Company: SUZ
Filing Date: 2025-09-04
Form Type: 424B2
Source: 0001104659-25-087376
Chunk: 53

Company: Suzano S.A.
Filing Date: 2025-09-04
Form: 424B2
Chunk 53
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 allow the identification of the effective beneficiary of the income attributed to non-residents),
unless a lower rate is provided for in an applicable tax treaty between Brazil and the country where the Non Resident Holder is domiciled.

Payments made by Guarantor

In the event the Issuer fails
to timely pay principal, interest or any other amounts that may be due and payable in respect of the Notes, the Guarantor, which is considered,
for purposes of Brazilian taxation, resident or domiciled in Brazil, will be required to pay such amount to the Non Resident Holder.
In spite of the lack of a clear regulation regarding payments by a person who is resident or domiciled in connection with this type of
obligation, we believe that there are grounds to sustain that this transaction should be viewed as a new credit transaction between the
Issuer and the Guarantor, which is not subject to taxation in Brazil. If this view does not prevail in case of a tax dispute, the amounts
paid by the Guarantor to a Non Resident Holder in respect of the Notes (including any Additional Amount to ensure that the non-resident
holder receives the amounts due in respect of the Notes net of income tax) could be subject to the Brazilian withholding income tax at
a rate of up to 25%, as discussed above, depending on the nature of the payment and the location of the Non Resident Holder.

Discussion of Low or Nil Tax Jurisdictions

According to Law No 9,430, dated December 27, 1996, as amended,a “Low or Nil Tax Jurisdiction” is a country or location
that (1) does not impose taxation on income, (2) imposes the income tax at a rate lower than 17% or (3) imposes restrictions
on the disclosure of shareholding composition or investment ownership.

Additionally, on June 23,
2008, Law No. 11,727 introduced the concept of “Privileged Tax Regime,” which was amended by Law 14,596/23.According
to the law in force, a Privileged Tax Regime is considered to be a regime that: (i) does not tax income or taxes income at a maximum
rate lower than 17%; (ii) grants tax advantages to a non-resident entity or individual (a) without the need to carry out a
substantial economic activity in the country or territory, or (b) conditioned to the non-exercise of a substantial economic activity
in the country or dependency; (iii) does not tax