Shareholders' Agreement of Suzano S.A.

This report details a Shareholders' Agreement for Suzano S.A. entered into on December 19, 2025, between Suzano Holding S.A. (SH) and the shareholders of the Fanny Group, with Suzano S.A. as a consenting intervening party. The agreement, governed by Brazilian law, aims to regulate the voting of "Associated Shares" held by SH and the Fanny Group. It outlines a 20-year transition period for the Fanny Group to gradually exit its shareholding in SH by receiving shares of Suzano S.A. The agreement also details provisions for preliminary meetings to determine voting strategies, the waiver of certain election rights by the Fanny Group, and restrictions on the transfer and encumbrance of Associated Shares. Dispute resolution will be handled through negotiation, mediation, and ultimately, arbitration in São Paulo, Brazil.