Company: SUZ
Filing Date: 2025-05-01
Form Type: F-3ASR
Source: 0001104659-25-042824
Chunk: 37

Company: Suzano S.A.
Filing Date: 2025-05-01
Form: F-3ASR
Chunk 37
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 other intangibles, calculated based on the most recent
balance sheet for which internal financial statements are available, all calculated in accordance with Reporting GAAP and calculated on
a pro forma basis to give effect to any acquisition or disposition of companies, divisions, lines of businesses or operations by Suzano
and its Subsidiaries subsequent to such date and on or prior to the date of determination.

“”

means, with respect to any Person, determined without
duplication:

| (1) | all indebtedness of such Person for borrowed money; |

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| (2) | all obligations of such Person for the deferred purchase price of Property or services, excluding trade payables arising in the ordinary 
 course of such Person’s business, but only if and for so long as such trade payables remain payable on customary trade terms;            |

| (3) | all obligations of such Person evidenced by bonds, debentures, 
 notes or other similar instruments;                            |

| (4) | all obligations, contingent or otherwise, of such Person in connection with any securitization of any receivables of such Person; |

| (5) | all obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to Property 
 acquired by such Person (even though the rights and remedies of the borrower or the lender under such agreement in an event of default   
 are limited to repossession or sale of such Property);                                                                                   |

| (6) | all Capital Lease Obligations and all obligations under “synthetic 
 leases” of such Person;                                            |

| (7) | all obligations, contingent or otherwise, of such Person in respect of acceptances, letters of credit, financial guaranty insurance          
 policies or other similar instruments, excluding obligations in respect of trade letters of credit or bankers’ acceptances issued            
 in respect of trade accounts payables to the extent not drawn upon or presented, or, if drawn upon or presented, to the extent the resulting 
 obligation of the Person is paid within 10 Business Days;                                                                                    |

| (8) | all obligations of such Person to redeem, retire, defease or otherwise make any payment in respect of any Capital Stock of such Person; |

| (9) | all net obligations of such Person in respect of any Hedging Agreements (but without regard to any notional principal amount relating 
 thereto);                                                                                                                             |

| (10) | all obligations of such Person to pay the