562 5,991,682 32,118 8,073,362 (1) The 2020 securities without termination clause fell due in the period (R$ 22,026 as at 12.31.2019). (2) On July 22, 2020, the Central Bank authorized through notice DEORF-120059319-05422, the perpetual subordinated debt transaction to comprise the Tier I of PR. c) Managed assets The Safra Group, together with related party companies, are responsible for the management, administration and distribution of investment fund quotas, as follows: 09.30.2020 12.31.2019 Managed funds and consolidated private pension funds – Note 10(a) 100,026,610 92,583,342 Managed funds (1) 80,989,125 74,436,949 Consolidated private pension funds (2) 19,037,485 18,146,393 Funds of investment in quotas 130,040,987 125,510,326 Consolidated exclusive funds 2,061,077 6,390,079 Total net assets of funds 232,128,674 224,483,747 Total net assets of managed portfolio 2,551,641 2,721,288 Total managed assets 234,680,315 227,205,035 (1) Includes quotaholders of related parties in the amount of R$ 6,223,265 (R$ 4,772,370 as at 12.31.2019). (2) Recorded in liabilities in the line item “Insurance and private pension operations” – Note 11(a).

The revenue from management, administration and distribution fees of such fund quotas are shown in Note 12(b-IV).

Consolidated Financial Statements | Banco Safra S.A.

11. INSURANCE, REINSURANCE AND PRIVATE PENSION OPERATIONS a) Funds guaranteeing technical reserves of insurance and private pension I. Breakdown 09.30.2020 12.31.2019 Amounts by maturity

Fair Up to From 91 to From 1 to From 2 to From 3 to Over value 90 days 365 days 2 years 3 years 5 years 5 years Fair value Private pension 19,037,485 3,390,517 3,302,152 3,446,538 2,932,280 2,233,553 3,732,445 18,146,393

Repurchase agreements – Government securities 14,884 14,884 - - - - - 20,805 Marketable securities - Securities portfolio 19,044,853 3,397,885 3,302,152 3,446,538 2,932,280 2,233,553 3,732,445 18,230,190 Government securities – National Treasury 13,895,935 - 2,292,131 2,793,173 2,882,678 2,195,729 3,732,224 14,655,998 National Treasury Bills 4,521,895 - 315,693 2,131,646 1,215,507 859,049 - 3,984,603

Financial Treasury Bills 3,636,011 - 1,961,867 661,527 307,526 297,856 407,235 5,569,971

National Treasury Notes 5,738,029 - 14,571 - 1,359,645 1,038,824 3,324,989 5,101,424

Corporate securities 5,148,918 3,397,885 1,010,021 653,365 49,602 37,824 221 3,574,192

Shares 1,487,154 1,487,154 - - - - - 1,156,011

Bank Deposit Certificates 1,241,681 366,975 657,620 217,086 - - - 860,547

Investment fund quotas 935,392 935,392 - - - - - 88,694 Debentures 593,282 425,962 30,014 92,889 31,677 12,519 221 198,651

Financial bills 891,409 182,402 322,387 343,390 17,925 25,305 - 1,270,289 Derivative financial instruments – Forward of government securities ------Assets 14,573 14,573 ------Liabilities (14,573) (14,573) ------Other (22,252) (22,252) - - - - - (104,602) Insurance – government securities – National Treasury Bills 360,486 1,220 359,266 - - - - 243,011

Receivables from reinsurance operations – Note 11(b) (1) 18,907 19,677 Credit rights – insurance premiums receivable 42,797 20,009 Total as at 09.30.2020 – Note 11(c-I(2)) 19,397,971 3,391,737 3,661,418 3,446,538 2,932,280 2,233,553 3,732,445 18,389,404 Total as at 12.31.2019 – Note 11(c-I(2)) 18,389,404 1,656,047 3,960,284 4,002,854 1,332,452 3,571,550 3,866,217 (1) The amount presented net of unearned premium reserve in the amount of R$ (18,766) (R$ (18,608) as at 12.31.2019) was not offered as downward asset adjustment of technical reserves. II. Derivative financial instruments – Breakdown of notional amount by transaction type of the PGBL/VGBL investment fund 09.30.2020 12.31.2019

Amounts by maturity

B3 Up to 90 days From 91 to 365 days Over 365 days Total Total

Forward - government securities - long position 14,574 - - 14,574 - Futures 886,058 463,677 11,255,236 12,604,971 7,132,659 Long position 709,237 - 4,904,797 5,614,034 1,971,196 Interest rate - - 4,904,797 4,904,797 1,470,963 Foreign currency 649,836 - - 649,836 79,443 Bovespa Index 59,401 - - 59,401 420,790 Short position 176,821 463,677 6,350,439 6,990,937 5,161,463 Interest rate - 463,677 6,350,439 6,814,116 5,161,463 Foreign currency 147,972 - - 147,972 - Bovespa Index 28,849 - - 28,849 - TOTAL as at 09.30.2020 900,632 463,677 11,255,236 12,619,545 7,132,659 TOTAL as at 12.31.2019 500,433 1,241,450 5,390,776 7,132,659

Consolidated Financial Statements | Banco Safra S.A.

b) Receivables from insurance and reinsurance operations 09.30.2020 12.31.2019 Premium receivable amounts – Note 11(b-I(2)) 187,451 89,927 Premiums receivable – Note 11(b-I(1)) 182,053 88,554 Risks in force but not issued 14,028 5,030 Credit risk (8,630) (3,657) Operating receivables from insurance and reinsurance 4,196 2,789 Gross amount 8,992 7,628 Credit risk (4,796) (4,839) Reinsurance assets – Technical reserves– Note 11(a) 37,673 38,285 Deferred acquisition costs (3,192) (862) Investments redeemable from pension funds 7,578 - Total 233,706 130,139 I. Premiums receivable (1) Installments by maturity 09.30.2020 12.31.2019 PAST DUE(1) REGULAR(2) TOTAL TOTAL Past due: 2,905 3,670 6,575 6,350 From 01 to 30 days 1,365 2,886 4,251 3,921 From 31 to 60 days 682 784 1,466 1,590 From 61 to 120 days 858 - 858 839 Falling due: 5,725 169,753 175,478 82,204 From 01 to 30 days 842 13,839 14,681 7,365 From 31 to 60 days 217 6,983 7,200 5,330 From 61 to 120 days 572 16,336 16,908 9,908 From 121 to 180 days 538 13,711 14,249 7,598 From 181 to 365 days 1,273 33,057 34,330 21,142 Over 365 days 2,283 85,827 88,110 30,861 TOTAL as at 09.30.2020 8,630 173,423 182,053 88,554 TOTAL as at 12.31.2019 3,657 84,897 88,554 (1) Policies with installments more than 60 days past due are fully provisioned. (2) Policies not due and/or with installments up to 60 days past due.

(2) Changes in the period 01.01. to 09.30.2020 01.01. to 09.30.2019 Opening balance 89,927 54,335 (+) Written premiums and risks in force not yet issued (1) 356,550 235,478 (-) Receipts (263,688) (216,816) (+) Changes in credit risks (4,974) (1,940) (+) Interest on receipt of premiums 9,636 5,848 Closing balance 187,451 76,905 (1) Do not include amounts to be passed on of reinsurance premium of R$ 16,691 (R$ 14,234 in 2019).

Consolidated Financial Statements | Banco Safra S.A.

(3) Changes in credit risk 01.01. to 01.01. to 09.30.2020 09.30.2019

Premiums Insurance Payables for insurance and Reinsurance receivable companies reinsurance operations (1) SUBTOTAL companies TOTAL (2) TOTAL Opening balance (3,657) (879) 796 (83) (3,960) (7,700) (5,568) Recognition / (Reversal) (4,974) (75) 1,171 1,096 119 (3,759) (1,652) Closing balance (8,631) (954) 1,967 1,013 (3,841) (11,459) (7,220) (1) Includes the premiums/commissions passed on to brokers, insurers and reinsurers and IOF on premiums not paid. (2) Note 12(b-V).

II. Reinsurance assets – Technical reserves – Note 12(a-II) 01.01. to 09.30.2020 01.01. to 09.30.2019 PPNG PSL (1) IBNR PCC (2) TOTAL TOTAL Opening balance 18,608 8,828 2,245 8,604 38,285 35,734 Changes in technical reserves 158 5,565 1,102 (4,141) 2,684 2,673 Recoveries - (3,914) - - (3,914) (644) Inflation adjustment - 618 - - 618 68 Closing balance 18,766 11,097 3,347 4,463 37,673 37,831 (1) Includes 17 (10 as at 09.30.2019) legal claims of R$ 8,607 (R$ 2,696 as at 09.30.2019). (2) Note 11(d-I and II). c) Insurance and private pension operations (liabilities) The insurance and private pension operations are as follows: 09.30.2020 12.31.2019 Technical reserves - Note 11(c-I(1)) 19,391,926 18,373,139 Private pension 19,067,237 18,170,565 Insurance 324,689 202,574 Payables for insurance and reinsurance operations 11,478 16,451 Payables for insurance and reinsurance operations 14,084 12,515 Commissions and other insurance liabilities (809) 4,652 Credit risk (1,797) (716) Total 19,403,404 18,389,590 I. Technical reserves (1) (1) Breakdown INSURANCE PRIVATE PENSION TOTAL 09.30.2020 12.31.2019 09.30.2020 12.31.2019 09.30.2020 12.31.2019 PMBAC and PMBC - - 19,037,491 18,145,533 19,037,491 18,145,533 PPNG 272,927 152,258 - - 272,927 152,258 PSL 22,071 17,613 - - 22,071 17,613 IBNR 6,396 4,485 - - 6,396 4,485 Other technical reserves – Note 11(d-I) 23,295 28,218 19,455 22,112 42,750 50,330 PCC 23,295 28,218 891 2,584 24,186 30,802 PDR - - 18,564 19,528 18,564 19,528 Reserves for outstanding amounts - - 10,291 2,920 10,291 2,920 Total 324,689 202,574 19,067,237 18,170,565 19,391,926 18,373,139 (2)

Consolidated Financial Statements | Banco Safra S.A.

(3) (2) Coverage 09.30.2020 12.31.2019 Funds guaranteeing technical reserves of insurance and private pension – Note 11(a) 19,397,971 18,389,404 Technical reserves - Note 11(c) (19,391,926) (18,373,139) Coverage surplus 6,045 16,265 (4) (3) Changes in technical reserves of private pension 01.01. to 09.30.2020 01.01. to 09.30.2019 Opening balance 18,170,565 14,561,873 Contributions 682,928 926,714 Net portability transfers 1,108,435 1,571,498 Redemption payments (900,924) (731,002) Benefits paid (901) (761) Financial adjustment – Note 11(e) 2,420 962,619 Recognition/(reversal) of technical reserves – Note 11(d-II) (2,657) 5,123 PCC (1,693) 4,394 PDR (964) 729 Reserves for outstanding amounts 7,371 3,285 Closing balance 19,067,237 17,299,349 (5) (4) Changes in technical reserves of insurance 01.01. to 01.01. to 09.30.2020 09.30.2019 CLAIMS PSL, IBNR PSL and PDR PCC – PPNG SUBTOTAL TOTAL TOTAL and PDR judicial Note 11 (d-II) Opening balance 152,258 9,670 12,428 22,098 28,218 202,574 170,884 Incurred claims - 7,596 4,445 12,041 - 12,041 3,610 Change in technical reserves 120,669 - - - - 120,669 25,960 Supplementary Coverage Reserve (PCC) and Reserve for Related Expenses (PDR) – Net – Note 12(b-V) - - 768 768 (4,923) (4,155) (8,454) Reversal of reserve due to claim payment - (9,087) (375) (9,462) - (9,462) 1,448 Financial adjustment – Note 11(e) - 86 2,936 3,022 - 3,022 (570) Closing balance 272,927 8,265 20,202 28,467 23,295 324,689 192,878 d) Supplementary Coverage Reserve (PCC) and Liability Adequacy Test (LAT) – Note 3(g-III) I – Breakdown 09.30.2020 12.31.2019 Assets – Reinsurance assets - Note 11(b-II) 4,463 8,604 Liabilities (42,750) (50,330) Technical reserves - Insurance - Personal – Note 11(c-I(1)) (23,295) (28,218) Technical reserves - Private pension – Note 11(c-I(1)) (19,455) (22,112) Supplementary Coverage Reserve (PCC) and Reserve for Related Expenses (PDR) – Net (38,287) (41,726)

Consolidated Financial Statements | Banco Safra S.A.

II – Effects on income

2020 2019 Reinsurance operations - Note 11(b-II) (4,141) 3,661 Insurance operations - Note 11(c-I(4)) 4,923 (14,253) Changes in insurance and private pension - Note 11(c-I(3)) 2,657 (5,123) Supplementary Coverage Reserve (PCC) and Reserve for Related Expenses (PDR) – Net 3,439 (15,715) e) Insurance and private pension operations (Income)

2020 2019 Finance income (expenses) from insurance and private pension operations 10,710 13,290 Finance income 16,190 977,928 Finance expenses (5,480) (964,638) Income from insurance, reinsurance and private pension operations – Note 12(b-V) 215,655 195,448 Income from private pension fund management services – Note 10(c) 144,617 200,109 Total 370,982 408,847

Consolidated Financial Statements Banco Safra S.A.

12. OTHER FINANCIAL ASSETS AND LIABILITIES AND REVENUE, EXPENSES AND INCOME FROM OPERATIONS a) Breakdown of financial assets and liabilities 09.30.2020 12.31.2019 ASSETS LIABILITIES ASSETS LIABILITIES Foreign exchange portfolio 879,867 894,394 1,113,478 1,132,603 Foreign exchange purchases pending settlement (M.E.) and payables for foreign exchange purchase (M.N.) (1) 500,012 470,808 530,545 541,159 Receivables for foreign exchange sales (M.N.) and Foreign exchange sales pending settlement (M.E.) 379,855 423,586 582,933 591,444 Collection and receipt of taxes and similar - 124,757 - 21,140 Negotiation and intermediation of securities 1,524,436 1,275,040 1,174,761 1,270,527 Funds from customers – Brokerage firm (2) 752,713 758,396 847,757 859,443 Financial assets and commodities pending settlement 771,723 516,644 327,004 411,084 Interbank and interdepartmental transactions 453,309 868,216 12 183,201 Amounts receivable/(payable) – Acquirer 3,340,255 3,424,160 3,164,862 3,224,251 Other 87,382 619,120 82,517 557,853 Provisions for guarantees and sureties – Notes 9(a-I and III) - 300,173 - 194,073 Credit card administration obligations - 234,258 - 279,491 Other 87,382 84,689 82,517 84,289 Total (3) 6,285,249 7,205,687 5,535,630 6,389,575 (1) The foreign exchange gains on advance on foreign exchange contracts – Note 3(c) amount to R$ 241,872 (R$ 30,170 as at 12.31.2019) and were shown in the line item “Credit portfolio – Credit operations” – Note 9. (2) Basically refer to transactions in stock exchange recorded by Safra Corretora de Valores e Câmbio Ltda. (3) Transactions classified in Current Assets and Liabilities. b) Revenues, expenses and income from operations I - Income from financial intermediation 2020 2019 Income from financial assets 1,990,564 3,494,333 Income from investments – Interbank investments and compulsory deposits 500,041 1,074,692 Interbank investments – Own position 306,655 715,135 Open market investments 221,503 575,751 Interbank deposits 58,118 88,920 Investments abroad 27,034 50,464 Income from Central Bank compulsory deposits – Note 6(b) 193,386 359,557 Income from investments and marketable securities 1,490,523 2,419,641 Investments linked to open market funding – Government securities 731,393 1,292,073 Marketable securities - Securities portfolio 759,130 1,127,568 Government securities 694,178 1,028,877 Corporate securities issued by Financial Institutions and Companies 64,952 98,691 Expanded credit portfolio operations 7,216,257 7,560,559 Credit portfolio – Note 9(a-II) 7,032,901 7,355,842 Operations with companies 4,018,105 4,619,816 Consumer loan and finance operations 3,014,796 2,736,026 Guarantees provided and guarantees and sureties – Note 9(f) 183,356 204,717 Other finance income 12,409 10,701 Total interest income 9,219,230 11,065,593

II - Financial intermediation expenses 2020 2019 Transactions with financial liabilities – Note 10(b-II) (3,274,036) (4,905,506) Transactions with funding (2,533,830) (4,075,850) Open market deposits and funding – corporate securities (153,859) (1,009,216) Funds from acceptance and issue of securities and Time deposits (2,100,635) (2,792,896) Structured funding (210,331) (225,528) Direct funding costs (69,005) (48,210) Borrowings and onlending (311,334) (420,621) Subordinated debt (428,872) (409,035) Market funding operations – government securities – Note 7(b) (885,783) (1,572,923) Own portfolio (100,476) (196,595) Third-party portfolio (592,079) (1,097,958) Obligations related to unrestricted securities (193,228) (278,370) Other finance expenses (114,354) (117,802) Total interest expenses (4,274,173) (6,596,231)

Consolidated Financial Statements Banco Safra S.A.

III - Income from financial instruments, net 2020 2019 Foreign exchange gains or losses on investment abroad and foreign currency transactions (834,554) (166,601) Over Hedge of Investment abroad – Note 18(c-II(2)) (1,013,723) (169,838) Foreign currency transactions 179,169 3,237 Derivatives (Accrual) – Swap/Future/Other - Note 3(b-III) (658,529) (58,024) Income from financial instruments (31,951) 67,258 Fair value adjustments from financial instruments – Note 8(c) 76,127 (213,283) Realized income from financial instruments (108,078) (50,576) Total – Note 18(c-II(2)) (1,525,034) (157,367)

IV - Revenue from service, bank fees and foreign exchange transactions 2020 2019 Income from managed assets 1,109,877 875,096 Investment fund management and custody services and portfolio management – Note 10(c) 855,455 724,495 Securities brokerage, custody and placement 254,422 150,601 Credit operations 163,878 222,551 Credit operations 211,399 277,220 Direct costs with credit operations (47,521) (54,669) Foreign exchange transactions and services 76,744 108,462 Current account and collection services 178,556 133,089 Total 1,529,055 1,339,198

V - Insurance, reinsurance and private pension operations 2020 2019 Income from retained premiums, net 218,213 206,351 Premium income - Note 11(b-I(2)) 339,859 220,714 Changes in technical reserves (121,646) (14,363) Claim income and expenses (5,795) (3,134) Acquisition 7,439 13,378 Credit risk – Note 11(b-I(3)) (3,759) (1,652) Gains or losses on supplementary reserve 2,671 (15,715) Other income and expenses (1) (3,114) (3,780) Total – Note 11(e) 215,655 195,448 (1) Includes the income net of DPVAT agreement.

Consolidated Financial Statements Banco Safra S.A.

13. OTHER ASSET, LIABILITY, AND INCOME ACCOUNTS a) Other assets

09.30.2020 12.31.2019 Debtors for deposits in guarantee of contingent liabilities 447,847 309,167 Tax and social security contingent liabilities and legal obligations (1) 310,565 174,602 Civil, labor – Note 14(c) 137,282 134,565 Prepaid expenses 90,728 108,060 Sundry 61,531 3,016 Total (2) 600,106 420,243 (1) The amounts linked to tax and social security contingent liabilities and legal obligations are disclosed in Note 14(c). (2) Transactions classified in Current Assets. b) Other liabilities

09.30.2020 12.31.2019 Provision for payables 808,604 718,960 Deferred income 74,821 67,566 Social and statutory – Note 17(b) 95,265 18,281 Liability transactions to be processed 80,863 217,921 Sundry 32,383 32,397 Total (1) 1,091,936 1,055,125 (1) Transactions classified in Current Liabilities. c) Personnel expenses

2020 2019 Remuneration and profit sharing (1,523,412) (1,400,013) Benefits (175,110) (159,228) Payroll charges (363,729) (336,277) Employee termination and payroll additional allowance (140,794) (231,043) Total (2,203,045) (2,126,561)

d) Administrative expenses

2020 2019 IT and data processing equipment (1) (398,148) (344,214) Maintenance costs – Note 19(b) (1) (158,627) (158,059) Publicity and advertising (122,534) (159,575) Donations (30,644) - Surveillance, security and transport services (1) (31,437) (30,873) Third-party services (33,903) (31,256) Travel (23,702) (61,750) Financial system services (14,530) (13,275) Other (24,414) (32,625) Total (837,939) (831,627) (1) Includes depreciation and amortization expenses of property and equipment and intangible assets– Note 16(b).

Consolidated Financial Statements | Banco Safra S.A.

14. CONTINGENT ASSETS AND LIABILITIES AND LEGAL OBLIGATIONS – TAX AND SOCIAL SECURITY a) Contingent assets: there is no contingent asset to be disclosed. b) Provisions and contingent liabilities - these are quantified as follows: I - Civil lawsuits: are substantially represented by indemnity claims for pecuniary damage and/or pain and suffering mainly related to direct consumer credit operations, collections and loans, protests of notes, inclusion of customer data in credit restriction databases and elimination of inflation effects in connection with economic plans on savings account balances. These civil lawsuits are evaluated when a court notice is received, and are classified as mass, when related to similar causes with insignificant amount, or as special, when there is a peculiarity in the lawsuit filed, arising from the significance of the amount involved, or from matter with corporate importance or different from ordinary lawsuits. The provision recorded for mass lawsuits is monthly calculated based on the average historical cost of payments of lawsuits settled in the last 12 months, also considering the average fees paid in the same period and claims settled with favorable outcome. This average cost is adjusted quarterly and multiplied by the amount of lawsuits in progress in the portfolio on the last business day of the month. The special lawsuits are individually evaluated concerning the likelihood of loss, and are periodically reviewed and quantified based on progress, on the evidence submitted and/or on case law in accordance with the evaluation of management and internal legal counsel. A provision is recognized when the likelihood of unfavorable outcome is considered probable. II - Labor claims: lawsuits filed to claim alleged labor rights derived from the labor legislation specifically relating to professional category, especially overtime. These labor claims are evaluated when a court notice is received, and are classified as technically evaluated. The lawsuits are individually evaluated concerning the likelihood of loss, and are periodically reviewed and quantified based on progress, on the evidence submitted and on case law in accordance with the evaluation of management and internal legal counsel. A provision is recognized insofar as the probability of loss is considered probable, and adjusted by average ticket (claims with risk under one million reais) and special cases (claims with risk above one million reais) based on the considered risk, and both with the amount effectively paid for claims over the past 24 months. These adjustments are quarterly recalculated. The provision arising from the technical evaluation is adjusted by the amounts of the judicial deposits. The full amount of the deposits in cash is provisioned. III - Tax and social security lawsuits: these are mainly represented by administrative proceedings and lawsuits related to municipal and federal taxes. They are individually quantified when the notice of the administrative proceedings is received, based on the amounts assessed and are adjusted monthly. The provision is recognized at the full amount for proceedings classified as probable loss. The legal obligation is recognized notwithstanding the risk classification of loss. IV - Other risks: specific contingent liabilities quantified and provisioned per individual evaluation, basically represented by Salary Variations Compensation Fund (FCVS) provisions and reinsurance. c) The provisions recognized and the related changes are as follows: 01.01. to 09.30.2020 01.01. to 09.30.2019 Tax and social security contingent Civil Labor liabilities and Other Total Total legal obligations(3) Opening balance 402,176 552,531 766,664 163,110 1,884,481 1,623,138 Adjustment / Charges (1) 25,384 30,333 8,368 22,805 86,890 67,170 Changes in the period reflected in income (2) 68,751 108,489 (82,933) - 94,307 178,562 Recognition / (Reversal) 90,842 113,128 (75,042) - 128,930 239,394 Reversal due to favorable decision (22,091) (4,639) (7,891) - (34,623) (60,832) Payment (76,355) (167,867) (26,418) - (270,640) (277,460) Other changes - - - 768 768 788 Closing balance 419,956 523,486 665,681 186,683 1,795,806 1,592,198 Deposits in guarantee of appeals (4) 51,088 86,194 148,649 - 285,931 Marketable securities in guarantee (5) - 83,912 - - 83,912 Total amounts guaranteed as at 09.30.2020 51,088 170,106 148,649 - 369,843 Deposits in guarantee of appeals (4) 55,010 79,555 148,674 - 283,239 Marketable securities in guarantee (5) - 80,494 - - 80,494 Total amounts guaranteed as at 12.31.2019 55,010 160,049 148,674 - 363,733 (1) Recorded in “Other finance expenses”. (2) The changes in the civil, labor and tax contingencies are recorded in “Other operating expenses”. (3) The main proceedings involving tax and social security contingent liabilities and legal obligations are as follows: (i) payroll charges on prior notice and 1/3 of vacation pay in the amount of R$ 46,181 (R$ 40,308 as at 12.31.2019); Accident Prevention Factor (FAP) – Dispute over the legality of FAP, in the amount of R$ 5,380 (R$ 29,577 as at 12.31.2019); Levy of INSS on Profit Sharing in the amount of R$ 278,085 (R$ 273,502 as at 12.31.2019). (ii) ISS on Banking Activities: several tax assessment notices and lawsuits related to the levy of tax on revenue from banking activities other than price for provided service, in the amount of R$ 41,613 (R$ 78,059 as at 03.31.2019); (iii) Deductibility of loan portfolio in the amount of R$ 37,742 (R$ 49,061 as at 12.31.2019); (iv) Levy of PIS and COFINS on income from interest on capital in the amount of R$ 99,888 (R$ 99,888 as at 12.31.2019); (v) PER/DCOMPs not ratified by the Federal Revenue Service of Brazil in the amount of R$ 39,779 (R$ 59,067 as at 12.31.2019); (vi) Good Law (used, but not ratified) recognized in the amount of R$ 24,858 (R$ 25,286 as at 12.31.2019); (vii) Debenture IR/CS Proceedings recognized in the amount of R$ 18,109 (R$ 17,971 as at 12.31.2019) (4) Note 13(a-I). (5) Note 8(a-III). The amount of the contingent liabilities classified as a possible loss related to civil lawsuits, not recognized, is R$ 41,859 (R$ 50,979 as at 12.31.2019). There is no labor contingent liability and tax and social security proceedings classified as possible loss.

Consolidated Financial Statements | Banco Safra S.A.

15. TAXES a) Breakdown of income tax and social contribution expenses I – Reconciliation of income tax and social contribution expenses 2020 2019 Profit before income tax and social contribution 823,779 1,907,976 Charges (income tax and social contribution) at standard rates - Note 3(j) (370,701) (763,190) Permanente (additions) deductions 921,443 439,091 Effect of foreign exchange gains (losses) on investments abroad 530,094 90,829 Interest on capital – Note 17(b) 90,056 226,750 Non-deductible expenses, net of non-taxable income 58,007 54,665 Deferred tax assets not recognized in the period / recognized in previous periods and other 243,286 66,847 Income tax and social contribution for the period – Note 18(c-II(2)) 550,742 (324,099) II – Tax expenses of operations 2020 2019 PIS / COFINS (271,755) (328,253) Service tax (ISS) (79,351) (67,072) Total – Note 18(c-II(2)) (351,106) (395,325) b) Tax assets and liabilities I – Breakdown 09.30.2020 12.31.2019 Tax assets (1) 3,947,582 2,838,218 Current – Taxes and contributions loss carryforwards 303,104 202,165 Deferred – deferred tax assets – Note 15(b-II(1)) 3,644,478 2,636,053 Tax liabilities (1) 1,154,017 1,285,394 Current 1,023,180 1,143,424 Taxes and contributions on profit payable 275,913 432,235 Taxes and contributions to be collected 244,373 185,648 Special Tax Regularization Program (PERT) (2) 502,894 525,541 Deferred – tax liabilities – Note 15(b-II(2)) 130,837 141,970 (1) Transactions classified in Current and Non-current Assets and Liabilities. (2) They refer to the debits payable in installments established by Law 13,496/2017, and consolidated through a non-financial company. The adjustment effects in the period amounted to R$ (11,150) (R$ (28,070) in 2019) and are recorded as contra- entry to income in the line item “Other finance expenses”.

Consolidated Financial Statements | Banco Safra S.A.

II – Change and realization of deferred tax assets and liabilities (1) Deferred tax assets - Origin of income tax and social contribution tax credits 01.01. to 09.30.2020 Opening Closing

balance Recognition / (Reversal) Realization balance Allowance for credit risk 1,402,172 621,481 (256,551) 1,767,102 Provision for contingent liabilities – Note 14(c) 800,865 93,521 (117,946) 776,440 Fair value adjustment of financial instruments 59,452 168,446 - 227,898 Other 217,266 185,800 (19,524) 383,542 Total for temporary differences 2,479,755 1,069,248 (394,021) 3,154,982 Income tax and social contribution loss carryforwards 156,298 352,119 (18,921) 489,496 Total as at 09.30.2020 2,636,053 1,421,367 (412,942) 3,644,478 Total as at 09.30.2019 2,168,632 386,732 (265,308) 2,290,056 (2) Deferred tax liabilities 01.01. to 09.30.2020 Opening Closing balance Increase/(Reversal) balance Excess depreciation 131,924 (9,956) 121,968 Other 10,046 (1,177) 8,869 Total as at 09.30.2020 141,970 (11,133) 130,837 Total as at 09.30.2019 243,588 (97,918) 145,670 The balance of deferred tax assets for temporary differences, not recognized, in the amount of R$ 388,350 (R$ 477,728 as at 12.31.2019), refers to deferred tax assets arising from the recognition of Additional allowance – Note 9. (3) Expected realization of deferred tax assets for temporary differences, income tax and social contribution losses and deferred taxes on excess Deferred tax assets Tax and social contribution Provision for deferred taxes and Deferred taxes

Realization year Temporary differences loss carryforwards Total contributions net 2020 342,826 160,009 502,835 (13,102) 489,733 2021 934,269 36,963 971,232 (27,119) 944,113 2022 1,188,686 78,228 1,266,914 (19,102) 1,247,812 2023 245,586 70,322 315,908 (12,474) 303,434 2024 165,046 76,246 241,292 (10,725) 230,567 2025 to 2031 278,569 67,728 346,297 (48,315) 297,982 Total 3,154,982 489,496 3,644,478 (130,837) 3,513,641 Present value (1) 2,961,495 450,900 3,412,395 (114,455) 3,297,940 (1) For adjustment at present value, the CDI projected interest rate for future periods was used, net of tax effects. The technical study on realization of Deferred Tax Assets is reviewed every six months, supporting the totality of recognized amounts. The calculations were made under the terms of Article 6 of CMN Resolution 3,059/2002.

Consolidated Financial Statements | Banco Safra S.A.

16. PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS a) Breakdown

09.30.2020 12.31.2019 Accumulated depreciation / Property and Accumulated depreciation / Property and Cost amortization equipment, net Cost amortization equipment, net Property and equipment 942,546 (329,645) 612,901 854,149 (237,505) 616,644 Facilities, furniture and equipment in use 235,327 (69,031) 166,296 231,732 (58,264) 173,468 IT and data processing equipment 596,790 (213,736) 383,054 556,421 (147,612) 408,809 Other 110,429 (46,878) 63,551 65,996 (31,629) 34,367 Intangible assets – software 350,753 (166,698) 184,055 282,522 (123,413) 159,109 Total (1) 1,293,299 (496,343) 796,956 1,136,671 (360,918) 775,753 (1) Of this amount, R$ 161,761 (R$ 138,929 as at 12.31.2019) refer to property and equipment in progress.

b) Changes Property and equipment Intangible assets Total 2020 2019 2020 2019 2020 2019 Opening balance 616,644 377,073 159,109 141,350 775,753 518,423 Acquisition entries 120,523 292,598 70,371 52,183 190,894 344,781 Write-offs (6,678) (5,217) - - (6,678) (5,217) Changes in the period reflected in income (117,588) (70,532) (45,425) (36,515) (163,013) (107,047) Depreciation / amortization expenses – Note 13(d) (112,107) (69,830) (45,425) (36,515) (157,532) (106,345) Facilities, furniture and equipment in use (11,411) (10,613) - - (11,411) (10,613) IT and data processing equipment (94,677) (53,611) (45,425) (36,515) (140,102) (90,126) Other (6,018) (5,606) - - (6,018) (5,606) Impairment (1) (5,482) (702) - - (5,482) (702) Closing balance 612,901 593,922 184,055 157,018 796,956 750,940 (1) Recorded in the line item “Other operating income (expenses)”.

Consolidated Financial Statements Banco Safra S.A.

17. EQUITY a) Shares Banco Safra S.A.’s capital is represented by 15,300 (15,300 as at 12.31.2019) registered shares, with no par value, out of which 7,650 (7,650 as at 12.31.2019) are common shares, which comprise classes “A”,”D” and “J” with 2,142 shares each and class “E” with 1,224 shares and 7,650 (7,650 as at 12.31.2019) preferred shares. The ownership control of Safra is held by Joseph Yacoub Safra (resident abroad) over 99.97% of total issued share. On December 18, 2019, BACEN ratified the admission of Mr. Jacob Joseph Safra, Ms. Esther Safra Dayan, Mr. Alberto Joseph Safra and Mr. David Joseph Safra in the group of shareholders of Banco Safra S.A., in the capacity of qualified shareholders; Mr. Joseph Yacoub Safra thus continues to be the controlling shareholder of the Company. b) Dividends and interest on capital The shareholders are entitled to an annual minimum mandatory dividend, as provided in the Bylaws, equivalent to 1% and 2% of the capital corresponding to common and preferred shares, respectively. Safra did not recognize provision in excess of the mandatory minimum dividend, including interest on capital, in the second and third quarters of 2020, pursuant to CMN Resolution 4,820/20, which established prohibitions on return on capital over a certain period. At the meetings of the Executive Management and the Board of Directors held on January 31, 2020, February 28, 2020 and April 30, 2020, interest on capital for the period were declared in the amount of R$ 200,126, which net of withholding income tax represents R$ 170,107. Of this amount, the amount of R$ 93,581 was paid in the period – Note 13(b). c) Revenue reserves 09.30.2020 12.31.2019 Revenue reserves 1,582,696 408,301 Legal 194,464 125,738 Special (1) 1,388,232 282,563 (1)Reserve recognized to enable the saving of resources for future contribution of these funds to capital, payment of interim dividends, maintaining operating margin compatible with the development of the company's operations and/or expansion of its activities. d) Carrying value adjustment of available-for-sale financial assets – Change 01.01. to 01.01. to 09.30.2020 09.30.2019 Opening balance 2,553 6,433 Adjustment from changes in fair value 4,287 (3,049) Available-for-sale securities – Note 8(c) 9,444 (4,319) Tax effect (5,157) 1,270 Closing balance (1) 6,840 3,384 Gross amount – Notes 8(a-I) and (c) 11,845 4,004 Tax effect (5,005) (620) (1) There is no amount that will not be subsequently reclassified in net income upon realization.

Consolidated Financial Statements Banco Safra S.A.

18. RISK AND CAPITAL MANAGEMENT Banco Safra performs risk management by using the methodology of three lines of defense and has a set of procedures, aligned with the best market practices, which ensure the fulfillment of legal and regulatory provisions, and internal policies. The information on the Pillar 3 Report is posted on Banco Safra’s website (www.safra.com.br) and BACEN’s open data portal, and comprise risk and capital management data, established by BACEN Circulars 3,930/2019 and Circular Letter 3,936/2019. CMN Resolution 4,553/2017 divided the financial institutions into five segments, according to asset level and relevance of international operations, Banco Safra being classified as S2. Pursuant to CMN Resolution 4,557/2017, Banco Safra carries out the integrated risk management, which involves the interrelationship among finance, business, and risk and capital management processes. In its governance, it is worth noting that the Superior Risk Committee, comprising three members, is aimed at assisting the Board of Directors in fulfilling its responsibilities related to the integrated risk and capital management. In addition, the Chief Risk Officer (CRO), who reports to the Superior Risk Committee and Board of Directors, is responsible for the integrated risk management. Safra’s risk management framework also includes a formal Risk Appetite Statement (RAS) that contemplates the main indicators, metrics and principles that guide the carry out of Safra’s businesses and risk control. The RAS is periodically monitored by the executive officers and the Superior Risk Committee and approved by the Board of Directors. Banco Safra annually undertakes the Internal Capital Adequacy Assessment Process (ICAAP). This process, regulated by the BACEN, involves the evaluation of all procedures and processes related to risk and capital management in all hierarchical levels, including a forward-looking capital plan for a minimum period of three years. In addition, Safra participates, together with the other outstanding financial institutions, in the Bottom-Up Stress Test (TEBU) of BACEN. The objective of the above-mentioned processes is to bring greater solidity and security to the National Financial System, besides anticipating possible adjustments necessary to maintain the proper functioning of the market. a) Credit risk Credit risk is defined as the possibility of incurring losses associated with the (i) breach, by the counterparty, of its obligations under the agreed-upon terms, (ii) devaluation, reduction in expected remunerations and gains on financial instrument arising from the impairment of the credit quality of the counterparty, intervening party or other mitigating instrument, (iii) restructuring of financial instruments, or (iv) recovery costs of exposures characterized as problem assets. The credit risk definition comprises, among others:  the credit risk of the counterparty, understood as the possibility of breach, by a certain counterparty, of the obligations related to the settlement of transactions that involve the negotiation of financial assets, including those related to the settlement of derivative financial instruments;  the country risk, understood as the possibility of losses associated with the breach of financial obligations under the terms agreed-upon by the borrower or counterparty located abroad as a result of the actions taken by the government of the country where the borrower or counterparty is located, and the transfer risk, understood as the possibility of encountering obstacles to exchange remittance of the received amounts;  the possibility of incurring disbursements for meeting guarantees, sureties, co-obligations, credit commitments or other transactions of similar nature;  the possibility of losses associated with the breach of financial obligations under the terms agreed-upon by the intermediary or appropriate party of credit operations; and  the concentration risk, understood as the possibility of losses associated with significant exposures. With the intention of maintaining Banco Safra’s credit risk at levels consistent with the traditional conservatism and recognized agility in decision making, it has policies aimed at adjusting the credit product to the customer profile. Additionally, Banco Safra has a Credit Risk Management Committee, which concentrates the Credit Risk governance to ensure the overview of the credit cycle. To ensure the necessary independence for its operations, this committee is comprised of the CRO, Executive Officers and Superintendents with the following responsibilities: (i) analyze in detail the credit portfolios, (ii) follow up the concentration limits, (iii) define methodologies for calculating credit risk and stress testing, (iv) define the metrics for determining risk, (v) guarantee the strategic alignment among the areas and a systemic view of Credit Risk, (vi) guarantee a forum for technical discussion to make the evaluation of impacts regarding significant changes in policies, credit model and strategies involving credit cycle, (vii) follow up the performance of the Conglomerate’s credit portfolio, in order to guarantee its quality, as well as reformulate policies, if necessary, (viii) approve the key indicators to control exceptions to policies, (ix) follow up the performance of the score models used in the decision-making process, and (x) follow the criteria adopted for stress testing and the obtained results; I. Credit risk measurement - Credit operations and other financial assets with credit characteristics For granting credit, Safra attempts to obtain the largest volume of information on the customer and its business, to evaluate the customer’s capacity to meet the obligations it assumed. This information, combined with the customer’s adherence to the established credit policies, support the ultimate decision making. Once the transaction is approved, the credit risk starts to exist. From this point, the transaction is monitored on ongoing basis through internal model, aiming at measuring and detecting changes in the customer’s credit risk. Ongoing monitoring involves the analysis of customer’s condition and provided guarantees, concentration levels, default indicators, among other aspects. If an increase in the transaction’s credit risk is detected, Safra establishes timely actions to guarantee the return of funds and maintain the operation’s profitability. The internal credit risk measurement model involves the individual risk rating of transactions. The transaction rating takes into account the customer’s score, assigned based on market information, the customer’s behavior in relation to the bank, besides the level of guarantees received by the bank. Such credit risk measurements, which reflect the loss prospects, are incorporated into operational management, and determine the appropriate allowance for impairment loss to be recognized. - Government securities, interbank investments and other debt securities The Financial Institution Limit Committee, which meets quarterly, approves, sets and monitors the credit limits by counterparty for Financial Institutions in treasury, foreign exchange and third-party fund management operations and monitors the credit quality.

Consolidated Financial Statements Banco Safra S.A.

Government securities are treated in the general limits of the Treasury Market Risk, and there is no limit to repurchase agreements with government securities and specific limits are set to securities of other countries. II. Control of risk limits and mitigation policies Safra sets limits to the concentration of credit risk in a specific debtor, groups of debtors and industry segments. These risks are periodically monitored and subject to annual or more frequent reviews, when necessary. The limits on the credit risk level by product and industry are approved by the Credit Management. The exposure to credit risk is also managed through adjusting the limits granted based on the condition of the borrowers of actual and potential loans and advances. The exposure to the 300 major groups/customers is monitored quarterly by the "300 top risks committee" with the participation of two Credit Executive Officers. This Committee evaluates the capacity of providing funds to the needs for working capital, capital structure, profitability, seasonal aspects, specific aspects of the business line, customer service level, relationship with Safra, restrictions, guarantees, stockholding control, credit monitoring areas, size, parent company or headquarters data, and master file data. The assessment by this committee may result in the change in the customer rating. There are many other credit committees, which meet periodically, to individually assess risks, segregated by products and approval levels, according to the customers' size. Other specific control and mitigation measures are described below: - Guarantees Safra uses a variety of policies and practices to mitigate credit risk. The most traditional of these measures is to take guarantees on disbursement. Safra has internal policy on acceptance of specific classes of guarantees or other credit risk mitigation instruments. The main types of direct and indirect guarantees for loans and advances are:  Financial guarantees;  Receivables;  Statutory lien on assets, and  Guarantees and sureties. Safra adopts a series of procedures that assure all guarantees required upon the approvals are correctly analyzed and formalized so as to guarantee their collection if required. The minimum guarantees required by credit type/product are defined in the product approval process and their application is always confirmed systemically (comparing the proposal approval with the contract signed). The requirement of guarantees arises from the credit risk level, so that customers with more fragile economic and financial position may be supported by guarantees capable of covering the transaction payment. Regardless of the setting of minimum limits for guarantees in each type, in the analysis of a transaction additional guarantees may be required, always seeking the transaction security. All guarantees accepted in transactions are carefully analyzed to eliminate the possibilities of fraud, observing the prevailing rules, especially as regards the guarantee quality in case collection is required. The guarantee liquidity control instruments ensure that the risk coverage level in relation to the guarantee is compatible with Safra's risk limits and current market conditions. The periodicity of this monitoring varies according to the type of guarantee:  In the case of collectible notes – daily monitoring of the receivables liquidity and risk coverage in relation to the guarantee;  In the case of vehicles – constant monitoring of the asset's market value;  For real estate – there is a specific committee that makes the revaluation of the real state offered in guarantee;  Other cases, such as machinery – are evaluated when the transaction is closed, or when there is indication of impairment of the customer or operation. The efficiency of this process enables the control and monitoring of the guarantee, and, consequently, the turnover of the customer's operations with Safra. - Derivatives Safra maintains controls over the use of credit limits in derivative transactions, which may be impacted by individual operations or on an aggregate basis when there is a net position contract. Both the granting of limits and the monitoring of their use are made based on a fraction of the face value of the transaction, that is, by the Fractional Credit Risk, taking into account that in the moment the limit is granted this fraction is an estimate of the potential future gain, and in the moment the limit is used the fraction is the fair value of the settlement. This concept is used because a derivative contract will always be settled by the difference between the credit and debit balances. - Credit commitments (off balance) Credit commitments represent unused portions of authorizations for credit granting in the form of loans and advances, guarantees or letters of credit. In relation to the credit risk in credit commitments, Safra is potentially exposed to losses in amounts equal to the total unused commitments. However, the probable loss amount is lower than the total unused commitments since most commitments depend on the maintenance, by customers, of specific credit standards. Safra monitors the maturity of credit commitments because long-term commitments in general offer a higher credit risk level than short-term commitments. III. Impairment loss policies The level of allowance for impairment loss is part of the credit risk management and measurement process. Allowances for impairment losses are recognized for purposes of preparation of the financial reports considering both the minimum allowance level established by CMN Resolution 2,682/1999 and the additional allowance for credit – Note 3(c).

Consolidated Financial Statements Banco Safra S.A.

IV. Maximum exposure to credit risk before guarantees or other credit improvements The exposure to credit risk related to assets recorded in the consolidated statement of the financial position is as follows:

Maximum exposure 09.30.2020 12.31.2019 Financial assets 100,928,649 89,095,247 Interbank investments and Central Bank compulsory deposits – Note 6 23,472,993 19,059,650 Financial assets 35,171,013 23,173,586 Marketable securities – Note 8(a-I) 30,769,628 21,432,590 Derivative financial instruments – Note 8(b) 4,401,385 1,743,306 Investments linked to open market funding – government securities – Note 7(a) 22,886,672 28,472,607 Funds guaranteeing technical reserves of insurance and private pension – Note 11(a) 19,397,971 18,389,404 Expanded credit portfolio – Note 9(a) 118,125,805 111,069,808 Credit portfolio 102,221,460 93,796,391 Operations with companies 75,575,940 67,196,617 Credit operations 60,658,463 53,195,855 Other credit risk instruments 14,917,477 14,000,762 Consumer loan and finance operations 26,645,520 26,599,774 Guarantees and sureties (off balance) – Note 9(f) 15,904,345 17,273,417 Granted limits (off balance) – Note 9(f) 13,153,101 15,794,239 TOTAL 232,207,555 215,959,294 Expanded credit portfolio – allowance for credit risk – Note 9(a) (3,702,856) (3,321,949) Total net maximum exposure – Note 18(a-VIII) 228,504,699 212,637,345 The above table represents the maximum exposure to credit risk without considering any guarantee or other credit improvements. For assets recorded in the statement of financial position, the exposures described above are based on net carrying amounts. V. Quality of the financial assets subject to credit risk To assess the quality of its credit risk operations, Safra uses objective criteria that combine the customer's economic and financial information (Customer rating) with the accessory guarantees offered for operations, according to a rating model created by the Credit Management, as described below:  Customer score: This is calculated using its own methodology, specific by type of customer (individual or business) and the company's size (with and without statement of financial position data / trial balance / analysis for assignment of score through the 300 top committee), which consists of assigning scores and determining the likelihood of default according to customer information such as: behavior of the customer in relation to the Bank, statement of financial position data (if any), external restriction, BACEN and master file data. The customer rating ranges from 1 to 9, with 1 being the worst rating and 9 the best rating.  Guarantee: The guarantee amount pledged according to its liquidity and sufficiency, which determines the guarantee percentage (%) short of coverage in the operation. The breakdown of the main guarantees of the credit portfolio evaluated is as follows:

09.30.2020 12.31.2019 Financial guarantees 10,596,338 9,347,463 Machinery and vehicles 22,019,105 15,658,355 Other guarantees (1) 3,004,508 3,185,101 Total (2) 35,619,951 28,190,919 (1) Substantially comprising mortgage, chattel mortgage, credit rights, rights or receivables for credit card sales and pledge. (2) Total R$ 77,761,309 (R$ 63,086,796 as at 12.31.2019), when considering the guarantees and sureties in the amount of R$ 42,141,358 (R$ 34,895,877 as at 12.31.2019). VI. Credit operations and renegotiated financial instruments Renegotiation activities include agreements for payment extension, plans approved by Safra, modification and deferral of payments. After renegotiation, the customer bill previously past due returns to the normal condition and is managed together with other similar bills. Renegotiation policies and practices are based on indicators and criteria that indicate a high probability of continuity of the payments. These policies are submitted to continuous review. VII. Repossession of guarantees The assets received in connection with debt consolidation processes, related to credit transactions derecognized in assets, are classified as “Non-current assets held for sale” and fully provisioned, as the institution’s experience shows a low probability of giving rise to short-term liquidity by selling the asset, which usually occurs in a time horizon of over 36 months – Note 3(c).

Consolidated Financial Statements Banco Safra S.A.

VIII. Risk concentration of financial assets with credit risk exposure by economic activity To avoid credit risks being increased due to the excess concentration in the same economic risk factors, credit limits are set to customer individually and to the economic groups they belong. The limits set to groups are equal to the sum of the individual limits of the customers comprising them. The definition of credit limits specifies amounts for operations that avoid the excess concentration in one single customer, a same economic group, a certain business or economic segment, specific geographical regions, loans vulnerable to the same economic factors and a same business line. The definition of operational rules for taking credit provides specific treatment of term and guarantee for each business line. The monitoring of the excess concentration and specific treatments for business lines and specific geographical regions is made by the credit committees non-systematically and by monthly managerial controls of the credit portfolio, shared with Senior Management. The table below shows the main exposures to credit risk based on the carrying amounts and categorized by economic activity of the counterparties. 09.30.2020 12.31.2019 Expanded Financial credit Granted assets portfolio Limits TOTAL TOTAL Financial institutions 15,499,011 - - 15,499,011 10,476,176 Governments 83,036,466 - - 83,036,466 76,426,917 Industry and trade 1,712,007 58,397,879 6,474,070 66,583,956 60,929,886 Services 242,103 30,389,170 3,025,218 33,656,491 33,905,547 Individuals 439,062 24,780,974 3,175,565 28,395,601 29,077,988 Other customers - 4,557,782 478,248 5,036,030 5,142,780 Total 100,928,649 118,125,805 13,153,101 232,207,555 215,959,294 Expanded credit portfolio – allowance for credit risk – Note 9(a) - (3,702,856) - (3,702,856) (3,321,949) Total Net as at 09.30.2020 (1) 100,928,649 114,422,949 13,153,101 228,504,699 212,637,345 Total Net as at 12.31.2019 (1) 89,095,247 107,747,859 15,794,239 212,637,345 (1) Note 18(a-IV). - Concentration of the expanded credit portfolio 09.30.2020 12.31.2019 1st to 10th largest customer 15,540,126 14,512,244 11th to 50th largest customer 21,594,889 19,741,314 51st to 100th largest customer 10,628,122 10,801,237 100 largest customers 47,763,138 45,054,795 Other customers 70,362,667 66,015,013 Total expanded credit portfolio 118,125,805 111,069,808 Expanded credit portfolio – allowance for credit risk – Note 9(a) (3,702,856) (3,321,949) Total 114,422,949 107,747,859

b) Liquidity risk Liquidity risk consists of the possibility that the institution may not have sufficient financial resources to meet its commitments as a result of mismatches between payments and receipts, considering the different currencies and settlement terms of assets and liabilities. I. Liquidity risk management process To manage liquidity risk, committees for the management of assets and liabilities meet at least quarterly with the objective of devising liquidity strategies to be followed in a two-year horizon. Cash is monitored on a daily basis and reported to the managers and executive officers in charge. Safra has a specific framework for monitoring and controlling liquidity risks. These activities are carried out by the Liquidity and Cash Flow management, an integral part of the Investment Risks area. Safra analyzes the history of payment and receipts of portfolios to assess the impacts on cash over time; the scenarios used are: run off of assets and liabilities; crisis in the institution itself (specific); systemic crisis combined with specific crisis (combined); and more severe systemic crisis (hard stress). The results from the use of these scenarios are discussed at the meetings of the Asset and Liability Committee. II. Funding approach The sources of liquidity are regularly reviewed by the Asset and Liability Committee in order to maintain the diversification of funding with respect to segments, providers, products and terms.

Consolidated Financial Statements | Banco Safra S.A.

III. Cash flows of non-derivatives The table below shows the projected cash flows (not discounted), taking into account the run off of the portfolios of liabilities:

09.30.2020 Over Liabilities 60 days 90 days 180 days 360 days 720 days 720 days TOTAL Financial liabilities – Note 10(b) 18,531,029 8,949,554 31,972,290 35,255,933 23,422,161 24,467,023 142,597,990 Funding 17,882,502 8,656,419 25,357,784 27,979,884 21,970,116 15,772,102 117,618,807 Open market deposits and funding – corporate securities 8,496,776 1,706,926 2,469,173 1,106,055 33,775 - 13,812,705 Funds from acceptance and issue of securities and Time deposits 8,465,701 6,473,807 21,257,375 25,583,296 20,471,383 12,339,185 94,590,747 Structured funding (1) 920,025 475,686 1,631,236 1,290,533 1,464,958 3,432,917 9,215,355 Borrowings and onlending 386,587 282,331 3,808,270 7,084,728 1,203,206 1,536,860 14,301,982 Subordinated debt 261,940 10,804 2,806,236 191,321 248,839 7,158,061 10,677,201 Funds guaranteeing technical reserves for insurance and private pension – Note 11(a) - - - - - 19,397,971 19,397,971 Liquidity 18,531,029 8,949,554 31,972,290 35,255,933 23,422,161 43,864,994 161,995,961 (1) Of this amount, R$ 2,364,564 (R$ 976,469 as at 12.31.2019) are recorded in derivative financial instruments – Note 8(b). IV. Cash flows of derivatives

09.30.2020 60 days 90 days 180 days 360 days 720 days Over 720 days TOTAL Assets 1,432,788 391,198 986,890 104,522 151,992 1,333,995 4,401,385 Non Deliverable Forward (NDF) 52,492 20,745 87,231 85,163 13,402 460 259,493 Options 17,195 - 24,868 12,643 100,610 31,046 186,362 Forward 307,875 - - - - - 307,875 Swap – Amounts receivable 1,054,604 231,115 874,753 6,716 37,980 1,302,489 3,507,657 Credit derivative 622 139,338 38 - - - 139,998 Liabilities (1,240,731) (650,237) (1,884,778) (69,582) (196,988) (405,970) (4,448,286) Non Deliverable Forward (NDF) (39,854) (81,020) (17,975) (2,351) (3,657) (136) (144,993) Options (29,964) (10,584) (634,637) (12,287) (123,526) (65,048) (876,046) Forward (325,113) - - - - - (325,113) Swap - amounts payable (845,800) (436,691) (1,219,717) (54,944) (69,805) (340,786) (2,967,743) Credit derivative - (121,942) (12,449) - - - (134,391) V. Items not recorded in the statement of financial position As described in Note 9(f), the off balance items are: 1) guarantees and sureties that have a history of very low losses, and 2) for the credit limits granted and not used there is a contractual maturity term (total of 90 days) for use, and Safra may suspend the limit at any time. Therefore, Safra understands that the positions do not have material impacts on liquidity.

Consolidated Financial Statements Banco Safra S.A.

c) Market risk Market risk is the possibility of incurring losses arising from fluctuations in the market values of the positions held, including (i) the risk of change in interest rates and stock prices, for instruments classified into trading portfolio; and (ii) the risk of change in foreign exchange rate and commodity prices, for instruments classified into trading or banking portfolio. In relation to the IRRBB, Article 28 of the aforementioned Resolution defines as current or prospective risk of the impact of adverse changes in interest rates on the capital and income of the Financial Entity, for instrument classified into the banking portfolio. Banco Safra’s market risk management is structured to guarantee that the risk of extreme losses, arising from price fluctuations, is duly controlled, remaining within the operating limits set by the senior management, according to the Entity’s internal policies. Banco Safra has a Market Risk Committee, formed by the CRO, Executive Officers and Superintendents, which meets at least quarterly to take resolutions on methodology and new product issues that involve Treasury strategies. It addresses Market Risk management aspects, by setting and reviewing operating limits, following up metrics in effect, besides taking resolutions on possible extrapolations of limits or notices and approval of New Treasury Strategy Products. Banco Safra maintains its total exposure to market risks according to the limits set in the Risk Appetite Statement (RAS). In addition, Banco Safra performs the market risk management by using operating limits and other practices that maintain the exposure levels consistent with its internal standards and policies, that are as follows: (i) VaR (Value at Risk), (ii) Stress Testing, (iii) Stop Loss, (iv) Year Equivalent and DV01, (v) Notional, (vi) Consumption of market risk capital in relation to total capital, and (vii) delta EVE and delta NII. I. Sensitivity analysis (Trading and Banking portfolios) In accordance with the criteria for classification of operations provided in CMN Resolution 3,464/2007, BACEN Circular 3,354/2007 and the Basel II New Capital Accord, financial instruments are divided into Trading and Banking portfolios. Trading Portfolio comprises all operations, including derivatives, held with the intent of trading or hedging other financial instruments of this strategy. They are transactions for resale, obtaining price difference benefits, either actual or expected, or for arbitrage. This portfolio has strict limits and is controlled on a daily basis by the risk areas. The Banking portfolio covers all operations that do not fit into Trading portfolio, and are typically structural operations of the institution’s business lines and the respective hedges that may or may not be made through the use of derivative financial instruments. The sensitivity analysis below is a simulation that does not take into consideration management’s response to the considered scenarios, which would certainly mitigate the losses that would be incurred. In addition to this, the impact presented below does not represent accounting losses as the methodology used is not based on Safra’s accounting practices, and should be interpreted as a sensitivity exercise. Trading portfolio as at 09.30.2020 Risk Scenarios Factors Risk of changes in: 1 2 3 Shares Stock price (1,479) (36,967) (73,933) Commodities Commodity price (2) (50) (100) Currencies Foreign currency quote (1,389) (34,753) (69,509) Fixed income Interest rates denominated in real (7) (1,885) (3,962) Coupon Interest rates in foreign currency (3) (3,562) (6,963) Options Market value of options (54) (1,872) (3,733) Total (2,934) (79,089) (158,200)

Trading and Banking portfolio as at 09.30.2020 Risk Scenarios Factors Risk of changes in: 1 2 3 Shares Stock price (1,479) (36,967) (73,933) Commodities Commodity price (2) (50) (100) Currencies Foreign currency quote (1,254) (31,361) (62,725) Fixed income Interest rates denominated in real (605) (46,914) (92,111) Coupon Interest rates in foreign currency (623) (22,664) (44,883) Options Market value of options (54) (1,872) (3,733) Total (4,017) (139,828) (277,485) The sensitivity analysis was carried out using the following scenarios:  Scenario 1:Stress of one basis point in the interest rates, and 1% in price changes based on market information (B3, Anbima etc.). Example: the Real / Dollar rate used was R$ 5.6846 and the one-year fixed rate was 2.79% p.a.  Scenario 2:Stress of 25% in the respective curves or prices, based on the market. Example: the Real / Dollar rate used was R$ 7.0354 and the one-year fixed rate was 3.48% p.a.  Scenario 3:Stress of 50% in the respective curves or prices, based on the market. Example: the Real / Dollar rate used was R$ 8.4425 and the one-year fixed rate was 4.17% p.a.

Consolidated Financial Statements | Banco Safra S.A.

II. Foreign exchange risk Safra is exposed to the effects of fluctuations in exchange rates on its exposures and cash flows denominated in foreign currencies or linked to exchange rate changes. The foreign exchange risk is monitored daily through the determination of the foreign exchange exposure in foreign currency. (1) The exposure by currency is shown below and includes positions in reais (BR), U.S. dollars (USD) and other currencies:

PER CURRENCY 09.30.2020 Assets BRL Strong currencies (1) Other currencies Total Cash – Note 5 139,764 1,772,410 8,080 1,920,254 Interbank investments and Central Bank compulsory deposits – Note 6 19,898,520 3,047,709 526,764 23,472,993 Financial assets – Notes 8(a) and (b) 28,636,092 6,534,921 - 35,171,013 Investments linked to open market funding – Government securities – Note 7(a) 22,886,672 - - 22,886,672 Insurance, reinsurance and private pension operations – Note 11 19,631,677 - - 19,631,677 Credit portfolio – Note 9(a) 83,312,413 15,505,424 940 98,818,777 Tax assets – Note 15(b) 3,942,762 4,820 - 3,947,582 Other financial assets and Other assets – Notes 12 and 13(a) 5,619,225 1,265,815 315 6,885,355 Investment, property and equipment and intangible assets 802,303 - - 802,303 Total Assets 184,869,428 28,131,099 536,099 213,536,626 Long position – Futures foreign exchange coupon –Note 8(b-II(1)) 67,968,708 25,945,607 - 93,914,315 Futures 2,880,122 1,986,750 - 4,866,872 NDF – Note 8(b-II(1)) 1,292,572 3,686,048 - 4,978,620 Foreign exchange option 2,621,679 40,279 - 2,661,958 SWAP and SCS 1,770,329 41,724,825 352 43,495,506 Off Balance – Derivative financial instruments – Assets 76,533,410 73,383,509 352 149,917,271 Total Assets as at 09.30.2020 (A) 261,402,838 101,514,608 536,451 363,453,897 Liabilities Financial liabilities and derivative financial instruments – Notes 10(b) and 8 120,123,254 26,920,607 4,767 147,048,628 Open market funding – government securities – Note 7(b) 22,774,091 - - 22,774,091 Insurance and private pension operations – Note 11(c) 19,403,404 - - 19,403,404 Tax liabilities and provisions for contingent liabilities – Notes 15(b) and 14(c) 2,947,319 2,504 - 2,949,823 Other financial liabilities and Other liabilities – Notes 12 and 13(b) 7,247,500 1,050,123 - 8,297,623 Total Liabilities 172,495,568 27,973,234 4,767 200,473,569 Short position – Futures foreign exchange coupon –Note 8(b-II(1)) 25,945,607 67,968,708 - 93,914,315 Futures 1,986,750 2,878,488 1,634 4,866,872 NDF – Note 8(b-II(1)) 3,686,048 827,655 498,917 5,012,620 Foreign exchange option 40,279 2,621,679 - 2,661,958 SWAP and SCS 41,725,177 1,770,329 - 43,495,506 Off Balance – Derivative financial instruments – Liabilities 73,383,861 76,066,859 500,551 149,951,271 Total Liabilities as at 09.30.2020 (B) 245,879,429 104,040,093 505,318 350,424,840 Net exposure – Equity (C) = (A) – (B) 15,523,409 (2,525,485) 31,133 13,029,057 Over Hedge of Investment abroad – Note 18(c-II(2)) (2,901,540) 2,901,540 - - Net position – Long/(Short) as at 09.30.2020 12,621,869 376,055 31,133 13,029,057 Net position – Long/(Short) as at 12.31.2019 11,329,568 507,553 47,254 11,884,375 (1) Strong currencies are considered to be the US dollar, Canadian dollar, euro, Swiss franc, yen, and pond Sterling, the same concept adopted by Bacen Circular 3,641/2013, which provides for the procedures to make the calculation of the amount of risk-weighted assets (RWA) for the assets subject to foreign exchange exposure.

Consolidated Financial Statements | Banco Safra S.A.

(2) Over Hedge of investment abroad To ensure 100% of the effectiveness of the foreign exchange hedge of investments abroad, Safra contracts an amount sufficiently greater of derivatives in relation to the exchange exposure posed (“Over Hedge”), in order to offset, in income, the corresponding tax effects. The foreign exchange exposure adjustment for this position is regulated by BACEN Circular 3,641/2013. The foreign exchange gains and losses of the excess of purchased derivatives (“Over Hedge") are recorded as derivative net revenue, as provided in the rules, affecting the gross financial margin of the entity. Given the economic rationale of the operation, the lines of the statement of income, reclassified considering the foreign exchange hedge strategy adopted by Safra, are as follows:

2020 balance Over Hedge adjustment Adjusted balance NET INCOME FROM FINANCIAL INSTRUMENTS – Note 12(b-III) (1,525,034) 1,013,723 (511,311) TAX EXPENSES OF OPERATIONS – Note 15(a-II) (351,106) (101,914) (453,020) NET INCOME FROM OPERATIONS 3,972,872 911,809 4,884,681 INCOME BEFORE TAXES 823,779 911,809 1,735,588 INCOME TAX AND SOCIAL CONTRIBUTION – Note 15(a-I) 550,742 (911,809) (361,067) NET INCOME 1,374,521 - 1,374,521

2019 balance Over Hedge adjustment Adjusted balance NET INCOME FROM FINANCIAL INSTRUMENTS – Note 12(b-III) (157,363) 169,838 12,475 TAX EXPENSES OF OPERATIONS – Note 15(a-II) (395,325) (18,456) (413,781) NET INCOME FROM OPERATIONS 5,034,939 151,382 5,186,321 INCOME BEFORE TAXES 1,907,976 151,382 2,059,358 INCOME TAX AND SOCIAL CONTRIBUTION – Note 15(a-I) (324,099) (151,382) (475,481) NET INCOME 1,583,877 - 1,583,877

Consolidated Financial Statements Banco Safra S.A.

d) Fair value of financial assets and liabilities I. Classification of the Fair value measurement methodology Safra classifies its fair value measurements using a hierarchy that reflects the materiality of inputs used in the fair value measurement process, which is always carried out from the perspective of the holder of the financial instrument – Note 4(d), according to the following levels:  Level 1 – quoted prices in active markets for identical instruments, without modification.  Level 2 – quoted prices in active markets for similar instruments or prices of the asset itself, however, negotiated in markets with low liquidity. Due to such characteristics, the entity is required to use valuation techniques, however, with the use of significant inputs based on relevant observable market data.  Level 3 – valuation techniques, for which any significant input is not based on relevant observable market data. The breakdown of financial assets and liabilities measured at fair value through profit or loss classified into hierarchical levels is as follows:

09.30.2020 (1) Level 1 Level 2 Total Marketable securities – Note 8(a-III) (2) 43,492,875 2,661,874 46,154,749 Securities portfolio – Note 8(a-I) 28,114,061 2,661,874 30,775,935 Government securities 28,040,129 - 28,040,129 Securities issued by Financial institutions - 2,256,616 2,256,616 Securities issued by Companies 73,932 405,258 479,190 Own portfolio – Investments linked to open market funding – government securities – Note 7(a) 15,378,814 - 15,378,814 Other credit risk instruments – Note 9(b) - 14,917,477 14,917,477 (-) Securities designated to Hedge Market Risk (3) - (3,747,373) (3,747,373) Funds guaranteeing technical reserves for insurance and private pension – Note 11(a) 15,758,459 3,639,512 19,397,971 Private pension 15,397,973 3,639,512 19,037,485 Repurchase agreements 14,884 - 14,884 Marketable securities - Securities portfolio 15,383,089 3,661,764 19,044,853 Government securities - National Treasury 13,895,935 - 13,895,935 Corporate securities 1,487,154 3,661,764 5,148,918 Other - (22,252) (22,252) Insurance – Government securities – National Treasury – National Treasury Bills 360,486 - 360,486 Derivative financial instruments – Assets – Note 8(b-I(1)) 307,875 4,093,510 4,401,385 Non Deliverable Forward (NDF) - 259,493 259,493 Option premiums - 186,362 186,362 Forward – Government securities 307,875 - 307,875 Swap – amounts receivable - 3,507,657 3,507,657 Credit derivatives – CDS - 139,998 139,998 Derivative financial instruments – Liabilities – Note 8(b-I(1)) (325,113) (4,125,525) (4,450,638) Non Deliverable Forward (NDF) - (144,993) (144,993) Option premiums - (876,046) (876,046) Forward – Government securities (325,113) - (325,113) Swap - amounts payable - (2,967,743) (2,967,743) Credit derivatives – CDS - (134,391) (134,391) Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) - (2,352) (2,352) Obligations linked to repurchase agreements – government securities – Note 7(b) (3,322,424) - (3,322,424) Strategy – Market risk hedge – Note 8(d) - 40,202,746 40,202,746 Fixed-rate portfolio - 37,596,529 37,596,529 Assets – Credit portfolio – Note 9(a) - 45,936,814 45,936,814 Financial liabilities – funding – Note 10(b) - (8,340,285) (8,340,285) Assets – Credit portfolio – Trade finance – Note 9(a) - 717,085 717,085 Investments linked to open market funding – repurchase agreements fixed rate – Note 7(a) - 4,799,980 4,799,980 IPCA portfolio - 3,078,510 3,078,510 Assets – Other credit risk instruments – Note 9(a) (3) - 6,057,574 6,057,574 Financial liabilities – funding – Note 10(b) - (2,979,064) (2,979,064) Eurobonds (3) - 3,747,373 3,747,373 Marketable securities – Available for sale – Note 8(a-III) - 545,293 545,293 Other credit risk instruments – Note 9(a) - 3,202,080 3,202,080 Financial liabilities – Note 10(b) - (9,736,731) (9,736,731) Funding - (4,124,563) (4,124,563) Liabilities for marketable securities abroad - (2,444,481) (2,444,481) Structured funding – Structured CD - (1,680,082) (1,680,082) Subordinated debt – Medium term notes - (5,612,168) (5,612,168) (1) No transaction was classified into level3. (2) Of these amounts, R$ 28,782,351 refer to trading securities (R$ 28,114,061 classified into level 1 and R$ 668,290 into level 2), and R$ 1,993,584 refer to available-for-sale securities (R$ 1,993,584 into level 2). (3) Reclassification of the amount related to securities designated to hedge market risk (Eurobonds) – Note 8(d).

Consolidated Financial Statements Banco Safra S.A.

II. Financial instruments not measured at fair value The following table summarizes the carrying amounts and fair values of financial assets and liabilities that were not stated in the statement of financial position at fair value. 09.30.2020 12.31.2019 Recorded Fair Recorded Fair balance value balance value Total financial assets 79,209,012 79,209,012 88,070,092 88,070,092 Cash – Note 5 1,920,254 1,920,254 1,312,970 1,312,970 Interbank investments and Central Bank compulsory deposits – Note 6 23,472,993 23,472,993 19,059,650 19,059,650 Investments linked to open market funding – Government securities – Note 7(a) 7,507,858 7,507,858 27,546,569 27,546,569 Credit portfolio – at amortized cost – Note 9 46,307,907 46,307,907 40,150,903 40,150,903 Total financial liabilities – Note 10(b) 121,541,910 121,550,785 103,803,880 103,812,675 Funding 104,517,955 104,526,511 88,602,606 88,611,189 Open market deposits and funding – corporate securities 13,812,705 13,812,594 13,145,629 10,569,082 Funds from acceptance and issue of securities and Time deposits 84,747,771 84,756,438 71,157,566 73,741,116 Structured funding – fixed rate 5,957,479 5,957,479 4,299,411 4,300,991 Borrowings and onlending 14,301,982 14,301,982 12,524,348 12,524,348 Subordinated debt 2,721,973 2,722,292 2,676,926 2,677,138 The carrying amounts of the items cash and cash equivalents, interbank investments, Central Bank compulsory deposits and open market operations approximate their fair values. The carrying amounts of other items are contracted at floating rates, mostly CDI, and for this reason they approximate their fair values. The fair value of onlending operations is not shown because the changes between the carrying amount and the fair value of assets and liabilities approximate, since they are adjusted by the same index and, therefore, considered immaterial. The breakdown of financial assets and liabilities not presented in the statement of financial position, at fair value and classified into hierarchical levels, is as follows: 09.30.2020 Level 1 Level 2 Total Total financial assets 32,901,105 46,307,907 79,209,012 Cash – Note 5 1,920,254 - 1,920,254 Interbank investments and Central Bank compulsory deposits – Note 6 23,472,993 - 23,472,993 Investments linked to open market funding – Government securities – Note 7(a) 7,507,858 - 7,507,858 Credit portfolio – at amortized cost – Note 9 - 46,307,907 46,307,907 Total financial liabilities – Note 10(b) 14,301,982 107,248,803 121,550,785 Funding - 104,526,511 104,526,511 Open market deposits and funding – corporate securities - 13,812,594 13,812,594 Funds from acceptance and issue of securities and Time deposits - 84,756,438 84,756,438 Structured funding – fixed rate - 5,957,479 5,957,479 Borrowings and onlending 14,301,982 - 14,301,982 Subordinated debt - 2,722,292 2,722,292 12.31.2019 Level 1 Level 2 Total Total financial assets 47,919,189 40,150,903 88,070,092 Total financial liabilities – Note 10(b) 12,524,348 91,288,327 103,812,675 e) Operational risk Defined by Article 32 of Resolution 4,557/2017, operational risk is the possibility of incurring losses resulting from external events or failure, deficiency or inadequacy of internal processes, people and systems. Among the operational risk events, the following is included: (i) internal frauds, (ii) external frauds, (iii) labor claims and deficient occupational safety, (iv) inappropriate practices related to customers, products and services, (v) damages to own physical assets or asset in use by the Entity, (vi) situations that cause disruption to the Entity’s activities, (vii) failures in the Information Technology (IT) systems, processes or infrastructure, and (viii) failures in the execution, timing and management of the Entity’s activities. This definition includes the legal risk associated with the inadequacy or deficiency in the contracts signed by the Entity, sanctions in view of the breach of legal provisions, and damages to third parties arising from the activities performed by the Entity. In Safra, the Operational Risk management governance is structured not only by policies, processes and procedures, but also by the dissemination of the culture of operational risk prevention in its entire organization, and awareness of each employee, regardless of position or duty, of everybody’s responsibility for risk management during the performance of their duties in day-to-day activities. In addition, the Operational and Compliance Risk Management Committee (CGROC), which relies on the participation of the CRO, Executive Officers and Superintendents, meets quarterly, or in a shorter period if necessary, takes resolutions on matters related to Operational Risk, Compliance, Reputation Risk and Social and Environmental Risk.

Consolidated Financial Statements Banco Safra S.A.

The Operational Risk area is an independent control unit (UC), segregated from the unit that performs internal audit activities, and is also responsible for the application of the methodology described in the document “Classification of the Critical Level of Outsourced Services” and Business Continuity Management. f) Underwriting risk The underwriting risk is the possibility of incurring losses which may be contrary to Safra’s expectations directly or indirectly associated with the actuarial and technical bases used for the calculation of premiums, contributions and technical reserves arising from insurance and private pension operations. Banco Safra has a risk underwriting policy formulated by the Technical Board, where it describes all the rules for the analysis and acceptance of risks, and also contains guidelines for the risks subject to previous analysis, as well as the excluded risks. Safra’s Technical Board carries out risk assessment and it involves the following activities: I - Creation of new products; II - Devising of acceptance policies; III - Negotiation of reinsurance arrangements and of conditions and fee for individual policies; IV - Follow-up and assessment of the co-insurance conditions; and V - Technical support to customers and representatives. Safra adopts the policy on transfer of risks in reinsurance and coinsurance, thus preventing claims with low rates and high value from affecting the stability of income. The changes in life or mortality expectations, which directly affect the assumed risk, are controlled through a periodical follow-up carried out by the actuarial area of Safra and its result is reflected, if necessary, in the adjustments of technical reserves. The main insurance lines operated by Safra are: comprehensive, D&O, surety bond, multiple peril, loss of profit, credit life, accident and life insurance, and DPVAT. In the private pension segment, the main products are: VGBL and PGBL. The main business risk of insurance operations is the change in loss ratio. The main business risks of private pension operations are the change in interest rate, life expectancy, and the likelihood of conversion of the accumulated fund into income. Gross written premiums by geographical region are as follows: 09.30.2020 Lines Southeast South Center West Northeast North Total Comprehensive 35,212 11,472 4,024 3,950 1,169 55,827 Credit life 107,823 36,568 18,631 20,107 8,921 192,050 Accidents 31,162 10,975 5,083 4,360 2,469 54,049 Group life 22,618 7,337 2,976 2,846 1,435 37,212 Other lines 6,136 1,132 328 614 181 8,391 Total (1) 202,951 67,484 31,042 31,877 14,175 347,529

12.31.2019 Lines Southeast South Center West Northeast North Total Comprehensive 22,575 7,932 2,733 3,595 577 37,412 Credit life 99,130 30,704 17,114 16,041 10,384 173,373 Accidents 32,861 10,910 4,874 4,762 3,316 56,723 Group life 27,028 6,811 2,831 2,917 1,783 41,370 Other lines 6,778 3,881 1,279 1,741 179 13,858 Total (1) 188,372 60,238 28,831 29,056 16,239 322,736 (1) The concentration of risk does not consider the policies in force but not issued and retrocession totaling R$ 8,999 (R$ 7,195 in 2019). g) Capital management Banco Safra's capital management aim is to manage its equity in view of the risks associated with its operations. It includes the following aspects: - Fulfillment of the regulatory requirements of the banking markets where it operates; - Safeguard its operating capacity so that it continues providing return to stockholders and benefits to other stakeholders; and - Maintenance of a solid capital base to support the development and sustainability of its business. As established in CMN Resolution 4,193/2013, the bank authority requires that each Bank or group of bank institutions records a minimum capital to face its risk-weighted assets (RWA). At present, Banco Safra’s minimum capital requirement is 9.25%, comprising 8.0% of minimum regulatory capital and 1.25% of capital buffer, which includes the portions of (1) Capital Conservation Buffer, (ii) Countercyclical Buffer, and (iii) Systemic Important Institution Buffer. Currently, only the Capital Conservation Buffer is required from Banco Safra, once the Systemic Important Institution Buffer is only applicable to the banks classified as domestic systemically important banks (D-SIB), whereas the Countercyclical Buffer is only activated by the regulatory authority during a credit cycle expansion phase, and its requirement will be informed 12 months in advance. The regulatory capital (PR) used for checking the fulfillment of the operational limits required by the regulatory authority comprises the following portions: - Core capital – capital, retained earnings, reserves created for appropriating retained earnings, less deductions and regulatory adjustments; - Additional capital – instruments with perpetual characteristics that meet the eligibility requirements. Added to Core capital, they comprise Tier I; and - Tier II Capital – subordinated debt instruments with fixed maturity that meet the eligibility requirements.

Consolidated Financial Statements Banco Safra S.A.

Risk-weighted assets (RWA) are measured according to the nature of each asset and its contra-entry, reflecting estimated market, operational, and credit risks and other associated risks. A similar treatment is adopted for the exposure that is not accounted for, with some adjustments made to reflect the more contingent nature of potential losses. The capital adequacy and the use of regulatory capital are monitored by Banco Safra, through techniques based on guidelines established by the Basel Committee, as implemented by the BACEN, for oversight purposes, as shown in the Summary Financial Statements – Key Indicators. It is also worthy of note that the financial institutions are required to maintain the investment of funds in permanent assets, according the level of adjusted regulatory capital. The funds invested in permanent assets, determined on consolidated basis, are limited to 50% of the adjusted regulatory capital according to the regulation in effect. Banco Safra is in compliance with the established requirements. 19. RELATED-PARTY TRANSACTIONS a) Management remuneration: In corporate documents recorded for 2020, the management’s total annual remuneration was set at R$ 159,100 (R$ 146,500 in 2019). The remuneration received by management amounts to R$ (70,347) (R$ (80,226) in 2019). The Group does not have any long-term benefits, termination benefit, or share-based payment arrangements for any key management personnel. b) Related-party transactions Transactions between related parties are disclosed in accordance with CMN Resolution 4,636/2018. These are arm's length transactions, in the sense that the amounts, terms and average rates are those usual in the market on the respective dates. The transactions between the companies included in consolidation were eliminated in the consolidated financial statements and also consider the void of risk.

Assets / (Liabilities) Income / (Expenses) 09.30.2020 12.31.2019 2020 2019 Cash – Note 5 853,657 239,311 (584) 363,364 Grupo J. Safra Sarasin 838,161 212,401 (520) 347,552 Safra National Bank of New York 15,496 26,910 (64) 15,812 Interbank investments - Foreign currency investments – Note 6(a) 1,149,293 2,488,151 11,600 1,947,690 Grupo J. Safra Sarasin - - 5,243 - Safra National Bank of New York 1,149,293 2,488,151 6,357 1,947,690 Credit portfolio - credit operations (2) 39,979 30,195 338 - Other assets and liabilities, net 7,791 61,260 7,475 - Financial liabilities – Note 10(b) (4,870,520) (2,507,219) (153,240) (82,797) Funding (1,896,434) (1,284,131) (26,615) (19,375) Deposits (1,769,103) (1,154,486) (19,363) (10,961) Grupo J. Safra Sarasin (384,978) (841,395) (2,259) (1,084) Safra National Bank of New York (1,335,810) (309,753) (16,382) (9,877) Other companies (48,315) (3,338) (722) - Funds from acceptance and issue of securities – Funds from financial bills, bills of credit and similar notes – Safra Institutes (127,331) (129,645) (7,252) (8,414) Subordinated debt – Entities abroad owned by owners of the parent (3) (2,974,086) (1,223,088) (126,625) (63,422) Administrative expenses - - (93,277) (91,823) Maintenance costs – Rents – Note 13(d) - - (74,808) (74,579) Exton Participações Ltda. - - (29,889) (30,475) J. Safra Participações Ltda. - - (17,594) (18,171) Harvel Participações Ltda. - - (10,807) (1,255) Kiama S.A. - - (2,065) (11,980) Lebec Participações Ltda. - - (7,275) (7,433) Other companies - - (7,178) (5,265) Telecom expenses - - (18,269) (17,151) Other - - (200) (93) Rent income – Casablanc Representação e Participação Ltda. - - 76 59 Operations with investment funds – Note 10(c) Open market investments – government securities – Note 7(a) - - 190 82 Open market funding – government securities – Note 7(b) (17,006,432) (20,547,666) (333,272) (901,577) Funds from acceptance and issue of securities – Funds from financial bills, bills of credit and similar notes – Financial bills (1) – Note 10(b) (1) (1,403,013) (2,120,783) (24,259) (82,955) Revenue from management and administration of investment funds – Note 12(b-IV) - - 855,455 724,495 (1) Of this amount, R$ 151,419 (R$ 118,015 as at 12.31.2019) refer to subordinated financial bills. (2) Operations made in the scope of CMN Resolution 4,693/2018. (3) Securities in custody in Grupo J. Safra Sarasin.

Consolidated Financial Statements Banco Safra S.A.

20. OTHER INFORMATION a) Insurance policy Banco Safra and its subsidiaries, despite having a reduced risk level in view of the physical non-concentration of assets, have the policy of insuring their amounts and assets at amounts considered adequate to cover any possible claims. b) Audit committee The Audit Committee (“Committee”) of Banco Safra S.A. is a statutory body that operates on permanent basis in compliance with the provisions of Resolution 3,198, of 05.27.2004, of the National Monetary Council (CMN) and Resolution 312/2015, of the National Council of Private Insurance (CNSP). The Committee directly reports to the Board of Directors and is formed by five members, of which three are Executive Officers of the Company and two are independent members. c) The impacts of Covid-19 on the Financial Statements As at the disclosure date of these financial statements, Safra has identified the following main impacts: a) increase in the requests for term extension of credit operations – Note 9(g); b) impacts on the allowance for credit risk – Note 9(a-III); c) impacts on the pricing of financial instruments arising from the higher market volatility – Note 12(b-III); and d) increase in liquidity and funding – Note 10(b). In view of the challenge posed by the Covid-19 pandemic to all, it is not yet possible to estimate when the crisis will be over and its developments. Safra cannot estimate the duration of the imposed restrictions or the period for the development of an effective vaccine or drug to treat this disease. Nor can it anticipate future mitigating measures that could be taken by the government and their impacts on our businesses. In view of this situation, we understand that there is no condition to currently measure the impacts of the pandemic on the future volume of our business operations, because of the decrease in the economic activity. However, it is possible to point out the financial statement items that could be potentially be more impacted, such as the expanded credit portfolio operations, which due to the drop in economic activity and restriction to the activities of several sectors, is expected to have an increase in default levels, already reflected in the increased allowance amounts. The level of such increase is uncertain, because of the factors already mentioned, and may require more provisions; financial instruments at fair value, as the amount of such assets may significantly change in view of the existing uncertainties; and the capital markets, due to the decrease in the volume of shares and debt instruments issued by companies, which may result in a lower service revenue level.

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

INDEPENDENT AUDITOR’S REPORT ON REVIEW OF CONSOLIDATED INTERIM FINANCIAL STATEMENTS

To the Management and Shareholders of Banco Safra S.A.

Introduction

We have reviewed the consolidated balance sheet of Banco Safra S.A. (“Bank”) as of September 30, 2020, and the related consolidated statements of income, of comprehensive income, of changes in equity and of cash flows for the nine-month period then ended, including the summary of significant accounting policies and other explanatory notes.

The Bank’s Management is responsible for the preparation and proper presentation of these consolidated interim financial statements in accordance with accounting practices adopted in Brazil applicable to entities authorized to operate by the Central Bank of Brazil (BACEN). 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 Information (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 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 do not present fairly, in all material respects, the consolidated financial position of Bank as of September 30, 2020, and their consolidated financial performance and their consolidated cash flows for the nine-month period then ended, in accordance with accounting practices adopted in Brazil applicable to the financial institutions authorized to operate by BACEN.

São Paulo, November 4, 2020

DELOITTE TOUCHE TOHMATSU Luiz Carlos Oseliero Filho Auditores Independentes Engagement Partner

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