Company: SUZ
Filing Date: 2025-05-01
Form Type: F-3ASR
Source: 0001104659-25-042824
Chunk: 66

Company: Suzano S.A.
Filing Date: 2025-05-01
Form: F-3ASR
Chunk 66
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 may also be opened in the Netherlands in accordance with Dutch law over the assets of companies that are not established
under Dutch law.

Dutch insolvency law differs from insolvency proceedings in the United
States and other jurisdictions and may make it more difficult for holders of debt securities issued and sold by Suzano Netherlands (the
“Dutch Debt Securities”) to recover the amount they would normally expect to recover in a liquidation or bankruptcy
proceeding in the United States or another jurisdiction. The following is a brief description of certain aspects of Dutch insolvency law.

There are two applicable corporate insolvency regimes under Dutch law:
the first, suspension of payments (surseance van betaling), is intended to facilitate the reorganization of a debtor’s indebtedness
and enable the debtor to continue as a going concern. The second, bankruptcy (faillissement), is primarily designed to liquidate
and distribute the debtor’s assets to its creditors. In addition, the Act on Court Confirmation of Extrajudicial Restructuring Plans
(Wet homologatie onderhands akkoord) (the “WHOA”) allows a debtor to offer a composition outside of formal insolvency
proceedings such as suspension of payments or bankruptcy. Both insolvency regimes and the WHOA are set forth in the Dutch Bankruptcy Act.
In practice, a suspension of payments often results in bankruptcy. A general description of the principles of the regimes is set out below.

Under Dutch law secured creditors (and in case of suspension of payment
also preferential creditors (including tax and social security authorities)) may enforce their rights against assets of the company to
satisfy their claims as if there were no insolvency proceedings. A recovery under Dutch law could, therefore, involve a sale of assets
that does not reflect the going concern value of the debtor. However, the court may order a “cooling down period” (afkoelingsperiode)
for a maximum period of four months during which enforcement actions by secured or preferential creditors are barred.

Any pending executions of judgments against Suzano Netherlands would
be suspended by operation of law when suspension of payments is granted and would be terminated by operation of law when bankruptcy is
declared. In addition, any attachment by holder of Dutch Debt Securities on its assets will cease to have effect upon the suspension of
payments having become definitive, a composition having been ratified by the court or the declaration of bankruptcy (as the case may be)
subject to the ability of the court to set an earlier date