Company: SUZ
Filing Date: 2025-09-02
Form Type: 424B2
Source: 0001104659-25-086037
Chunk: 48

Company: Suzano S.A.
Filing Date: 2025-09-02
Form: 424B2
Chunk 48
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 other than holders that are an “affiliated (gelieerde)
(see below) in respect of the Issuer (within the meaning of the Dutch Withholding Tax Act 2021; Wet bronbelasting 2021) can be
made free of withholding or deduction for any taxes of any nature imposed, levied, withheld or assessed by the Netherlands or any political
subdivision or taxing authority thereof or therein, unless the Notes qualify as equity of the Issuer for Dutch tax purposes.

Holders of Notes Affiliated with the Issuer

Payments of interest (or amounts of deemed interest) made bythe Issuer under the Notes to holders of Notes that are affiliated entities
in respect of the Issuer (within the meaning of the Dutch Withholding Tax Act 2021, as defined below) may become subject to Dutch withholding
tax at a rate of 25.8% (rate for 2025), if such affiliated entity:

| · | is considered to be resident (gevestigd)                                                                                               
 in a jurisdiction that is listed in the yearly updated Dutch regulation on low-taxing states and non-cooperative jurisdictions for tax 
 purposes (Regeling laagbelastende staten en niet-coöperatieve rechtsgebieden voor belastingdoeleinden) (a "Listed Jurisdiction");      
 or                                                                                                                                     |

| · | has a permanent establishment located in a Listed              
 Jurisdiction to which the interest payment is attributable; or |

| · | is entitled to the interest payment with the                                                                                                     
 main purpose or one of the main purposes of avoiding taxation for another person or entity and there is an artificial arrangement or transaction 
 or a series of artificial arrangements or transactions; or                                                                                       |

| · | is not considered to                                                                                                                  
 be the recipient of the interest in its jurisdiction of residence because such jurisdiction treats another entity as the recipient of 
 the interest (a hybrid mismatch); or                                                                                                  |

| · | is not resident in any jurisdiction (also a hybrid 
 mismatch); or                                      |

| · | is a reverse hybrid                                                                                                                         
 (within the meaning of Article 2(12) of the Dutch Corporate Income Tax Act; Wet op de vennootschapsbelasting 1969), if and                  
 to the extent (x) there is a participant in the reverse hybrid holding a Qualifying Interest in the reverse hybrid, (y) the                 
 jurisdiction of residence of the participant holding the Qualifying Interest in the reverse hybrid treats the reverse hybrid as transparent