Company: SUZ
Filing Date: 2025-09-02
Form Type: 424B2
Source: 0001104659-25-086037
Chunk: 139

Company: Suzano S.A.
Filing Date: 2025-09-02
Form: 424B2
Chunk 139
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 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. Such proceedings will be governed by Austrian law (for example, if the “centre of main interests” of such company is within Austria or if such company has an “establishment” in the territory of Austria or, where the E.U. Insolvency Regulation (Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings(recast) (the “E.U. Insolvency Regulation”)) does not apply, if such company has assets
in Austria). Under certain circumstances, insolvency proceedings may also be opened in Austria in accordance with Austrian law with respect
to the assets of companies that are not organized under Austrian law.

The following is a brief description of certain
aspects of Austrian insolvency law. The law relating to insolvency is regulated by the Austrian Insolvency Act (Insolvenzordnung)
(the “AIA”).

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