Company: SUZ
Filing Date: 2025-09-04
Form Type: 424B2
Source: 0001104659-25-087376
Chunk: 49

Company: Suzano S.A.
Filing Date: 2025-09-04
Form: 424B2
Chunk 49
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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 an individual and derives                                                           
 profits from an enterprise, whether as entrepreneur (ondernemer) or pursuant to a                  
 co-entitlement to the net worth of the enterprise, other than as an entrepreneur or a shareholder, 
 which enterprise is, in whole or in part, carried on through a (deemed) permanent establishment    
 (vaste inrichting) or a permanent representative (vaste vertegenwoordiger)                         
 that is taxable in the Netherlands, to which the Notes are attributable;                           |

| (ii) | the                                                                                                
 holder is an individual and derives benefits from miscellaneous activities (overige werkzaamheden) 
 carried out in the Netherlands in respect of the Notes, including without limitation               
 activities which are