Company: SUZ
Filing Date: 2025-09-04
Form Type: 424B2
Source: 0001104659-25-087376
Chunk: 115

Company: Suzano S.A.
Filing Date: 2025-09-04
Form: 424B2
Chunk 115
---
 such Person to pay the deferred and unpaid purchase                       
 price of property or services, all conditional sale obligations and all obligations of such  
 person under any title retention agreement, excluding trade payables arising in the ordinary 
 course of business;                                                                          |

| (11) | all Debt of other Persons referred to in clauses (1) through                  
 (10) above that is guaranteed by such Person to the extent so guaranteed; and |

| (12) | all Debt of other Persons referred to in clauses (1) through                                  
 (11) above secured by (or for which the holder of such Debt has an existing right, contingent 
 or otherwise, to be secured by) a Lien on Property of such Person even though such Person     
 has not assumed such Debt.                                                                    |

The amount of Debt of any Person will be deemed
to be:

| a) | with respect to contingent                                                               
 obligations, the maximum liability upon the occurrence of the contingency giving rise to 
 the obligation;                                                                          |

| b) | with respect to Debt                                                                      
 secured by a Lien on an asset of such Person but not otherwise the obligation, contingent 
 or otherwise, of such Person, the lesser of (x) the fair market value of such asset       
 on the date the Lien attached and (y) the amount of such Debt;                            |

| c) | with respect to any Debt                                                                         
 issued with original issue discount, the face amount of such Debt less the remaining unamortized 
 portion of the original issue discount of such Debt;                                             |

| d) | with respect to any Hedging                                                                
 Agreement, the net amount payable if such Hedging Agreement terminated at that time due to 
 default by such Person; and                                                                |

| e) | otherwise, the outstanding 
 principal amount thereof.  |

<div align='center'>24</div>

“” means an event or
condition with respect to a series of Securities that, with the giving of notice, lapse of time or failure to satisfy certain specified
conditions, or any combination thereof, would become an Event of Default with respect to the Securities of such series if not cured or
remedied.

“” means,
with respect to any Person, any interest rate protection agreement, any currency or commodity swap, cap or collar agreement, any equity
swap, any weather related derivative or any arrangement similar to any of the foregoing entered into by such Person providing for the
transfer or mitigation of interest rate, currency, commodity price, equity risks, weather related risks or other risks