Company: SUZ
Filing Date: 2025-09-04
Form Type: 424B2
Source: 0001104659-25-087376
Chunk: 137

Company: Suzano S.A.
Filing Date: 2025-09-04
Form: 424B2
Chunk 137
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 to its shareholders (Verbot der Einlagenrückgewähr) in circumstances other than as a distribution
of balance sheet profits (if, to the extent and as long as available for distribution under Austrian law), by a reduction of share capital
or as liquidation surplus on liquidation of that corporation. The provisions on the prohibition to repay capital also cover benefits
granted by an Austrian limited liability company to its direct or indirect shareholders or other members of the group of companies (side-stream
or upstream) where no “adequate consideration” is received in return or no special corporate benefit of the company from
such transaction exists. An adequate consideration must, as a minimum standard, not be less than a comparable consideration, which would
have been received by an unrelated third party granting such benefit. Any agreement between an Austrian limited liability company and
its shareholder and/or any third party granting an advantage to the shareholder which would not, or not in the same way, have been granted
for the benefit of an unrelated third party or which does not provide for a special corporate benefit of the company is void and may
not be entered into by such company.

Austrian courts have broadly interpreted the
mandatory principle of Austrian law prohibiting the return of equity from a limited liability company to its shareholder. The prohibition
also encompasses cases where a limited liability company incurs indebtedness for the benefit of its direct or indirect shareholder (or
for the benefit of another member of the group controlled by its direct or indirect shareholder) without an adequate consideration or
a special corporate benefit for the company and in cases where doubts exist towards the reliability and solvency of the borrower (i.e.
the shareholder) which could give reason to believe that potential recourse claims against the shareholder might fail.

Accordingly, net proceeds from the issue and
sale of Austrian Debt Securities by Suzano Austria used for the repayment of indebtedness of entities other than Suzano Austria have
to be assessed on the basis of such limitations imposed by Austrian law.

Although third parties are not normally addressees
of the prohibition to return equity, any transaction contravening Austrian capital maintenance rules would nevertheless be regarded
void vis à vis the third party if such third party knew or should have known that such transaction was processed in violation
of the grantor’s capital maintenance obligations. Details of the principle of forbidden return of equity to the shareholder are,
however, highly controversial. Moreover, Austrian capital maintenance rules are subject to ongoing court decisions, which are generally
made on a case-by-case