Company: SUZ
Filing Date: 2025-09-02
Form Type: 424B2
Source: 0001104659-25-086037
Chunk: 138

Company: Suzano S.A.
Filing Date: 2025-09-02
Form: 424B2
Chunk 138
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LIMITATIONS BY AUSTRIAN CAPITAL MAINTENANCE RULES AND CERTAIN INSOLVENCY LAW CONSIDERATIONS</div>

Austrian Capital Maintenance Rules

The issue and sale of debt securities by Suzano
Austria (the “Austrian Debt Securities”) may be subject to Austrian capital maintenance rules (Kapitalerhaltungsvorschriften)
pursuant to Austrian corporate law, in particular Section 82 of the Austrian Act on Limited Liability Companies (Gesetz über Gesellschaften mit beschränkter Haftung or GmbHG), if Suzano Austria transfers the net proceeds from the sale of Austrian
Debt Securities to Suzano S.A. or any of its affiliates, in particular to repay Suzano S.A.’s or any other group company’s
indebtedness (except for downstream payments).

The GmbHG prohibits an Austrian limited liability
company from returning equity to its shareholders (Verbot der Einlagenrückgewähr) in circumstances other than as a distribution
of balance sheet profits (if, to the extent and as long as available for distribution under Austrian law), by a reduction of share capital
or as liquidation surplus on liquidation of that corporation. The provisions on the prohibition to repay capital also cover benefits granted
by an Austrian limited liability company to its direct or indirect shareholders or other members of the group of companies (side-stream
or upstream) where no “adequate consideration” is received in return or no special corporate benefit of the company from 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