Banco Safra S.A.

Consolidated Financial Statements Period Ended March 31, 2020

Independent Auditors’ Report Deloitte Touche Tohmatsu Auditores Independentes

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

CONTENTS PAGE

CONSOLIDATED FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL POSITION ______2 STATEMENT OF INCOME AND COMPREHENSIVE INCOME______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. CASH AND CASH EQUIVALENTS ______13 5. INTERBANK INVESTMENTS AND CENTRAL BANK COMPULSORY DEPOSITS ______13 6. OPEN MARKET INVESTMENTS AND FUNDING – GOVERNMENT SECURITIES ______13 7. FINANCIAL ASSETS ______15 8. CREDIT PORTFOLIO ______24 9. FINANCIAL LIABILITIES AND MANAGED ASSETS ______28 10. INSURANCE, REINSURANCE AND PRIVATE PENSION OPERATIONS ______32 11. OTHER FINANCIAL ASSETS AND LIABILITIES ______37 12. REVENUE, EXPENSES AND INCOME FROM OPERATIONS ______38 13. OTHER ASSET, LIABILITY, AND INCOME ACCOUNTS ______39 14. CONTINGENT ASSETS AND LIABILITIES AND LEGAL OBLIGATIONS – TAX AND SOCIAL SECURITY ______40 15. TAXES ______41 16. PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS ______43 17. EQUITY ______44 18. RISK AND CAPITAL MANAGEMENT ______45 19. RELATED-PARTY TRANSACTIONS ______56 20. OTHER INFORMATION ______56

INDEPENDENT AUDITOR’S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS ______58

(A free translation into English from the original in Portuguese)

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 03.31.2020 12.31.2019 LIABILITIES Notes 03.31.2020 12.31.2019

Cash 3(a) and 4 2,542,204 1,312,970 Financial liabilities 3(b-I and II) and 9(a) 126,967,717 119,981,415 Funding 99,447,068 99,383,705 Interbank investments and Central Bank compulsory deposits 3(b), 4 and 5 19,948,607 19,059,650 Borrowings and onlending 17,391,455 12,524,348 Subordinated debt 10,129,194 8,073,362 Financial assets 28,117,509 23,175,896 Marketable securities 3(b-I and II) and 7(a) 24,058,462 21,432,590 Derivative financial instruments 3(b-III) and 7(b) 4,059,047 1,743,306 Derivative financial instruments 3(b-III) and 7(b) 4,087,015 1,705,766

Investments linked to open market operations - Government securities 3(b-I and II) and 6(a) 31,085,909 28,472,607 Open market funding - Government securities 3(b-I and II) and 6(b) 30,111,808 28,208,651

Insurance, reinsurance and private pension operations 18,219,316 18,519,543 Insurance and private pension operations 18,088,962 18,389,590 Funds guaranteeing technical reserves for insurance and private pension 10(a) 18,082,361 18,389,691 Technical reserves 3(g-III) and 10(c) 18,075,476 18,373,139 Payables for insurance and reinsurance operations, Receivables from insurance and reinsurance operations 3(g-I) and 10(b) 136,955 129,852 commissions and other 3(g-I) and 10(c) 13,486 16,451

Credit portfolio 3(c) e 8 90,735,820 90,668,515 Other financial liabilities 11 6,836,102 6,389,575 Credit portfolio 93,864,180 93,796,391 (Allowance for credit risks) (3,128,360) (3,127,876) Provisions for contingent liabilities 3(h) and 14(c) 1,875,864 1,884,481

Other financial assets 11 6,325,513 5,535,630 Tax liabilities 15(b-I) 959,287 1,285,394

Tax assets 15(b-I) 3,835,164 2,838,218 Other liabilities 13(b) 849,926 1,055,125

Other assets 13(a) 433,841 420,243

Investments 3(d) 5,347 5,347

Property and equipment and intangible assets 3(e) and 16 791,397 775,753 CONSOLIDATED EQUITY 17 12,263,946 11,884,375

TOTAL ASSETS 202,040,627 190,784,372 TOTAL LIABILITIES 202,040,627 190,784,372

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 MARCH 31 - NOTE 2(a) ALL AMOUNTS IN THOUSANDS OF REAIS UNLESS OTHERWISE STATED

CONSOLIDATED Notes 2020 2019

INCOME FROM FINANCIAL INTERMEDIATION 12(a) 3,329,673 3,625,429 Financial assets 780,265 1,167,691 Expanded credit portfolio operations 2,544,460 2,446,316 Other finance income 4,948 11,422

EXPENSES OF FINANCIAL INTERMEDIATION 12(b) (1,710,440) (2,167,671) Financial liabilities (1,287,016) (1,547,232) Open market funding - Government securities (384,949) (582,196) Other finance expenses 14(c) and 15(b-I) (38,475) (38,243)

FINANCIAL INSTRUMENTS, NET 12(c) and 18(c-II(2)) (1,029,444) (53,214)

FINANCE INCOME FROM INSURANCE AND PRIVATE PENSION OPERATIONS 10(e) 3,941 4,074 Finance income from insurance and private pension operations (721,261) 288,753 Finance expenses from insurance and private pension operations 725,202 (284,679)

GROSS INCOME ON FINANCIAL INTERMEDIATION BEFORE ALLOWANCE FOR LOAN LOSSES 593,730 1,408,618

ALLOWANCE FOR LOAN LOSSES (237,385) (147,202) Expenses of allowance for credit risks 3(c) e 8(a-III) (285,230) (207,090) Income from recovery of credits written-off as loss 3(c) and 8(d) 47,845 59,888

NET INCOME ON FINANCIAL INTERMEDIATION 356,345 1,261,416

OTHER INCOME FROM OPERATIONS 611,942 469,914 Revenue from service, bank fees and foreign exchange transactions 12(d) 531,739 405,760 Insurance, reinsurance and private pension operations 3(g) e 10(e) 80,203 64,154

TAX EXPENSES OF OPERATIONS 3(j), 15(a-II) e 18(c-II(2)) (90,843) (123,714)

NET INCOME FROM OPERATIONS 18(c-II(2)) 877,444 1,607,616

OTHER OPERATING INCOME (EXPENSES) (1,128,963) (962,336) Personnel expenses 13(c) (772,531) (666,387) Administrative expenses 13(d) (322,803) (231,108) Other operating income (expenses) 14(c) (33,629) (64,841)

INCOME BEFORE TAXES (251,519) 645,280

INCOME TAX AND SOCIAL CONTRIBUTION 3(j), 15(a-I) e 18(c-II(2)) 748,772 (101,231) Current tax (145,368) (278,619) Deferred tax 894,140 177,388

NET INCOME 497,253 544,049

Earnings per share - Quantity of shares 15,300 (15,301 at 03.31.2019) 32.50 35.56

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED MARCH 31 ALL AMOUNTS IN THOUSANDS Notes 2020 2019 NET INCOME 497,253 544,049

Available-for-sale financial assets 17(d) (16,877) (656) Net change in unrealized gains / (losses) (14,509) 3,985 Change in fair value in the period (27,020) 2,102 Tax effect 12,511 1,883 Realized gains transferred to income for the period (2,368) (4,641) Profit /(loss) on sale of securities (4,410) (2,448) Tax effect 2,042 (2,193)

COMPREHENSIVE INCOME 480,376 543,393

Comprehensive income - Basic and diluted earnings per share - Number of shares: 15,300 (15,301 at 03.31.2019) 31.40 35.51

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 - - (656) - (656) Net income for the period - - - 544,049 544,049 Allocation: Legal reserve - 27,202 - (27,202) - Special reserve - 309,717 - (309,717) - Interest on capital - - - (207,130) (207,130) - AT MARCH 31, 2019 11,473,521 648,625 5,777 - 12,127,923

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

Carrying value adjustments - Available-for-sale securities - - (16,877) - (16,877) Net income for the period - - - 497,253 497,253 Allocation: Legal reserve - 24,863 - (24,863) - Special reserve - 371,585 - (371,585) - Interest on capital - - - (100,805) (100,805)

AT MARCH 31, 2020 11,473,521 804,749 (14,324) - 12,263,946

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 MARCH 31 - NOTE 3(a) ALL AMOUNTS IN THOUSANDS OF REAIS

CONSOLIDATED NOTES 2020 2019

CASH FLOWS FROM OPERATING ACTIVITIES ADJUSTED NET INCOME (258,175) 420,630 Net income for the periods 497,253 544,049 Adjustments to net income: Depreciation, amortization and impairment 16(b) 52,546 30,468 Allowance for credit risk 8(a-III) 41,669 51,057 Provisions for contingent liabilities 14(c) (6,380) 44,806 Fair value adjustments of financial instruments – Not Realized 12(c) 308,835 69,875 Finance expenses on financing liabilities 9(b-II) 70,092 34,215 Supplementary coverage (PCC) and related expenses reserve (PDR) - Net 10(d-II) (3,371) (95) Provision for current and deferred income taxes 15(a-I) (748,772) 101,231 Taxes paid (470,047) (454,976) Current (453,167) (438,478) Tax and social security contingent liabilities and legal obligations 14(c) (2,495) (2,819) Special Tax Regularization Program - PERT 15(b-I) (14,385) (13,679) CHANGES IN ASSETS AND LIABILITIES BY OPERATING ACTIVITIES 995,584 4,604,582 NET INVESTMENTS (4,583,650) 6,000,014 In interbank investments (4,038,689) 5,569,008 In open market investments and funding - Government securities (assets/liabilities) (579,294) (377,517) In financial assets (2,646,714) (3,441,422) Marketable securities (net) (2,402,203) (3,559,076) Derivative financial instruments (assets/liabilities) (244,511) 117,654 In credit portfolio 3,025,276 2,524,933 In other financial assets and liabilities (344,229) 1,725,012

NET FUNDING 5,642,893 (1,122,910) In financial liabilities - Net 5,639,923 (1,126,602) Funding and Central Bank compulsory deposits 3,314,740 (287,050) Funding (1,513,482) (656,596) Central Bank compulsory deposits 4,828,222 369,546 Borrowings and onlending 2,325,183 (839,552) In insurance and private pension operations (assets/liabilities) 2,970 3,692 Funds guaranteeing technical reserves for insurance and private pension operations (assets) 307,330 (846,689) Insurance and private pension operations (liabilities) (300,628) 851,535 Payables for insurance and reinsurance operations and others (3,732) (1,154)

NET OTHER RECEIVABLES AND LIABILITIES (63,659) (272,522) In foreign exchange gains (losses) on financing operations 349,205 20,655 In other (412,864) (293,177) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 737,409 5,025,212 CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property and equipment in use 16(b) (64,802) (37,052) Disposal of property and equipment in use 16(b) 609 1,231 Investment in intangible assets 16(b) (3,997) (18,616) NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (68,190) (54,437)

CASH FLOWS FROM FINANCING ACTIVITIES Third-party funds 859,693 74,062 Funding 9(b-II) 993,289 464,783 Liabilities for marketable securities abroad - 21,033 Subordinated debt 993,289 443,750 Redemptions 9(b-II) (133,596) (390,721) Liabilities for marketable securities abroad (84,561) (6,747) Subordinated debt (49,035) (383,974) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 859,693 74,062

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,528,912 5,044,837

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 1,340,739 2,387 Cash and cash equivalents at the end of the period 4 8,219,900 9,342,691 INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 1,528,912 5,044,837

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

5

NOTES TO THE FINANCIAL STATEMENTS AS AT MARCH 31, 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 authorized portfolios 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 April 30, 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, of May 30, 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 • Securities issued by non-financial companies, reclassified from the group “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 are shown 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 is presented 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”. 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 operations of Seguradora Líder dos Consórcios DPVAT, entity in which Safra holds interests through its subsidiaries, started to be reported in a single line in assets, in the line item “Receivables from insurance and reinsurance operations”, in proportion to the interest held. The reclassification of Seguradora Líder’s operations affects 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; 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 March 31, 2020, December 31, 2019 and March 31, 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 were 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. The entities based overseas, basically represented by the branches in the 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 03.31.2020 32,198,531 28,285,634 3,912,897 Total as at 12.31.2019 21,136,058 18,05 5,548 3,080,510

Consolidated Financial Statements – March 31, 2020. 6

The consolidated financial statements comprise Banco Safra and its subsidiaries, including fully consolidated exclusive investment funds, highlighting: Ownership interests % 03.31.2020 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 Administraç ão 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 year-end 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 - Statement of Cash Flows, approved by CMN Resolution 3,604/2008, 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 changes in the line item “Property and Equipment and Intangible Assets”; 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. b) Financial instruments I - Classification The classification of financial assets by Safra is made 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 accounting. The marketable securities classified into the trading portfolio 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 accounting. The decline in the fair value of marketable securities, below their respective adjusted costs, related to reasons considered non temporary, are reflected in income as realized losses.

Consolidated Financial Statements – March 31, 2020. 7

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 accounting. 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 assets 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 accounting hedges 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. 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 Brazilian 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 measurement 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 loan transactions. 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 contracts transactions, plus the respective transaction costs directly attributable to the operation.

Consolidated Financial Statements – March 31, 2020. 8

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 from 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 “Allowance for loan losses” 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 These are stated at cost, adjusted for impairment. 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. 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 March 31, 2020 and December 31, 2019. g) Insurance, reinsurance and private pension operations I - Receivables from and payables for insurance and reinsurance operations • Premiums receivable – refers to inflowing financial resources as receipt of premiums related to insurance, recorded on the policy issue date; • Reinsurance assets - comprises 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 – includes 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.

Consolidated Financial Statements – March 31, 2020. 9

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 commercial 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 beginning of coverage, the policy period to elapse is equal to policy period. After the issue and beginning 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); 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 profit or loss over the coverage period, by recording in the reinsurance assets – technical reserves. Revenues from private pension contribution are recognized when received. Income and expenses arising from DPVAT line insurance operations are recognized based on the information received from Seguradora Líder dos Consórcios do Seguro DPVAT S.A. 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 DPVAT assets and liabilities in proportion to the consortium member’s interest. 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 events, 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

Consolidated Financial Statements – March 31, 2020. 10

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 records 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. 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. 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 profit or loss, 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 loan losses (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. m) Use of accounting estimates 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 estimates and assumptions 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.

I - 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.

Consolidated Financial Statements – March 31, 2020. 11

II - 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, 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-III). 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(c). 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.

III - 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).

IV - 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 profits and other variables.

V - 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 10(c).

Consolidated Financial Statements – March 31, 2020. 12

4. CASH AND CASH EQUIVALENTS

03.31.2020 12.31.2019 Cash 2,542,204 1,312,970 In Brazil 249,953 341,438 Abroad 2,292,251 971,532 Interbank investments 5,677,696 4,037,279 Open market investments – own portfolio – National Treasury 955,753 1,178,471 Interbank deposits 150,085 100,023 Foreign currency investments 4,571,858 2,758,785 Total 8,219,900 5,350,249

5. 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. 03.31.2020 12.31.2019 Amounts by maturity Up to 90 From 91 to From 1 to From 2 to days 365 days 2 years 3 years Total Total Open market investments – own portfolio – National Treasury 5,262,511 1,213,362 - - 6,475,873 2,651,386 Interbank deposits (2) 214,856 539,890 1,574,782 - 2,329,528 1,885,003 Foreign currency investments (1) 4,571,858 - - - 4,571,858 3,160,794 Total as at 03.31.2020 10,049,225 1,753,252 1,574,782 - 13,377,259 7,697,183 Total as at 12.31.2019 5,282,367 882,510 1,404,676 127,630 7,697,183 (1) Includes related-party transactions – Note 19b). Of this amount, R$ (953) (R$ (1,923) refer to the fair value of transactions – Note 7(c). (2) Of this amount, R$ 265,079 (R$ 241,770 as at 12.31.2018) refers to operations linked to rural credit. b) Central Bank compulsory deposits These are represented by compulsory deposits as shown below: 03.31.2020 12.31.2019 Interest bearing (1) 6,111,955 10,824,037 Non-interest bearing 344,088 410,389 Abroad 115,305 128,041 Total 6,571,348 11,362,467 (1) The income is shown in Note 12(a).

Consolidated Financial Statements – March 31, 2020. 13

6. OPEN MARKET INVESTMENTS AND FUNDING – GOVERNMENT SECURITIES

a) Investments linked to open market funding – Government securities (Assets)

03.31.2020 12.31.2019 Amounts by maturity Up to 90 From 91 From 1 From 2 to From 3 Over 5 days to 365 to 2 3 years to 5 years Total Total Own portfolio – Linked to repurchase agreements – Restricted – Note 7(a-III) (1) - 407,547 952,938 647,105 771,761 293,247 3,072,598 926,038 Financial Treasury Bills ------449,598 National Treasury Bills - - 438,624 - - - 438,624 116,551 National Treasury Notes - 407,547 514,314 647,105 771,761 293,247 2,633,974 359,889 Third-party portfolio – open market investments – National Treasury 23,729,194 4,284,117 - - - - 28,013,311 27,546,569 Third-party portfolio 19,851,542 3,620,435 - - - - 23,471,977 23,946,997 Short position 3,877,652 663,682 - - - - 4,541,334 3,599,572 Total as at 03.31.2020 23,729,194 4,691,664 952,938 647,105 771,761 293,247 31,085,909 28,472,607 Total as at 12.31.2019 21,860,710 6,045,748 566,149 - - - 28,472,607 (1) Includes the fair value adjustment in the amount of R$ (6,117) (R$ 6,151 as at 12.31.2019) – Note 7(c).

b) Open market funding - Government securities (Liabilities)

03.31.2020 12.31.2019 Amounts by maturity Up to 90 days From 91 to 365 Total Total days Own portfolio – Linked to repurchase agreements – Restricted – Note 7(a-III) (1) 3,041,934 - 3,041,934 922,446 Financial Treasury Bills - - - 449,086 National Treasury Bills 434,855 - 434,855 115,543 National Treasury Notes 2,607,079 - 2,607,079 357,817 Third-party portfolio 26,566,177 503,697 27,069,874 27,286,205 Repurchase agreements 22,656,916 - 22,656,916 23,662,162 Obligations related to unrestricted securities (1) 3,909,261 503,697 4,412,958 3,624,043 National Treasury Bills 509,010 89,509 598,519 257,287 National Treasury Notes – Note 7(d) 3,400,251 414,188 3,814,439 3,366,756 Total as at 03.31.2020 29,608,111 503,697 30,111,808 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$ 176,656 (R$ 319,775 as at 12.31.2019) – Note 7(c).

Consolidated Financial Statements – March 31, 2020. 14

7. FINANCIAL ASSETS a) Marketable securities I – By accounting classification:

03.31.2020 12.31.2019 Effects of fair value adjustment on: Income Amortized Hedge Equity – Note cost Trading accounting - 17(d) Fair value Fair value securities Note 7(d) Securities portfolio 24,039,851 36,113 11,527 (29,029) 24,058,462 21,432,690 Government securities 22,740,961 37,061 - (37,142) 22,740,880 19,042,498 National Treasury 21,437,494 40,745 - (37,142) 21,441,097 18,651,452 National Treasury Bills 4,932,874 17,535 - (37,140) 4,913,269 1,413,905 National Treasury Notes – Note 7(d) 1,093,452 26,552 - - 1,120,004 2,240,161 Financial Treasury Bills 15,411,168 (3,342) - (2) 15,407,824 14,997,386 US government securities 1,303,467 (3,684) - - 1,299,783 391,046 Corporate securities issued by Financial Institutions 1,043,086 - 11,527 3,449 1,058,062 2,115,954 Investment fund quotas 116,611 - - - 116,611 102,713 Bank deposit certificate and other 52 - - - 52 1,310,188 Eurobonds 403,451 - 11,527 3,449 418,427 294,263 Fair value hedge – Note 7(d) 307,833 - 11,527 - 319,360 238,025 Other 95,618 - - 3,449 99,067 56,238 Credit Linked Notes – Note 7(b-III) 522,972 - - - 522,972 408,790 Corporate securities issued by Companies 255,804 (948) - 4,664 259,520 274,238 Shares 156,411 (948) - 1,542 157,005 170,028 Eurobonds 99,393 - - 3,122 102,515 104,210 Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) - - - - - (100) Total securities portfolio as at 03.31.2020 24,039,851 36,113 11,527 (29,029) 24,058,462 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 21,300,726 129,079 (1,826) 2,401 21,430,380 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 269,090 269 - 2,569 271,928 Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV)) - (100) - - (100)

______Consolidated Financial Statements – March 31, 2020. 15

II - By maturity:

03.31.2020 Amounts by maturity From 91 Up to 90 to 365 From 1 to 2 From 2 to From 3 to 5

Fair value days days years 3 years years Over 5 years Securities portfolio 24,058,462 1,759,105 312,392 5,894,253 331,780 12,378,523 3,382,409 Government securities 22,740,880 1,599,904 312,340 5,894,253 246,615 11,354,818 3,332,950 Corporate securities issued by Financial Institutions 1,058,062 127,055 52 - - 930,955 - Corporate securities issued by Companies 259,520 32,146 - - 85,165 92,750 49,459 Total securities portfolio as at 03.31.2020 24,058,462 1,759,105 312,392 5,894,253 331,780 12,378,523 3,382,409 Trading securities – Note 3(b-I) 18,731,100 1,731,345 312,340 5,879,132 246,615 7,228,718 3,332,950 Available-for-sale securities 5,327,362 27,760 52 15,121 85,165 5,149,805 49,459 12.31.2019 Amounts by maturity From 91 Up to 90 to 365 From 1 to 2 From 2 to From 3 to 5

Fair value days days years 3 years years Over 5 years Securities portfolio 21,432,690 817,442 445,727 8,039,606 459,789 6,814,994 4,855,132 Government securities 19,042,498 585,922 445,675 6,729,470 459,789 6,196,839 4,624,803 Corporate securities issued by Financial Institutions 2,115,954 212,818 52 1,310,136 - 438,881 154,067 Corporate securities issued by Companies 274,238 18,702 - - - 179,274 76,262 Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) (100) (100) - - - - - 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 – March 31, 2020. 16

III – By characteristics: 03.31.202 0 12.31.2019 Accounting classification of Linked to securities: Restricted repurchase agreements and Securities related to unrestricted Guarantee Own s provided Central Available repurchase (1) (2) portfolio agreement Bank Total Trading for sale Total

Securities portfolio 19,747,473 - 3,495,809 815,180 24,058,462 18,731,100 5,327,362 21,432,690 Government securities 18,481,022 - 3,444,678 815,180 22,740,880 18,599,659 4,141,221 19,042,498 Corporate securities issued by Financial Institutions 1,006,931 - 51,131 - 1,058,062 116,612 941,450 2,115,954 Corporate securities issued by Companies 259,520 - - - 259,520 14,829 244,691 274,238 Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) ------(100) Total securities portfolio as at 03.31.2020 19,747,473 - 3,495,809 815,180 24,058,462 18,731,100 5,327,362 21,432,590 Investments linked to open market funding – Government securities – Own portfolio – Note 6(a) - 3,072,598 - - 3,072,598 3,072,598 - 926,038 Other credit risk instruments – Note 8(a-I) 9,113,144 5,813,429 - - 14,926,573 153,752 14,772,821 14,000,762 Fair value hedge – Note 7(d) 5,415,912 4,111,057 - - 9,526,969 - 9,526,969 8,833,283 Other 3,697,232 1,702,372 - - 5,399,604 153,752 5,245,852 5,167,479 Total as at 03.31.2020 28,860,617 8,886,027 3,495,809 815,180 42,057,633 21,957,450 20,100,183 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 Total securities portfolio as at 12.31.2019 17,079,286 - 3,546,157 807,147 21,432,590 20,465,184 967,406 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) - Investments linked to open market funding – Securities – Note 6(a) - 926,038 - - 926,038 926,038 - Other credit risk instruments – Note 8(a-I) 7,867,335 6,133,427 - - 14,000,762 151,570 13,849,192 Fair value hedge – Note 7(d) 4,535,077 4,298,206 - - 8,833,283 - 8,833,283 Other 3,332,258 1,835,221 - - 5,167,479 151,570 5,015,909 (1) Refers to guarantee of derivative financial instrument transactions made in stock exchange in the amount of R$ 2,800,888 (R$ 2,863,376 as at 12.31.2019), realized in the clearing and depository corporation in the amount of R$ 609,761 (R$ 602,287 as at 12.31.2019) and labor appeals - Note 14(c) in the amount of R$ 85,160 (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$ 815,064 (R$ 807,032 as at 12.31.2019). In the period ended March 31, 2020 and December 31,2019, there was no reclassification among the categories of marketable securities.

______Consolidated Financial Statements – March 31, 2020. 17

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 7(d)): − credit operations and funding contracted at fixed rates and other funding – Notes 8 and 9; 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

03.31.2020 12.31.201 9 Amounts by maturity Fair value Amortized adjustment Up to 90 From 91 to From 1 to From 2 to From 3 to 5 Assets cost – Note 7(c) Fair value days 365 days 2 years 3 years years Over 5 years Fair value Non Deliverable Forwar d (NDF) 553 ,499 15 ,245 568 ,744 329 ,515 205 ,911 33 ,012 306 - - 54 ,727 Option premiums 468,025 (296,221) 171,804 11,757 130,695 24,229 5,049 74 - 655,618 Bovespa Index 71,681 (44,135) 27,546 937 15,607 7,156 3,846 - - 167,570 Foreign currency 15,259 3,793 19,052 3,792 3,827 10,907 526 - - 51,192 Interbank Deposit (DI) index 369,382 (252,456) 116,926 6,131 109,876 168 677 74 - 226,352 Shares 11,703 (3,423) 8,280 897 1,385 5,998 - - - 210,504 Forward – Sales receivable – Government securities 177,958 32,144 210,102 210,102 ------Swap – Amounts receivable 2,576,915 372,682 2,949,597 1,131,309 847,789 14,901 11,102 18,527 925,969 980,305 Interest rate 47,714 2,534 50,248 11,261 4,673 6,975 1,344 7,096 18,899 90,715 Foreign currency 2,501,390 367,122 2,868,512 1,120,048 820,597 3,422 5,944 11,431 907,070 873,192 Other 27,811 3,026 30,837 - 22,519 4,504 3,814 - - 16,398 Credit derivatives – CDS 159,199 - 159,199 157,965 1,234 - - - - 52,833 Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) - (399) (399) (399) - - - - - (177) Total as at 03.31.2020 3,935,596 123,451 4,059,047 1,840,249 1,185,629 72,142 16,457 18,601 925,969 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 – March 31, 2020. 18

03.31.2020 12.31.2019 Amounts by maturity Fair value Amortized adjustment Up to 90 From 91 to From 1 to From 2 to From 3 to Over 5 Liabilities cost – Note 7(c) Fair value days 365 days 2 years 3 years 5 years years Fair value Non Deliverable Forward (NDF) (203,837) (945) (204,782) (102,0 20) (102,762) - - - - (73,633) Option premiums (950,649) 283 ,418 (667,231) (11,990) (606,217) (32,854) (12,775) (3,395) - (511,727) Bovespa Index (80,393) 47 ,522 (32,871) (920) (14,101) (8,771) (6,137) (2,942) - (180,797) Foreign currency (481,344) (23,091) (504,435) (8,672) (478,489) (15,117) (1,704) (453) - (77,473) Interbank Deposit (DI) index (356,052) 247 ,986 (108,066) (1,492) (105,324) (409) (841) - - (217,599) Shares (32,860) 11,00 1 (21,859) (906) (8,303) (8,557) (4,093) - - (35,858) Forward – sales deliverable – foreign currency (177,958) - (177,958) (177,958) - - - - - (10,522) Swap - amounts payable (2,686,971) (191,501) (2,878,472) (1,177,435) (1,343,22 2) (67,100) (61,911) (100,137) (128,667) (1,066,219) Interest rate (113,698) (166,990) (280,688) (2,432) (48,032) (14,002) (43,678) (99,752) (72,792) (291,313) Foreign currency (2,573,273) (24,511) (2,597,784) (1,175,003) (1 ,295,190) (53,098) (18,233) (385) (55,875) (774,906) Credit derivatives – CDS (148,773) - (148,773) (129,983) (18,790) - - - - (37,044) Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) - (9,799) (9,799) (9,799) - - - - - (6,621) Total as at 03.31.2020 (4,168,188) 81,173 (4,087,015) (1,609,185) (2,070,991) (99,954) (74,686) (103,532) (128,667) (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 03.31.2020 12.31.2019 03.31.2020 12.31.2019 Financial institutions 2,528 ,487 1,032 ,484 (2,647,457) (926,748) B3 32,144 - - (10,522) Legal entities 1,433,441 603,306 (1,327,625) (523,747) Individuals 65,374 107,693 (102,134) (238,128) Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(b-IV) (399) (177) (9,799) (6,621) Total 4,059,047 1,743,306 (4,087,015) (1,705,766)

______Consolidated Financial Statements – March 31, 2020. 19

II - Breakdown by notional amount: 1) By type of operation 03.31.2020 12.31.2019 Amounts by maturity Up to 90 From 91 to From 1 to 2 From 2 to From 3 to Over 5 days 365 days years 3 years 5 years years Total Total Non Deliverable Forward (NDF) 4,050,301 2,234,135 212,251 1,110 - - 6,497,797 4,506,336 Long position 3,530 ,480 1,837 ,321 212 ,251 1,110 - - 5,581 ,162 3,434 ,199 Short position 519 ,821 396 ,814 - - - - 916 ,635 1,072 ,137 Options 28 ,334 ,858 200 ,796 ,094 1,034 ,325 243 ,242 1,346 - 230 ,409 ,865 259 ,291 ,651 Long position 14 ,162 ,811 100 ,826 ,256 141 ,545 7,428 - - 115 ,138 ,040 133 ,677 ,502 Shares 1,141 ,699 93 ,920 - - - - 1,235 ,619 1,067 ,740 Interbank Deposit (DI) inde x 12 ,588 ,260 98 ,383 ,463 - - - - 110 ,971 ,723 121 ,127 ,922 Bovespa Index 91 ,260 377 ,678 31 ,239 7,428 - - 507 ,605 9,917 ,108 Foreign currency 341 ,592 1,971 ,195 110 ,306 - - - 2,423 ,093 1,564 ,732 Short position 14 ,172 ,047 99 ,969 ,838 892 ,780 235 ,814 1,346 - 115 ,271 ,825 125 ,614 ,149 Shares 1,471 ,223 - - - - - 1,471 ,223 732 ,806 Interbank Deposit (DI) index 12 ,581 ,892 97 ,637 ,601 741 ,750 233 ,000 - - 111 ,194 ,243 123 ,020 ,720 Bovespa Index 98 ,131 238 ,131 30 ,693 - - - 366 ,955 462 ,234 Foreign currency 20 ,801 2,094 ,106 120 ,337 2,814 1,346 - 2,239 ,404 1,398 ,389 Forward - Obligations for sales to be delivered 14 ,891 ,911 - - - - - 14 ,891 ,911 8,369 ,547 Foreign currency 14 ,714 ,092 - - - - - 14 ,714 ,092 8,369 ,547 Government securities 177 ,819 - - - - - 177 ,819 - Swap Assets 29 ,415 ,408 29 ,776 ,535 720 ,025 519 ,164 670 ,904 2,335 ,167 63 ,437 ,203 48 ,783 ,711 Interest rate 1,050 ,290 2,429 ,825 652 ,739 168 ,050 510 ,967 648 ,925 5,460 ,796 4,665 ,759 Foreign currency 28 ,365 ,118 26 ,941 ,238 34 ,157 338 ,377 159 ,937 1,686 ,242 57 ,525 ,069 43 ,871 ,817 Other - 405 ,472 33 ,129 12 ,737 - - 451 ,338 246 ,135 Liabili ties 29 ,415 ,408 29 ,776 ,535 720 ,025 519 ,164 670 ,904 2,335 ,167 63 ,437 ,203 48 ,783 ,711 Interest rate 875 ,716 2,230 ,542 512 ,695 194 ,188 538 ,338 2,096 ,830 6,448 ,309 5,737 ,117 Foreign currency 28 ,539 ,692 27 ,545 ,993 207 ,330 324 ,976 132 ,566 238 ,337 56 ,988 ,894 43 ,046 ,594 Futures 50 ,603 ,717 64 ,858 ,811 23 ,175 ,165 7,614 ,554 4,436 ,624 3,310 ,285 153 ,999 ,156 131 ,778 ,469 Long position 7,377 ,763 11 ,342 ,654 5,752 ,965 3,330 ,276 317 ,575 851 ,751 28 ,972 ,984 50 ,018 ,253 Interest rate - 102 ,957 1,895 ,615 2,103 ,505 317 ,575 517 ,353 4,937 ,005 3,236 ,693 Currency coupon 6,878 ,095 10 ,223 ,676 3,857 ,350 1,225 ,480 - 331 ,911 22 ,516 ,512 24 ,795 ,102 Foreign currency 78 ,589 1,016 ,021 - 1,291 - 2,487 1,09 8,388 21 ,063 ,480 Bovespa Index 421 ,079 - - - - - 421 ,079 922 ,978 Short position 43 ,225 ,954 53 ,516 ,157 17 ,422 ,200 4,284 ,278 4,119 ,049 2,458 ,534 125 ,026 ,172 81 ,760 ,216 Interest rate 27 ,409 ,250 29 ,495 ,214 6,594 ,183 2,646 ,527 2,860 ,279 166 ,701 69 ,172 ,154 61 ,147 ,001 Currency coupon 9,932 ,855 13 ,374 ,546 10 ,362 ,363 1,362 ,194 1,258 ,770 2,281 ,342 38 ,572 ,070 13 ,945 ,783 Foreign currency 5,465 ,318 10 ,646 ,397 465 ,654 275 ,557 - 10 ,491 16 ,863 ,417 6,643 ,805 Bovespa Index 418 ,531 - - - - - 418 ,531 23 ,627 Credit derivatives – CDS – Received risk – Note 7(b-III) 1,783,381 525,589 - - - - 2,308,970 2,092,435

______Consolidated Financial Statements – March 31, 2020. 20

03.31.2020 12.31.2019 Amounts by maturity Up to 90 From 91 to From 1 to 2 From 2 to From 3 to Over 5 days 365 days years 3 years 5 years years Total Total Structured funding – Note 9(a-II) 16,623,262 19,404,745 2,377,980 767,742 355,819 19,043 39,548,591 24,630,563 Option premiums 14,754,165 19,253,749 2,328,594 190,683 23,137 - 36,550,328 22,025,160 Long position - Interbank Deposit (DI) index 148,370 663,375 502,308 108,441 2,845 - 1,425,339 1,460,926 Short position 14,605,795 18,590,374 1,826,286 82,242 20,292 - 35,124,989 20,564,234 Shares 161,003 439,293 42,599 24,463 - - 667,358 613,890 Bovespa Index 31,158 276,262 119,568 48,421 20,292 - 495,701 571,419 Foreign currency 14,413,634 17,874,819 1,664,119 9,358 - - 33,961,930 19,378,925 Swap – Assets/Liabilities – Interest rate - 11,125 49,386 577,059 332,682 19,043 989,295 946,597 Credit derivatives – CDS – Transferred risk – Note 7(b-III) 1,869,097 139,871 - - - - 2,008,968 1,658,806 TOTAL as at 03.31.2020 145,702,838 317,595,909 27,519,746 9,145,812 5,464,693 5,664,495 511,093,493 479,452,712 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

03.31.2020 12.31.2019 Financial Total notional Total notional Trading locations B3 institutions Legal entities Individuals amount amount B3 167,012,954 65,937,757 269,564,185 4,260,659 506,775,555 475,701,471 Over the counter – abroad - 4,317,938 - - 4,317,938 3,751,241 Total as at 03.31.2020 167,012,954 70,255,695 269,564,185 4,260,659 511,093,493 479,452,712 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:

03.31.2020 12.31.2019 Credit swap whose underlying assets – Marketable securities (1) Received risks 2,308,970 2,092,435 Transferred risks (2,008,968) (1,658,806) Total, net of received/(transferred) exposure 300,002 433,629 Risk Asset – Credit Linked Notes – Note 7(a) 262,768 403,070 Risk Liability – Structured CD - Note 9(b) 37,234 30,559 (1) The transferred and received risks refer to the same issuers. During the year there was no credit event related to the triggering facts provided in the contracts. There was no material effect on the calculation of the minimum capital requirements as at 12.31.2020, according to the CMN Resolution 4,193/2013.

______Consolidated Financial Statements – March 31, 2020. 21

c) Developments of changes in fair value adjustments

01.01. to 03.31.2020 Changes in the period Effects on: Foreign Opening exchange Income – Equity – Closing balance gains or Note 12(c) Note 17(d) balance losses and Interbank investments - Foreign currency investments – Note 5(a) (1,923) - 970 - (953) Trading securities and Obligations related to unrestricted securities (184,645) (757) 38,742 - (146,660) Trading securities 135,130 (757) (104,377) - 29,996 Securities portfolio – Note 7(a-I) 128,979 (757) (92,109) - 36,113 Investments linked to open market funding – Government securities – Note 6(a) 6,151 - (12,268) - (6,117) Obligations related to unrestricted securities – Note 6(b) (319,775) - 143,119 - (176,656) Available-for-sale securities - Notes 7(a-III) and 17(d) 2,401 - - (31,430) (29,029) Derivative financial instruments (assets/liabilities) – Note 7(b-I) (3,102) 368 207,358 - 204,624 Foreign borrowings and onlending – stock lending - - 115 - 115 Fair value hedge – Note 7(d) 378,140 1,790 3,039 - 382,969 Fixed portfolio 69,306 - 167,815 - 237,121 Repurchase agreements - fixed rate 8,303 - 15,786 - 24,089 IPCA portfolio 274,161 - (106,874) - 167,287 Eurobonds 79,869 37,358 128,118 - 245,345 Funding – Note 9(a) (52,824) (24,291) (84,642) - (161,757) Subordinated debt – Note 9(a) (675) (11,277) (117,164) - (129,116) Total as at 03.31.2020 190,871 1,401 250,224 (31,430) 411,066 Total as at 12.31.2019 372,812 (490) (63,750) (346) 308,226 Trading securities and Obligations related to unrestricted securities 2,971 (23) (101,395) - (98,447) Available-for-sale securities (1) – Notes 7(a-III) and 17(d) 8,323 - - (346) 7,977 Derivative financial instruments (assets/liabilities) 27,143 (1,102) 10,031 - 36,072 Fair value hedge – Note 7(d) 334,375 635 27,614 - 362,624

Consolidated Financial Statements – March 31, 2020. 22

d) Hedge of financial assets and liabilities The aim of the accounting hedge 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 – Note Fair value 7(d) Hedge derivative Notional amount Strategy – Market risk hedge 03.31.2020 12.31.2019 03.31.2020 12.31.2019 instrument 03.31.2020 12.31.2019 Fixed-rate portfolio 36,359,474 37,756,182 237,121 69,306 Futures DI1 (27,629,697) (29,908,516) Assets – Credit portfolio – Note 8(a) 44,025,703 45,274,162 693,639 541,569 Financial liabilities – Note 9(b) (7,666,229) (7,517,980) (456,518) (472,263) Funding (7,059,834) (6,898,388) (351,872) (339,128) Deposits (290,137) (257,511) (4,564) (2,030) Funds from acceptance and issue of securities and Time Deposits – Funds from financial bills, bills of credit and similar notes (5,043,607) (4,916,963) (322,562) (316,694) Structured funding – Certificate of structured transactions (1,726,090) (1,723,914) (24,746) (20,404) Subordinated debt (606,395) (619,592) (104,646) (133,135) Repurchase agreements - fixed rate 12,606,292 14,195,412 24,089 8,303 Futures DI1 (15,981,257) (16,573,515) Investment in repurchase agreements 12,606,903 14,195,412 24,129 8,303 Open market funding (611) - (40) - Futures DAP + IPCA portfolio (1) 2,743,834 2,916,210 167,287 274,161 Swap IPCA, Net (2,830,562) (3,325,506) Assets – Other credit risk instruments – Note 8(a) 5,571,783 5,727,606 336,902 546,910 Financial liabilities – Note 9(b) (2,827,949) (2,811,396) (169,615) (272,749) Funding – Funds from acceptance and issue of securities and Time Deposits – Funds from financial bills, bills of credit and similar notes (1,253,780) (1,267,770) (61,977) (95,453) Subordinated debt (1,574,169) (1,543,626) (107,638) (177,296) Eurobonds 3,857,846 2,881,745 245,345 79,869 Swap Fixed x Libor (4,905,765) (3,576,551) Marketable securities – Available for sale – Note 7(a -III ) – Corporate securities issued by financial institutions 319,360 238,025 11,527 (1,826) Other credit risk instruments – Note 8(a) 3,538,486 2,643,720 233,818 81,695 Financial liabilities – Note 9(b) (8,596,373) (5,848,159) (290,873) (53,499) 9,283,893 6,233,491 Funding (3,341,576) (2,614,941) (161,757) (52,824) Swap Fixed x Libor 3,894,020 2,953,412 Liabilities for marketable securities abroad – US$ 500,000 – 02.08.2018 (2,218,563) (1,722,598) (127,000) (48,561) 2,709,793 2,044,196 Structured funding – Structured CD (1,123,013) (892,343) (34,757) (4,263) 1,184,227 909,216 Subordinated debt (5,254,797) (3,233,218) (129,116) (675) Swap Fixed x Libor 5,389,873 3,280,079 US$ 500,000 – 01.27.2011 (2,523,477) (2,010,130) (13,816) 6,383 2,660,169 2,063,601 US$ 300,000 – 06.06.2014 (1,646,141) (1,223,088) (77,734) (7,058) 1,647,595 1,216,478 US$ 200,000 – 02.14.2020 (1,085,179) - (37,566) - 1,082,109 - Total 46,971,073 51,901,390 382,969 378,140 (42,063,388) (47,150,597) (1) The hedge derivative instruments are shown net of hedged items recognized at fair value through profit or loss, totaling R$ (2,830,562) (R$ (3,325,506) as at 12.31.2019), represented by derivative instruments in the amount of R$ (2,319,658) (R$ (2,293,230) as at 12.31.2019) and Government securities – NTN-B in the amounts of R$ 1,100,237 (R$ 660,384 as at 12.31.2019) – Note 7(a-I) and Note 6(a) and R$ (1,611,141) (R$ (1,692,660) as at 12.31.2019) – Note 6(b).

The effectiveness of accounting hedges designated by Safra is in accordance with the provisions of BACEN Circular 3,082/2002.

Consolidated Financial Statements – March 31, 2020. 23

8. CREDIT PORTFOLIO a) Expanded credit portfolio and allowance for credit risk I - Breakdown of the expanded credit portfolio 03.31.2020 12.31.2019 Allowance Amortized Amortized for credit Amortized Fair value Amortized Fair value cost and Allowance for credit risk cost and risk cost adjustment cost adjustment Fair value Minimum Fair value Additional Total Total required Credit portfolio 92,599,823 1,264,357 93,864,180 (2,190,365) (858,145) (3,048,510) 92,626,217 1,170,174 93,796,391 (2,968,022) Credit operations 78,256,640 680,967 78,937,607 (2,173,476) (799,825) (2,973,301) 79,266,015 529,614 79,795,629 (2,864,066) Other credit risk instruments – Note 7(a-III) 14,343,183 583,390 14,926,573 (16,889) (58,320) (75,209) 13,360,202 640,560 14,000,762 (103,956) Debentures 7,707,170 336,902 8,044,072 - - - 7,381,281 546,910 7,928,191 - Eurobonds - Fair value hedge 3,304,668 233,818 3,538,486 - - - 2,562,025 81,695 2,643,720 - Promissory notes 1,641,893 9,852 1,651,745 - - - 1,641,757 8,891 1,650,648 - Certificates of agribusiness receivables, rural certificate and other 1,689,452 2,818 1,692,270 - - - 1,775,139 3,064 1,778,203 - Guarantees and Sureties 16,775,116 - 16,775,116 (239,579) (79,850) (319,429) 17,273,417 - 17,273,417 (353,927) Expanded Credit Portfolio as at 12.31.2020 109,374,939 1,264,357 110,639,296 (2,429,944) (937,995) (3,367,939) 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 Write -downs of Opening gains and losses Net financial Interest – Loss – Note

balance abroad change Note 12(a ) 8(a-III) Closing balance Credit portfolio 93,796,391 3,169,650 (5,341,338) 2,483,038 (243,561) 93,864,180 Operations with companies 67,196,617 3,169,650 (5,182,178) 1,468,604 (127,840) 66,524,853 Consumer loan and finance operations 26,599,774 - (159,160) 1,014,434 (115,721) 27,339,327 III - Changes in allowance for credit risk Foreign exchange Opening (Recognition) Write-downs of Closing gains and losses balance /Reversal Loss balance abroad Minimum allowance required (2,127,630) (4,321) (541,554) 243,561 (2,429,944) Credit portfolio (1,933,557) (4,321) (496,048) 243,561 (2,190,365) Operations with companies (927,579) (4,321) (236,045) 127,840 (1,040,105) Consumer loan and finance operations (1,005,978) - (260,003) 115,721 (1,150,260) Guarantees and sureties – Note 8(f) (194,073) - (45,506) - (239,579) Additional allowance (1,194,319) - 256,324 - (937,995) Total allowance of the expanded credit portfolio as at 03.31.2020 – Note 8(a-I) (3,321,949) (4,321) (285,230) 243,561 (3,367,939) Total allowance of the expanded credit portfolio as at 03.31.2019 (2,979,857) (218) (207,090) 156,033 (3,031,132) Minimum allowance required (1,622,267) (218) (307,082) 156,033 (1,773,534) Credit portfolio (1,470,278) (218) (314,091) 156,033 (1,628,554) Operations with companies (978,403) (218) (116,196) 85,714 (1,009,103) Consumer loan and finance operations (491,875) - (197,895) 70,319 (619,451) Guarantees and Sureties (151,989) - 7,009 - (144,980) Additional allowance (1,357,590) - 99,992 - (1,257,598)

Consolidated Financial Statements – March 31, 2020. 24

b) Credit portfolio and allowance by risk level 03.31.2020 12.31.2019 Risk levels AA A B C D E F G H Total Total Operations with companies 56,397,264 2,735,066 4,288,077 1,470,626 739,577 85,669 113,194 109,115 586,265 66,524,853 67,196,617 Credit operations 41,876,154 2,641,388 4,040,815 1,470,626 675,054 85,669 113,194 109,115 586,265 51,598,280 53,195,855 Borrowings, financing and discounted receivables 18,930,659 1,601,738 2,764,766 1,167,691 483,173 84,744 85,203 99,640 530,075 25,747,689 28,568,213 Foreign trade 17,177,661 583,322 836,786 247,518 187,925 896 12,656 4,853 15,056 19,066,673 17,876,636 Directed credit – Rural and agroindustrial financing 2,468,388 222,636 196,748 19,416 3,845 - 9,163 4,603 16,995 2,941,794 2,783,887 Onlending - BNDES/FINAME and Other 2,470,405 196,954 120,326 17,349 - - - - 8,890 2,813,924 2,910,632 Lease 827,391 36,738 122,189 18,652 111 29 6,172 19 655 1,011,956 1,036,078 Other credits 1,650 ------14,594 16,244 20,409 Other credit risk instruments 14,521,110 93,678 247,262 - 64,523 - - - - 14,926,573 14,000,762 Consumer loan and finance operations 2,653,918 818,372 21,037,383 1,228,687 183,812 126,205 893,763 70,532 326,655 27,339,327 26,599,774 Payroll advance loan 182,585 144,598 8,344,936 39,227 25,004 22,209 16,518 14,968 122,364 8,912,409 8,974,309 Direct consumer credit 1,293,885 660,434 12,577,187 1,163,127 151,295 102,278 68,115 49,757 192,088 16,258,166 15,545,935 Personal credit 1,177,448 13,340 115,260 26,333 7,513 1,718 809,130 5,807 12,203 2,168,752 2,079,530 Total portfolio as at 03.31.2020 59,051,182 3,553,438 25,325,460 2,699,313 923,389 211,874 1,006,957 179,647 912,920 93,864,180 93,796,391 Past due (1) - - 470,686 386,208 190,129 140,721 164,029 91,093 551,441 1,994,307 1,710,926 Regular (2) 59,051,182 3,553,438 24,854,774 2,313,105 733,260 71,153 842,928 88,554 361,479 91,869,873 92,085,465 Minimum allowance required (6,011) (21,844) (279,759) (121,723) (137,566) (69,414) (509,958) (131,170) (912,920) (2,190,365) (1,933,557) Additional allowance (54,186) (269) (265,636) (143,382) (116,765) (36,416) (193,532) (47,959) - (858,145) (1,034,465) Total allowance of the credit portfolio as at 03.31.2020 (60,197) (22,113) (545,395) (265,105) (254,331) (105,830) (703,490) (179,129) (912,920) (3,048,510) (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 – March 31, 2020. 25

c) Breakdown of the portfolio and the minimum allowance for loan losses required 03.31.2020 Credit portfolio Minimum allowance required

Past due Regular Total Past due Regular Total Operations with companies 430,526 66,094,327 66,524,853 (311,387) (728,718) (1,040,105) Credit operations 430,526 51,167,754 51,598,280 (311,387) (711,829) (1,023,216) Borrowings, financing and discounted receivables 371,200 25,376,489 25,747,689 (282,208) (586,234) (868,442) Foreign trade 25,025 19,041,648 19,066,673 (15,555) (74,693) (90,248) Directed credit – Rural, agroindustrial and real estate 2,304 2,939,490 2,941,794 (1,231) (29,390) (30,621) Onlending - BNDES/FINAME and Other 11,104 2,802,820 2,813,924 (3,675) (9,001) (12,676) Lease 12,736 999,220 1,011,956 (561) (6,074) (6,635) Other credits 8,157 8,087 16,244 (8,157) (6,437) (14,594) Other credit risk instruments - 14,926,573 14,926,573 - (16,889) (16,889) Consumer loan and finance operations 1,563,781 25,775,546 27,339,327 (469,829) (680,431) (1,150,260) Payroll advance loan 295,010 8,617,399 8,912,409 (125,587) (110,765) (236,352) Direct consumer credit 1,186,213 15,071,953 16,258,166 (308,954) (179,885) (488,839) Personal credit 82,558 2,086,194 2,168,752 (35,288) (389,781) (425,069) Total as at 03.31.2020 1,994,307 91,869,873 93,864,180 (781,216) (1,409,149) (2,190,365) 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 % Past due 106,772 (105,581) 98.9 Past due transactions: From 15 to 30 days 49,428 (48,917) 99.0 From 31 to 60 days 45,574 (45,310) 99.4 From 61 to 90 days 7,900 (7,618) 96.4 From 91 to 180 days 3,729 (3,595) 96.4 From 181 to 365 days 141 141 100.0 Regular 238,755 (226,379) 94.8 Past due - up to 14 days 1,925 (1,885) 97.9 Falling due: From 01 to 90 days 26,203 (23,391) 89.3 From 91 to 365 days 65,724 (60,392) 91.9 Over 365 days 144,903 (140,711) 97.1 Total as at 03.31.2020 345,527 (331,960) 96.1 Total as at 12.31.2019 391,630 (383,621) 98.0 The credit recoveries written off as loss for the period amounted to R$ 47,845 (R$ 59,888 in 2019).

Consolidated Financial Statements – March 31, 2020. 26

e) Breakdown of the credit portfolio by maturity of credit operations 03.31.2020 12.31.2019 Minimum Minimum Portfolio allowance Portfolio allowance PAST DUE 1,994,307 (781,216) 1,710,926 (702,138) Past due transactions: From 15 to 30 days 624,227 (100,874) 529,618 (105,380) From 31 to 60 days 477,970 (105,623) 396,258 (89,197) From 61 to 90 days 218,221 (63,703) 239,213 (75,902) From 91 to 180 days 413,789 (250,916) 311,014 (196,836) From 181 to 365 days 260,100 (260,100) 234,823 (234,823) REGULAR 91,869,873 (1,409,149) 92,085,465 (1,231,419) Past due - up to 14 days 334,199 (12,882) 230,559 (7,638) Falling due: From 01 to 30 days 10,470,659 (154,524) 8,998,996 (94,115) From 31 to 60 days 6,232,978 (88,779) 8,049,074 (61,003) From 61 to 90 days 5,079,421 (57,622) 4,658,815 (51,686) From 91 to 180 days 9,832,669 (141,678) 11,576,930 (120,793) From 181 to 365 days 13,986,230 (236,784) 13,400,370 (218,635) From 1 to 2 years 15,701,954 (303,643) 15,439,660 (288,230) From 2 to 3 years 11,495,063 (196,111) 9,247,359 (196,122) From 3 to 5 years 9,110,034 (197,385) 10,754,178 (173,170) Over 5 years 9,626,666 (19,741) 9,729,524 (20,027) TOTAL 93,864,180 (2,190,365) 93,796,391 (1,933,557) The balance of transactions more than 60 days past due, non-accrued, amounts to R$ 892,110 (R$ 785,050 as at 12.31.2019) and more than 90 days past due amounts to R$ 673,889 (R$ 545,837 as at 12.31.2019). f) Credit commitments (off balance) Off balance amounts related to financial guarantee contracts are as follows: 03.31.2020 12.31.2019 Guarantees, sureties and other guarantees provided (1) 16,775,116 17,273,417 AA 16,031,947 16,827,165 A 127,462 187,691 B 161,443 89,500 C 54,379 37,059 D 209,162 500 F - 7,124 H 190,723 124,378 Granted limits (2) 13,414,801 15,794,239 Total 30,189,917 33,067,656 Contractual term: Up to 90 days 11,693,825 13,066,046 From 91 to 365 days 7,333,487 8,498,276 From 1 to 2 years 4,886,192 5,211,751 From 2 to 3 years 1,926,605 1,717,108 From 3 to 5 years 2,594,499 2,523,319 Over 5 years 1,755,309 2,051,156 (1) Guarantees, sureties and other guarantees provided generated an income of R$ 61,422 (R$ 77,105 in 2019) – Note 12(a). (2) Basically refer to credit limits granted but not used, characterized by the option for cancellation by Safra, the average term being 90 days.

Consolidated Financial Statements – March 31, 2020. 27

9. FINANCIAL LIABILITIES AND MANAGED ASSETS a) Summary I - By pricing 03.31.2020 12.31.2019 At amortized At fair value – At amortized At fair value – cost Note 7(c) Total cost Note 7(c) Total Funding 87,791,878 11,655,190 99,447,068 88,602,606 10,781,099 99,383,705 Open market deposits and funding – corporate securities 13,415,590 - 13,415,590 13,145,629 - 13,145,629 Funds from acceptance and issue of securities and Time deposits 69,197,350 8,806,087 78,003,437 71,157,566 8,164,842 79,322,408 Structured funding – Note 7(b-II(1)) 5,178,938 2,849,103 8,028,041 4,299,411 2,616,257 6,915,668 Borrowings and onlending 17,391,455 - 17,391,455 12,524,348 - 12,524,348 Subordinated debt 2,693,833 7,435,361 10,129,194 2,676,926 5,396,436 8,073,362 Total financial liabilities 107,877,166 19,090,551 126,967,717 103,803,880 16,177,535 119,981,415 Managed funds 72,369,733 74,436,949 Consolidated private pension funds (1) 17,848,780 18,146,680 Total financial liabilities and managed assets 217,186,230 212,565,044

II - By counterparty

03.31.2020 12.31.2019 Customer Customer funds Market funds Total funds Market funds Total Funding 89,446,799 10,000,269 99,447,068 90,507,784 8,875,921 99,383,705 Open market deposits and funding – corporate securities 10,186,407 3,229,183 13,415,590 10,046,945 3,098,684 13,145,629 Funds from acceptance and issue of securities and Time deposits 73,717,835 4,285,602 78,003,437 75,614,633 3,707,775 79,322,408 Structured funding – Note 7(b-II(1)) 5,542,557 2,485,484 8,028,041 4,846,206 2,069,462 6,915,668 Borrowings and onlending - 17,391,455 17,391,455 - 12,524,348 12,524,348 Subordinated debt 4,378,349 5,750,845 10,129,194 4,319,560 3,753,802 8,073,362 Total financial liabilities 93,825,148 33,142,569 126,967,717 94,827,344 25,154,071 119,981,415 Managed funds 72,369,733 74,436,949 Consolidated private pension funds (1) 17,848,780 18,146,680 Total financial liabilities and managed assets 217,186,230 212,565,044 (1) Recorded in liabilities in the line item “Insurance and private pension operations” – Note 10(a).

______Consolidated Financial Statementes – March 31, 2020. 28

b) Financial liabilities I - By maturity 03.31.2020 12.31.2019 Amounts by maturity Up to 90 From 91 to From 1 to 2 From 2 to 3 From 3 to Over 5

days 365 days years years 5 years years Total Total Funding 27 ,765 ,925 37 ,117 ,839 16 ,682 ,771 12 ,903 ,151 4,155 ,220 822 ,162 99 ,447 ,068 99 ,383 ,705 Open market deposits and funding – corpor ate securities 9,579 ,385 3,802 ,794 33 ,411 - - - 13 ,415 ,590 13 ,145 ,629 Deposits 6,002 ,906 1,910 ,403 33 ,411 - - - 7,946 ,720 7,501 ,658 Demand deposits 1,392 ,152 - - - - - 1,392 ,152 1,601 ,650 Savings deposits 3,325 ,386 - - - - - 3,325 ,386 2,801 ,323 Deposits from financial institutions (1) 1,285 ,368 1,910 ,403 33 ,411 - - - 3,229 ,182 3,098 ,685 Open market funding – corporate securities – debentures 3,576 ,479 1,892 ,391 - - - - 5,468 ,870 5,643 ,971 Funds from acceptance and issue of securities and Time deposits 16 ,379 ,782 30 ,519 ,661 15 ,603 ,729 11 ,871 ,892 2,921 ,628 706 ,745 78 ,003 ,437 79 ,322 ,408 Time deposits 13 ,639 ,495 21 ,179 ,215 2,872 ,586 942 ,107 76 ,646 2,345 38 ,712 ,394 36 ,178 ,835 Funds from financial bills, bills of credit and similar notes 2,740 ,287 9,340 ,446 12 ,731 ,143 8,711 ,222 2,844 ,982 704 ,400 37 ,072 ,480 41 ,420 ,975 Financial bills 969 ,950 6,390 ,905 9,696 ,000 7,207 ,843 1,154 ,079 125 ,420 25 ,544 ,197 27 ,578 ,713 Commercial leasing bills 994 ,969 1,096 ,731 354 ,275 77 ,640 5,536 6,967 2,536 ,118 5,173 ,465 Agribusiness credit notes 727 ,403 1,715 ,207 2,553 ,316 1,273 ,714 1,634 ,005 572 ,013 8,475 ,658 7,964 ,979 House loan bills, mortgage bills and other 47 ,965 137 ,603 127 ,552 152 ,025 51 ,362 - 516 ,507 703 ,818 Liabilities for marketable securities abroad – US$ 500,000 –

02.08.2018 – Fixed rate (4.12% p.a.) – Hedge (2) (5) - - - 2,218,563 - - 2,218,563 1,722,598 Structured funding – Note 7(b -II(1)) 1,806 ,758 2,795 ,384 1,045 ,631 1,031 ,259 1,233 ,592 115 ,417 8,028 ,041 6,915 ,668 Fixed income (3) 739 ,556 857 ,699 73 ,675 - - - 1,670 ,930 976 ,469 Certificate of structured transactions 435 ,769 1,607 ,963 734 ,265 728 ,285 349 ,967 17 ,932 3,874 ,181 3,871 ,938 Structured CD – Note 7(b -III) 631 ,433 329 ,722 237 ,691 302 ,974 883 ,625 97 ,485 2,482 ,930 2,067 ,261 Hedge (5) 184 ,306 135 ,755 83 ,331 192 ,555 430 ,670 96 ,396 1,123 ,013 892 ,343 Other 447 ,127 193 ,967 154 ,360 110 ,419 452 ,955 1,089 1,359 ,917 1,174 ,918 Borrowings and onlending 3,268 ,715 11 ,633 ,502 1,055 ,217 497 ,049 549 ,158 387 ,814 17 ,391 ,455 12 ,524 ,348 Foreign borrowings (4) 3,009 ,711 10 ,996 ,497 389 ,903 - - - 14 ,396 ,111 8,386 ,927 Domestic onlending 257 ,544 637 ,005 665 ,314 497 ,049 549 ,158 387 ,814 2,993 ,884 3,220 ,721 National Treasury 29 ,429 145 ,145 10 ,460 - - - 185 ,034 308 ,975 BNDES 123 ,606 262 ,748 366 ,306 280 ,654 323 ,565 242 ,453 1,599 ,332 1,633 ,146 FINAME 104 ,509 229 ,112 288 ,548 216 ,395 225 ,593 145 ,361 1,209 ,518 1,278 ,600 Other borrowings 1,460 - - - - - 1,460 916 ,700 Subordinated debt 49 ,735 2,953 ,650 336 ,322 164 ,895 1,176 ,481 5,448 ,111 10 ,129 ,194 8,073 ,362 Financial bills (LF) 33 ,066 430 ,173 336 ,322 164 ,895 1,176 ,481 2,733 ,460 4,874 ,397 4,840 ,144 CDI (100% to 115.35%)+(in teres t from 0.69% p.a. to 1.62% p.a.) 14 ,996 63 ,454 166 ,554 22 ,658 768 ,808 1,602 ,503 2,638 ,973 2,622 ,767 IGPM + (interest from 6.21% p.a. to 6.68% p.a.) - - 3,811 - - - 3,811 3,671 IPCA + (interest from 3.64%p.a. to 8.82% p.a.) – Hedg e (5) - 1,227 44 ,906 16 ,305 32 ,996 510 ,961 606 ,395 1,543 ,626 Fixed (7.77% p.a. to 17.66% p.a.) 18 ,070 365 ,492 121 ,051 110 ,189 339 ,371 619 ,996 1,574 ,169 619 ,592 Selic (109% to 110.5%) - - - 15 ,743 35 ,306 - 51 ,049 50 ,488 Medium term notes – Hedge – Note 7( d) 16 ,669 2,523 ,477 - - - 2,714 ,651 5,254 ,797 3,233 ,218 Perpetual – Note 19(b) 16 ,669 - - - - 2,714 ,651 2,731 ,320 1,223 ,088 US$ 200,000 at 5.80% p.a. 7,873 - - - - 1,077 ,306 1,085 ,179 - US$ 300,000 at 7.52% p.a. 8,796 - - - - 1,637 ,345 1,646 ,141 1,223 ,088 US$ 500,000 at 6.75% p.a. – 01.27.2011 - 2,523 ,477 - - - - 2,523 ,477 2,010 ,130 Total financial liabilities as at 03.31.2020 31 ,084 ,375 51 ,704 ,991 18 ,07 4,310 13 ,565 ,095 5,880 ,859 6,658 ,087 126 ,967 ,717 119 ,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$ 354,423 (R$ 357,833 as at 12.31.2019) refers to operations linked to rural credit. (2) Includes incurred transaction costs of R$ (3,894) (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 7(c). ______Consolidated Financial Statementes – March 31, 2020. 29

II - By changes 01.01. to 03.31.2020 Recognition in income Foreign Change in fair exchange Interest paid of value Opening gains and Net financial financing Interest – adjustment – Total Closing balance losses change activities Note 12(b) Note 7( c) income balance Funding 99,383,705 1,579,878 (2,593,024) - 1,012,557 63,952 1,076,509 99,447,068 Open market deposits and funding – corporate securities 13,145,629 475,585 (288,203) - 82,539 40 82,579 13,415,590 Funds from acceptance and issue of securities and Time deposits 79,322,408 498,998 (2,704,691) - 853,549 33,173 886,722 78,003,437 Time deposits 36,178,835 - 2,173,940 - 357,085 2,534 359,619 38,712,394 Funds from financial bills, bills of credit and similar notes 41,420,975 - (4,794,070) - 473,182 (27,607) 445,575 37,072,480 Liabilities for marketable securities abroad 1,722,598 498,998 (84,561) - 23,282 58,246 81,528 2,218,563 Structured funding – Note 7(b-II(1)) 6,915,668 605,295 399,870 - 76,469 30,739 107,208 8,028,041 Borrowings and onlending 12,524,348 2,542,039 2,199,264 - 125,804 - 125,804 17,391,455 Subordinated debt (1) 8,073,362 1,045,750 944,254 (101,845) 148,655 19,018 167,673 10,129,194 Total financial liabilities as at 03.31.2020 119,981,415 5,167,667 550,494 (101,845) 1,287,016 82,970 1,369,986 126,967,717 Total financial liabilities as at 03.31.2019 112,237,909 89,786 (2,909,454) (117,693) 1,567,791 79,816 1,647,607 110,948,155 Funding 91,494,546 24,786 (1,948,838) (33,663) 1,302,911 33,212 1,336,123 90,872,954 Open market deposits and funding – corporate securities 9,135,618 2,131 (26,919) - 79,386 - 79,386 9,190,216 Funds from acceptance and issue of securities and Time deposits 76,261,350 7,706 (1,696,771) (33,663) 1,150,293 30,825 1,181,118 75,719,740 Structured funding – Note 7(b-II(1)) 6,097,578 14,949 (225,148) - 73,232 2,387 75,619 5,962,998 Borrowings and onlending 13,429,094 48,034 (1,020,392) - 132,806 - 132,806 12,589,542 Subordinated debt 7,314,269 16,966 59,776 (84,030) 132,074 46,604 178,678 7,485,659 (1) In the period, funding amounted to US$ 200,000, related to perpetual subordinated debts – Medium Term Notes, 5.80% p.a. interest with related parties – Notes 7(d) and 19(b). III - Subordinated debt – by characteristic 03.31.2020 12.31.2019 Approved at BACEN In process of (1) Total Total Securities Without termination With termination clause approval at BACEN clause 2020 33,656 245,258 21,987 300,901 322,418 2021 2,523,477 448,645 - 2,972,122 2,454,299 2022 5,711 147,819 - 153,530 152,505 2023 - 605,140 - 605,140 602,416 2024 - 423,948 - 423,948 420,076 2025 - 1,058,556 - 1,058,556 1,054,706 2026 - 1,036,714 - 1,036,714 1,033,901 2027 - 272,072 747 272,819 272,326 2028 - 311,600 - 311,600 325,697 2029 - 197,837 1,322 199,159 209,654 2030 - - 61,407 61,407 - 2033 - 1,978 - 1,978 2,276 Perpetual - 1,646,141 1,085,179 2,731,320 1,223,088 Total as at 03.31.2020 2,562,844 6,395,708 1,170,642 10,129,194 8,073,362 Total as at 12.31.2019 2,049,562 5,991,682 32,118 8,073,362 (1) The 2020 securities do not have termination clause and total R$ 21,987 (R$ 22,026 as at 12.31.2019).

______Consolidated Financial Statementes – March 31, 2020. 30

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:

03.31.2020 12.31.2019 Managed funds and consolidated private pension funds 90,218,513 92,583,629 Managed funds (1) 72,369,733 74,436,949 Consolidated private pension funds – Note 10(a) 17,848,780 18,146,680 Funds of investment in quotas 117,369,793 125,510,326 Consolidated exclusive funds 3,933,756 6,390,079 Total net assets of funds 211,522,062 224,484,034 Total net assets of managed portfolio 2,609,947 2,721,288 Total managed assets 214,132,009 227,205,322 (1) Includes quotaholders of related parties in the amount of R$ 6,445,322 (R$ 4,772,370 as at 12.31.2019). Revenue from management, administration and distribution of such fund quotas, recorded in “Revenue from service, bank fees and foreign exchange transactions, represents R$ 295,432 (R$ 228,092 in 2019) – Note 12(d).

______Consolidated Financial Statementes – March 31, 2020. 31

10. INSURANCE, REINSURANCE AND PRIVATE PENSION OPERATIONS a) Funds guaranteeing technical reserves of insurance and private pension I. Breakdown 03.31.2020 12.31.2019 Amounts by maturity Up to 90 From 91 to From 1 to From 2 to From 3 to Ov er 5

Fair value days 365 days 2 years 3 years 5 years years Fair value Private pension 17 ,848 ,780 2,114 ,219 4,162 ,540 2,835 ,005 2,628 ,849 2,999 ,299 3,108 ,868 18 ,146 ,680 Repurchase agreements – Government securities 17,437 - - 17,437 - - - 20,805 Marketable securities - Securities portfolio 17,832,572 2,115,448 4,162,540 2,817,568 2,628,849 2,999,299 3,108,868 18,230,190 Government securities – National Treasury 13,569,172 199,968 2,512,203 2,217,470 2,534,214 2,996,449 3,108,868 14,655,998 National Treasury Bills 4,791,429 199,968 741,389 1,211,517 1,139,492 1,499,063 - 3,984,603 Financial Treasury Bills 3,896,578 - 1,625,588 873,388 502,584 454,041 440,977 5,569,971 National Treasury Notes 4,881,165 - 145,226 132,565 892,138 1,043,345 2,667,891 5,101,424 Corporate securities 4,263,400 1,915,480 1,650,337 600,098 94,635 2,850 - 3,574,192 Shares 1,198,973 1,198,973 - - - - - 1,156,011 Bank Deposit Certificates 1,308,671 275,385 498,129 535,157 - - - 860,547 Investment fund quotas 198,935 198,935 - - - - - 88,694 Debentures 275,874 - 157,937 20,452 94,635 2,850 - 198,651 Financial bills 1,280,947 242,187 994,271 44,489 - - - 1,270,289 Derivative financial instruments – Forward of government securities 22 22 ------Assets 446,519 446,519 ------Liabilities (446,497) (446,497) ------Other (1,251) (1,251) - - - - - (104,315) Insurance – government securities – National Treasury Bills 233,581 - 233,581 - - - - 243,011 Receivables from reinsurance operations – Note 10(b) (1) 17,499 19,677 Credit rights – insurance premiums receivable 19,703 20,009 Total as at 03.31.2020 – Note 10(c-I(2)) 18,082,361 2,114,219 4,396,121 2,835,005 2,628,849 2,999,299 3,108,868 18,389,691 Total as at 12.31.2019 – Note 10(c-I(2)) 18,389,691 1,656,334 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$ (17,955) (R$ (19,025) as at 12.31.2019) was not offered as asset to reduce technical reserves. II. Derivative financial instruments – Breakdown of notional amount by transaction type of the PGBL/VGBL investment fund 03.31.2020 12.31.2019 Amounts by maturity Futures – B3 Up to 90 days From 91 to 365 days Over 365 days Total Total Forward - Government securities 446,504 - - 446,504 - Long position 234 ,204 - - 234 ,204 - Short position 212 ,300 - - 212 ,300 - Futures 778 ,214 1,172 ,092 6,440 ,601 8,390 ,907 7,132 ,659 Long position 350 ,543 - 1,384 ,778 1,735 ,321 1,971 ,196 Interest rate - - 1,384 ,778 1,384 ,778 1,470 ,963 Foreign currency 91 ,039 - - 91 ,039 79 ,443 Bovespa Index 259 ,504 - - 259 ,504 420 ,790 Short position 427 ,671 1,172 ,092 5,055 ,823 6,655 ,586 5,161 ,463 Interest rate 195 ,972 1,172 ,092 5,055 ,823 6,423 ,887 5,161 ,463 Bovespa Index 231 ,699 - - 231 ,699 - TOTAL as at 03.31.2020 1,224 ,718 1,172 ,092 6,440 ,601 8,837 ,411 7,132 ,659 TOTAL as at 12.31.2019 500 ,433 1,241 ,450 5,390 ,776 7,132 ,659

Consolidated Financial Statements – March 31, 2020. 32

b) Receivables from insurance and reinsurance operations 03.31.2020 12.31.2019 Premium receivable amounts – Note 10(b-I(2)) 94,123 89,927 Premiums receivable – Note 10(b-I(1)) 96,782 88,554 Risks in force but not issued 3,560 5,030 Credit risk (6,219) (3,657) Operating receivables from insurance and reinsurance 3,095 2,084 Gross amount 8,037 6,923 Credit risk (4,942) (4,839) Reinsurance assets – Technical reserves – Note 10(a) 35,454 38,702 Deferred acquisition costs (1,575) (861) Investments redeemable from pension funds 5,858 - Total – Note 11 136,955 129,852 I. Premiums receivable (1) Installments by maturity 03.31.2020 12.31.2019 PAST DUE (1) REGULAR (2) TOTAL TOTAL Past due: 3,138 5,708 8,846 6,350 From 01 to 30 days 1,072 4,578 5,650 3,921 From 31 to 60 days 995 1,130 2,125 1,590 From 61 to 120 days 1,071 - 1,071 839 Falling due: 3,081 84,855 87,936 82,204 From 01 to 30 days 308 11,479 11,787 7,365 From 31 to 60 days 273 4,964 5,237 5,330 From 61 to 120 days 482 10,059 10,541 9,908 From 121 to 180 days 293 7,449 7,742 7,598 From 181 to 365 days 789 21,259 22,048 21,142 Over 365 days 936 29,645 30,581 30,861 TOTAL as at 03.31.2020 6,219 90,563 96,782 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 03.31.2020 01.01. to 03.31.2019 Opening balance 89,927 54,335 (+) Written premiums and risks in force not yet issued (1) 85,815 69,866 (-) Receipts (81,857) (67,147) (+) Changes in credit risks (2,562) (1,424) (+) Interest on receipt of premiums 2,800 1,685 Closing balance 94,123 57,315 (1) Do not include amounts to be passed on of reinsurance premium of R$ 5,202 (R$ 3,692 in 2019).

Consolidated Financial Statements – March 31, 2020. 33

(3) Changes in credit risk 01.01. to 01.01. to 03.31.2020 03.31.2019 Payables for insurance Premiums Insurance and reinsurance Reinsurance receivable companies operations (1) SUBTOTAL companies TOTAL (2) TOTAL Opening balance (3,657) (879) 796 (83) (3,960) (7,700) (5,568) Recognition / (Reversal) (2,562) (60) 656 596 (43) (2,009) (2,175) Closing balance (6,219) (939) 1,452 513 (4,003) (9,709) (7,743) (1) Includes the premiums/commissions passed on to brokers, insurers and reinsurers and IOF on premiums not paid. (2) Note 12(e).

II. Reinsurance assets – Technical reserves – Note 12(a-II) 01.01. to 03.31.2020 01.01. to 03.31.2019 PPNG PSL (1) IBNR PCC (2) TOTAL TOTAL Opening balance 19,025 8,828 2,245 8,604 38,702 35,734 Changes in technical reserves (1,070) (1,201) 531 (776) (2,516) (1,766) Recoveries - (851) - - (851) (52) Inflation adjustment - 119 - - 119 (6) Closing balance 17,955 6,895 2,776 7,828 35,454 33,910 (1) Includes 11 (21 as at 03.31.2019) legal claims of R$ 3,994 (R$ 6,333 as at 03.31.2019). (2) Note 10(d-I). c) Insurance and private pension operations (liabilities) The insurance and private pension operations are as follows: 03.31.2020 12.31.2019 Technical reserves - Note 10(c-I(1)) 18,075,476 18,373,139 Private pension 17,874,273 18,170,565 Insurance 201,203 202,574 Payables for insurance and reinsurance operations 13,426 12,515 Commissions and other insurance liabilities 1,353 4,652 Credit risk (1,293) (716) Total 18,088,962 18,389,590 I.Technical reserves (1) Breakdown INSU RANCE PRIVATE PENSION TOTAL 03.31.2020 12.31.2019 03.31.2020 12.31.2019 03.31.2020 12.31.2019 PMBAC and PMBC - - 17,847,341 18,145,499 17,847,341 18,145,499 PPNG 155,005 152,258 - - 155,005 152,258 PSL 15,560 17,613 - - 15,560 17,613 IBNR 5,113 4,485 - - 5,113 4,485 Other technical reserves – Note 10(d-I) 25,525 28,218 20,563 22,146 46,088 50,364 PCC 25,525 28,218 2,043 2,584 27,568 30,802 PDR - - 18,486 19,528 18,486 19,528 PEF - - 34 34 34 34 Reserves for redemptions to be processed - - 6,369 2,920 6,369 2,920 Total 201,203 202,574 17,874,273 18,170,565 18,075,476 18,373,139

Consolidated Financial Statements – March 31, 2020. 34

(2) Coverage 03.31.2020 12.31.2019 Funds guaranteeing technical reserves of insurance and private pension – Note 10(a) 18,082,361 18,389,691 Technical reserves - Note 10(c) (18,075,476) (18,373,139) Coverage surplus 6,885 16,552 (4) Changes in technical reserves of private pension 01.01. to 03.31.2020 01.01. to 03.31.2019 Opening balance 18,170,565 14,561,873 Contributions 211,846 303,064 Net portability transfers 530,023 489,393 Redemption payments (313,580) (223,129) Benefits paid (287) (236) Financial adjustment – Note 10(e) (726,159) 283,645 Recognition/(reversal) of technical reserves – Note 10(d-II) (1,562) 135 PCC (541) 193 PDR (1,021) (58) Reserves for redemptions to be processed 3,427 - Closing balance 17,874,273 15,414,745

(5) Changes in technical reserves of insurance 01.01. to

01.01. to 03.31.2020 03.31.2019 CLAIMS PSL, IBNR PSL and PDR PCC – PPNG SUBTOTAL TOTAL TOTAL and PDR judicial Note 10 (d-II) Opening balance 152,258 9,670 12,428 22,098 28,218 202,574 170,884 Incurred claims - (155) 180 25 - 25 829 Change in estimate ------142 Change in technical reserves 2,747 (458) 296 (162) - 2,585 - Complementary Coverage Reserve (PCC) and Reserve for Related Expenses (PDR) – Net – Note 12(e) - - 108 108 (2,693) (2,585) (3,955) Paid claims - (1,560) (264) (1,824) - (1,824) (288) Financial adjustment – Note 10(e) - - 428 428 - 428 774 Closing balance 155,005 7,497 13,176 20,673 25,525 201,203 168,386 d) Complementary Coverage Reserve (PCC) and Liability Adequacy Test (LAT) – Note 3(g-III) I – Breakdown 03.31.2020 12.31.2019 Assets – Reinsurance assets – Note 10(b-II) 7,828 8,604 Liabilities (46,088) (50,364) Technical reserves – Insurance – Personal – Note 10(c-I(1)) (25,525) (28,218) Technical reserves – Private pension – Note 10(c-I(1)) (20,563) (22,146) Complementary Coverage Reserve (PCC) and Reserve for Related Expenses (PDR) – Net (38,260) (41,760)

Consolidated Financial Statements – March 31, 2020. 35

II – Effects on income

2020 2019 Reinsurance operations – Note 10(b-II) (776) - Insurance operations – Note 10(c-I(4)) 2,585 37 Changes in insurance and private pension – Note 10(d-I(3)) 1,562 58 Complementary Coverage Reserve (PCC) and Reserve for Related Expenses (PDR) – Net – Note 12(e) 3,371 95 e) Insurance and private pension operations (Income) 2020 2019 Finance income (expenses) from insurance and private pension operations 3,941 4,074 Finance income from insurance and private pension operations (721,261) 288,753 Finance expenses from insurance and private pension operations 725,202 (284,679) Income from insurance, reinsurance and private pension operations – Note 12(e) 80,203 64,154 Income from private pension fund management services – Note 9(c) 48,280 34,553 Total 132,424 102,781

Consolidated Financial Statements – March 31, 2020. 36

11. OTHER FINANCIAL ASSETS AND LIABILITIES 03.31.2020 12.31.2019 ASSETS LIABILITIES ASSETS LIABILITIES Foreign exchange portfolio – Note 11(a) 1,956,191 2,068,180 1,113,478 1,132,603 Collection and receipt of taxes and similar - 93,309 - 21,140 Negotiation and intermediation of securities – Note 11(b) 1,280,119 747,647 1,174,761 1,270,527 Interbank and interdepartmental transactions 253,967 535,594 12 183,201 Amounts receivable/(payable) – Acquirer 2,751,162 2,839,977 3,164,862 3,224,251 Other 84,074 551,395 82,517 557,853 Provisions for guarantees and sureties – Notes 8(a-I and III) and 8(f) - 239,579 - 194,073 Credit card administration obligations - 230,881 - 279,491 Other 84,074 80,935 82,517 84,289 Total (1) 6,325,513 6,836,102 5,535,630 6,389,575 (1) Transactions classified in Current Assets and Liabilities. a) Foreign exchange portfolio 03.31.2020 12.31.2019 ASSETS LIABILITIES ASSETS LIABILITIES Foreign exchange purchases pending settlement (M.E.) and payables for foreign exchange purchase (M.N.) 1,093,316 984,796 530,545 541,159 Foreign exchange gains or losses (1) 108,962 - (9,549) - Interbank for ready settlement 337,076 337,076 - - Export with locked-in currency rate 123,647 124,089 62,801 63,866 Interdepartmental and arbitrage 522,133 522,133 477,221 477,221 Financial 1,498 1,498 72 72 Receivables for foreign exchange sales (M.N.) and Foreign exchange sales pending settlement (M.E.) 862,875 1,083,384 582,933 591,444 Foreign exchange gains or losses - 103,457 - 394 Interbank for ready settlement 52,016 52,016 Financial 69,231 69,231 9,772 9,772 (-) Advances received (116,887) - (9,111) - Import 336,368 336,368 105,008 103,814 Interdepartmental and arbitrage 522,133 522,133 477,221 477,221 Other 14 179 43 243 Total 1,956,191 2,068,180 1,113,478 1,132,603 (1) The foreign exchange gains on advance on foreign exchange contracts – Note 3(c) amount to R$ 257,626 (R$ 30,170 as at 12.31.2019) and were shown in the line item “Credit portfolio – Credit operations” – Note 8. b) Negotiation and intermediation of securities 03.31.2020 12.31.2019 ASSETS LIABILITIES ASSETS LIABILITIES Funds from customers – Brokerage firm (1) 656,490 668,678 847,757 859,443 Cash from registry and settlement 293,926 265,034 426,547 397,514 Pending settlements 103,355 238,455 382,482 285,256 Financial assets and commodities pending settlement 259,209 165,189 38,728 176,673 Financial assets and commodities pending settlement 623,629 78,969 327,004 411,084 Total 1,280,119 747,647 1,174,761 1,270,527 (1) Basically refers to transactions in stock exchange recorded by Safra Corretora de Valores e Câmbio Ltda.

Consolidated financial statements – March 31, 2020. 37

12. REVENUE, EXPENSES AND INCOME FROM OPERATIONS a) Income from financial intermediation 2020 2019 Income from financial assets 780 ,265 1,167 ,691 Income from investments – interbank investments and compulsory deposits 172 ,249 372 ,024 Interbank investments – Owns position 69 ,392 253 ,646 Open market investments 29 ,110 208 ,083 Interbank deposits 21 ,479 32 ,335 Investments abroad 18 ,803 13 ,228 Income from Central Bank compulsory deposits – Note 5(b) 102 ,857 118 ,378 Income from investments and marketable securities 608 ,016 795 ,667 Investments linked to open market funding – Government securities 319 ,446 417 ,366 Marketable securities – Securities portfolio 288 ,570 378 ,301 Government securities 272 ,261 352 ,670 Corporate securities issued by Financial Institutions and Companies 16 ,309 25 ,631 Expanded credit portfolio operations 2,544 ,460 2,446 ,316 Credit portfolio – Note 8(a -II) 2,483 ,038 2,369 ,211 Operations with companies 1,468 ,604 1,551 ,923 Consumer loan and finance operations 1,014 ,434 817 ,288 Guarantees provided and guarantees and sureties – Note 8(f) 61 ,422 77 ,105 Other finance income 4,948 11 ,422 Total interest income 3,329 ,673 3,625 ,429 b) Financial intermediation expenses 2020 2019 Transactions with financial liabilities (1,287,016) (1,547,232) Transactions with funding (1,012,557) (1,282,352) Open market deposits and funding – corporate securities (62,167) (232,384) Funds from acceptance and issue of se curities and Time deposits – Note 9(b -II) (853,549) (962,658) Structured funding – Note 9(b -II) (76,469) (73,232) Direct funding expenses (20,372) (14,078) Borrowings and onlending – Note 9(b -II) (125,804) (132,806) Subordinated debt – Note 9(b -II) (148,655) (132,074) Market funding operations – government securities (384,949) (582,196) Own portfolio (37,788) (89,115) Third -party portfolio (261,017) (359,690) Obligations related to unrestricted securities (86,144) (133, 391) Other finance expenses (38,475) (38,243) Total interest expenses (1,710,440) (2,167,671) c) Income from financial instruments, net 2020 2019 Foreign exchange gains and losses on investment abroad and foreign curr ency transactions (614,342) (32,428) Over Hedge of investment abroad – Note 18(c -II(2)) (723,237) (11,924) Foreign currency transactions 108,895 (20,504) Derivatives (Accrual) – Swap/Future/Other - Note 3(b -III) (165,498) (71.917) Realize d and unrealized income from financial instruments (249,604) 51,131 Fair value adjustment of financial instruments – Not realized (308,835) (69,875) Marketable securities and derivative financial instruments in income – Note 7(c) 250,224 (63 .750) Futures transactions (559,059) (6,125) Profit/(Loss) - Realized 59,231 121.006 Trading and derivatives 49,302 98.466 Available for sale 9,929 22.540 Total – Note 18(c -II(2)) (1,029,444) (53.214) d) Revenue from service, bank fees and foreign exchange transactions 2020 2019 Income from managed assets 367 ,446 267 ,480 Investment fund management and custody services and portfolio management – Note 9(c) 295 ,432 228 ,092 Securities brokerage, custody and placement 72 ,014 39 ,388 Credit operations 66 ,761 60 ,998 Credit operations 85 ,809 81 ,996 Direct costs with credit operations (19,048) (20,998) Foreign exchange transactions and services 35 ,629 39 ,421 Current account and collection services 61 ,903 37 ,861 Total 531 ,739 405 ,760 e) Insurance, reinsurance and private pension operations 2020 2019 Income from retained premiums, net 77 ,061 67 ,574 Premium income - Note 10(b -I(2)) 80 ,613 66 ,174 Changes in technical reserves (3,552) 1,400 Claim incom e and expenses (693) (1,137) Acquisition 6,497 551 Credit risk – Note 10(b -I(3)) (2,009) (2,175) Gains or losses on supplementary reserve – Note 10(d -II) 3,371 95 Other income and expenses (1) (4,024) (754) Total – Note 10(e) 80,203 64,154 (1) Includes the income net of DPVAT agreement.

Consolidated financial statements – March 31, 2020. 38

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

03.31.2020 12.31.2019 Debtors for deposits in guarantee of contingent liabilities 305,239 309,167 Tax and social security contingent liabilities and legal obligations (1) 169,890 174,602 Civil, labor – Note 14(c) 135,349 134,565 Prepaid expenses 113,992 108,060 Sundry 14,610 3,016 Total (2) 433,841 420,243 (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

03.31.2020 12.31.2019 Provision for payables 572,368 718,960 Deferred income 63,638 67,566 Social and statutory – Note 17(b) 104,151 18,281 Liability transactions to be processed 77,912 217,921 Sundry 31,857 32,397 Total (1) 849,926 1,055,125 (1) Transactions classified in Current Liabilities. c) Personnel expenses

2020 2019 Remuneration and profit sharing (546,879) (453,559) Benefits (59,863) (49,789) Payroll charges (124,441) (109,080) Employee termination and payroll additional allowance (41,348) (53,959) Total (772,531) (666,387)

d) Administrative expenses

2020 2019 IT and data processing equipment (1) (147,741) (89,750) Maintenance costs – Note 19(b) (1) (58,459) (51,409) Publicity and advertising (10,792) (8,265) Travel (16,256) (22,441) Third-party services (5,330) (5,041) Surveillance, security and transport services (1) (12,634) (12,498) Financial system services (32,687) (30,656) Donations – Note 20(c) (30,020) - Other (8,884) (11,048) Total (322,803) (231,108) (1) Includes depreciation and amortization expenses of property and equipment and intangible assets– Note 16(b).

Consolidated financial statements – March 31, 2020. 39

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 is provisioned by in cash. 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 01.01. to 03.31.2020 03.31.2019 Tax and social security Civil Labor contingent liabilities Other Total Total and legal obligations (3) Opening balance 402 ,176 552 ,531 766 ,664 163 ,110 1,884 ,481 1,477 ,140 Adjustment / Charges (1) 10,697 10,440 2,175 4,765 28,077 21,401 Changes in the period reflected in income (2) 20,483 33,780 (23,016) - 31,247 68,214 Recognition / (Reversal) 27,398 35,808 6,696 - 69,902 80,099 Reversal due to favorable decision (6,915) (2,028) (29,712) - (38,655) (11,885) Payment (21,748) (43,956) (2,495) - (68,199) (47,628) Other changes - - - 258 258 146,262 Closing balance 411,608 552,795 743,328 168,133 1,875,864 1,665,389 Deposits in guarantee of appeals (4) 50 ,763 84 ,586 148 ,663 - 284 ,012 Marketable securities in guarantee (5) - 85,160 - - 85,160 Total amounts guaranteed as at 03.31.2020 50,763 169,746 148,663 - 369,172 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$ 42,887 (R$ 33,168 as at 12.31.2019); Accident Prevention Factor (FAP) – Dispute over the legality of FAP, in the amount of R$ 29,748 (R$ 38,489 as at 12.31.2019); Levy of INSS on Profit Sharing in the amount of R$ 273,734 (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$ 73,793 (R$ 51,845 as at 03.31.2019); (iii) Deductibility of loan portfolio in the amount of R$ 37,507 (R$ 47,442 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$ 48,204 (R$ 55,085 as at 12.31.2019); (vi) Good Law (used, but not ratified) recognized in the amount of R$ 25,286 (R$ 25,286 as at 12.31.2019). (4) Note 12(a). (5) Note 7(a-III). The amount of the contingent liabilities classified as a possible loss related to civil lawsuits, not recognized, is R$ 60,452 (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 – March 31, 2020. 40

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 (251,519) 645,280 Charges (income tax and social contribution) at standard rates - Note 3(j) 113,184 (258,112) Permanent (additions) deductions 635,588 156,881 Effect of foreign exchange gains (losses) on investments abroad 385,962 6,377 Interest on capital – Note 17(b) 68,044 82,852 Non-deductible expenses, net of non-taxable income 32,206 12,407 Deferred tax assets not recognized in the period / recognized in previous periods and other 149,376 55,245 Income tax and social contribution for the period – Note 18(c-II(2)) 748,772 (101,231) Current (145,368) (278,619) Deferred 894,140 177,388 II – Tax expenses of operations 2020 2019 PIS / COFINS (63,136) (104,421) Service tax (ISS) (27,707) (19,293) Total – Note 18(c-II(2)) (90,843) (123,714) b) Tax assets and liabilities I – Breakdown 03.31.2020 12.31.2019 Tax assets (1) 3,835,164 2,838,218 Current – Taxes and contributions loss carryforwards 245,303 202,165 Deferred – deferred tax assets – Note 15(b -II(1)) 3,589,861 2,636,053 Tax liabilities (1) 959,287 1,285,394 Current 819,042 1,143,423 Taxes and contributions on profit payable 156,714 432,234 Taxes and contributions to be collected 146,344 185,648 Special Tax Regularization Program (PERT) (2) 515,984 525,541 Deferred – tax liabilities – Note 15(b -II(2)) 140,245 141,971 (1) Transactions classified in Current and Non-current Assets and Liabilities. (2) It refers 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$ (4,827) (R$ (9,705) in 2019) and are recorded as contra-entry to income in the line item “Other finance expenses”. 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 03.31.2020 Opening balance Recognition / (Reversal) Realization Closing balance Allowance for credit risk 1,402,172 241,834 (61,623) 1,582,383 Provision for contingent liabilities – Note 14(c) 800,865 37,893 (31,511) 807,247 Fair value adjustment of financial instruments 59,452 191,645 - 251,097 Other 217,266 119,892 (5,887) 331,271 Total for temporary differences 2,479,755 591,264 (99,021) 2,971,998 Income tax and social contribution loss carryforwards 156,298 468,768 (7,203) 617,863 Total as at 03.31.2020 2,636,053 1,060,032 (106,224) 3,589,861 Total as at 03.31.2019 2,168 ,632 224,236 (122,218) 2,270,650 ______Consolidated financial statements – March 31, 2020. 41

(2) Deferred tax liabilities 01.01 to 03.31.2020 Opening balance Recognition/(Reversal) Closing balance Excess depreciation 131,924 (1,425) 130,499 Other 10,046 (299) 9,747 Total as at 03.31.2020 141,970 (1,724) 140,246 Total as at 03.31.2019 243,588 (77,715) 165,873 The balance of deferred tax assets for temporary differences, not recognized, in the amount of R$ 474,748 (R$ 477,728 as at 12.31.2019), refers to deferred tax assets arising from the recognition of Additional ALL – Note 8. (3) Expected realization of deferred tax assets for temporary differences, income tax and social contribution losses and deferred taxes on the excess amount

Deferred tax assets Tax and social contribution Provision for deferred taxes

Realization year Temporary differences loss carryforwards Total and contributions Net deferred taxes 2020 719,371 97,093 816,464 (42,695) 773,769 2021 1,143,221 130,030 1,273,251 (29,057) 1,244,194 2022 541,873 133,166 675,039 (20,202) 654,837 2023 227,607 136,377 363,984 (12,877) 351,107 2024 141,360 85,050 226,410 (11,275) 215,135 2025 to 2031 198,566 36,147 234,713 (24,140) 210,573 Total 2,971,998 617,863 3,589,861 (140,246) 3,449,615 Present value (1) 2,809,165 573,681 3,382,846 (129,522) 3,253,324 (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 Art. 6 of CMN Resolution 3,059/2002.

______Consolidated financial statements – March 31, 2020. 42

16. PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS a) Breakdown

03.31.2020 12.31.2019 Accumulated Property and Accumulated Property and Cost depreciation/amortization equipment, net Cost depreciation/ amortization equipment, net Property and equipment 910,002 (267,934) 642,068 854,149 (237,505) 616,644 Facilities, furniture and equipment in use 224,828 (61,167) 163,661 231,732 (58,264) 173,468 IT and data processing equipment 572,897 (174,165) 398,732 556,421 (147,612) 408,809 Other 112,277 (32,602) 79,675 65,996 (31,629) 34,367 Intangible assets – software 284,344 (135,015) 149,329 282,522 (123,413) 159,109 Total (1) 1,194,346 (402,949) 791,397 1,136,671 (360,918) 775,753 (1) Of this amount, R$ 167,974 (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 64,802 37,052 3,997 18,616 68,799 55,668 Write-offs (609) (1,231) - - (609) (1,231) Changes in the period reflected in income (38,769) (18,877) (13,777) (11,591) (52,546) (30,468) Depreciation / amortization expenses – Note 13(d) (38,104) (18,877) (13,777) (11,591) (51,881) (30,468) Facilities, furniture and equipment in use (3,760) (13,055) - - (3,760) (13,055) IT and data processing equipment (26,813) (3,967) (13,777) (11,591) (40,590) (15,558) Other (7,531) (1,855) - - (7,531) (1,855) Impairment (1) (665) - - - (665) - Closing balance 642,068 394,017 149,329 148,375 791,397 542,392 (2) Recorded in the line item “Other operating income (expenses)”.

______Consolidated financial statements – March 31, 2020. 43

17. EQUITY a) Shares Banco Safra S.A.’s capital is represented by 15,300 (15,301 as at 03.31.2019) registered shares, with no par value, out of which 7,650 (7,651 as at 03.31.2019) 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 03.31.2019) 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. In the period, the amount of R$ 100,805 in interest on capital was reserved – Note 13(b). c) Revenue reserves 03.31.2020 12.31.2019 Revenue reserves 804,749 408,301 Legal 150,601 125,738 Special (1) 654,148 282,563 (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 I- Carrying value adjustment of available-for-sale financial assets – Change 01.01. to 01.01. to 03.31.2020 03.31.2019 Opening balance 2,553 6,433 Adjustment from changes in fair value (16,877) (656) Available-for-sale securities – Note 7(c) (31,430) (346) Change in fair value in the period (27,020) 2,102 Profit /(loss) on sale of securities (4,410) (2,448) Tax effect 14,553 (310) Closing balance (1) (14,324) 5,777 Gross amount – Note s 7(a -II I) and (c) (29,029) 7,977 Tax effect 14,705 (2,200) (1) There is no amount that will not be subsequently reclassified in net income, upon its realization.

Consolidated Financial Statements – March 31, 2020. 44

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. On Banco Safra’s website (www.safra.com.br) and also on BACEN’s open data portal, the information on the Pillar 3 Report with information on risk and capital management is available, within the term established by the regulatory authority, as established by BACEN Circular 3,930/2019 and 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 Central Bank of Brazil, 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 the Central Bank of Brazil. 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. 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.

Consolidated Financial Statements – March 31, 2020. 45

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 funding the needs for working capital, capital structure, profitability, seasonable aspects, specific aspects of the business line, customer service level, relationship with Safra, restrictions, guarantees and 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 n 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 fair value; . For real estate – there is a specific committee that makes the revaluation 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 – March 31, 2020. 46

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 03.31.2020 12.31.2019 Financial assets 97,234,395 89,095,247 Interbank investments and Central Bank compulsory deposits – Note 5 19,948,607 19,059,650 Financial assets 28,117,509 23,173,586 Marketable securities – Note 7(a-I) 24,058,462 21,432,590 Derivative financial instruments – Note 7(b) 4,059,047 1,743,306 Investments linked to open market funding – government securities – Note 6(a) 31,085,909 28,472,607 Funds guaranteeing technical reserves for insurance and private pension – Note 10(a) 18,082,361 18,389,691 Expanded credit portfolio – Note 8(a) 110,639,296 111,069,808 Credit portfolio 93,864,180 93,796,391 Credit operations 66,524,853 79,795,629 Operations with companies 51,598,280 53,195,855 Consumer loan and finance operations 14,926,573 26,599,774 Other credit risk instruments 27,339,327 14,000,762 Guarantees and sureties (off balance) – Note 8(f) 16,775,116 17,273,417 Granted limits (off balance) – Note 8(f) 13,414,801 15,794,239 TOTAL 221,288,492 215,959,294 Allowance for credit risk – expanded credit portfolio – Note 8(a) (3,367,939) (3,321,949) Total net maximum exposure – Note 18(a-VIII) 217,920,553 212,637,345 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:

03.31.2020 12.31.2019 Financial guarantees 9,324,033 9,347,463 Machinery and vehicles 16,874,873 15,658,355 Other guarantees (1) 3,104,521 3,185,101 Total (2) 29,303,427 28,190,919 (1) Substantially comprising mortgage, chattel mortgage, credit rights, rights or receivables for credit card sales and pledge. (2) Totals R$ 64,774,879 (R$ 63,086,796 as at 12.31.2019), when considering the guarantees and sureties in the amount of R$ 35,471,452 (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). 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.

Consolidated Financial Statements – March 31, 2020. 47

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. 03.31.2020 12.31.2019 Expanded credit Financial assets portfolio Granted limits TOTAL TOTAL Financial institutions 13,109,297 - - 13,109,297 10,476,463 Governments 80,676,763 - - 80,676,763 76,426,917 Industry and trade 1,166,234 52,347,170 6,182,216 59,695,620 60,929,886 Services 2,216,718 28,057,718 3,031,438 33,305,874 33,905,547 Individuals 65,374 25,664,139 3,649,642 29,379,155 29,077,988 Other customers - 4,570,269 551,505 5,121,774 5,142,780 Total 97,234,386 110,639,296 13,414,801 221,288,483 215,959,581 Allowance for credit risk – expanded credit portfolio – Note 8(a) - (3,367,939) (3,367,939) (3,321,949) Total net as at 03.31.2020 – Note 18(a-IV) 97,234,386 107,271,357 13,414,801 217,920,544 212,637,632 Total net as at 12.31.2019 – Note 18(a -IV) 89,095,534 107,747,859 15,794,239 212,637,632 - Concentration of the expanded credit portfolio 03.31.2020 12.31.2019 1st to 10th largest customer 17,698,323 14,512,244 11th to 50th largest customer 22,483,950 19,741,314 51st to 100th largest customer 10,751,991 10,801,237 100 largest customers 50,934,265 45,054,795 Other customers 59,705,031 66,015,013 Total expanded credit portfolio 110,639,296 111,069,808 Allowance for credit risk – expanded credit portfolio – Note 8(a) (3,367,939) (3,321,949) Total 107,271,357 107,747,859

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. Statistics and projections on the development of payments and receipts are used to assess impacts on cash over time in a series of scenarios: planning or normality, run off, stress and 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 – March 31, 2020. 48

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:

03.31.2020 Over 720 Liabilities 60 days 90 days 180 days 360 days 720 days days TOTAL Financial liabilities – Note 9(b) 17,823,486 13,260,889 20,909,661 30,795,330 18,074,310 26,104,041 126,967,717 Funding 17,007,401 10,758,524 16,233,775 20,884,064 16,682,771 17,880,533 99,447,068 Open market deposits and funding – corporate securities 7,040,416 2,538,969 3,079,676 723,118 33,411 - 13,415,590 Funds from acceptance and issue of securities and Time deposits 9,070,020 7,309,762 12,315,027 18,204,634 15,603,729 15,500,265 78,003,437 Structured funding (1) 896,965 909,793 839,072 1,956,312 1,045,631 2,380,268 8,028,041 Borrowings and onlending 777,512 2,491,203 4,651,260 6,982,242 1,055,217 1,434,021 17,391,455 Subordinated debt 38,573 11,162 24,626 2,929,024 336,322 6,789,487 10,129,194 Funds guaranteeing technical reserves for insurance and private pension – Note 10(a) - - - - - 17,848,780 17,848,780 Liquidity 17,823,486 13,260,889 20,909,661 30,795,330 18,074,310 43,952,821 144,816,497 (1) Of this amount, R$ 98,144 (R$ 189,048 as at 12.31.2019) are recorded in derivative financial instruments – Note 7(b). IV. Cash flows of derivatives 03.31.2020 60 days 90 days 180 days 360 days 720 days Over 720 days TOTAL Assets 1,422,631 418,017 984,188 201,441 71,943 961,226 4,059,446 Non Deliverable Forward (NDF) 295,429 34,086 94,114 111,797 33,012 306 568,744 Options 10,208 1,549 106,808 23,887 24,030 5,322 171,804 Swap – Amounts receivable 210,102 - -- - - 210,102 Credit derivatives 906,892 224,417 782,032 65,757 14,901 955,598 2,949,597 Liabilities - 157,965 1,234 - - - 159,199 Non Deliverable Forward (NDF) (1,048,965) (550,421) (1,443,868) (627,123) (99,954) (306,885) (4,077,216) Options (72,554) (29,466) (88,914) (13,848) - - (204,782) Forward (9,305) (2,685) (135,071) (471,146) (32,854) (16,170) (667,231) Swap - amounts payable (177,958) - -- - - (177,958) Credit derivatives (789,148) (388,287) (1,201,093) (142,129) (67,100) (290,715) (2,878,472) V. Items not recorded in the statement of financial position As described in Note 8(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 exert material impacts on liquidity.

______Consolidated Financial Statements – March 31, 2020. 49

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, Art. 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 03.31.2020 Scenarios Risk factors Risk of changes in: 1 2 3 Shares Stock pric e (37) (918) (1,836) Commodities Commodity price (4) (93) (186) Currencies Foreign currency quote (3,014) (75,366) (150,733) Fixed income Interest rates denominated in real (26) (2,788) (5,442) Coupon Interest rates in foreign currency (13) (596) (1,177) Options Market value of options (20) (562) (1,134) Total (3,114) (80,323) (160,508)

Trading and Banking portfolio as at 03.31.2020 Scenarios Risk factors Risk of changes in: 1 2 3 Shares Stock price (37) (918) (1,836) Commodities Commodity price (4) (93) (186) Currencies Foreign currency quote (2,744) (68,614) (137,227) Fixed income Interest rates denominated in real (1,950) (249,562) (487,301) Coupon Interest rates in foreign currency (1,300) (42,178) (83,963) Options Market value of options (20) (562) (1,134) Total (6,055) (361,927) (711,647) 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$ 5.2454 and the one-year fixed rate was 3.35% 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$ 6.4919 and the one-year fixed rate was 4.18% 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$ 7.7903 and the one-year fixed rate was 5.02% p.a.

Consolidated Financial Statements – March 31, 2020. 50

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 03.31.2020 Assets BRL Strong currencies (1) Other currencies Total Cash – Note 4 169,590 2,366,971 5,643 2,542,204 Interbank investments and Central Bank compulsory deposits – Note 5 15,261,444 4,266,672 420,491 19,948,607 Financial assets – Note 7 20,183,943 7,933,566 - 28,117,509 Investments linked to open market funding – Government securities – Note 6(a) 31,085,909 - - 31,085,909 Insurance, reinsurance and private pension operations – Note 10 18,219,316 - - 18,219,316 Credit portfolio – Note 8(a) 79,285,849 11,449,593 378 90,735,820 Tax assets – Note 15(b) 3,829,132 6,032 - 3,835,164 Other financial assets and Other assets – Notes 11 and 13(a) 5,050,408 1,708,650 296 6,759,354 Investment, property and equipment and intangible assets 796,744 - - 796,744 Total Assets 173,882,335 27,731,484 426,808 202,040,627 Long position - Futures foreign exchange coupon -Note 7(b-II(1)) 38,572,070 22,516,512 - 61,088,582 Futures 2,793,304 1,043,914 2,487 3,839,705 NDF - Note 7(b-II(1)) 916,635 5,581,162 - 6,497,797 Foreign exchange option 2,366,996 - - 2,366,996 SWAP and SCS 1,743,826 16,334,430 - 18,078,256 Off Balance – Derivative financial instruments – Assets 46,392,831 45,476,018 2,487 91,871,336 Total Assets as at 03.31.2020 (A) 220,275,166 73,207,502 429,295 293,911,963 Liabilities Financial liabilities and derivative financial instruments – Notes 9(b) and 7(b) 102,415,053 28,639,692 (13) 131,054,732 Open market funding – government securities – Note 6(b) 30,111,808 - - 30,111,808 Insurance and private pension operations – Note 10(c) 18,088,962 - - 18,088,962 Tax liabilities and provisions for contingent liabilities – Notes 15(b) and 14(c) 2,826,160 8,991 - 2,835,151 Other financial liabilities and Other liabilities – Notes 11 and 13(b) 6,393,655 1,292,042 331 7,686,028 Total Liabilities 159,835,638 29,940,725 318 189,776,681 Short position – Futures foreign exchange coupon –Note 7(b-II(1)) 22,516,512 38,572,070 - 61,088,582 Futures 1,046,401 2,791,740 1,564 3,839,705 NDF – Note 7(b-II(1)) 5,153,855 916,635 427,307 6,497,797 Foreign exchange option - 2,366,996 - 2,366,996 SWAP and SCS 16,334,430 1,743,826 - 18,078,256 Off Balance – Derivative financial instruments – Liabilities 45,051,198 46,391,267 428,871 91,871,336 Total Liabilities as at 03.31.2020 (B) 204,886,836 76,331,992 429,189 281,648,017 Net exposure – Equity (C) = (A) – (B) 15,388,330 (3,124,490) 106 12,263,946 Over Hedge of Investment abroad – Note 18(c-II(2)) (3,456,732) 3,456,732 - - Net position – Long/(Short) as at 03.31.2020 11,931,598 332,242 106 12,263,946 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 – March 31, 2020. 51

(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 2019 Over Hedge Adjusted Over Hedge Adjusted Recorded adjustment balance Recorded adjustment balance NET INCOME FROM FINANCIAL INSTRUMENTS – Note 12(c) (1,029,444) 723,237 (306,207) (53,214) 11,924 (41,290) TAX EXPENSES OF OPERATIONS – Note 15(a-II) (90,843) (73,513) (164,356) (123,714) (1,296) (125,010) NET INCOME FROM OPERATIONS 877,444 649,724 1,527,168 1,607,616 10,628 1,618,244 INCOME BEFORE TAXES (251,519) 649,724 398,205 645,280 10,628 655,908 INCOME TAX AND SOCIAL CONTRIBUTION – Note 15(a-I) 748,772 (649,724) 99,048 (101,231) (10,628) (111,859) NET INCOME 497,253 - 497,253 544,049 - 544,049

Consolidated Financial Statements – March 31, 2020. 52

d) Fair value of financial assets and liabilities I. Methodology for determining fair value 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 reflect quoted prices for identical assets or liabilities in active markets (Level 1), the data that is directly or indirectly observable as similar assets or liabilities (Level 2), 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 measured based on unobservable markets, which includes, for example, low- liquidity financial instruments, Safra first determines the appropriate model to be adopted, based on all material information, including but not limited to, yield curves, interest rates, volatilities, difference between quoted and effective prices, prices of interest in capital or debt, exchange rates and credit curves. In the case of financial instruments not traded in stock exchange, Safra uses its best judgment to determine the appropriate level of adjustments for determining a market price that best reflect the probable realization value of the financial instrument, taking into account the counterparty’s credit quality, the actual amount of credit, liquidity constraints and unobservable parameters when relevant. 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. II. Classification by level of financial assets and liabilities at fair value 03.31.2020 (1) Level 1 Level 2 Total Marketable securities – Note 7(a -III) (2) 25,828,307 1,302,753 27,131,060 Securities portfolio – Note 7(a -I) 22,755,709 1,302,753 24,058,462 Government securities 22,740,880 - 22,740,880 Securities issued by Financial institutions - 1,058,062 1,058,062 Corporate securities issued by Companies 14,829 244,691 259,520 Own portfolio – Open market investments and funding – government securities – Note 6(a) 3,072,598 - 3,072,598 Other credit risk instruments – Note 8(b) - 14,926,573 14,926,573 (-) Securities designated to Hedge Market Risk (3) - (3,857,846) (3,857,846) Funds guaranteeing technical reserves for insurance and private pension – Note 10(a) 15,019,163 3,063,198 18,082,361 Private pension 14,785,582 3,063,198 17,848,780 Repurchase agreements 17,437 - 17,437 Government securities - Natio nal Treasury 13,569,172 - 13,569,172 Corporate securities 1,198,973 3,064,427 4,263,400 Other - (1,229) (1,229) Insurance – Government securities – National Treasury – National Treasury Bills 233,581 - 233,581 Derivative financia l instruments – Assets – Note 7(b -I(1)) 210,102 3,848,945 4,059,047 Non Deliverable Forward (NDF) - 568,744 568,744 Option premiums - 171,804 171,804 Forward – Government securities 210,102 - 210,102 Swap – amounts receivable - 2,949,597 2,949,597 Credit derivatives – CDS - 159,199 159,199 Regulatory adjustments – CMN Resolution 4,277/2013 – Note 3(f) - (399) (399) Derivative financial instruments – Liabilities – Note 7(b -I(1)) (177,958) (3,909,057) (4,087,015) Non Deliverable Forward (NDF) - (204,782) (204,782) Option premiums - (667,231) (667,231) Forward – Government securities (177,958) - (177,958) Swap - amounts payable - (2,878,472) (2,878,472) Credit derivatives – CDS - (148,773) (148,773) Regulatory adjustments - CMN Resolution 4,277/2013 - (9,799) (9,799) Obligations related to unrestricted repurchase agreements – Government securities – Note 6(b) (4,412,958) - (4,412,958) Strategy – Market risk hedge – Note 7(d) - 46,971,073 46,971,073 Fixed -rate portfolio - 36,359,474 36,359,474 Assets – Credit portfolio – Note 8(a -I) - 44,025,703 44,025,703 Liabilities – funding - (7,666,229) (7,666,229) Repurchase agreements - fixed rate - 12,606,292 12 ,606,292 IPCA portfolio - 2,743,834 2,743,834 Assets – Other credit risk instruments – Note 8(b) (3) - 5,571,783 5,571,783 Liabilities – funding - (2,827,949) (2,827,949) Eurobonds (3) - 3,857,846 3,857,846 Marketable securities – Available for sale – Note 7(a -I) - 319,360 319,360 Other credit risk instruments – Note 8(b) - 3,538,486 3,538,486 Funding - (3,341,576) (3,341,576) Structured funding – Structured CD – Note 9(b) - (1,123,013) (1,123,013) Liabilities for marketable securities abroad – Note 9(b) - (2,218,563) (2,218,563) Subordinated debt – Medium term notes – Note 9(b) - (5,254,797) (5,254,797) (1) No transaction was classified into level 3. (2) Of these amounts, R$ 20,465,284 refer to trading securities (R$ 19,052,435 classified in level 1 and R$ 1,412,849 in level 2) and R$ 965,096 refer to available-for-sale securities (R$ 965,096 classified in level 1) (3) Reclassification of the amount related to the securities designated to hedge market risk (Eurobonds) – Note 7(d).

Consolidated Financial Statements – March 31, 2020. 53

III. 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. 03.31.2020 12.31.2019 Carrying Carrying amount Fair value amount Fair value Cash 2,542,204 2,542,204 1,312,970 1,312,970 Interbank investments and Central Bank compulsory deposits 19,948,607 19,948,607 19,059,650 19,059,650 Credit portfolio – at amortized cost 48,114,043 48,114,043 42,177,416 42,177,416 Total financial assets 70,604,854 70,604,854 62,550,036 62,550,036 Financial liabilities – at amortized cost 107,877,166 107,884,180 103,803,880 103,812,675 Funding 87,791,878 87,798,693 88,602,606 88,611,189 Financial institution deposits and open market funding 13,415,590 13,413,464 13,145,629 10,569,082 Funds from acceptance and issue of securities and Time deposits 69,197,350 69,206,291 71,157,566 73,741,116 Structured funding – fixed rate 5,178,938 5,178,938 4,299,411 4,300,991 Borrowings and onlending 17,391,455 17,391,455 12,524,348 12,524,348 Subordinated debt 2,693,833 2,694,032 2,676,926 2,677,138 Funds guaranteeing technical reserves of insurance and private pension 18,088,962 18,088,962 18,570,831 18,570,831 Total financial liabilities 125,966,128 125,973,142 122,374,711 122,383,506 The carrying amounts of the items cash and cash equivalents, interbank investments, open market operations and Central Bank compulsory deposits 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, are as follows: 03.31.2020 Level 1 Level 2 Total Cash 2,542,204 - 2,542,204 Interbank investments and Central Bank compulsory deposits 19,948,607 - 19,948,607 Credit portfolio – at amortized cost - 48,114,043 48,114,043 Total financial assets 22,490,811 48,114,043 70,604,854 Financial liabilities – at amortized cost 17,391,455 90,492,725 107,884,180 Funding - 87,798,693 87,798,693 Interbank deposits and open market funding – corporate securities - 13,413,464 13,413,464 Funds from acceptance and issue of securities and Time deposits - 5,178,938 5,178,938 Structured funding – fixed rate - 69,206,291 69,206,291 Borrowings and onlending 17,391,455 - 17,391,455 Subordinated debt - 2,694,032 2,694,032 Funds guaranteeing technical reserves of insurance and private pension 18,088,962 - 18,088,962 Total financial liabilities 35,480,417 90,492,725 125,973,142 12.31.2019 Level 1 Level 2 Total Total financial assets 20,372,620 42,177,416 62,550,036 Total financial liabilities 31,095,179 91,288,327 122,383,506 e) Operational risk Defined by Art. 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, Internal Controls, Compliance, Money Laundering Prevention, Reputation Risk and Social and Environmental Risk. 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.

Consolidated Financial Statements – March 31, 2020. 54

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, 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:

03.31.2020 Lines Southeast South Center West Northeast North Total Comprehensive 4,998 2,145 888 726 133 8,890 Credit life insurance 27,357 6,573 4,153 4,201 1,954 44,238 Accidents 10,619 3,421 1,588 1,236 1,121 17,985 Group life 7,332 2,222 772 867 561 11,754 Other lines 3,502 439 77 383 18 4,419 Total (1) 53,808 14,800 7,478 7,413 3,787 87,286

03.31.2019 Lines Southeast South Center West Northeast North Total Comprehensive 3,467 1,091 93 597 101 5,349 Credit life insurance 22,975 6,669 3,739 3,296 2,070 38,749 Accidents 6,279 2,328 834 1,187 665 11,293 Group life 5,970 1,593 525 706 401 9,195 Other lines 922 496 461 83 51 2,013 Total (1) 39,613 12,177 5,652 5,869 3,288 66,599 (1) The concentration of risk does not consider the DPVAT, policies in force but not issued and retrocession totaling R$ (1,470) (R$ 3,265 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 its risk-weighted assets (RWA). At present, Banco Safra’s minimum capital requirement is 10.5%, comprising 8.0% of minimum regulatory capital and 2.5% 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. 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 Brazilian Central Bank (BACEN), for oversight purposes. The required information is submitted to the appropriate body on a monthly basis. The bank authority requires that each Bank or group of bank institutions maintain a minimum regulatory capital of 10.5%. Banco Safra's regulatory capital is divided into two tiers (I and II) and additional capital buffer: The regulatory capital (PR) used for checking the fulfillment of the operational limits required by the regulatory authority comprises the following portions: Core capital - share 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 – March 31, 2020. 55

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 Brazilian Central Bank (BACEN), for oversight purposes, as shown in the Summary of Consolidated Financial Statements and Performance . It is also worthy of note that the financial institutions are required to record 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 2019, the management’s total annual remuneration was set at R$ 146,500 (R$ 147,350 in 2018). The remuneration received by management amounts to R$ (22,516) (R$ (27,742) 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) 03.31.2020 12.31.2019 2020 2019 Cash – Note 4 1,418,298 239,311 (252) (28) Grupo J. Safra Sar asin 1,372,824 212,401 (187) (28) Safra National Bank of New York 45,474 26,910 (65) - Foreign currency investments - Note 5(a) 3,749,614 2,488,151 10,808 12,179 Grupo J. Safra Sarasin 3,749,614 2,488,151 5,690 12,179 Safra Nation al Bank of New York - - 5,118 - Credit operations (2) 37,341 30,195 182 - Other assets and liabilities, net 49,825 61,260 665 (9,792) Demand/savings deposits – Note 9(b) (7,239) (3,338) - - Time deposits – Note 9(b) (1,445,139) (1,151,148 ) (6,365) (3,095) Grupo J. Safra Sarasin (1,063,146) (309,753) (6,102) (326) Safra National Bank of New York (381,993) (841,395) (263) (2,769) Funds from acceptance and issue of securities – Funds from financial bills, bills of credit and similar notes – Safra Institutes – Note 9(a) (130,518) (129,645) (2,272) (2,692) Subordinated debt – Note 9(b) – Entities abroad owned by owners of the parent (3) (2,731,320) (1,223,088) (33,836) (19,776) Administrative expenses - - (29,162) (2 9,674) Rent expenses - Note 13(d) - - (29,101) (29,635) Exton Participações Ltda. - - (10,080) (10,099) J. Safra Participações Ltda. - - (5,935) (6,054) Kiama S.A. - - (2,065) (8,835) Lebec Participações Ltda. - - (2,454) (2,478) Other companies - - (8,567) (2,169) Other - - (61) (39) Rent income – Casablanc Representação e Participação Ltda. - - 25 17 Operations with investment funds – Note 9(c) Open market investments – governme nt securities – Note 6(a) - - 52 55 Open market funding – government securities – Note 6(b) (17,783,019) (20,547,666) (853,704) (1,038,264) Funds from acceptance and issue of securities – Funds from financial bills, bills of credit and similar notes – Financial bills (1) – Note 9(b) (1,550,292) (2,120,783) (62,517) (98,349) Revenue from management and administration of investment funds – Note 9(c) - - 295,432 228,092 (1) Of this amount, R$ 111,365 (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. 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, of 06.16.2014, of the National Council of Private Insurance (CNSP). The Committee 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) COVID-19 – Actions, impacts and event after the reporting period Overview On March 11 of this year, the World Health Organization (WHO) declared a pandemic as a result of the outbreak of Covid-19, which spread to virtually all countries in the world. The social isolation measures recommended by the WHO caused the non-essential businesses to stop their activities. To face these challenges, governments from all over the world have been adopting measures to maintain income, business and employment as much as possible.

Consolidated Financial Statements – March 31, 2020. 56

In Brazil, the situation is not different. In the scope of the monetary and fiscal authority, with emphasis on the measures that directly affect the financial institutions, we highlight, among the main measures, the actions to make viable the deferral of credit operations without increasing allowance levels; temporary relief to capital needs; and provision of liquidity to the financial institutions by BACEN. Safra’s management is continuously monitoring the developments of this crisis, evaluating the possible impacts and adopting the measures required to minimize the adverse effects on our businesses, employees, customers, and the society. Our employees We have implemented a robust contingency and business continuity plan, which ensures the maintenance of our activities without compromising the safety and health of our employees. In this sense, we have adopted some measures, even before the first social isolation recommendation by the government, of which we highlight the following: • Sorting of employees and giving preventative leave to those with symptoms associated with Covid-19; • Mapping, instructions giving leave to employees in the group of higher risk; • Flu vaccination campaign for employees and their dependents, already in the middle of March; • Telemedicine through app; • Cancellation of travels, events and meetings in person; • Constant communication with all employees, with recommendations on protection and care to avoid contamination; • Home office to most of our employees. Our customers Safra has maintained customer services, even in physical branches, with the required distancing measures for the protection of customers and employees. Our electronic channels are available to meet your needs and provide the necessary clarifications. We advise our customers to have preference for electronic channels. Safra has sponsored lives with experts from many areas, such as physicians, financial experts, business executives, government authorities. In this moment, we understand that reliable information from those who master their fields is fundamental. Safra has worked with agility to serve all of its customers to understand their needs and contribute towards the equalization of cash flows of our individual and business customers. Our society Banco Safra has always supported many segments of the society with donations. In addition to the donations that it usually makes, it is firmly committed to the society’s fight against Covid-19, focusing on public, philanthropic and Santa Casa hospitals, which provide care services to the needy segment of the population. In the first quarter, Banco Safra has donated R$ 30 million – Note 13(d)) to these entities for purchasing complete ICU beds, ventilators, test kits, PPEs, and much more, besides other donations to entities that provide care for vulnerable population. Our financial statements In relation to our financial statements ended March 31, 2020 and approved on April 30, 2020, the main impact from this Coronavirus crisis was the strong volatility in financial and capital markets that affected the net income from financial instruments. We have reevaluated the credit risk of our customers, considering their business sectors and, in certain cases, we have adjusted the customer and segment ratings, giving rise to an increase in the required minimum ALL of R$ 250 million. It is worth noting that the additional allowance was more than sufficient to cover such increase. Conservatively, we have maintained a comfortable coverage ratio of problem assets of 298.1%. We have also maintained a solid capital base and high liquidity, extremely important actions in situations of high uncertainty. Our Basel ratio stood at 14.1% and liquidity amounts to R$ 32 billion. Event after the reporting period 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. ***

Consolidated Financial Statements – March 31, 2020. 57 Deloitte Touche Tohmatsu Dr. Chucri Zaidan Avenue, 1.240 - 4th to 12th floors - Golden Tower 04711-130 - São Paulo - SP Brazil

Tel.: + 55 (11) 5186-1000 Fax: + 55 (11) 5181-2911 www.deloitte.com.br

(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 March 31, 2020, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the three-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 about 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 Banco Safra S.A. as of March 31, 2020, and their consolidated financial performance and their cash flows for the three-month period then ended, in accordance with accounting practices adopted in Brazil applicable to the financial institutions authorized to operate by BACEN.

São Paulo, May 7, 2020

DELOITTE TOUCHE TOHMATSU Luiz Carlos Oseliero Filho Auditores Independentes Engagement Partner

2020-SPO-1067 VF.docx Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.

Deloitte provides audit, consulting, financial advisory, risk management, tax and relates services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries bringing world-class capabilities, insights, and high-quality service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 286,200 professionals make an impact that matters, please connect with us on Facebook, LinkedIn or Twitter.

© 2020. For information, contact Deloitte Touche Tohmatsu Limited.