<SEC-DOCUMENT>0001104659-23-026766.txt : 20230228
<SEC-HEADER>0001104659-23-026766.hdr.sgml : 20230228
<ACCEPTANCE-DATETIME>20230228164052
ACCESSION NUMBER:		0001104659-23-026766
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20230228
FILED AS OF DATE:		20230228
DATE AS OF CHANGE:		20230228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Suzano S.A.
		CENTRAL INDEX KEY:			0000909327
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38755
		FILM NUMBER:		23686266

	BUSINESS ADDRESS:	
		STREET 1:		AV. PROFESSOR MAGALHAES NETO, 1,752
		STREET 2:		10TH FLOOR, ROOMS 1010 AND 1011
		CITY:			SALVADOR - BA
		STATE:			D5
		ZIP:			41 810-012
		BUSINESS PHONE:		551121384588

	MAIL ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA, 1,355
		STREET 2:		7TH FLOOR
		CITY:			PINHEIROS, SAO PAULO - SP
		STATE:			D5
		ZIP:			01 452-919

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Suzano Papel e Celulose S.A.
		DATE OF NAME CHANGE:	20180322

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMPANHIA SUZANO DE PAPEL E CELULOSE                    /FI
		DATE OF NAME CHANGE:	19930719
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of February, 2023.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number 001-38755</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suzano S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUZANO INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of Registrant&#8217;s Name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Av. Professor Magalhaes Neto, 1,752</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>10th Floor, Rooms 1010 and 1011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Salvador, Brazil 41 810-012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20-F
</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Form&nbsp;40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1): </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7): </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Enclosures</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="tm238075d2_ex99-1.htm" STYLE="-sec-extract: exhibit">Exhibit
99.1</A> </B><A HREF="tm238075d2_ex99-1.htm" STYLE="-sec-extract: exhibit">&#8211; Management Report 2022.</A></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: February 28, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUZANO S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Marcelo
    Feriozzi Bacci</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcelo Feriozzi Bacci</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial and Investor Relations Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-99.1
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<FILENAME>tm238075d2_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm238075d2_ex99-1img001.jpg" ALT="" STYLE="height: 136px; width: 950px">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>MANAGEMENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">MESSAGE
FROM MANAGEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The year 2022 was
marked by numerous challenges, opportunities and excellent results. We set records and advanced on all strategic avenues, which were
accompanied by considerable progress on the social and environmental fronts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Early in the year,
the slowdown of the pandemic gave rise to expectations of the global economic and social scenario returning to normality. However, the
war between Russia and Ukraine has aggravated the global crisis, prolonging the imbalance in logistic chains and adversely affecting
the global supply of diverse inputs, while increasing inflationary pressures, which forced central banks to adopt contractionary monetary
policies that reduced liquidity and hiked interest rates across the globe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the midst of
this adverse scenario, the pulp market was affected by limited global supply caused by diverse factors such as the delayed startup of
new capacities, unscheduled downtimes caused by strikes and events related to climate change, which affected industrial and forestry
activities, as well as economic sanctions and logistical restrictions, which led to a complex scenario in terms of global trade flows
and inventories. On the other hand, the negative impacts on production costs persisted, worsened by the above-mentioned pressure factors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Demand for pulp
remained strong and resilient, despite the global macroeconomic scenario and China&rsquo;s zero-Covid policy, thanks to the importance
and low elasticity of the tissue segment, the biggest user of our pulp. These factors, combined with the adverse scenario mentioned above,
led to successive increases in the average net price of pulp in USD, which increased 24% in relation to the previous year. The dynamics
were similar in the paper and packaging sector, which registered a 40% increase in the average net price from the previous year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In this scenario,
thanks to our operational excellence, we achieved record results in 2022 at both business units, which jointly registered adjusted EBITDA
of R$28.2 billion, up 20% from 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our
financial discipline enabled us to allocate capital efficiently on our strategic avenues. Grounded on our strategic avenues of &ldquo;being
the best in class in total pulp costs&rdquo; and &ldquo;being an important player in pulp through solid projects,&rdquo; we announced
the acquisitions of Parkia and Caravelas for R$2.0 billion, modernized our Jacare&iacute; (SP) and Aracruz (ES) mills and launched the
biggest planting project in our history. We have invested R$7.4 billion in the Cerrado project, whose physical and financial progress
is going according to plan. We also announced the acquisition of Kimberly-Clark&rsquo;s tissue unit in Brazil for US$175 million, in
line with our strategic avenue &ldquo;advancing in the links across the chain,&rdquo; which has not yet been concluded and is awaiting
approval from Brazil&rsquo;s antitrust agency CADE. As for the avenue &ldquo;boldly expand into new markets,&rdquo; the WoodSpin mill
in Finland, a joint venture with Spinnova, and the MFC plant at the Limeira (SP) mill, went operational according to schedule. One more
announcement marked the year: the creation of Suzano Ventures, the Company&rsquo;s corporate venture capital fund with US$70 million
available for investments in startups.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Analyzing our evolution
in light of our ambition of being &ldquo;leading players in sustainability,&rdquo; we made remarkable progress in our Commitments to
Renewing Life, especially in the targets related to diversity and inclusion and of lifting people out of poverty. We have also started
work on biodiversity corridors. In line with our long-term targets, in 2022 we launched a new project in partnership with Ita&uacute;
Unibanco, Marfrig, Rabobank, Santander and Vale. We founded Biomas, a company that aims to restore degraded lands as a way of preserving
the environment and capturing carbon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We improved in
all ESG indices and ratings, including the Dow Jones Sustainability Emerging Markets Index (DJSI Emerging Markets), B3&rsquo;s Corporate
Sustainability Index (ISE), CDP and Sustainalytics, besides improving our score from B to BB on MSCI.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The scenario of
higher prices led to additional cash generation, which in turn led to: (i) higher remuneration for shareholders, with R$4.2 billion paid
as dividends, of which R$1.8 billion pertain to 2021 and R$2.4 billion pertain to 2023 paid in advance; (ii) two share buyback programs
totaling 40 million shares worth R$1.9 billion, with a third share buyback program in force, for up to 20 million shares; (iii) capital
investments of R$16.3 billion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Despite all these
capital allocations, we reduced our financial leverage, measured as the ratio of net debt to EBITDA in USD, from 2.4 times in 2021 to
2.0 times in 2022. The Company&rsquo;s strong performance and financial health are evident from the maintenance of its investment grade
(BBB-/Baa3), with stable outlook, by the main rating agencies: S&amp;P, Fitch Ratings and Moody&rsquo;s.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The solid and remarkable
results in the year were attained, thanks to the efforts of our 42,000 direct and indirect employees, who materialize &ndash; every single
day - our culture of inspiring and transforming by being strong and kind. In 2023, the Company will continue to move ahead with its strategy,
while remaining focused on diligently executing the Cerrado project and guided by our ambition of being a transformational agent that
benefits not only ourselves but also the world.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">The Management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><IMG SRC="tm238075d2_ex99-1img003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">OVERVIEW</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Suzano is committed
to becoming the global benchmark in developing sustainable and innovative solutions based on planted trees - the natural resource on
which our current and future business is founded on. The world's leading producer of market pulp and one of Latin America&rsquo;s largest
paper producers, Suzano exports its products - essential for hygiene, education and the well-being of society - to more than 108 countries.
Its 13 plants and the joint operation Veracel have a combined installed capacity to produce 10.9 million tons of market pulp and 1.4
million tons of paper a year. In 2021, the Company embarked on a new growth phase through the Cerrado Project, which involves the construction
of a new market pulp mill with annual production capacity of 2.55 million tons and which should go operational in the second half of
2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company has
over 42,000 direct and indirect employees and has been investing for almost 100 years in innovative solutions based on planted trees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">INNOVATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 2022, we actively
pursued the company's strategic avenues and our commitments to &ldquo;renewing life inspired by trees&rdquo;. The Technology and Innovation
Department invested in an extensive portfolio of advanced developments to ensure the sustainability of our forests and operations, as
well as our business growth and transformation, besides consolidating our position as an innovative company committed to the SDGs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Through the Tetrys
clonal allocation system, Suzano's Genetic Enhancement program recommended new clones for operational planting, which will maximize forest
yields and minimize biotic and abiotic risks, thus ensuring forest sustainability over the coming years. To adapt ourselves and anticipate
problems related to climate change, the company rolled out projects and actions to generate clones that are more resilient to stress
conditions. It has also developed a data management system, which brings greater confidence and agility to researchers and managers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Forest Management
team also focused on innovations to increase the climate resilience of eucalyptus forests. The issue was addressed in the Fenomics project,
by which new laboratories were built and experiments were ramped up in areas with water scarcity. Initiatives were also rolled out to
better understand, early diagnose and quantify the risks resulting from the effects of climate change. As part of the digital transformation
process, we developed the Climate Fingerprint System, which measures the impacts of climate change during the lifecycle of forests, and
the Fenix System, which improves governance and enables agile decision-making in areas affected by forest disasters. &nbsp;On the forestry
development front, we produced and released a record 150 million specimens of natural enemies of forest pests. This is a sustainable
practice that promotes equilibrium in the production environment by acting preventively to reduce or even eliminate the use of chemicals
to control eucalyptus pests. In forestry development, the Company achieved a historical record for laboratory production and field release
of 205 million natural enemies of pests. Through this strategy, which is a sustainable practice for the preventive control of Eucalyptus
pests, and which promotes balance in the productive environment, it was possible to eliminate the use of chemical insecticides in almost
300 thousand hectares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To address the
company's challenges and ambitions, the Innovation in Pulp portfolio included projects focused on processes, as well as the development
of new products and services. To advance further on its &ldquo;Fiber to Fiber&rdquo; strategy, the company expanded its portfolio by
developing new eucalyptus pulp products with different characteristics and physical properties, which will enable it to deliver high-performance
and competitive products that replace other commercial pulp types. In line with global trends, the company built digital tools to optimize
processes, understand the impacts of pulp on processes at its clients, and measure environmental indices and the life cycle of our products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">For better management
and control of the specific consumption of wood in Suzano's operating units, diagnostic work was carried out, implementation of new measurement
methodologies and deep identification of the main factors that influence the behavior of this indicator. Such work led to the integration
of strategic technologies in wood quality management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">At the Paper and
Packaging Business Unit, the development of new products to replace plastic and of paper suitable for contact with food (Greenpack, LIN,
BluecupBio, Loop and Loop+) continued to drive the growth in sales of innovation products in 2022. Some of the product launches and approvals
included paper packaging for cut size products and the Natural paper line, in addition to advances in flexible packaging.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To achieve the
target of offering 10 million tons of renewable-origin products to replace those of fossil origin, the biorefinery innovation projects
brought important advances not only in the commercial production of new biomaterials, but also in applications across diverse markets
in partnership with important stakeholders. At Woodspin, a joint venture with Finnish company Spinnova dedicated to producing textile
yarns from Microfibrillated Cellulose (MFC), construction of the pre-commercial plant with capacity for 1 kton was concluded and went
operational. We also advanced in the maturation of diverse applications of MFC in other segments, such as construction, paper and cosmetics.
In 2022, we also won the award for the most innovative company in the sector, given by the Brazilian Pulp and Paper Technical Association
(ABTCP), for advances made in the project to use lignin in cosmetics.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To assist in the
management and to strengthen our innovation portfolio, we made further progress in protecting our innovation, identified 25 new industrial
property opportunities (new technologies), filed 64 patent applications in countries of interest and identified 12 eucalyptus varieties
for protection at the National Service for the Protection of Plant Varieties (SNPC). In addition, we created the Regulatory Information
Sheet (RIS), which gathers information about the compliance of Suzano&rsquo;s products with Brazilian and international regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To leverage partnerships
for innovation projects, we prospected 86 opportunities through interactions with universities, research institutions and startups in
Brazil and abroad, and launched 28 initiatives. To share risks and investments, we pursued different lines of incentives for innovation,
raising R$25 million, which included public funds of R$21 million. In a pioneering initiative, we partnered with Suzano Ventures and
SENAI to launch the global call &ldquo;(Bio)solutions: the future based on trees.&rdquo; The goal was to attract and leverage new partnerships
with diverse players in the Brazilian and international innovation ecosystems, with the focus on proposals in four verticals &ndash;
Agroforestry, Carbon Removal, Eucalyptus Biomass and Sustainable Packaging. We received 99 proposals involving the participation of 101
institutions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">PULP
BUSINESS UNIT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The year 2022 was
marked by positive fundamentals for the hardwood pulp market, driven mainly by solid demand in key markets and by supply restrictions,
which resulted in record average prices during the period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In China, demand
for pulp for sanitary purposes remained resilient and stable, following the trend of migration to online purchasing channels. The packaging
and printing &amp; writing paper segments remained stable, fueled by the growth in exports, especially to other markets in Asia. Also,
the difference between softwood and hardwood prices during the year drove the growth in consumption of the latter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In Europe, despite
the geopolitical and economic situation, demand remained healthy, especially for sanitary and special papers. In the U.S. market, demand
for sanitary papers grew to pre-pandemic levels, while the printing &amp; writing paper segment registered year-on-year growth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On the supply side,
the hardwood pulp segment witnessed supply restrictions during the year due to: i) labor strikes in Europe; ii) sanctions on Russian
wood as a result of the Russia&ndash;Ukraine conflict; iii) difficulties in the logistics chain; iv) unscheduled downtimes caused by
weather conditions; and v) postponement of the entry of new capacities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In this scenario,
Suzano reported sales of 10,600 thousand tons, a slight increase from the previous year, driven by intensive commercial efforts and maintenance
of low inventory levels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net pulp revenue
totaled R$41,384 million in 2022, (up 19% vs. 2021), thanks to the 24% increase in average net price in USD. Exports accounted for 94%
of total pulp revenue, while domestic sales represented 6%. With regard to distribution for end use, 63% of pulp sales went to sanitary
paper production, 16% to printing &amp; writing paper, 14% to special papers and 6% to packaging.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Average net price
of pulp was US$756/ton in 2022 (up 24% from 2021), while average net price in BRL stood at R$3,904/ton (up 19% from 2021). Cash cost
of production ex-downtime in 2022 was R$885 per ton, 28% higher than in 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">PAPER
AND PACKAGING BUSINESS UNIT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">According to Brazil's
Forestry Industry Association (IB&Aacute;), domestic sales of printing &amp; writing paper and paperboard declined 1% in 2022 vs. 2021,
while imports grew 24%. Paper sales, including the consumer goods unit, totaled 1,306 million tons, up 1% from 2021. Printing &amp; writing
paper sales were already high in 2021 and remained stable on the back of solid demand in the respective segments. Moreover, the paperboard
and tissue lines continued their strong performance throughout the year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 2022, net revenue
from paper sales was R$8,447 million, up 35% from the previous year. Net revenue from the domestic market increased 34% year-on-year,
while revenue from exports grew 38%. Of the total net revenue, 69% came from exports and 31% from domestic sales. In 2022, revenue from
paper sales mainly came from Brazil and Latin America (89%), followed by North America (7%), while other regions accounted for 4%. Average
net paper price in 2022 was R$6,467/ton, 34% higher than in 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 2023, we have
solid operational plans for the paper and consumer goods lines and for streamlining actions aimed at the sustainability of our innovative
product portfolio.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">FINANCIAL
PERFORMANCE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Results</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The consolidated
financial statements were prepared in accordance with the standards of the Securities and Exchange Commission of Brazil (CVM) and the
pronouncements issued by the Accounting Pronouncements Committee (CPC) and comply with the International Financial Reporting Standards
(IFRS) issued by the International Accounting Standards Board (IASB). The operational and financial information of Suzano S.A. is presented
on a consolidated basis and in Brazilian real (R$).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Net
Revenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Suzano&rsquo;s
net revenue in 2022 was R$49,831 million, an increase of 22% from R$40,965 million in 2021, mainly due to the higher net price in USD
and BRL across all business units during the year. Sales remained stable in relation to last year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Cost
of Goods Sold (COGS)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 2022, cost of
goods sold totaled R$24,821 million, 20% higher than R$20,616 million in 2021, mainly due to higher cash cost of pulp production (+28%)
and higher Brent price, which affected logistics costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Gross
Profit</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Gross profit increased
from R$20,350 million in 2021 to R$25,010 million in 2022, driven by better operating results, as mentioned above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Selling
and Administrative Expenses</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Selling expenses
totaled R$2,483 million in 2022, up 8% from R$ 2,292 million in 2021, mainly due to the increase in logistics and personnel expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Administrative
expenses came to R$1,710 million in 2022, an increase of 8% from R$1,578 million in 2021, chiefly due to the increase in personnel expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">Adjusted
EBITDA</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Adjusted EBITDA
in 2022 totaled R$28,195 million, 20% higher than R$23,471 million in 2021, chiefly due to the higher average net price of pulp in USD
(+24%), offset by the higher costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">Net
Financial Result</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net financial result
was an income of R$6,433 million in 2022, compared to an expense of R$9,347 million in 2021. This performance primarily reflects the
lower impact of foreign exchange effects on debt and the derivatives position in 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Inflation adjustment
and exchange rate variation generated a positive impact of R$3,295 million in 2022, compared to a negative impact of R$3,801 million
in 2021. The result of operations with derivatives (debt and cash flow hedges) was an income of R$6,762 million in 2022, compared to
an expense of R$1,598 million in 2021, mainly impacted by the sharp decline in BRL that year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">Net
Income (Loss)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Thanks to strong
operating results and the positive financial result, as mentioned above, the Company registered net income of R$23,395 million in 2022,
compared to R$8,636 million in 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">Debt</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On December 31,
2022, gross debt stood at R$74,575 million and was composed of 96% long-term maturities and 4% short-term maturities. Foreign currency
debt corresponded to 82% of the Company's total debt at the end of the year. The percentage of gross debt in foreign currency, considering
the effect of debt hedge, was 95%. The decrease in gross debt in 2022 compared to 2021 was 6% (R$5,054 million), mainly driven by a stronger
BRL versus USD in the period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Suzano contracts
debt in foreign currency as a natural hedge, since net operating cash generation is mostly denominated in foreign currency (USD) due
to its predominant status as an exporter. This structural exposure allows the Company to match loans and financing payments in USD with
receivable flows from sales.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On December 31,
2022, the average cost of debt in USD was 4.7% p.a. (considering debt in BRL adjusted by the market swap curve), higher than the average
cost in USD of 4.3% registered on December 31, 2021. The average term of consolidated debt at the end of 2022 was 80 months, as against
89 months at the end of 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Cash, cash equivalents
and financial investments on December 31, 2022 amounted to R$17,472 million, 72% of which were invested in foreign currency fixed-income
and short-term investments. The remaining 28% was invested in local currency, in government and fixed-income bonds, remunerated at a
percentage of the DI rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On December 31,
2022, the Company also had a revolver credit facility of US$1,275 million (R$6,653 million), of which US$100 million is available through
February 2024, which is the balance amount of the line already available since February 2019, in the original amount of US$500 million.
The additional amount of US$1,175 million will be available through February 2027 and is subject to the same financial costs of the current
facility by February 2024. As such, the cash and equivalents of R$17,472 million plus the revolving credit facility amounted to a readily
available cash position of R$24,124 million at the end of 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On December 31,
2022, net debt stood at R$57,103 million (US$10,944 million), compared to R$58,280&nbsp;million (US$10.443 million) on December 31, 2021.
Net debt decreased 2% in BRL and increased 5% in USD, due to strong cash generation in the period, offset by higher Capex (related to
the Cerrado project and the first installment paid for the acquisition of Parkia), the share buyback program and dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Financial leverage,
measured as the ratio of net debt to Adjusted EBITDA in BRL, was 2.0 times on December 31, 2022 (2.5 times in 2021). The same ratio in
USD, a measure established in Suzano&rsquo;s financial policy, was 2.0 times on December 31, 2022 (2.4 times in 2021).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">OPERATING
CASH GENERATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Operating cash
generation (adjusted EBITDA less sustaining capex) amounted to R$22,563 million in 2022, up 20% from R$18,819 million in 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">(R$ million)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2022</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: left">EBITDA Adjusted&sup1;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">28,195</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">23,471</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sustaining Capex&sup2;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(5,632</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,652</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Operating Cash Generation</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">22,563</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">18,819</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&sup1;
Excludes non-recurring items and PPA effects.</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&sup2;
Cash basis.</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">DIVIDENDS
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Bylaws of Suzano
establish a minimum mandatory dividend equivalent to the lowest amount between 25% of net income after constituting the legal reserves
for the fiscal year or 10% of Operating Cash Generation from the respective fiscal year. Operating Cash Generation is obtained by deducting
sustaining capex from Adjusted EBITDA. In line with the criterion established in the Bylaws, Suzano calculated its minimum mandatory
dividends through Operating Cash Generation, in the amount of R$2,256 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As per the
Notice to Shareholders disclosed on December 2, 2022, the Company approved the distribution of interim dividends totaling R$2,350
million, equivalent to R$1.794780909 per share, considering the number of shares &ldquo;ex-treasury&rdquo; related to the earnings
in 2022 and paid on December 27, 2022. The early payment of interim dividends was calculated towards the minimum mandatory dividends
assessed at the end of the year, in the amount of R$2,256 million, and includes the proposed additional dividends of R$94 million,
ad referendum the Annual Shareholders Meeting<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">RATING</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 2022, Fitch,
S&amp;P and Moody's confirmed Suzano&rsquo;s BBB-/Baa3 rating with stable outlook. In a report disclosed in March, Fitch highlighted
the Company&rsquo;s leadership of the pulp market, its strong liquidity and a comfortable debt repayment schedule. In April, Moody&rsquo;s
confirmed the rating, highlighting the Company&rsquo;s position as a low-cost producer, high level of verticalization and financial discipline.
In December, S&amp;P pointed out the Company&rsquo;s EBITDA margin as a strong point, in addition to the factors mentioned above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">STOCK
BUYBACK PROGRAM</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 2022, Suzano
launched three stock buyback programs to maximize value creation for its shareholders, enabling the Company to efficiently allocate capital
considering on the potential profitability of its shares, in order to generate higher returns for its shareholders. In addition, the
stock buyback signals to the market the management&rsquo;s confidence in the Company&rsquo;s performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On May 4, 2022,
the Board of Directors approved the 1st program, per the material fact notice disclosed on that date (&ldquo;May 2022 Program&rdquo;),
acquiring twenty million (20,000,000) shares during the regular trading sessions on the stock exchange, at the average price of R$48.33/share,
amounting to R$967 million, which ended on August 3, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On July 27, 2022,
the Board of Directors approved the 2nd program, per the material fact notice disclosed on that date (&ldquo;July 2022 Program&rdquo;),
acquiring twenty million (20,000,000) shares during the regular trading sessions on the stock exchange, at the average price of R$46.84/share,
amounting to R$937 million, which ended on September 27, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On October 27,
2022, the Board of Directors approved the 3rd program, per the material fact notice disclosed on that date (&ldquo;October 2022 Program&rdquo;),
by which the Company can acquire up to twenty million (20,000,000) common shares issued by it, within 18 months from the date of its
approval by the Board of Directors (October 27, 2022), i.e. April 27, 2024 (inclusive).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Based on shareholders
of record on December 31, 2022, the Company had: (a) 686,417,836 outstanding shares, as per the definition in article 67 of CVM Resolution
80/22; and (b) 51,911,569 treasury shares, corresponding to 7.6% of its total outstanding shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">CAPITAL
EXPENDITURE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Capex totaled R$16,309
million in 2022, in line with the Company&rsquo;s guidance, of which R$5,491 million went to forestry and industrial maintenance.&nbsp;Investments
in Land and Forests totaled R$2,635 million and primarily went to projects aimed at increasing structural forest competitiveness and
to support the Company's organic growth plans.&nbsp;Investments in Expansion and Modernization totaled R$462 million, mainly going to
projects aimed at increasing the competitiveness of our industrial units.&nbsp;Investments in Port Terminals amounted to R$95 million
and mainly went to renovation works at the Port of Itaqui in Maranh&atilde;o.&nbsp;Investments in the Cerrado Project totaled R$7,367
million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;</P><P  STYLE="font:  10pt  Times  New  Roman, Times, Serif;
margin:  0pt  36.85pt  0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt;
font-weight: normal">CAPITAL MARKETS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Suzano&rsquo;s
stock is listed on the Novo Mercado, the trading segment of the S&atilde;o Paulo stock exchange (B3 &ndash; Brasil, Bolsa e Balc&atilde;o)
with the highest corporate governance standards, and on the New York Stock Exchange (NYSE) &ndash; ADR Level II under the ticker symbols
SUZB3 and SUZ, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On December 31,
2022, the capital stock of the Company was represented by 1,361,263,584 common shares (SUZB3 and SUZ), of which 51,911,569 common shares
were held in treasury. SUZB3 stock ended the year quoted at R$48.24/share, while SUZ stock was quoted at US$9.24/share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">SUSTAINABILITY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Climate
Change</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 2022, Suzano
continued its progress on Climate Change efforts, preparing itself to face the current and future challenges by continuously monitoring
the risks and possible impacts, and by seizing opportunities arising from its business model.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On the issue of
decarbonization, the Company followed through on its commitment to maximizing efficiency in its operations and projects. One example
is the implementation of Syngas at the new mill of the Cerrado project.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">With regard to
forest resilience and management of the risk of production loss due to extreme climate events, the Company continues to use climate models
using its comprehensive knowledge of the effects of climate change on forest yield, and top quality information in the P&amp;P sector
to support its short-, medium- and long-term decisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Having the world&rsquo;s
largest private eucalyptus genetic base, Suzano systematically evaluates clones that are resilient to adverse climate conditions and
tolerant to the main pests and diseases. It also uses artificial intelligence to allocate specific clones for each environment and Big
Data &amp; Analytics to define the ideal balance between productivity and sustainability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the TCFD journey,
the Company aims to expand its internal capacity for analyzing and managing physical and transition risks in diverse climate scenarios,
covering its forestry, industrial and logistics operations, as well as selected critical suppliers. The ongoing project, implemented
in partnership with a renowned international consultancy, will improve the process of financial quantification of mapped risks and opportunities,
as well as climate governance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Carbon
Credits</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Suzano also made
important progress in the carbon credit agenda during the year. The Company concluded two carbon projects derived from the reforestation
of native trees and eucalyptus in the state of Mato Grosso do Sul. The projects underwent independent audit and are currently awaiting
final registration by the certifying company Verra. The projects also generate social and environmental benefits &ndash; called co-benefits
 &ndash; through actions designed to improve the quality of air, the quantity and quality of water, conservation of biodiversity, greater
access to energy and income generation, among others.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Energy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In May 2022,
Suzano won a regulated energy auction held by ANEEL, winning the right to supply 50 MWavg of energy at the price of R$315/MWh,
adjusted annually by the IPCA index from the base date of June 2022, between January 2026 and December 2045. This volume of energy
will be originated from a portion of the surplus energy generated by the Cerrado project. The transaction is aligned with the
long-term strategy of the Company, while contributing to its structural competitiveness and supplying to Brazil&rsquo;s power grid,
renewable energy from biomass derived from planted eucalyptus trees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Biodiversity</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The protection
and conservation of biodiversity, conducted through mechanisms such as the establishment of ecological corridors to connect fragmented
areas of native vegetation and ecological restoration, are key targets of the Global Biodiversity Framework (GBF) and are the basis of
Suzano&rsquo;s business model.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As such, a year
after the announcement of its Biodiversity Commitment, Suzano concluded the executive project and developed the governance model to achieve
these goals. The Company also began field activities along the corridors proposed in the commitment, starting with the ecological restoration
of the first hectares and implementation of biodiverse models in its eucalyptus management areas. These actions contribute to greater
permeability of biodiversity throughout the corridor, improving the resilience of local ecosystems and generating agroforestry products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>New
Business</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In June, Suzano
announced the creation of Suzano Ventures, its corporate venture capital fund, with an outlay of US$70 million for investments in startups.
With the initiative, Suzano plans to accelerate the open innovation process and become a global platform to foster entrepreneurship involving
solutions for the bioeconomy based on planted forests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To further reinforce
its commitment to promoting regenerative businesses, in November, Suzano partnered with Ita&uacute; Unibanco, Marfrig, Rabobank, Santander
and Vale to create a company fully dedicated to the restoration, conservation and preservation of forests in Brazil. The goal of the
initiative is to restore and protect a total area of 4 million hectares of native forests in diverse Brazilian biomes, such as the Amazon
rainforest, Atlantic Forest and Cerrado, over a period of 20 years. The area is equivalent to the size of Switzerland or the state of
Rio de Janeiro.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Social
Development</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In line with the
Culture Driver &ldquo;It&rsquo;s only good for us if it&rsquo;s good for the world,&rdquo; Suzano further expanded its social development
programs in the locations where it operates. In 2022, it raised over R$6 million through partnerships for implementing initiatives focused
on reducing poverty. One of the highlights was the agreement with the Brazilian Biodiversity Fund (FUNBIO) to invest R$4 million in the
 &ldquo;From Extractivism to Social Entrepreneurship: strengthening the bioeconomy in traditional communities of Maranh&atilde;o&rdquo;
project&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In line with its
strategy to protect children, teens and women from domestic and family violence in the Cerrado Project region, Suzano signed agreements
with the Court of Justice of Mato Grosso do Sul and the municipal government of Ribas do Rio Pardo to implement the Agents of Good program.
Created in 2016 in partnership with Childhood Brasil, the program currently benefits more than 3,000 employees and contractors in the
region through lectures, communication campaigns and training.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Value
Chain</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In partnership
with the Carbon Disclosure Project (CDP), Suzano launched two programs aimed at supplier engagement. The &ldquo;Climate Change in the
Value Chain Program&rdquo; and &ldquo;Caring for Water&rdquo; programs seek to, respectively, promote climate management and water resources
among selected suppliers over a three-year development cycle.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Sustainable
Finance</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As for debt management,
in 2022, the Company continued and consolidated its funding operations linked to sustainability commitments. Suzano ended 2022 with 39%
of its total gross debt linked to ESG instruments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">At the end of 2022,
Suzano contracted a new credit line (Export Credit Supported Facility) to finance the acquisition of equipment and services for the Cerrado
project. This credit facility of up to eight hundred million U.S. dollars (US$800 million) or its equivalent in euros will be financed
by Finnish Export Credit (FEC) and guaranteed by Finnvera, the Finnish export credit agency. The transaction has a condition precedent
for the release of funds, which is an environmental and social action plan subsequently agreed with IFC for compliance with the IFC Performance
Standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company also
contracted a new Sustainability-Linked Loan (SLL) through a new credit facility to finance the Cerrado Project. The US$600 million loan,
granted by the International Finance Corporation (IFC) and a syndicate of commercial banks, has Sustainability Performance Targets (SPTs)
associated with: (a) reducing the intensity of greenhouse gas (GHG) emissions; and (b) increasing the percentage of women in leadership
positions in the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Transparency
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Suzano holds transparency
towards all stakeholders as a fundamental principle and held its second ESG Call, an event dedicated to discussing environmental, social
and governance aspects that are relevant for the Company. The 2022 event addressed mainly the following themes: climate change, social
development and biodiversity conservation, as well as recent advances in corporate governance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>ESG
Indices and Ratings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Suzano improved
in all ESG indices and ratings during the year: it was once again selected to the DJSI - Emerging Markets Index and B3&rsquo;s Corporate
Sustainability Index (ISE). In the renowned CDP list, the Company joined the Water A-list and retained its high &ldquo;A-&ldquo; score
in Climate and Forests. Other ratings in which it improved are Sustainalytics, where it rose to the &ldquo;Low Risk&rdquo; category,
and MSCI, which upgraded its ESG rating from &ldquo;B&rdquo; to &ldquo;BB&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">GOVERNANCE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Since 2017, the
Company has been listed on the Novo Mercado special listing segment of B3 S.A. &ndash; Brasil, Bolsa, Balc&atilde;o, and since 2018,
its shares have been listed on Level II American Depositary Receipts (ADRs) on the New York Stock Exchange (NYSE). Considering this broad
regulatory environment in which the Company operates, Suzano is committed to corporate governance best practices, such as those issued
by the Brazilian Institute of Corporate Governance (IBGC), the Securities and Exchange Commission of Brazil (CVM), B3 and NYSE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company has
a consistent and effective governance structure, backed by a diversity of expertise and thought and which functions in a clear, transparent
and well-grounded manner to aid in the decision-making process and in the equitable treatment and protection of the interests of shareholders,
the Company and the market. The highlight at Suzano&rsquo;s corporate governance was its new board of directors for the period 2022-2023,
with 30% gender diversity and the majority being independent members. Also worth highlighting is the adoption of Malus and Clawback clauses
to improve Suzano&rsquo;s governance in terms of executive compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In its mission,
the Board of Directors maintains a broad vision, relying on the valuable participation and support from other bodies in the Company&rsquo;s
governance structure: the Shareholders Meeting, Executive Board, Statutory Audit Committee, Audit Board, Internal and External Audit
and other non-statutory advisory committees to the Board of Directors, namely the Sustainability, Management and Finance, Strategy and
Innovation, People, Appointment and Compensation Committees. The Board of Directors also has several tools to assist in its governance
activities, notably the Code of Conduct and the policies adopted by the Company, all in alignment with its Bylaws, which synthesize the
corporate governance principles while also disseminating these principles and practices across diverse governance fronts. These policies
include the Corporate Governance Policy, the Related Party Policy, the Integrated Risk Management Policy, the Anticorruption Policy,
the Material Fact or Fact Disclosure Policy, the Trading&#8200;Policy&#8200;for&#8200;Securities&#8200;Issued&#8200;by&#8200;Suzano&#8200;S.A.,
the Debt Policy and the Derivatives Management Policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Through this management
and control model, which relies on the engagement of all bodies and the use of the above-mentioned mechanisms and tools, as well as the
disclosure and the guarantee of information transparency through the Reference Form, the 20-F Form, the Governance Statement and diverse
documents disclosed on the Investor Relations Website, the Company ensures compliance with the fundamental principles of transparency,
equity, accountability and corporate responsibility in its relations with stakeholders while constantly improving its corporate governance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 2022, the Company&rsquo;s
journey of constant evolution included: (i) the publication of the Conflict of Interests Policy, which establishes the guidelines to
identify and address conflict of interest situations to ensure autonomy and isonomy and to safeguard the interests of Suzano in all its
relations; (ii) the publication of the Competition Compliance Policy, which establishes the guidelines to prevent and combat violations
of the economic system, to be adopted by Suzano, its subsidiaries and associated companies; and (iii) the improvement of the Anticorruption
Policy, which now includes: (a) express provision on the Company&rsquo;s commitment to zero tolerance of corruption; (b) the minimum
standards of conduct for interactions with Public Officials; and (c) improved definition of concepts and guidelines on gifts, presents
and entertainment, political contributions, fraud, due diligence, third-party intermediaries, facilitation payments and accounting records.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 2022, the Company&rsquo;s
governance program on personal data privacy and protection progressed further and the Company formulated and published a specific internal
policy on the Governance of Personal Data Privacy and Protection, which involves the stages of guidance, execution and supervision, all
of them with global corporate drivers. Since this is a constantly evolving topic, to ensure transparency to our Data Subjects and the
market, in 2022 we launched a channel for the public to access our Personal Data Privacy and Protection Center (<U>https://ppd.suzano.com.br/</U>),
where Data Subjects can report any incident related to Personal Data Privacy and Protection.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Note that all the
long-term goals set by the Company remained an integral part of the individual variable compensation of at least one executive officer,
while the Diversity and Inclusion targets also remained a collective target for the entire leadership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">AUDIT
AND INTERNAL CONTROLS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The management
of Internal Controls at Suzano is structured to include the Management, as well as the Committees and Commissions advising the Board
of Directors and the Executive Board, the Managers and all employees of the Company. The purpose is to enable a safer, more adequate
and efficient business conduct in line with established regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Based on annual
or ad hoc reviews, the process flows are continuously validated and compliance tests are conducted regularly to verify the effectiveness
of the existing key internal controls against the risks to which Suzano is exposed. The Company systematically applies the Control Self-Assessment
(CSA) methodology, an integrated solution that periodically documents the performance of controls related to financial statements and
management, with the focus on key business obligations. It also helps in permanently monitoring the strict compliance with laws, rules
and regulations, policies and procedures, and in rolling out contingency plans, all this to ensure the proper segregation of functions
and avoid any conflict of interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
reviews its processes and controls annually, updating 100% of the matrix of risks and controls associated with the exposure of
potential flaws in obtaining SOx recertification, as well as in key management and compliance processes. Onsite training and
e-learning programs are held regularly and revised whenever necessary, reinforcing the behavior expected in light of the Culture of
Internal Controls, with the focus on Sarbanes-Oxley (SOx), laws governing corporations in Brazil and specific rules for FPIs on
anti-corruption and on prevention of losses and frauds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition to
the CSA flow, Suzano has a prior checking routine by the Internal Control Management team, which corroborates the quality assurance done
by the Controls Environment, which is always updated and reflects the reality of the Company&rsquo;s process in terms of Internal Control
Evaluation (ICE). In addition, the Internal Audit area independently assesses the effectiveness of controls, reinforcing the maturity
and consistent execution of controls and the mitigation of any associated risks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To ensure quick
and successful implementation of actions related to the control environment, the status of key issues that could affect the Company's
SOx recertification process is promptly reported to Senior Management using a tool developed internally that offers a consolidated vision,
enabling the management of timeframes and prioritization of relevant actions with those responsible in the business areas so that risks
are mitigated on time in the right manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As such, and in
line with environmental compliance, internal controls are reviewed and assessed by the Internal Controls Management area and evaluated
independently by both Suzano&rsquo;s Internal Audit and independent external audit. The findings are periodically reported to the Executive
Board, Board of Directors, Statutory Audit Committee and Audit Board through a minimum annual agenda agreed upon with them. In case of
violation of internal rules and external requirements, disciplinary guidelines and/or corrective measures are taken according to the
specific policy and by each area independently. If necessary, these violations are submitted to the Conduct Management Committee, an
advisory body to the Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In compliance with
Section 404 of the Sarbanes-Oxley Act, the effectiveness of internal controls related to financial information is based on criteria established
in the Internal Control - Integrated Framework defined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
The appraisals are carried out internally by the Company and assisted by an independent auditor (PwC PricewaterhouseCoopers), which evaluated
the key controls and found them adequate, with no significant and/or material deficiencies or observations that compromise the Company's
certification. These findings are submitted systematically to the Company&rsquo;s governance bodies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">PEOPLE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.85pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Organizational
Culture and People Strategy</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Suzano strives
not only to promote an increasingly diverse, inclusive, respectful and plural environment, but also to map a cultural journey that values
all these aspects, in accordance with law, collective bargaining agreements and its Code of Conduct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 2022, the Company
invested mainly in consolidating a management model among senior executives so that they could always set an example (&ldquo;walk the
talk&rdquo;), and in a project to cut the red tape in internal processes. The Company&rsquo;s goal is to expand this initiative to all
areas under the motto &ldquo;leaders don&rsquo;t complicate what is simple; they develop teams.&rdquo; In other words, make the growth
curve reflect in more opportunities for employees, making the organization more fluid, light and agile. One example of this is EvoluiRH,
the new app launched in July, which enables employees to perform diverse tasks quickly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Leadership,
development and training</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Training the
teams contributes to efficient business management and prepares the leadership for business challenges. The People and Management
area has several development initiatives, including acceleration courses for taking up new missions, mentoring projects or more
robust training for employees taking on leadership roles for the first time, for example. Called ELOS, this program is structured
according to the different organizational levels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm238075d2_ex99-1img002.jpg" ALT="" STYLE="height: 97px; width: 950px">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Another important
achievement in 2022 was the implementation of a new performance evaluation model. The process was broadened (360&deg;) and includes comments
and analyses not only by leaders, as it used to be, but also by peers, partners and team members. Known as Sommos, it is the biggest
milestone in Suzano&rsquo;s journey of cultural evolution in 2022. In order to streamline the process, the evaluation process now has
fewer steps and is more fluid, collaborative and inclusive, with a comprehensive vision of each individual. Apart from technical aspects,
behavioral elements now carry greater weight.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Diversity,
Equity and Inclusion</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">For Suzano, addressing
diversity and inclusion is not just an obligation; it&rsquo;s a business strategy. In a diverse and inclusive environment, employees
feel more engaged, creative and collaborative, and the talent attraction and retention rates increase significantly. It is for these
and other reasons that the theme is an important part of Suzano&rsquo;s Culture Drivers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Since 2016, Diversity,
Equity &amp; Inclusion (DE&amp;I) themes have been addressed voluntarily and organically at Suzano. The Plural Program is designed to
ensure respect for individuality, increase the presence and encourage the participation of male and female employees on five action fronts:
Generations, LGBTQIAP+, Black People, Women and Persons with Disabilities. Suzano is a signatory to the Equality Is Priority Program
of UN Women, the 360 Women&rsquo;s Movement and the Forestry Women Network. The increase in the number of women and black people holding
leadership positions over the years underlines our commitment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">To accelerate this
process, approximately 350 women and black people started the Elos D+ program in 2022. The 18-month program will organize workshops about
limiting beliefs, practical activities, networking activities, sponsorship and 50% scholarships for learning English. These awareness
and literacy actions are aimed at making leaders more inclusive and help employees understand how discrimination and prejudice often
surge unconsciously.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
