Company: SUZ
Filing Date: 2025-05-01
Form Type: F-3ASR
Source: 0001104659-25-042824
Chunk: 60

Company: Suzano S.A.
Filing Date: 2025-05-01
Form: F-3ASR
Chunk 60
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 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 basis in light of the specific facts of the relevant case, and it cannot be ruled out that future court rulings may
not further limit the access of creditors and/or shareholders to assets of subsidiaries constituted in the form of a corporation.

Austrian Insolvency Law

Suzano Austria is incorporated under the laws of Austria; thus, a rebuttable presumption exists that such entity also has its respective “centre of main interests” in Austria. In the event of an insolvency of a company having its “centre of main interests” in Austria, insolvency proceedings may be initiated in Austria.