EX-99.3 4 tmb-20220829xex99d3.htm EX-99.3
Exhibit 99.3

| (A free translation of the original in Portuguese) Suzano Trading Ltd. Report on the net book equity value based on the accounting records on May 31, 2022

| (A free translation of the original in Portuguese) 2 of 6 PricewaterhouseCoopers Auditores Independentes Ltda., Av. Brigadeiro Faria Lima 3732, 16o, partes 1 e 6, Edifício Adalmiro Dellape Baptista B32, São Paulo, SP, Brasil, 04538-132 T: +55 (11) 4004-8000, www.pwc.com.br Report on the net book equity value based on the accounting records To the Shareholders and Management Suzano Trading Ltd. Information on the audit firm 1 PricewaterhouseCoopers Auditores Independentes Ltda., a civil partnership established in the capital city of the state of São Paulo, at at Avenida Brigadeiro Faria Lima, 3732, 16th floor, parts 1 and 6, Edifício Adalmiro Dellape Baptista B32, Itaim Bibi, enrolled in the National Corporate Taxpayers' Register of the Ministry of Finance (CNPJ/MF) under no 61.562.112/0001-20, originally enrolled in the Regional Accounting Council (CRC) of the State of São Paulo under no 2SP000160/O-5, with its partnership deed registered at the 2th Civil Registry of Legal Entities of São Paulo, SP on January 15, 1958, and subsequent amendments registered at the 2nd Registry Office of Deeds and Documents of São Paulo, SP, the last amendment dated January 1st, 2022, having been registered at the 2nd Registry Office of Deeds and Documents of São Paulo, SP, on microfilm under no 159,804, at March 22, 2022, represented by its undersigned partner, Mr. José Vital Pessoa Monteiro Filho, Brazilian, married, accountant, holder of Identity Card no 2.473.281 enrolled in the Individual Taxpayers Register (CPF) under no 856.126.184-68 and the Regional Accounting Council of the State of Pernambuco under no 1 PE016700/O-0, resident and domiciled in the State of São Paulo, with office at the same address of the partnership, was appointed as an expert by the management of Suzano S.A. to proceed with the report of the net book equity value of Suzano Trading Ltd. ("Company") at May 31, 2022, summarized in Attachment I, in accordance with accounting practices adopted in Brazil. The results of this engagement are presented below. The objective of the report 2 The objective of the report of the net book equity value at May 31, 2022 of Suzano Trading Ltd. is its legal merger into Suzano S.A. Management's responsibility for the accounting information 3 Management is responsible for the bookkeeping and preparation of the accounting information in accordance with accounting practices adopted in Brazil, and for such internal control as management determines is necessary to enable the preparation of accounting information that is free from material misstatement, whether due to fraud or error. The main accounting practices adopted by the Company are summarized in Attachment II of the report.

| Suzano Trading Ltd. 3 of 6 "This document will be signed electronically using Docuign ( www.docusign.com.br ), pursuant to art. 10, § 2, of Medida Provisória (Provisional Decree) No. 2200-2/2001 and was prepared on the date indicated, being valid for all legal purposes." Scope of the work and responsibility of the independent auditors 4 Our responsibility is to express a conclusion on the net book equity value of the Company at May 31, 2022, based on the work performed in accordance with Technical Communication 03/2014 (R1), issued by the Institute of Independent Auditors of Brazil (IBRACON), which establishes that audit procedures be applied to the balance sheet and CTG 2002, issued by the Brazilian Federal Accounting Council, which provides for technical and professional standards to be observed by accountants for issuing report on the net book equity value. Therefore, our audit of the related balance sheet of the Company was conducted in accordance with the Brazilian and International Auditing Standards, which require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the net book equity value used for the preparation of our report is free from material misstatement. 5 An audit involves performing procedures to obtain audit evidence about the amounts recorded. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the shareholders' equity, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the balance sheet in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Conclusion 6 Based on the work performed, we conclude that the amount of R$ 1,386,964,264.86, according to the balance sheet at May 31, 2022, as stated in the accounting records and summarized in Attachment I, represents, in all material respects, the net book equity value of Suzano Trading Ltd. according to accounting practices adopted in Brazil. São Paulo, June 21, 2022 PricewaterhouseCoopers Auditores Independentes Ltda. CRC 2SP000160/O-5 José Vital Pessoa Monteiro Filho Contador CRC 1PE016700/O-0

| Attachment I to report on the net book equity value based on the accounting records issued on June 21, 2022 Suzano Trading Ltd. Balance sheet On May 31, 2021 (A free translation of the original in Portuguese) This Attachment is an integral part and inseparable of the report on the net book equity value based on the accounting records of Suzano Trading Ltd., issued by PricewaterhouseCoopers Auditores Independentes Ltda., dated June 21, 2022. 4 of 6 Asset Reais Liabilities Reais Currents Current Cash and cash equivalents 1 2 1,30,20,3. Accounts payable from related parties 0,.3 Trade accounts receivable 2,23,02. Advance from customers ,23.3 Receivable from related parties 10,,2.00 Accrual 3 1,2,2.0 Total current assets 1,03,2,1. Total current liabilities 1,23,0.3 Total liabilities 1,23,0.3 quity Share capital 311,0,.0 Retained earnings reserves 1.0..20,0 Total equity 1,3,,2. Total asset 1,03,2,1. Total liabilities and equity 1,03,2,1.

| (A free translation of the original in Portuguese) Attachment II to report on the net book equity value based on the accounting records issued on June 21, 2022 Suzano Trading Ltd. Notes to the balance sheet On May 31, 2021 This Attachment is an integral part and inseparable of the report on the net book equity value based on the accounting records of Suzano Trading Ltd., issued by PricewaterhouseCoopers Auditores Independentes Ltda., dated June 21, 2022. 5 of 6 1 Basis of preparation and summary of the significant accounting policies The balance sheet on May 31, 2022, was prepared with the objective of report of the net book equity value of the Suzano Trading Ltd. to be used in the merger into Suzano S.A. The balance sheet on May 31, 2022, has been prepared in accordance with accounting practices adopted in Brazil, including the pronouncements issued by the Brazilian Accounting Pronouncements Committee ("CPC"). In preparing this financial information, it is necessary to use the determination exercise by the Company's Management in the process of applying the accounting policies. The main accounting policies applied in the preparation of this balance sheet are set forth below. 1.1 Cash and cash equivalents Comprises cash balances, bank deposits and short-term investments whose original maturities, on the acquisition date, were equal to or less than 90 days, readily convertible into a known amount of cash and which are subject to an insignificant risk of change, of value. 1.2 Trade accounts payable and Advance from customers An asset is recognized only when it is probable that its future economic benefit will be generated in favor of the Company and its cost or value can be reliably measured. A liability is recognized when the Company has a legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle it. 1.3 Share capital Nominal shares are classified under shareholders' equity. 2 Cash and cash equivalent Average yield p.a. percentage May 31, 2022 Cash and banks (*) 1,00 1.390.205.399,84 1.390.205.399,84 (*) Refers substantially to investments in foreign currency in the Sweep Account modality, which is a remunerated account, whose balance is applied and made available automatically and daily.

| (A free translation of the original in Portuguese) Attachment II to report on the net book equity value based on the accounting records issued on June 21, 2022 Suzano Trading Ltd. Notes to the balance sheet On May 31, 2021 This Attachment is an integral part and inseparable of the report on the net book equity value based on the accounting records of Suzano Trading Ltd., issued by PricewaterhouseCoopers Auditores Independentes Ltda., dated June 21, 2022. 6 of 6 3 Acruall May 31, 2022 Accrual (*) 15 , 572 , 267,70 15 , 572 , 267,70 (*) It refers to the provision for differential anti-dumping duties paid and levied on sales in the American market, which is an instrument of trade defence, which is characterized as a protection of the local industry that are applied when a certain country exports its products. at a price lower than that traded on its domestic market. * * *

| (A free translation of the original in Portuguese) Rio Verde Participaões e Propriedades Rurais S.A. Report on the net book equity value based on the accounting records at May 31 , 202 2

| (A free translation of the original in Portuguese) 2 of 10 PricewaterhouseCoopers Auditores Independentes Ltda. , Av. Brigadeiro Faria Lima 3732, 16 o , partes 1 e 6, Edifcio Adalmiro Dellape Baptista B32, São Paulo, SP, Brasil, 04538 - 132 T: +55 (11) 4004 - 8000, www.pwc.com.br Report on the net book equity value based on the accounting records To the Shareholders and Management Rio Verde Participaões e Propriedades Rurais S.A. Information on the audit firm 1 PricewaterhouseCoopers Auditores Independentes Ltda. , a civil partnership established in the capital city of the state of São Paulo, at Avenida Brigadeiro Faria Lima, 3732, 16 th floor, parts 1 and 6, Edifício Adalmiro Dellape Baptista B32, Itai m Bibi, enrolled in the National Corporate Taxpayers' Register of the Ministry of Finance (CNPJ/MF) under N o . 61.562.112/0001 - 20, originally enrolled in the Regional Accounting Council (CRC) of the State of São Paulo under N o . 2SP000160/O - 5, with its partnership deed registered at the 2 th Civil Registry of Legal Entities of São Paulo, SP on January 15, 1958, and subsequent amendments registered at the 2 nd Registry Office of Deeds and Documents of São Paulo, SP, the last amendment dated January 1 st , 202 2, having been registered at the 2nd Registry Office of Deeds and Documents of São Paulo, SP, on microfilm under N o . 159,804, at March 22, 2022, represented by its undersigned partner, Mr. José Vital Pessoa Monteiro Filho, Brazilian, married, accountant, ho lder of Identity Card N o . 2.473.281 enrolled in the Individual Taxpayers Register (CPF) under N o . 856.126.184 - 68 and the Regional Accounting Council of the State of Pernambuco under N o . 1 PE016700/O - 0, resident and domiciled in the State of São Paulo, with of fice at the same address of the partnership, was appointed as an expert by the management of Suzano S.A. to proceed with the report of the net book equity value of Rio Verde Participações e Propriedades Rurais S.A. ("Company") at May 31, 2022, summarized i n Attachment I, in accordance with accounting practices adopted in Brazil. The results of this engagement are presented below. The objective of the report 2 The objective of the report of the net book equity value at May 31, 202 2 of Rio Verde Participações e Propriedades Rurais S.A. is its legal merger into Suzano S.A. Management's responsibility for the accounting information 3 Management is responsible for the bookkeeping and preparation of the accounting information in accordance with accounting practices adopted in Brazil, and for such internal control as management determines is necessary to enable the preparation of accounting information that is free from material misstatement, whether due to fraud or error. The main accounting practices adopted by the Company are summarized in Attachment II of the report.

| Rio Verde Participaões e Propriedades Rurais S.A. 3 of 10 "This document will be signed electronically using DocuSign ( www.docusign.com.br ), pursuant to art. 10, 2, of Medida Provisória (Provisional Decree) No. 2200 - 2/2001 and was prepared on the date indicated, being valid for all legal purposes." Scope of the work and responsibility of the independent auditors 4 Our responsi bility is to express a conclusion on the net book equity value of the Company at May 31, 202 2 , based on the work performed in accordance with Technical Communication 03/2014 (R1), issued by the Institute of Independent Auditors of Brazil (IBRACON), which e stablishes that full audit procedures be applied to the balance sheet and CTG 2002, issued by the Brazilian Federal Accounting Council, which provides for technical and professional standards to be observed by accountants for issuing report on the net book equity value. Therefore, our audit of the related balance sheet of the Company was conducted in accordance with the Brazilian and International Auditing Standards, which require that we comply with ethical requirements and plan and perform the audit to ob tain reasonable assurance about whether the net book equity value used for the preparation of our report is free from material misstatement. 5 An audit involves performing procedures to obtain audit evidence about the amounts recorded. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the shareholders ' equity, whether due to fraud or error. In making those risk assessments, the auditor considers internal control releva nt to the balance sheet in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriat eness of accounting policies used and the reasonableness of accounting estimates made by management. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Conclusion 6 Based on the work p erformed, we conclude that the amount of R $ 361,815,846.61 , according to the balance sheet at May 31, 202 2 , as stated in the accounting records and summarized in Attachment I, represents, in all material respects, the net book equity value of Rio Verde Par ticipações e Propriedades Rurais S.A. according to accounting practices adopted in Brazil. So Paulo, June 2 1 , 202 2 PricewaterhouseCoopers Auditores Independentes Ltda. CRC 2SP000160/O - 5 Jos Vital Pessoa Monteiro Filho Contador CRC 1PE016700/O - 0

| Attachment I to report on the net book equity value based on the accounting records issued on June 21, 2022 Rio Verde Participaões e Propriedades Rurais S.A. Balance sheet At May 31, 2022 (A free translation of the original in Portuguese) This Attachment is an integral part and inseparable of the report on the net book equity value based on the accounting record s of Rio Verde Participações e Propriedades Rurais S.A., issued by PricewaterhouseCoopers Auditores Ind ependentes Ltda., dated June 21, 2022. 4 of 10 Asset Reais Liabilities Reais Current Current Cash and cash equivalents 36,847.26 Taxes payable 37.86 Recoverable taxes 3,716.20 Total current liabilities 37.86 Total current assets 40,563.46 Total liabilities 37.86 Non - current Property, plant and equipment (Note 2) 361,775,321.01 Equity Share capital 379,263,916.00 Total non - current assets 361,775,321.01 Accumulated losses (17,448,069.39 ) Total equity 361,815,846.61 Total asset 361,815,884.47 Total liabilities and equity 361,815,884.47 *

| Attachment II to report on the net book equity value based on the accounting records issued on June 21, 2022 Rio Verde Participações e Propriedades Rurais S.A. Notes to the balance sheet At May 31, 2022 In Reais, unless otherwise stated (A free translation of the original in Portuguese) This Attachment is an integral part and inseparable of the report on the net book equity value based on the accounting record s of Rio Verde Participações e Propriedades Rurais S.A., issued by PricewaterhouseCo opers Auditores Independentes Ltda., dated June 21, 2022. 5 of 10 1 Basis of preparation and summary of the significant accounting practices The balance sheet at May 31, 202 2 was prepared with the objective of report of the net book equity value of the Rio Verde Participaes e Propriedades Rurais S.A. ( " Company " ), to be used in the merger into Suzano S.A. The balance sheet at May 31, 202 2 has been prepared in accordance with accounting practices adopted in Brazil, including the pronouncements issued by the Brazilian Accounting Pronouncements Committee (CPC). The preparation of this balance sheet requires the use of certain critical accounting policies. The main accounting policies applied in the preparation of this balance sheet are presented below. 1.1 Cash and cash equivalents Include cash on hand and bank deposits, which are readily convertible into known amounts of cash and subject to insignificant risk of change in value. 1.2 Property, plant and equipment Stated at the cost of acquisition, formation, construction or dismantling, net of recoverable taxes. Such cost is deducted of a ccumulated depreciation and accumulated impairment losses, when incurred , at the highest of the value of use and sale, less cost to sell . Depreciation is recognized based on the estimated economic useful life of each asset on a straight - line basis. The estimated useful life, residual values and depreciation methods are annually reviewed and the effects of any changes in estimates are accounted for prospectively. Land is not depreciated. The Company annually performs an analysis of impairment indicators of property, plant and equipment. An impairment for loss for property, plant and equipment, is only recognized if the related cash - generating unit is devalued. Such condition is also applied if the asset ' s recoverable amount is less than it is carrying amo unt. The recoverable amount of asset or cash - generating unit is the highest of its value in use and its fair value less cost to sell. The cost of major renovations is capitalized if the future economic benefits exceed the performance standard initially es timated for the asset and are depreciated over the remaining useful life of the related asset. Repairs and maintenance are expensed when incurred. 1.3 Share capital Common shares are classified under shareholders ' equity , at cost .

| Attachment II to report on the net book equity value based on the accounting records issued on June 21, 2022 Rio Verde Participações e Propriedades Rurais S.A. Notes to the balance sheet At May 31, 2022 In Reais, unless otherwise stated (A free translation of the original in Portuguese) This Attachment is an integral part and inseparable of the report on the net book equity value based on the accounting record s of Rio Verde Participações e Propriedades Rurais S.A., issued by PricewaterhouseCo opers Auditores Independentes Ltda., dated June 21, 2022. 6 of 10 2 Property, plant and equipment The balance of property, plant and equipment of R$ 361,775, 321.01 consists of land s in the amount of R$ 358,422,701.64 , c onstruction in progress in the amount of R $ 3,351,448.18, and c omputers in the amount of R$ 1, 171 . 19 . In order to fulfill certain requirements with the real estate registry offices and notary offices (when applicable), we describe below, the list of properties included in our accounting records:

| Attachment II to report on the net book equity value based on the accounting records issued on June 21, 2022 Rio Verde Participações e Propriedades Rurais S.A. Notes to the balance sheet At May 31, 2022 In Reais, unless otherwise stated (A free translation of the original in Portuguese) This Attachment is an integral part and inseparable of the report on the net book equity value based on the accounting record s of Rio Verde Participações e Propriedades Rurais S.A., issued by PricewaterhouseCoopers Auditores Independentes Ltda., dated June 21, 2022. 7 of 10 Item Realty name Registration denomination Registration Registry office Location Area Amount Owner Property type 1 Boi Preto - Área B I Fazenda Invejado - Gleba B1 (Remanescente) 17372 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 2.645,10 25,986,003.67 Rio Verde Proprietary 2 Boi Preto Fazenda Sol Nascente - Área Desmembrada 1 17060 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 553,35 5,451,332.18 Rio Verde Proprietary 3 Boi Preto Fazenda Invejado B1 - Desmembrada Gleba A 17441 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 985,87 9,689,518.07 Rio Verde Proprietary 4 Boi Preto Fazenda Invejado B1 - Desmembrada Gleba B 17442 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 11,86 131,664.78 Rio Verde Proprietary 5 Boi Preto (Invejad o Globo B I - Romanos combo - Globo A I) Fazenda Invejado Gleba BII - Remanescente/ Gleba A - 1 20437 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 2.668,86 26,217,171.33 Rio Verde Proprietary 6 Invejado - Área II Fazenda Invejado - Área "II" - Desmembrada da Gleba "A1" 12623 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 9,00 98,424.91 Rio Verde Proprietary 7 Invejado - Área III Fazenda Invejado - Área "III" - Desmembrada da Gleba "A1" 12624 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 9,00 93,834.37 Rio Verde Proprietary 8 Invejado - Área IV Fazenda Invejado - Área "IV" - Desmembrada da Gleba "A1" 12625 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 9,00 93,834.37 Rio Verde Proprietary 9 Invejado - Área V Fazenda Invejado - Área "V" - Desmembrada da Gleba "A1" 12626 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 9,00 93,834.37 Rio Verde Proprietary 10 Invejado - Área VI Fazenda Invejado - Área "VI" - Desmembrada da Gleba "A1" 12627 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 13,00 133,692.61 Rio Verde Proprietary 11 Invejado - Área VII Fazenda Invejado - Área "VII" - Desmembrada da Gleba "A1" 12628 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 74,00 734,602.18 Rio Verde Proprietary 12 Invejado - Área I B Fazenda Invejado - Área "IB" - Remanescente da Gleba "A1" 12629 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 42,70 431,814.99 Rio Verde Proprietary

| Attachment II to report on the net book equity value based on the accounting records issued on June 21, 2022 Rio Verde Participações e Propriedades Rurais S.A. Notes to the balance sheet At May 31, 2022 In Reais, unless otherwise stated (A free translation of the original in Portuguese) This Attachment is an integral part and inseparable of the report on the net book equity value based on the accounting record s of Rio Verde Participações e Propriedades Rurais S.A., issued by PricewaterhouseCoopers Auditores Independentes Ltda., dated June 21, 2022. 8 of 10 Item Realty name Registration denomination Registration Registry office Location Area Amount Owner Property type 13 So Carlos Fazenda So Carlos 16400 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 4.088,48 40,169,255.66 Rio Verde Proprietary 14 Leopoldina Fazenda São Miguel 16383 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 2.442,60 23,999,759.58 Rio Verde Proprietary 15 Sagrada Famlia Fazenda Sagrada Famlia - Parte 2 17585 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 72,23 726,911.38 Rio Verde Proprietary 16 Bom Jardim Fazenda Bom Jardim Gleba A - Área 01 20434 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 689,35 6,777,066.49 Rio Verde Proprietary 17 Santa Clara Fazenda Santa Clara 17195 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 2.250,90 22,121,782.24 Rio Verde Proprietary 18 Ipuã Fazenda Ipuã 17071 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 2.414,21 23,928,967.34 Rio Verde Proprietary 19 Ipyta Fazenda Ipyta 17069 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 2.321,86 23,014,703.10 Rio Verde Proprietary 20 Lageado Fazenda Lageado 19361 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 1.148,75 11,393,422.73 Rio Verde Proprietary 21 Bom Pastor Fazenda Bom Pastor 20576 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 125,78 1,240,500.75 Rio Verde Proprietary 22 Acapu Fazenda Acapu 17187 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 345,24 3,432,952.11 Rio Verde Proprietary 23 Pena Roja Fazenda Pena Roja, Rio Verde e Corrgo Potreirinho - Desmembrada 19340 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 6.466,75 64,084,018.44 Rio Verde Proprietary 24 LCD Fazenda LCD 20261 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 2.574,19 25,292,858.77 Rio Verde Proprietary 25 Rainha da Paz (LUZ) Fazenda Rainha da Paz 20259 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 2.005,62 19,882,456.62 Rio Verde Proprietary

| Attachment II to report on the net book equity value based on the accounting records issued on June 21, 2022 Rio Verde Participações e Propriedades Rurais S.A. Notes to the balance sheet At May 31, 2022 In Reais, unless otherwise stated (A free translation of the original in Portuguese) This Attachment is an integral part and inseparable of the report on the net book equity value based on the accounting record s of Rio Verde Participações e Propriedades Rurais S.A., issued by PricewaterhouseCoopers Auditores Independentes Ltda., dated June 21, 2022. 9 of 10 Item Realty name Registration denomination Registration Registry office Location Area Amount Owner Property type 26 Chcara Invejado Fazenda Invejado 17119 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 4,76 277,368.94 Rio Verde Proprietary 27 Fazenda Nova Esperança - Gleba 02 Fazenda Nova Esperança - Gleba 02 17703 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 1.748,71 17,327,579.37 Rio Verde Proprietary 28 Fazenda Nova Esperança - Gleba 02 Rancho Santo Rosário 16447 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 3,00 292,234.24 Rio Verde Proprietary 29 Invejado Fazenda Invejado - Área desmembrada 03 16496 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 10,53 498,477.90 Rio Verde Proprietary 30 Invejado Área desmembrada 07 - Da Gleba A - 1 (remanescente) Parte da Fazenda Invejado 21283 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 8,52 417,387.95 Rio Verde Proprietary 31 Invejado Área desmembrada 06 - Da Gleba A - 1 (remanescente) Parte da Fazenda Invejado 21282 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 2,56 147,623.49 Rio Verde Proprietary 32 Invejado Área desmembrada G da Fazenda Invejado 17120 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 2,39 241,374.12 Rio Verde Proprietary 33 Invejado Área desmembrada 2 - parte da Fazenda Invejado 16489 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 2,47 84,344.80 Rio Verde Proprietary 34 Sítio Beira Rio Sítio Beira Rio 11191 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 5,10 296,468.46 Rio Verde Proprietary 35 Rancho Santo Rosário II Rancho Santo Rosário II 10632 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 10,70 711,872.17 Rio Verde Proprietary

| Attachment II to report on the net book equity value based on the accounting records issued on June 21, 2022 Rio Verde Participações e Propriedades Rurais S.A. Notes to the balance sheet At May 31, 2022 In Reais, unless otherwise stated (A free translation of the original in Portuguese) This Attachment is an integral part and inseparable of the report on the net book equity value based on the accounting record s of Rio Verde Participações e Propriedades Rurais S.A., issued by PricewaterhouseCoopers Auditores Independentes Ltda., dated June 21, 2022. 10 of 10 Item Realty name Registration denomination Registration Registry office Location Area Amount Owner Property type 36 Fazenda Boi Preto Fazenda Celmasul - Gleba B 21437 1 o Serviço Registral e Tabelionato de Protesto de Ribas do Rio Pardo - MS Ribas do Rio Pardo - MS 10,82 88,126.16 Rio Verde Proprietary 37 Santa Rosa Barreiro ou Fazenda Nova, Santo Antnio ou Santa Rosa e Fazendinha ou Serrote 9203 Cartrio de Registro de Imveis de Inocncia - MS Inocncia - MS 65,30 2,819,461.00 Rio Verde Proprietary 358,422,701.64 * * *

| APPRAISAL REPORT AP-00775/22-01 CARAVELAS FLORESTAL S.A.

| Appraisal Report AP-00775/22-01 1 APPRAISAL REPORT: AP-00775/22-01 VALUATION DATE: August 9th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF CARAVELAS FLORESTAL S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010 and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of CARAVELAS FLORESTAL S.A., hereinafter denominated CARAVELAS, based at Rua Jernimo da Veiga, no. 164 16G, City and Estate of So Paulo, registered in the National Register of Legal Entities of the Ministry of Economy under no. 15.489.351/0001-85, on August 9th, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00775/22-01 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of CARAVELAS, as of August 9th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. The assets comprise the properties detailed in Attachment 2 of this Appraisal Report. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of CARAVELAS is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 3 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of CARAVELAS as of August 9th, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of CARAVELAS. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00775/22-01 3 4. CONCLUSION Based on the work carried out, we concluded that the amount of BRL 111,322,660.02 (one hundred and eleven million, three hundred and twenty-two thousand, six hundred and sixty reais and two cents), as stated in the CARAVELAS's balance sheet as of August 9th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12th, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA:8 8668193791 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:886681 93791 Dados: 2022.08.12 16:50:51 -03'00'

| Appraisal Report AP-00775/22-01 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. PROPERTIES TO BE INCORPORATED 3. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY CARAVELAS 4. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

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| IMOVEL SNCRMTR/TRANSC/ESCR - ATUALMUNICiPIO DO IMoVELUFComarca da matricula/registrorea total (ha)Fraão de propriedade da Caravelas Valor Contbil (R$) Fazenda Belo Cruzeiro8798MucuriBAMucuri3592,1622100%12.782.070,00R$ Bloco Arcel 0211773MucuriBAMucuri25,5456100%96.390,00R$ Bloco ARCEL 03 Muc8799MucuriBAMucuri69,4671100%263.900,00R$ Bloco 21 MUC7941MucuriBAMucuri178,1704100%623.805,00R$ Fazenda Santa Maria e Nova Alegria2246CaravelasBAIbirapu289,6801100%1.021.382,11R$ Fazenda Santa Maria e Nova Alegria5244CaravelasBACaravelas1499,4739100%5.392.425,89R$ Fazenda Simbrasil2709IbirapuaBAIbirapu715,1372100%2.505.856,70R$ Fazenda Simbrasil2712CaravelasBAIbirapu238,3698100%839.575,36R$ Fazenda Simbrasil2713CaravelasBAIbirapu97,0439100%341.803,65R$ Fazenda Simbrasil2714IbirapuaBAIbirapu79,2043100%282.186,80R$ Fazenda Simbrasil5603CaravelasBACaravelas3,9873100%14.049,63R$ Fazenda Simbrasil5605CaravelasBACaravelas63,4792100%222.546,12R$ Fazenda Simbrasil5606CaravelasBACaravelas116,9261100%409.125,20R$ Fazenda Simbrasil5620CaravelasBACaravelas166,6031100%586.801,92R$ Fazenda Boa Esperana11428Nova VicosaBANova Viosa92,8831100%324.450,00R$ Fazenda Esperanca368IbirapuaBAIbirapu342,6440100%1.148.605,15R$ Fazenda Ouro Verde1340IbirapuaBANova Viosa191,9400100%645.653,08R$ Fazenda Ouro Verde2651IbirapuaBAIbirapu427,756672,62%1.048.108,37R$ Fazenda Ouro Verde2652IbirapuaBAIbirapu260,8403100%891.469,39R$ Fazenda Ouro Verde2653IbirapuaBAIbirapu567,8364100%1.940.684,65R$ Fazenda Ouro Verde2654IbirapuaBAIbirapu168,9300100%583.126,22R$ Fazenda Ouro Verde2655IbirapuaBAIbirapu133,3437100%460.286,56R$ Fazenda Ouro Verde2656IbirapuaBAIbirapu360,6608100%1.223.353,29R$ Fazenda Ouro Verde2657IbirapuaBAIbirapu508,8242100%1.731.250,45R$ Fazenda Ouro Verde2658IbirapuaBAIbirapu131,7820100%444.317,50R$ Fazenda Ouro Verde2659IbirapuaBAIbirapu178,5661100%602.896,60R$ Fazenda Ouro Verde2660IbirapuaBAIbirapu114,8183100%386.086,61R$ Fazenda Ouro Verde2662IbirapuaBAIbirapu200,1271100%670.513,06R$ Fazenda Ouro Verde2663IbirapuaBAIbirapu337,039296,52%1.093.458,11R$ Fazenda Ouro Verde2664IbirapuaBAIbirapu152,9882100%509.646,44R$ Fazenda Ouro Verde2665IbirapuaBAIbirapu111,0937100%372.899,72R$ Fazenda Ouro Verde2666IbirapuaBAIbirapu367,1909100%1.258.551,64R$ Fazenda Ouro Verde2667IbirapuaBAIbirapu65,6572100%225.040,92R$ Fazenda Ouro Verde2710IbirapuaBAIbirapu53,5881100%180.041,43R$ Fazenda Ouro Verde2711IbirapuaBAIbirapu85,1961100%288.900,57R$ Fazenda Ouro Verde2716IbirapuaBAIbirapu33,4171100%114.544,30R$ Fazenda Ouro Verde2717IbirapuaBAIbirapu85,3794100%279.144,96R$ Fazenda Ouro Verde2757IbirapuaBAIbirapu49,0439100%1.000.757,22R$ Fazenda Ouro Verde2758IbirapuaBAIbirapu268,4979100%65.396,22R$ Fazenda Ouro Verde2759IbirapuaBAIbirapu137,8324100%414.366,74R$ Fazenda Ouro Verde2760IbirapuaBAIbirapu3035,052496,77%11.036.336,37R$

| IMOVEL SNCRMTR/TRANSC/ESCR - ATUALMUNICiPIO DO IMoVELUFComarca da matricula/registrorea total (ha)Fraão de propriedade da Caravelas Valor Contbil (R$) Fazenda Peruype2762IbirapuaBAIbirapu235,9712100%786.688,10R$ Fazenda Ouro Verde2763IbirapuaBAIbirapu353,7293100%1.350.370,27R$ Fazenda Ouro Verde9998Nova VicosaBAMucuri15,2778100%45.929,78R$ Fazenda Ouro Verde12005Nova VicosaBANova Viosa87,0642100%344.251,87R$ Fazenda Ouro Verde12317IbirapuaBAIbirapu189,2750100%722.561,95R$ Fazenda Peruype12414Nova VicosaBANova Viosa21,2357100%70.796,24R$ Bloco 24 NV11427Nova VicosaBANova Viosa74,4414100%330.864,43R$ Bloco 24 NV6045Nova VicosaBANova Viosa81,9030100%298.815,57R$ Unio Segunda e Tapioca3046Nova VicosaBANova Viosa104,1720100%416.800,00R$ Fazenda Sorocaba ou Tapioca3047Nova VicosaBANova Viosa48,9770100%196.000,00R$ Bloco 25 NV15862Nova VicosaBANova Viosa369,7173100%1.536.400,00R$ Bloco 06 NV8150Nova VicosaBANova Viosa516,2302100%2.066.000,00R$ Bloco 08 NV8153Nova VicosaBANova Viosa453,5328100%1.840.339,32R$ Bloco 08 NV8154Nova VicosaBANova Viosa8,9065100%36.140,68R$ Fazenda So Francisco1977IbirapuaBAIbirapu618,5153100%2.299.543,72R$ Fazenda So Francisco8340Nova VicosaBANova Viosa485,1763100%1.813.406,27R$ Fazenda Talita e Vai Quem Quer1872IbirapuaBAIbirapu366,2132100%1.286.600,00R$ Fazenda Cinco Estrelas1964IbirapuaBAIbirapu314,8715100%1.105.300,00R$ Fazenda Juazeiro2715CaravelasBAIbirapu415,8222100%1.483.233,45R$ Fazenda Juazeiro3223IbirapuaBAIbirapu113,6437100%405.727,08R$ Fazenda Juazeiro5611CaravelasBACaravelas52,5659100%187.502,02R$ Fazenda Juazeiro5618CaravelasBACaravelas472,3394100%1.688.166,13R$ Fazenda Juazeiro5619CaravelasBACaravelas411,8467100%1.472.354,61R$ Fazenda Juazeiro5627CaravelasBACaravelas293,9482100%1.048.518,22R$ Fazenda Juazeiro5630CaravelasBACaravelas316,7307100%1.143.922,49R$ Fazenda Alegria373IbirapuaBAIbirapu48,4690100%170.800,00R$ Boa Esperana1873CaravelasBAIbirapu33,5653100%131.005,00R$ Fazenda Boa Sorte e Duas Barras5241CaravelasBACaravelas50,8333100%185.004,31R$ Fazenda Boa Sorte e Duas Barras5242CaravelasBACaravelas6,5383100%23.795,69R$ Fazenda Nova Esperana5604CaravelasBACaravelas220,5546100%796.043,39R$ Fazenda Nova Esperana5639CaravelasBACaravelas477,0197100%1.719.348,61R$ Fazenda Palmital2575CaravelasBACaravelas31,8430100%114.624,00R$ Fazenda Palmeiras2576CaravelasBACaravelas41,6690100%150.120,00R$ Fazenda Conjunto Copacabana5384CaravelasBACaravelas1330,9884100%4.804.209,62R$ Fazenda Estrela do Sul - AI 5555223CaravelasBACaravelas535,9888100%1.936.492,33R$ Fazenda Estrela do Sul - AI 5555224CaravelasBACaravelas154,6299100%558.667,67R$ 88.888.146,76R$

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| Appraisal Report AP-00775/22-01 - Attachment 3 1 SUMMARY OF MAIN ACCOUNTING PRACTICES ADOPTED BY CARAVELAS  Cash and cash equivalent Cash and cash equivalents include cash, bank deposits, and other short-term, highly liquid investments with original maturities of up to three months and have an insignificant risk of change in value. The balance is presented net of balances of guaranteed accounts in the statement of cash flows. Overdraft accounts are shown as "Loans" in current liabilities on the balance sheet.  Inventories Inventories are composed of pesticides, soil amendments, and fertilizers. In accordance with CPC 16 R1 Inventories, they are recorded at average acquisition cost, which does not exceed market values or net realizable value. Inventory costs are transferred to the cost of biological assets as they are used in forest formation.  Account receivables Accounts receivable are initially recognized at the transaction price. Subsequently, it is measured at amortized cost, using the effective interest method, less the allowance for doubtful accounts. The allowance for doubtful accounts is established when there is objective evidence that the company will not be able to collect all amounts due in accordance with the original terms of the accounts receivable. If the collection period is equivalent to one year or less, the accounts receivable are classified as current assets. Otherwise, they will be presented in non-current assets.  Biological assets The forests in formation, represented by eucalyptus plantations on owned and third-party farms and held for sale, are classified as biological assets and measured at their fair value, according to the stage of forest growth, after deducting the estimated costs of maintenance and sale, until the time of harvest. The fair value of the company's biological assets corresponds to the present value of the estimated net cash flows for these assets, which is determined by applying assumptions established in discounted cash flow models. The discounted cash flow model considers harvest revenue (calculated by multiplying the estimated eucalyptus volume by the future price on the expected harvest date) and estimated production costs (fertilizers, agrochemicals, agricultural labor, and others). The fair value of biological assets is determined by the initial recognition of the assets and on the base date of the financial statements. The gain or loss on the change in the fair value of biological assets is defined as the difference between the fair value at the beginning and end of the year and is recorded in the income statement under the heading "Gain (loss) on the fair value of biological assets". The land on which the forests are planted is classified as property, plant, and equipment and does not form part of the fair value of biological assets. The model and assumptions used to determine fair value represent management's best estimate at the date of the financial statements. They are reviewed annually and, if necessary, adjusted.

| Appraisal Report AP-00775/22-01 - Attachment 3 2 The company does not consider biological assets as qualifying assets to capitalize interest on financing.  Property, plant and equipment o Recognition and measurement Property, plant and equipment items are measured at the historical cost of acquisition/installation or construction, less accumulated depreciation, and impairment losses. Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with such costs will flow and be reliably measured. The book value of replaced items or parts is written off, and all other repairs and maintenance are charged to income for the year when incurred. An item of property, plant and equipment is written off after disposal or when there are no future economic benefits from its continued use. Any gains or losses on the sale or disposal of an item of property, plant and equipment are determined by the difference between the amounts received on the sale and the residual carrying amount of the asset and are recognized in profit or loss. o Depreciation Depreciation is recognized using the straight-line method, based on the estimated useful life of each asset so that the cost value is less than its residual value after its useful life is entirely written off (except for land and construction in progress). Estimated useful lives, residual values and depreciation methods are reviewed at least year-end, and the effect of any changes in estimates is accounted for prospectively.  Intangible The company's intangibles consist only of software use licenses. They are recorded based on acquisition and installation costs, amortized at rates defined based on the useful life attributed to the assets, which varies from three to five years.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

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| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| APPRAISAL REPORT AP-00656/22-12 VITEX SP PARTICIPAÇÕES S.A.

| Appraisal Report AP-00656/22-12 1 APPRAISAL REPORT: AP-00656/22-12 VALUATION DATE: June 30th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF VITEX SP PARTICIPAÕES S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010 and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of VITEX SP PARTICIPAÕES S.A., hereinafter denominated VITEX SP, based at Avenida João Cabral de Mello Neto, no. 850, block 02, room 215 (part), Barra da Tijuca, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.563.643/0001-83, on June 30th, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00656/22-12 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of VITEX SP, as of June 30th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of VITEX SP is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 2 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of VITEX SP as of June 30th, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of VITEX SP. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00656/22-12 3 4. CONCLUSION Based on the work carried out, we concluded that the amount of BRL 427,314,433.50 (four hundred and twenty-seven million, three hundred and fourteen thousand, four hundred and thirty-three reais and fifty cents), as stated in the VITEX SP's balance sheet as of June 30th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12th, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA: 88668193 791 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:8866 8193791 Dados: 2022.08.12 12:24:48 -03'00'

| Appraisal Report AP-00656/22-12 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY VITEX SP 3. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

| A TTACHMEN T 1

| A TTACHMEN T 2

| Appraisal Report AP-00656/22-12 - Attachment 2 1 SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY VITEX SP  Cash and cash equivalents Comprise cash balances, and demand bank deposits and financial investments. Short-term investments are stated at cost, plus income earned up to the closing dates for the years, with maturities of less than 90 days or without fixed redemption terms, with immediate liquidity, subject to an insignificant risk of change in value.  Investments The company's investments are recognized using the equity method from the date the investment was acquired. According to this method, financial interests in companies are recognized in the financial statements at acquisition cost and are periodically adjusted by the amount corresponding to the company's share of net income, with a contra entry to equity in the income statement. Dividends received from these companies are recorded as a reduction in the value of investments.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

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| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| APPRAISAL REPORT AP - 0 0 656 /2 2 - 0 8 PARKIA S P PARTICIPAÇÕES S.A.

| Appraisal Report AP-00656/22-08 1 APPRAISAL REPORT: AP-00656/22-08 VALUATION DATE: June 30th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF PARKIA SP PARTICIPAÕES S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010, and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of PARKIA SP PARTICIPAÕES S.A., hereinafter denominated PARKIA SP, based at Avenida Joo Cabral de Mello Neto, no. 850, block 02, room 215 (part), Barra da Tijuca, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.563.671/0001-09, on June 30, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00656/22-08 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of PARKIA SP, as of June 30th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of PARKIA SP is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 2 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of PARKIA SP as of June 30, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of PARKIA SP. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00656/22-08 3 4. CONCLUSION Based on the work carried out, we concluded that the amount of BRL 569,775,389.95 (five hundred and sixty-nine million, seven hundred and seventy-five thousand, three hundred and eighty-nine reais and ninety-five cents), as stated in the PARKIA SP's balance sheet as of June 30th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12nd, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice-President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA:8 8668193791 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:8866819 3791 Dados: 2022.08.12 16:45:38 -03'00'

| Appraisal Report AP-00656/22-08 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY PARKIA SP 3. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

| A TTACHMEN T 1

| Folha: 1PARKIA SP PARTICIPACOES S.A.(00010)CNPJ : 16.563.671/0001-09 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior ATIVO CIRCULANTE DISPONIBILIDADES BENS NUMERAacuteRIOS BANCO CONTA MOVIMENTO 267,93D14,84D BANCO ITAUacute S/A1-1-1-1-4-02 ********267,93D *********14,84D =BANCO CONTA MOVIMENTO ********267,93D *********14,84D =BENS NUMERAacuteRIOS ********267,93D *********14,84D =DISPONIBILIDADES APLICACcedillaOtildeES LIQUIDEZ IMEDIATA TIacuteTULOS VAL. MOBILIAacuteRIOS TIacuteTULOS DE RENDA FIXA 50.816,35D198.441,06D TITULOS DE RENDA FIXA1-1-2-1-1-01 *****50.816,35D ****198.441,06D =TIacuteTULOS DE RENDA FIXA *****50.816,35D ****198.441,06D =TIacuteTULOS VAL. MOBILIAacuteRIOS *****50.816,35D ****198.441,06D =APLICACcedillaOtildeES LIQUIDEZ IMEDIATA OUTROS CREacuteDITOS OUTROS CREDITOS OUTROS CREDITOS - EMP ASSOCIADAS 67.677,82D67.677,82D VITEX SP PARTICIPACcedillaOtildeES S.A.1-1-3-4-1-18 *****67.677,82D *****67.677,82D =OUTROS CREDITOS - EMP ASSOCIADAS *****67.677,82D *****67.677,82D =OUTROS CREDITOS *****67.677,82D *****67.677,82D =OUTROS CREacuteDITOS CONTAS A RECEBER IMPOSTOS A RECUPERAR IRRF 1.390,31D0,00D S/ APLICACcedillaOtildeES FINANCEIRAS1-1-4-6-1-01 ******1.390,31D **********0,00D =IRRF IRPJ/CSLL EXERCIacuteCIOS ANTERIORES 4.164,65D3.975,65D IRPJ SALDO NEGATIVO - 20201-1-4-6-5-22 3.551,43D3.372,68D IRPJ SALDO NEGATIVO - 20211-1-4-6-5-24 ******7.716,08D ******7.348,33D =IRPJ/CSLL EXERCIacuteCIOS ANTERIORES ******9.106,39D ******7.348,33D =IMPOSTOS A RECUPERAR IMPOSTOS A COMPENSAR IMPOSTOS A COMPENSAR 3.164,45D5.874,99D PIS A COMPENSAR1-1-4-7-1-01 14.575,25D27.060,08D COFINS A COMPENSAR1-1-4-7-1-02 *****17.739,70D *****32.935,07D =IMPOSTOS A COMPENSAR *****17.739,70D *****32.935,07D =IMPOSTOS A COMPENSAR *****26.846,09D *****40.283,40D =CONTAS A RECEBER ****145.608,19D ****306.417,12D =T o t a l - CIRCULANTE NAtildeO CIRCULANTE INVESTIMENTOS

| Folha: 2PARKIA SP PARTICIPACOES S.A.(00010)CNPJ : 16.563.671/0001-09 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior SOCIEDADES CONTROLADAS - C. CORRIGIDO SOCIEDADES CONTROLADAS - C. CORRIGIDO 569.629.781,76D203.992.403,86D SOBRASIL COMERCIAL S.A.1-3-1-1-1-01 0,00D318.660.496,84D FAIR VALUE - SOBRASIL COMERCIAL S.A.1-3-1-1-1-05 569.629.781,76D 522.652.900,70D =SOCIEDADES CONTROLADAS - C. CORRIGIDO 569.629.781,76D 522.652.900,70D =SOCIEDADES CONTROLADAS - C. CORRIGIDO 569.629.781,76D 522.652.900,70D =INVESTIMENTOS 569.629.781,76D 522.652.900,70D =T o t a l - NAtildeO CIRCULANTE 569.775.389,95D 522.959.317,82D =T o t a l - ATIVO

| Folha: 3PARKIA SP PARTICIPACOES S.A.(00010)CNPJ : 16.563.671/0001-09 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior PASSIVO CIRCULANTE CONTAS A PAGAR CONTAS A PAGAR OUTROS DEacuteBITOS - EMP ASSOCIADAS 0,00C1.792,79C ARAPAR PARTICIPACcedillaOtildeES S.A.2-1-2-2-3-58 **********0,00C ******1.792,79C =OUTROS DEacuteBITOS - EMP ASSOCIADAS **********0,00C ******1.792,79C =CONTAS A PAGAR **********0,00C ******1.792,79C =CONTAS A PAGAR **********0,00C ******1.792,79C =T o t a l - CIRCULANTE PATRIMONIO LIQUIDO CAPITAL SOCIAL CAPITAL SUBSCRITO CAPITAL SOCIAL SUBSCRITO 114.596.815,08C114.596.815,08C DE DOMICILIADO NO PAIS2-4-1-1-1-01 114.596.815,08C 114.596.815,08C =CAPITAL SOCIAL SUBSCRITO 114.596.815,08C 114.596.815,08C =CAPITAL SUBSCRITO 114.596.815,08C 114.596.815,08C =CAPITAL SOCIAL RESERVAS RESERVAS DE CAPITAL RESERVAS DE CAPITAL 48.409.183,58C48.409.183,58C RESERVAS DE CAPITAL2-4-2-1-1-01 *48.409.183,58C *48.409.183,58C =RESERVAS DE CAPITAL *48.409.183,58C *48.409.183,58C =RESERVAS DE CAPITAL RESERVAS DE LUCROS RESERVAS DE LUCROS 6.939.402,12C6.939.402,12C RESERVA LEGAL2-4-2-2-1-01 **6.939.402,12C **6.939.402,12C =RESERVAS DE LUCROS **6.939.402,12C **6.939.402,12C =RESERVAS DE LUCROS RESERVAS DE REALIZACcedillaAtildeO RESERVAS DE REALIZACcedillaAtildeO 19.872.749,39C34.285.404,89C RESERVA ESPECIAL (§5 art. 202 Lei nº 6404/76)2-4-2-3-1-01 *19.872.749,39C *34.285.404,89C =RESERVAS DE REALIZACcedillaAtildeO *19.872.749,39C *34.285.404,89C =RESERVAS DE REALIZACcedillaAtildeO *75.221.335,09C *89.633.990,59C =RESERVAS LUCROS/PREJUIZOS ACUMULADOS LUCROS/PREJUIacuteZOS ACUMULADOS LUCROS/PREJUIacuteZOS ACUMULADOS 91.414.096,75C0,00C LUCROS ACUMULADOS2-4-3-1-1-01 *91.414.096,75C **********0,00C =LUCROS/PREJUIacuteZOS ACUMULADOS *91.414.096,75C **********0,00C =LUCROS/PREJUIacuteZOS ACUMULADOS *91.414.096,75C **********0,00C =LUCROS/PREJUIZOS ACUMULADOS AJUSTE ACUMULADO DE CONVERSAtildeO

| Folha: 4PARKIA SP PARTICIPACOES S.A.(00010)CNPJ : 16.563.671/0001-09 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior AJUSTE ACUMULADO DE CONVERSAtildeO AJUSTE ACUMULADO DE CONVERSAtildeO 288.543.143,03C318.726.719,36C CTA2-4-5-1-1-01 288.543.143,03C 318.726.719,36C =AJUSTE ACUMULADO DE CONVERSAtildeO 288.543.143,03C 318.726.719,36C =AJUSTE ACUMULADO DE CONVERSAtildeO 288.543.143,03C 318.726.719,36C =AJUSTE ACUMULADO DE CONVERSAtildeO 569.775.389,95C 522.957.525,03C =T o t a l - PATRIMONIO LIQUIDO 569.775.389,95C 522.959.317,82C =T o t a l - PASSIVO

| CNPJ: 16.563.671/0001-09Diário :0Folha: 6APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPPARKIA SP PARTICIPACOES S.A.(00010)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício AtualRECEITASRECEITAS OPERACIONAIS RECEITAS FINANCEIRASRENDAS TIT. VAL. MOBILIARIOSTITULOS DE RENDA FIXA RECEITAS DE APLICACcedillaAtildeO FINANCEIRA 4.583,35C3-1-1-1-1-02=TITULOS DE RENDA FIXA ******4.583,35C=RENDAS TIT. VAL. MOBILIARIOS ******4.583,35COUTRAS RECEITAS FINANCEIRAS OUTRAS RECEITAS FINANCEIRASATUALIZACcedillaAtildeO MONETAacuteRIA - TAXA SELIC 367,75C3-1-1-5-1-01=OUTRAS RECEITAS FINANCEIRAS ********367,75C=OUTRAS RECEITAS FINANCEIRAS ********367,75C=RECEITAS FINANCEIRAS ******4.951,10CRES. PARTICIP. SOCIETARIASRES. AVALIACcedillaAtildeO P/ PAT. LIQUIDOEM CONTROLADAS SOBRASIL COMERCIAL S.A. 22.765.766,99C3-1-3-1-1-59FAIR VALUE 68.894.690,40C3-1-3-1-1-63=EM CONTROLADAS *91.660.457,39C=RES. AVALIACcedillaAtildeO P/ PAT. LIQUIDO *91.660.457,39C=RES. PARTICIP. SOCIETARIAS *91.660.457,39C=T o t a l - RECEITAS OPERACIONAIS *91.665.408,49C=T o t a l - RECEITAS *91.665.408,49CDESPESASDESPESAS OPERACIONAISDESPESAS FINANCEIRASENCARGOS FINANCEIROSENCARGOS FINANCEIROSIOF 1.296,72D4-1-1-1-1-01JUROS E MULTAS 357,50D4-1-1-1-1-02TARIFAS BANCAacuteRIAS 10,00D4-1-1-1-1-05=ENCARGOS FINANCEIROS ******1.664,22D=ENCARGOS FINANCEIROS ******1.664,22D

| CNPJ: 16.563.671/0001-09Diário :0Folha: 7APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPPARKIA SP PARTICIPACOES S.A.(00010)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício Atual=DESPESAS FINANCEIRAS ******1.664,22DDESPESAS ADMINISTRATIVASSERVICcedillaOS PROFISSIONAISSERVICcedillaOS ADMINISTRATIVOS HONORAacuteRIOS ADVOCATIacuteCIOS 158.575,72D4-1-2-2-1-06HONORAacuteRIOS CONTAacuteBEIS 1.492,54D4-1-2-2-1-07ASSESSORIA E CONSULTORIA 15.014,58D4-1-2-2-1-09Créditos Prescritos - Pis s/ Insumos 2.678,35D4-1-2-2-1-92Créditos Prescritos - Cofins s/ Insumos 12.286,79D4-1-2-2-1-93=SERVICcedillaOS ADMINISTRATIVOS ****190.047,98D=SERVICcedillaOS PROFISSIONAIS ****190.047,98DOUTRAS DESP. ADMINISTRATIVAS OUTRAS DESP. ADMINISTRATIVAS OUTRAS 10.474,18D4-1-2-3-1-03SERVICcedillaOS DE DESPACHANTE 2.099,13D4-1-2-3-1-07=OUTRAS DESP. ADMINISTRATIVAS *****12.573,31DPUBLICACcedillaOtildeES E PROPAGANDAS PUBLICACcedillaOtildeES SOCIETAacuteRIAS 45.510,00D4-1-2-3-2-01=PUBLICACcedillaOtildeES E PROPAGANDAS *****45.510,00D=OUTRAS DESP. ADMINISTRATIVAS *****58.083,31DDESPESAS TRIBUTAacuteRIASIMPOSTOS, TAXAS E CONTRIBUICcedillaOtildeESTAXA FED., EST. E MUNICIPAIS 1.286,00D4-1-2-5-1-05PIS S/ RECEITA FINANCEIRA 32,19D4-1-2-5-1-08COFINS S/ RECEITA FINANCEIRA 198,04D4-1-2-5-1-09=IMPOSTOS, TAXAS E CONTRIBUICcedillaOtildeES ******1.516,23D=DESPESAS TRIBUTAacuteRIAS ******1.516,23D=DESPESAS ADMINISTRATIVAS ****249.647,52DRES. PARTICIP. SOCIETAacuteRIAS RES. AVALIACcedillaAtildeO P/PAT. LIacuteQUIDO EM CONTROLADAS 0,00D4-1-4-1-1=RES. AVALIACcedillaAtildeO P/PAT. LIacuteQUIDO **********0,00D=RES. PARTICIP. SOCIETAacuteRIAS **********0,00D=T o t a l - DESPESAS OPERACIONAIS ****251.311,74D

| CNPJ: 16.563.671/0001-09Diário :0Folha: 8APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPPARKIA SP PARTICIPACOES S.A.(00010)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício Atual=T o t a l - DESPESAS ****251.311,74DRESULTADO DO EXERCIacuteCIO==================================================================================================== RECEITAS--------------> 91.665.408,49C DESPESAS + CUSTO--------------------> 251.311,74D LUCRO LIacuteQUIDO DO EXERCIacuteCIO: **91.414.096,75 ====================================================================================================

| A TTACHMEN T 2

| Appraisal Report AP-00656/22-08 - Attachment 2 1 SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY PARKIA SP  Cash and cash equivalents Comprise cash balances, and demand bank deposits and financial investments. Short-term investments are stated at cost, plus income earned up to the closing dates for the years, with maturities of less than 90 days or without fixed redemption terms, with immediate liquidity, subject to an insignificant risk of change in value.  Investments The company's investments are recognized using the equity method from the date the investment was acquired. According to this method, financial interests in companies are recognized in the financial statements at acquisition cost and are periodically adjusted by the amount corresponding to the company's share of net income, with a contra entry to equity in the income statement. Dividends received from these companies are recorded as a reduction in the value of investments.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

| A TTACHMEN T 3

| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| APPRAISAL REPORT AP-00656/22-04 SOBRASIL COMERCIAL S.A.

| Appraisal Report AP-00656/22-04 1 APPRAISAL REPORT: AP-00656/22-04 VALUATION DATE: June 30th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF SOBRASIL COMERCIAL S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010, and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of SOBRASIL COMERCIAL S.A., hereinafter denominated SOBRASIL, based at Avenida das Nações Unidas, no. 14,261, office no. 2,001-B, 20th floor, wing B, Vila Gertrudes, City and State of São Paulo, registered in the National Register of Legal Entities of the Ministry of Economy under no. 19.257.882/0001-01, on June 30th, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00656/22-04 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of SOBRASIL, as of June 30th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. The assets comprise the properties detailed in Attachment 2 of this Appraisal Report. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of SOBRASIL is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 3 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of SOBRASIL as of June 30th, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of SOBRASIL. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00656/22-04 3 4. CONCLUSION Based on the work carried out, we concluded that the amount of BRL 569,629,781.78 (five hundred and sixty-nine million, six hundred and twenty-nine thousand, seven hundred and eighty-one reais and seventy-eight cents), as stated in the SOBRASIL's balance sheet as of June 30th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12th, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA:8 866819379 1 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:886681 93791 Dados: 2022.08.12 12:22:37 -03'00'

| Appraisal Report AP-00656/22-04 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. PROPERTIES TO BE INCORPORATED 3. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY SOBRASIL 4. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

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| A TTACHMEN T 2

| APPRASIAL REPORT AP-00656/22-04ATTACHMENT 2 - PROPERTIES TO BE INCORPORATED Property nameCurrent rec.DistrictCountyStateTotal area (ha)Sobrasil area (ha)Sobrasil percentage Amount per registration or fraction Fazenda Itapetininda Gleba B1 Juriti 56367 Itapetininga Itapetininga SP 222.820 222.820 100% R$ 4,723,946.05 Fazenda São João 13441 Caçapava Jambeiro SP 53.325 53.325 100% R$ 724,287.74 FAZENDA PEÃO 56398 Itapetininga Itapetininga SP 781.942 781.942 100% R$ 16,577,745.45 FAZENDA PEÃO 98541 Itapetininga Itapetininga SP 2866.956 2866.956 100% R$ 55,914,735.66 Santo Antônio Varadouro 11651 Caçapava Jambeiro SP 36.360 36.360 100% R$ 493,860.33 FAZENDA PEÃO 98542 Itapetininga Itapetininga SP 191.959 191.959 100% R$ 4,069,661.93 Fazenda Barreiro Grande 407 Pederneiras Pederneiras SP 25.551 25.551 100% R$ 737,782.24 FAZENDA PEÃO 98543 Itapetininga Itapetininga SP 718.111 718.111 100% R$ 15,224,469.10 FAZENDA PEÃO 98544 Itapetininga Itapetininga SP 1297.011 1297.011 100% R$ 27,497,576.48 FAZENDA PEÃO 98545 Itapetininga Itapetininga SP 1354.664 1354.664 100% R$ 28,719,868.37 Fazenda São João 58454 São José dos Campos Jambeiro SP 117.786 117.786 100% R$ 1,599,833.11 Fazenda Barreiro Grande 36576 Pederneiras Pederneiras SP 16.495 16.495 100% R$ 476,298.90 Fazenda Barreiro Grande 36577 Pederneiras Pederneiras SP 241.151 241.151 100% R$ 6,963,240.90 Fazenda Barreiro Grande 36578 Pederneiras Pederneiras SP 11.313 11.313 100% R$ 326,674.43 Fazenda Barreiro Grande 36579 Pederneiras Pederneiras SP 108.349 108.349 100% R$ 3,128,562.94 Fazenda Barreiro Grande 36580 Pederneiras Pederneiras SP 70.881 70.881 100% R$ 2,046,694.65 Fazenda Campina 7307 Itaí Itaí SP 84.500 84.500 100% R$ 2,184,709.09 Fazenda Campina 7308 Itaí Itaí SP 37.700 37.700 100% R$ 974,716.36 Fazenda Campina 7309 Itaí Itaí SP 40.830 40.830 100% R$ 1,055,641.09 Fazenda Campina 7310 Itaí Itaí SP 673.930 673.930 100% R$ 17,424,153.82 Fazenda Campina POSSE Itaí Itaí SP 92.654 92.654 100% R$ 2,395,527.05 Fazenda Campina POSSE Itaí Itaí SP 25.402 25.402 100% R$ 656,746.82 Fazenda Itapetininda Gleba A2-B3 96155 Itapetininga Itapetininga SP 142.678 142.678 100% R$ 3,024,877.37 Fazenda Itapetininda Gleba A2-B3 96159 Itapetininga Itapetininga SP 63.608 63.608 100% R$ 1,348,527.38 Fazenda Esplanada 1538 Itapeva Taquarivaí SP 735.416 735.416 100% R$ 19,013,846.40 Fazenda Esplanada 27927 Itapeva Taquarivaí SP 108.150 108.150 100% R$ 2,796,169.09 Fazenda Guarizinho 47127 Itapeva Itapeva SP 196.172 196.172 100% R$ 5,071,943.06 Fazenda Monte Verde B 97517 Itapetininga Angatuba SP 88.158 88.158 100% R$ 1,793,909.92 Fazenda Itapetininda Gleba B1 Juriti 56364 Itapetininga Itapetininga SP 957.070 957.070 100% R$ 20,290,580.05 Fazenda Pirapitinga 46120 Bauru Arealva SP 329.120 329.120 100% R$ 8,509,248.00 Fazenda Itapetininda Gleba B1 Juriti 56369 Itapetininga Itapetininga SP 2355.157 2355.157 100% R$ 41,832,807.77 Fazenda Karamacy 21034 Itapeva Itapeva SP 1452.000 1452.000 100% R$ 29,442,566.53 Fazenda Karamacy 21035 Itapeva Itapeva SP 1415.700 1415.700 100% R$ 28,504,046.53 Faz Kobayahi 49746 Caçapava Caçapava SP 131.410 131.410 100% R$ 1,784,878.61 Fazenda Paineira 23736 Capão Bonito Capão Bonito SP 121.416 121.416 100% R$ 3,139,142.56 Fazenda Paineira 23753 Capão Bonito Capão Bonito SP 110.698 110.698 100% R$ 2,862,049.06 FAZENDA PEÃO 15791 Angatuba Campina do Monte Alegre SP 6.913 6.913 100% R$ 178,735.06 FAZENDA PEÃO 15792 Angatuba Campina do Monte Alegre SP 224.528 224.528 100% R$ 5,805,066.80 FAZENDA PEÃO 15793 Angatuba Campina do Monte Alegre SP 431.103 431.103 100% R$ 11,145,969.52 FAZENDA PEÃO 15794 Angatuba Campina do Monte Alegre SP 553.458 553.458 100% R$ 14,309,397.26 Fazenda São João 1464 Caçapava Jambeiro SP 654.800 515.707 79% R$ 7,004,604.75 Fazenda São João 6349 Caçapava Jambeiro SP 574.334 574.334 100% R$ 7,800,901.56 Fazenda Planalto 23733 Capão Bonito Capão Bonito SP 220.340 220.340 100% R$ 5,696,790.55 Fazenda Planalto 23734 Capão Bonito Capão Bonito SP 58.199 58.199 100% R$ 1,504,706.11 Fazenda Planalto 23735 Capão Bonito Capão Bonito SP 53.049 53.049 100% R$ 1,371,555.20 Fazenda Planalto 23752 Capão Bonito Capão Bonito SP 73.206 73.206 100% R$ 1,892,705.27 Fazenda Monte Verde 56359 Itapetininga Itapetininga SP 1005.050 1005.050 100% R$ 21,307,790.95 Fazenda Santa Dolores 6105 Itapeva Buri SP 832.480 832.480 100% R$ 21,523,392.00 Santa Rosa 17355 Agudos Agudos SP 636.371 636.371 100% R$ 18,375,218.40 Fazenda Santo Angelo 769 Itapeva Itapeva SP 785.750 785.750 100% R$ 20,315,209.09 Monte Verde GA São José 97409 Itapetininga Itapetininga SP 402.246 402.246 100% R$ 8,527,903.50 FAZENDA VELHA 96199 Itapetininga Itapetininga SP 139.181 139.181 100% R$ 2,950,736.30 FAZENDA VELHA 96200 Itapetininga Itapetininga SP 231.972 231.972 100% R$ 4,917,983.59 Horto Florestal Arariba 132840 Bauru Avaí SP 59.403 59.403 100% R$ 1,535,837.56 Horto Florestal Arariba 132841 Bauru Avaí SP 110.652 110.652 100% R$ 2,860,849.41 Horto Florestal Arariba 132843 Bauru Avaí SP 37.792 37.792 100% R$ 977,097.57 Horto Florestal Arariba 132845 Bauru Avaí SP 42.392 42.392 100% R$ 1,096,031.06 Horto Florestal Arariba 132846 Bauru Avaí SP 42.546 42.546 100% R$ 1,100,004.91 Horto Florestal Arariba 132847 Bauru Avaí SP 89.653 89.653 100% R$ 2,317,934.98 Horto Florestal Arariba 132848 Bauru Avaí SP 129.448 129.448 100% R$ 3,346,819.20 Horto Florestal Arariba 132849 Bauru Avaí SP 5.442 5.442 100% R$ 140,695.27 Horto Florestal Arariba 132851 Bauru Avaí SP 40.996 40.996 100% R$ 1,059,922.60 Horto Florestal Arariba 132852 Bauru Avaí SP 132.123 132.123 100% R$ 3,415,990.45 Horto Florestal Arariba 136507 Bauru Avaí SP 200.908 200.908 100% R$ 5,194,395.36 Horto Florestal Arariba 136508 Bauru Avaí SP 76.979 76.979 100% R$ 1,990,251.88 Horto Florestal Arariba 136509 Bauru Avaí SP 67.567 67.567 100% R$ 1,746,916.66 Horto Florestal Arariba 136510 Bauru Avaí SP 71.476 71.476 100% R$ 1,847,969.15 Fazenda Planalto POSSE Capão Bonito Capão Bonito SP 1.820 1.820 100% R$ 47,055.27 Santo Antônio Varadouro 24663 Jacareí São José dos Campos SP 485.210 485.210 100% R$ 6,590,373.28 Santo Antônio Varadouro 49770 Caçapava Jambeiro SP 34.485 34.485 100% R$ 468,393.11 Santo Antônio Varadouro 50428 Caçapava Jambeiro SP 15.710 15.710 100% R$ 213,375.92 Fazenda Santo Antonio 24326 Capão Bonito Capão Bonito SP 152.490 152.490 100% R$ 3,942,559.64 Fazenda Santo Antonio 24327 Capão Bonito Capão Bonito SP 24.511 24.511 100% R$ 633,720.76 Fazenda Santo Antonio 24328 Capão Bonito Capão Bonito SP 63.217 63.217 100% R$ 1,634,441.63 Total 26044 25905 R$ 560,120,626.40 APSIS CONSULTORIA E AVALIAÇÕES LTDA.1/1

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| Appraisal Report AP-00656/22-04 - Attachment 3 1 SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY SOBRASIL  Cash and cash equivalents Comprise cash balances, and demand bank deposits and financial investments. Short-term investments are stated at cost − plus income earned up to the closing dates of the years −, with maturities of less than 90 days or without fixed redemption terms, with immediate liquidity, and are subject to an insignificant risk of change in value.  Property, plant and equipment Property, plant and equipment items are measured at the historical cost of acquisition/installation or construction, less accumulated depreciation, and accumulated impairment losses. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that they will generate future economic benefits that can be measured reliably. The book value of replaced items or parts is written off, and all other repairs and maintenance are charged to income for the year when incurred. An item of property, plant and equipment is written off after disposal or when there are no future economic benefits from its continued use. Any gains or losses on the sale or disposal of the asset are determined by the difference between the amounts received on sale and the residual book value of the asset and are recognized in profit or loss. Depreciation is recognized using the straight-line method based on the estimated useful life of each asset so that the cost amount less the residual value of the item after its useful life is fully written off (except for land and construction in progress). Expected useful lives, residual values and depreciation methods are reviewed at least year-end, and the effect of any changes in estimates is accounted for prospectively.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

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| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| APPRAISAL REPORT AP - 0 0 656 /2 2 - 10 VITEX ES PARTICIPAÇÕES S.A.

| Appraisal Report AP-00656/22-10 1 APPRAISAL REPORT: AP-00656/22-10 VALUATION DATE: June 30th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF VITEX ES PARTICIPAÕES S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010, and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of VITEX ES PARTICIPAÕES S.A., hereinafter denominated VITEX ES, based at Avenida Joo Cabral de Mello Neto, no. 850, block 02, room 215 (part), Barra da Tijuca, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 43.173.214/0001-72, on June 30, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00656/22-10 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of VITEX ES, as of June 30th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of VITEX ES is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 2 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of VITEX ES as of June 30th, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of VITEX ES. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00656/22-10 3 4. CONCLUSION Based on the work carried out, we concluded that the amount of BRL 622,709,381.30 (six hundred and twenty-two million, seven hundred and nine thousand, three hundred and eighty-one reais and thirty cents), as stated in the VITEX ES's balance sheet as of June 30th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12nd, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice-President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA:8 8668193791 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:886681 93791 Dados: 2022.08.12 16:44:54 -03'00'

| Appraisal Report AP-00656/22-10 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY VITEX ES 3. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

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| Folha: 1VITEX ES PARTICIPACOES S.A.(00050)CNPJ : 43.173.214/0001-72 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior ATIVO CIRCULANTE DISPONIBILIDADES BENS NUMERAacuteRIOS BANCO CONTA MOVIMENTO 265,31D178,95D BANCO ITAUacute S/A1-1-1-1-4-02 ********265,31D ********178,95D =BANCO CONTA MOVIMENTO ********265,31D ********178,95D =BENS NUMERAacuteRIOS ********265,31D ********178,95D =DISPONIBILIDADES APLICACcedillaOtildeES LIQUIDEZ IMEDIATA TIacuteTULOS VAL. MOBILIAacuteRIOS TIacuteTULOS DE RENDA FIXA 38.026,17D661.061,16D TITULOS DE RENDA FIXA1-1-2-1-1-01 *****38.026,17D ****661.061,16D =TIacuteTULOS DE RENDA FIXA *****38.026,17D ****661.061,16D =TIacuteTULOS VAL. MOBILIAacuteRIOS *****38.026,17D ****661.061,16D =APLICACcedillaOtildeES LIQUIDEZ IMEDIATA CONTAS A RECEBER IMPOSTOS A RECUPERAR IRRF 5.556,88D0,00D S/ APLICACcedillaOtildeES FINANCEIRAS1-1-4-6-1-01 ******5.556,88D **********0,00D =IRRF IRPJ/CSLL EXERCIacuteCIOS ANTERIORES 139,04D132,04D IRPJ SALDO NEGATIVO - 20211-1-4-6-5-24 59,67D56,67D CSLL SALDO NEGATIVO - 20211-1-4-6-5-25 ********198,71D ********188,71D =IRPJ/CSLL EXERCIacuteCIOS ANTERIORES PIS 29,32D0,00D PIS A RESTITUIR - INDEVIDO OU A MAIOR1-1-4-6-6-01 *********29,32D **********0,00D =PIS ******5.784,91D ********188,71D =IMPOSTOS A RECUPERAR ******5.784,91D ********188,71D =CONTAS A RECEBER *****44.076,39D ****661.428,82D =T o t a l - CIRCULANTE NAtildeO CIRCULANTE INVESTIMENTOS SOCIEDADES CONTROLADAS - C. CORRIGIDO SOCIEDADES CONTROLADAS - C. CORRIGIDO 622.666.350,04D530.532.336,14D PARKIA ES PARTICIPACcedillaOtildeES S.A.1-3-1-1-1-47 622.666.350,04D 530.532.336,14D =SOCIEDADES CONTROLADAS - C. CORRIGIDO 622.666.350,04D 530.532.336,14D =SOCIEDADES CONTROLADAS - C. CORRIGIDO 622.666.350,04D 530.532.336,14D =INVESTIMENTOS 622.666.350,04D 530.532.336,14D =T o t a l - NAtildeO CIRCULANTE 622.710.426,43D 531.193.764,96D =T o t a l - ATIVO

| Folha: 2VITEX ES PARTICIPACOES S.A.(00050)CNPJ : 43.173.214/0001-72 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior PASSIVO CIRCULANTE OBRIGACcedillaOtildeES FISCAIS IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS 4,23C24,71C PIS A RECOLHER2-1-5-4-1-06 11,81C150,48C COFINS A RECOLHER2-1-5-4-1-07 *********16,04C ********175,19C =IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS *********16,04C ********175,19C =IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS *********16,04C ********175,19C =OBRIGACcedillaOtildeES FISCAIS OUTRAS OBRIGACcedillaOtildeES FORNECEDORES FORNECEDORES 1.029,09C0,00C PRÊMIOS DE SEGUROS2-1-6-1-1-03 ******1.029,09C **********0,00C =FORNECEDORES ******1.029,09C **********0,00C =FORNECEDORES ******1.029,09C **********0,00C =OUTRAS OBRIGACcedillaOtildeES ******1.045,13C ********175,19C =T o t a l - CIRCULANTE NAtildeO CIRCULANTE EMPREacuteSTIMOS E FINANCIAMENTOS NACIONAIS DEBÊNTURES 0,00C429.592.012,07C CONVERSIacuteVEIS EM ACcedillaOtildeES2-2-2-1-4-01 **********0,00C 429.592.012,07C =DEBÊNTURES **********0,00C 429.592.012,07C =NACIONAIS **********0,00C 429.592.012,07C =EMPREacuteSTIMOS E FINANCIAMENTOS **********0,00C 429.592.012,07C =T o t a l - NAtildeO CIRCULANTE PATRIMONIO LIQUIDO CAPITAL SOCIAL CAPITAL SUBSCRITO CAPITAL SOCIAL SUBSCRITO 469.055.952,41C25.158.832,63C DE DOMICILIADO NO PAIS2-4-1-1-1-01 469.055.952,41C *25.158.832,63C =CAPITAL SOCIAL SUBSCRITO 469.055.952,41C *25.158.832,63C =CAPITAL SUBSCRITO 469.055.952,41C *25.158.832,63C =CAPITAL SOCIAL RESERVAS RESERVAS DE CAPITAL RESERVAS DE CAPITAL 7.420.010,33C9.367.954,89C RESERVAS DE CAPITAL2-4-2-1-1-01 **7.420.010,33C **9.367.954,89C =RESERVAS DE CAPITAL **7.420.010,33C **9.367.954,89C =RESERVAS DE CAPITAL **7.420.010,33C **9.367.954,89C =RESERVAS LUCROS/PREJUIZOS ACUMULADOS

| Folha: 3VITEX ES PARTICIPACOES S.A.(00050)CNPJ : 43.173.214/0001-72 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior LUCROS/PREJUIacuteZOS ACUMULADOS LUCROS/PREJUIacuteZOS ACUMULADOS 44.257.295,76C0,00C LUCROS ACUMULADOS2-4-3-1-1-01 0,00D2.675.581,61D PREJUIacuteZOS ACUMULADOS2-4-3-1-1-02 *44.257.295,76C **2.675.581,61D =LUCROS/PREJUIacuteZOS ACUMULADOS *44.257.295,76C **2.675.581,61D =LUCROS/PREJUIacuteZOS ACUMULADOS *44.257.295,76C **2.675.581,61D =LUCROS/PREJUIZOS ACUMULADOS AJUSTE ACUMULADO DE CONVERSAtildeO AJUSTE ACUMULADO DE CONVERSAtildeO AJUSTE ACUMULADO DE CONVERSAtildeO 101.976.122,80C69.750.371,79C CTA2-4-5-1-1-01 101.976.122,80C *69.750.371,79C =AJUSTE ACUMULADO DE CONVERSAtildeO 101.976.122,80C *69.750.371,79C =AJUSTE ACUMULADO DE CONVERSAtildeO 101.976.122,80C *69.750.371,79C =AJUSTE ACUMULADO DE CONVERSAtildeO 622.709.381,30C 101.601.577,70C =T o t a l - PATRIMONIO LIQUIDO 622.710.426,43C 531.193.764,96C =T o t a l - PASSIVO

| CNPJ: 43.173.214/0001-72Diário :0Folha: 5APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPVITEX ES PARTICIPACOES S.A.(00050)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício AtualRECEITASRECEITAS OPERACIONAIS RECEITAS FINANCEIRASRENDAS TIT. VAL. MOBILIARIOSTITULOS DE RENDA FIXA RECEITAS DE APLICACcedillaAtildeO FINANCEIRA 19.817,54C3-1-1-1-1-02=TITULOS DE RENDA FIXA *****19.817,54C=RENDAS TIT. VAL. MOBILIARIOS *****19.817,54COUTRAS RECEITAS FINANCEIRAS OUTRAS RECEITAS FINANCEIRASATUALIZACcedillaAtildeO MONETAacuteRIA - TAXA SELIC 10,00C3-1-1-5-1-01=OUTRAS RECEITAS FINANCEIRAS *********10,00C=OUTRAS RECEITAS FINANCEIRAS *********10,00C=RECEITAS FINANCEIRAS *****19.827,54CRES. PARTICIP. SOCIETARIASRES. AVALIACcedillaAtildeO P/ PAT. LIQUIDOEM CONTROLADAS PARKIA ES PARTICIPACcedillaOtildeES S.A. 141.379.174,17C3-1-3-1-1-27=EM CONTROLADAS 141.379.174,17C=RES. AVALIACcedillaAtildeO P/ PAT. LIQUIDO 141.379.174,17C=RES. PARTICIP. SOCIETARIAS 141.379.174,17C=T o t a l - RECEITAS OPERACIONAIS 141.399.001,71C=T o t a l - RECEITAS 141.399.001,71CDESPESAS DESPESAS OPERACIONAISDESPESAS FINANCEIRASENCARGOS FINANCEIROSENCARGOS FINANCEIROSIOF 379,73D4-1-1-1-1-01JUROS E MULTAS 2,97D4-1-1-1-1-02TARIFAS BANCAacuteRIAS 382,00D4-1-1-1-1-05=ENCARGOS FINANCEIROS ********764,70D=ENCARGOS FINANCEIROS ********764,70D=DESPESAS FINANCEIRAS ********764,70D

| CNPJ: 43.173.214/0001-72Diário :0Folha: 6APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPVITEX ES PARTICIPACOES S.A.(00050)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício AtualDESPESAS ADMINISTRATIVASSERVICcedillaOS PROFISSIONAISSERVICcedillaOS ADMINISTRATIVOSHONORAacuteRIOS ADVOCATIacuteCIOS 117.687,54D4-1-2-2-1-06HONORAacuteRIOS CONTAacuteBEIS 3.600,00D4-1-2-2-1-07AUDITORIA 27.585,63D4-1-2-2-1-08=SERVICcedillaOS ADMINISTRATIVOS ****148.873,17D=SERVICcedillaOS PROFISSIONAIS ****148.873,17DOUTRAS DESP. ADMINISTRATIVASOUTRAS DESP. ADMINISTRATIVASOUTRAS 656,00D4-1-2-3-1-03SERVICcedillaOS DE DESPACHANTE 28.049,50D4-1-2-3-1-07=OUTRAS DESP. ADMINISTRATIVAS *****28.705,50DPUBLICACcedillaOtildeES E PROPAGANDASPUBLICACcedillaOtildeES SOCIETAacuteRIAS 39.620,00D4-1-2-3-2-01=PUBLICACcedillaOtildeES E PROPAGANDAS *****39.620,00D=OUTRAS DESP. ADMINISTRATIVAS *****68.325,50DDESPESAS TRIBUTAacuteRIASIMPOSTOS, TAXAS E CONTRIBUICcedillaOtildeES TAXA FED., EST. E MUNICIPAIS 1.962,00D4-1-2-5-1-05PIS S/ RECEITA FINANCEIRA 128,86D4-1-2-5-1-08COFINS S/ RECEITA FINANCEIRA 793,10D4-1-2-5-1-09=IMPOSTOS, TAXAS E CONTRIBUICcedillaOtildeES ******2.883,96D=DESPESAS TRIBUTAacuteRIAS ******2.883,96DPRÊMIOS DE SEGUROS PRÊMIOS DE SEGUROSDE RISCOS DIVERSOS 6.174,54D4-1-2-6-1-01=PRÊMIOS DE SEGUROS ******6.174,54D=PRÊMIOS DE SEGUROS ******6.174,54D=DESPESAS ADMINISTRATIVAS ****226.257,17DOUTRAS DESPESASOUTRAS DESPESAS OPERACIONAISOUTRAS DESPESAS OPERACIONAISPERDA DE AJUSTES A VALOR JUSTO - OUTRAS OPERACcedillaOtildeES 91.908.223,77D4-1-3-1-1-03

| CNPJ: 43.173.214/0001-72Diário :0Folha: 7APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPVITEX ES PARTICIPACOES S.A.(00050)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício Atual=OUTRAS DESPESAS OPERACIONAIS *91.908.223,77D=OUTRAS DESPESAS OPERACIONAIS *91.908.223,77D=OUTRAS DESPESAS *91.908.223,77DRES. PARTICIP. SOCIETAacuteRIASRES. AVALIACcedillaAtildeO P/PAT. LIacuteQUIDO EM CONTROLADAS PARKIA ES PARTICIPACcedillaOtildeES S.A. 1.170.313,41D4-1-4-1-1-57=EM CONTROLADAS **1.170.313,41D=RES. AVALIACcedillaAtildeO P/PAT. LIacuteQUIDO **1.170.313,41D=RES. PARTICIP. SOCIETAacuteRIAS **1.170.313,41D=T o t a l - DESPESAS OPERACIONAIS *93.305.559,05D=T o t a l - DESPESAS *93.305.559,05DRESULTADO DO EXERCIacuteCIO ==================================================================================================== RECEITAS--------------> 141.399.001,71C DESPESAS + CUSTO--------------------> 93.305.559,05D LUCRO LIacuteQUIDO DO EXERCIacuteCIO: **48.093.442,66 ====================================================================================================

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| Appraisal Report AP-00656/22-10 - Attachment 2 1 SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY VITEX ES  Cash and cash equivalents Comprise cash balances, and demand bank deposits and financial investments. Short-term investments are stated at cost, plus income earned up to the closing dates for the years, with maturities of less than 90 days or without fixed redemption terms, with immediate liquidity, subject to an insignificant risk of change in value.  Investments The company's investments are recognized using the equity method from the date the investment was acquired. According to this method, financial interests in companies are recognized in the financial statements at acquisition cost and are periodically adjusted by the amount corresponding to the company's share of net income, with a contra entry to equity in the income statement. Dividends received from these companies are recorded as a reduction in the value of investments.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

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| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| APPRAISAL REPORT AP - 0 0 656 /2 2 - 0 6 PARKIA ES PARTICIPAÇÕES S.A.

| Appraisal Report AP-00656/22-06 1 APPRAISAL REPORT: AP-00656/22-06 VALUATION DATE: June 30th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF PARKIA ES PARTICIPAÕES S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010, and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of PARKIA ES PARTICIPAÕES S.A., hereinafter denominated PARKIA ES, based at Avenida Joo Cabral de Mello Neto, no. 850, block 02, room 215 (part), Barra da Tijuca, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 42.566.097/0001-44, on June 30, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00656/22-06 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of PARKIA ES, as of June 30th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of PARKIA ES is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 2 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of PARKIA ES as of June 30th, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of PARKIA ES. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00656/22-06 3 4. CONCLUSION Based on the work carried out, we concluded that the amount of BRL 830,221,800.05 (eight hundred and thirty million, two hundred and twenty-one thousand, eight hundred reais and five cents), as stated in the PARKIA ES's balance sheet as of June 30th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12nd, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice-President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA:8 8668193791 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:886681 93791 Dados: 2022.08.12 16:45:31 -03'00'

| Appraisal Report AP-00656/22-06 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY PARKIA ES 3. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

| A TTACHMEN T 1

| Folha: 1PARKIA ES PARTICIPACOES S.A(00044)CNPJ : 42.566.097/0001-44 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior ATIVO CIRCULANTE DISPONIBILIDADES BENS NUMERAacuteRIOS BANCO CONTA MOVIMENTO 233,97D366,98D BANCO ITAUacute S/A1-1-1-1-4-02 ********233,97D ********366,98D =BANCO CONTA MOVIMENTO ********233,97D ********366,98D =BENS NUMERAacuteRIOS ********233,97D ********366,98D =DISPONIBILIDADES APLICACcedillaOtildeES LIQUIDEZ IMEDIATA TIacuteTULOS VAL. MOBILIAacuteRIOS TIacuteTULOS DE RENDA FIXA 70.718,18D204.314,68D TITULOS DE RENDA FIXA1-1-2-1-1-01 *****70.718,18D ****204.314,68D =TIacuteTULOS DE RENDA FIXA *****70.718,18D ****204.314,68D =TIacuteTULOS VAL. MOBILIAacuteRIOS *****70.718,18D ****204.314,68D =APLICACcedillaOtildeES LIQUIDEZ IMEDIATA CONTAS A RECEBER IMPOSTOS A RECUPERAR IRRF 717,27D0,00D S/ APLICACcedillaOtildeES FINANCEIRAS1-1-4-6-1-01 ********717,27D **********0,00D =IRRF IRPJ/CSLL EXERCIacuteCIOS ANTERIORES 724,30D687,84D IRPJ SALDO NEGATIVO - 20211-1-4-6-5-24 96,30D91,45D CSLL SALDO NEGATIVO - 20211-1-4-6-5-25 ********820,60D ********779,29D =IRPJ/CSLL EXERCIacuteCIOS ANTERIORES ******1.537,87D ********779,29D =IMPOSTOS A RECUPERAR IMPOSTOS A COMPENSAR IMPOSTOS A COMPENSAR 8,94D39,01D PIS A COMPENSAR1-1-4-7-1-01 0,00D175,57D COFINS A COMPENSAR1-1-4-7-1-02 **********8,94D ********214,58D =IMPOSTOS A COMPENSAR **********8,94D ********214,58D =IMPOSTOS A COMPENSAR ******1.546,81D ********993,87D =CONTAS A RECEBER *****72.498,96D ****205.675,53D =T o t a l - CIRCULANTE NAtildeO CIRCULANTE INVESTIMENTOS SOCIEDADES CONTROLADAS - C. CORRIGIDO SOCIEDADES CONTROLADAS - C. CORRIGIDO 830.149.310,61D341.835.624,09D CLARAIBA COMERCIAL S.A.1-3-1-1-1-04 0,00D365.335.148,61D FAIR VALUE - CLARAIBA COMERCIAL S.A.1-3-1-1-1-08 830.149.310,61D 707.170.772,70D =SOCIEDADES CONTROLADAS - C. CORRIGIDO 830.149.310,61D 707.170.772,70D =SOCIEDADES CONTROLADAS - C. CORRIGIDO 830.149.310,61D 707.170.772,70D =INVESTIMENTOS

| Folha: 2PARKIA ES PARTICIPACOES S.A(00044)CNPJ : 42.566.097/0001-44 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior 830.149.310,61D 707.170.772,70D =T o t a l - NAtildeO CIRCULANTE 830.221.809,57D 707.376.448,23D =T o t a l - ATIVO

| Folha: 3PARKIA ES PARTICIPACOES S.A(00044)CNPJ : 42.566.097/0001-44 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior PASSIVO CIRCULANTE OBRIGACcedillaOtildeES FISCAIS IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS 9,52C0,00C COFINS A RECOLHER2-1-5-4-1-07 **********9,52C **********0,00C =IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS **********9,52C **********0,00C =IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS **********9,52C **********0,00C =OBRIGACcedillaOtildeES FISCAIS **********9,52C **********0,00C =T o t a l - CIRCULANTE PATRIMONIO LIQUIDO CAPITAL SOCIAL CAPITAL SUBSCRITO CAPITAL SOCIAL SUBSCRITO 175.381.040,95C175.381.040,95C DE DOMICILIADO NO PAIS2-4-1-1-1-01 175.381.040,95C 175.381.040,95C =CAPITAL SOCIAL SUBSCRITO 175.381.040,95C 175.381.040,95C =CAPITAL SUBSCRITO 175.381.040,95C 175.381.040,95C =CAPITAL SOCIAL RESERVAS RESERVAS DE CAPITAL RESERVAS DE CAPITAL 53.603.361,62C67.682.008,83C RESERVAS DE CAPITAL2-4-2-1-1-01 *53.603.361,62C *67.682.008,83C =RESERVAS DE CAPITAL *53.603.361,62C *67.682.008,83C =RESERVAS DE CAPITAL *53.603.361,62C *67.682.008,83C =RESERVAS LUCROS/PREJUIZOS ACUMULADOS LUCROS/PREJUIacuteZOS ACUMULADOS LUCROS/PREJUIacuteZOS ACUMULADOS 157.759.898,35C0,00C LUCROS ACUMULADOS2-4-3-1-1-01 0,00D22.142.709,96D PREJUIacuteZOS ACUMULADOS2-4-3-1-1-02 157.759.898,35C *22.142.709,96D =LUCROS/PREJUIacuteZOS ACUMULADOS 157.759.898,35C *22.142.709,96D =LUCROS/PREJUIacuteZOS ACUMULADOS 157.759.898,35C *22.142.709,96D =LUCROS/PREJUIZOS ACUMULADOS AJUSTE ACUMULADO DE CONVERSAtildeO AJUSTE ACUMULADO DE CONVERSAtildeO AJUSTE ACUMULADO DE CONVERSAtildeO 443.477.499,13C486.456.108,41C CTA2-4-5-1-1-01 443.477.499,13C 486.456.108,41C =AJUSTE ACUMULADO DE CONVERSAtildeO 443.477.499,13C 486.456.108,41C =AJUSTE ACUMULADO DE CONVERSAtildeO 443.477.499,13C 486.456.108,41C =AJUSTE ACUMULADO DE CONVERSAtildeO 830.221.800,05C 707.376.448,23C =T o t a l - PATRIMONIO LIQUIDO 830.221.809,57C 707.376.448,23C =T o t a l - PASSIVO

| CNPJ: 42.566.097/0001-44Diário :0Folha: 5APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPPARKIA ES PARTICIPACOES S.A(00044)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício AtualRECEITASRECEITAS OPERACIONAIS RECEITAS FINANCEIRASRENDAS TIT. VAL. MOBILIARIOSTITULOS DE RENDA FIXA RECEITAS DE APLICACcedillaAtildeO FINANCEIRA 4.586,01C3-1-1-1-1-02=TITULOS DE RENDA FIXA ******4.586,01C=RENDAS TIT. VAL. MOBILIARIOS ******4.586,01COUTRAS RECEITAS FINANCEIRAS OUTRAS RECEITAS FINANCEIRASATUALIZACcedillaAtildeO MONETAacuteRIA - TAXA SELIC 41,31C3-1-1-5-1-01=OUTRAS RECEITAS FINANCEIRAS *********41,31C=OUTRAS RECEITAS FINANCEIRAS *********41,31C=RECEITAS FINANCEIRAS ******4.627,32CRES. PARTICIP. SOCIETARIASRES. AVALIACcedillaAtildeO P/ PAT. LIQUIDOEM CONTROLADAS CLARAIBA COMERCIAL S.A. 61.525.702,23C3-1-3-1-1-62FAIR VALUE 125.531.444,96C3-1-3-1-1-63=EM CONTROLADAS 187.057.147,19C=RES. AVALIACcedillaAtildeO P/ PAT. LIQUIDO 187.057.147,19C=RES. PARTICIP. SOCIETARIAS 187.057.147,19C=T o t a l - RECEITAS OPERACIONAIS 187.061.774,51C=T o t a l - RECEITAS 187.061.774,51CDESPESASDESPESAS OPERACIONAISDESPESAS FINANCEIRASENCARGOS FINANCEIROSENCARGOS FINANCEIROSTARIFAS BANCAacuteRIAS 12,00D4-1-1-1-1-05=ENCARGOS FINANCEIROS *********12,00D=ENCARGOS FINANCEIROS *********12,00D=DESPESAS FINANCEIRAS *********12,00D

| CNPJ: 42.566.097/0001-44Diário :0Folha: 6APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPPARKIA ES PARTICIPACOES S.A(00044)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício AtualDESPESAS ADMINISTRATIVASSERVICcedillaOS PROFISSIONAIS SERVICcedillaOS ADMINISTRATIVOSHONORAacuteRIOS ADVOCATIacuteCIOS 53.007,11D4-1-2-2-1-06HONORAacuteRIOS CONTAacuteBEIS 3.600,00D4-1-2-2-1-07ASSESSORIA E CONSULTORIA 15.014,58D4-1-2-2-1-09=SERVICcedillaOS ADMINISTRATIVOS *****71.621,69D=SERVICcedillaOS PROFISSIONAIS *****71.621,69DOUTRAS DESP. ADMINISTRATIVASOUTRAS DESP. ADMINISTRATIVASOUTRAS 194,00D4-1-2-3-1-03SERVICcedillaOS DE DESPACHANTE 2.765,26D4-1-2-3-1-07=OUTRAS DESP. ADMINISTRATIVAS ******2.959,26DPUBLICACcedillaOtildeES E PROPAGANDASPUBLICACcedillaOtildeES SOCIETAacuteRIAS 38.800,00D4-1-2-3-2-01=PUBLICACcedillaOtildeES E PROPAGANDAS *****38.800,00D=OUTRAS DESP. ADMINISTRATIVAS *****41.759,26DDESPESAS TRIBUTAacuteRIASIMPOSTOS, TAXAS E CONTRIBUICcedillaOtildeES TAXA FED., EST. E MUNICIPAIS 3.018,70D4-1-2-5-1-05PIS S/ RECEITA FINANCEIRA 30,07D4-1-2-5-1-08COFINS S/ RECEITA FINANCEIRA 185,09D4-1-2-5-1-09=IMPOSTOS, TAXAS E CONTRIBUICcedillaOtildeES ******3.233,86D=DESPESAS TRIBUTAacuteRIAS ******3.233,86D=DESPESAS ADMINISTRATIVAS ****116.614,81D=T o t a l - DESPESAS OPERACIONAIS ****116.626,81D=T o t a l - DESPESAS ****116.626,81DRESULTADO DO EXERCIacuteCIO ==================================================================================================== RECEITAS--------------> 187.061.774,51C DESPESAS + CUSTO--------------------> 116.626,81D LUCRO LIacuteQUIDO DO EXERCIacuteCIO: *186.945.147,70====================================================================================================

| A TTACHMEN T 2

| Appraisal Report AP-00656/22-06 - Attachment 2 1 SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY PARKIA ES  Cash and cash equivalents Comprise cash balances, and demand bank deposits and financial investments. Short-term investments are stated at cost, plus income earned up to the closing dates for the years, with maturities of less than 90 days or without fixed redemption terms, with immediate liquidity, subject to an insignificant risk of change in value.  Investments The company's investments are recognized using the equity method from the date the investment was acquired. According to this method, financial interests in companies are recognized in the financial statements at acquisition cost and are periodically adjusted by the amount corresponding to the company's share of net income, with a contra entry to equity in the income statement. Dividends received from these companies are recorded as a reduction in the value of investments.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

| A TTACHMEN T 3

| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| APPRAISAL REPORT AP-00656/22-02 CLARAÍBA COMERCIAL S.A.

| Appraisal Report AP-00656/22-02 1 APPRAISAL REPORT: AP-00656/22-02 VALUATION DATE: June 30th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF CLARABA COMERCIAL S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010, and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of CLARAÍBA COMERCIAL S.A., hereinafter denominated CLARABA, based at Avenida Nossa Senhora da Penha, no. 1,255, room 502, Santa Lcia, City of Vitória, State of Esprito Santo, registered in the National Register of Legal Entities of the Ministry of Economy under no. 19.281.495/0001-00, on June 30th, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00656/22-02 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of CLARAÍBA, as of June 30th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. The assets comprise the properties detailed in Attachment 2 of this Appraisal Report. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of CLARAÍBA is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 3 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of CLARAÍBA as of June 30th, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of CLARABA. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00656/22-02 3 4. CONCLUSION Based on the work carried out, we concluded that the amount of BRL 830,149,310.61 (eight hundred and thirty million, one hundred and forty-nine thousand, three hundred and ten reais and sixty-one cents), as stated in the CLARABA's balance sheet as of June 30th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12th, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA:8 8668193791 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:886681 93791 Dados: 2022.08.12 12:22:06 -03'00'

| Appraisal Report AP-00656/22-02 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. PROPERTIES TO BE INCORPORATED 3. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY CLARAÍBA 4. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

| A TTACHMEN T 1

| A TTACHMEN T 2

| APPRASIAL REPORT AP-00656/22-02ATTACHMENT 2 - PROPERTIES TO BE INCORPORATED Property nameDocument typeCurrent rec.DistrictCountyStateTotal area (ha)Claraíba area (ha)Claraíba percentage Amount per registration or fraction Bloco 01 AR e outros Matrícula 20127 Aracruz Aracruz ES 8039.203 2915.730 36% R$ 69,946,298.61 Bloco 02 AR Matrícula 21206 Aracruz Aracruz ES 3442.213 2533.453 74% R$ 60,775,746.40 Fazenda Gemada Matrícula 8026 Montanha Montanha ES 1251.578 1251.578 100% R$ 24,266,589.68 Bloco 02 FRD Matrícula 52312 Linhares Linhares ES 1166.056 1166.056 100% R$ 22,685,275.48 Corrego Limoeira Matrícula 2974 Mucurici Mucurici ES 1136.803 1136.803 100% R$ 22,041,227.83 Bloco 02 AR Matrícula 21207 Aracruz Aracruz ES 1857.527 782.344 42% R$ 18,767,873.93 Bloco SM CB Matrícula 51489 São Mateus São Mateus ES 1183.744 1183.744 100% R$ 18,667,982.88 Bloco 11 AR I Matrícula 20614 Aracruz Aracruz ES 776.145 776.145 100% R$ 18,619,178.70 BLOCO 10 FRD Matrícula 51301 São Mateus São Mateus ES 1589.887 1070.070 67% R$ 16,875,311.25 Bloco 28 BSC PIN Matrícula 6416 Pinheiros Pinheiros ES 816.086 816.086 100% R$ 15,822,913.55 Fazenda Rio Itaunas Matrícula 7693 Montanha Montanha ES 751.220 751.220 100% R$ 14,565,253.93 BLOCO 10 FRD Matrícula 9072 São Mateus São Mateus ES 840.947 840.947 100% R$ 13,261,967.84 Fazenda Nossa Senhora da Saúde Matrícula 23563 Linhares Linhares ES 634.220 634.220 100% R$ 12,338,560.88 Bloco SM CB Matrícula 2279 Conceição da Barra Conceição da Barra ES 5668.736 751.403 13% R$ 11,849,841.13 Fazenda Arariboia e Outros Matrícula 12988 São Gabriel da Palha Vila Valério ES 755.594 755.594 100% R$ 11,692,896.91 Bloco 20 FRD Matrícula 9487 Jaguaré Jaguaré ES 729.384 729.384 100% R$ 11,502,595.18 Córrego da Samambaia Matrícula 3572 Pinheiros Pinheiros ES 575.864 575.864 100% R$ 11,165,299.85 Corrego Dourado e Outros I e II Matrícula 47900 Linhares Linhares ES 520.645 520.645 100% R$ 10,128,998.98 Bloco 05 FRD Matrícula 52519 Linhares Sooretama ES 496.498 496.498 100% R$ 9,659,226.30 Bloco 06 FRD Matrícula 16796 Linhares Sooretama ES 482.612 482.612 100% R$ 9,389,072.47 BLOCO 10 FRD Matrícula 8814 Jaguaré Jaguaré ES 572.027 572.027 100% R$ 9,021,034.82 Chapadão do Rio Quartel Matrícula 47897 Linhares Linhares ES 422.090 422.090 100% R$ 8,211,629.18 Bloco 14 CB Matrícula 7499 Conceição da Barra Conceição da Barra ES 477.617 477.617 100% R$ 7,532,150.96 Bloco 02 PIN Matrícula 2021 Pinheiros Pinheiros ES 384.356 384.356 100% R$ 7,452,187.74 Guaitiseiro e Outros Matrícula 47898 Linhares Sooretama ES 379.264 379.264 100% R$ 7,378,458.24 Bloco 12 AR Matrícula 20497 Aracruz Aracruz ES 304.440 304.440 100% R$ 7,303,292.89 Bloco C1 BSC SM e Bloco 6 SM Matrícula 7487 Conceição da Barra Conceição da Barra ES 452.605 452.605 100% R$ 7,137,714.00 Bloco 16 AR Matrícula 20615 Aracruz Aracruz ES 282.584 282.584 100% R$ 6,778,999.71 Bloco 01 FRD Matrícula 51838 Linhares Linhares ES 339.799 339.799 100% R$ 6,610,682.33 Bloco SMCB 17 e 54 Matrícula 7488 Conceição da Barra Conceição da Barra ES 406.888 406.888 100% R$ 6,416,745.36 Bloco 02 AR Matrícula 21205 Aracruz Aracruz ES 256.662 256.662 100% R$ 6,157,134.89 Bloco 17 SM I e II Matrícula 51431 São Mateus São Mateus ES 385.401 385.401 100% R$ 6,077,889.20 Bloco 18 SM Matrícula 49396 São Mateus São Mateus ES 370.211 370.211 100% R$ 5,838,333.80 Corrego da Fruta I, II e III Matrícula 12859 São Gabriel da Palha Vila Valério ES 372.762 372.762 100% R$ 5,768,526.62 Fazenda Nossa Senhora Aparecida Matrícula 8648 Jaguaré Jaguaré ES 364.811 364.811 100% R$ 5,753,171.10 BLOCO 10 FRD Matrícula 50011 São Mateus São Mateus ES 363.385 363.385 100% R$ 5,730,685.82 Bloco 05 FRD Matrícula 52516 Linhares Sooretama ES 293.832 293.832 100% R$ 5,716,404.17 Bloco 16 AR Matrícula 20670 Aracruz Aracruz ES 220.923 220.923 100% R$ 5,299,788.77 Corrego da Fruta I, II e III Matrícula 8237 São Gabriel da Palha Vila Valério ES 329.324 329.324 100% R$ 5,096,326.36 Fazenda Nossa Senhora da Saúde Matrícula 25435 Linhares Linhares ES 242.164 242.164 100% R$ 4,711,228.37 Corrego das Sete Quedas e Outros Matrícula 12968 São Gabriel da Palha Vila Valério ES 303.900 303.900 100% R$ 4,702,885.52 Fazenda Rio Itaunas Matrícula 7691 Montanha Montanha ES 241.295 241.295 100% R$ 4,678,417.87 Rio Preto I, II e III Matrícula 51221 São Mateus São Mateus ES 289.373 289.373 100% R$ 4,563,501.63 Fazenda Sao Jorge e Tiradentes Matrícula 4704 Rio Bananal Rio Bananal ES 167.186 167.186 100% R$ 4,497,479.96 Bloco 18 SM Matrícula 49397 São Mateus São Mateus ES 282.683 282.683 100% R$ 4,457,988.95 Bloco SM CB Matrícula 51491 São Mateus São Mateus ES 272.042 272.042 100% R$ 4,290,182.05 Bloco 04 FRD Matrícula 52523 Linhares Sooretama ES 201.989 201.989 100% R$ 3,929,639.62 BLOCO 10 FRD Matrícula 49982 São Mateus São Mateus ES 231.140 231.140 100% R$ 3,645,148.92 BLOCO 10 FRD Matrícula 51364 São Mateus São Mateus ES 231.075 231.075 100% R$ 3,644,122.27 BLOCO 10 FRD Matrícula 8815 Jaguaré Jaguaré ES 227.002 227.002 100% R$ 3,579,882.01 Corrego da Fruta I, II e III Matrícula 12858 São Gabriel da Palha Vila Valério ES 229.158 229.158 100% R$ 3,546,246.12 Bloco 06 FRD Matrícula 16815 Linhares Sooretama ES 182.049 182.049 100% R$ 3,541,708.98 BLOCO 10 FRD Matrícula 8738 Jaguaré Jaguaré ES 216.992 216.992 100% R$ 3,422,018.28 Bloco C1 BSC SM e Bloco 6 SM Matrícula 51196 São Mateus São Mateus ES 216.720 216.720 100% R$ 3,417,739.80 Bloco SM CB Matrícula 51490 São Mateus São Mateus ES 216.446 216.446 100% R$ 3,413,415.59 Fazenda Rio Itaunas Matrícula 7690 Montanha Montanha ES 165.273 165.273 100% R$ 3,204,433.65 BLOCO 10 FRD Matrícula 51178 São Mateus São Mateus ES 201.809 201.809 100% R$ 3,182,582.74 BLOCO 10 FRD Matrícula 51209 São Mateus São Mateus ES 201.591 201.591 100% R$ 3,179,151.13 BLOCO 10 FRD Matrícula 50518 São Mateus São Mateus ES 200.322 200.322 100% R$ 3,159,127.59 Fazenda Nossa Senhora da Saúde Matrícula 25436 Linhares Linhares ES 161.886 161.886 100% R$ 3,149,443.83 Bloco 05 SM Matrícula 51467 São Mateus São Mateus ES 198.167 198.167 100% R$ 3,125,144.20 Bloco 06 FRD Matrícula 22358 Linhares Sooretama ES 160.000 160.000 100% R$ 3,112,752.26 Bloco 07 CB Matrícula 7480 Conceição da Barra Conceição da Barra ES 196.327 196.327 100% R$ 3,096,136.33 Bloco 08 SM Matrícula 48090 São Mateus São Mateus ES 190.797 190.797 100% R$ 3,008,918.76 Bloco 20 FRD Matrícula 51408 São Mateus São Mateus ES 174.496 174.496 100% R$ 2,751,858.35 Bloco SM CB Matrícula 51480 São Mateus São Mateus ES 173.613 173.613 100% R$ 2,737,926.88 BLOCO 10 FRD Matrícula 49955 São Mateus São Mateus ES 171.401 171.401 100% R$ 2,703,038.27 BLOCO 10 FRD Matrícula 49874 São Mateus São Mateus ES 164.421 164.421 100% R$ 2,592,960.09 Bloco 06 FRD Matrícula 16812 Linhares Sooretama ES 130.650 130.650 100% R$ 2,541,756.77 Bloco 20 FRD Matrícula 8727 Jaguaré Jaguaré ES 156.124 156.124 100% R$ 2,462,123.48 Bloco 05 FRD Matrícula 52517 Linhares Sooretama ES 124.050 124.050 100% R$ 2,413,363.52 Fazenda São João Matrícula 8064 Aracruz Aracruz ES 99.432 99.432 100% R$ 2,385,303.29 Bloco 06 FRD Matrícula 16805 Linhares Sooretama ES 118.590 118.590 100% R$ 2,307,133.07 BLOCO 10 FRD Matrícula 49807 São Mateus São Mateus ES 144.888 144.888 100% R$ 2,284,919.07 BLOCO 10 FRD Matrícula 50220 São Mateus São Mateus ES 142.334 142.334 100% R$ 2,244,651.22 Corrego da Minhoca Matrícula 8375 Jaguaré Jaguaré ES 141.764 141.764 100% R$ 2,235,657.42 BLOCO 10 FRD Matrícula 49497 São Mateus São Mateus ES 141.707 141.707 100% R$ 2,234,763.25 Bloco 07 CB Matrícula 7481 Conceição da Barra Conceição da Barra ES 137.003 137.003 100% R$ 2,160,579.81 Córrego Paraisopolis I e II Matrícula 11579 São Gabriel da Palha Vila Valério ES 139.147 139.147 100% R$ 2,153,317.20 BLOCO 10 FRD Matrícula 49869 São Mateus São Mateus ES 133.918 133.918 100% R$ 2,111,931.63 BLOCO 10 FRD Matrícula 50844 São Mateus São Mateus ES 133.608 133.608 100% R$ 2,107,038.11 APSIS CONSULTORIA E AVALIAÇÕES LTDA.1/4

| APPRASIAL REPORT AP-00656/22-02ATTACHMENT 2 - PROPERTIES TO BE INCORPORATED Property nameDocument typeCurrent rec.DistrictCountyStateTotal area (ha)Claraíba area (ha)Claraíba percentage Amount per registration or fraction BLOCO 10 FRD Matrícula 1510 São Mateus São Mateus ES 128.459 128.459 100% R$ 2,025,835.33 Bloco 03 FRD Matrícula 51841 Linhares Linhares ES 103.339 103.339 100% R$ 2,010,427.47 Rio Preto I, II e III Matrícula 51336 São Mateus São Mateus ES 126.199 126.199 100% R$ 1,990,186.59 BLOCO 10 FRD Matrícula 51243 São Mateus São Mateus ES 123.888 123.888 100% R$ 1,953,755.65 BLOCO 10 FRD Matrícula 51208 São Mateus São Mateus ES 123.053 123.053 100% R$ 1,940,587.46 BLOCO 10 FRD Matrícula 50851 São Mateus São Mateus ES 122.097 122.097 100% R$ 1,925,498.45 BLOCO 10 FRD Matrícula 51203 São Mateus São Mateus ES 121.335 121.335 100% R$ 1,913,484.65 Fazenda Rio Itaunas Matrícula 7692 Montanha Montanha ES 98.135 98.135 100% R$ 1,902,716.88 Bloco 06 FRD Matrícula 16804 Linhares Sooretama ES 97.200 97.200 100% R$ 1,890,997.00 BLOCO 10 FRD Matrícula 51312 São Mateus São Mateus ES 119.718 119.718 100% R$ 1,887,988.82 Bloco 03 FRD Matrícula 51839 Linhares Linhares ES 96.239 96.239 100% R$ 1,872,293.25 BLOCO 10 FRD Matrícula 9424 Jaguaré Jaguaré ES 115.033 115.033 100% R$ 1,814,101.87 Bloco 22 SM Matrícula 48993 São Mateus São Mateus ES 111.263 111.263 100% R$ 1,754,651.04 Fazenda Nossa Senhora da Saúde Matrícula 29244 Linhares Linhares ES 90.000 90.000 100% R$ 1,750,923.15 BLOCO 10 FRD Matrícula 50029 São Mateus São Mateus ES 110.667 110.667 100% R$ 1,745,255.11 Bloco 07 FRD Matrícula 8185 Jaguaré Jaguaré ES 109.415 109.415 100% R$ 1,725,505.98 BLOCO 10 FRD Matrícula 50473 São Mateus São Mateus ES 105.721 105.721 100% R$ 1,667,253.69 BLOCO 10 FRD Matrícula 8720 Jaguaré Jaguaré ES 104.473 104.473 100% R$ 1,647,567.64 Bloco SM CB Matrícula 7477 Conceição da Barra Conceição da Barra ES 99.884 99.884 100% R$ 1,575,196.21 BLOCO 10 FRD Matrícula 50017 São Mateus São Mateus ES 99.614 99.614 100% R$ 1,570,936.66 Fazenda Nossa Senhora da Saúde Inscrição 4209 Aracruz Linhares ES 80.476 80.476 100% R$ 1,565,636.57 Corrego Dourado e Outros I e II Registro 4796 Linhares Linhares ES 78.265 78.265 100% R$ 1,522,622.22 BLOCO 10 FRD Matrícula 50023 São Mateus São Mateus ES 96.320 96.320 100% R$ 1,518,990.91 BLOCO 10 FRD Matrícula 9432 Jaguaré Jaguaré ES 95.059 95.059 100% R$ 1,499,110.89 Fazenda Arariboia e Outros Matrícula 12987 São Gabriel da Palha Vila Valério ES 96.321 96.321 100% R$ 1,490,576.88 Bloco 20 FRD Matrícula 50460 São Mateus São Mateus ES 93.046 93.046 100% R$ 1,467,365.30 BLOCO 10 FRD Matrícula 49777 São Mateus São Mateus ES 92.096 92.096 100% R$ 1,452,386.68 Fazenda Nossa Senhora da Saúde Matrícula 29265 Linhares Linhares ES 74.200 74.200 100% R$ 1,443,538.86 Fazenda Nossa Senhora da Saúde Matrícula 29266 Linhares Linhares ES 74.040 74.040 100% R$ 1,440,426.11 Bloco 20 FRD Matrícula 8722 Jaguaré Jaguaré ES 89.647 89.647 100% R$ 1,413,762.09 BLOCO 10 FRD Matrícula 6237 São Mateus São Mateus ES 88.763 88.763 100% R$ 1,399,818.00 Bloco 10 FRD Matrícula 6669 São Mateus São Mateus ES 87.000 87.000 100% R$ 1,372,014.99 Bloco 20 FRD Matrícula 50388 São Mateus São Mateus ES 86.424 86.424 100% R$ 1,362,931.30 BLOCO 10 FRD Matrícula 50211 São Mateus São Mateus ES 84.900 84.900 100% R$ 1,338,889.50 Bloco 07 AR Matrícula 20612 Aracruz Aracruz ES 54.167 54.167 100% R$ 1,299,425.59 Corrego das Sete Quedas e Outros Matrícula 12967 São Gabriel da Palha Vila Valério ES 82.914 82.914 100% R$ 1,283,108.22 BLOCO 10 FRD Matrícula 51300 São Mateus São Mateus ES 426.101 80.700 19% R$ 1,272,662.18 BLOCO 10 FRD Matrícula 51040 São Mateus São Mateus ES 76.746 76.746 100% R$ 1,210,301.73 BLOCO 10 FRD Matrícula 50025 São Mateus São Mateus ES 76.385 76.385 100% R$ 1,204,618.12 FAZENDA ALEGRE Matrícula 12264 São Gabriel da Palha Vila Valério ES 77.403 77.403 100% R$ 1,197,820.23 Bloco 06 FRD Matrícula 16824 Linhares Sooretama ES 60.400 60.400 100% R$ 1,175,063.98 Bloco 20 FRD Matrícula 8785 Jaguaré Jaguaré ES 74.107 74.107 100% R$ 1,168,682.37 Bloco 06 FRD Matrícula 16822 Linhares Sooretama ES 59.357 59.357 100% R$ 1,154,772.73 Bloco 20 FRD Matrícula 50280 São Mateus São Mateus ES 73.133 73.133 100% R$ 1,153,334.72 Bloco 20 FRD Matrícula 50196 São Mateus São Mateus ES 72.601 72.601 100% R$ 1,144,930.74 BLOCO 10 FRD Matrícula 8769 Jaguaré Jaguaré ES 71.752 71.752 100% R$ 1,131,551.23 BLOCO 10 FRD Matrícula 49959 São Mateus São Mateus ES 69.757 69.757 100% R$ 1,100,081.62 BLOCO 10 FRD Matrícula 9490 Jaguaré Jaguaré ES 68.746 68.746 100% R$ 1,084,137.86 Corrego Bom Futuro Matrícula 12266 São Gabriel da Palha Vila Valério ES 69.995 69.995 100% R$ 1,083,179.04 BLOCO 10 FRD Matrícula 6227 São Mateus São Mateus ES 68.600 68.600 100% R$ 1,081,841.70 BLOCO 10 FRD Matrícula 9395 Jaguaré Jaguaré ES 68.560 68.560 100% R$ 1,081,214.05 Corrego Luacy I, II e III Matrícula 13473 São Gabriel da Palha Vila Valério ES 67.376 67.376 100% R$ 1,042,654.36 BLOCO 10 FRD Matrícula 49810 São Mateus São Mateus ES 65.783 65.783 100% R$ 1,037,410.50 BLOCO 10 FRD Matrícula 9404 Jaguaré Jaguaré ES 65.017 65.017 100% R$ 1,025,339.92 BLOCO 10 FRD Matrícula 49895 São Mateus São Mateus ES 64.900 64.900 100% R$ 1,023,491.64 Bloco SMCB 17 e 54 Matrícula 7510 Conceição da Barra Conceição da Barra ES 63.808 63.808 100% R$ 1,006,273.64 BLOCO 10 FRD Matrícula 51207 São Mateus São Mateus ES 63.049 63.049 100% R$ 994,305.57 Bloco 20 FRD Matrícula 50390 São Mateus São Mateus ES 62.925 62.925 100% R$ 992,345.32 BLOCO 10 FRD Matrícula 50222 São Mateus São Mateus ES 62.584 62.584 100% R$ 986,962.92 BLOCO 10 FRD Matrícula 50015 São Mateus São Mateus ES 61.979 61.979 100% R$ 977,423.48 BLOCO 10 FRD Matrícula 50028 São Mateus São Mateus ES 61.968 61.968 100% R$ 977,254.74 BLOCO 10 FRD Matrícula 6101 São Mateus Jaguaré ES 61.800 61.800 100% R$ 974,603.75 Bloco 20 FRD Matrícula 50198 São Mateus São Mateus ES 61.666 61.666 100% R$ 972,482.65 BLOCO 10 FRD Matrícula 6226 São Mateus São Mateus ES 61.600 61.600 100% R$ 971,449.69 Corrego da Fruta I, II e III Matrícula 12703 São Gabriel da Palha Vila Valério ES 62.624 62.624 100% R$ 969,113.52 BLOCO 10 FRD Matrícula 49964 São Mateus São Mateus ES 60.090 60.090 100% R$ 947,630.25 Bloco SM CB Matrícula 486 Conceição da Barra Conceição da Barra ES 12645.000 60.062 0% R$ 947,187.11 BLOCO 10 FRD Matrícula 8789 Jaguaré Jaguaré ES 59.986 59.986 100% R$ 946,002.76 Bloco 10 FRD Matrícula 2569 São Mateus São Mateus ES 59.600 59.600 100% R$ 939,909.12 BLOCO 10 FRD Matrícula 49957 São Mateus São Mateus ES 59.412 59.412 100% R$ 936,936.42 BLOCO 10 FRD Matrícula 8794 Jaguaré Jaguaré ES 59.021 59.021 100% R$ 930,779.70 BLOCO 10 FRD Matrícula 8791 Jaguaré Jaguaré ES 58.825 58.825 100% R$ 927,679.26 BLOCO 10 FRD Matrícula 49961 São Mateus São Mateus ES 58.222 58.222 100% R$ 918,180.82 BLOCO 10 FRD Matrícula 8741 Jaguaré Jaguaré ES 58.085 58.085 100% R$ 916,023.44 BLOCO 10 FRD Matrícula 51228 São Mateus São Mateus ES 57.818 57.818 100% R$ 911,809.62 BLOCO 10 FRD Matrícula 9399 Jaguaré Jaguaré ES 57.383 57.383 100% R$ 904,949.55 BLOCO 10 FRD Matrícula 51439 São Mateus São Mateus ES 56.757 56.757 100% R$ 895,066.31 BLOCO 10 FRD Matrícula 51405 São Mateus São Mateus ES 56.320 56.320 100% R$ 888,176.27 BLOCO 10 FRD Matrícula 50027 São Mateus São Mateus ES 56.217 56.217 100% R$ 886,553.51 BLOCO 10 FRD Matrícula 49871 São Mateus São Mateus ES 54.337 54.337 100% R$ 856,902.21 Bloco 06 FRD Matrícula 22357 Linhares Sooretama ES 43.800 43.800 100% R$ 852,115.93 APSIS CONSULTORIA E AVALIAÇÕES LTDA.2/4

| APPRASIAL REPORT AP-00656/22-02ATTACHMENT 2 - PROPERTIES TO BE INCORPORATED Property nameDocument typeCurrent rec.DistrictCountyStateTotal area (ha)Claraíba area (ha)Claraíba percentage Amount per registration or fraction Bloco 01 AR e outros Matrícula 20164 Aracruz Aracruz ES 1125.744 35.360 3% R$ 848,261.37 BLOCO 02 AR Matrícula 20613 Aracruz Aracruz ES 35.066 35.066 100% R$ 841,198.92 BLOCO 10 FRD Matrícula 9397 Jaguaré Jaguaré ES 52.703 52.703 100% R$ 831,135.14 BLOCO 10 FRD Matrícula 49805 São Mateus São Mateus ES 51.989 51.989 100% R$ 819,873.58 BLOCO 10 FRD Matrícula 8706 Jaguaré Jaguaré ES 51.809 51.809 100% R$ 817,044.39 BLOCO 10 FRD Matrícula 50013 São Mateus São Mateus ES 50.805 50.805 100% R$ 801,207.87 BLOCO 10 FRD Matrícula 8742 Jaguaré Jaguaré ES 50.695 50.695 100% R$ 799,476.29 BLOCO 10 FRD Matrícula 49491 São Mateus São Mateus ES 50.516 50.516 100% R$ 796,658.14 BLOCO 10 FRD Matrícula 51213 São Mateus São Mateus ES 50.091 50.091 100% R$ 789,954.19 BLOCO 10 FRD Matrícula 8809 Jaguaré Jaguaré ES 49.909 49.909 100% R$ 787,079.26 Fazenda Nossa Senhora da Saúde Matrícula 24509 Linhares Linhares ES 40.200 40.200 100% R$ 782,079.01 BLOCO 10 FRD Matrícula 50218 São Mateus São Mateus ES 49.381 49.381 100% R$ 778,755.71 Bloco 10 FRD Matrícula 6504 São Mateus São Mateus ES 49.000 49.000 100% R$ 772,744.07 Rio Preto I, II e III Matrícula 8757 Jaguaré Jaguaré ES 48.634 48.634 100% R$ 766,976.88 BLOCO 10 FRD Matrícula 9406 Jaguaré Jaguaré ES 47.623 47.623 100% R$ 751,031.54 BLOCO 10 FRD Matrícula 51020 São Mateus São Mateus ES 46.900 46.900 100% R$ 739,626.47 Bloco SMCB 17 e 54 Matrícula 7504 Conceição da Barra Conceição da Barra ES 46.853 46.853 100% R$ 738,886.84 BLOCO 10 FRD Matrícula 50021 São Mateus São Mateus ES 46.263 46.263 100% R$ 729,579.22 BLOCO 10 FRD Matrícula 50014 São Mateus São Mateus ES 45.190 45.190 100% R$ 712,665.59 BLOCO 10 FRD Matrícula 50614 São Mateus São Mateus ES 44.027 44.027 100% R$ 694,310.55 BLOCO 10 FRD Matrícula 50213 São Mateus São Mateus ES 43.941 43.941 100% R$ 692,963.77 Corrego da Minhoca Matrícula 1628 Jaguaré São Mateus ES 43.413 43.413 100% R$ 684,627.59 BLOCO 10 FRD Matrícula 8763 Jaguaré Jaguaré ES 43.176 43.176 100% R$ 680,896.34 Córrego do Itaúnas e Limoeiro Matrícula 3050 Mucurici Montanha ES 34.692 34.692 100% R$ 672,641.69 Bloco 02 FRD POSSE Linhares Linhares ES 34.478 34.478 100% R$ 670,759.20 Bloco 20 FRD Matrícula 51407 São Mateus São Mateus ES 42.250 42.250 100% R$ 666,299.37 Fazenda Nossa Senhora da Saúde Matrícula 24510 Linhares Linhares ES 34.046 34.046 100% R$ 662,354.77 Bloco 20 FRD Matrícula 50063 São Mateus São Mateus ES 41.910 41.910 100% R$ 660,924.85 BLOCO 10 FRD Matrícula 49797 São Mateus São Mateus ES 41.445 41.445 100% R$ 653,605.86 BLOCO 10 FRD Matrícula 49505 São Mateus São Mateus ES 41.030 41.030 100% R$ 647,054.88 BLOCO 10 FRD Matrícula 49796 São Mateus São Mateus ES 40.524 40.524 100% R$ 639,078.27 BLOCO 10 FRD Matrícula 6425 São Mateus São Mateus ES 40.500 40.500 100% R$ 638,696.63 BLOCO 10 FRD Matrícula 50276 São Mateus São Mateus ES 40.181 40.181 100% R$ 633,662.76 BLOCO 10 FRD Matrícula 8719 Jaguaré Jaguaré ES 40.033 40.033 100% R$ 631,328.75 Bloco 20 FRD Matrícula 51334 São Mateus São Mateus ES 39.417 39.417 100% R$ 621,611.10 BLOCO 10 FRD Matrícula 51201 São Mateus São Mateus ES 38.342 38.342 100% R$ 604,659.62 BLOCO 10 FRD Matrícula 8733 Jaguaré Jaguaré ES 38.246 38.246 100% R$ 603,150.41 Corrego Luacy I, II e III Matrícula 13474 São Gabriel da Palha Vila Valério ES 38.498 38.498 100% R$ 595,759.38 Bloco 20 FRD Matrícula 50212 São Mateus São Mateus ES 37.644 37.644 100% R$ 593,655.12 BLOCO 10 FRD Matrícula 8813 Jaguaré Jaguaré ES 37.358 37.358 100% R$ 589,149.54 Bloco 20 FRD Matrícula 51406 São Mateus São Mateus ES 37.124 37.124 100% R$ 585,454.57 BLOCO 10 FRD Matrícula 49997 São Mateus São Mateus ES 37.062 37.062 100% R$ 584,475.23 Corrego da Areia Matrícula 8255 Jaguaré Jaguaré ES 36.965 36.965 100% R$ 582,940.78 Corrego da Areia Matrícula 8256 Jaguaré Jaguaré ES 36.822 36.822 100% R$ 580,693.52 Bloco 20 FRD Matrícula 9425 Jaguaré Jaguaré ES 36.775 36.775 100% R$ 579,946.00 Bloco 20 FRD Matrícula 9453 Jaguaré Jaguaré ES 36.291 36.291 100% R$ 572,316.34 BLOCO 10 FRD Matrícula 50469 São Mateus São Mateus ES 35.620 35.620 100% R$ 561,732.90 BLOCO 10 FRD Matrícula 9430 Jaguaré Jaguaré ES 35.578 35.578 100% R$ 561,072.12 Corrego da Fruta I, II e III Matrícula 12860 São Gabriel da Palha Vila Valério ES 36.014 36.014 100% R$ 557,314.56 Bloco 20 FRD Matrícula 51214 São Mateus São Mateus ES 35.309 35.309 100% R$ 556,836.23 BLOCO 10 FRD Matrícula 49960 São Mateus São Mateus ES 34.820 34.820 100% R$ 549,118.25 Bloco SM CB Matrícula 7476 Conceição da Barra Conceição da Barra ES 34.760 34.760 100% R$ 548,178.34 Corrego Bom Futuro Matrícula 12268 São Gabriel da Palha Vila Valério ES 35.173 35.173 100% R$ 544,301.53 BLOCO 10 FRD Matrícula 49954 São Mateus São Mateus ES 33.995 33.995 100% R$ 536,115.65 Bloco 20 FRD Matrícula 51215 São Mateus São Mateus ES 33.502 33.502 100% R$ 528,340.89 Bloco 20 FRD Matrícula 9426 Jaguaré Jaguaré ES 33.294 33.294 100% R$ 525,055.94 BLOCO 10 FRD Matrícula 51448 São Mateus São Mateus ES 33.087 33.087 100% R$ 521,796.22 BLOCO 10 FRD Matrícula 49886 São Mateus São Mateus ES 31.954 31.954 100% R$ 503,922.18 BLOCO 10 FRD Matrícula 49801 São Mateus São Mateus ES 31.581 31.581 100% R$ 498,044.59 Bloco SM CB Matrícula 700 São Mateus Conceição da Barra ES 112.838 31.324 28% R$ 493,985.32 BLOCO 10 FRD Matrícula 49512 São Mateus São Mateus ES 31.132 31.132 100% R$ 490,957.43 BLOCO 10 FRD Matrícula 49958 São Mateus São Mateus ES 31.077 31.077 100% R$ 490,086.91 BLOCO 10 FRD Matrícula 49500 São Mateus São Mateus ES 31.071 31.071 100% R$ 490,001.75 BLOCO 10 FRD Matrícula 49502 São Mateus São Mateus ES 31.024 31.024 100% R$ 489,249.51 BLOCO 10 FRD Matrícula 49998 São Mateus São Mateus ES 30.890 30.890 100% R$ 487,144.17 Bloco 10 FRD Matrícula 6218 São Mateus São Mateus ES 30.000 30.000 100% R$ 473,108.62 Fazenda Nossa Senhora da Saúde Matrícula 17321 Linhares Linhares ES 24.296 24.296 100% R$ 472,671.43 BLOCO 10 FRD Matrícula 6431 São Mateus São Mateus ES 29.663 29.663 100% R$ 467,794.03 Bloco 12 FRD Matrícula 51404 São Mateus São Mateus ES 29.480 29.480 100% R$ 464,914.38 Bloco 20 FRD Matrícula 9422 Jaguaré Jaguaré ES 29.211 29.211 100% R$ 460,670.59 BLOCO 10 FRD Matrícula 50019 São Mateus São Mateus ES 29.191 29.191 100% R$ 460,353.61 BLOCO 10 FRD Matrícula 49996 São Mateus São Mateus ES 29.032 29.032 100% R$ 457,847.71 BLOCO 10 FRD Matrícula 49888 São Mateus São Mateus ES 28.803 28.803 100% R$ 454,233.16 Corrego Luacy I, II e III Matrícula 13472 São Gabriel da Palha Vila Valério ES 29.042 29.042 100% R$ 449,434.44 BLOCO 10 FRD Matrícula 49963 São Mateus São Mateus ES 27.789 27.789 100% R$ 438,234.20 Bloco 03 AR Matrícula 20503 Aracruz Aracruz ES 18.130 18.130 100% R$ 434,913.87 Bloco 20 FRD Matrícula 50384 São Mateus São Mateus ES 27.516 27.516 100% R$ 433,932.07 Bloco 20 FRD Matrícula 50024 São Mateus São Mateus ES 27.031 27.031 100% R$ 426,283.48 Bloco 20 FRD Matrícula 50379 São Mateus São Mateus ES 26.447 26.447 100% R$ 417,070.48 BLOCO 10 FRD Matrícula 49519 São Mateus São Mateus ES 26.263 26.263 100% R$ 414,176.63 Corrego da Fruta IV Matrícula 12757 São Gabriel da Palha Vila Valério ES 26.655 26.655 100% R$ 412,486.06 APSIS CONSULTORIA E AVALIAÇÕES LTDA.3/4

| APPRASIAL REPORT AP-00656/22-02ATTACHMENT 2 - PROPERTIES TO BE INCORPORATED Property nameDocument typeCurrent rec.DistrictCountyStateTotal area (ha)Claraíba area (ha)Claraíba percentage Amount per registration or fraction Bloco 20 FRD Matrícula 50026 São Mateus São Mateus ES 26.080 26.080 100% R$ 411,281.21 BLOCO 10 FRD Matrícula 8707 Jaguaré Jaguaré ES 26.000 26.000 100% R$ 410,029.04 BLOCO 10 FRD Matrícula 49873 São Mateus São Mateus ES 25.888 25.888 100% R$ 408,254.89 Bloco 20 FRD Matrícula 50022 São Mateus São Mateus ES 25.400 25.400 100% R$ 400,570.03 Bloco 17 SM I e II Matrícula 49414 São Mateus São Mateus ES 25.109 25.109 100% R$ 395,971.41 Bloco 20 FRD Matrícula 50018 São Mateus São Mateus ES 24.926 24.926 100% R$ 393,096.49 Bloco 20 FRD Matrícula 50279 São Mateus São Mateus ES 24.701 24.701 100% R$ 389,540.29 Bloco 20 FRD Matrícula 50020 São Mateus São Mateus ES 23.842 23.842 100% R$ 375,996.76 Bloco 20 FRD Matrícula 50294 São Mateus São Mateus ES 22.900 22.900 100% R$ 361,138.00 BLOCO 10 FRD Matrícula 8800 Jaguaré Jaguaré ES 22.095 22.095 100% R$ 348,436.61 Bloco 03 FRD POSSE Linhares Linhares ES 17.620 17.620 100% R$ 342,791.84 BLOCO 10 FRD Matrícula 49952 São Mateus São Mateus ES 20.779 20.779 100% R$ 327,693.95 Bloco 20 FRD Matrícula 50016 São Mateus São Mateus ES 20.716 20.716 100% R$ 326,690.96 BLOCO 10 FRD Matrícula 49493 São Mateus São Mateus ES 19.676 19.676 100% R$ 310,299.33 BLOCO 10 FRD Matrícula 9454 Jaguaré Jaguaré ES 18.970 18.970 100% R$ 299,162.35 BLOCO 10 FRD Matrícula 50548 São Mateus São Mateus ES 18.926 18.926 100% R$ 298,462.15 Bloco 20 FRD Matrícula 50278 São Mateus São Mateus ES 18.341 18.341 100% R$ 289,245.99 BLOCO 10 FRD Matrícula 50221 São Mateus São Mateus ES 17.302 17.302 100% R$ 272,862.24 Bloco 20 FRD Matrícula 50046 São Mateus São Mateus ES 17.239 17.239 100% R$ 271,856.10 BLOCO 10 FRD Matrícula 49983 São Mateus São Mateus ES 16.998 16.998 100% R$ 268,055.46 Rio Preto I, II e III Matrícula 8756 Jaguaré Jaguaré ES 16.910 16.910 100% R$ 266,670.83 BLOCO 10 FRD Matrícula 8770 Jaguaré Jaguaré ES 16.788 16.788 100% R$ 264,750.00 Lagoa de Baixo Matrícula 20496 Aracruz Aracruz ES 10.947 10.947 100% R$ 262,620.38 Bloco 20 FRD Matrícula 8753 Jaguaré Jaguaré ES 15.310 15.310 100% R$ 241,447.83 BLOCO 10 FRD Matrícula 9400 Jaguaré Jaguaré ES 14.808 14.808 100% R$ 233,520.11 BLOCO 10 FRD Matrícula 49917 São Mateus São Mateus ES 14.802 14.802 100% R$ 233,427.06 Bloco 01 FRD POSSE Linhares Linhares ES 11.300 11.300 100% R$ 219,838.13 Rio Preto I, II e III Registro 2216 São Mateus São Mateus ES 12.966 12.966 100% R$ 204,477.54 BLOCO 10 FRD Matrícula 49866 São Mateus São Mateus ES 12.843 12.843 100% R$ 202,529.91 BLOCO 10 FRD Matrícula 8790 Jaguaré Jaguaré ES 12.696 12.696 100% R$ 200,225.87 Bloco 20 FRD Matrícula 8740 Jaguaré Jaguaré ES 12.375 12.375 100% R$ 195,160.46 BLOCO 10 FRD Matrícula 9423 Jaguaré Jaguaré ES 12.260 12.260 100% R$ 193,342.14 BLOCO 10 FRD Matrícula 49875 São Mateus São Mateus ES 11.615 11.615 100% R$ 183,175.04 BLOCO 10 FRD Matrícula 9489 Jaguaré Jaguaré ES 11.488 11.488 100% R$ 181,170.64 BLOCO 10 FRD Matrícula 50464 São Mateus São Mateus ES 11.452 11.452 100% R$ 180,601.33 BLOCO 10 FRD Matrícula 49914 São Mateus São Mateus ES 10.792 10.792 100% R$ 170,192.94 BLOCO 10 FRD Matrícula 8708 Jaguaré Jaguaré ES 10.673 10.673 100% R$ 168,319.43 Bloco 20 FRD Matrícula 50321 São Mateus São Mateus ES 10.446 10.446 100% R$ 164,734.84 Bloco 20 FRD Matrícula 51105 São Mateus São Mateus ES 10.438 10.438 100% R$ 164,610.26 BLOCO 10 FRD Matrícula 49953 São Mateus São Mateus ES 10.044 10.044 100% R$ 158,399.92 Fazenda Arariboia e Outros Matrícula 12989 São Gabriel da Palha Vila Valério ES 10.170 10.170 100% R$ 157,388.10 BLOCO 10 FRD Matrícula 9394 Jaguaré São Mateus ES 9.536 9.536 100% R$ 150,379.15 Bloco 20 FRD Matrícula 6633 São Mateus Jaguaré ES 9.528 9.528 100% R$ 150,259.30 BLOCO 10 FRD Matrícula 50219 São Mateus São Mateus ES 9.340 9.340 100% R$ 147,297.64 BLOCO 10 FRD Matrícula 9398 Jaguaré São Mateus ES 9.068 9.068 100% R$ 143,009.70 BLOCO 10 FRD Matrícula 50519 São Mateus São Mateus ES 127.783 8.803 7% R$ 138,822.68 Bloco 01 FRD POSSE Linhares Linhares ES 6.900 6.900 100% R$ 134,237.44 Bloco 20 FRD Matrícula 50468 São Mateus São Mateus ES 8.359 8.359 100% R$ 131,820.68 Bloco 12 FRD Matrícula 9536 Jaguaré Jaguaré ES 8.165 8.165 100% R$ 128,770.70 Pastinho Matrícula 20609 Aracruz Aracruz ES 5.144 5.144 100% R$ 123,410.51 BLOCO 10 FRD Matrícula 49913 São Mateus São Mateus ES 7.554 7.554 100% R$ 119,133.48 BLOCO 10 FRD Matrícula 6625 São Mateus São Mateus ES 7.260 7.260 100% R$ 114,492.29 Bloco 01 FRD POSSE Linhares Linhares ES 5.800 5.800 100% R$ 112,837.27 BLOCO 10 FRD Matrícula 50275 São Mateus São Mateus ES 6.926 6.926 100% R$ 109,223.43 Bloco SMCB 17 e 54 Matrícula 7503 São Mateus Conceição da Barra ES 6.862 6.862 100% R$ 108,212.56 BLOCO 10 FRD Matrícula 8788 Jaguaré São Mateus ES 6.190 6.190 100% R$ 97,622.81 BLOCO 10 FRD Matrícula 8799 Jaguaré Jaguaré ES 6.053 6.053 100% R$ 95,459.13 Bloco 12 FRD Matrícula 51403 São Mateus São Mateus ES 5.724 5.724 100% R$ 90,273.86 BLOCO 10 FRD Matrícula 8812 Jaguaré Jaguaré ES 5.578 5.578 100% R$ 87,969.82 BLOCO 10 FRD Matrícula 9427 Jaguaré Jaguaré ES 5.077 5.077 100% R$ 80,062.59 Bloco C1 BSC SM e Bloco 6 SM Matrícula 51195 São Mateus São Mateus ES 5.028 5.028 100% R$ 79,299.31 BLOCO 10 FRD Matrícula 49920 São Mateus São Mateus ES 4.817 4.817 100% R$ 75,968.63 BLOCO 10 FRD Matrícula 9401 Jaguaré Jaguaré ES 4.469 4.469 100% R$ 70,480.57 BLOCO 10 FRD Matrícula 51314 São Mateus São Mateus ES 4.290 4.290 100% R$ 67,659.26 Bloco 12 FRD Matrícula 9535 Jaguaré Jaguaré ES 4.057 4.057 100% R$ 63,975.32 BLOCO 10 FRD Matrícula 9396 Jaguaré São Mateus ES 3.655 3.655 100% R$ 57,634.09 BLOCO 10 FRD Matrícula 9431 Jaguaré Jaguaré ES 3.322 3.322 100% R$ 52,388.89 Bloco 20 FRD Matrícula 51335 São Mateus São Mateus ES 2.923 2.923 100% R$ 46,090.24 BLOCO 10 FRD Matrícula 9405 Jaguaré São Mateus ES 2.412 2.412 100% R$ 38,044.24 Bloco SM CB Matrícula 51218 São Mateus São Mateus ES 2.286 2.289 100% R$ 36,091.88 Bloco SM CB Matrícula 49478 São Mateus São Mateus ES 2.195 2.195 100% R$ 34,615.78 BLOCO 10 FRD Matrícula 8762 Jaguaré Jaguaré ES 2.016 2.016 100% R$ 31,786.59 Bloco 12 FRD Matrícula 9537 Jaguaré Jaguaré ES 1.885 1.885 100% R$ 29,723.84 BLOCO 10 FRD Matrícula 49919 São Mateus São Mateus ES 1.200 1.200 100% R$ 18,924.34 Total 72102 45337 R$ 830,340,505.37 APSIS CONSULTORIA E AVALIAÇÕES LTDA.4/4

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| Appraisal Report AP-00656/22-02 - Attachment 3 1 SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY CLARABA  Cash and cash equivalents Comprise cash balances, and demand bank deposits and financial investments. Short-term investments are stated at cost − plus income earned up to the closing dates of the years −, with maturities of less than 90 days or without fixed redemption terms, with immediate liquidity, and are subject to an insignificant risk of change in value.  Property, plant and equipment Property, plant and equipment items are measured at the historical cost of acquisition/installation or construction, less accumulated depreciation, and accumulated impairment losses. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that they will generate future economic benefits that can be measured reliably. The book value of replaced items or parts is written off, and all other repairs and maintenance are charged to income for the year when incurred. An item of property, plant and equipment is written off after disposal or when there are no future economic benefits from its continued use. Any gains or losses on the sale or disposal of the asset are determined by the difference between the amounts received on sale and the residual book value of the asset and are recognized in profit or loss. Depreciation is recognized using the straight-line method based on the estimated useful life of each asset so that the cost amount less the residual value of the item after its useful life is fully written off (except for land and construction in progress). Expected useful lives, residual values and depreciation methods are reviewed at least year-end, and the effect of any changes in estimates is accounted for prospectively.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

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| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| APPRAISAL REPORT AP - 0 0 656 /2 2 - 0 9 VITEX BA PARTICIPAÇÕES S.A.

| Appraisal Report AP-00656/22-09 1 APPRAISAL REPORT: AP-00656/22-09 VALUATION DATE: June 30th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF VITEX BA PARTICIPAÕES S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010, and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of VITEX BA PARTICIPAÕES S.A., hereinafter denominated VITEX BA, based at Avenida Joo Cabral de Mello Neto, no. 850, block 02, room 215 (part), Barra da Tijuca, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 43.173.154/0001-98, on June 30, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00656/22-09 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of VITEX BA, as of June 30th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of VITEX BA is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 2 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of VITEX BA as of June 30th, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of VITEX BA. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00656/22-09 3 4. CONCLUSION Based on the work carried out, we concluded that the amount of BRL 847,916,828.06 (eight hundred and forty-seven million, nine hundred and sixteen thousand, eight hundred and twenty-eight reais and six cents), as stated in the VITEX BA's balance sheet as of June 30th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12nd, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice-President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA:8 8668193791 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:886681 93791 Dados: 2022.08.12 16:45:14 -03'00'

| Appraisal Report AP-00656/22-09 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY VITEX BA 3. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

| A TTACHMEN T 1

| Folha: 1VITEX BA PARTICIPACOES S.A.(00048)CNPJ : 43.173.154/0001-98 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior ATIVO CIRCULANTE DISPONIBILIDADES BENS NUMERAacuteRIOS BANCO CONTA MOVIMENTO 58,81D131,62D BANCO ITAUacute S/A1-1-1-1-4-02 *********58,81D ********131,62D =BANCO CONTA MOVIMENTO *********58,81D ********131,62D =BENS NUMERAacuteRIOS *********58,81D ********131,62D =DISPONIBILIDADES APLICACcedillaOtildeES LIQUIDEZ IMEDIATA TIacuteTULOS VAL. MOBILIAacuteRIOS TIacuteTULOS DE RENDA FIXA 0,00D889.759,54D TITULOS DE RENDA FIXA1-1-2-1-1-01 **********0,00D ****889.759,54D =TIacuteTULOS DE RENDA FIXA **********0,00D ****889.759,54D =TIacuteTULOS VAL. MOBILIAacuteRIOS **********0,00D ****889.759,54D =APLICACcedillaOtildeES LIQUIDEZ IMEDIATA CONTAS A RECEBER IMPOSTOS A RECUPERAR IRRF 7.030,07D0,00D S/ APLICACcedillaOtildeES FINANCEIRAS1-1-4-6-1-01 ******7.030,07D **********0,00D =IRRF IRPJ/CSLL EXERCIacuteCIOS ANTERIORES 241,97D229,78D IRPJ SALDO NEGATIVO - 20211-1-4-6-5-24 131,05D124,45D CSLL SALDO NEGATIVO - 20211-1-4-6-5-25 ********373,02D ********354,23D =IRPJ/CSLL EXERCIacuteCIOS ANTERIORES ******7.403,09D ********354,23D =IMPOSTOS A RECUPERAR ******7.403,09D ********354,23D =CONTAS A RECEBER ******7.461,90D ****890.245,39D =T o t a l - CIRCULANTE NAtildeO CIRCULANTE INVESTIMENTOS SOCIEDADES CONTROLADAS - C. CORRIGIDO SOCIEDADES CONTROLADAS - C. CORRIGIDO 847.933.518,37D782.429.988,85D PARKIA BA PARTICIPACcedillaOtildeES S.A.1-3-1-1-1-46 847.933.518,37D 782.429.988,85D =SOCIEDADES CONTROLADAS - C. CORRIGIDO 847.933.518,37D 782.429.988,85D =SOCIEDADES CONTROLADAS - C. CORRIGIDO 847.933.518,37D 782.429.988,85D =INVESTIMENTOS 847.933.518,37D 782.429.988,85D =T o t a l - NAtildeO CIRCULANTE 847.940.980,27D 783.320.234,24D =T o t a l - ATIVO

| Folha: 2VITEX BA PARTICIPACOES S.A.(00048)CNPJ : 43.173.154/0001-98 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior PASSIVO CIRCULANTE CONTAS A PAGAR CONTAS A PAGAR OUTROS DEacuteBITOS - EMP ASSOCIADAS 15.000,00C0,00C VITEX SP PARTICIPACcedillaOtildeES S.A.2-1-2-2-3-03 8.107,41C0,00C VITEX MS PARTICIPACcedillaOtildeES S.A.2-1-2-2-3-06 *****23.107,41C **********0,00C =OUTROS DEacuteBITOS - EMP ASSOCIADAS *****23.107,41C **********0,00C =CONTAS A PAGAR *****23.107,41C **********0,00C =CONTAS A PAGAR OBRIGACcedillaOtildeES FISCAIS IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS 15,38C0,00C PIS/COFINS/CSLL A RECOLHER2-1-5-4-1-02 0,04C32,92C PIS A RECOLHER2-1-5-4-1-06 0,29C202,58C COFINS A RECOLHER2-1-5-4-1-07 *********15,71C ********235,50C =IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS *********15,71C ********235,50C =IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS *********15,71C ********235,50C =OBRIGACcedillaOtildeES FISCAIS OUTRAS OBRIGACcedillaOtildeES FORNECEDORES FORNECEDORES 1.029,09C0,00C PRÊMIOS DE SEGUROS2-1-6-1-1-03 ******1.029,09C **********0,00C =FORNECEDORES ******1.029,09C **********0,00C =FORNECEDORES ******1.029,09C **********0,00C =OUTRAS OBRIGACcedillaOtildeES *****24.152,21C ********235,50C =T o t a l - CIRCULANTE NAtildeO CIRCULANTE EMPREacuteSTIMOS E FINANCIAMENTOS NACIONAIS DEBÊNTURES 0,00C633.494.117,41C CONVERSIacuteVEIS EM ACcedillaOtildeES2-2-2-1-4-01 **********0,00C 633.494.117,41C =DEBÊNTURES **********0,00C 633.494.117,41C =NACIONAIS **********0,00C 633.494.117,41C =EMPREacuteSTIMOS E FINANCIAMENTOS **********0,00C 633.494.117,41C =T o t a l - NAtildeO CIRCULANTE PATRIMONIO LIQUIDO CAPITAL SOCIAL CAPITAL SUBSCRITO CAPITAL SOCIAL SUBSCRITO 689.468.954,43C35.143.955,29C DE DOMICILIADO NO PAIS2-4-1-1-1-01 689.468.954,43C *35.143.955,29C =CAPITAL SOCIAL SUBSCRITO 689.468.954,43C *35.143.955,29C =CAPITAL SUBSCRITO

| Folha: 3VITEX BA PARTICIPACOES S.A.(00048)CNPJ : 43.173.154/0001-98 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior 689.468.954,43C *35.143.955,29C =CAPITAL SOCIAL RESERVAS RESERVAS DE CAPITAL RESERVAS DE CAPITAL 10.633.281,18C10.633.281,18C RESERVAS DE CAPITAL2-4-2-1-1-01 *10.633.281,18C *10.633.281,18C =RESERVAS DE CAPITAL *10.633.281,18C *10.633.281,18C =RESERVAS DE CAPITAL RESERVAS DE LUCROS RESERVAS DE LUCROS 1.808.102,85C1.808.102,85C RESERVA LEGAL2-4-2-2-1-01 **1.808.102,85C **1.808.102,85C =RESERVAS DE LUCROS **1.808.102,85C **1.808.102,85C =RESERVAS DE LUCROS RESERVAS DE REALIZACcedillaAtildeO RESERVAS DE REALIZACcedillaAtildeO 2.055.083,45C4.322.678,99C RESERVA ESPECIAL (§5 art. 202 Lei nº 6404/76)2-4-2-3-1-01 **2.055.083,45C **4.322.678,99C =RESERVAS DE REALIZACcedillaAtildeO **2.055.083,45C **4.322.678,99C =RESERVAS DE REALIZACcedillaAtildeO *14.496.467,48C *16.764.063,02C =RESERVAS LUCROS/PREJUIZOS ACUMULADOS LUCROS/PREJUIacuteZOS ACUMULADOS LUCROS/PREJUIacuteZOS ACUMULADOS 4.944.297,71D0,00D PREJUIacuteZOS ACUMULADOS2-4-3-1-1-02 **4.944.297,71D **********0,00C =LUCROS/PREJUIacuteZOS ACUMULADOS **4.944.297,71D **********0,00C =LUCROS/PREJUIacuteZOS ACUMULADOS **4.944.297,71D **********0,00C =LUCROS/PREJUIZOS ACUMULADOS AJUSTE ACUMULADO DE CONVERSAtildeO AJUSTE ACUMULADO DE CONVERSAtildeO AJUSTE ACUMULADO DE CONVERSAtildeO 148.895.703,86C97.917.863,02C CTA2-4-5-1-1-01 148.895.703,86C *97.917.863,02C =AJUSTE ACUMULADO DE CONVERSAtildeO 148.895.703,86C *97.917.863,02C =AJUSTE ACUMULADO DE CONVERSAtildeO 148.895.703,86C *97.917.863,02C =AJUSTE ACUMULADO DE CONVERSAtildeO 847.916.828,06C 149.825.881,33C =T o t a l - PATRIMONIO LIQUIDO 847.940.980,27C 783.320.234,24C =T o t a l - PASSIVO

| CNPJ: 43.173.154/0001-98Diário :0Folha: 5APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPVITEX BA PARTICIPACOES S.A.(00048)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício AtualRECEITASRECEITAS OPERACIONAIS RECEITAS FINANCEIRASRENDAS TIT. VAL. MOBILIARIOSTITULOS DE RENDA FIXA RECEITAS DE APLICACcedillaAtildeO FINANCEIRA 22.538,00C3-1-1-1-1-02=TITULOS DE RENDA FIXA *****22.538,00C=RENDAS TIT. VAL. MOBILIARIOS *****22.538,00COUTRAS RECEITAS FINANCEIRAS OUTRAS RECEITAS FINANCEIRASATUALIZACcedillaAtildeO MONETAacuteRIA - TAXA SELIC 18,79C3-1-1-5-1-01=OUTRAS RECEITAS FINANCEIRAS *********18,79C=OUTRAS RECEITAS FINANCEIRAS *********18,79C=RECEITAS FINANCEIRAS *****22.556,79CRES. PARTICIP. SOCIETARIASRES. AVALIACcedillaAtildeO P/ PAT. LIQUIDOEM CONTROLADAS PARKIA BA PARTICIPACcedillaOtildeES S.A. 162.203.567,96C3-1-3-1-1-26=EM CONTROLADAS 162.203.567,96C=RES. AVALIACcedillaAtildeO P/ PAT. LIQUIDO 162.203.567,96C=RES. PARTICIP. SOCIETARIAS 162.203.567,96C=T o t a l - RECEITAS OPERACIONAIS 162.226.124,75C=T o t a l - RECEITAS 162.226.124,75CDESPESAS DESPESAS OPERACIONAISDESPESAS FINANCEIRASENCARGOS FINANCEIROSENCARGOS FINANCEIROSIOF 822,48D4-1-1-1-1-01JUROS E MULTAS 60,18D4-1-1-1-1-02TARIFAS BANCAacuteRIAS 382,00D4-1-1-1-1-05=ENCARGOS FINANCEIROS ******1.264,66D=ENCARGOS FINANCEIROS ******1.264,66D=DESPESAS FINANCEIRAS ******1.264,66D

| CNPJ: 43.173.154/0001-98Diário :0Folha: 6APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPVITEX BA PARTICIPACOES S.A.(00048)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício AtualDESPESAS ADMINISTRATIVASSERVICcedillaOS PROFISSIONAISSERVICcedillaOS ADMINISTRATIVOSHONORAacuteRIOS ADVOCATIacuteCIOS 425.344,04D4-1-2-2-1-06HONORAacuteRIOS CONTAacuteBEIS 3.600,00D4-1-2-2-1-07AUDITORIA 27.585,63D4-1-2-2-1-08=SERVICcedillaOS ADMINISTRATIVOS ****456.529,67D=SERVICcedillaOS PROFISSIONAIS ****456.529,67DOUTRAS DESP. ADMINISTRATIVASOUTRAS DESP. ADMINISTRATIVASOUTRAS 847,51D4-1-2-3-1-03SERVICcedillaOS DE DESPACHANTE 28.049,50D4-1-2-3-1-07=OUTRAS DESP. ADMINISTRATIVAS *****28.897,01DPUBLICACcedillaOtildeES E PROPAGANDASPUBLICACcedillaOtildeES SOCIETAacuteRIAS 39.620,00D4-1-2-3-2-01=PUBLICACcedillaOtildeES E PROPAGANDAS *****39.620,00D=OUTRAS DESP. ADMINISTRATIVAS *****68.517,01DDESPESAS TRIBUTAacuteRIASIMPOSTOS, TAXAS E CONTRIBUICcedillaOtildeES TAXA FED., EST. E MUNICIPAIS 1.286,00D4-1-2-5-1-05PIS S/ RECEITA FINANCEIRA 146,61D4-1-2-5-1-08COFINS S/ RECEITA FINANCEIRA 902,27D4-1-2-5-1-09=IMPOSTOS, TAXAS E CONTRIBUICcedillaOtildeES ******2.334,88D=DESPESAS TRIBUTAacuteRIAS ******2.334,88DPRÊMIOS DE SEGUROS PRÊMIOS DE SEGUROSDE RISCOS DIVERSOS 6.174,54D4-1-2-6-1-01=PRÊMIOS DE SEGUROS ******6.174,54D=PRÊMIOS DE SEGUROS ******6.174,54D=DESPESAS ADMINISTRATIVAS ****533.556,10DOUTRAS DESPESASOUTRAS DESPESAS OPERACIONAISOUTRAS DESPESAS OPERACIONAISPERDA DE AJUSTES A VALOR JUSTO - OUTRAS OPERACcedillaOtildeES 126.094.147,72D4-1-3-1-1-03

| CNPJ: 43.173.154/0001-98Diário :0Folha: 7APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPVITEX BA PARTICIPACOES S.A.(00048)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício Atual=OUTRAS DESPESAS OPERACIONAIS 126.094.147,72D=OUTRAS DESPESAS OPERACIONAIS 126.094.147,72D=OUTRAS DESPESAS 126.094.147,72DRES. PARTICIP. SOCIETAacuteRIASRES. AVALIACcedillaAtildeO P/PAT. LIacuteQUIDO EM CONTROLADAS PARKIA BA PARTICIPACcedillaOtildeES S.A. 40.541.453,98D4-1-4-1-1-56=EM CONTROLADAS *40.541.453,98D=RES. AVALIACcedillaAtildeO P/PAT. LIacuteQUIDO *40.541.453,98D=RES. PARTICIP. SOCIETAacuteRIAS *40.541.453,98D=T o t a l - DESPESAS OPERACIONAIS 167.170.422,46D=T o t a l - DESPESAS 167.170.422,46DRESULTADO DO EXERCIacuteCIO ==================================================================================================== RECEITAS--------------> 162.226.124,75C DESPESAS + CUSTO--------------------> 167.170.422,46D PREJUIacuteZO LIacuteQUIDO DO EXERCIacuteCIO: ***4.944.297,71 ====================================================================================================

| A TTACHMEN T 2

| Appraisal Report AP-00656/22-09 - Attachment 2 1 SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY VITEX BA  Cash and cash equivalents Comprise cash balances, and demand bank deposits and financial investments. Short-term investments are stated at cost, plus income earned up to the closing dates for the years, with maturities of less than 90 days or without fixed redemption terms, with immediate liquidity, subject to an insignificant risk of change in value.  Investments The company's investments are recognized using the equity method from the date the investment was acquired. According to this method, financial interests in companies are recognized in the financial statements at acquisition cost and are periodically adjusted by the amount corresponding to the company's share of net income, with a contra entry to equity in the income statement. Dividends received from these companies are recorded as a reduction in the value of investments.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

| A TTACHMEN T 3

| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| APPRAISAL REPORT AP - 0 0 656 /2 2 - 0 5 PARKIA BA PARTICIPAÇÕES S.A.

| Appraisal Report AP-00656/22-05 1 APPRAISAL REPORT: AP-00656/22-05 VALUATION DATE: June 30th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF PARKIA BA PARTICIPAÕES S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010, and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of PARKIA BA PARTICIPAÕES S.A., hereinafter denominated PARKIA BA, based at Avenida Joo Cabral de Mello Neto, no. 850, block 02, room 215 (part), Barra da Tijuca, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 42.108.507/0001-03, on June 30, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00656/22-05 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of PARKIA BA, as of June 30th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of PARKIA BA is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 2 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of PARKIA BA as of June 30, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of PARKIA BA. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00656/22-05 3 4. CONCLUSION Based on the work carried out, we concluded that the amount of BRL 1,130,578,024.49 (one billion, one hundred and thirty million, five hundred and seventy-eight thousand, twenty-four reais and forty-nine cents), as stated in the PARKIA BA's balance sheet as of June 30th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12nd, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice-President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA:88 668193791 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:886681 93791 Dados: 2022.08.12 16:45:06 -03'00'

| Appraisal Report AP-00656/22-05 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY PARKIA BA 3. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

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| Folha: 1PARKIA BA PARTICIPACOES S.A.(00042)CNPJ : 42.108.507/0001-03 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior ATIVO CIRCULANTE DISPONIBILIDADES BENS NUMERAacuteRIOS BANCO CONTA MOVIMENTO 349,51D454,61D BANCO ITAUacute S/A1-1-1-1-4-02 ********349,51D ********454,61D =BANCO CONTA MOVIMENTO ********349,51D ********454,61D =BENS NUMERAacuteRIOS ********349,51D ********454,61D =DISPONIBILIDADES APLICACcedillaOtildeES LIQUIDEZ IMEDIATA TIacuteTULOS VAL. MOBILIAacuteRIOS TIacuteTULOS DE RENDA FIXA 84.315,22D710.431,87D TITULOS DE RENDA FIXA1-1-2-1-1-01 *****84.315,22D ****710.431,87D =TIacuteTULOS DE RENDA FIXA *****84.315,22D ****710.431,87D =TIacuteTULOS VAL. MOBILIAacuteRIOS *****84.315,22D ****710.431,87D =APLICACcedillaOtildeES LIQUIDEZ IMEDIATA CONTAS A RECEBER IMPOSTOS A RECUPERAR IRRF 4.216,95D0,00D S/ APLICACcedillaOtildeES FINANCEIRAS1-1-4-6-1-01 ******4.216,95D **********0,00D =IRRF IRPJ/CSLL EXERCIacuteCIOS ANTERIORES 1.131,91D1.074,94D IRPJ SALDO NEGATIVO - 20211-1-4-6-5-24 152,01D144,36D CSLL SALDO NEGATIVO - 20211-1-4-6-5-25 ******1.283,92D ******1.219,30D =IRPJ/CSLL EXERCIacuteCIOS ANTERIORES ******5.500,87D ******1.219,30D =IMPOSTOS A RECUPERAR IMPOSTOS A COMPENSAR IMPOSTOS A COMPENSAR 0,00D2,66D PIS A COMPENSAR1-1-4-7-1-01 **********0,00D **********2,66D =IMPOSTOS A COMPENSAR **********0,00D **********2,66D =IMPOSTOS A COMPENSAR ******5.500,87D ******1.221,96D =CONTAS A RECEBER *****90.165,60D ****712.108,44D =T o t a l - CIRCULANTE NAtildeO CIRCULANTE INVESTIMENTOS SOCIEDADES CONTROLADAS - C. CORRIGIDO SOCIEDADES CONTROLADAS - C. CORRIGIDO 1.130.487.893,45D699.866.187,14D GARACUI COMERCIAL S.A.1-3-1-1-1-02 0,00D342.661.777,32D FAIR VALUE - GARACUI COMERCIAL S.A.1-3-1-1-1-06 1.130.487.893,45D 1.042.527.964,46D =SOCIEDADES CONTROLADAS - C. CORRIGIDO 1.130.487.893,45D 1.042.527.964,46D =SOCIEDADES CONTROLADAS - C. CORRIGIDO 1.130.487.893,45D 1.042.527.964,46D =INVESTIMENTOS 1.130.487.893,45D 1.042.527.964,46D =T o t a l - NAtildeO CIRCULANTE

| Folha: 2PARKIA BA PARTICIPACOES S.A.(00042)CNPJ : 42.108.507/0001-03 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior 1.130.578.059,05D 1.043.240.072,90D =T o t a l - ATIVO

| Folha: 3PARKIA BA PARTICIPACOES S.A.(00042)CNPJ : 42.108.507/0001-03 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior PASSIVO CIRCULANTE OBRIGACcedillaOtildeES FISCAIS IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS 8,56C0,00C PIS A RECOLHER2-1-5-4-1-06 26,00C87,73C COFINS A RECOLHER2-1-5-4-1-07 *********34,56C *********87,73C =IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS *********34,56C *********87,73C =IMPOSTOS, CONTRIBUICcedillaOtildeES E TAXAS *********34,56C *********87,73C =OBRIGACcedillaOtildeES FISCAIS *********34,56C *********87,73C =T o t a l - CIRCULANTE PATRIMONIO LIQUIDO CAPITAL SOCIAL CAPITAL SUBSCRITO CAPITAL SOCIAL SUBSCRITO 244.986.862,17C244.986.862,17C DE DOMICILIADO NO PAIS2-4-1-1-1-01 244.986.862,17C 244.986.862,17C =CAPITAL SOCIAL SUBSCRITO 244.986.862,17C 244.986.862,17C =CAPITAL SUBSCRITO 244.986.862,17C 244.986.862,17C =CAPITAL SOCIAL RESERVAS RESERVAS DE CAPITAL RESERVAS DE CAPITAL 88.061.692,65C88.061.692,65C RESERVAS DE CAPITAL2-4-2-1-1-01 *88.061.692,65C *88.061.692,65C =RESERVAS DE CAPITAL *88.061.692,65C *88.061.692,65C =RESERVAS DE CAPITAL RESERVAS DE LUCROS RESERVAS DE LUCROS 12.309.457,21C12.309.457,21C RESERVA LEGAL2-4-2-2-1-01 *12.309.457,21C *12.309.457,21C =RESERVAS DE LUCROS *12.309.457,21C *12.309.457,21C =RESERVAS DE LUCROS RESERVAS DE REALIZACcedillaAtildeO RESERVAS DE REALIZACcedillaAtildeO 3.473.433,49C18.594.778,95C RESERVA ESPECIAL (§5 art. 202 Lei nº 6404/76)2-4-2-3-1-01 **3.473.433,49C *18.594.778,95C =RESERVAS DE REALIZACcedillaAtildeO **3.473.433,49C *18.594.778,95C =RESERVAS DE REALIZACcedillaAtildeO 103.844.583,35C 118.965.928,81C =RESERVAS LUCROS/PREJUIZOS ACUMULADOS LUCROS/PREJUIacuteZOS ACUMULADOS LUCROS/PREJUIacuteZOS ACUMULADOS 162.216.151,96C0,00C LUCROS ACUMULADOS2-4-3-1-1-01 162.216.151,96C **********0,00C =LUCROS/PREJUIacuteZOS ACUMULADOS 162.216.151,96C **********0,00C =LUCROS/PREJUIacuteZOS ACUMULADOS 162.216.151,96C **********0,00C =LUCROS/PREJUIZOS ACUMULADOS

| Folha: 4PARKIA BA PARTICIPACOES S.A.(00042)CNPJ : 42.108.507/0001-03 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior AJUSTE ACUMULADO DE CONVERSAtildeO AJUSTE ACUMULADO DE CONVERSAtildeO AJUSTE ACUMULADO DE CONVERSAtildeO 619.530.427,01C679.287.194,19C CTA2-4-5-1-1-01 619.530.427,01C 679.287.194,19C =AJUSTE ACUMULADO DE CONVERSAtildeO 619.530.427,01C 679.287.194,19C =AJUSTE ACUMULADO DE CONVERSAtildeO 619.530.427,01C 679.287.194,19C =AJUSTE ACUMULADO DE CONVERSAtildeO 1.130.578.024,49C 1.043.239.985,17C =T o t a l - PATRIMONIO LIQUIDO 1.130.578.059,05C 1.043.240.072,90C =T o t a l - PASSIVO

| CNPJ: 42.108.507/0001-03Diário :0Folha: 6APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPPARKIA BA PARTICIPACOES S.A.(00042)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício AtualRECEITASRECEITAS OPERACIONAIS RECEITAS FINANCEIRASRENDAS TIT. VAL. MOBILIARIOSTITULOS DE RENDA FIXA RECEITAS DE APLICACcedillaAtildeO FINANCEIRA 15.309,39C3-1-1-1-1-02=TITULOS DE RENDA FIXA *****15.309,39C=RENDAS TIT. VAL. MOBILIARIOS *****15.309,39COUTRAS RECEITAS FINANCEIRAS OUTRAS RECEITAS FINANCEIRASATUALIZACcedillaAtildeO MONETAacuteRIA - TAXA SELIC 64,62C3-1-1-5-1-01=OUTRAS RECEITAS FINANCEIRAS *********64,62C=OUTRAS RECEITAS FINANCEIRAS *********64,62C=RECEITAS FINANCEIRAS *****15.374,01CRES. PARTICIP. SOCIETARIASRES. AVALIACcedillaAtildeO P/ PAT. LIQUIDOEM CONTROLADAS GARACUIacute COMERCIAL S.A. 57.061.598,70C3-1-3-1-1-60FAIR VALUE 105.255.097,47C3-1-3-1-1-63=EM CONTROLADAS 162.316.696,17C=RES. AVALIACcedillaAtildeO P/ PAT. LIQUIDO 162.316.696,17C=RES. PARTICIP. SOCIETARIAS 162.316.696,17C=T o t a l - RECEITAS OPERACIONAIS 162.332.070,18C=T o t a l - RECEITAS 162.332.070,18CDESPESASDESPESAS OPERACIONAISDESPESAS FINANCEIRASENCARGOS FINANCEIROSENCARGOS FINANCEIROSTARIFAS BANCAacuteRIAS 12,00D4-1-1-1-1-05=ENCARGOS FINANCEIROS *********12,00D=ENCARGOS FINANCEIROS *********12,00D=DESPESAS FINANCEIRAS *********12,00D

| CNPJ: 42.108.507/0001-03Diário :0Folha: 7APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPPARKIA BA PARTICIPACOES S.A.(00042)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício AtualDESPESAS ADMINISTRATIVASSERVICcedillaOS PROFISSIONAIS SERVICcedillaOS ADMINISTRATIVOSHONORAacuteRIOS ADVOCATIacuteCIOS 53.007,11D4-1-2-2-1-06HONORAacuteRIOS CONTAacuteBEIS 3.600,00D4-1-2-2-1-07ASSESSORIA E CONSULTORIA 15.014,58D4-1-2-2-1-09=SERVICcedillaOS ADMINISTRATIVOS *****71.621,69D=SERVICcedillaOS PROFISSIONAIS *****71.621,69DOUTRAS DESP. ADMINISTRATIVASOUTRAS DESP. ADMINISTRATIVASOUTRAS 194,00D4-1-2-3-1-03SERVICcedillaOS DE DESPACHANTE 2.765,26D4-1-2-3-1-07=OUTRAS DESP. ADMINISTRATIVAS ******2.959,26DPUBLICACcedillaOtildeES E PROPAGANDASPUBLICACcedillaOtildeES SOCIETAacuteRIAS 38.800,00D4-1-2-3-2-01=PUBLICACcedillaOtildeES E PROPAGANDAS *****38.800,00D=OUTRAS DESP. ADMINISTRATIVAS *****41.759,26DDESPESAS TRIBUTAacuteRIASIMPOSTOS, TAXAS E CONTRIBUICcedillaOtildeES TAXA FED., EST. E MUNICIPAIS 1.810,40D4-1-2-5-1-05PIS S/ RECEITA FINANCEIRA 99,92D4-1-2-5-1-08COFINS S/ RECEITA FINANCEIRA 614,95D4-1-2-5-1-09=IMPOSTOS, TAXAS E CONTRIBUICcedillaOtildeES ******2.525,27D=DESPESAS TRIBUTAacuteRIAS ******2.525,27D=DESPESAS ADMINISTRATIVAS ****115.906,22D=T o t a l - DESPESAS OPERACIONAIS ****115.918,22D=T o t a l - DESPESAS ****115.918,22DRESULTADO DO EXERCIacuteCIO ==================================================================================================== RECEITAS--------------> 162.332.070,18C DESPESAS + CUSTO--------------------> 115.918,22D LUCRO LIacuteQUIDO DO EXERCIacuteCIO: *162.216.151,96====================================================================================================

| A TTACHMEN T 2

| Appraisal Report AP-00656/22-05 - Attachment 2 1 SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY PARKIA BA  Cash and cash equivalents Comprise cash balances, and demand bank deposits and financial investments. Short-term investments are stated at cost, plus income earned up to the closing dates for the years, with maturities of less than 90 days or without fixed redemption terms, with immediate liquidity, subject to an insignificant risk of change in value.  Investments The company's investments are recognized using the equity method from the date the investment was acquired. According to this method, financial interests in companies are recognized in the financial statements at acquisition cost and are periodically adjusted by the amount corresponding to the company's share of net income, with a contra entry to equity in the income statement. Dividends received from these companies are recorded as a reduction in the value of investments.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

| A TTACHMEN T 3

| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| APPRAISAL REPORT AP-00656/22-01 GARACUÍ COMERCIAL S.A.

| Appraisal Report AP-00656/22-01 1 APPRAISAL REPORT: AP-00656/22-01 VALUATION DATE: June 30th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF GARACU COMERCIAL S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010 and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of GARACU COMERCIAL S.A., hereinafter denominated GARACU, based at Rua Marechal Costa e Silva, no. 406, Bela Vista, City of Teixeira de Freitas, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 19.282.910/0001-32, on June 30th, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00656/22-01 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of GARACU, as of June 30th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. The assets comprise the properties detailed in Attachment 2 of this Appraisal Report. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of GARACU is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 3 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of GARACUÍ as of June 30th, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of GARACUÍ. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00656/22-01 34.CONCLUSIONBased on the work carried out, we concluded that the amount of BRL 1,130,487,893.45 (one billion, one hundred and thirty million, four hundred and eighty-seven thousand, eight hundred and ninety-three reais and forty-five cents), as stated in the GARACUÍ's balance sheet as of June 30th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12th, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA:8 866819379 1 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:88668 193791 Dados: 2022.08.12 12:22:16 -03'00'

| Appraisal Report AP-00656/22-01 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. PROPERTIES TO BE INCORPORATED 3. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY GARACUÍ 4. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

| A TTACHMEN T 1

| A TTACHMEN T 2

| APPRASIAL REPORT AP-00656/22-01ATTACHMENT 2 - PROPERTIES TO BE INCORPORATED Property nameDocument typeCurrent rec.DistrictCountyStateTotal area (ha)Garacuí area (ha)Garacuí percentageAmount per registration or fraction Bloco 01 MUC I 2 Matrícula 9366 Mucuri Mucuri BA 468.758 468.758 100% R$ 5,908,876.79 Bloco 01 MUC I 1, II e III Matrícula 9367 Mucuri Mucuri BA 520.188 520.188 100% R$ 6,557,173.75 Bloco 01 MUC I 1, II e III Matrícula 9368 Mucuri Mucuri BA 96.531 96.531 100% R$ 1,216,809.29 Bloco 01 MUC B Circunsrição Matrícula 9371 Mucuri Mucuri BA 2278.372 2278.372 100% R$ 28,719,790.41 Bloco 02 CAR XV Matrícula 2993 Alcobaça Alcobaça BA 54.367 54.367 100% R$ 750,875.54 Bloco 02 CAR II, XXVI e XXVII Matrícula 4052 Alcobaça Alcobaça BA 941.825 941.825 100% R$ 13,007,675.69 Bloco 02 CAR II, XXVI e XXVII Matrícula 4057 Alcobaça Alcobaça BA 367.189 367.189 100% R$ 5,071,294.36 Bloco 02 CAR III e outros Matrícula 4074 Alcobaça Alcobaça BA 185.472 185.472 100% R$ 2,561,574.83 Bloco 02 CAR III e outros Matrícula 4076 Alcobaça Alcobaça BA 263.027 263.027 100% R$ 3,632,707.13 Bloco 02 CAR III e outros Matrícula 4079 Alcobaça Alcobaça BA 149.374 149.374 100% R$ 2,063,024.59 Bloco 02 CAR III e outros Matrícula 4080 Alcobaça Alcobaça BA 22.737 22.737 100% R$ 314,022.41 Bloco 02 CAR III e outros Matrícula 4082 Alcobaça Alcobaça BA 67.982 67.982 100% R$ 938,904.49 Bloco 02 CAR III e outros Matrícula 4083 Alcobaça Alcobaça BA 37.999 37.999 100% R$ 524,807.97 Bloco 02 CAR III e outros Matrícula 4089 Alcobaça Alcobaça BA 849.029 849.029 100% R$ 11,726,060.30 Bloco 02 CAR III e outros Matrícula 4093 Alcobaça Alcobaça BA 80.958 80.958 100% R$ 1,118,123.31 Bloco 02 CAR III e outros Matrícula 4095 Alcobaça Alcobaça BA 3867.005 3867.005 100% R$ 53,407,726.85 Bloco 02 CAR Matrícula 5324 Caravelas Caravelas BA 3548.040 3548.040 100% R$ 64,586,219.66 BLOCO 02 CAR VIII Matrícula 5435 Caravelas Caravelas BA 143.974 143.974 100% R$ 3,026,389.32 Bloco 02 CAR II, XXVI e XXVII Matrícula 5479 Caravelas Caravelas BA 256.373 256.373 100% R$ 5,389,087.01 Bloco 02 CAR III e outros Matrícula 5481 Caravelas Alcobaça BA 36.358 36.358 100% R$ 502,139.75 Bloco 02 CAR II, XXVI e XXVII Matrícula 5482 Caravelas Caravelas BA 52.681 52.681 100% R$ 1,107,385.20 Fazenda Jaqueline Matrícula 5516 Caravelas Caravelas BA 714.669 714.669 100% R$ 15,022,680.13 Fazenda Jaqueline Matrícula 5517 Caravelas Caravelas BA 180.731 180.731 100% R$ 3,799,042.60 Bloco 02 CAR IX Matrícula 5912 Caravelas Caravelas BA 8.631 8.631 100% R$ 181,423.39 Bloco 02 CAR II, XXVI e XXVII Matrícula 5913 Caravelas Caravelas BA 54.133 54.133 100% R$ 1,137,909.01 Bloco 02 CAR II, XXVI e XXVII Matrícula 5914 Caravelas Caravelas BA 12.225 12.225 100% R$ 256,983.54 Bloco 02 CAR III e outros Matrícula 5937 Caravelas Caravelas BA 922.203 922.203 100% R$ 19,385,140.45 Bloco 02 CAR II, XXVI e XXVII Matrícula 5912-A Caravelas Caravelas BA 63.700 63.700 100% R$ 1,338,999.15 Bloco 02 MUC Matrícula 9101 Mucuri Mucuri BA 1594.678 1594.678 100% R$ 20,101,554.44 Bloco 17 NV Matrícula 11351 Nova Viçosa Nova Viçosa BA 319.123 319.123 100% R$ 4,247,862.29 Fazenda Chaparral e outras Matrícula 4139 Prado Alcobaça BA 1365.315 1365.315 100% R$ 18,856,545.28 Bloco 05 MUC Matrícula 9930 Mucuri Mucuri BA 1449.421 1449.421 100% R$ 18,270,534.46 Bloco 05 MUC Matrícula 9931 Mucuri Mucuri BA 129.480 129.480 100% R$ 1,632,149.64 Bloco 06 ALC e Outros Matrícula 3891 Alcobaça Alcobaça BA 89.639 89.639 100% R$ 1,238,021.92 Bloco 06 ALC e Outros Matrícula 4053 Alcobaça Alcobaça BA 783.447 783.447 100% R$ 10,820,295.63 Bloco 06 ALC e Outros Registro 4994 Prado Alcobaça BA 69.500 69.500 100% R$ 959,873.93 Bloco 06 MUC Matrícula 9240 Mucuri Mucuri BA 214.835 214.835 100% R$ 2,708,080.99 Reserva Jacaranda de C. e Futurosa Matrícula 4028 Alcobaça Alcobaça BA 528.031 528.031 100% R$ 7,292,710.58 Bloco 10 MUC Matrícula 9180 Mucuri Mucuri BA 85.310 85.310 100% R$ 1,075,369.15 Bloco 11 MUC Matrícula 9099 Mucuri Mucuri BA 74.494 74.494 100% R$ 939,024.11 Bloco 12 MUC Matrícula 9364 Mucuri Mucuri BA 68.554 68.554 100% R$ 864,153.07 Bloco 13 CAR e Conjunto Copacabana Matrícula 5683 Caravelas Teixeira de Freitas BA 19.173 19.173 100% R$ 460,605.14 Bloco 13 CAR e Conjunto Copacabana Matrícula 5684 Caravelas Caravelas BA 204.474 204.474 100% R$ 4,298,146.12 Bloco 13 CAR e Conjunto Copacabana Matrícula 9367 Teixeira de Freitas Teixeira de Freitas BA 139.550 139.550 100% R$ 3,352,463.21 Bloco 13 MUC Matrícula 9229 Mucuri Mucuri BA 19.035 19.035 100% R$ 239,943.78 Bloco 14 MUC Matrícula 9100 Mucuri Mucuri BA 354.073 354.073 100% R$ 4,463,226.56 Bloco 16 MUC Matrícula 9098 Mucuri Mucuri BA 30.458 30.458 100% R$ 383,931.47 Bloco 16 NV Matrícula 10091 Nova Viçosa Nova Viçosa BA 103.244 103.244 100% R$ 1,374,287.01 Bloco 18 NV Matrícula 11353 Nova Viçosa Nova Viçosa BA 223.284 223.284 100% R$ 2,972,135.50 Bloco 24 CAR Matrícula 5146 Caravelas Caravelas BA 50.183 50.183 100% R$ 1,054,863.48 Bloco 27 NV Matrícula 10092 Nova Viçosa Nova Viçosa BA 383.270 383.270 100% R$ 5,101,718.51 Bloco 34 CAR Matrícula 5891 Caravelas Caravelas BA 197.879 197.879 100% R$ 4,159,503.56 Campo Alegre e Santa Fé Matrícula 8801 Mucuri Mucuri BA 186.563 186.563 100% R$ 2,351,698.62 Conjunto Santo Antonio de Pádua Matrícula 32134 Teixeira de Freitas Teixeira de Freitas BA 379.690 379.690 100% R$ 9,121,426.59 Fazenda Alcoprado Matrícula 35082 Teixeira de Freitas Teixeira de Freitas BA 3443.211 2261.980 65.69% R$ 54,340,413.70 Fazenda Alcoprado Matrícula 5371 Itanhém Vereda BA 2886.772 892.846 30.93% R$ 11,254,683.00 Fazenda Boa Vista e Outros IV Matrícula 5234 Caravelas Caravelas BA 139.998 139.998 100% R$ 2,942,820.37 Fazenda Bom Retiro e Outras Matrícula 2891 Alcobaça Alcobaça BA 903.279 903.279 100% R$ 12,475,311.65 Fazenda Cana Brava I e VII Matrícula 1367 Alcobaça Teixeira de Freitas BA 496.821 496.821 100% R$ 11,935,314.36 Fazenda Santa Zilda e Santa Rita Matrícula 3872 Alcobaça Alcobaça BA 72.433 72.433 100% R$ 1,000,387.52 Fazenda Santa Zilda e Santa Rita Matrícula 3880 Alcobaça Alcobaça BA 1777.319 1777.319 100% R$ 24,546,796.74 Fazenda Cana Brava I e VII Matrícula 3888 Alcobaça Alcobaça BA 5994.983 5994.983 100% R$ 82,797,526.78 Fazenda Cana Brava I e VII Matrícula 3889 Alcobaça Alcobaça BA 376.403 376.403 100% R$ 5,198,551.55 Fazenda Cana Brava I e VII Matrícula 3890 Alcobaça Alcobaça BA 138.549 138.549 100% R$ 1,913,521.81 Fazenda Cana Brava I e VII Matrícula 3983 Alcobaça Alcobaça BA 4.195 4.195 100% R$ 57,943.24 Fazenda Cana Brava I e VII Matrícula 3984 Alcobaça Alcobaça BA 7.335 7.335 100% R$ 101,306.06 Fazenda Cana Brava I e VII Matrícula 3985 Alcobaça Alcobaça BA 2.182 2.182 100% R$ 30,135.90 Fazenda Cana Brava Matrícula 5483 Itanhém Vereda BA 177.712 177.712 100% R$ 2,240,126.97 Faz. Lagoa das Candeias Matrícula 22005 Prado Prado BA 69.516 69.516 100% R$ 1,445,206.81 Faz. Lagoa das Candeias Matrícula 22006 Prado Alcobaça BA 20.150 20.150 100% R$ 278,295.77 Fazenda Chaparral e outras Matrícula 1378 Alcobaça Alcobaça BA 410.000 410.000 100% R$ 5,662,565.66 Fazenda Chaparral e outras Matrícula 4025 Alcobaça Alcobaça BA 470.397 470.397 100% R$ 6,496,720.97 Fazenda Chaparral e outras Matrícula 4026 Alcobaça Alcobaça BA 736.087 736.087 100% R$ 10,166,194.72 Fazenda Chaparral e outras Matrícula 4054 Alcobaça Alcobaça BA 3452.140 3452.140 100% R$ 47,677,968.63 Fazenda Chaparral e outras Matrícula 4055 Alcobaça Alcobaça BA 2073.158 2073.158 100% R$ 28,632,665.18 Fazenda Chaparral e outras Matrícula 4056 Alcobaça Alcobaça BA 0.253 0.253 100% R$ 3,494.22 Fazenda Estância Rio Bravo Matrícula 5488 Caravelas Caravelas BA 196.320 196.320 100% R$ 4,126,745.28 Guanabara Matrícula 3121 Alcobaça Alcobaça BA 73.287 73.287 100% R$ 1,012,169.80 Fazenda Juerana, Favorita e Castelo Matrícula 32135 Teixeira de Freitas Caravelas BA 231.760 231.760 100% R$ 4,871,708.31 Nova America Vai Quem Quer Matrícula 978 Caravelas Nova Viçosa BA 203.000 203.000 100% R$ 2,702,139.82 Fazenda Lomanto Junior XV e XVIII Registro 3115 Nova Viçosa Nova Viçosa BA 41.050 41.050 100% R$ 546,417.93 Fazenda Lomanto Junior XIII Matrícula 5250 Caravelas Caravelas BA 421.396 421.396 100% R$ 8,857,938.11 Fazenda Lomanto Junior II Matrícula 5270 Caravelas Caravelas BA 23.671 23.671 100% R$ 497,571.12 APSIS CONSULTORIA E AVALIAÇÕES LTDA.1/2

| APPRASIAL REPORT AP-00656/22-01ATTACHMENT 2 - PROPERTIES TO BE INCORPORATED Property nameDocument typeCurrent rec.DistrictCountyStateTotal area (ha)Garacuí area (ha)Garacuí percentageAmount per registration or fraction Fazenda Lomanto Júnior IX Matrícula 5332 Caravelas Caravelas BA 334.092 334.092 100% R$ 7,022,763.60 Fazenda Santa Luzia Matrícula 5380 Caravelas Caravelas BA 93.578 93.578 100% R$ 1,967,044.28 Bloco 35 CAR Matrícula 5542 Caravelas Caravelas BA 83.686 83.686 100% R$ 1,759,124.59 Fazenda Santa Luzia Matrícula 5647 Caravelas Caravelas BA 819.075 819.075 100% R$ 17,217,338.16 Fazenda Lomanto Júnior IX Matrícula 5649 Caravelas Caravelas BA 387.021 387.021 100% R$ 8,135,355.57 FAZENDA LOMANTO JUNIOR XIV Matrícula 10234 Nova Viçosa Nova Viçosa BA 368.179 368.179 100% R$ 4,900,836.37 Fazenda Lomanto Junior XV e XVIII Matrícula 11088 Nova Viçosa Nova Viçosa BA 206.588 206.588 100% R$ 2,749,893.15 Fazenda Lomanto XX Matrícula 11174 Nova Viçosa Nova Viçosa BA 88.749 88.749 100% R$ 1,181,335.59 Fazenda Lomanto Junior VIII e XVI Matrícula 11299 Nova Viçosa Nova Viçosa BA 654.270 654.270 100% R$ 8,709,009.94 Fazenda Lomanto Junior VIII e XVI Matrícula 11300 Nova Viçosa Nova Viçosa BA 218.285 218.285 100% R$ 2,905,592.31 Fazenda Lomanto Júnior XXI Matrícula 11318 Nova Viçosa Nova Viçosa BA 7.538 7.538 100% R$ 100,333.25 BLOCO 13 NV Matrícula 11352 Nova Viçosa Nova Viçosa BA 98.846 98.846 100% R$ 1,315,747.75 Fazenda Lomanto Junior XV e XVIII Matrícula 11359 Nova Viçosa Nova Viçosa BA 390.292 390.292 100% R$ 5,195,187.25 Fazenda Lomanto Junior XV e XVIII Matrícula 11373 Nova Viçosa Nova Viçosa BA 6596.779 6596.779 100% R$ 87,809,944.09 BLOCO 13 NV Matrícula 11374 Nova Viçosa Nova Viçosa BA 601.131 601.131 100% R$ 8,001,673.59 BLOCO 13 NV Matrícula 11375 Nova Viçosa Nova Viçosa BA 68.732 68.732 100% R$ 914,899.28 Fazenda Lomanto Junior XV e XVIII Matrícula 11380 Nova Viçosa Nova Viçosa BA 103.841 103.841 100% R$ 1,382,225.71 Fazenda Lomanto Junior XV e XVIII Matrícula 11381 Nova Viçosa Nova Viçosa BA 702.418 702.418 100% R$ 9,349,909.58 Fazenda Lomanto Junior XV e XVIII Matrícula 11403 Nova Viçosa Nova Viçosa BA 199.733 199.733 100% R$ 2,658,657.99 Fazenda Ouro Verde Matrícula 11425 Nova Viçosa Nova Viçosa BA 83.981 83.981 100% R$ 1,117,868.59 Fazenda California Registro 14163 Caravelas Nova Viçosa BA 200.000 200.000 100% R$ 2,662,206.71 Fazenda Lomanto Junior XIX Matrícula 14490 Nova Viçosa Nova Viçosa BA 320.050 320.050 100% R$ 4,260,196.30 Fazenda Lomanto Junior VIII e XVI Matrícula 14498 Nova Viçosa Nova Viçosa BA 4754.571 4754.571 100% R$ 63,288,259.54 Fazenda Lomanto Junior VIII e XVI Matrícula 14499 Nova Viçosa Nova Viçosa BA 3658.364 3658.364 100% R$ 48,696,599.38 Fazenda Lomanto Junior VIII e XVI Matrícula 14500 Nova Viçosa Nova Viçosa BA 62.980 62.980 100% R$ 838,327.56 Fazenda Lomanto Junior VIII e XVI Matrícula 14501 Nova Viçosa Nova Viçosa BA 3082.112 3082.112 100% R$ 41,026,093.65 Fazenda Canaa Matrícula 24496 Teixeira de Freitas Teixeira de Freitas BA 213.390 213.390 100% R$ 5,126,359.48 OLHOS D'AGUA BLC 09MUC e BLC 15MUC Matrícula 9102 Mucuri Mucuri BA 651.930 651.930 100% R$ 8,217,831.76 OLHOS D'AGUA BLC 09MUC e BLC 15MUC Matrícula 9103 Mucuri Mucuri BA 2.710 2.710 100% R$ 34,161.89 Fazenda Rancho da Felicidade Matrícula 2917 Alcobaça Alcobaça BA 318.355 318.355 100% R$ 4,396,849.65 Sinha Moça Matrícula 2914 Alcobaça Alcobaça BA 276.772 276.772 100% R$ 3,822,530.14 Fazenda Renascer II Matrícula 5203 Caravelas Caravelas BA 41.819 41.819 100% R$ 879,054.65 Fazenda Aconchego Matrícula 5513 Caravelas Caravelas BA 663.667 663.667 100% R$ 13,950,575.67 Fazenda Renascer III a VIII Matrícula 5543 Caravelas Caravelas BA 859.882 859.882 100% R$ 18,075,122.21 Fazenda Renascer IX e X Matrícula 5563 Caravelas Teixeira de Freitas BA 58.427 58.427 100% R$ 1,403,623.85 Fazenda Renascer III a VIII Matrícula 5821 Caravelas Caravelas BA 157.932 157.932 100% R$ 3,319,811.83 Fazenda Renascer XI Matrícula 8533 Prado Teixeira de Freitas BA 6.120 6.120 100% R$ 147,023.11 Fazenda Renascer IX e X Matrícula 6293 Prado Teixeira de Freitas BA 662.000 416.831 62.97% R$ 10,013,691.09 Bloco 02 IBI Matrícula 2489 Ibirapuã Ibirapuã BA 154.782 154.782 100% R$ 2,157,462.15 Bloco 09 NV Matrícula 11290 Nova Viçosa Nova Viçosa BA 424.925 424.925 100% R$ 5,656,194.94 Fazenda Simpatia Matrícula 10231 Nova Viçosa Nova Viçosa BA 223.043 223.043 100% R$ 2,968,932.86 SANTA MARIA E RANCHO ALEGRE II Registro 984 Nova Viçosa Nova Viçosa BA 61.170 61.170 100% R$ 814,235.92 FAZENDA SANTA MARIA Matrícula 11357 Nova Viçosa Nova Viçosa BA 276.450 276.450 100% R$ 3,679,832.57 FAZENDA SANTA MARIA Matrícula 11360 Nova Viçosa Nova Viçosa BA 518.659 518.659 100% R$ 6,903,892.69 FAZENDA SANTA MARIA Matrícula 11372 Nova Viçosa Nova Viçosa BA 254.100 254.100 100% R$ 3,382,333.63 Santa Maria e Rancho Alegre V Matrícula 14492 Nova Viçosa Nova Viçosa BA 382.714 382.714 100% R$ 5,094,316.24 Uberlândia e Monte Cristo Matrícula 5901 Caravelas Caravelas BA 238.657 238.657 100% R$ 5,016,688.53 Uberlândia e Monte Cristo Matrícula 5902 Caravelas Caravelas BA 6.046 6.046 100% R$ 127,098.11 Fazenda Cana Brava Matrícula 8652 Prado Vereda BA 5.000 5.000 100% R$ 63,027.00 Bloco 02 CAR Matrícula 5323 Caravelas Caravelas BA 2.554 2.554 100% R$ 53,675.75 Campo Alegre e Santa Fé Matrícula 8800 Mucuri Mucuri BA 25.544 25.544 100% R$ 321,993.58 Nova America Vai Quem Quer Registro 14160 Caravelas Nova Viçosa BA 96.200 96.200 100% R$ 1,280,521.43 Total 80918 77498 R$ 1,157,478,878.41 APSIS CONSULTORIA E AVALIAÇÕES LTDA.2/2

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| Appraisal Report AP-00656/22-01 - Attachment 3 1 SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY GARACU  Cash and cash equivalents Comprise cash balances, and demand bank deposits and financial investments. Short-term investments are stated at cost − plus income earned up to the closing dates of the years −, with maturities of less than 90 days or without fixed redemption terms, with immediate liquidity, and are subject to an insignificant risk of change in value.  Property, plant and equipment Property, plant and equipment items are measured at the historical cost of acquisition/installation or construction, less accumulated depreciation, and accumulated impairment losses. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that they will generate future economic benefits that can be measured reliably. The book value of replaced items or parts is written off, and all other repairs and maintenance are charged to income for the year when incurred. An item of property, plant and equipment is written off after disposal or when there are no future economic benefits from its continued use. Any gains or losses on the sale or disposal of the asset are determined by the difference between the amounts received on sale and the residual book value of the asset and are recognized in profit or loss. Depreciation is recognized using the straight-line method based on the estimated useful life of each asset so that the cost amount less the residual value of the item after its useful life is fully written off (except for land and construction in progress). Expected useful lives, residual values and depreciation methods are reviewed at least year-end, and the effect of any changes in estimates is accounted for prospectively.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

| A TTACHMEN T 4

| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| APPRAISAL REPORT AP-00656/22-11 VITEX MS PARTICIPAÕES S.A.

| Appraisal Report AP-00656/22-11 1 APPRAISAL REPORT: AP-00656/22-11 VALUATION DATE: June 30th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF VITEX MS PARTICIPAÕES S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010 and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of VITEX MS PARTICIPAÕES S.A., hereinafter denominated VITEX MS, based at Avenida Joo Cabral de Mello Neto, no. 850, block 02, room 215 (part), Barra da Tijuca, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 43.173.259/0001-47, on June 30th, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00656/22-11 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of VITEX MS, as of June 30th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of VITEX MS is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 2 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of VITEX MS as of June 30th, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of VITEX MS. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00656/22-11 3 4. CONCLUSION Based on the work carried out, we concluded that the amount of BRL 598,396,625.92 (five hundred and ninety-eight million, three hundred and ninety-six thousand, six hundred and twenty-five reais and ninety-two cents), as stated in the VITEX MS's balance sheet as of June 30th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12th, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA:8 866819379 1 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:886681 93791 Dados: 2022.08.12 12:24:57 -03'00'

| Appraisal Report AP-00656/22-11 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY VITEX MS 3. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

| A TTACHMEN T 1

| A TTACHMEN T 2

| Appraisal Report AP-00656/22-11 - Attachment 2 1 SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY VITEX MS  Cash and cash equivalents Comprise cash balances, and demand bank deposits and financial investments. Short-term investments are stated at cost, plus income earned up to the closing dates for the years, with maturities of less than 90 days or without fixed redemption terms, with immediate liquidity, subject to an insignificant risk of change in value.  Investments The company's investments are recognized using the equity method from the date the investment was acquired. According to this method, financial interests in companies are recognized in the financial statements at acquisition cost and are periodically adjusted by the amount corresponding to the company's share of net income, with a contra entry to equity in the income statement. Dividends received from these companies are recorded as a reduction in the value of investments.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

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| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| APPRAISAL REPORT AP - 0 0 656 /2 2 - 0 7 PARKIA MS PARTICIPAÇÕES S.A.

| Appraisal Report AP-00656/22-07 1 APPRAISAL REPORT: AP-00656/22-07 VALUATION DATE: June 30th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF PARKIA MS PARTICIPAÕES S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010, and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of PARKIA MS PARTICIPAÕES S.A., hereinafter denominated PARKIA MS, based at Avenida Joo Cabral de Mello Neto, no. 850, block 02, room 215 (part), Barra da Tijuca, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 42.566.153/0001-40, on June 30, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00656/22-07 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of PARKIA MS, as of June 30th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of PARKIA MS is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 2 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of PARKIA MS as of June 30th, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of PARKIA MS. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00656/22-07 3 4. CONCLUSION Based on the work carried out, we concluded that the amount of BRL 797,805,411.83 (seven hundred and ninety-seven million, eight hundred and five thousand, four hundred and eleven reais and eighty-three cents), as stated in the PARKIA MS's balance sheet as of June 30th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12nd, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice-President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA:8 8668193791 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:8866819 3791 Dados: 2022.08.12 16:45:25 -03'00'

| Appraisal Report AP-00656/22-07 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY PARKIA MS 3. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

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| Folha: 1PARKIA MS PARTICIPACOES S.A(00046)CNPJ : 42.566.153/0001-40 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior ATIVO CIRCULANTE DISPONIBILIDADES BENS NUMERAacuteRIOS BANCO CONTA MOVIMENTO 11.463,56D19,54D BANCO ITAUacute S/A1-1-1-1-4-02 *****11.463,56D *********19,54D =BANCO CONTA MOVIMENTO *****11.463,56D *********19,54D =BENS NUMERAacuteRIOS *****11.463,56D *********19,54D =DISPONIBILIDADES APLICACcedillaOtildeES LIQUIDEZ IMEDIATA TIacuteTULOS VAL. MOBILIAacuteRIOS TIacuteTULOS DE RENDA FIXA 85.529,81D204.220,63D TITULOS DE RENDA FIXA1-1-2-1-1-01 *****85.529,81D ****204.220,63D =TIacuteTULOS DE RENDA FIXA *****85.529,81D ****204.220,63D =TIacuteTULOS VAL. MOBILIAacuteRIOS *****85.529,81D ****204.220,63D =APLICACcedillaOtildeES LIQUIDEZ IMEDIATA CONTAS A RECEBER IMPOSTOS A RECUPERAR IRRF 549,46D0,00D S/ APLICACcedillaOtildeES FINANCEIRAS1-1-4-6-1-01 ********549,46D **********0,00D =IRRF IRPJ/CSLL EXERCIacuteCIOS ANTERIORES 370,79D352,13D IRPJ SALDO NEGATIVO - 20211-1-4-6-5-24 47,95D45,54D CSLL SALDO NEGATIVO - 20211-1-4-6-5-25 ********418,74D ********397,67D =IRPJ/CSLL EXERCIacuteCIOS ANTERIORES ********968,20D ********397,67D =IMPOSTOS A RECUPERAR IMPOSTOS A COMPENSAR IMPOSTOS A COMPENSAR 17,31D46,47D PIS A COMPENSAR1-1-4-7-1-01 20,73D200,16D COFINS A COMPENSAR1-1-4-7-1-02 *********38,04D ********246,63D =IMPOSTOS A COMPENSAR *********38,04D ********246,63D =IMPOSTOS A COMPENSAR ******1.006,24D ********644,30D =CONTAS A RECEBER *****97.999,61D ****204.884,47D =T o t a l - CIRCULANTE NAtildeO CIRCULANTE INVESTIMENTOS SOCIEDADES CONTROLADAS - C. CORRIGIDO SOCIEDADES CONTROLADAS - C. CORRIGIDO 797.707.412,22D286.586.299,29D DUAS MARIAS COMERCIAL S.A.1-3-1-1-1-03 0,00D489.485.179,48D FAIR VALUE - DUAS MARIAS COMERCIAL S.A.1-3-1-1-1-07 797.707.412,22D 776.071.478,77D =SOCIEDADES CONTROLADAS - C. CORRIGIDO 797.707.412,22D 776.071.478,77D =SOCIEDADES CONTROLADAS - C. CORRIGIDO 797.707.412,22D 776.071.478,77D =INVESTIMENTOS

| Folha: 2PARKIA MS PARTICIPACOES S.A(00046)CNPJ : 42.566.153/0001-40 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior 797.707.412,22D 776.071.478,77D =T o t a l - NAtildeO CIRCULANTE 797.805.411,83D 776.276.363,24D =T o t a l - ATIVO

| Folha: 3PARKIA MS PARTICIPACOES S.A(00046)CNPJ : 42.566.153/0001-40 Balanço Patrimonial Encerrado em 30/06/2022DescriçãoClassificaçãoExercício AtualExercício Anterior PASSIVO PATRIMONIO LIQUIDO CAPITAL SOCIAL CAPITAL SUBSCRITO CAPITAL SOCIAL SUBSCRITO 169.817.783,80C169.817.783,80C DE DOMICILIADO NO PAIS2-4-1-1-1-01 169.817.783,80C 169.817.783,80C =CAPITAL SOCIAL SUBSCRITO 169.817.783,80C 169.817.783,80C =CAPITAL SUBSCRITO 169.817.783,80C 169.817.783,80C =CAPITAL SOCIAL RESERVAS RESERVAS DE CAPITAL RESERVAS DE CAPITAL 71.848.173,64C71.848.173,64C RESERVAS DE CAPITAL2-4-2-1-1-01 *71.848.173,64C *71.848.173,64C =RESERVAS DE CAPITAL *71.848.173,64C *71.848.173,64C =RESERVAS DE CAPITAL RESERVAS DE LUCROS RESERVAS DE LUCROS 10.216.879,46C10.216.879,46C RESERVA LEGAL2-4-2-2-1-01 *10.216.879,46C *10.216.879,46C =RESERVAS DE LUCROS *10.216.879,46C *10.216.879,46C =RESERVAS DE LUCROS RESERVAS DE REALIZACcedillaAtildeO RESERVAS DE REALIZACcedillaAtildeO 43.569.560,97C53.366.641,28C RESERVA ESPECIAL (§5 art. 202 Lei nº 6404/76)2-4-2-3-1-01 *43.569.560,97C *53.366.641,28C =RESERVAS DE REALIZACcedillaAtildeO *43.569.560,97C *53.366.641,28C =RESERVAS DE REALIZACcedillaAtildeO 125.634.614,07C 135.431.694,38C =RESERVAS LUCROS/PREJUIZOS ACUMULADOS LUCROS/PREJUIacuteZOS ACUMULADOS LUCROS/PREJUIacuteZOS ACUMULADOS 75.060.132,94C0,00C LUCROS ACUMULADOS2-4-3-1-1-01 *75.060.132,94C **********0,00C =LUCROS/PREJUIacuteZOS ACUMULADOS *75.060.132,94C **********0,00C =LUCROS/PREJUIacuteZOS ACUMULADOS *75.060.132,94C **********0,00C =LUCROS/PREJUIZOS ACUMULADOS AJUSTE ACUMULADO DE CONVERSAtildeO AJUSTE ACUMULADO DE CONVERSAtildeO AJUSTE ACUMULADO DE CONVERSAtildeO 427.292.881,02C471.026.885,06C CTA2-4-5-1-1-01 427.292.881,02C 471.026.885,06C =AJUSTE ACUMULADO DE CONVERSAtildeO 427.292.881,02C 471.026.885,06C =AJUSTE ACUMULADO DE CONVERSAtildeO 427.292.881,02C 471.026.885,06C =AJUSTE ACUMULADO DE CONVERSAtildeO 797.805.411,83C 776.276.363,24C =T o t a l - PATRIMONIO LIQUIDO 797.805.411,83C 776.276.363,24C =T o t a l - PASSIVO

| CNPJ: 42.566.153/0001-40Diário :0Folha: 5APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPPARKIA MS PARTICIPACOES S.A(00046)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício AtualRECEITASRECEITAS OPERACIONAIS RECEITAS FINANCEIRASRENDAS TIT. VAL. MOBILIARIOSTITULOS DE RENDA FIXA RECEITAS DE APLICACcedillaAtildeO FINANCEIRA 4.464,80C3-1-1-1-1-02=TITULOS DE RENDA FIXA ******4.464,80C=RENDAS TIT. VAL. MOBILIARIOS ******4.464,80COUTRAS RECEITAS FINANCEIRAS OUTRAS RECEITAS FINANCEIRASATUALIZACcedillaAtildeO MONETAacuteRIA - TAXA SELIC 21,07C3-1-1-5-1-01=OUTRAS RECEITAS FINANCEIRAS *********21,07C=OUTRAS RECEITAS FINANCEIRAS *********21,07C=RECEITAS FINANCEIRAS ******4.485,87CRES. PARTICIP. SOCIETARIASRES. AVALIACcedillaAtildeO P/ PAT. LIQUIDOEM CONTROLADAS DUAS MARIAS COMERCIAL S.A. 9.850.471,10C3-1-3-1-1-61FAIR VALUE 65.319.466,39C3-1-3-1-1-63=EM CONTROLADAS *75.169.937,49C=RES. AVALIACcedillaAtildeO P/ PAT. LIQUIDO *75.169.937,49C=RES. PARTICIP. SOCIETARIAS *75.169.937,49C=T o t a l - RECEITAS OPERACIONAIS *75.174.423,36C=T o t a l - RECEITAS *75.174.423,36CDESPESASDESPESAS OPERACIONAISDESPESAS FINANCEIRASENCARGOS FINANCEIROSENCARGOS FINANCEIROSTARIFAS BANCAacuteRIAS 10,00D4-1-1-1-1-05=ENCARGOS FINANCEIROS *********10,00D=ENCARGOS FINANCEIROS *********10,00D=DESPESAS FINANCEIRAS *********10,00D

| CNPJ: 42.566.153/0001-40Diário :0Folha: 6APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPPARKIA MS PARTICIPACOES S.A(00046)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício AtualDESPESAS ADMINISTRATIVASSERVICcedillaOS PROFISSIONAIS SERVICcedillaOS ADMINISTRATIVOSHONORAacuteRIOS ADVOCATIacuteCIOS 53.007,11D4-1-2-2-1-06HONORAacuteRIOS CONTAacuteBEIS 3.600,00D4-1-2-2-1-07ASSESSORIA E CONSULTORIA 15.014,58D4-1-2-2-1-09=SERVICcedillaOS ADMINISTRATIVOS *****71.621,69D=SERVICcedillaOS PROFISSIONAIS *****71.621,69DOUTRAS DESP. ADMINISTRATIVASOUTRAS DESP. ADMINISTRATIVASOUTRAS 194,00D4-1-2-3-1-03SERVICcedillaOS DE DESPACHANTE 2.399,44D4-1-2-3-1-07=OUTRAS DESP. ADMINISTRATIVAS ******2.593,44DPUBLICACcedillaOtildeES E PROPAGANDASPUBLICACcedillaOtildeES SOCIETAacuteRIAS 38.800,00D4-1-2-3-2-01=PUBLICACcedillaOtildeES E PROPAGANDAS *****38.800,00D=OUTRAS DESP. ADMINISTRATIVAS *****41.393,44DDESPESAS TRIBUTAacuteRIASIMPOSTOS, TAXAS E CONTRIBUICcedillaOtildeES TAXA FED., EST. E MUNICIPAIS 1.056,70D4-1-2-5-1-05PIS S/ RECEITA FINANCEIRA 29,16D4-1-2-5-1-08COFINS S/ RECEITA FINANCEIRA 179,43D4-1-2-5-1-09=IMPOSTOS, TAXAS E CONTRIBUICcedillaOtildeES ******1.265,29D=DESPESAS TRIBUTAacuteRIAS ******1.265,29D=DESPESAS ADMINISTRATIVAS ****114.280,42DRES. PARTICIP. SOCIETAacuteRIASRES. AVALIACcedillaAtildeO P/PAT. LIacuteQUIDOEM CONTROLADAS 0,00D4-1-4-1-1=RES. AVALIACcedillaAtildeO P/PAT. LIacuteQUIDO **********0,00D=RES. PARTICIP. SOCIETAacuteRIAS **********0,00D=T o t a l - DESPESAS OPERACIONAIS ****114.290,42D=T o t a l - DESPESAS ****114.290,42D

| CNPJ: 42.566.153/0001-40Diário :0Folha: 7APEX AUDITORES, CONTADOR E CONSULTORES LTDA - EPPPARKIA MS PARTICIPACOES S.A(00046)Demonstração do Resultado do Exercício de 01/01/2022 até 30/06/2022DescriçãoClassificaçãoExercício AtualRESULTADO DO EXERCIacuteCIO==================================================================================================== RECEITAS--------------> 75.174.423,36C DESPESAS + CUSTO--------------------> 114.290,42D LUCRO LIacuteQUIDO DO EXERCIacuteCIO: **75.060.132,94 ====================================================================================================

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| Appraisal Report AP-00656/22-07 - Attachment 2 1 SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY PARKIA MS  Cash and cash equivalents Comprise cash balances, and demand bank deposits and financial investments. Short-term investments are stated at cost, plus income earned up to the closing dates for the years, with maturities of less than 90 days or without fixed redemption terms, with immediate liquidity, subject to an insignificant risk of change in value.  Investments The company's investments are recognized using the equity method from the date the investment was acquired. According to this method, financial interests in companies are recognized in the financial statements at acquisition cost and are periodically adjusted by the amount corresponding to the company's share of net income, with a contra entry to equity in the income statement. Dividends received from these companies are recorded as a reduction in the value of investments.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

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| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| APPRAISAL REPORT AP-00656/22-03 DUAS MARIAS COMERCIAL S.A.

| Appraisal Report AP-00656/22-03 1 APPRAISAL REPORT: AP-00656/22-03 VALUATION DATE: June 30th, 2022 APPRAISAL REPORT OF THE SHAREHOLDERS' EQUITY OF DUAS MARIAS COMERCIAL S.A., DETERMINED THROUGH THE ACCOUNTING BOOKS APSIS CONSULTORIA E AVALIAÇÕES LTDA., a company established at Rua do Passeio, no. 62, 6th floor, Centro, City and State of Rio de Janeiro, registered in the National Register of Legal Entities of the Ministry of Economy under no. 08.681.365/0001-30, registered with the Regional Accounting Council of Rio de Janeiro under no. 005112/O-9, represented by its undersigned partner, LUIZ PAULO CESAR SILVEIRA, accountant, bearer of the National General Registry no. 89100165-5/D (CREA/RJ), registered in the Individual Registration under the no. 886.681.937-91 and with the Regional Accounting Council of the State of Rio de Janeiro under no. 118.263/P-0, resident and domiciled in the City and State of Rio de Janeiro, with an office at Rua do Passeio, no. 62, 6th floor, Centro, was appointed by SUZANO S.A., hereinafter denominated SUZANO, based at Avenida Professor Magalhes Neto, no. 1,752, 10th floor, rooms 1,009, 1,010, and 1,011, Pituba, City of Salvador, State of Bahia, registered in the National Register of Legal Entities of the Ministry of Economy under no. 16.404.287/0001-55, to proceed with the net equity appraisal of DUAS MARIAS COMERCIAL S.A., hereinafter denominated DUAS MARIAS, based at Avenida Afonso Pena, no. 5,723, room 1,601, Santa F, City of Campo Grande, State of Mato Grosso do Sul, registered in the National Register of Legal Entities of the Ministry of Economy under no. 19.328.576/0001-00, on June 30th, 2022, under accounting practices in Brazil, which comprise those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the Accounting Pronouncements Committee (CPC) and approved by the Federal Accounting Council (CFC). Next, APSIS presents the results of its work.

| Appraisal Report AP-00656/22-03 2 1. PURPOSE OF APPRAISAL The shareholders' equity assessment of DUAS MARIAS, as of June 30th, 2022, according to Articles 226 and 227 of Law no. 6,404/76, aims for the incorporation of the company by SUZANO. The assets comprise the properties detailed in Attachment 2 of this Appraisal Report. 2. MANAGEMENT'S RESPONSIBILITY FOR ACCOUNTING INFORMATION The management of DUAS MARIAS is responsible for bookkeeping and preparing accounting information in accordance with accounting practices adopted in Brazil, which include those included in Brazilian corporate law and the pronouncements, guidelines, and technical interpretations issued by the CPC and approved by the CFC, as well as the relevant internal controls that it has defined as necessary to enable such a process to be free from material misstatement, whether caused by fraud or error. The summary of the leading accounting practices adopted by the company is described in Attachment 3 of this Valuation Report. 3. SCOPE OF WORK AND RESPONSIBILITY OF THE ACCOUNTANT Our responsibility is to present a conclusion on the book value of the shareholders' equity of DUAS MARIAS as of June 30th, 2022, in accordance with the Technical Communication CTG 2002, approved by the Federal Accounting Council (CFC), which provides for the examination of the balance sheet for issuance of an appraisal report. Therefore, we examine the company's balance sheet according to applicable accounting standards, which require the accountant to comply with ethical requirements and planning and execution to obtain reasonable assurance that the subject matter is free from material misstatement. The issuance of an appraisal report involves executing selected procedures to obtain evidence regarding the amounts recorded. This action depends on the accountant's judgment, including assessing the risks of significant misstatement in equity, whether caused by fraud or error. In such an analysis, the accountant considers the internal controls relevant to preparing the company's balance sheet to plan processes appropriate to the circumstances, but not to express an opinion on the effectiveness of such documents. The work also includes the assessment of the adequacy of the accounting policies used and the reasonableness of the judgment of the accounting estimates made by the management of DUAS MARIAS. We believe that the evidence obtained is sufficient and adequate to support our conclusion.

| Appraisal Report AP-00656/22-03 3 4. CONCLUSION Based on the work carried out, we concluded that the amount of BRL 797,707,412.22 (seven hundred and ninety-seven million, seven hundred and seven thousand, four hundred and twelve reais and twenty-two cents), as stated in the DUAS MARIAS's balance sheet as of June 30th, 2022, recorded in the accounting books and summarized in Attachment 1, represents, in all material respects, the book value of the company, assessed in accordance with Brazilian accounting practices. Rio de Janeiro, August 12th, 2022. APSIS CONSULTORIA E AVALIAÇÕES LTDA. CRC/RJ-005112/O-9 LUIZ PAULO CESAR SILVEIRA Vice President Accountant (CRC/RJ-118.263/P-0) LUIZ PAULO CESAR SILVEIRA:8 8668193791 Assinado de forma digital por LUIZ PAULO CESAR SILVEIRA:886681 93791 Dados: 2022.08.12 12:22:59 -03'00'

| Appraisal Report AP-00656/22-03 4 5. LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. PROPERTIES TO BE INCORPORATED 3. SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY DUAS MARIAS 4. GLOSSARY RIO DE JANEIRO - RJ Rua do Passeio, no. 62, 6 andar Centro, CEP 20021-280 Tel.: + 55 (21) 2212-6850 Fax: + 55 (21) 2212-6851 SO PAULO SP Rua Bela Cintra, no. 1.200, Conjuntos 21 e 22 Cerqueira Csar, CEP 01415-001 Tel.: +55 (11) 4550-2701

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| APPRASIAL REPORT AP-00656/22-03ATTACHMENT 2 - PROPERTIES TO BE INCORPORATED Property nameCurrent rec.DistrictCountyStateTotal area (ha)Duas Marias area (ha)Duas Marias percentageAmount per registration or fractionFazenda Curucaca57035Três LagoasTrês LagoasMS4941.1754941.175100%R$ 74,391,036.68Horto Flor da Serra92416Três LagoasTrês LagoasMS1700.0731700.073100%R$ 25,595,162.69Fazenda Brasileira e Outras6558BrasilândiaBrasilândiaMS13.06713.067100%R$ 176,404.50Fazenda Morada do Sol48602Três LagoasTrês LagoasMS1148.1181148.118100%R$ 17,285,299.20Fazenda Brasileira e Outras6429BrasilândiaBrasilândiaMS12125.57912125.579100%R$ 163,695,316.50Fazenda Brasileira e Outras9951BrasilândiaBrasilândiaMS17838.14817838.148100%R$ 210,913,531.31Horto Rio Verde92332Três LagoasTrês LagoasMS6698.8626698.862100%R$ 100,853,604.88Horto Rio Verde34216Três LagoasTrês LagoasMS12767.55312767.553100%R$ 192,219,766.27Total5723357233R$ 785,130,122.03 APSIS CONSULTORIA E AVALIAÇÕES LTDA.1/1

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| Appraisal Report AP-00656/22-03 - Attachment 3 1 SUMMARY OF THE MAIN ACCOUNTING PRACTICES ADOPTED BY DUAS MARIAS  Cash and cash equivalents Comprise cash balances, and demand bank deposits and financial investments. Short-term investments are stated at cost − plus income earned up to the closing dates of the years −, with maturities of less than 90 days or without fixed redemption terms, with immediate liquidity, and are subject to an insignificant risk of change in value.  Property, plant and equipment Property, plant and equipment items are measured at the historical cost of acquisition/installation or construction, less accumulated depreciation, and accumulated impairment losses. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that they will generate future economic benefits that can be measured reliably. The book value of replaced items or parts is written off, and all other repairs and maintenance are charged to income for the year when incurred. An item of property, plant and equipment is written off after disposal or when there are no future economic benefits from its continued use. Any gains or losses on the sale or disposal of the asset are determined by the difference between the amounts received on sale and the residual book value of the asset and are recognized in profit or loss. Depreciation is recognized using the straight-line method based on the estimated useful life of each asset so that the cost amount less the residual value of the item after its useful life is fully written off (except for land and construction in progress). Expected useful lives, residual values and depreciation methods are reviewed at least year-end, and the effect of any changes in estimates is accounted for prospectively.  Liabilities They are recognized in the balance sheet when the company has a present obligation (legal or constructive) or as a result of a past event, and it is probable that an outflow of economic benefits will be required to liquidate it. Some liabilities involve uncertainties as to terms and amount and are estimated through a provision as they are incurred and recorded. Provisions are recorded based on the best estimates of the risk involved.

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| GlossaryAAmortizationSystematic allocation of the depreciable value of an asset over its useful life.AssetA resource controlled by the entity as a result of past events from which future economic benefits are expected for the entity.Asset ApproachValuation of companies where all assets (including those not accounted for) have their values adjusted to the market. Also known as market net equity.BBase DateSpecific date (day, month and year) of application of the assessment value. Basic InfrastructureUrban rainwater drainage equipment, street lighting, sewage system, drinking water, public and home electricity supply and access routes.Book ValueThe value at which an asset or liability is recognized on the balance sheet.Business CombinationUnion of separate entities or businesses producing financial statements of a single reporting entity. Transaction or other event by which an acquirer obtains control of one or more businesses, regardless of the legal form of operation.CCAPEX (Capital Expenditure)Fixed asset investments.Capital StructureComposition of a company’s invested capital, between own capital (equity) and third-party capital (debt). Cash FlowCash generated by an asset, group of assets or business during a given period of time. Usually the term is supplemented by a qualification referring to the context (operating, nonoperating, etc...).Cash Flow on Invested CapitalCash flow generated by the company to be reverted to lenders (interest and amortizations) and shareholders (dividends) after consideration of cost and operating expenses and capital investments.Cash-Generating UnitCmallest identifiable group of assets generating cash inflows that are largely independent on inputs generated by other assets or groups of assets.CompanyCommercial or industrial entity, service provider or investment entity holding economic activities.Conservation StatusPhysical status of an asset as a result of its maintenance.ControlPower to direct the strategic policy and administrative management of a company.CostThe total direct and indirect costs necessary for production, maintenance or acquisition of an asset at a particular time and situation.Cost of CapitalExpected rate of return required by the market as an attraction to certain investment funds.CFCConselho Federal de ContabilidadeCPC (Comitê de Pronunciamentos Contábeis)Accounting Pronouncements Committee.CVMSecurities and Exchange Commission.DDate of IssueClosing date of the valuation report, when conclusions are conveyed to the client.

| DCF (Discounted Cash FlowDiscounted cash flow.D & ADepreciation and amortization.Depreciable ValueCost of the asset, or other amount that substitutes such cost (financial statements), less its residual value.DepreciationSystematic allocation of the depreciable value of an asset during its useful life.Direct Production CostSpending on inputs, including labor, in the production of goods.Discount RateAny divisor used to convert a flow of future economic benefits into present value.EEBIT (Earnings before Interest and Taxes)Earnings before interest and taxes.EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) Earnings before interest, taxes, preciation and amortization.Economic BenefitsBenefits such as revenue, net profit, net cash flow, etc.EnterpriseSet of properties capable of producing revenue through marketing or economic exploitation. It can be: real estate (e.g. subdivision, commercial / residential buildings), real-estate based (e.g., hotel, shopping mall, theme parks), industrial or rural.Enterprise ValueEconomic value of the company.Equity ValueEconomic value of the equity.ExpertiseTechnical activity performed by a professional with specific expertise to investigate and clarify facts, check the status of property, investigate the causes that motivated a particular event, appraise assets, their costs, results or rights.FFacilitiesSet of materials, systems, networks, equipment and operational support services for a single machine, production line or plant, according to the degree of aggregation.Fair Market ValueValue at which an asset could have its ownership exchanged between a potential seller and a potential buyer, when both parties have reasonable knowledge of relevant facts and neither is under pressure to do so.Financial LeaseThat which substantially transfers all the risks and benefits related to the ownership of the asset, which may or may not eventually be transferred. Leases that are not financial leases are classified as operating leases.Fixed AssetTangible asset available for use in the production or supply of goods or services, in third-party leasing, investments, or for management purposes, expected to be used for more than one accounting period.GGoodwillSee Premium for Expected Future Profitability.IIAS (International Accounting Standards)Principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board (IASB). See International Accounting Standards.IASB (International Accounting Standards Board)International Accounting Standards Board. Standard setting body responsible for the development of International Financial Reporting Standards (IFRSs).

| IFRS (International Financial Reporting Standards)International Financial Reporting Standards, a set of international accounting pronouncements published and reviewed by the IASB.ImpairmentSee Impairment lossesImpairment Losses (impairment)Book value of the asset that exceeds, in the case of stocks, its selling price less the cost to complete it and expense of selling it; or, in the case of other assets, their fair value less expenditure for sale.Income ApproachValuation method for converting the present value of expected economic benefits.Indirect Production CostAdministrative and financial costs, benefits and other liens and charges necessary for the production of goods.Intangible AssetIdentifiable non-monetary asset without physical substance. This asset is identifiable when: a) it is separable, i.e., capable of being separated or divided from the entity and sold, transferred, licensed, leased or exchanged, either alone or together with the related contract, asset or liability; b) it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.International Accounting Standards (IAS)Standards and interpretations adopted by the IASB. They include: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) and interpretations developed by the Interpretation Committee on International Financial Reporting Standards (IFRIC) or by the former Standing Interpretations Committee (SIC).Investment PropertyProperty (land, building or building part, or both) held by the owner or lessee under the lease, both to receive payment of rent and for capital appreciation or both, other than for use in the production or supply of goods or services, as well as for administrative purposes.Investment ValueValue for a particular investor based on individual interests in the property in question. In the case of business valuation, this value can be analyzed by different situations, such as the synergy with other companies of an investor, risk perceptions, future performance and tax planning.LLiabilityPresent obligation that arises from past events, whereby it is hoped that the settlement thereof will result in the inflow of funds from the entity embodying economic benefits.LiquidityAbility to rapidly convert certain assets into cash or into the payment of a certain debt.MMarket ApproachValuation method in which multiple comparisons derived from the sales price of similar assets are adopted.MultipleMarket value of a company, share or invested capital, divided by a valuation measurement of the company (EBITDA, income, customer volume, etc...).NNet DebtCash and cash equivalents, net position in derivatives, short-term and long-term financial debts, dividends receivable and payable, receivables and payables related to debentures, short-term and long-term deficits with pension funds, provisions, and other credits and obligations to related parties, including subscription bonus.Non-Operating AssetsThose not directly related to the company’s operations (may or may not generate revenue) and that can be disposed of without detriment to its business.OOperating AssetsAssets that are basic to the company’s operations.Operating LeaseThat which does not substantially transfer all the risks and benefits incidental to the ownership of the asset. Leases that are not operating leases are classified as financial leases.

| PParent CompanyAn entity that has one or more subsidiaries.Premium for Expected Future Profitability (goodwill)Future economic benefits arising from assets not capable of being individually identified or separately recognized.Present ValueThe estimated present value of discounted net cash flows in the normal course of business.PriceThe amount by which a transaction is performed involving a property, a product or the right thereto.PropertySomething of value, subject to use, or that may be the object of a right, which integrates an equity.RReal Estate Property, consisting of land and any improvements incorporated thereto. Can be classified as urban or rural, depending on its location, use or to its highest and best use.Recoverable ValueThe highest fair value of an asset (or cashgenerating unit) minus the cost of sales compared with its value in use. Remaining LifeA property’s remaining life.Replacement CostA property’s reproduction cost less depreciation, with the same function and features comparable to the property assessed.Replacement Value for NewValue based on what the property would cost (usually in relation to current market prices) to be replaced with or substituted by a new, equal or similar property.Reproduction CostExpense required for the exact duplication of a property, regardless of any depreciation.Reproduction Cost Less Depreciation A property’s reproduction cost less depreciation, considering the state it is in.Residual ValueValue of new or used asset projected for a date limited to that in which it becomes scrap, considering its being in operation during the period.Residual Value of an AssetEstimated value that the entity would obtain at present with the sale of the asset, after deducting the estimated costs thereof, if the asset were already at the expected age and condition at the end of its useful life.SShareholders’ Equity at Market PricesSee Assets Approach.SubsidiaryEntity, including that with no legal character, such as an association, controlled by another entity (known as the parent company).Supporting DocumentationDocumentation raised and provided by the client on which the report premises are based.TTangible AssetPhysically existing asset, such as land, building, machinery, equipment, furniture and tools.Technical ReportDetailed report or technical clarification issued by a legally qualified and trained professional on a specific subject.UUseful Economic LifeThe period in which an asset is expected to be available for use, or the number of production or similar units expected to be obtained from the asset by the entity.VValuationAct or process of determining the value of an asset.Valuation MethodologyOne or more approaches used in developing evaluative calculations for the indication of the value of an asset.

| www.pwc.com.br (A free translation of the original in Portuguese) Engagement letter for professional services March 2022 Suzano S.A. Revisado porMaria de Fatima Gerolin - JUR EXT 00018209

| (A free translation of the original in Portuguese) 2 of 10 PricewaterhouseCoopers Auditores Independentes, Avenida Brigadeiro Faria Lima, 3732, 16º andar, partes 1 a 6, Edificio Adalmiro Dellape Baptista B32, Itaim Bibi, SP, CEP 04538-132, PO Box 61005, T: +55 (11) 3674 2000 , www.pwc.com.br Attention: Mr. Marcelo Bacci Mr. Arvelino Cassaro To Suzano S.A. Avenida Brigadeiro Faria Lima, 1355 São Paulo – SP March 15, 2022 Dear Sirs, 1 PricewaterhouseCoopers Auditores Independentes Ltda, established at capital of the State of São Paulo, with principal offices at Avenida Brigadeiro Faria Lima, 3732, 16th and 17th floor, parts 1 and 6, Edifício Adalmiro Dellape Baptista B32, Itaim Bibi, and enrolled in the National Corporate Taxpayers' Register (CNPJ/MF) under No. 61.562.112/0001-20 ("PwCAI"), is pleased that you have selected us to perform audit services for your Company. The purpose of this letter is to confirm our understanding with respect to your and our responsibilities in connection with our engagement as independent auditors of (i) Rio Verde Participações e Propriedades Rurais S.A. and (ii) Suzano Trading Ltd. ("Entities"), for the period ended on May 31, 2022, for issuance of expert reports on the net book equity values based on accounting records on May 31, 2022 ("expert reports"). The terms of this letter will remain effective unless amended in writing with the agreement of both parties. 2 We will issue expert reports on the net book equity values based on accounting records of the Entities on May 31, 2022 and corresponding attachments, prepared in conformity with accounting practices adopted in Brazil. Our reports will be based on the audit procedures applied to the balance sheets of the Entities. Our audits will be conducted with the objective of supporting the expert reports on the net book equity values. Upon completion of our audit, we will issue and deliver to Suzano S.A. our appraisal report on net book assets in Portuguese and English. 3 We will discuss with you a timetable for our work, which will include a final visit, once we have had sight of the balance sheet. We expect to deliver a draft of our expert reports for your review approximately one week after completion of our field work, and to issue our final reports after receiving the management representation letters. Compliance with the above deadlines and delivery by Suzano S.A., on a timely basis, of all the documents, information and representation letters, is necessary for the performance of our services. 4 Our expert reports will express our conclusion on the net book equity value of the Entities, including consideration, if necessary, of adjustments identified during the audit. In addition, our reports may Revisado porMaria de Fatima Gerolin - JUR EXT 00018209

| Suzano S.A. March 15, 2022 3 of 9 include an emphasis of matter paragraph or a paragraph on other matters, considering the circumstances also described in the auditing standards. 5 Our audits will be conducted in accordance with independent audit professional and ethical standards applicable in Brazil, that is, those arising from the professional and technical standards of the Brazilian Federal Accounting Council (CFC). Those standards require that we comply with ethical requirements established in the Code of Professional Ethics and Professional Standards issued by the CFC, and also that the audit be planned and performed to obtain reasonable assurance about whether the balances of the net book equity value are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts recorded. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the net book equity values, whether due to fraud or error. The risks of not detecting a material misstatement that may result from fraud are higher than those arising from errors, since fraud may involve intentional acts of circumventing the internal controls, collusions, forgeries, omissions or false presentations and representations. An audit also includes evaluating the appropriateness of accounting practices used and the reasonableness of accounting estimates made by management. 6 Reasonable assurance means an increased level of assurance, but not the guarantee that an audit carried out in accordance with the Brazilian and International Standards on Auditing will always detect possible existing material misstatements. These misstatements may result from fraud or error and are considered material when, individually or as whole, they may influence, within a reasonable perspective, the economic decisions made by users based on the related financial information. 7 Due to the limitations inherent to the audit process and to the internal control structure, there is an inherent risk that significant errors may not be detected, even if the audit is properly planned and performed in accordance with applicable auditing standards. Our risk assessment will consider internal controls that are significant in the preparation of the balance sheets of the Entities, in order to determine the audit procedures that are appropriate in the circumstances, but not to express an opinion on the effectiveness of such internal controls. However, we will report in writing any significant deficiencies in the internal controls that may be relevant for the balance sheets, if identified during our audit procedures. These reports are for the exclusive use of management. 8 The balance sheets to be audited by us are the responsibility of management. Management is responsible for the proper preparation and presentation of the balance sheets in accordance with accounting practices adopted in Brazil, and for the internal control structure required for the preparation of the balance sheets free of any material misstatements, whether due to fraud or error. The audit of the balance sheets and the issuance of the expert reports do not relieve management of this responsibility. Management is also responsible for making available to the auditor all significant information used when preparing the balance sheets, such as accounting records, related documents and other matters, as well as additional information that may be requested from management for audit purposes, and providing unrestricted Revisado porMaria de Fatima Gerolin - JUR EXT 00018209

| Suzano S.A. March 15, 2022 4 of 9 access to Entities' personnel as the auditor may deem necessary to obtain audit evidence. 9 As required by Brazilian auditing standards, we will make specific inquiries of management and others about the representations embodied in the balance sheets and the effectiveness of internal control over transactions, records and financial reporting. Brazilian auditing standards also require that we obtain a representation letter from certain members of management, including the managing director (diretor- presidente), covering matters which are material to the expert reports. Additionally, management agrees to inform us of facts that may affect the expert reports, of which it may have become aware during the period between the date of the expert reports and the date on which the reports are made available. The results of our audit tests, the responses to our inquiries and the written representations of management comprise the evidential matter upon which we intend to rely in forming our conclusion expressed in the expert reports on the net book equity values. 10 Management has the primary responsibility for the prevention and detection of fraud and errors. In this context, an effective internal control structure reduces the possibility that fraud and errors may occur or, at a minimum, contributes to their being detected, either by management or by the independent auditor. 11 Consequently, although we cannot guarantee the detection of fraud or errors, we will plan and perform our audit to obtain reasonable, but not absolute assurance of detecting errors or fraud that would have a material effect on the balance sheets. Audits are based on the concept of selective testing of the data underlying the balance sheet. Audits are, therefore, subject to the limitation that errors, fraud and illegal acts having a direct and material impact on the balance sheets, if they exist, may not be detected. In addition, our consideration of existing control systems will not be sufficient to allow us to provide assurance regarding the reliability and effectiveness of the internal controls related to transactions, records and financial reporting. 12 Our audits will not include a detailed audit of transactions to identify errors or fraud which do not materially misstate the net book equity values. However, we will communicate to you any such matters that come to our attention. In this context, the concept of materiality is measured in relation to the net book equity values and not in relation to an absolute or isolated effect. 13 If you intend to publish or reproduce, in printed form or electronically (e.g. on an Internet website), our expert reports, or otherwise make reference to PwCAI in a document that contains other information, management agrees to provide us with a draft of such document to read, review and approve before the document is distributed to third parties (regulatory agencies, stock exchanges etc.) and our expert reports are included. We emphasize that our expert reports must be reproduced in its entirety, including the attachments. Revisado porMaria de Fatima Gerolin - JUR EXT 00018209

| Suzano S.A. March 15, 2022 5 of 9 14 If you wish to include our expert reports in a securities offering document or in some other form of document, you agree that you will obtain our prior permission or consent. Likewise, no reference to PwCAI may be included in such documents without our prior consent. Any agreement to perform work in connection with these documents will be a separate engagement and subject to a separate engagement contract. 15 The regulations established by certain countries include the requirement that the auditor be registered in that country if the Entity makes an offering or files the financial information with the expert reports on the net book equity values. The potential consequences of non-compliance with this requirement for the auditor to register on a timely basis may be serious for both the auditor and Suzano S.A. Suzano S.A. agrees that our expert reports on the net book equity values, or reference to us, must not be included in an offering document for a regulatory body, or equivalent, domiciled abroad without our previous consent, in writing. Any agreement to perform a work related to an offering, including our consent, must be subject to a separate service agreement. 16 The Entities agree to provide, on a timely basis, copy of reports, notices or orders issued by the regulatory entities to which the Entities are subject and which are, directly or indirectly, related to the expert reports and, therefore, may be of interest to the independent auditor. The entities also agree, in cases not prohibited by law, to immediately inform PwCAI of the receipt of any official communication, official letter, written notice, assessment notice, court order or request ("communications" or "notices") from the authorities requiring the presentation of information and/or clarifications about frauds or alleged frauds, or noncompliance with laws or regulations. The Entities also agree to provide PwCAI with a copy of the statements, answers, considerations and other communications sent to such authorities in response to the communications received. 17 Our audits will be performed with the key objective of issuing the expert reports on the net book equity values, in connection of the process of the Entities being merged into Suzano S.A., and will not be planned or performed to meet specific transaction requirements or expectations of any third party. Therefore, items of possible interest to a third party will not be specifically addressed and matters may exist that would be assessed differently by a third party, possibly in connection with another specific transaction. 18 PricewaterhouseCoopers refers to the network of member firms of PricewaterhouseCoopers, each of which is a separate and independent legal entity. PwCAI may, at its own discretion, use and/or subcontract resources from other PwC firms and/or third parties (hereinafter "PwC Subcontracted parties"), in Brazil or abroad, in connection with the provision of services and/or for compliance with internal, administrative and/or regulatory requirements. Each PwC Subcontracted party is subject to confidentiality requirements similar to those of PwCAI. Thus, the Company agrees that PwCAI may provide information that it receives in connection with this agreement to PwC Subcontracted parties for such purposes. PwCAI will be solely responsible for the provision of the services (including those performed by PwC Subcontractors) and for the protection of the information provided to the PwC Subcontractors. Revisado porMaria de Fatima Gerolin - JUR EXT 00018209

| Suzano S.A. March 15, 2022 6 of 9 19 As you are aware, various standards as well as provisions related to money laundering prevention are in effect, including Laws 9,613/98 and 12,683/12. These laws require auditors, accounting advisors and consultants to report certain circumstances to the Financial Activities Control Council (COAF), as described in those laws and in the regulations approved by COAF and/or other regulatory agencies of our professional activities. The parties undertake to fully comply with these laws and with Law 12,846/2013 ("Anti-corruption Law"). If PwCAI is required to report any circumstances under these laws, such communication does not constitute and will not constitute a breach of our professional and/or contractual obligation to preserve client confidentiality. Likewise, the disclosure of our work material to national and international regulatory agencies responsible for overseeing audit firms does not and will not constitute a breach of our professional and/or contractual obligation to preserve client confidentiality. 20 During our engagement, we may develop software, including spreadsheets, documents, databases and other electronic tools to support our work. In some cases, these tools, data and documents may be provided to the Entities upon formal request. As these tools were developed specifically for our purposes and without consideration of any purpose for which Entities might use them, they are made available on an "as is" basis for the exclusive use of the Entities and should not be distributed to or shared with any third party. Furthermore, we can provide no representations or warranties as to the sufficiency or appropriateness of the software tools for any purpose for which the Entities may use them. Any software tools developed specifically for the Entities will be covered by a separate engagement letter. 21 The methods, tools, working papers and audit files created by us during our audit work, including the electronic documents and files, are the exclusive property of PwCAI, according to the standards governing our professional activities. 22 Moreover, we may communicate electronically with you during the engagement through the e-mail address informed to each other in writing, whose transmission of information cannot be guaranteed to be secure or error free since it can be intercepted, corrupted, lost or destroyed, arrive late or incomplete or otherwise be adversely affected or unsafe to use. 23 Our fees for this audit engagement will be R$ 90,000.00. Being, R$ 77.175,00, net of taxes, charges and other contributions expected to accrue for the services contracted plus out-of-pocket expenses, provided that they are previously authorized in writing and in compliance with Suzano's Policies. This estimate takes into account the agreed-upon level of preparation and assistance from the Entities' personnel. We will advise management should this not be provided or should any other circumstances arise which may cause actual time to exceed the estimate. The value of our fees, as established in this instrument, includes taxes, fees, contributions and other charges levied on the services contracted herein in accordance with the legislation in force on the date of issuance of this contract letter. 24 Our fees will be billed in a single invoice falling due July 10, 2022. Revisado porMaria de Fatima Gerolin - JUR EXT 00018209

| Suzano S.A. March 15, 2022 7 of 9 25 Our fees take the following into consideration: (a) Support from Company personnel for prior preparation of analyses (requests for analyses) and account reconciliations, which are necessary for the closing of accounts and to prepare the balance sheets and are critical to the audit, as well as the identification and separation of documents on file, and the supply of information in response to our inquiries. We emphasize that the correct and full completion of requests for analyses (to be prepared in advance of our visits) on a timely basis is critical for the assignment to be completed efficiently and within the proposed budgeted hours. Our process of requesting our clients to prepare these analyses and schedules is actually advantageous and cost-effective to the Company, since our time is exclusively dedicated to the review of information and data relating to the accounts, rather than their compilation. (b) Fees for additional consultations involving our specialized departments or services will be charged separately, and the fees will be discussed with and approved by you prior to the issuance of the related invoices. (c) Reimbursement for expenses, such as transportation (air or land), lodging, meals, telephone calls, mileage, etc., provided that previously authorized in writing and in compliance with Suzano's Policies, will be billed to you at cost through separate periodic debit notes. (d) Our fees do not include certain taxes, charges and other contributions on fees for services, as required by legislation as of the billing date. Such taxes, charges, and contributions will be added to each of the services to be billed. 26 Suzano S.A. must make the relevant payment up to the maturity date. In the event of late payment, Suzano S.A., by law, will be considered to be in default, and the outstanding balance will accrue a fine of 2% plus interest on arrears of 0,5% per month plus indexation charges on a "pro rata die" basis, based on the IPCA/IBGE. At PwCAI's discretion, and without prejudice to the possibility of termination of the engagement, PwCAI may interrupt the provision of services until the payment is settled, upon express communication to Suzano S.A.. Such situation will not give rise to any basis for a claim by Suzano S.A. for delays in meeting agreed dates for the contracted services, which will be extended for the same number of days as payment is delayed. 27 Any additional services that you may request and that we agree to provide will be the subject of separate written arrangements. 28 It is our desire to provide you at all times with a high quality service to meet your needs. If, at any time, you would like to discuss with us how our services could be improved or if you are dissatisfied with any Revisado porMaria de Fatima Gerolin - JUR EXT 00018209

| Suzano S.A. March 15, 2022 8 of 9 aspect of our services, please raise the matter immediately with the partner responsible for that aspect of our services to you. If, for any reason, you would prefer to discuss these matters with someone other than that partner, please contact our lead audit partner, Washington Cavalcanti, (+55 11 3674 2000). In this way, we are able to ensure that your concerns are dealt with carefully and promptly. 29 Please note that PwCAI maintains a client satisfaction monitoring program, which includes interviews and written surveys of selected clients each year. 30 The contract described by this letter, when accepted by you, shall be governed by, and construed in accordance with, the laws of Brazil and it is hereby irrevocably agreed and accepted that the courts of São Paulo shall have exclusive jurisdiction to settle any claim, litigation or dispute, including, without limitation, claims for compensation or counterclaims which may arise out of, or in connection with, such contract. Each party irrevocably waives any claim for an action that has been brought in an inappropriate forum or in courts that do not have the appropriate jurisdiction. 31 This Contract Letter is subject to the terms of the Master Agreement signed between the Parties on 09/22/2020, which will prevail in case of conflict. 32 This letter is being issued in Portuguese and English. In case of conflict between the two versions, the contract letter in Portuguese will prevail. 33 Please acknowledge receipt of this letter and your agreement to the terms of our engagement as set out herein by signing the enclosed copy of the letter in the space provided and returning it to us. If your "in agreement" cannot be provided in the next 30 days, we reserve the right to review the terms, provisions, and other conditions described herein. 34 If you require any further information or wish to discuss the terms of our engagement further before replying, please do not hesitate to contact us. Very truly yours, PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5 José Vital Pessoa Monteiro Filho Revisado porMaria de Fatima Gerolin - JUR EXT 00018209

| Suzano S.A. March 15, 2022 9 of 9 Contador CRC 1PE016700/O-0 In agreement: Suzano S.A. Date Witnesses: Name: Daniela Teruko Individual Taxpayers’ Registry (CPF): 47.828.334-23 Name: Arvelino Cassaro Regional Accounting Council (CRC) 1ES007400/O-4 S SP Revisado porMaria de Fatima Gerolin - JUR EXT 00018209

| Business Proposal AP - 00 775 /22 Company : SUZANO PAPEL E CELULOSE S.A. C / O : Mrs . Virginia Tavares Ribeiro

| Página 2 de 10 SINCE 1978, CREATING VALUE Apsis has stood out in the market as an independent consultancy firm specialized in appraisals and value generation for its clients. Apsis' credibility and impartiality has made its results to be regarded as a reference for decision - making at major Company . OUR SOLUTIONS CERTIFICATES OUR NUMBERS More than 20,000 reports issued More than R$ 23 million in assets inventoried and reconciled in the last 3 years 2,000 clients , 80% of which comprising major corporations More than R$ 65 billion in real estate properties appraised More than R$ 600 billion in assets appraised in the last 3 years More than 500 r eports registered with the CVM Apsis issued, in the last 2 years, 100 reports for premium allocation, identifying an amount of over R$ 21 billion Financial, accounting and tax consulting on acquisition and fundraising process for public and private Company Diagnosis for adoption of accounting pronouncements for Company of various segments ACKNOWLEDGMENTS We appreciate the confidence in our work. We're committed to a high standard and a prompt and customized service. Our experience in many different industries helps us to clearly identify the needs of your company and propose efficient solution s that suit your business. We hope that your acceptance results on a fruitful partnership.

| Página 3 de 10 Proposal AP - 00 775 /22 Ju ly 1 2 , 2022 SUZANO PAPEL E CELULOSE S.A. Avenida Brigadeiro Faria Lima, 1355, Pinheiros São Paulo - SP C/O : Mrs. Virginia Tavares Ribeiro Dear Mrs, We are pleased to present our proposal to the requested services . We are at your disposal in case of doubts or clarifications. Business Contact : Renata Lopes | renata.lopes @apsis.com.br 1. PROJECT SCOPE 1.1. Understanding of the situation Pursuant to the understandings held, Suzano Papel e Celulose S.A. (“Suzano”, “Company” or “ Client ”) contacted Apsis Consultoria e Avaliação Ltda. (“APSIS”) to prepare a Business Proposal, for the issuance of accounting reports in accordance with articles 226, 227 and 252 of Law No. 6,404/76 or in accordance with articles 1,116 and 1,117 of the Civil Code ( incorporation ), referring to the accounting information of the Object Compan y Caravelas Florestal S.A. (“ O bject Company ”), related to the corporate transaction to be ca rried out. The aforementioned corporate transaction, as informed by the Company, consists of the incorporation of th is Object Company by their direct shareholders and, in this context, one report will be issued at book value referring to the corporate transaction , in Reais and in Portuguese. Th is same report will also be issued at book value referring to t he corporate transaction , in the version in Reais and in English. Based on Law No. 6,404/76 (Public Company type) or Civil Code (limited Company ), as applicable, the following corporate transactions require the issuance of accounting reports: ▪ Merger oper ations: operations whereby one or more Company are absorbed by another, which succeeds them in all their rights and obligations. For this operation, the issuance of a report is required based on articles 226, 227, and 252 of Law No. 6,404/76 or articles 1,116 and 1,117 of the Civil Code, where the value of the shareholders' equity to be merged is evaluated at its book value on the chosen closing date.

| Página 4 de 10 1.2. Project description Under the terms and for the purposes of the articles mentioned above, the accounting reports will be conducted in compliance with the guidelines established by the Brazilian Accounting Standards. The issuance of an appraisal report at book value presuppose s, as a mandatory requirement, the examination of the amounts of the assets, rights and obligations, which make up the shareholders' equity or net assets of the Object Company to appraisal. APSIS's professional responsibility will be to issue accounting reports for corporate reorganization purposes. The Company's Management will be responsible for preparing the balance sheet and all relevant statements for its preparation on the selected base date. The responsibility for the corporate reorganization rests exclusively with the Company and its legal advisors. It is not part of the scope proposed here to issue any type of opinion on the corporate reorganization process, limiting APSIS only to the assessment of the book values of the Object Company . The pres ent proposal assumes that the information, records, and documents necessary for the review will be available to us promptly. Our work will be exclusively based on the information provided by the Company about the Object Company , and the information will be made available through a digital platform provided by the Company or by email. Reports will be issued under CTG 2002 - Valuation Report Issued by an Accountant, of November 22, 2019, as approved by the Federal Accounting Council ("CTG 2002"), and with Law 6,404/76, which provides for the joint - stock Company or under the Civil Code which provides for limited Company , in reais, and Portuguese language, as they are national regulatory documents. The execution of the procedures described in this pr oposal cannot be taken as a guarantee of the absence of errors (unintentional errors) or irregularities or frauds (intentional errors). Based on the provisions of CTG 2002, the Client has responsibilities that include (i) preparation of accounting informat ion in accordance with Brazilian accounting practices and in accordance with guidelines from specific bodies, (ii) maintenance of internal controls that allow the preparation of accounting information free from material misstatement, whether caused by frau d or error, (iii) provision of accounting information, such as records and documentation for carrying out the work, (iv) asset protection and fraud prevention and detection, and (v) reliable bookkeeping of transactions through records that support accounti ng information. The Client must formally represent to APSIS that these responsibilities have been observed. The Client is aware that a report to be issued may contain paragraphs of emphasis related to uncertainties and explanatory paragraphs using measurab le adjustments identified in the execution of the works. Any specified adjustments must be confirmed by the Client in the formal representation to be issued before the issuance of the accounting report. Additionally, the Client is aware that APSIS may refr ain from issuing an accounting report if restrictions or limitations are found in the scope of the work that prevents the issuance of a conclusive report, such as the identification of potential adjustments that are not subject to measurement on the chosen closing date and/or absence of supporting documentation of the accounting balances of the Object Company . If APSIS abstains from issuing a report, a formal communication will be sent to the Client with the justifications for the aforementioned impossibi lity of issuing the report and the fees will be due in the extension of the work carried out until that date.

| Página 5 de 10 1.3. Document ation required The following is a non - exhaustive list of the initial documentation required by the O bject Company . The complete list with the necessary analyzes will be sent in due course (after approval of the referred proposal), in what applies to the situation of th e Object Company of our works. • The analytical balance sheet of the Company and its investees; • Balance sheet signed by the Company (with decimal places); • Bylaws/articles of association and corp orate acts; • “From to” from the analytical balance sheet to the Balance Sheet table; • Latest audited financial statements; • Latest revised interim financial information; • Letter of representation to be signed by representatives of the Object Company an d the Contracting Party (model to be made available by APSIS); • Information about subsequent events and uncertainties (email with questions will be sent by APSIS on a date close to the issuance of the accounting report; • Accounting policies adopted; • Cu rrent account statements and financial investments; • Evidence of the most recent inventory of stocks (contemplating the conclusion and eventual adjustments); • Stock movement between the last inventory date and the base date; • Evidence of the most recent inventory of property, plant, and equipment; • Analytical composition of fixed assets, including asset identification, entry date, useful life, cost, and accumulated depreciation; • Latest reports of impairment tests of the as sets of the Object Company; • Land appraisal report or other evidence of its market value; • Composition and movement of biological assets from January 2022 to the base date; • Calculation of the Fair Value of the biological asset; and • Worksheets for con tingency controls. If the documentation and/or information necessary for the development of the work is not provided by the Client and obtaining or preparing them results in additional hours of work by the APSIS team involved in the project, said hours will be calculated and charged according to the current hourly rate/man table presented in this proposal. It will also apply when doc umentation or information is replaced after project execution begins.

| Página 6 de 10 1.4. Additional considerations It is not part of the scope of the services proposed in this proposal: • Execution of works outside the scope of this proposal; • Review, issue of opinion or manifest on the proposed corporate reorganization; • Assessment if the operation meets plausible economic aspects and justifications to be carried out; • Making accounting entries or any modification in management reports, which are the responsibility of the Client or the entities involved in the corporate reorganization, except when detailed as part of this proposal; • Assessment of the competence of the people of the Client and the Object Company , in their current and/or future functions; • Issuance of a report by the independent auditors on the financial statements, quarterly information and pro forma financial information; • Issuance of an accounting or legal opinion; • Sanitation of databases; • Directly extracting from the Com pany's systems the databases necessary for carrying out the proposed works; • Fiscal/tax planning or improvement; • Reviews and/or definition of strategic planning; • Alterations and/or elaboration of manuals of norms and procedures; • Elaboration of policies and/or documentation of adopted accounting practices; • Measurement of the impacts of adopting accounting standards; and • Elaboration/implementation of processes and controls. The proposal's scope does not include hours for clarification of the Audit. According to the current hour/man rate table, the necessary hours will be charged. Any work not described in the scope of this proposal that may be performed at the request of the Client , directly or indirectly related to this proposal, will be char ged as additional work hours of the APSIS team involved in the project or, if requested, may be subject to a new proposal. These hours will be calculated and charged according to the current hour/man rate table, as follows: Category : Value net of taxes , in R$: Gross value of taxes , in R$ (1) : Dire c tor/ Partner 730 . 80 800 . 00 Manager 621 . 18 680 . 00 Consult ant 356 . 27 390 . 00 Staff 182 . 70 200 . 00 (1) Covers PIS, COFINS and ISS taxes based on the rates in effect on the date of this proposal, which represent 8.65%. If there is any change in the tax burden on a date before the invoicing of our fees, we will promptly inform and reflect the increase or decrease in the reported man - hour rates.

| Página 7 de 10 2. PRESENTATION OF THE APPRA I SAL REPORT The final report will be presented in digital form, an electronic document in Portable Document Format (PDF) in Portuguese and English versions and will be available in an exclusive environment for the client on our ext ranet for 90 (ninety) days. The report may be made available in digital format, with signatures via certification, or in physical form, to be sent to the client. If the Client requests it, APSIS may provide the physical copy of the report, free of charge, within 05 (five) business days, in a single - copy printed document. 3. DEADLINE APSIS expects to present a draft report within 15 ( fi f teen ) business days, considering that the Mana gement, the Company and/or those involved will make available, at the beginning of the work, all the information necessary to carry out the work. Upon receiving the draft report, the Client will have up to 20 (twenty) days to request clarifications and app rove the final issuance of the document. After this time, APSIS may consider the work closed and will be authorized to issue the final invoice, regardless of the issuance of the final report. After approval of the draft, APSIS will have a period of 05 (fiv e) business days to issue the final report. The services will begin with the express acceptance of the present proposal, the payment of the down payment, and the receipt of the complete documentation necessary for the development of the work. Changes requested after delivery of the digital report will be subject to a new budget.

| Página 8 de 10 4. FEES The professional fees for executing the services proposed herein are described in the table below and will be invoiced from the date of acceptance of the proposal, with the invoice due within 5 (five) days from each event that gave rise to the charge. After maturity, the interest of 1% (one percent) per month will be charged on the net value of the invoice, plus a 2% fine on the invoice va lue, for default. Fees in BRL Fees net of taxes Gross fees (with taxes) (1) 12 accounting reports ( including English version ) R$ 17 , 356. 5 0 R$ 1 9, 000,00 (1) The fees indicated above as gross fees cover PIS, COFINS, and ISS taxes based on the effective rates on the date of this proposal, which represent 8.65%. If there is any change in the tax burden on a date before the invoicing of our fees, we will promp tly inform and reflect the increase or decrease in the fees to be invoiced. We propose that fees be billed as follows: • 50 . 00% (fifty percent) of the total amount upon acceptance of this proposal • 50 . 00% (fifty percent) of the total amount upon delivery of the working draft Services that go beyond the expected scope will be informed to the Client and charged upon issuance of an activity report by APSIS containing the date, description of the work, and time used. 5. VALIDITY OF PROPOSAL This proposal is valid for 30 (thirty) days, counting from the date of its submission. 6. CONFIDENTIALITY APSIS is responsible for maintaining the strictest confidentiality concerning confidential information that it becomes aware of during the execution of the services. For this proposal, any information to which APSIS may have access, directl y or indirectly, depending on the services to be provided, will be considered confidential. Confidential information includes all types of oral, written, recorded and computerized documentation disclosed by the customer in any form or obtained from observa tions, interviews or analyses, properly and without limitation covering all machinery, compositions, equipment, records, reports , sketches, use of patents and documents, as well as all data, compilations, specifications, strategies, projections, processes , procedures, techniques, models and tangible and intangible incorporations of any nature. APSIS, its consultants and collaborators have no direct or indirect interest in the Company involved or the operation described in this proposal.

| Página 9 de 10 7. GENERAL CONDITIONS The basic parameters relevant to the scope of the service will be defined immediately after the acceptance of this proposal, to allow the planning of the work to be performed. Any changes to the data referenced in the Assumptions section of this proposal may result in further analysis by the Consultancy and, in turn, compose the object of a complimentary proposal. If, during the development of the works, the Entity decides to interrupt/cancel the restr ucturing operation, the execution of our services will be suspended immediately, the installments already paid will not be subject to return/refund, and the Client must pay APSIS the fees related to the work already carried out and not billed, if applicabl e. If the draft report has been presented to the Administration, the work will be considered complete, and all fees must be paid. If, after acceptance of the proposal, a need to change or expand the scope of the project initially foreseen is identified in such a way that it is necessary to extend the period of execution of the work, the situation will be promptly communicated to the Entity, analyzing the impacts of additional and new work jointly, as well as the need to bill additional fees to those originally proposed. In the event of force majeure, neither party will be liable for non - compliance or delays arising from circumstances that reasonably can demonstrate that they are out of control. As soon as this circumstance is produced, the affe cted party must inform the other about the form and duration in which it may affect the project. As of this notification, the committed execution dates will be suspended for the expiry of the duration of this force majeure. Upon completion of force majeure , the parties must agree on the corresponding adjustments to the work plan and the economic conditions to be applied if these are affected. Failure to comply with any item of this proposal, during the execution of the services, by the Client will imply the stoppage of the works until the requirements of the unfulfilled item are satisfied. The execution period will be increased by as many as days of stoppage, plus any time needed for a new mobilization of the APSIS team. Any eventuality under the responsibil ity of the Client that causes the interruption of services, delaying the pre - established schedule, may result in additional fees that will be passed on to the Client through an amendment to this proposal. Our work does not represent an audit or review or a ssurance of financial statements carried out in accordance with Brazilian and international auditing, review, and assurance standards. Consequently, our work cannot be considered as an opinion or conclusion, or assurance in this respect. This proposal may be terminated, provided that the Parties agree. In this case, the Client shall pay APSIS the fees, referring to the work already carried out, if these are greater than the installment invoiced in the acceptance of the proposal. The forum is the Capital of the State of Rio de Janeiro, to the exclusion of any other, however privileged it may be, to resolve any possible doubts during the execution of this proposal, as well as all cases not provided for in this instrument.

| Página 10 de 10 8. ACCEPTANCE AND CONTRACT Upon acceptance, the proposal must be signed by the company’s legal representative and subsequently returned to APSIS, followed by all the documentation required in order for APSIS to begin rendering services. Once the proposal has been returned to APSIS, it wi ll become a formal contract between APSIS and its client according to the current civil legislation. The legal representatives of both parties are to sign 2 copies of the present proposal, after which the proposal will automatically become a contract for t he rendering of services. Best regards, LUIZ PAULO CESAR SILVEIRA MIGUEL CÔRTES CARNEIRO MONTEIRO Technical Vice President Dire c tor Acceptance : ______________________________ ___________________________________ (Loca tion / Dat e ) Legal Representative Company Registration Number (CRN): Witness 1: Witness 2: Identification number: Identification number: RIO DE JANEIRO Rua do Passeio, 62, 6º andar Centro • Rio de Janeiro • RJ CEP 20021 - 280 Tel.: +55 21 2212 - 6850 SÃO PAULO Rua Bela Cintra, 1200, Conjuntos 21 e 22 Cerqueira Cesar • São Paulo • SP CEP 01415 - 001 Tel.: +55 11 4550 - 2701 MINAS GERAIS Tel.: +55 31 98299 - 6678 apsis.mg@apsis.com.br

| Business Proposal AP - 00 656 /22 Company : SUZANO PAPEL E CELULOSE S.A. C / O : Mrs . Virginia Tavares Ribeiro

| Página 2 de 10 SINCE 1978, CREATING VALUE Apsis has stood out in the market as an independent consultancy firm specialized in appraisals and value generation for its clients. Apsis' credibility and impartiality has made its results to be regarded as a reference for decision - making at major companies. OUR SOLUTIONS CERTIFICATES OUR NUMBERS More than 20,000 reports issued More than R$ 23 million in assets inventoried and reconciled in the last 3 years 2,000 clients , 80% of which comprising major corporations More than R$ 65 billion in real estate properties appraised More than R$ 600 billion in assets appraised in the last 3 years More than 500 r eports registered with the CVM Apsis issued, in the last 2 years, 100 reports for premium allocation, identifying an amount of over R$ 21 billion Financial, accounting and tax consulting on acquisition and fundraising process for public and private compan ies Diagnosis for adoption of accounting pronouncements for companies of various segments ACKNOWLEDGMENTS We appreciate the confidence in our work. We're committed to a high standard and a prompt and customized service. Our experience in many different industries helps us to clearly identify the needs of your company and propose efficient solution s that suit your business. We hope that your acceptance resu lts on a fruitful partnership.

| Página 3 de 10 Proposal AP - 00 656 /22 June 10 , 2022 SUZANO PAPEL E CELULOSE S.A. Avenida Brigadeiro Faria Lima, 1355, Pinheiros São Paulo - SP C/O : Mrs. Virginia Tavares Ribeiro Dear Mrs, We are pleased to present our proposal to the requested services . We are at your disposal in case of doubts or clarifications. Business Contact : Renata Lopes | renata.lopes @apsis.com.br 1. PROJECT SCOPE 1.1. Understanding of the situation Pursuant to the understandings held, Suzano Papel e Celulose S.A. (“Suzano”, “Company” or “ Client ”) contacted Apsis Consultoria e Avaliação Ltda. (“APSIS”) to prepare a Business Proposal , for the issuance of accounting reports in accordance with articles 226, 227 and 252 of Law No. 6,404/76 or in accordance with articles 1,116 and 1,117 of the Civil Code ( incorporation ), referring to the accounting information of the Object Companies Vitex BA Participações S.A., Vitex ES Participações S.A., Vitex MS Participações S.A., Vitex SP Participações S.A., Parkia BA Participações S.A.; Parkia ES Participações S.A., Parkia MS Participações S.A., Parkia SP Participações S.A., Gar acuí Comercial S.A., Claraíba Comercial S.A., Duas Marias Comercial S.A. and Sobrasil Comercial S.A. (“ O bject Companies”), related to the corporate transaction to be carried out. The aforementioned corporate transaction , as informed by the Company, consis ts of the incorporat ion of these Object Companies by their direct shareholders and, in this context, 12 reports will be issued at book value referring to the corporate transaction , in Reais and in Portuguese. These same 12 reports will also be issued at book value referring to the corporate transaction , in the version in Reais and in English. Based on Law No. 6,404/76 (Public Company type) or Civil Code (limited companies), as applicabl e, the following corporate transactions require the issuance of accounting reports: ▪ Merger operations: operations whereby one or more companies are absorbed by another, which succeeds them in all their rights and obligations. For this operation, the issua nce of a report is required based on articles 226, 227, and 252 of Law No. 6,404/76 or articles 1,116 and 1,117 of the Civil Code, where the value of the shareholders' equity to be merged is evaluated at its book value on the chosen closing date.

| Página 4 de 10 1.2. P roject descriptio n Under the terms and for the purposes of the articles mentioned above, the accounting reports will be conducted in compliance with the guidelines established by the Brazilian Accounting Standards. The issuance of an appraisal report at book value presupposes, as a mandatory requirement, the examination of the amounts of the assets, rights and obligations, which make up the shareholders' equity or net assets of the Object Companies to appraisal. APSIS's professional responsibility will be to issue accounting reports for corporate reorganization purposes. The Company's Management will be res ponsible for preparing the balance sheet and all relevant statements for its preparation on the selected base date. The responsibility for the corporate reorganization rests exclusively with the Company and its legal advisors. It is not part of the scope p roposed here to issue any type of opinion on the corporate reorganization process, limiting APSIS only to the assessment of the book values of the Object Companies. The present proposal assumes that the information, records, and documents necessary for t he review will be available to us promptly. Our work will be exclusively based on the information provided by the Company about the Object Companies, and the information will be made available through a digital platform provided by the Company or by email. Reports will be issued under CTG 2002 - Valuation Report Issued by an Accountant, of November 22, 2019, as approved by the Federal Accounting Council ("CTG 2002"), and with Law 6,404/76, which provides for the joint - stock companies or under the Civil Code which provides for limited companies, in reais, and Portuguese language, as they are national regulatory documents. The execution of the procedures described in this proposal cannot be taken as a guarantee of the absence of errors (unintentional errors) o r irregularities or frauds (intentional errors). Based on the provisions of CTG 2002, the Client has responsibilities that include (i) preparation of accounting information in accordance with Brazilian accounting practices and in accordance with guidelines from specific bodies, (ii) maintenance of internal controls that allow the preparation of accounting information free from material misstatement, whether caused by fraud or error, (iii) provision of accounting information, such as records and d ocumentation for carrying out the work, (iv) asset protection and fraud prevention and detection, and (v) reliable bookkeeping of transactions through records that support accounting information. The Client must formally represent to APSIS that these respo nsibilities have been observed. The Client is aware that a report to be issued may contain paragraphs of emphasis related to uncertainties and explanatory paragraphs using measurable adjustments identified in the execution of the works. Any specified adjus tments must be confirmed by the Client in the formal representation to be issued before the issuance of the accounting report. Additionally, the Client is aware that APSIS may refrain from issuing an accounting report if restrictions or limitations are fou nd in the scope of the work that prevents the issuance of a conclusive report, such as the identification of potential adjustments that are not subject to measurement on the chosen closing date and/or absence of supporting documentation of the accounting b alances of the Object Companies. If APSIS abstains from issuing a report, a formal communication will be sent to the Client with the justifications for the aforementioned impossibility of issuing the report and the fees will be due in the extension of the work carried out until that date.

| Página 5 de 10 1.3. Document ation required The following is a non - exhaustive list of the initial documentation required by the O bject Companies. The complete list with the necessary analyzes will be sent in due course (after approval of the referred proposal), in what applies to the situation of the Object Companies of our works. • The analytical balance sheet of the Company and its investees; • Balance sheet signed by the Company (in R$ and with decimals); • Corporate acts and last updated social contract; • “From to” from the analytical balance sheet to the Balance Sheet table; • Latest audited financial statements; • Latest revised interim financial information; • Letter of represent ation to be signed by representatives of the Target Companies and the C lient (model to be made available by APSIS); • Information about subsequent events and uncertainties (email with questions will be sent by APSIS on a date close to the issuan ce of the accounting reports; • Memorandum of Understanding on the change from the functional currency US dollar to the Brazilian real, under CPC 02; • Current account statements and financial investments; • Composition of investments, including representa tiveness of the interest in its investees (Parkia and Vitex); • Movement updated for the base date of the balances of Debentures (Vitex); • Analytical composition of fixed assets, including asset identification, entry date, useful life, cost and accumulate d depreciation (SPEs); and • Memorandum with Management's understanding of the classification of the SPEs' land as non - investment property, under CPC 28/CPC 06 (R2) (SPEs). If the documentation and/or information necessary for the development of the work is not provided by the Client and obtaining or preparing them results in additional hours of work by the APSIS team involved in the project, said hours will be calculated and charged according to the current hourly rate/man table presented in this proposal. It will also apply when documentation or information is replaced after project execution begins.

| Página 6 de 10 1.4. Additional considerations It is not part of the scope of the services proposed in this proposal: • Execution of works outside the scope of this proposal; • Review, issue of opinion or manifest on the proposed corporate reorganization; • Assessment if the operation meets plausible economic aspects and just ifications to be carried out; • Making accounting entries or any modification in management reports, which are the responsibility of the Client or the entities involved in the corporate reorganization, except when detailed as part of this proposal ; • Assessment of the competence of the people of the Client and the Object Companies, in their current and/or future functions; • Issuance of a report by the independent auditors on the financial statements, quarterly information and pro forma fina ncial information; • Issuance of an accounting or legal opinion; • Sanitation of databases; • Directly extracting from the Company's systems the databases necessary for carrying out the proposed works; • Fiscal/tax planning or improvement; • Reviews and/or definition of strategic planning; • Alterations and/or elaboration of manuals of norms and procedures; • Elaboration of policies and/or documentation of adopted accounting practices; • Measurement of the impacts of adopting accounting standards; and • Elaboration/ implementation of processes and controls. The proposal's scope does not include hours for clarification of the Audit. According to the current hour/man rate table, the necessary hours will be charged. Any work not described in the scope of this proposal that may be performed at the request of the Client , directly or indirectly related to this proposal, will be charged as additional work hours of the APSIS team involved in the project or, if requested, may be subject to a new proposal. These hours will be calculated and charged according to the current hour/man rate table, as follows: Category : Value net of taxes , in R$: Gross value of taxes , in R$ (1) : Dire c tor/ Partner 730 . 80 800 . 00 Manager 621 . 18 680 . 00 Consult ant 356 . 27 390 . 00 Staff 182 . 70 200 . 00 (1) Covers PIS, COFINS and ISS taxes based on the rates in effect on the date of this proposal, which represent 8.65%. If there is any change in the tax burden on a date before the invoicing of our fees, we will promptly inform and reflect the increase or decrease in the reported man - hour rates.

| Página 7 de 10 2. PRESENTATION OF THE APPRA I SAL REPORT The final report will be presented in digital form, an electronic document in Portable Document Format (PDF) in Portuguese and English versions and will be available in an exclusive environment for the client on our extranet for 90 (ninety) days. The report may be made available in digital format, with signatures via certification, or in physical form, to be sent to the client. If the Client requests it, APSIS may provide the physical copy of the report, free of charge, within 05 (five) business days, in a single - copy printed doc ument. 3. DEADLINE APSIS expects to present a draft report wi thin 20 (twenty) business days, considering that the Management, the Company and/or those involved will make available, at the beginning of the work, all the information necessary to carry out the work. Upon receiving the draft report, the C lient will have up to 20 (twenty) days to request clarifications and approve the final issuance of the document. After this time, APSIS may consider the work closed and will be authorized to issue the final invoice, regardless of the issuance of the final repo rt. After approval of the draft, APSIS will have a period of 05 (five) business days to issue the final report. The services will begin with the express acceptance of the present proposal, the payment of the down payment, and the receipt of the complete do cumentation necessary for the development of the work. Changes requested after delivery of the digital report will be subject to a new budget.

| Página 8 de 10 4. FEES The professional fees for executing the services proposed herein are described in the table below and will be invoiced from the date of acceptance of the proposal, with the invoice due within 5 (five) days from each e vent that gave rise to the charge. After maturity, the interest of 1% (one percent) per month will be charged on the net value of the invoice, plus a 2% fine on the invoice value, for default. Fe es in BRL Fees net of taxes Gross fees (with taxes) (1) 12 accountin g reports ( including English version ) R$ 171.738,00 R$ 188.000,00 (1) The fees indicated above as gross fees cover PIS, COFINS, an d ISS taxes based on the effective rates on the date of this proposal, which represent 8.65%. If there is any change in the tax burden on a date before the invoicing of our fees, we will promptly inform and reflect the increase or decrease in the fees to b e invoiced. We propose that fees be billed as follows: • 5 0 . 00% (fifty percent) of the total amount upon acce ptance of this proposal • 50 . 00% (fifty percent) of the total amount upon delivery of the working draft Services that go beyond the expected scope will be informed to the Client and charged upon issuance of an activity report by APSIS containing the date, description of the work, and time used. 5. VALIDITY OF PROPOSAL This proposal is valid for 30 (thirty) days, counting from the date of its submission. 6. CONFIDENTIALITY APSIS is responsible for maintaining the strictest confidentiality concerning confidential information that it becomes aware of during the execution of the services. For this proposal, any information to which APSIS may have access, directly or indirectly, depending on the services to be provided, will be considered confidential. Confidential information includes all types of oral, written, recorded and computerized documentation disclosed by the customer in any form or obtained from observations, interviews or analyses, properly and without limitation cove ring all machinery, compositions, equipment, records, reports , sketches, use of patents and documents, as well as all data, compilations, specifications, strategies, projections, processes, procedures, techniques, models and tangible and intangible incorp orations of any nature. APSIS, its consultants and collaborators have no direct or indirect interest in the companies involved or the operation described in this proposal.

| Página 9 de 10 7. GENERAL CONDITIONS The basic parameters relevant to the scope of the service will be defined immediately after the acceptance of this proposal, to allow the planning of the work to be performed. Any changes to the data referenced in the Assumptions section of this proposal may result in further analysis by the Consultancy and, in turn, compose the object of a complimentary proposal. If, during the development of the works, the Entity decides to interrupt/cancel the restructuring operation, the execution of our services will be suspended immediate ly, the installments already paid will not be subject to return/refund, and the Client must pay APSIS the fees related to the work already carried out and not billed, if applicable. If the draft report has been presented to the Administration, t he work will be considered complete, and all fees must be paid. If, after acceptance of the proposal, a need to change or expand the scope of the project initially foreseen is identified in such a way that it is necessary to extend the period of execution of the work, the situation will be promptly communicated to the Entity, analyzing the impacts of additional and new work jointly, as well as the need to bill additional fees to those originally proposed. In the event of force majeure, neither party will be liable for non - compliance or delays arising from circumstances that reasonably can demonstrate that they are out of control. As soon as this circumstance is produced, the affected party must inform the other about the form and duration in which it may aff ect the project. As of this notification, the committed execution dates will be suspended for the expiry of the duration of this force majeure. Upon completion of force majeure, the parties must agree on the corresponding adjustments to the work plan and t he economic conditions to be applied if these are affected. Failure to comply with any item of this proposal, during the execution of the services, by the Client will imply the stoppage of the works until the requirements of the unfulfilled item are satisfied. The execution period will be increased by as many as days of stoppage, plus any time needed for a new mobilization of the APSIS team. Any eventuality under the responsibility of the Client that causes the interruption of services , delaying the pre - established schedule, may result in additional fees that will be passed on to the Client through an amendment to this proposal. Our work does not represent an audit or review or assurance of financial statements carried out in accordance with Brazilian and international auditing, review, and assurance standards. Consequently, our work cannot be considered as an opinion or conclusion, or assurance in this respect. This proposal may be terminated, provided that the Parties agree. In this case, the Client shall pay APSIS the fees, referring to the work already carried out, if these are greater than the installment invoiced in the acceptance of the proposal. The forum is the Capital of the State of Rio de Janeiro, to the exclusion of any other, however privileged it may be, to resolve any possible doubts during the execution of this proposal, as well as all cases not provided for in this instrument.

| Página 10 de 10 8. ACCEPTANCE AND CONTRACT Upon acceptance, the proposal must be signed by the company’s legal representative and subsequently returned to APSIS, followed by all the documentation required in order for APSIS to begin rendering services. Once the proposal has been returned to APSIS, it will become a formal contract betwe en APSIS and its client according to the current civil legislation. The legal representatives of both parties are to sign 2 copies of the present proposal, after which the proposal will automatically become a contract for the rendering of services. Best regards, LUIZ PAULO CESAR SILVEIRA MIGUEL CÔRTES CARNEIRO MONTEIRO Technical Vice President Dire c tor Acceptance : ______________________________ ___________________________________ (Loca tion / Dat e ) Legal Representative Company Registration Number (CRN): Witness 1: Witness 2: Identification number: Identification number: RIO DE JANEIRO Rua do Passeio, 62, 6º andar Centro • Rio de Janeiro • RJ CEP 20021 - 280 Tel.: +55 21 2212 - 6850 SÃO PAULO Rua Bela Cintra, 1200, Conjuntos 21 e 22 Cerqueira Cesar • São Paulo • SP CEP 01415 - 001 Tel.: +55 11 4550 - 2701 MINAS GERAIS Tel.: +55 31 98299 - 6678 apsis.mg@apsis.com.br