<SEC-DOCUMENT>0001104659-20-127274.txt : 20201119
<SEC-HEADER>0001104659-20-127274.hdr.sgml : 20201119
<ACCEPTANCE-DATETIME>20201119142103
ACCESSION NUMBER:		0001104659-20-127274
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20201119
FILED AS OF DATE:		20201119
DATE AS OF CHANGE:		20201119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Suzano S.A.
		CENTRAL INDEX KEY:			0000909327
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38755
		FILM NUMBER:		201328404

	BUSINESS ADDRESS:	
		STREET 1:		AV. PROFESSOR MAGALHAES NETO, 1,752
		STREET 2:		10TH FLOOR, ROOMS 1010 AND 1011
		CITY:			SALVADOR - BA
		STATE:			D5
		ZIP:			41 810-012
		BUSINESS PHONE:		551121384588

	MAIL ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA, 1,355
		STREET 2:		7TH FLOOR
		CITY:			PINHEIROS, SAO PAULO - SP
		STATE:			D5
		ZIP:			01 452-919

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Suzano Papel e Celulose S.A.
		DATE OF NAME CHANGE:	20180322

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMPANHIA SUZANO DE PAPEL E CELULOSE                    /FI
		DATE OF NAME CHANGE:	19930719
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2036063d9_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20549 </B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of November, 2020. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number 001-38755</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suzano S.A. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUZANO INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Translation of Registrant&rsquo;s Name
into English)</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Av. Professor
Magalhaes Neto, 1,752</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>10th Floor,
Rooms 1010 and 1011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Salvador, Brazil
41&nbsp;810-012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Address of principal
executive office)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 1; Value: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">INCORPORATION
BY REFERENCE</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This report and exhibits are incorporated
by reference in our registration statements on Form F-3 filed with the U.S. Securities and Exchange Commission on January 24, 2020
(File Nos. 333-236083, 333-236083-01 and 333-236083-02), and shall be deemed to be a part thereof from the date on which this report
is furnished to the SEC, to the extent not superseded by documents or reports subsequently filed or furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SIGNATURE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: November 19, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>SUZANO S.A.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">/s/ Marcelo Feriozzi Bacci</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"></TD>
    <TD STYLE="vertical-align: bottom; width: 6%"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 39%"><FONT STYLE="font-size: 10pt">Marcelo Feriozzi Bacci</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Investor Relations Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 92%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2036063d9_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2036063d9_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated First Supplemental Indenture, dated November 19, 2020</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2036063d9_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2036063d9_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Global Note (included in Exhibit 4.1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2036063d9_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2036063d9_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Mr. Pablo Machado, General Counsel of Suzano S.A., dated November 19, 2020.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2036063d9_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2036063d9_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Weber Rechtsanw&auml;lte GmbH &amp; Co KG, dated November 19, 2020.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2036063d9_ex5-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2036063d9_ex5-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Cleary Gottlieb Steen &amp; Hamilton LLP, dated November 19, 2020.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>tm2036063d9_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0pt"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="background-color: White"><B>Exhibit&nbsp;4.1</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt"><FONT STYLE="background-color: White">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="background-color: White">SUZANO
AUSTRIA GMBH</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">Company</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">SUZANO
S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">Guarantor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">AND</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">DEUTSCHE
BANK TRUST COMPANY AMERICAS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">Trustee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">___________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">AMENDED
AND RESTATED FIRST SUPPLEMENTAL INDENTURE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">Dated
as of November&nbsp;19, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">___________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">Debt
Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White"><B>WARNING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White"><B>The
taking of this document or any certified copy thereof or any document which confirms or refers to this document or any document
constituting substitute documentation thereof (each a &ldquo;Stamp Duty Sensitive Document&rdquo;) into the Republic of Austria
as well as printing out any e-mail communication which confirms or refers to any Stamp Duty Sensitive Document or to which a copy,
a pdf-scan or any other scan of any Stamp Duty Sensitive Document is attached in the Republic of Austria and sending any e-mail
communication carrying a signature (whether digitally, manuscript or otherwise technically reproduced) which confirms or refers
to any Stamp Duty Sensitive Document or to which a copy, a pdf-scan or any other scan of any Stamp Duty Sensitive Document is
attached to or from an Austrian addressee may cause the imposition of Austrian stamp duty. Accordingly, keep the original document
as well as all certified copies thereof and written and signed confirmations thereof or references thereto and any document constituting
substitute documentation thereof outside of the Republic of Austria and do not (i)&nbsp;print out any e-mail communication which
confirms or refers to any Stamp Duty Sensitive Document or to which a copy, a pdf-scan or any other scan of any Stamp Duty Sensitive
Document is attached in the Republic of Austria and (ii)&nbsp;send any e-mail communication carrying a signature (whether digitally,
manuscript or otherwise technically reproduced) which confirms or refers to any Stamp Duty Sensitive Document or to which a copy,
a pdf-scan or any other scan of any Stamp Duty Sensitive Document is attached to or from an Austrian addressee.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White"><B>AMENDED
AND RESTATED FIRST SUPPLEMENTAL INDENTURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">AMENDED
AND RESTATED FIRST SUPPLEMENTAL INDENTURE, effective as of November&nbsp;19, 2020, by and among Suzano Austria GmbH, a limited
liability company incorporated under the laws of the Republic of Austria (the &ldquo;<B>Company</B>&rdquo;), having its corporate
seat at Vienna, Austria and its principal office at Fleischmarkt 1, 1010 Vienna, Austria, Suzano S.A., a corporation (<I>sociedade
por a&ccedil;&otilde;es</I>) organized under the laws of the Federative Republic of Brazil (&ldquo;<B>Suzano</B>&rdquo; or the
 &ldquo;<B>Guarantor</B>&rdquo;), as guarantor, and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee,
registrar, paying agent and transfer agent (herein called the &ldquo;<B>Trustee</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">W
I T N E S S E T H:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White"><B>WHEREAS</B>,
the Company, the Guarantor and the Trustee previously have entered into an indenture, dated as of January&nbsp;24, 2020 (the &ldquo;<B>Base
Indenture</B>,&rdquo;), as supplemented by the First Supplemental Indenture, dated as of September&nbsp;14, 2020 (the &ldquo;<B>First
Supplemental Indenture</B>&rdquo;) providing for the issuance of U.S.$750,000,000 aggregate principal amount of the Company&rsquo;s
3.750% Global Notes due 2031 (the &ldquo;<B>Original Notes</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White"><B>WHEREAS</B>,
Section&nbsp;9.01(7)&nbsp;of the Base Indenture permits the Company and the Trustee to enter into a supplemental indenture to
establish the forms or terms of the Securities of any series as permitted under Sections 2.01 and 3.01 of the Base Indenture without
the consent of Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White"><B>WHEREAS</B>,
the Board of the Company have authorized the entry into this Amended and Restated First Supplemental Indenture and the establishment
of the Notes (as defined below), as required by Section&nbsp;9.01 of the Base Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White"><B>WHEREAS</B>,
on the date hereof the Company intends to issue additional U.S.$500,000,000 of its existing 3.750% Notes due 2031, consisting
of Add On Notes (as defined in the Base Indenture, but referred herein as the &ldquo;<B>Reopening Notes</B>&rdquo;, and together
with the Original Notes, collectively referred to herein as the &ldquo;<B>Notes</B>&rdquo;), issued pursuant to Registration Statements
on Form&nbsp;F-3 (File Nos.&nbsp;333-236083, 333-236083-01 and 333-236083-02) (the &ldquo;<B>Registration Statement</B>&rdquo;),
dated January&nbsp;24, 2020, the Prospectus Supplement dated November&nbsp;16, 2020 and related Base Prospectus dated January&nbsp;24,
2020, and to Sections 2.01 and 3.01 of the Base Indenture, as supplemented by this Amended and Restated First Supplemental Indenture
(the &ldquo;<B>Amended and Restated First Supplemental Indenture</B>&rdquo;, and together with the Base Indenture, and any further
supplements thereto, the &ldquo;<B>Indenture</B>&rdquo;). The Notes may be issued from time to time and any Notes issued as part
of the relevant series created herein will constitute a single series of Securities under the Indenture and shall be included
in the definition of &ldquo;Notes&rdquo;, where the context requires.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White"><B>WHEREAS</B>,
the Company has requested and hereby requests that the Trustee execute and deliver this Amended and Restated First Supplemental
Indenture and the Company has provided the Trustee with a Board Resolution authorizing the execution of this Amended and Restated
First Supplemental Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">All
actions required by the Company to be taken in order to make this Amended and Restated First Supplemental Indenture a valid, binding
and enforceable instrument in accordance with its terms, have been taken and performed, and the execution and delivery of this
Amended and Restated First Supplemental Indenture has been duly authorized in all respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="background-color: White"><B>NOW,
THEREFORE</B>, for and in consideration of the premises and the mutual covenants contained herein and in the Indenture and for
other good and valuable consideration, the receipt and sufficiency of which are herein acknowledged, the Company, Suzano, and
the Trustee hereby agree, for the equal and ratable benefit of all Holders, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase; background-color: White"><B>ARTICLE&nbsp;1<BR>
DEFINITIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt; background-color: White">SECTION&nbsp;1.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined
Terms</U>.</FONT> <FONT STYLE="background-color: White">All capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Base Indenture, as supplemented and amended hereby. All definitions in the Base Indenture shall
be read in a manner consistent with the terms of this Amended and Restated First Supplemental Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: White">SECTION&nbsp;1.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Definitions</U>. For all purposes of this Amended and Restated First Supplemental Indenture and the Notes, except as otherwise
expressly provided or unless the subject matter or context otherwise requires, the following terms have the meanings given to
them in this Section&nbsp;1.02.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Closing
Date</B>&rdquo; means September&nbsp;14, 2020, the closing date of the issuance of the Original Notes and deemed to be the effective
closing date of the issuance of the Reopening Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Comparable
Treasury Issue</B>&rdquo; means the United States Treasury security or securities selected by an Independent Investment Banker
as having an actual or interpolated maturity that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the Par Call Date, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Comparable
Treasury Price</B>&rdquo; means, with respect to any redemption date (i)&nbsp;the average of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (ii)&nbsp;if the
Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>External
Verifier</B>&rdquo; means a qualified provider of third-party assurance or attestation services appointed by the Guarantor to
review the Guarantor's statement of the Greenhouse Gas Emissions Intensity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Greenhouse
Gas Emissions Intensity</B>&rdquo; means tCO2e divided by Tons Produced, also expressed as tCO2e/ton produced.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Independent
Investment Banker</B>&rdquo; means one of the Reference Treasury Dealers appointed by the Issuer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&ldquo;<B>Interest
Payment Record Date</B>&rdquo; means January&nbsp;13 and July&nbsp;13 of each year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Par
Call Date</B>&rdquo; means October&nbsp;15, 2030.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Payment
Account</B>&rdquo; has the meaning set forth in Section&nbsp;2.01(viii)&nbsp;herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Reference
Treasury Dealers</B>&rdquo; means BNP Paribas Securities Corp., BofA Securities,&nbsp;Inc., J.P. Morgan Securities LLC, Mizuho
Securities USA LLC and Scotia Capital (USA) Inc. or any of their Affiliates which are primary United States government securities
dealers and not less than two other leading primary United States government securities dealers in New York City reasonably designated
by the Issuer; provided that if any of the foregoing cease to be a primary United States government securities dealer in New York
City (a &ldquo;Primary Treasury Dealer&rdquo;), the Issuer will substitute therefor another Primary Treasury Dealer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Reference
Treasury Dealer Quotation</B>&rdquo; means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Independent Investment Banker, of the bid and asked price for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury
Dealer at 3:30 pm New York time on the third Business Day preceding such redemption date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Sustainability
Performance Target</B>&rdquo; means the Greenhouse Gas Emissions Intensity reduction target set forth in the Sustainability-Linked
Securities Framework, which results in a Greenhouse Gas Emissions Intensity not exceeding 0.190 tCO2e/ton produced, calculated
by taking the average of the tCO2e/ton produced for the years ended December&nbsp;31, 2024 and 2025 for the Guarantor and its
consolidated subsidiaries; provided, however, that for purposes of the Sustainability Performance Target and the calculation of
Greenhouse Gas Emissions Intensity, the Guarantor may exclude (A)&nbsp;the tCO2e and Tons Produced attributable to any single
or related series of acquisitions completed since the Issue Date by the Guarantor and its consolidated subsidiaries that individually,
or in the aggregate in the case of a related series, represent (i)&nbsp;more than 10% of the annual net sales revenue of the Guarantor,
calculated by reference to the audited consolidated financial statements of the Guarantor for the fiscal year ended December&nbsp;31,
2019, or (ii)&nbsp;more than 10% of the total annual installed production capacity of the Guarantor and its consolidated subsidiaries,
calculated by reference to the fiscal year ended December&nbsp;31 immediately prior to such acquisition, or (B)&nbsp;the impact
of any material amendment to, or change in, any applicable laws, regulations, rules, guidelines and policies, applicable and/or
relating to the production of pulp and finished paper of the Guarantor and its consolidated subsidiaries following the Issue Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Sustainability-Linked
Securities Framework</B>&rdquo; means the Sustainability-Linked Securities Framework adopted by the Guarantor in September&nbsp;2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>tCO2e</B>&rdquo;
means the sum of Scope 1 emissions (from direct operations) and Scope 2 emissions (from electricity purchased) during a given
period, measured in metric tons of carbon dioxide equivalent, according to the World Resources Institute and the World Business
Council for Sustainable Development&rsquo;s Greenhouse Gas Protocols (March&nbsp;2004).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Tons
Produced</B>&rdquo; means the sum of pulp and finished paper produced during a given period, measured in metric tons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: White">&ldquo;<B>Treasury
Rate</B>&rdquo; means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity
or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase; background-color: White"><B>ARTICLE&nbsp;2<BR>
TERMS OF THE NOTES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: White">SECTION&nbsp;2.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
In accordance with Section&nbsp;3.01 of the Base Indenture, the following terms relating to the Notes are hereby established:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt; background-color: White">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title</U>:
The Notes shall constitute a series of Securities having the title &ldquo;3.750% Global Notes due 2031&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt; background-color: White">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Aggregate
Amount</U>: The aggregate principal amount of the Reopening Notes that may be authenticated and delivered under this Amended and
Restated First Supplemental Indenture shall be U.S.$500,000,000, for an aggregate principal amount of Notes of U.S.$1,250,000,000.
As provided in the Base Indenture, the Company may, from time to time, without the consent of the Holders, issue Add On Notes
having identical terms (including CUSIP,&nbsp;ISIN and other relevant identifying characteristics as the Notes), so long as, on
the date of issuance of such Add On Notes: (i)&nbsp;no Default or Event of Default shall have occurred and then be continuing,
or shall occur as a result of the issuance of such Add On Notes, (ii)&nbsp;such Add On Notes shall rank <I>pari passu</I> with
the Notes and shall have identical terms, conditions and benefits as the Notes and be part of the same series as the Notes, (iii)&nbsp;the
Company and the Trustee shall have executed and delivered a further supplemental indenture to the Indenture providing for the
issuance of such Add On Notes and reflecting such amendments to the Indenture as may be required to reflect the increase in the
aggregate principal amount of the Notes resulting from the issuance of the Add On Notes, (iv)&nbsp;Suzano shall have executed
and delivered and the Trustee shall have acknowledged an amended Guarantee reflecting the increase in the aggregate principal
amount of the Notes resulting from the issuance of the Add On Notes and (v)&nbsp;the Trustee shall have received all such opinions
and other documents as it shall have requested, including an Opinion of Counsel stating that such Add On Notes are authorized
and permitted by the Indenture and all conditions precedent to the issuance of such Add On Notes have been complied with by the
Company and Suzano. All Add On Notes issued hereunder will, when issued, be considered Notes for all purposes hereunder and will
be subject to and take the benefit of all of the terms, conditions and provisions of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt; background-color: White">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ranking</U>:
</FONT>The Notes (including any additional Add On Notes) shall be general senior unsecured and unsubordinated obligations of the
Company and shall at all times rank pari passu among themselves and at least equal in right of payment with all of the Company&rsquo;s
other existing and future unsecured and unsubordinated obligations from time to time outstanding that are not, by their terms,
expressly subordinated in right of payment to the Notes (other than obligations preferred by statute or by operation of law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maturity</U>:
The entire outstanding principal of the Notes shall be payable in a single installment on January&nbsp;15, 2031 (the &ldquo;<B>Maturity
Date</B>&rdquo;). No payments in respect of the principal of the Notes shall be paid prior to the Maturity Date except in the
case of the occurrence of an Event of Default and acceleration of the aggregate outstanding principal amount of the Notes, upon
redemption prior to the Maturity Date pursuant to Section&nbsp;2.01(xii)&nbsp;and Section&nbsp;2.01(xiii)&nbsp;hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest</U>:
The Notes bear interest from and including September&nbsp;14, 2020 at a rate of 3.750% per annum (the &ldquo;<B>Initial Rate of
Interest</B>&rdquo;), subject to Section&nbsp;2.01(vi)&nbsp;hereof. All interest shall be paid by the Company to the Trustee and
distributed by the Trustee in accordance with this Indenture semi-annually in arrears on January&nbsp;15 and July&nbsp;15 of each
year during which any portion of the Notes shall be Outstanding (each, an &ldquo;<B>Interest Payment Date</B>&rdquo;), commencing
on January&nbsp;15, 2021, and will initially accrue from and including the date of issuance and thereafter from the last Interest
Payment Date to which interest has been paid. Interest shall be paid to the Person in whose name a Note is registered at the close
of business on the preceding Interest Payment Record Date. As provided in the Base Indenture, (i)&nbsp;interest accrued with respect
to the Notes shall be calculated based on a 360-day year consisting of 12 months of 30 days each, (ii)&nbsp;payment of principal
and interest and other amounts on the Notes will be made at the Corporate Trust Office of the Trustee in New York City, or such
other paying agent office in the United States as the Company appoints, in the form provided for in Section&nbsp;10.08 of the
Base Indenture, (iii)&nbsp;all such payments to the Trustee shall be made by the Company by depositing immediately available funds
in U.S. Dollars prior to 3:00 p.m., New York City Time, one Business Day prior to the relevant Interest Payment Date to the Payment
Account and (iv)&nbsp;so long as any of the Notes remain Outstanding, the Company shall maintain a paying agent in New York City.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest
Rate Step Up</U>: From and including July&nbsp;16, 2026 (the &ldquo;<B>Interest Rate Step Up Date</B>&rdquo;), the interest rate
payable on the Notes shall be increased by 25 basis points to 4.000% per annum (the &ldquo;<B>Subsequent Rate of Interest</B>&rdquo;)
unless the Company has notified (the &ldquo;<B>Satisfaction Notification</B>&rdquo;) the Trustee in writing at least 30 days prior
to the Interest Rate Step Up Date (the &ldquo;<B>Notification Date</B>&rdquo;) that in respect of the year ended December&nbsp;31,
2025: (i)&nbsp;the Sustainability Performance Target has been satisfied and (ii)&nbsp;the satisfaction of the Sustainability Performance
Target has been confirmed by the External Verifier in accordance with its customary procedures. If as of the Notification Date
(x)&nbsp;the Company fails, or is unable, to provide the Satisfaction Notification, (y)&nbsp;the Sustainability Performance Target
has not been satisfied or (z)&nbsp;the External Verifier has not confirmed satisfaction of the Sustainability Performance Target,
the Subsequent Rate of Interest will apply for each interest period from and including the Interest Rate Step Up Date up to, and
including, the Maturity Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt; background-color: White">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>[</U>Reserved]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
Account</U>: On the Closing Date, the Trustee shall establish (and shall promptly notify the Company of the establishment of such
account, including the relevant account numbers and other relevant identifying details) and, until the Notes and all accounts
due in respect thereof have been paid in full, the Trustee shall continue to maintain the special purpose non-interest bearing
trust account established pursuant to the First Supplemental Indenture (the &ldquo;<B>Payment Account</B>&rdquo;) into which all
payments required to be made by the Company under or with respect to the Notes shall be deposited. The Company agrees that the
Payment Account shall continue to be maintained in the name of the Trustee and under its sole dominion and control (acting on
behalf of the Holders) and used solely to make payments of principal, interest and other amounts from time to time due and owing
on, or with respect to, the Notes. No funds contained in the Payment Account shall be used for any other purpose or in any manner
not expressly provided for herein nor shall the Company or any other Person have an interest therein or amounts on deposit therein.
All amounts on deposit in the Payment Account on any Interest Payment Date after the Trustee has paid all amounts due and owing
to the holders of the Notes as of such Interest Payment Date shall be retained in the Payment Account and used by the Trustee
to pay any amounts due and owing to the Holders on the next succeeding Interest Payment Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form&nbsp;and
Denomination</U>: The Notes shall be issuable in whole in the registered form of one or
more Global Notes (without coupons), in minimum denominations of U.S.$1,000 and integral multiples thereof, and shall be transferable
in integral multiples of U.S.$1,000 and integral multiples thereof and the Depository for such Global Notes shall be The Depository
Trust Company, New York, New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amended
and Restated Guarantee</U>: <FONT>The Notes shall have the benefit of the Amended and Restated
Guarantee in the manner provided in Article&nbsp;3 of this Amended and Restated First Supplemental Indenture.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rating</U>:
The Notes can be issued without the requirement that they have any rating from a nationally recognized statistical rating organization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optional
Early Redemption</U>. The Notes are subject to redemption at the Company&rsquo;s option prior to the Par Call Date in whole at
any time, or in part from time to time, at a redemption price equal to the greater of (A)&nbsp;100% of the principal amount of
such Notes and (B)&nbsp;the sum of the present values, calculated as of the redemption date, of the remaining scheduled payments
of principal and interest thereon (exclusive of interest accrued to the redemption date) (calculated at a rate of 3.750% per annum
until the interest period immediately following the Interest Rate Step Up Date, at which point the interest rate shall be deemed
to be the Subsequent Rate of Interest unless the Sustainability Performance Target has been satisfied in respect of the year ended
December&nbsp;31, 2025 and the Company has provided confirmation thereof to the Trustee together with a related confirmation by
the External Verifier at least 30 days prior to July&nbsp;16, 2026 as set forth in Section&nbsp;2.01(vi)) as if the bonds were
redeemed on the Par Call Date, discounted to the redemption date on an annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 50 basis points, plus in each case, any accrued and unpaid interest and Additional Amounts,
if any, on such notes to the redemption date, as calculated by the Independent Investment Banker. At any time on or after the
Par Call Date, the company will have the right to redeem the Notes, in whole or in part and from time to time, at a redemption
price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest on the principal amount
of the Notes being redeemed to such redemption date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Early
Redemption Solely for Tax Reasons</U>. If as a result of any change in or amendment to the laws or treaties (or any rules&nbsp;or
regulations thereunder) of any Taxing Jurisdiction, or any amendment to or change in an official interpretation, administration
or application of such laws, treaties, rules, or regulations (including a holding by a court of competent jurisdiction), which
change or amendment or change in official position becomes effective on or after the issue date, or, with respect to a successor,
after the date a successor assumes the obligations under the Notes or the note guarantees, the Company or Suzano or a successor
have or will become obligated to pay Additional Amounts in excess of the Additional Amounts that the Company or Suzano would be
obligated to pay if payments were subject to withholding or deduction at a rate of 15% (or at a rate of 25% in case the holder
of the Notes is resident in a tax haven jurisdiction, i.e., countries which do not impose any income tax or which impose it at
a maximum rate lower than 20% or where the laws impose restrictions on the disclosure of ownership composition or securities ownership)
as a result of the taxes, duties, assessments and other governmental charges described above (the &ldquo;<B>Minimum Withholding
Level</B>&rdquo;), then the Company may, at its option, redeem all, but not less than all, of the Notes, at a redemption price
equal to 100% of their principal amount, together with interest and Additional Amounts accrued to the date fixed for redemption,
upon publication of irrevocable notice not less than 15 days nor more than 90 days prior to the date fixed for redemption. No
notice of such redemption may be given earlier than 90 days prior to the earliest date on which the Company would, but for such
redemption, be obligated to pay the Additional Amounts above the Minimum Withholding Level, were a payment then due. The Company
shall not have the right to so redeem the Notes in the event it becomes obliged to pay Additional Amounts which are less than
the Additional Amounts payable at the Minimum Withholding Level. Notwithstanding the foregoing, the Company shall not have the
right to so redeem the Notes unless: (i)&nbsp;it has taken measures it considers reasonable to avoid the obligation to pay Additional
Amounts; and (ii)&nbsp;it has complied with all applicable regulations to legally effect such redemption; provided, however, that
for this purpose reasonable measures shall not include any change in the Company&rsquo;s, Suzano&rsquo;s or any successor&rsquo;s
jurisdiction of incorporation or organization or location of each of their principal executive or registered office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: White">In
the event that the Company elects to so redeem the Notes, it will deliver to the Trustee: (i)&nbsp;a certificate, signed in the
name of the Company by two of its directors or by its attorney in fact in accordance with its articles of association, stating
that the Company is entitled to redeem the Notes pursuant to their terms and setting forth a statement of facts showing that the
condition or conditions precedent to the right of the Company to so redeem have occurred or been satisfied; and (ii)&nbsp;an Opinion
of Counsel (as provided for in the Indenture) to the effect that the Issuer has or will become obligated to pay Additional Amounts
in excess of the Additional Amounts payable at the Minimum Withholding Level as a result of the change or amendment and that all
governmental approvals necessary for the Issuer to effect the redemption have been obtained and are in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt; background-color: White">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion</U>: </FONT>The
Notes will not be convertible into, or exchangeable for, any other securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt; background-color: White">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defeasance</U>:
The provisions of Sections 13.01, 13.02 and 13.03 of the Base Indenture shall apply to the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt; background-color: White">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants</U>:
Except as set forth in Section&nbsp;2.05, the Notes will be subject to the covenants set forth in Article&nbsp;10 of the Base
Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt; background-color: White">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration</U>:
The Notes are SEC Registered Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;2.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
to Section&nbsp;5.01 Relating to Events of Default</U>. With respect to the Notes only, (and for the avoidance of doubt, not with
respect to any other series of Notes issued pursuant to the Base Indenture on or prior to the date hereof), Section&nbsp;5.01
of the Base Indenture is hereby amended by deleting the existing language and replacing it with the language below (without any
effect on the other provisions contained therein):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-size: 10pt; background-color: White"><I>&ldquo;Section&nbsp;5.01
<U>Events of Default</U>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>&ldquo;<B>Event
of Default</B>,&rdquo; wherever used herein with respect to the Notes, means any one of the following events (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule&nbsp;or regulation of any administrative or governmental body):</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall fail to make any payment in respect of principal on any of the Notes whether on the Maturity Date (as the same may
be extended as permitted hereunder), upon redemption or prior to the Maturity or otherwise in accordance with the terms of the
Notes and the Indenture;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall fail to make any payment in respect of any interest or other amounts due on or with respect to the Notes (including
Additional Amounts, if any) in accordance with the terms of the Notes and the Indenture, non-payment of which shall continue for
a period of 30 calendar days and the Trustee shall not have otherwise received such amounts from amounts on deposit, from Suzano
under &lrm;Section&nbsp;12.01 of the Indenture or otherwise by the end of such 30 calendar day period;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company or Suzano shall fail to perform, or breach, any term, covenant, agreement or obligation in respect of the Notes issued
under the Indenture and such failure (other than any failure to make any payment under &lrm;Section&nbsp;12.01 of the Indenture,
for which there is no cure) is either incapable of remedy or continues for a period of 60 calendar days after there has been received
by the Company or Suzano from the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes a written
notice specifying such default or breach and requiring it to be remedied and stating that such notice is a &ldquo;Notice of Default&rdquo;
hereunder;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
maturity of any Debt of the Company or Suzano or any Material Subsidiary thereof in a total aggregate principal amount of U.S.$75,000,000
or more is accelerated in accordance with the terms of that Debt, it being understood that prepayment or redemption by the Company
or Suzano or any Material Subsidiary thereof of any Debt is not acceleration for this purpose;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
or more final and non-appealable judgments or orders for the payment of money are rendered against the Company, Suzano or any
of its Subsidiaries and are not paid or discharged, and there is a period of 60 consecutive days following entry of the final
and non-appealable judgment or order that causes the aggregate amount for all such final and non-appealable judgments or orders
outstanding and not paid or discharged against all such Persons to exceed U.S.$75,000,000 or the equivalent thereof at the time
of determination (in excess of amounts which Suzano&rsquo;s insurance carriers have agreed to pay under applicable policies) during
which a stay of enforcement, by reason of a pending appeal or otherwise, is not in effect;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceedings
are initiated against the Company or Suzano or any Material Subsidiary thereof under any applicable bankruptcy, reorganization,
insolvency, moratorium or intervention law or law with similar effect, or under any other law for the relief of, or relating to,
debtors, and any such proceeding is not dismissed or stayed within 60 days after the entering of such proceeding, or an administrator,
receiver, administrador judicial, liquidator, custodian, trustee, manager, fiduciary, statutory manager, intervener or assignee
for the benefit of creditors (or other similar official) is appointed to take possession or control of, or a distress, execution,
attachment or sequestration or other process is levied, enforced upon, sued out or put in force against, all or any material part
of the undertaking, property, assets or revenues of the Company or Suzano or any Material Subsidiary thereof and is not dismissed
or stayed within 60 days;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company or Suzano or any Material Subsidiary thereof commences voluntarily or consents to judicial, administrative or other proceedings
relating to it under any applicable bankruptcy, reorganization, insolvency, moratorium or intervention law or law with similar
effect, or under any other law for the relief of, or relating to, debtors, or makes or enters into any composition, recupera&ccedil;&atilde;o
judicial or extrajudicial or other similar arrangement with its creditors, or appoints or applies for the appointment of an administrator,
receiver, administrador judicial, liquidator, custodian, trustee, manager, fiduciary, statutory manager, intervener or assignee
for the benefit of creditors (or other similar official) to take possession or control of the whole or any material part of its
undertaking, property, assets or revenues, or takes any judicial, administrative or other similar proceeding under any law for
a readjustment or deferment of its Debt or any part of it;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Guarantee ceases to be in full force and effect, other than in accordance with the terms of this Indenture, or Suzano denies or
disaffirms its obligations under the Guarantee; and</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
event occurs that under the laws of any relevant jurisdiction has substantially the same effect as any of the events referred
to in any of paragraphs (e), (f)&nbsp;or (g)&nbsp;of this &lrm;Section&nbsp;5.01.&rdquo;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: White">SECTION&nbsp;2.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments
to Section&nbsp;8.01 Relating to Limitation on Consolidation, Merger, Sale or Conveyance</U></FONT>. With respect to the
Notes only, (and, for the avoidance of doubt, not with respect to any other series of notes issued pursuant to the Base
Indenture on or prior to the date hereof) Section&nbsp;9.07 of the Base Indenture is hereby amended by deleting the existing
language and replacing it with the language below (without any effect on the other provisions contained therein):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>&ldquo;Section&nbsp;8.01
<U>Limitation Consolidation, Merger or Sale of Substantially All Assets</U>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Suzano nor the Company will, in a single transaction or a series of transactions:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;consolidate
with, merge with or into any Person, or</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sell,
convey, transfer, assign, or otherwise dispose of all or substantially all of its assets (determined on a consolidated basis for
Suzano and its Subsidiaries, as the case may be) as an entirety or substantially an entirely, in one transaction or a series of
related transactions, to any Person, or</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: White"><I>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;permit
any Person to merge with or into Suzano or the Company; in ease case unless</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; background-color: White"><I>1.</I></FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: White"><I>either:
                                         (x)&nbsp;Suzano, the Company or Fibria Overseas Finance, as applicable, is the continuing
                                         Person; or (y)&nbsp;the resulting, surviving or transferee Person (the &ldquo;<B>Successor
                                         Company</B>&rdquo;) is (A)&nbsp;in the event of a merger of Suzano, a corporation organized
                                         and validly existing under the laws of Brazil or any political subdivision thereof, the
                                         United States of America or any state thereof or the District of Columbia or any other
                                         country member of the Organization for Economic Co-operation and Development (&ldquo;<B>OECD</B>&rdquo;)
                                         or (B)&nbsp;in the event of a merger of the Company, an entity organized and validly
                                         existing under the laws of Austria, the United States of America or any state thereof
                                         or the District of Columbia or any other country member of the OECD, and, in each case,
                                         expressly assumes by supplemental indenture, executed and delivered to the Trustee, in
                                         form as set forth in this Indenture or as otherwise satisfactory to the Trustee, all
                                         of the obligations of Suzano or the Company, as the case may be, under this Indenture
                                         and the Guarantee, as applicable;</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt; background-color: White"><I>2.</I></FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: White"><I>immediately
                                         after giving effect to the transaction, no Event of Default, and no Default has occurred
                                         and is continuing; and</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White"></FONT></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>



<!-- Field: Split-Segment; Name: 002 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><I>3.</I></TD><TD STYLE="font-size: 10pt; text-align: justify"><I>if Suzano is organized under Brazilian law or the Company is organized under Austrian law or
Cayman Islands law, as applicable, and Suzano or the Company merges with a corporation, or the Successor Company is, organized
under the laws of the United States, any State thereof or the District of Columbia or any country member of the OECD, or (ii)&nbsp;if
Suzano or the Company is organized under the laws of the United States, any State thereof or the District of Columbia and merges
with a corporation, or the Successor Company is, organized under the laws of Brazil, Austria or the Cayman Islands, as applicable,
or any country member of the OECD, then Suzano, the Company or the Successor Company will have delivered to the Trustee an Opinion
of Counsel from each of Brazilian, Austrian or Cayman Islands, as applicable, U.S. and the successor jurisdiction counsel to the
effect that, as applicable, the Holders will not recognize income, gain or loss for U.S. jurisdiction or Brazilian, Austrian or
Cayman Islands jurisdiction, as applicable, or the successor jurisdiction income tax purposes as a result of such transaction;
and</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><I>4.</I></TD><TD STYLE="font-size: 10pt; text-align: justify"><I>the Company or the Successor Company, as the case may be, delivers to the Trustee an Officer&rsquo;s
Certificate and an Opinion of Counsel, each stating that the consolidation, merger or transfer and the supplemental indenture (if
any) comply with this Indenture;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>provided,
that clause (2)&nbsp;does not apply to the consolidation or merger of Suzano or the Company with or into any of Suzano&rsquo;s
Subsidiaries or the consolidation or merger of a Subsidiary of Suzano with or into Suzano or the Company or Fibria Overseas Finance.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzano
shall not sell or otherwise transfer any Equity Interest in the Company (other than directors&rsquo; qualifying shares) to any
other Person other than a Subsidiary of Suzano unless Suzano becomes the direct obligor under the Notes;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the consummation of any transaction effected in accordance with this Section&nbsp;8.01, if Suzano or the Company or Fibria Overseas
Finance, as applicable, is not the continuing Person, the Successor Company will succeed to, and be substituted for, and may exercise
every right and power of Suzano under the Guarantee, or the Company or Fibria Overseas Finance under this Indenture with the same
effect as if such successor Person had been named as Suzano or the Company, as applicable, in this Indenture. Upon such substitution,
unless the successor is one or more of Suzano&rsquo;s Subsidiaries, Suzano or the Company, as applicable, will be released from
its obligations under this Indenture or the Guarantee, as applicable.&rdquo;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;2.04.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments
to Section&nbsp;9.07 Relating to Substitution of the Company</U>. With respect to the Notes only, (and, for the avoidance of doubt,
not with respect to any other series of notes issued pursuant to the Base Indenture on or prior to the date hereof) Section&nbsp;9.07
of the Base Indenture is hereby amended by deleting the existing language and replacing it with the language below (without any
effect on the other provisions contained therein):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&ldquo;Section&nbsp;9.07.
<U>Substitution of the Company</U>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>(a)&nbsp;Notwithstanding
any other provision contained in this Indenture, (i)&nbsp;the Company may, without the consent of any Holder (and by purchasing
any Securities, each Holder expressly consents to the provisions of this Section&nbsp;9.07), be substituted by (i)&nbsp;Suzano
or (ii)&nbsp;any Wholly-Owned Subsidiary of Suzano as principal debtor in respect of the Securities (in each case, in such capacity,
the &ldquo;<B>Successor Company</B>&rdquo;); provided that the following conditions are satisfied:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>(i)&nbsp;such
documents shall be executed by the Successor Company, the Company, Suzano and the Trustee as may be necessary to give full effect
to the substitution, including a supplemental indenture under which the Successor Company assumes all of the Company&rsquo;s obligations
under this Indenture and the Securities and, unless Suzano&rsquo;s then existing Guarantee remains in full force and effect, substitute
guarantee issued by Suzano in respect of the Notes (collectively, the &ldquo;<B>Company Substitution Documents</B>&rdquo;) and
(without limiting the generality of the foregoing) pursuant to which the Successor Company shall undertake in favor of each Holder
to be bound by the terms and conditions of the Securities and the provisions of this Indenture as fully as if the Successor Company
had been named in the Securities and this Indenture as the principal debtor in respect of the Securities;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>(ii)&nbsp;without
limiting the generality of Section&nbsp;9.07(a)(i), the Company Substitution Documents shall contain covenants by the Successor
Company (i)&nbsp;to ensure that each Holder has the benefit of a covenant in terms corresponding to the obligations of the Company
in respect of the payment of Additional Amounts set forth in Section&nbsp;10.10 of this Indenture, with the substitution of the
references to Austria with references to the jurisdiction of organization of the Successor Company; and (ii)&nbsp;to indemnify
each Holder and beneficial owner of the Securities against all taxes or duties (a)&nbsp;which arise by reason of a law or regulation
in effect or contemplated on the effective date of the substitution, which may be incurred or levied against such Holder or beneficial
owner of the Securities as a result of the substitution pursuant to the conditions set forth in this Section&nbsp;9.07 and which
would not have been so incurred or levied had such substitution not been made and (b)&nbsp;which are imposed on such Holder or
beneficial owner of the Securities by any political subdivision or taxing authority of any country in which such Holder or beneficial
owner of the Securities resides or is subject to any such tax or duty and which would not have been so imposed had the substitution
not been made;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>(iii)&nbsp;the
Successor Company shall have delivered, or caused the delivery, to the Trustee of an Opinion of Counsel in the jurisdiction of
organization of the Successor Company, Austria and Brazil, to the effect that the Company Substitution Documents, this Indenture,
the Securities and the Guarantee constitute legal, valid and binding obligations of the Successor Company, enforceable against
the Successor Company in accordance with their terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization,
insolvency, fraudulent transfer, moratorium and similar laws of general applicability relating to or affecting creditors&rsquo;
rights and to general principles of equity) and other specified legal matters, such Opinion of Counsel to be dated not more than
five days prior to the date of succession of the Company by the Successor Company;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>(iv)&nbsp;the
Successor Company shall have delivered, or caused the delivery, to the Trustee of an Opinion of Counsel from New York counsel
reasonably satisfactory to the Trustee, to the effect that (i)&nbsp;the Company Substitution Documents this Indenture, the Securities
and the Guarantee constitute legal, valid and binding obligations of the Successor Company and the Guarantor parties thereto under
the law of the State of New York, enforceable against such parties in accordance with their terms (subject, as to the enforcement
of remedies, to applicable bankruptcy, reorganization, insolvency, fraudulent transfer, moratorium and similar laws of general
applicability relating to or affecting creditors&rsquo; rights and to general principles of equity), and (ii)&nbsp;no consent,
approval, authorization or order of any U.S. federal or New York State court or governmental agency or regulatory body is required
for the consummation of the transactions contemplated by the Company Substitution Documents and compliance with the terms thereof
by each of the Successor Company, Suzano and the Guarantor, except as may be required by U.S. state securities laws, such Opinion
of Counsel to be dated not more than five days prior to the date of succession of the Company by the Successor Company;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>(v)&nbsp;the
Successor Company shall have delivered, or caused the delivery, to the Trustee of an Officer&rsquo;s Certificate as to compliance
with the provisions of this Indenture, including those provisions described under this Section&nbsp;9.07;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>(vi)&nbsp;the
Successor Company shall have appointed a process agent in the Borough of Manhattan, in the City of New York to receive service
of process on its behalf in relation to any legal action or proceedings arising out of or in connection with the Securities, this
Indenture and the Company Substitution Documents;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>(vii)&nbsp;no
Event of Default shall have occurred and be continuing; and</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>(viii)&nbsp;such
substitution shall comply with all applicable requirements under the laws of the jurisdiction of organization of the Successor
Company, Austria and Brazil for the purpose of such substitution.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><I>(b)&nbsp;Upon
the execution of the Company Substitution Documents, any substitute guarantee and compliance with the other conditions set forth
in Section&nbsp;9.07(a)&nbsp;hereof, (i)&nbsp;the Successor Company shall be deemed to be named in the Securities as the principal
debtor in place of the Company, (ii)&nbsp;the Securities shall thereupon be deemed to be amended to give effect to such succession,
and (iii)&nbsp;any reference in this Indenture to the Company shall from then on be deemed to refer to the Successor Company and
any reference to the country in which the Company is domiciled or resident for taxation purposes shall from then on be deemed
to refer to the country of domicile or residence for taxation purposes of the Successor Company.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>(i)&nbsp;The
Company Substitution Documents shall be delivered to and held by the Trustee for so long as any Securities remain outstanding
and for so long as any claim may be made against the Successor Company or the Company by any Holder in respect of the Securities
or the Company Substitution Documents shall not have been finally adjudicated, settled or discharged. The Successor Company and
the Company shall acknowledge in the Company Substitution Documents the right of every Holder to the production of the Company
Substitution Documents for the enforcement of any of the Securities, this Indenture or the Company Substitution Documents.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>(ii)&nbsp;Not
later than 10 Business Days after the execution of the Company Substitution Documents, the Successor Company shall give notice
thereof to the Holders. Notice of any such substitution shall be published in accordance with Section&nbsp;1.05, 1.06 and 1.07.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><I>(iii)&nbsp;Notwithstanding
any other provision of this Indenture, Suzano (unless it is the Successor Company) shall promptly execute and deliver any documents
or instruments, including any substitute guarantee and a legal opinion of internationally recognized Brazilian, Luxembourg and
Austrian counsel that may be required, or that the Trustee may reasonably request, to ensure that the Suzano&rsquo;s Guarantee
shall continue in full force and effect for the benefit of the Holders and beneficial owners of the Securities following the succession
pursuant to this Article&nbsp;IX.&rdquo;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;2.05.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
to Article&nbsp;X. </U>With respect to the Notes only, (and for the avoidance of doubt, not with respect to any other series of
Notes issued pursuant to the Base Indenture on or prior to the date hereof), the following language will be added as Section&nbsp;10.16
of the Base Indenture:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&ldquo;Section&nbsp;10.16.
<U>Maintenance of Properties</U>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Suzano
will cause all properties used or useful in the conduct of its business or the business of any of its Subsidiaries to be maintained
and kept in good condition, repair and working order as in the judgment of Suzano may be necessary so that the business of Suzano
and its Subsidiaries may be properly and advantageously conducted at all times; provided that nothing shall prevent Suzano or
any of its Subsidiaries from discontinuing the use, operation or maintenance of any of such properties or disposing of any of
them, if such discontinuance or disposal is, in the judgment of Suzano, desirable in the conduct of the business of Suzano and
its Subsidiaries taken as a whole.&rdquo;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;2.06.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
to Section&nbsp;12.01 Relating to Unconditional Guarantee. </U>With respect to the Notes only, (and for the avoidance of doubt,
not with respect to any other series of Notes issued pursuant to the Base Indenture on or prior to the date hereof), the following
language under Section&nbsp;12.01 of the Base Indenture:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>&ldquo;Rights
of Holders to payment in full under the Securities pursuant to the Guarantee shall be equal in right of payment with all other
existing and future senior unsecured obligations of Suzano, subject to certain statutory preferences under applicable law, and
senior in right of payment to Suzano&rsquo;s subordinated debt.&rdquo;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">shall be
deleted and replaced with the following language (without any effect on the other provisions contained therein):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>&ldquo;Rights
of Holders to payment in full under the Securities pursuant to the Guarantee shall be equal in right of payment to all other existing
and future senior unsecured obligations of Suzano, subject to certain statutory preferences under applicable law, including labor
and tax claims; senior in right of payment to Suzano&rsquo;s subordinated debt; and effectively subordinated to the debt and other
liabilities (including subordinated debt and trade payables) of Suzano&rsquo;s subsidiaries (other than the Company) and jointly
controlled companies and to secured debt of Suzano to the extent of the value of the assets securing such secured debt.&rdquo;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;3<BR>
GUARANTee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;3.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution</U>.
The Trustee is hereby authorized and directed to acknowledge the Amended and Restated Guarantee and to perform all of its duties
and obligations thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;3.02.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforcement</U>.
The Trustee shall enforce the provisions of the Amended and Restated Guarantee against Suzano in accordance with the terms thereof
and the terms of the Indenture, and Suzano, by execution of this Amended and Restated First Supplemental Indenture, and by so
agreeing to become a party to the Indenture, agrees that each Holder shall have direct rights under the Amended and Restated Guarantee
as if it were a party thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">SECTION&nbsp;3.03.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzano
hereby (i)&nbsp;acknowledges and agrees to be bound by the provisions of Section&nbsp;1.08 of the Base Indenture and (ii)&nbsp;confirms
that (A)&nbsp;its obligations under the Guarantee shall be issued pursuant to the Indenture and (B)&nbsp;it intends for the Holders,
in addition to those rights under the Guarantee as provided therein, to be entitled to the benefits of the Indenture with respect
to their rights against Suzano under the Guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;3.04.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes;
Additional Amounts</U>. For the avoidance of doubt, the Company&rsquo;s obligations to pay any indemnity with respect to taxes,
including the obligation to pay Additional Amounts pursuant to Section&nbsp;10.10 of the Base Indenture, shall extend to any payments
made by Suzano pursuant to the Guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;4<BR>
MISCELLANEOUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;4.01.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of the First Supplemental Indenture</U>. This Amended and Restated First Supplemental Indenture supplements the Indenture and
shall be a part, and subject to all the terms, thereof. The Base Indenture, as supplemented and amended by this Amended and Restated
First Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Amended and Restated
First Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this
Amended and Restated First Supplemental Indenture supersede any conflicting provisions included in the Base Indenture unless not
permitted by law. The provisions of this Amended and Restated First Supplemental Indenture are intended to apply solely to the
Notes and the Holders thereof and shall not apply to any future issuance of securities by the Company (other than any Add On Notes
as provided herein) and all references to provisions of the Base Indenture herein amended and restated or otherwise modified shall
have effect solely with respect to the Notes contemplated in this Amended and Restated First Supplemental Indenture. The Trustee
accepts the trusts created by the Base Indenture, as supplemented by this Amended and Restated First Supplemental Indenture, and
agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Amended and Restated First
Supplemental Indenture. The First Supplemental Indenture is amended and restated so that it shall be read, taken and construed
as one and the same instrument as this Amended and Restated Supplemental Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;4.02.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Amended and Restated First Supplemental Indenture shall be governed by, and construed in accordance with, the laws
of the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;4.03.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trustee
Makes No Representation</U>. In entering into this Amended and Restated First Supplemental Indenture, the Trustee shall be entitled
to the benefit of every provision of the Indenture relating to the conduct or affecting the liability of or affording protection
to the Trustee (including, without limitation, the right to be indemnified), whether or not elsewhere herein so provided. The
Trustee, for itself and its successors, accepts the terms of the Indenture as amended by this Amended and Restated First Supplemental
Indenture, and agrees to perform the same, but only upon the terms and provisions defining and limiting the liabilities and responsibilities
of the Trustee, which terms and provisions shall in like manner define and limit its liabilities and responsibilities in the performance
of the trust created by the Indenture. The Trustee shall not be responsible in any manner whatsoever for or in respect of and
makes no representations (i)&nbsp;as to the validity or sufficiency of this Amended and Restated First Supplemental Indenture
or any of the terms or provisions hereof, other than as to the validity of its execution and delivery by the Trustee, (ii)&nbsp;in
respect of recitals contained herein (all of which recitals or statements are made solely by the Issuer and the Guarantor), (iii)&nbsp;as
to the due execution hereof by the Issuer and the Guarantor, or (iv)&nbsp;as to the consequences of any amendment and/or waiver
herein provided for.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;4.04.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Headings</U>. The section headings herein are for convenience only and shall not affect the construction of this Amended and
Restated First Supplemental Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><FONT STYLE="background-color: White">EXECUTION
VERSION</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;4.05.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
The parties may sign any number of copies of this Amended and Restated First Supplemental Indenture. Each signed copy shall be
an original, but all of them together represent the same agreement. The exchange of copies of this Amended and Restated First
Supplemental Indenture and of signature pages&nbsp;by facsimile or PDF transmission shall constitute effective execution and delivery
of this Amended and Restated First Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;4.06.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
of Jury Trial</U>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE OR THE NOTES.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SECTION&nbsp;4.07.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Electronic
Signatures and Transmission</U>. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures,
including those created or transmitted through a software platform or application, shall be deemed original signatures for purposes
of this Indenture and all matters and agreements related thereto, with such facsimile, scanned and electronic signatures having
the same legal effect as original signatures. The parties agree that this Indenture or any instrument, agreement or document necessary
for the consummation of the transactions contemplated by this Indenture or related hereto or thereto (including, without limitation,
addendums, amendments, notices, instructions, communications with respect to the delivery of securities or the wire transfer of
funds or other communications) (&ldquo;Executed Documentation&rdquo;) may be accepted, executed or agreed to through the use of
an electronic signature in accordance with applicable laws, rules&nbsp;and regulations in effect from time to time applicable
to the effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed or agreed to in
conformity with such laws, rules&nbsp;and regulations will be binding on all parties hereto to the same extent as if it were physically
executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be
reasonably chosen by a signatory hereto or thereto. When the Trustee acts on any Executed Documentation sent by electronic transmission,
the Trustee will not be responsible or liable for any losses, costs or expenses arising directly or indirectly from its reliance
upon and compliance with such Executed Documentation, notwithstanding that such Executed Documentation (a)&nbsp;may not be an
authorized or authentic communication of the party involved or in the form such party sent or intended to send (whether due to
fraud, distortion or otherwise) or (b)&nbsp;may conflict with, or be inconsistent with, a subsequent written instruction or communication;
it being understood and agreed that the Trustee shall conclusively presume that Executed Documentation that purports to have been
sent by an authorized officer of a Person has been sent by an authorized officer of such Person. The party providing Executed
Documentation through electronic transmission or otherwise with electronic signatures agrees to assume all risks arising out of
such electronic methods, including, without limitation, the risk of the Trustee acting on unauthorized instructions and the risk
of interception and misuse by third parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">[SIGNATURE
PAGE TO FOLLOW IMMEDIATELY]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">IN
WITNESS WHEREOF, the parties have caused this Amended and Restated First Supplemental Indenture to be duly executed as of the
date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; font-size: 10pt"><B>Suzano Austria GmbH</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Marcelo
    Feriozzi Bacci&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Marcelo Feriozzi Bacci</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Attorney-in-fact</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Carlos Anibal Almeida&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Carlos Anibal Almeida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Attorney-in-fact</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; font-size: 10pt"><B>Suzano S.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Marcelo Feriozzi Bacci&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Marcelo Feriozzi Bacci</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Carlos Anibal Almeida&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Carlos Anibal Almeida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Executive Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXECUTION VERSION<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">IN WITNESS
WHEREOF, the parties have caused this Amended and Restated First Supplemental Indenture to be duly executed as of the date first
written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Luke Russell</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Luke Russell</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Assistant Vice President</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Kathryn Fischer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Kathryn Fischer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Vice President</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">EXHIBIT&nbsp;A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">FORM&nbsp;OF
GLOBAL SECURITY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">[FORM&nbsp;OF
FACE OF NEW SECURITY]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">[Global
Securities Legend]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY
OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER
OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY&nbsp;BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">UNLESS
THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;<B>DTC</B>&rdquo;),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY DEFINITIVE SECURITY ISSUED IS REGISTERED
IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp;
CO., HAS AN INTEREST HEREIN.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.$</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">SUZANO AUSTRIA
GMBH</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">[&#9679;]%
Global Notes due [&#9679;], 2031</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Date: ___________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">No.________
CUSIP NO._____________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">ISIN NO.______________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">This
Security is one of a duly authorized issue of securities of SUZANO AUSTRIA GMBH, a private company incorporated with limited liability
under the laws of Austria (the &ldquo;<B>Company</B>&rdquo;), designated as its [&#9679;]% Global Notes due [&#9679;], 2031 (the
 &ldquo;<B>Securities</B>&rdquo;), issued in an initial aggregate principal amount of U.S.$[&#9679;] as revised by the Schedule
of Increases and Decreased attached hereto, under the Amended and Restated First Supplemental Indenture (the &ldquo;<B>Amended
and Restated First Supplemental Indenture</B>&rdquo;), effective as of November&nbsp;19, 2020, by and among the Issuer, Suzano
S.A., a corporation (<I>sociedade por a&ccedil;&otilde;es</I>) organized under the laws of Brazil (&ldquo;<B>Suzano</B>&rdquo;
or the &ldquo;<B>Guarantor</B>&rdquo;), and Deutsche Bank Trust Company Americas, a New York banking corporation, as Trustee (the
 &ldquo;<B>Trustee</B>&rdquo;), to the Indenture, dated as of January&nbsp;24, 2020 (the &ldquo;<B>Base Indenture</B>,&rdquo; and
as supplemented by the Amended and Restated First Supplemental Indenture and any further supplements thereto with respect to the
Securities, the &ldquo;<B>Indenture</B>&rdquo;), by and among the Company, the Guarantor and the Trustee. Reference is hereby
made to the Indenture for a statement of the respective rights, limitations of interests, benefits, obligations and duties thereunder
of the Company, the Trustee and the Holders, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. All capitalized terms used in this Securities which are defined in the Indenture and not otherwise defined herein shall
have the meanings assigned to them in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">The
Company, for value received, hereby promises to pay to ________________, or its registered assigns [If applicable, insert - -
as nominee of __________________], and as the Holder of record of this Security, the principal amount specified above in _________
on __________ (or earlier as provided for in the Indenture) upon presentation and surrender hereof, at the office or agency of
the Trustee referred to below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">As
provided for in the Indenture, the Company promises to pay interest on the outstanding principal amount hereof, from ______________,
semi-annually in arrears on ___________ and ____________ of each year (each such date, an &ldquo;<B>Interest Payment Date</B>&rdquo;),
commencing ____________ at a rate equal to [&#9679;]% per annum, subject to the paragraph below, and will initially accrue from
the date of issuance and thereafter from the last Interest Payment Date to which interest has been paid. Interest payable, and
punctually paid or duly provided for, on this Security on any Interest Payment Date will, as provided in the Indenture, be paid
in immediately available funds to the Person in whose name this Security (or one or more predecessor Securities) is registered
at the close of business on the Business Day preceding such interest payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">From
and including July&nbsp;16, 2026, the Interest Rate Step Up Date, the Subsequent Rate of Interest payable on the Notes shall be
increased by 25 basis points to [&#9679;]% per annum, unless the Company has provided a Satisfaction Notification to the Trustee
in writing on the Notification Date that in respect of the year ended December&nbsp;31, 2025: (i)&nbsp;the Sustainability Performance
Target has been satisfied and (ii)&nbsp;the satisfaction of the Sustainability Performance Target has been confirmed by the External
Verifier in accordance with its customary procedures. If as of the Notification Date (x)&nbsp;the Company fails, or is unable,
to provide the Satisfaction Notification, (y)&nbsp;the Sustainability Performance Target has not been satisfied or (z)&nbsp;the
External Verifier has not confirmed satisfaction of the Sustainability Performance Target, the Subsequent Rate of Interest will
apply for each interest period from and including the Interest Rate Step Up Date up to, and including, the Maturity Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Payment
of the principal of and interest on this Security will be payable by wire transfer to a _______ account maintained by the Holder
of this Security as reflected in the Security Register of the Trustee. In the event the date for any payment of the principal
of or interest on any Security is not a Business Day, then payment will be made on the next Business Day with the same force and
effect as if made on the nominal date of any such date for such payment and no additional interest will accrue on such payment
as a result of such payment being made on the next succeeding Business Day. Interest shall accrue on the Securities at the rate
of [&#9679;]% per annum until all required amounts due in respect of the Securities have been paid. Interest accrued with respect
to this Security shall be calculated based on 360-day year consisting of 12 months of 30 days each.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Securities are subject to redemption by the Issuer on the terms and conditions specified in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">This
Security does not purport to summarize the Indenture, and reference is made to the Indenture for information with respect to the
respective rights, limitations of interests, benefits, obligations and duties thereunder of the Company, the Trustee and the Holders.
If an Event of Default shall occur and be continuing, the outstanding principal amount of all the Securities may become or may
be declared due and payable in the manner and with the effect provided in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Modifications
of the Indenture may be made by the Company and the Trustee only to the extent and in the circumstances permitted by the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">The
Securities shall be issued only in fully registered form, without coupons. Securities shall be issued in the form of beneficial
interests in one or more global securities in denominations of U.S.$1,000 and any integral multiples thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Prior
to and at the time of due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security is overdue, and neither the Company, the Trustee nor any agent thereof shall be affected by notice
to the contrary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">Suzano Austria GmbH</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Dated: [&#9679;], 2020</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">TRUSTEE&rsquo;S
CERTIFICATE OF AUTHENTICATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Deutsche
Bank Trust Company Americas</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">as Trustee,
certifies that this is one of the Securities referred to in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Authorized Signatory</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Dated: _____,
2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Reverse
of Global Security</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">This
Security is one of a duly authorized issue of securities of the Company (herein called the &ldquo;<B>Securities</B>&rdquo;), issued
and to be issued in one or more series under an Indenture, dated as of January&nbsp;24, 2020, as supplemented with respect to
the Securities (herein called the &ldquo;<B>Indenture</B>&rdquo; which term shall have the meaning assigned to it in such instrument),
between the Company, the Guarantor and Deutsche Bank Trust Company Americas, as Trustee (herein called the &ldquo;<B>Trustee</B>,&rdquo;
which term includes any other successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series designated on the face hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Prior
to October 15, 2030 (the &ldquo;<B>Par Call Date</B>&rdquo;), the Company may redeem the Securities in whole at any time, or in part from
time to time, at a redemption price based on a &ldquo;make-whole&rdquo; premium, plus accrued and unpaid interest, if any, to
the redemption date. At any time on or after the Par Call Date, we may redeem the Securities, in whole or in part at a redemption
price equal to 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest on the principal
amount of the Securities being redeemed to such redemption date. For purposes of optional redemption, interest will be calculated
after the Interest Rate Step Up Date at the Subsequent Rate of Interest, unless the Sustainability Performance Target has been
satisfied and the Issuer has provided Satisfaction Notification to the Trustee in writing on the Notification Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">The
Company may redeem the Securities, in whole but not in part, at 100% of its principal amount plus accrued and unpaid interest
and Additional Amounts (as defined below), if any, at any time upon the occurrence of specified events relating to Brazilian,
Austrian or other relevant jurisdictions&rsquo; tax laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Notice
of redemption will be given by mail to Holders of Securities of this series, not less than 15 days nor more than 60 days prior
to the date fixed for redemption, all as provided in the Indenture.&nbsp;&nbsp;Such notice may at the Company&rsquo;s option be
subject to the satisfaction of one or more conditions precedent, and it may be rescinded or the applicable redemption date delayed
in the event that any or all such conditions shall not have been satisfied by the applicable redemption date.&nbsp;&nbsp;Any conditions
precedent shall be described in such notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">In
the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">The
Indenture contains provisions for defeasance at any time of the entire indebtedness on this Security or certain restrictive covenants
and Events of Default with respect to this Security, in each case, upon compliance with certain conditions set forth in the Indenture.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">If
an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of
this series may be declared due and payable in the manner and with the effect provided in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">If
any deduction or withholding for any present or future taxes, assessments or other governmental charges of Brazil or Austria (or
any political subdivision or taxing authority thereof or therein) shall at any time be required by Brazil or Austria (or any such
political subdivision or taxing authority) in respect of any amounts to be paid by the Company under the Securities, the Company
will pay to the Holder of this Security such additional amounts as may be necessary in order that the net amounts paid to such
Holder of such Security who, with respect to any such tax, assessment or other governmental charge, is not resident in Brazil
or Austria, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such Holder
is entitled (&ldquo;<B>Additional Amounts</B>&rdquo;); provided, however, that the Company shall not be required to make any payment
of Additional Amounts for or on account of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>any
tax, assessment or other governmental charge which would not have been imposed but for (i)&nbsp;the existence of any present or
former connection between such Holder or the beneficial owner of the Security of such series (or between a fiduciary, settler,
beneficiary, member or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial
owner is an estate, trust, partnership or corporation) and Brazil or Austria or any political subdivision or territory or possession
thereof or area subject to its jurisdiction other than the mere holding of a Security or receipt of payment in respect thereto,
including, without limitation, such Holder or beneficial owner (or such fiduciary, settler, beneficiary, member, shareholder or
possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business
therein or having or having had a permanent establishment therein or (ii)&nbsp;the presentation of a Security of such series (where
presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable
or the date on which payment thereof is duly provided for, whichever occurs later;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>any
estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>any
amount required to be deducted or withheld by any Paying Agent from a payment on or in respect of the Security, if such payment
can be made without such deduction or withholding by any other Paying Agent and we duly provide for such other Paying Agent to
make such payment;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>withholding
for any taxes, duties, assessments or other governmental charges that are payable otherwise than by deduction or withholding from
payments on the Security;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>any
tax, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply by the Holder or the
beneficial owner of the Security of such series with a request of the Company addressed to the Holder (i)&nbsp;to provide information
concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii)&nbsp;to make any declaration
or other similar claim or satisfy any information or reporting requirements, which, in the case of (i)&nbsp;or (ii), is required
or imposed by a statute, treaty, regulation or administrative practice of Brazil or Austria as a precondition to exemption from
all or part of such tax, assessment or other governmental charge;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where
the Holder would have been able to avoid the tax, levy, deduction or other governmental charge by taking reasonable measures available
to such Holder; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
combination of items (a), (b), (c), (d), (e)&nbsp;and (f)&nbsp;above;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">nor shall
Additional Amounts be paid with respect to any payment in respect of any Security to any Holder or beneficial owner who is a fiduciary
or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws
of Brazil or Austria (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax
purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who
would not have been entitled to such Additional Amounts had it been the Holder or beneficial owner, as the case may be, of such
Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by
the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">As
set forth in, and subject to, the provisions of the Indenture, no Holder of any Security of this series will have any right to
institute any proceeding with respect to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have
previously given to the Trustee written notice of a continuing Event of Default with respect to the Securities of this series,
the Holders of not less than 25% in principal amount of the Outstanding Securities of this series shall have made written request,
and offered indemnity or security satisfactory to the Trustee to institute such proceeding as trustee, and the Trustee shall not
have received from the Holders of a majority in principal of the Outstanding Securities of this series a direction inconsistent
with such request and shall have failed to institute such proceeding within 60 days; provided, however, that such limitations
do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal (and premium, if any),
interest or any Additional Amount on this Security on or after the respective due dates expressed herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the
times, place and rate, and in the coin or currency, herein prescribed or to convert or exchange this Security as provided in the
Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">The
Securities of this series are issuable only in registered form without coupons in denominations of U.S.$1,000 and any integral
multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same. As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for
registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest
on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">No
service charge shall be made for any such registration of transfer or exchange, but the Company and the Trustee may require payment
of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company or the Trustee nor any such agent shall be affected by notice to the contrary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">The
Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>SCHEDULE
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>SCHEDULE
OF PRINCIPAL AMOUNT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">The
initial principal amount of this Security shall be U.S.$&nbsp;_____________. The following decreases/increases in the principal
amount of this Security have been made:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 22%; text-align: justify"><FONT STYLE="font-size: 10pt">Date
    of<BR>
    Decrease/Increase</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 18%; text-align: justify"><FONT STYLE="font-size: 10pt">Decrease
    in<BR>
    Principal<BR>
    Amount</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 18%; text-align: justify"><FONT STYLE="font-size: 10pt">Increase
    in<BR>
    Principal <BR>
    Amount</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 19%; text-align: justify"><FONT STYLE="font-size: 10pt">Total
    Principal<BR>
    Amount<BR>
    Following Such<BR>
    Decrease/Increase</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 19%; text-align: justify"><FONT STYLE="font-size: 10pt">Notation
    Made<BR>
    by or on Behalf<BR>
    of Trustee</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt"></P>

<!-- Field: Page; Sequence: 11; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2036063d9_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>Execution Version</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2036063d9_ex5-3img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5in 0pt 0; text-align: right; text-indent: 0">November 19,
2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suzano S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Avenida Professor Magalhaes Neto, 1,752</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">10th Floor, Rooms 1010 and 1011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">41810-012 Salvador &ndash; BA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suzano Austria GmbH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fleischmarkt 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1010 Vienna</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Austria</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I am qualified to practice
law in the Federative Republic of Brazil (&ldquo;<U>Brazil</U>&rdquo;) and am the General Counsel of Suzano S.A. (&ldquo;<U>Suzano</U>&rdquo;),
a corporation (<I>sociedade por a&ccedil;&otilde;es</I>) incorporated under the laws of the Federative Republic of Brazil. This
opinion is being furnished to you in connection with the offering by Suzano Austria GmbH, a limited liability company (<I>Gesellschaft
mit beschr&auml;nkter Haftung</I>) incorporated under the laws of the Republic of Austria and a wholly-owned subsidiary of Suzano
(&ldquo;<U>Issuer</U>&rdquo;), pursuant to a registration statement on Form F-3 (Files Nos. 333-236083, 333-236083-01 and 333-236083-02)
(the &ldquo;<U>Registration Statement</U>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;),
filed with the U.S. Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;), of (i) U.S$500,000,000 aggregate principal
amount of the Issuer&rsquo;s 3.750% Global Notes due 2031 (the &ldquo;<B>Notes</B>&rdquo;), as guaranteed by Suzano (the &ldquo;<B>Guarantee</B>&rdquo;),
pursuant to a base indenture dated as of January 24, 2020, as supplemented by the amended and restated First Supplemental Indenture
dated as of November 19, 2020 (the &ldquo;<B>Indenture</B>&rdquo;) among Suzano, the Issuer and Deutsche Bank Trust Company Americas,
as trustee, registrar, paying agent and transfer agent (the &ldquo;<B>Trustee</B>&rdquo;). The Notes, together with the Guarantee,
are referred to as the &ldquo;<B>Securities</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.3pt"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.3pt">For the purpose of
rendering this opinion, I have examined the execution copies or copies certified to my satisfaction of the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Registration Statement filed with the SEC and the documents incorporated by reference therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a copy of the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Suzano&rsquo;s bylaws (<I>estatuto social</I>), as in effect on the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the minutes of the board of directors meeting of Suzano held on September 10, 2020, approving: (a) the issue of the Notes
by the Issuer; (b) the Guarantee by Suzano; and (c) the execution, delivery and performance of all agreements related to the issue
of the Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such other documents, records and matters of law as I have deemed necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering the foregoing
opinions, I have assumed the authenticity of all documents represented to me to be originals, the conformity to original documents
of all copies of documents submitted to me, the accuracy and completeness of all corporate records made available to me and the
genuineness of all signatures that purport to have been made in a corporate, governmental, fiduciary or other capacity, and that
the persons who affixed such signatures had authority to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering the opinions
expressed below, I have assumed: (i)&nbsp;the due organization and valid existence of all parties to the Indenture (other than
Suzano) under the laws of the countries of their respective incorporation; (ii)&nbsp;the due authorization, execution and delivery
by all parties (other than Suzano) to the Indenture; (iii) that the performance thereof is within the capacity and powers of all
such parties; and (iv)&nbsp;the validity and enforceability of the Indenture and the Securities in accordance with their terms
under the laws of the State of New York, by which they are expressed to be governed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Also, I have assumed and have not verified
(i)&nbsp;the accuracy as to factual matters of each document I have reviewed (ii)&nbsp;that the original Notes and Guarantee will
conform to the copies I have reviewed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">I am qualified to practice law solely in
Brazil and express no opinion as to any laws other than the laws of Brazil as in effect on the date hereof, and I have assumed
that there is nothing in any other law that affects my opinion. In particular, I have made no independent investigation of the
laws of the State of New York or the laws of Austria as a basis for the opinions stated herein, and I do not express or imply any
opinion on such laws. The opinions stated below are provided based on Brazilian laws, rules and regulations and on Suzano&rsquo;s
by-laws, in each case as in effect on the date hereof, and I assume that there will be no change in Brazilian laws, rules or regulations
(or the interpretation thereof) nor amendments to Suzanos&rsquo;s by-laws that may affect in any way the opinions stated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the foregoing
and subject to the qualifications and limitations hereinafter specified, I am of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Suzano is a corporation (<I>sociedade por a&ccedil;&otilde;es</I>) duly organized and validly existing
under the laws of Brazil, duly qualified to do business in Brazil, and has all power and authority necessary to own and hold its
properties and to conduct the businesses in which it is engaged and to perform its obligations under the Guarantee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Suzano has all power and authority to enter into and perform its obligations under the Guarantee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">The execution, delivery and performance of the Guarantee have been duly authorized by Suzano.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinions set forth above are, however,
subject to the following qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">enforcement in Brazil may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, or other similar laws relating
to or limiting creditor&rsquo;s rights generally;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in order to ensure the admission and enforceability of the Indenture or the Securities, as the case may be, before the public
agencies and courts in Brazil (i)&nbsp;the signatures of the parties thereto signing outside Brazil must be notarized by a notary
public and, where appropriate, the identity of the seal or stamp of such notary public must be apostilled by a competent authority
of the state from which the document emanates according to the Hague Convention of October&nbsp;5, 1961 (&ldquo;<U>Apostille Convention</U>&rdquo;),
except for documents emanating from a state that is not a signatory to the Apostille Convention, which require notarization and
the subsequent legalization (authentication) of the signature of such a notary by a Brazilian consulate official and (ii)&nbsp;the
Indenture and the Securities must be translated into Portuguese by a sworn translator, and the sworn translation must be registered
with the appropriate Registry of Deeds and documents in Brazil; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any judgment obtained against Suzano in a foreign court with respect to the Indenture or the Securities, as the case may be,
will only be enforceable in the courts of Brazil if previously confirmed (<I>homologado</I>) by the Superior Court of Justice of
Brazil (<I>Superior Tribunal de Justi&ccedil;a</I>). Such confirmation will only be given if such foreign judgment: (i)&nbsp;fulfils
all formalities required for enforceability under the laws of the country where it was issued; (ii)&nbsp;is not subject to appeal
in the jurisdiction in which it was issued, (iii)&nbsp;is accompanied by a sworn translation into Portuguese; and (iv)&nbsp;does
not violate national sovereignty, public policy or good morals of Brazil (as provided in Section&nbsp;17 of the Law of Introduction
to the Rules of Brazilian Law), including in particular the rules regarding service of process.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I express no opinion
as to any matter which may be, or which purports to be, governed by the laws of any jurisdiction other than the laws of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is limited
to the matters expressly stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I hereby consent to
the use of my name in the prospectus constituting a part of the Registration Statement, and in any amendments and prospectus supplements
related thereto, under the heading &ldquo;Validity of Securities&rdquo; as counsel for Suzano who has passed on specific opinions
based on Brazilian law and relating to the Securities, and to the use of this opinion as an exhibit to the Registration Statement.
In giving such consent, I do not thereby admit that I am within the category of persons whose consent is required under Section
7 of the Securities Act, or the rules and regulations of the SEC thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is furnished
by me, as Acting General Counsel of Suzano, to you, solely for your benefit and no other person may rely upon this opinion without
my prior written consent. I disclaim any obligation to update this opinion letter for events occurring or coming to my attention
after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page Follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Pablo Machado</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pablo Machado</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">General Counsel of Suzano S.A.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature Page
to Suzano Exhibit 5 Legal Opinion]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>tm2036063d9_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0; text-indent: 5.75in"><B>Exhibit 5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suzano S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Av. Professor Magalhaes Neto, 1,752</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10th Floor, Rooms 1010 and 1011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Salvador, Brazil 41 810-012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suzano Austria GmbH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fleischmarkt 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1010 Vienna</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Austria</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vienna, 19 November 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suzano Austria GmbH</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S.$500,000,000.00 3.750% Global Notes
Due 2031</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>guaranteed by Suzano S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">we are acting as Austrian legal advisors for Suzano
Austria GmbH, a limited liability company (<I>Gesellschaft mit beschr&auml;nkter Haftung</I>) established under the laws of
the Republic of Austria (&ldquo;<B>Austria</B>&rdquo;), registered in the companies&rsquo; register (<I>Firmenbuch</I>) under
registration number FN&nbsp;62444 f (the &ldquo;<B>Company</B>&rdquo;), in connection with the offering pursuant to a
registration statement on Form F-3 (File Nos. 333-236083, 333-236083-01 and 333-236083-02) of U.S.$500,000,000.00 aggregate
principal amount of the Company&rsquo;s 3.750% Global Notes due 2031 (the &ldquo;<B>Notes</B>&rdquo;), fully guaranteed by
Suzano S.A. as guarantor (the &ldquo;<B>Guarantor</B>&rdquo;) pursuant to an indenture dated as of 24 January 2020 (the
 &ldquo;<B>Base Indenture</B>&rdquo;), as supplemented by the amended and restated First Supplemental Indenture dated as of 19
November 2020 (the &ldquo;<B>First Supplemental Indenture</B>&rdquo; and, together with the Base Indenture, the
 &ldquo;<B>Indenture</B>&rdquo;) between the Company, the Guarantor and Deutsche Bank Trust Company Americas, as trustee,
registrar, paying agent and transfer agent (the &ldquo;<B>Trustee</B>&rdquo;). Such registration statement, as amended as of
its most recent effective date 16&nbsp;November 2020, insofar as it relates to the Notes and the Guarantee (as determined for
purposes of Rule 430B(f)(2) under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;)),
including the documents incorporated by reference therein but excluding Exhibits 25.1 and 25.2, is herein called the
 &ldquo;<B>Registration Statement</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purposes of this opinion we have examined the following
documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-size: 10pt">an
                                         electronic extract from the main book (<I>Hauptbuch</I>) of the companies&rsquo; register
                                         (<I>Firmenbuch</I>) relating to the Company, dated 19 November 2020;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2036063d9_ex5-2img01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">an
                                         electronic extract from the electronic insolvency register (<I>Ediktsdatei</I>) in relation
                                         to the Company dated 19 November 2020;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                         articles of association (<I>Gesellschaftsvertrag</I>) of the Company as of 8 March 2018
                                         (the &ldquo;<B>Articles of Association</B>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 17.85pt"></TD><TD STYLE="font-size: 10pt; width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a
                                         copy of the executed resolution of the Company&rsquo;s shareholder passed on 16 September
                                         2020 (the &ldquo;<B>Resolution A</B>&rdquo;);a copy of the executed resolution of the
                                         Company's management board passed on 16&nbsp;November 2020 (the &ldquo;<B>Resolution
                                         B</B>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a
                                         copy of the executed resolution of the Company's shareholder passed on 16 November 2020
                                         (the &ldquo;<B>Resolution C</B>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a
                                         copy of the executed power of attorney authorizing and instructing Marcelo Feriozzi Bacci
                                         and Carlos Anibal Fernandes de Almeida J&uacute;nior as attorneys-in-fact dated 16 November
                                         2020 (the &ldquo;<B>Power of Attorney</B>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a
                                         copy of the execution version of the Registration Statement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a
                                         copy of the execution version of the Indenture, including the forms of global securities
                                         representing the Notes and the form of notation to be executed by the Guarantor relating
                                         to the guarantee (the &ldquo;<B>Guarantee</B>&rdquo;), included therein including the
                                         forms of global securities representing the Notes; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">such
                                         further documents as we have considered necessary or appropriate for the preparation
                                         of this opinion.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Registration Statement and the Indenture are collectively
referred to in this opinion as the &ldquo;<B>Transaction Documents</B>&rdquo;. The Articles of Association, the Resolution A, the
Resolution B, the Resolution C, and the Power of Attorney are collectively referred to as the &ldquo;<B>Corporate Documents</B>&rdquo;
(and together with the Transaction Documents, the &ldquo;<B>Documents</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purposes of this opinion we have assumed, without any
investigation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">i.</FONT></TD><TD STYLE="font-size: 10pt">the genuineness of each signature or seal on and the completeness and authenticity of each document submitted to us as an original
or a copy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">ii.</FONT></TD><TD STYLE="font-size: 10pt">the conformity to the original of each document submitted to us as a copy, including electronic files and facsimiles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">iii.</FONT></TD><TD STYLE="font-size: 10pt">that a document examined by us in draft or specimen form has been or will be executed in the form of such draft or specimen;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">iv.</FONT></TD><TD STYLE="font-size: 10pt">the accuracy, completeness and authenticity of each public authority document and the accuracy and completeness of all official
public records (including their proper indexing and filing);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">v.</FONT></TD><TD STYLE="font-size: 10pt">that nothing in this opinion is affected by any document other than the Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">vi.</FONT></TD><TD STYLE="font-size: 10pt">that none of the Documents have been revoked, rescinded, repealed, terminated, amended, or supplemented (in each case whether
as a whole or in part);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">vii.</FONT></TD><TD STYLE="font-size: 10pt">that none of the powers of attorney or sub-powers of attorney used for such purpose has been revoked prior to the execution
of any Document;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> <FONT STYLE="color: Black">|</FONT> 8</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2036063d9_ex5-2img01.jpg" ALT="">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">viii.</FONT></TD><TD STYLE="font-size: 10pt">that the Transaction Documents contain the entirety of the transactions entered into between the parties thereto and contemplated
thereby insofar as they relate to the Company and that no other arrangements between any of the parties to the Transaction Documents
in respect of the transaction contemplated thereby or other declaration or act which modifies or supersedes any of the terms of
a Transaction Document exist;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">ix.</FONT></TD><TD STYLE="font-size: 10pt">that all individuals who will actually sign or have signed the Documents (i) have sufficient legal competency and capacity
to act (i.e., are of legal age and without incapacity) and (ii) were in fact the persons whose names appear on the signature pages
of the relevant Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">x.</FONT></TD><TD STYLE="font-size: 10pt">that all statements of fact made in the Documents are correct;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xi.</FONT></TD><TD STYLE="font-size: 10pt">that each of the representations and warranties given by any of the parties to the Transaction Documents (other than representations
and warranties as to matters of Austrian law on which we express an opinion herein) is and will be, when made or repeated or when
deemed made or repeated, true, accurate and complete and that none of the parties to the Transaction Documents has knowledge that
these representations and warranties are inaccurate or impossible to fulfil;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xii.</FONT></TD><TD STYLE="font-size: 10pt">that the information revealed by the searches in the electronic insolvency register (<I>Ediktsdatei</I>) and in the companies&rsquo;
register (<I>Firmenbuch</I>) was accurate and complete in all respects as of the date of the searches and that no changes to the
facts related therein have occurred between the date the searches were made and the date hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xiii.</FONT></TD><TD STYLE="font-size: 10pt">that the Documents have been duly authorized and executed by each of the parties thereto other than the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xiv.</FONT></TD><TD STYLE="font-size: 10pt">that there are no agreements or understandings among the parties, written or oral, and no usage of trade or course of prior
dealing among the parties that would (except for the fees and expense letter), in either case, define, supplement or qualify the
terms of the Documents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.65in"></TD><TD STYLE="font-size: 10pt; width: 0.3in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">that the Documents have been entered into bona fide and at arm's length by all parties thereto
and that the decision of any party to enter into such agreements has not been influenced by any relevant error or other deficiency
of state of mind,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.65in"></TD><TD STYLE="font-size: 10pt; width: 0.3in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">are in the best interests of each party thereto and its shareholder, employees and creditors,
and are not a fraud on any of them, and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.65in"></TD><TD STYLE="font-size: 10pt; width: 0.3in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">constitute a proper purpose for the exercise of the powers of each party thereto;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xv.</FONT></TD><TD STYLE="font-size: 10pt">that any right or remedy arising from the Documents is not exercised in an unconscionable manner (<I>sittenwidrig</I>) or in
bad faith (<I>treuwidrig</I> or <I>rechtsmissbr&auml;uchlich</I>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xvi.</FONT></TD><TD STYLE="font-size: 10pt">that the terms and provisions of each of the Documents and the execution, delivery, performance and enforcement of any Document
by or against any party thereto or any other persons affected thereby (including, without limitation, the obtaining of all necessary
consents, licenses, approvals and authorisations, the making of all necessary filings, lodgements, registrations and notifications
and the payment of any stamp duties and other documentary taxes) duly comply with all relevant laws (other than those of Austria)
as may apply thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xvii.</FONT></TD><TD STYLE="font-size: 10pt">that there is no law of any jurisdiction outside Austria which renders the execution, delivery or performance of the Documents
illegal or ineffective and that, insofar as any obligation under the Documents is performed in, or is otherwise subject to, any
jurisdiction other than Austria, its performance will not be illegal or ineffective by virtue of the law of that jurisdiction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> <FONT STYLE="color: Black">|</FONT> 8</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2036063d9_ex5-2img01.jpg" ALT="">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xviii.</FONT></TD><TD STYLE="font-size: 10pt">that each of the Notes are offered, issued and purchased in accordance with their terms and conditions and upon their issuance,
will be paid in full;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xix.</FONT></TD><TD STYLE="font-size: 10pt">that the Notes are issued in the form of securities transferable by way of records maintained in book-entry form or physical
delivery and not by way of an assignment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xx.</FONT></TD><TD STYLE="font-size: 10pt">that the potential holders of the Notes and the parties to the Transaction Documents (other than the Company) are not resident
for tax purposes in Austria;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xxi.</FONT></TD><TD STYLE="font-size: 10pt">that the potential holders of the Notes and the parties to the Transaction Documents (other than the Company) have, and will
have, neither a branch, nor an office nor any other fixed place of business in Austria through which they wholly or partly conduct
their business and to which the Notes or any payments under the Notes or any payments under, or pursuant to, the Transaction Documents
are attributable; the potential holders of the Notes and the parties to the Transaction Documents (other than the Company) have
not appointed and will not appoint a permanent agent in Austria in form of either a dependent agent or an independent agent;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xxii.</FONT></TD><TD STYLE="font-size: 10pt">that interest payments under the Notes are made neither by the Company directly nor by an Austrian credit institution, Austrian
branch of a non-Austrian credit institution or Austrian branch of a securities services firm established in the European Union
nor by a third party making payments in addition or instead of the interest payments, each acting as paying agent, but by a non-Austrian
paying agent (which does not merely act as an intermediary for bank transfer purposes in the course of the payment of the interest
under the Notes) from a place outside of Austria;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xxiii.</FONT></TD><TD STYLE="font-size: 10pt">that payments of realized capital gains in relation to the Notes are made neither (i) by an Austrian credit institution or
Austrian branch of a non-Austrian credit institution or Austrian branch of a securities services firm established in the European
Union, each acting as Austrian depository, nor (ii) in the absence of an Austrian depository, by an Austrian credit institution
or Austrian branch of a non-Austrian credit institution or Austrian branch of a securities services firm established in the European
Union, each acting as Austrian paying agent in a scenario where the non-Austrian depository is a non-Austrian branch or group company
of such Austrian paying agent and processes the payment in cooperation with the Austrian paying agent;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xxiv.</FONT></TD><TD STYLE="font-size: 10pt">that under none of the Transaction Documents all contractual parties (other than the Company) have an Austrian residence, place
of habitual abode, place of management, seat or permanent establishment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xxv.</FONT></TD><TD STYLE="font-size: 10pt">that any Transaction Document is executed (signed) and all originals and certified copies thereof are and will be kept outside
of Austria; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.4in"><FONT STYLE="font-size: 10.5pt">xxvi.</FONT></TD><TD STYLE="font-size: 10pt">that any written documentation in connection with the Transaction Documents or other documentation which confirms or contains
references to the Transaction Documents is not and will not be documented in writing in Austria and that no original or certified
copy of such written documentation is or will be sent, or otherwise brought, to or from Austria.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> <FONT STYLE="color: Black">|</FONT> 8</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2036063d9_ex5-2img01.jpg" ALT="">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the basis of such assumptions, we are of the opinion that
under Austrian law currently in effect:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 17.85pt"></TD><TD STYLE="font-size: 10pt; width: 17.85pt">1.</TD><TD STYLE="font-size: 10pt">The Company is a corporation duly incorporated and validly existing under Austrian law and has full power and authority to
own its properties and to conduct its operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 17.85pt"></TD><TD STYLE="font-size: 10pt; width: 17.85pt">2.</TD><TD STYLE="font-size: 10pt">The Company, as of the date of this opinion, has full power and authority to undertake issuances of Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 17.85pt"></TD><TD STYLE="font-size: 10pt; width: 17.85pt">3.</TD><TD STYLE="font-size: 10pt">The execution and delivery of the Transaction Documents and the performance by the Company of the obligations assumed under
the terms thereof, have been duly authorized by all necessary action of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 17.85pt"></TD><TD STYLE="font-size: 10pt; width: 17.85pt">4.</TD><TD STYLE="font-size: 10pt">The execution and delivery of the Transaction Documents by the Company and the performance of its obligations thereunder do
not conflict with or result in a violation of any provision of the Corporate Documents or provisions of Austrian law as specifically
applicable to the Transaction Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 17.85pt"></TD><TD STYLE="font-size: 10pt; width: 17.85pt">5.</TD><TD STYLE="font-size: 10pt">On the assumption that the (i) Indenture and (ii) the Notes in their definitive form are of a binding nature under the laws
of the State of New York, to which the Indenture and the Notes are expressed to be subject, the Indenture and the Notes in definitive
form, when duly authorized by the Company and issued in accordance with the form provided in the Indenture, including the Guarantees,
will constitute legal, valid and binding obligations of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is subject to the following limitations and qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">a.</TD><TD STYLE="font-size: 10pt">For the purposes of this opinion we have relied upon companies&rsquo; register extracts. Entries in the companies&rsquo; register
are made by qualified court clerks upon review of the relevant documents. As long as a fact to be entered in the companies&rsquo;
register has not been registered and made public, it cannot be invoked against a third party by the person in respect of whose
affairs it ought to have been entered, unless the first had knowledge of such fact. If the fact has been entered and made public,
it can be held against a third party. This does not apply to legal acts undertaken within 15 days after publication, if the third
party proves that he neither knew nor should have known of the fact entered in the companies&rsquo; register. If someone causes
an inaccurate entry being made in the companies&rsquo; register or if he has recognized or could have recognized that an entry
in the companies&rsquo; register is inaccurate (even if he did not cause the inaccurate entry) and does not have it deleted, the
inaccurate entry may be held against him by a third party in business dealings, unless he proves that the third party did not act
in reliance on such entry or that the third party knew or gross negligently failed to know of the incorrectness of the entry.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">However, the companies&rsquo; register extracts are,
in particular, not capable of revealing conclusively whether or not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 49.5pt"></TD><TD STYLE="font-size: 10pt; width: 22.5pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a winding up order has been made or a resolution passed for the winding up of the Company; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 49.5pt"></TD><TD STYLE="font-size: 10pt; width: 22.5pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a receiver or liquidator has been appointed; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 49.5pt"></TD><TD STYLE="font-size: 10pt; width: 22.5pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">amendments to the Articles of Association have been made;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> <FONT STYLE="color: Black">|</FONT> 8</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2036063d9_ex5-2img01.jpg" ALT="">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">as notice of these matters may not be filed with the
commercial court immediately and, when filed, may not be entered in the companies&rsquo; register database immediately. Further,
entries made by a court clerk are usually not searchable in the companies&rsquo; register database until the day following the
entry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We have not searched the collection of documents (<I>Urkundensammlung</I>)
containing physical and electronic documents which were filed for entries (or deletions of entries) in the main book of the companies&rsquo;
register regarding the Company or in compliance with certain other legal requirements. Therefore, we have relied on the extract
of the main book of the companies&rsquo; register but have not verified those findings by examining whether there are any discrepancies
or other deficiencies apparent from the documents contained in the collection of documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>The search made in the electronic insolvency register (<I>Ediktsdatei</I>) only reveals whether or not details of any insolvency
proceedings have been included in the insolvency database with respect to the Company. This search is not capable of revealing
conclusively whether or not the initiation of any such proceedings has already been court ordered, since details of such order
may not be entered by the court clerk in the insolvency database immediately and, when entered, are usually not immediately searchable
in the insolvency database. According to a decision of the Court of Appeal in Vienna, bankruptcy proceedings are, however, not
regarded as having commenced until the day following the day on which the details of the court order are actually searchable in
the insolvency database. We do not opine on whether or not any insolvency, composition, business receivership or similar proceedings
have been opened with respect to the Company or its assets by any court or authority outside of Austria.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>The validity, binding effect and enforceability of the Transaction Documents and the obligations to be created thereunder may
be limited or otherwise be affected by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance, avoidance
or similar laws of general application relating to or affecting the enforcement of creditors' rights and remedies (including, without
limitation, creditors' termination and set-off rights). Under Austrian insolvency law, depending on the type of insolvency proceedings
that are initiated, the insolvency receiver may become entitled to manage the respective company or its insolvent estate exclusively.
In this capacity such insolvency receiver has a statutory right to terminate certain types of contracts. Orders made by the debtor
become void with the opening of insolvency proceedings. An insolvency receiver is not bound by offers made by the debtor which
have not been accepted before the opening of the insolvency proceedings. Unless specifically agreed, a contractual exclusion of
set-off does not apply when the other party has become insolvent. Any power of attorney issued by a company will cease to be valid
upon the institution of insolvency proceedings against such company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>The choice of the law of the State of New York to govern the Indenture and the Notes is subject to (i) certain mandatory rules
of Austrian conflicts law and (ii) the provisions of Regulation (EC) No. 593/2008 of 17 June 2008 (&ldquo;<B>ROME I Regulation</B>&rdquo;),
e.g., Article 9 of the ROME I Regulation which provides that effect may be given to the overriding mandatory provisions of the
law of the country where the obligations arising out of the contract have to be or have been performed, in so far as those overriding
mandatory provisions render the performance of the contract unlawful; furthermore an Austrian court may give effect to mandatory
rules of the laws of another foreign jurisdiction to which the case is closely connected, in particular foreign exchange control
regulations, if and to the extent such rules must be applied regardless of the chosen law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> <FONT STYLE="color: Black">|</FONT> 8</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2036063d9_ex5-2img01.jpg" ALT="">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>The choice of the law of the State of New York to govern any non-contractual obligations arising out of or in connection with
the Indenture and the Notes will not prejudice the application of provisions of the law of another country where all the elements
relevant to the situation at the time when the event giving rise to the damage occurs are located in a country other than Austria,
where that other country has provisions of law which cannot be derogated from by agreement; we believe that the choice of the law
of the State of New York to govern non-contractual obligations may not restrict the application of Austrian laws in a situation
where the application of those laws are mandatory irrespective of the law otherwise applicable to the non-contractual obligation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">f.</TD><TD>Despite the choice of foreign law by the parties, Austrian courts may apply Austrian law if they cannot ascertain the content
of the foreign law within a reasonable time. What &ldquo;reasonable time&rdquo; means depends on the urgency of the matter (e.g.,
in case of a preliminary injunction it will be relatively short).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">g.</TD><TD>The opinion as to giving effect to the choice of forum clause in the Indenture and the Notes is subject to the interpretation
of the Austrian court as to the terms of such choice of forum clause. If the court decides that the choice of forum clause is non-exclusive,
the court may come to the conclusion that it has jurisdiction if and to the extent it would have jurisdiction under the general
Austrian procedural rules. Even if the court decides that the choice of forum clause is exclusive and such court is not the chosen
forum, there is a risk that the court would come to the conclusion that it has jurisdiction unless the defendant to such proceedings
objects to the court's jurisdiction upon such defendant's first opportunity to bring forward arguments in the subject matter of
the proceedings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">h.</TD><TD>The validity, binding effect and enforceability of the Documents and the obligations to be created thereunder may be limited
or otherwise be affected by the general defences available to the Company under Austrian law (to the extent it applies) with respect
to the validity and enforceability of contractual obligations such as the Austrian law equivalents of initial legal or factual
impossibility of performance (<I>urspr&uuml;ngliche rechtliche oder faktische Unm&ouml;glichkeit der Vertragserf&uuml;llung</I>),
frustration of purpose (<I>Wegfall der Gesch&auml;ftsgrundlage</I>), good cause (<I>wichtiger Grund</I>), set-off, estoppel and
statute of limitations and the exception of abuse of law or similar concepts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is limited to Austrian law, as applied by the Austrian
courts at the date hereof and is given on a basis that any issues arising hereunder (including, without limitation, issues of interpretation)
will be governed by and construed in accordance with Austrian law. Place of performance is Austria. Our opinions expressed herein
are given on the basis that they represent a fair view of the legal position (<I>vertretbare Rechtsansicht</I>) under Austrian
law but do not purport to reflect all views taken by courts and academic literature in the past with respect to a particular legal
issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We assume no obligation to update the opinions expressed herein
if laws, their interpretation, facts or circumstances change after the date hereof. We have not investigated and do not express
or imply an opinion with respect to the laws of any jurisdiction other than Austria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have neither examined any documents other than those expressly
stated in this opinion, nor have we received or considered any further information with respect to the circumstances in this case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> <FONT STYLE="color: Black">|</FONT> 8</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2036063d9_ex5-2img01.jpg" ALT="">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have not advised or participated in any way during the negotiation
and conclusion of any of the Documents and thus have no knowledge about the course of the negotiations or the aim or intentions
of the parties involved. Thus, we have based our legal opinion on the mere wording of the Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other than the review of the documents noted previously, we
have not conducted any due diligence investigation of factual or legal matters for the purposes of this opinion, and our opinion
does not purport to express or imply any opinion with regard to such matters, including the adequacy of any of the economic terms
of the transactions contemplated in the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nothing herein should be taken as expressing an opinion with
respect to the representations and warranties or other factual statements, contained in the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is limited to the matters stated herein and is
not to be read as extending by implication to any other matters not specifically referred to herein. It is given solely for the
benefit of the addressees of this letter. This opinion is not addressed to any other person and may not be passed on to, or relied
upon by, any holder or, save as stated below, any other person for any purpose. You may not give copies of it to others without
our prior written permission, except that it may be included in any compilation of closing documents, to be handed out to the Company,
the Guarantor, or the Trustee, pertaining to the exchange offer covered by the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit
to the Registration Statement and to the reference to this firm in the prospectus constituting a part of the Registration Statement
under the heading &ldquo;Validity of Securities&rdquo;. In giving such consent, we do not thereby admit that we are within the
category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission
thereunder. The opinions expressed herein are rendered on and as of the date hereof, and we assume no obligation to advise you
or any other person, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date
hereof that might affect the opinions expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yours faithfully,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Weber Rechtsanw&auml;lte GmbH &amp; Co KG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Weber Rechtsanw&auml;lte GmbH &amp; Co KG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> <FONT STYLE="color: Black">|</FONT> 8</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>5
<FILENAME>tm2036063d9_ex5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: right; text-indent: 0">November 19, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 337.5pt; text-indent: 23.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Suzano S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Avenida Professor Magalhaes Neto, 1,752</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">10th Floor, Rooms 1010 and 1011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">41810-012 Salvador &ndash; BA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suzano Austria GmbH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fleischmarkt 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1010 Vienna</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Austria</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as special United States
counsel to Suzano S.A., a corporation (<I>sociedade por a&ccedil;&otilde;es</I>) incorporated under the laws of Brazil (the
 &ldquo;<U>Guarantor</U>&rdquo;) and Suzano Austria GmbH, a limited liability company <I>(Gesellschaft mit beschr&auml;nkter
Haftung)</I> incorporated under the laws of Austria (the &ldquo;<U>Issuer</U>&rdquo;), in connection with the offering
pursuant to a registration statement on Form F-3 (File Nos. 333-236083, 333-236083-01 and 333-236083-02) of (i)
U.S.$500,000,000 aggregate principal amount of the Issuer&rsquo;s 3.750% Global Notes due 2031 (the
 &ldquo;<U>Notes</U>&rdquo;), fully guaranteed by the Guarantor (the &ldquo;<U>Guarantee</U>&rdquo;), pursuant to an indenture
dated as of January 24, 2020 (the &ldquo;<U>Base Indenture</U>&rdquo;), as supplemented by the amended and restated First
Supplemental Indenture dated as of November 19, 2020 (the &ldquo;<U>First Supplemental Indenture</U>&rdquo; and, together
with the Base Indenture, the &ldquo;<U>Indenture</U>&rdquo;) between the Issuer, the Guarantor and Deutsche Bank Trust
Company Americas, as trustee, registrar, paying agent and transfer agent (the &ldquo;<U>Trustee</U>&rdquo;). The Notes,
together with the Guarantee, are referred to as the &ldquo;<U>Securities</U>.&rdquo; Such registration statement, as amended
as of its most recent effective date (November 16, 2020), insofar as it relates to the Notes and the Guarantee (as determined
for purposes of Rule 430B(f)(2) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;)),
including the documents incorporated by reference therein but excluding Exhibits 25.1 and 25.2, is herein called the
 &ldquo;<U>Registration Statement</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In arriving at the opinions expressed below,
we have reviewed the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The Registration Statement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>An executed copy of the Base Indenture and the First Supplemental Indenture, including the forms of global securities representing
the Notes and the form of notation to be executed by the Guarantor relating to the Guarantee, included therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In addition, we have reviewed the originals
or copies certified or otherwise identified to our satisfaction of such other documents, and we have made such investigations of
law, as we have deemed appropriate as a basis for the opinions expressed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suzano S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suzano Austria GmbH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the opinions expressed below,
we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents
submitted to us as copies. In addition, we have assumed and have not verified (i) the accuracy as to factual matters of each document
we have reviewed, (ii) that the Securities will conform to the forms we have reviewed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the foregoing, and subject to the
further assumptions and qualifications set forth below, it is our opinion that, when the First Supplemental Indenture and each
of the Securities have been duly executed and delivered by the Issuer and the Guarantor, as applicable, in the forms thereof that
we have examined, and the Notes have been duly delivered to and paid for by the purchasers thereof in the manner described in the
Registration Statement and executed and authenticated, in the form thereof that we have examined, in accordance with the terms
of the Indenture, the Notes will be valid, binding and enforceable obligations of the Issuer, entitled to the benefits of the Indenture,
and the Guarantee will be a valid, binding and enforceable obligation of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as the foregoing opinions relate
to the validity, binding effect or enforceability of any agreement or obligation of the Guarantor or the Issuer, (a) we have assumed
that each of the Guarantor and the Issuer, as the case may be, and each other party to such agreement or obligation has satisfied
those legal requirements that are applicable to it to the extent necessary to make such agreement or obligation enforceable against
it (except that no such assumption is made as to the Guarantor or the Issuer regarding matters of the federal law of the United
States of America or the law of the State of New York that in our experience normally would be applicable to general business entities
in relation to transactions of the type contemplated in the Indenture and the Securities), (b) such opinions are subject to applicable
bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally and to general principles of equity and (c)
such opinions are subject to the effect of judicial application of foreign laws or foreign governmental actions affecting creditors&rsquo;
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We express no opinion as to the subject
matter jurisdiction of any United States federal court to adjudicate any action relating to the Securities where jurisdiction based
on diversity of citizenship under 28 U.S.C. &sect; 1332 does not exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We note that (a) the enforceability in the
United States of the waiver in Section 1.15 of the Indenture of any immunities from court jurisdiction and from legal processes
is subject to the limitations imposed by the United States Foreign Sovereign Immunities Act of 1976 and (b) the designation in
Section 1.15 of the Indenture of the United States federal courts sitting in the Borough of Manhattan, City of New York as the
venue for actions or proceedings relating to the Securities or the Indenture is (notwithstanding the waiver in Section 1.15 of
the Indenture) subject to the power of such courts to transfer actions pursuant to 28 U.S.C. &sect; 1404 (a) or to dismiss such
actions or proceedings on the grounds that such a federal court is an inconvenient forum for such an action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We express no opinion as to the enforceability
of Section 16 of the Underwriting Agreement or Section 10.15 of the Indenture, relating to currency indemnity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suzano S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suzano Austria GmbH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we note that the waiver of
defenses in Section 12.01 in the Indenture may be ineffective to the extent that any such defense involves a matter of public policy
in New York (such as reflected in New York&rsquo;s anti-champerty statute).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing opinions are limited to the
federal law of the United States of America and the law of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this
opinion as an exhibit to the Registration Statement and to the reference to this firm in the prospectus constituting a part of
the Registration Statement under the heading &ldquo;Validity of Securities&rdquo; as counsel for the Guarantor and the Issuer who
have passed on the validity of the Securities being registered by the Registration Statement. In giving such consent, we do not
thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the
rules and regulations of the Securities and Exchange Commission thereunder. The opinions expressed herein are rendered on and as
of the date hereof, and we assume no obligation to advise you or any other person, or to make any investigations, as to any legal
developments or factual matters arising subsequent to the date hereof that might affect the opinions expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">CLEARY GOTTLIEB STEEN &amp;
    HAMILTON LLP</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Juan G. Gir&aacute;ldez</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Juan G. Gir&aacute;ldez, a
    Partner</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 193.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 193.5pt"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 193.5pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>tm2036063d9_ex5-3img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2036063d9_ex5-3img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  U ,@# 2(  A$! Q$!_\0
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M;+9?"JS,QW<KDD#I78:6T,@,@1O^>BHHRW(+!",<G@+@$<C@YZ=WX:\"ZO\
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M^KC,M68YIA\3-KEC0Q&$:G9QDJL;V?,FG!.#;4FHWL[72/Y__P#@@1_P5%^
M.D_LR>%?V"OVDO%FB_L]_M$?LUZOXG\"V'@_XM7EKX.M/%7A2UU>[OX[73-8
MUP:;8?\ "9>$WU:[T/Q=X;O5TRX,VG2ZII?]I:+/)=0_6_\ P6/_ ."P7[,7
M[-/[)GQG^'WPV^+'@[XL?M(?%CX>^(OAW\,/A[\._$.E>/;_ $G4/&]@_A^Y
M\8>*[CPQ=ZI#H&E:+IVI7VJ:3:2W$[Z[J]CI6A06T3ZF[V_UU^V9_P $8O\
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HYA1110(**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>tm2036063d9_ex5-2img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2036063d9_ex5-2img01.jpg
M_]C_X  02D9)1@ ! 0$ R #(  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  @ )8# 2(  A$! Q$!_\0
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MVUGXFT1;B75?AKJ,\$EQ=?:EM1:6ZZE^M?[#WQ;^#UK^QAH=WX$U/Q&/V?\
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M7PH_9_\ $^H_\$M_#_[1WPCMOC=XR^/_ .Q%^U=\7OCY\8_V+?CFGQGU_P"
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M).TXSUK^$[]D_6_@[^PU^VAX _9+^)7ASX[>)?\ @FO96OQ(^+WP4^(OC'X
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M>LV@M?ZOI'B+53IFK:5I_P"7O[,'A.Z_X)$_\%8?^"@?Q,_:EOM4\(?LF_\
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),68E6J* /__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
