Company: SUZ
Filing Date: 2025-09-02
Form Type: 424B2
Source: 0001104659-25-086037
Chunk: 51

Company: Suzano S.A.
Filing Date: 2025-09-02
Form: 424B2
Chunk 51
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erechtigd tot het vermogen) 
 of such enterprise without being a shareholder (as defined in the Dutch Income Tax Act 2001); or                                   |

| (ii) | the holder of Notes is considered to perform activities with respect to the Notes that go beyond ordinary                                
 asset management (normaal, actief vermogensbeheer) or derives benefits from the Notes that are taxable as benefits from other activities 
 (resultaat uit overige werkzaamheden).                                                                                                   |

<div align='center'>S-34</div>

If the above-mentioned conditions (i) and (ii) do not apply to the individual holder of Notes, such holder will be taxed annually on a deemed return.The deemed return is between 1.44% and 5.88% (2025 rates) of the fair market value of the assets reduced by
the liabilities (2.62%; 2025 rate) and by certain allowances and measured, in general, at the beginning of every calendar year, where
the applicable deemed return depends on the amount of such Dutch Individual's net investment assets for the year. This resulting deemed
return is subsequently taxed at the standard rate under the regime for savings and investments of 36% (2025 rate). Actual income, gains
or losses in respect of the Notes are as such not subject to Dutch income tax.

However, based on rulings of the Dutch Supreme Court ( Hoge Raad) of 6 June 2024, the current system of taxation based on deemed returns is held to be in conflict with European law if the deemed return applied to the relevant investments exceeds the actual return in the relevant calendar year.The Dutch Government has been working on the introduction of a new regime for savings and investments based
on actual returns rather than a deemed return, but this new regime should only enter into force as of 2028. Prospective investors should
carefully consider the tax consequences of this Dutch Supreme Court ruling and upcoming legislation and consult their own tax adviser
about their own tax situation.

Non-residents of the Netherlands

A holder of Notes will not be treated as a resident
of the Netherlands by reason only of the holding of a Note or the execution, performance, delivery and/or enforcement of the Notes.

A holder who is not a resident of the Netherlands,
nor deemed to be a resident, is not taxable on income derived from the Notes and capital gains realized upon the disposal or redemption
of the Notes, except if:

| (i) | such holder is