<SEC-DOCUMENT>0001104659-25-089141.txt : 20250911
<SEC-HEADER>0001104659-25-089141.hdr.sgml : 20250911
<ACCEPTANCE-DATETIME>20250910174508
ACCESSION NUMBER:		0001104659-25-089141
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20250910
FILED AS OF DATE:		20250911
DATE AS OF CHANGE:		20250910

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Suzano S.A.
		CENTRAL INDEX KEY:			0000909327
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38755
		FILM NUMBER:		251306729

	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>tm2524938d10_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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<P STYLE="margin: 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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; 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"><FONT STYLE="font-size: 10pt"><B>PURSUANT TO RULE
13a-16 OR 15d-16 </B></FONT><B>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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of September&nbsp;2025.</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; text-align: center"><B>Commission File Number 001-38755</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; 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)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;20-F&#8239;</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&#8239;<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1):&#8239;<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7):&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

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



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

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<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">This report and exhibits are incorporated by reference
into the Registration Statement on Form&nbsp;F-3 of Suzano S.A. (No.&nbsp;333- 286881) and Suzano Netherlands B.V. (No.&nbsp;333- 286881-02),
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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; font-size: 10pt"><A HREF="tm2524938d10_ex4-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 4.1 &mdash; Base Indenture, dated September 10, 2025</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><A HREF="tm2524938d10_ex4-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 4.2 &mdash; First Supplemental Indenture, dated September 10, 2025</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><A HREF="tm2524938d10_ex4-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 4.3 &mdash; Form of Global Notes (included in Exhibit 4.2)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><A HREF="tm2524938d10_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 5.1 &mdash; Opinion of Machado, Meyer, Sendacz e Opice Advogados, dated September 10, 2025</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><A HREF="tm2524938d10_ex5-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 5.2 &mdash; Opinion of Norton Rose Fulbright LLP, dated September 10, 2025</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><A HREF="tm2524938d10_ex5-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 5.3 &mdash; Opinion of Cleary Gottlieb Steen &amp; Hamilton LLP, dated September 10, 2025</FONT></A></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>

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<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="text-transform: uppercase"><B>SIGNATURE</B></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">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: September&nbsp;10, 2025</P>

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

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  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUZANO S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Marcos Moreno Chagas Assump&ccedil;&atilde;o</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcos Moreno Chagas Assump&ccedil;&atilde;o</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice-President of Finance and Investor Relations</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>

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>tm2524938d10_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><I>Exhibit&nbsp;4.1</I></P>

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



<P STYLE="border-bottom: Black 2.5pt double; 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"></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">SUZANO NETHERLANDS B.V.</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">Company</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">SUZANO S.A.</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">Guarantor</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">AND</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">THE BANK OF NEW YORK MELLON</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">Trustee</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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">INDENTURE</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">Dated as of September&nbsp;10, 2025</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"></P>

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

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

<P STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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 Netherlands B.V.</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; text-align: center"><B>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; text-align: center"><B>Certain Sections of this Indenture relating
to Sections 3.10 through 3.18, inclusive, of the&#8239;Trust Indenture Act of 1939:</B></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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 86%"><FONT STYLE="font-size: 10pt"><B>Trust Indenture Act Section</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Indenture<BR>
Section</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">(S)3.10(a)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">6.09</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(a)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">6.09</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(a)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(a)(4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">6.08</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">6.10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">(S)3.11(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">6.13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">6.13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">(S)3.12(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">7.01</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">7.02</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">7.02</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">7.02</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">(S)3.13(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">7.03</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">7.03</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">7.03</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">7.03</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">(S)3.14(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">7.04</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(a)(4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">1.01</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">10.02</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(c)(l)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">1.02</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(c)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">1.02</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(c)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">1.02</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">(S)3.15(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">6.01</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">6.02</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">6.01</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">6.01</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">5.14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">(S)3.16(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">1.01</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(a)(1)(A)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">5.02</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">5.12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(a)(1)(B)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">5.13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(a)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">5.08</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">1.04</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">(S)3.17(a)(l)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">5.03</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">(a)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">5.04</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">(S)3.18(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT><FONT STYLE="font-size: 10pt">1.07</FONT></TD></TR>
  </TABLE>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">NOTE: This reconciliation and tie shall not, for any purpose, be deemed
to be part of this Indenture.</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>

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<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of contents</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>ARTICLE ONE&nbsp;<BR>
<BR>
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 82%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Compliance Certificates and Opinions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.03.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Documents Delivered to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.04.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Acts of Holders of Securities; Record Dates</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.05.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Notices, Etc., to Trustee and the Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.06.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Notice to Holders of Securities; Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.07.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Language of Notices, Etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.08.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Conflict with Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.09.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Effect of Headings and Table of Contents</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.10.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Successors and Assigns</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.11.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Separability Clause</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.12.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Benefits of Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.13.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.14.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Saturday, Sundays and Legal Holidays</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.15.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Appointment of Agent for Service; Submission to Jurisdiction; Waiver of Immunity</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.16.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Power of Attorney</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.17.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Waiver of Jury Trial</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.18.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee Compliance with FATCA</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 1.19.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No Sanctions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>ARTICLE TWO<BR> <BR> SECURITY FORMS</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 2.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Forms Generally</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 2.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Global Security</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 2.03.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Legend for Global Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 2.04.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Trustee&rsquo;s Certificate of Authentication</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>ARTICLE THREE<BR>
<BR>
THE SECURITIES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Amount Unlimited: Issuable in Series</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Denominations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.03.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Execution, Authentication, Delivery and Dating</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.04.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Outstanding Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.05.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Temporary Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.06.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Registration, Registration of Transfer and Exchange</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.07.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Paying Agent to Hold Money in Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.08.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Mutilated, Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.09.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Payment of Interest; Interest Rights Preserved</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
</TABLE>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">NOTE: This table of contents shall not, for any
purpose, be deemed to be a part of this Indenture.</P>

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

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

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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>TABLE OF CONTENTS</B><BR>
(continued)</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">Section 3.10.</FONT></TD>
    <TD STYLE="width: 82%"><FONT STYLE="font-size: 10pt">Persons Deemed Owners</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 8%"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.11.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Cancellation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.12.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Computation of Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.13.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">CUSIP or ISIN Numbers</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.14.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Open Market Purchases</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.15.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Add On Notes</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 3.16.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Forms of Certification</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>ARTICLE FOUR<BR>
<BR>
SATISFACTION AND DISCHARGE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 4.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Satisfaction and Discharge of Indenture</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 4.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Application of Trust Money</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 4.03.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Repayment to Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>ARTICLE FIVE<BR>
<BR>
REMEDIES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Events of Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Acceleration of Maturity; Rescission and Annulment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.03.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Collection of Debt and Suits for Enforcement by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.04.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee May File Proofs of Claim</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.05.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Trustee May Enforce Claims Without Possession of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.06.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Application of Money Collected</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.07.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Limitation on Suits</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.08.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.09.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Restoration of Rights and Remedies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.10.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Rights and Remedies Cumulative</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.11.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delay or Omission Not Waiver</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.12.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Control by Holders of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.13.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Waiver of Past Defaults</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.14.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Undertaking for Costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 5.15.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Waiver of Stay, Extension or Usury Laws</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>ARTICLE SIX<BR>
<BR>
THE TRUSTEE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Certain Duties and Responsibilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Notice of Defaults</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">68</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.03.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Certain Rights of Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.04.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Not Responsible for Recitals or Issuance of Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.05.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">May Hold Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.06.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Money Held in Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">71</FONT></TD></TR>
</TABLE>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">NOTE: This table of contents shall not, for any
purpose, be deemed to be a part of this Indenture.</P>

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

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

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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>TABLE OF CONTENTS</B><BR>
(continued)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">Section 6.07.</FONT></TD>
    <TD STYLE="width: 82%"><FONT STYLE="font-size: 10pt">Compensation and Reimbursement</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 8%"><FONT STYLE="font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.08.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Conflicting Interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.09.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Corporate Trustee Required; Eligibility</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.10.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Resignation and Removal; Appointment of Successor</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">73</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.11.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Acceptance of Appointment by Successor</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">74</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.12.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Merger, Conversion, Consolidation or Succession to Business</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.13.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Preferential Collection of Claims Against Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">76</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 6.14.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Appointment of Authenticating Agent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">76</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>ARTICLE SEVEN<BR>
<BR>
HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND COMPANY</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 7.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Company to Furnish Trustee Names and Addresses of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">78</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 7.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Preservation of Information; Communications to Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">78</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 7.03.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Reports by Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">78</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 7.04.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Reports by Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">79</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 7.05.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Calculation of Original Issue Discount</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">79</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>ARTICLE EIGHT<BR>
<BR>
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 8.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Limitation on Consolidation, Merger, Sale or Conveyance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">79</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 8.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Successor Substituted</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">80</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>ARTICLE NINE<BR>
<BR>
SUPPLEMENTAL INDENTURES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 9.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Supplemental Indentures Without Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">80</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 9.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Supplemental Indentures with Consent of Holders</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">82</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 9.03.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Execution of Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">83</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 9.04.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Effect of Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">83</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 9.05.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Conformity with Trust Indenture Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">83</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 9.06.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Reference in Securities to Supplemental Indentures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">83</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 9.07.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Substitution of the Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">84</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>ARTICLE TEN<BR>
<BR>
COVENANTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Payment of Principal and Interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">85</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Maintenance of Office or Agency</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">85</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.03.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Maintenance of Corporate Existence</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">85</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.04.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Ranking</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">86</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.05.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Statement by Directors as to Default</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">86</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.06.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Provision of Financial Statements and Reports</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">86</FONT></TD></TR>
</TABLE>

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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">NOTE: This table of contents shall not, for any
purpose, be deemed to be a part of this Indenture.</P>

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

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>TABLE OF CONTENTS</B><BR>
(continued)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">Section 10.07.</FONT></TD>
    <TD STYLE="width: 82%"><FONT STYLE="font-size: 10pt">Appointment to Fill a Vacancy in Office of Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 8%"><FONT STYLE="font-size: 10pt">87</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.08.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Payments and Paying Agents</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">87</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.09.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Waiver of Certain Covenants</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.10.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Additional Amounts</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.11.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Limitation on Liens</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">91</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.12.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[<I>Reserved</I>]</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">91</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.13.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Repurchase at the Option of the Holders Upon Change of Control</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">91</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.14.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">[<I>Reserved</I>]</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">93</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 10.15.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Currency Rate Indemnity</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">93</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>ARTICLE ELEVEN<BR>
<BR>
REDEMPTION OF SECURITIES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 11.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Applicability of Article</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">94</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 11.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Election to Redeem; Notice to Trustee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">94</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 11.03.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Selection of Securities to Be Redeemed</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">94</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 11.04.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Notice of Redemption</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">95</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 11.05.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Deposit of Redemption Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">96</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 11.06.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Securities Payable on Redemption Date</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">96</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 11.07.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Securities Redeemed in Part</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">96</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 11.08.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Optional Redemption Due to Changes in Tax Treatment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 11.09.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Mandatory Redemption and Sinking Fund Payments</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>ARTICLE TWELVE<BR>
<BR>
GUARANTEE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 12.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Unconditional Guarantee</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 12.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Release of Suzano</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">99</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 12.03.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Subrogation and Contribution</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">99</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>ARTICLE THIRTEEN<BR>
<BR>
DEFEASANCE AND COVENANT DEFEASANCE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 13.01.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Company&rsquo;s Option to Effect Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">99</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 13.02.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Defeasance and Discharge</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 13.03.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 13.04.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Conditions to Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">101</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 13.05.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 13.06.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Reinstatement</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Section 13.07.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Patriot Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">103</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">NOTE: This table of contents shall not, for any
purpose, be deemed to be a part of this Indenture.</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>

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<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"></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"><FONT STYLE="text-transform: uppercase"><B>Table
of contents</B></FONT></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">TESTIMONIUM</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%">SIGNATURES AND SEALS</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"></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">ACKNOWLEDGEMENTS</TD></TR>
  </TABLE>


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

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">NOTE: This table of contents shall not, for any
purpose, be deemed to be a part of this Indenture.</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-top: 0pt; margin-bottom: 0pt"></P>

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<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; text-indent: 1in">INDENTURE, dated as of September&nbsp;10, 2025,
between SUZANO NETHERLANDS B.V., a private company with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>)
incorporated under the laws of the Netherlands, with its corporate seat (<I>statutaire zetel</I>) in Amsterdam, the Netherlands, and
registered with the trade register of the Dutch chamber of commerce under number 92243207 (the &ldquo;<B>Company</B>&rdquo;), 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 &ldquo;<B>Guarantor</B>&rdquo;), as guarantor, and <FONT STYLE="text-transform: uppercase">The Bank of new York MELLON</FONT>, a New
York banking corporation, as trustee (herein called the &ldquo;<B>Trustee</B>&rdquo;), registrar, paying agent and transfer agent.</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">RECITALS</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: 1in">The Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of its secured or unsecured debentures, notes or other evidences
of indebtedness (herein called the &ldquo;<B>Securities</B>&rdquo;), to be issued in one or more series as in this Indenture provided.</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: 1in">The Company is a wholly owned finance subsidiary
of Suzano, a publicly held company with authorized capital organized and existing under the laws of the Federative Republic of Brazil
(&ldquo;<B>Brazil</B>&rdquo;). Suzano has agreed to guarantee the Securities, and to provide therefor Suzano has duly authorized the
execution and delivery of this Indenture.</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: 1in">All things necessary to make this Indenture a valid
agreement of the Company and Suzano, in accordance with its terms, have been done.</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: 1in">NOW, THEREFORE, THIS INDENTURE WITNESSETH:</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: 1in">For and in consideration of the premises and the
purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of Securities or any series thereof, as follows:</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"><FONT STYLE="text-transform: uppercase">Article&nbsp;One</FONT></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>DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.01.&#8239;&#8239;</FONT><U>Definitions</U>.</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: 1in">For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
terms defined in this Article&nbsp;have the meanings assigned to them in this Article&nbsp;and include the plural as well as the singular;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned
to them therein;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with Generally Acceptable Accounting Principles
(&ldquo;GAAP&rdquo;) issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;), and, except as otherwise herein expressly
provided, the term &ldquo;generally accepted accounting principles&rdquo; with respect to any computation required or permitted hereunder
shall mean such accounting principles as are consistent with Reporting GAAP at the date of such computation;</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>

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<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Unless
the context otherwise requires, any reference to an &ldquo;Article,&rdquo; a &ldquo;Section&rdquo; or an &ldquo;Annex&rdquo; refers to
an Article, a Section&nbsp;or an Annex, as the case may be, of this Indenture; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
words &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo; and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section&nbsp;or other subdivision.</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: 1in">&ldquo;<B>Act</B>&rdquo;, when used with respect
to any Holder, has the meaning set forth in &lrm;Section&nbsp;1.04(1).</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: 1in">&ldquo;<B>Additional Amounts</B>&rdquo; has the
meaning set forth in &lrm;Section&nbsp;10.10.</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: 1in">&ldquo;<B>Add On Notes</B>&rdquo; has the meaning
set forth in &lrm;Section&nbsp;3.15.</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: 1in">&ldquo;<B>Affiliate</B>&rdquo; means, with respect
to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such
Person. For the purposes of this definition, &ldquo;control&rdquo; (including, with correlative meanings, the terms &ldquo;controlling&rdquo;
and &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;) with respect to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership
of voting securities, by contract or otherwise.</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: 1in">&ldquo;<B>Agent Members</B>&rdquo; has the meaning
set forth in &lrm;Section&nbsp;3.06(1)(e).</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: 1in">&ldquo;<B>Authenticating Agent</B>&rdquo; means
any Person authorized by the Trustee pursuant to &lrm;Section&nbsp;6.14 to act on behalf of the Trustee to authenticate Securities of
one or more series.</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: 1in">&ldquo;<B>Authorization</B>&rdquo;, with respect
to any creation or issuance of a series of Securities by the Company and any actions taken by the Company in connection with such issuance,
means the authorization of such issuance and actions by the Board of Directors or any other corporate body of the Company required pursuant
to the Company&rsquo;s organizational documents and Dutch law to authorize such issuance and actions.</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: 1in">&ldquo;<B>Authorized Representative</B>&rdquo; means
a managing director A and a managing director B of the Company, acting jointly, any other person duly authorized by the Company to represent
the Company in accordance with the articles of association (<I>statuten</I>) of the Company and any other person duly authorized by the
Company pursuant to a power of attorney with specific powers to perform such act on behalf of the Company provided, however, that such
power of attorney is granted in a legal and valid manner, and provided further that the Company may only appoint attorneys-in-fact who,
in the judgment of the Company, have positions and responsibilities compatible with the powers granted.</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>

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<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: 1in">&ldquo;<B>Board of Directors</B>&rdquo;, when used
with reference to the Company, means the board of directors (<I>bestuur</I>) of the Company.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Board Resolution</B>&rdquo; means, when
used with reference to the Company, a copy of a resolution certified by any director or officer of the Company to have been duly adopted
by the Board of Directors and to be in full force and effect on the date of such certification, and in each case delivered to the Trustee.</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: 1in">&ldquo;<B>Brazil</B>&rdquo; has the meaning set
forth in the first recital of this Indenture.</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: 1in">&ldquo;<B>Business Day</B>&rdquo; means, with respect
to any series of Securities, unless otherwise specified with respect to such series of Securities as contemplated by &lrm;Section&nbsp;3.01,
a day, other than a Saturday or Sunday, that (a)&nbsp;in the Place of Payment (or in any of the Places of Payment, if more than one)
in which amounts are payable, as specified in the form of such series of Securities and (b)&nbsp;in the city in which the Corporate Trust
Office is located, is not a day on which banking institutions are authorized or required by law or regulation to close (and for purposes
of the sending of notices only, is not a day on which banking institutions in the Netherlands are authorized or required by law or regulation
to close).</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: 1in">&ldquo;<B>Capital Lease Obligations</B>&rdquo; means,
with respect to any Person, the obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying
the right to use) real and/or personal property, which obligations are required to be classified and accounted for as a capital lease
or liability set forth on a balance sheet of such Person under Reporting GAAP. The stated maturity of such obligations shall be the date
of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated
by the lessee without payment of a penalty. The principal amount of such obligations shall be the capitalized amount that would appear
on the balance sheet of such Person in accordance with Reporting GAAP. Notwithstanding the foregoing, whether or not the lease will be
accounted for as a capital lease and the amount of any capital leases shall be determined without giving effect to IFRS 16.</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: 1in">&ldquo;<B>Capital Stock</B>&rdquo;
means, with respect to any Person, any and all shares, interests, participations, quotas or other equivalents (however designated) of
capital stock of a corporation, any and all ownership interests in a Person other than a corporation and any and all warrants or options
to purchase any of the foregoing which would be shown as capital stock on the consolidated balance sheet of such Person and its consolidated
Subsidiaries prepared in accordance with Reporting GAAP but excluding any debt securities convertible into such equity.</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: 1in">&ldquo;<B>Cash Equivalents</B>&rdquo;
means any investments that are classified as cash equivalents under Reporting GAAP.</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: 1in">&ldquo;<B>Certificated Securities</B>&rdquo; has
the meaning set forth in &lrm;Section&nbsp;3.06(1)(d).</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: 1in">&ldquo;<B>Certification Date</B>&rdquo; means, with
respect to Securities of any series, (i)&nbsp;if Securities of such series are not to be initially represented by a Temporary Regulation
S Security, the date of delivery of the definitive Regulation S Security and (ii)&nbsp;if Securities of such series are initially represented
by a Temporary Regulation S Security, the earlier of (A)&nbsp;the Exchange Date with respect to Securities of such series and (B)&nbsp;if
the first Interest Payment Date with respect to Securities of such series is prior to such Exchange Date, such Interest Payment Date.</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>

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<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Change of Control</B>&rdquo; means the
consummation of any transaction by which (i)&nbsp;any &ldquo;person&rdquo; or &ldquo;group&rdquo; (as such terms are used for purposes
of Sections 13(d)&nbsp;and 14(d)&nbsp;of the Exchange Act), other than a person or group that includes any one or more of the Permitted
Holders, becomes after the date hereof the &ldquo;beneficial owner&rdquo; (as such term is used in Rule&nbsp;13d-3 under the Exchange
Act), directly or indirectly, of more than 50% of the total voting power of the outstanding Voting Stock of Suzano or (ii)&nbsp;(x)&nbsp;the
Permitted Holders cease to &ldquo;beneficially own&rdquo; (as such term is used in Rule&nbsp;13d-3 under the Exchange Act), directly
or indirectly, collectively, at least 50% of the total voting power of the outstanding Voting Stock of Suzano, (y)&nbsp;any &ldquo;person&rdquo;
or &ldquo;group&rdquo; (as such terms are used for purposes of Sections 13(d)&nbsp;and 14(d)&nbsp;of the Exchange Act), other than a
person or group that includes any one or more of the Permitted Holders, becomes after the date hereof the &ldquo;beneficial owner&rdquo;
(as such term is used in Rule&nbsp;13d-3 under the Exchange Act), directly or indirectly, of a greater percentage of the total voting
power of the outstanding Voting Stock of Suzano than the percentage beneficially owned collectively by the Permitted Holders and (z)&nbsp;the
Permitted Holders cease to have, directly or indirectly, the power to direct or cause the direction of the management and policies of
Suzano or (iii)&nbsp;Suzano shall cease to own, directly or indirectly, at least a majority of the issued and outstanding shares of Voting
Stock of the Company or shall cease to have the power, directly or indirectly, to direct or cause the direction of the management and
policies of the Company.</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: left; text-indent: 1in">&ldquo;<B>Change of Control
Offer</B>&rdquo; means an offer made by the Company or Suzano, following the occurrence of a Change of Control that results in a Rating
Decline, to each Holder to repurchase all or any part of such Holder&rsquo;s Securities pursuant to &lrm;Section&nbsp;10.12.</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: left; text-indent: 1in">&ldquo;<B>Change of Control
Payment</B>&rdquo; means, in connection with the repurchase of a Holder&rsquo;s Securities pursuant to a Change of Control Offer, the
payment by the Company or Suzano of (i)&nbsp;101.0% of the aggregate principal amount of such Holder&rsquo;s Securities repurchased plus
accrued and unpaid interest and Additional Amounts, if any, on such Securities, to, but excluding, the date of purchase (subject to the
right of the Holders of record on the relevant record date to receive interest and Additional Amounts, if any, on the relevant interest
payment date).</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: 1in">&ldquo;<B>Change of Control Payment Date</B>&rdquo;
means, in relation to a Change of Control Offer, the purchase date for the Securities properly tendered as specified in the notice given
by the Company or Suzano pursuant to &lrm;Section&nbsp;10.12 in relation to such Change of Control Offer, which date is not more than
five Business Days after the Expiration Date.</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: 1in">&ldquo;<B>Clearstream, Luxembourg</B>&rdquo; means
Clearstream Banking S.A., Luxembourg, and its successors.</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: 1in">&ldquo;<B>Commission</B>&rdquo; means the United
States Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after
the execution of this instrument the United States Securities and Exchange Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties at such time.</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>

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<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: 1in">&ldquo;<B>Common Depositary</B>&rdquo; means the
common depositary, if any, for Clearstream, Luxembourg and Euroclear Operator.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Company</B>&rdquo; means the Person named
as the &ldquo;Company&rdquo; in the first paragraph of this instrument until a successor Person shall have become such pursuant to the
applicable provisions of this Indenture and thereafter &ldquo;Company&rdquo; shall mean such successor Person, as described further in
 &lrm;Section&nbsp;9.01(1).</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: 1in">Company shall also mean any new issuer of future
issuances of Securities under this Indenture as contemplated by &lrm;Section&nbsp;9.01(1).</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: 1in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Consolidated
Net Tangible Assets</B>&rdquo; means, on a consolidated basis, Suzano&rsquo;s total assets, less current liabilities, less depreciation,
amortization and depletion, less goodwill, trade names, trademarks, patents and other intangibles, as such line items appear on the most
recent balance sheet, </FONT>after giving <I>pro forma</I> effect to any acquisition or disposition of companies, divisions, lines of
businesses, operations or assets by Suzano and its Subsidiaries subsequent to such date.</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: 1in">&ldquo;<B>Corporate Trust Office</B>&rdquo; means
the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date
hereof is located at 240 Greenwich Street, Floor 7 East, New York, New York 10286, or such other address as the Trustee may designate
from time to time by written notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee
(or such other address as a successor Trustee may designate from time to time by notice to the Holders and the Company).</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: 1in">&ldquo;<B>Covenant Defeasance</B>&rdquo; has the
meaning set forth in &lrm;Section&nbsp;13.03.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Debt</B>&rdquo;
means, with respect to any Person, determined without duplication:</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: 1in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
indebtedness of such Person for borrowed money;</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: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
obligations of such Person for the deferred purchase price of Property or services, excluding trade payables arising in the ordinary
course of such Person&rsquo;s business, but only if and for so long as such trade payables remain payable on customary trade terms;</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: 1in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;</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: 1in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
obligations, contingent or otherwise, of such Person in connection with any securitization of any receivables of such Person;</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: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to Property
acquired by such Person (even though the rights and remedies of the borrower or the lender under such agreement in an event of default
are limited to repossession or sale of such Property);</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>

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<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: 1in"><FONT STYLE="font-size: 10pt">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
Capital Lease Obligations and all obligations under &ldquo;synthetic leases&rdquo; of such Person;</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
obligations, contingent or otherwise, of such Person in respect of acceptances, letters of credit, financial guaranty insurance policies
or other similar instruments, excluding obligations in respect of trade letters of credit or bankers&rsquo; acceptances issued in respect
of trade accounts payables to the extent not drawn upon or presented, or, if drawn upon or presented, to the extent the resulting obligation
of the Person is paid within 10 Business Days;</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: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
obligations of such Person to redeem, retire, defease or otherwise make any payment in respect of any Capital Stock of such Person;</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: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">(9)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
net obligations of such Person in respect of any Hedging Agreements (but without regard to any notional principal amount relating thereto);</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: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">(10)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
Debt of other Persons referred to in clauses (1)&nbsp;through (10)&nbsp;above or clause (-) below that is guaranteed by such Person to
the extent so guaranteed; and</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: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">(11)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
Debt of other Persons referred to in clauses (1)&nbsp;through (11) above secured by (or for which the holder of such Debt has an existing
right, contingent or otherwise, to be secured by) a Lien on Property of such Person even though such Person has not assumed such Debt.</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">The amount of Debt of any
Person will be deemed to be:</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: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>with
respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation;</P>

<P STYLE="text-align: left; 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: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>with
respect to Debt secured by a Lien on an asset of such Person but not otherwise the obligation, contingent or otherwise, of such Person,
the lesser of (x)&nbsp;the fair market value of such asset on the date the Lien attached and (y)&nbsp;the amount of such Debt;</P>

<P STYLE="text-align: left; 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: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>with
respect to any Debt issued with original issue discount, the face amount of such Debt less the remaining unamortized portion of the original
issue discount of such Debt;</P>

<P STYLE="text-align: left; 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: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">(D)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>with
respect to any Hedging Agreement, the net amount payable if such Hedging Agreement terminated at that time due to default by such Person;
and</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: 1in"><FONT STYLE="font-size: 10pt">(E)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>otherwise,
the outstanding principal amount thereof.</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: 1in">&ldquo;<B>Default</B>&rdquo; means an event or condition
with respect to a series of Securities that, with the giving of notice, lapse of time or failure to satisfy certain specified conditions,
or any combination thereof, would become an Event of Default with respect to the Securities of such series if not cured or remedied.</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: 1in">&ldquo;<B>Defaulted Interest</B>&rdquo; has the
meaning set forth in &lrm;Section&nbsp;3.09.</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: 1in">&ldquo;<B>Defeasance</B>&rdquo; has the meaning
set forth in &lrm;Section&nbsp;13.02.</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>

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<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: 1in">&ldquo;<B>Depositary</B>&rdquo; means, with respect
to Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities, a clearing agency registered
under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by &lrm;Section&nbsp;3.01.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>DTC</B>&rdquo; means The Depository Trust
Company or its nominee, and its successors.</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: 1in">&ldquo;<B>Euroclear Operator</B>&rdquo; means Euroclear
Bank SA/NV, a bank organized under the laws of the Kingdom of Belgium, as operator of the Euroclear system (or any successor securities
clearing system).</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: 1in">&ldquo;<B>Event of Default</B>&rdquo; has the meaning
set forth in &lrm;Section&nbsp;5.01.</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: 1in">&ldquo;<B>Exchange Act</B>&rdquo; means the United
States Securities Exchange Act of 1934 (or any statute successor thereto), as it may be amended from time to time.</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: 1in">&ldquo;<B>Exchange Date</B>&rdquo; has the meaning
set forth in &lrm;Section&nbsp;3.05.</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: 1in">&ldquo;<B>Expiration Date</B>&rdquo; has the meaning
set forth in &lrm;Section&nbsp;1.04.</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: 1in">&ldquo;<B>Exchange Offer</B>&rdquo; has the meaning
set forth in the form of the face of the Global Security set forth in &lrm;Section&nbsp;2.02.</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: 1in">&ldquo;<B>Exchange Security</B>&rdquo; means any
Security issued by the Company (i)&nbsp;pursuant to the Exchange Offer, (ii)&nbsp;upon the registration of transfer of a Security registered
for resale on a Resale Registration Statement or (iii)&nbsp;upon the transfer of, or in exchange for, Securities that are Exchange Securities.</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: 1in">&ldquo;<B>Fitch</B>&rdquo;
means Fitch Ratings Inc. or any successors thereto.</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: 1in">&ldquo;<B>Global Security</B>&rdquo; means any Security
or series of Security issued in the form set forth in &lrm;Section&nbsp;2.02 or established pursuant to &lrm;Section&nbsp;2.01 which
is registered in the Security Register in the name of a Depositary and bears the legend set forth in &lrm;Section&nbsp;2.03 (or such
legend as may be specified as contemplated by &lrm;Section&nbsp;3.01 for such Securities).</P>

<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: left; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Governmental Authority</B>&rdquo; means
any regulatory, administrative or other legal body, any court, tribunal or authority or any public legal entity or public agency of the
Netherlands, Brazil or the United States or any other jurisdiction whether created by federal, provincial or local government, or any
other legal entity now existing or hereafter created, or now or hereafter controlled, directly or indirectly, by any public legal entity
or public agency of any of the foregoing.</P>

<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: left; margin: 0pt 0; text-indent: 1in">&ldquo;<B>guarantee</B>&rdquo; means an obligation
of any Person to pay the Debt of another person including, without limitation: (i)&nbsp;an obligation to pay or purchase such Debt, (ii)&nbsp;an
obligation to lend money or to purchase or subscribe for shares or other securities or to purchase assets or services in order to provide
funds for the payment of such Debt, (iii), an indemnity against the consequences of a default in the payment of such Debt; or (iv)&nbsp;any
other agreement to be responsible for such Debt.</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>

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<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: 1in">&ldquo;<B>Guarantee</B>&rdquo; has the meaning specified
in&nbsp;&lrm;Section&nbsp;12.01.</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: 1in">&ldquo;<B>Guarantor</B>&rdquo; means Suzano until
a successor Person shall have become such pursuant to the applicable provisions of this Indenture and the Guarantee, and thereafter &ldquo;Guarantor&rdquo;
shall mean such Person.</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: 1in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Hedging
Agreement</B>&rdquo; means, with respect to any Person, any interest rate protection </FONT>agreement, any currency or commodity swap,
cap or collar agreement, any equity swap, any weather-related derivative or any arrangement similar to any of the foregoing entered into
by such Person providing for the transfer or mitigation of interest rate, currency, commodity price, equity risks, weather-related risks
or other risks either generally or under specific contingencies.</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: 1in">&ldquo;<B>Holder</B>&rdquo; means a Person in whose
name a Security is registered in the Security Register.</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: 1in">&ldquo;<B>IFRS</B>&rdquo; means International Financial
Reporting Standards as adopted by the International Accounting Standards Board.</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: 1in">&ldquo;<B>Indenture</B>&rdquo; means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture,
the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture,
respectively. The term &ldquo;Indenture&rdquo; shall also include the terms of particular series of Securities established as contemplated
by &lrm;Section&nbsp;3.01.</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: 1in">&ldquo;<B>Initial Regulation S Securities</B>&rdquo;
means any Securities sold by the purchasers thereof in an initial offering contemplated by a Purchase Agreement in reliance on Regulation
S and which are Temporary Regulation S Securities.</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: 1in">&ldquo;<B>Interest</B>,&rdquo; when used with respect
to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.</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: 1in">&ldquo;<B>Interest Payment Date</B>,&rdquo; when
used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.</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: 1in">&ldquo;<B>Investment Company Act</B>&rdquo; means
the United States Investment Company Act of 1940 (or any statute successor thereto), as it may be amended from time to time.</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: 1in">&ldquo;<B>Investment Grade Rating</B>&rdquo; means
 &ldquo;BBB-&rdquo; or higher by S&amp;P, &ldquo;Baa3&rdquo; or higher by Moody&rsquo;s or &ldquo;BBB-&rdquo; or higher by Fitch, or the
equivalent of such global ratings by S&amp;P, Moody&rsquo;s or Fitch.</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: 1in">&ldquo;<B>Law</B>&rdquo; means any constitutional
provision, law, statute, rule, regulation, ordinance, treaty, order, decree, judgment, decision, certificate, holding, injunction, enforceable
at law or in equity, along with the interpretation and administration thereof by any Governmental Authority charged with the interpretation
or administration thereof.</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>

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<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: 1in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Lien</B>&rdquo;
means any </FONT>mortgage, lien, pledge, usufruct, fiduciary transfer (<I>aliena&ccedil;&atilde;o fiduci&aacute;ria</I>), charge, encumbrance
or other security interest or any preferential arrangement (including a securitization) that has the practical effect of creating a security
interest.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Material Adverse Effect</B>&rdquo; means
a material adverse effect on (i)&nbsp;the business, operations, assets, property, condition (financial or otherwise) of the Company or
its Subsidiaries, taken as a whole, (ii)&nbsp;the validity or enforceability of this Indenture, or (iii)&nbsp;the ability of the Company
to perform its obligations under this Indenture, or the material rights of or benefits available to the Holders or the Trustee, as representative
of the Holders under this Indenture.</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: 1in">&ldquo;<B>Material Subsidiary</B>&rdquo; means,
as to any Person, any Subsidiary of such Person which, on any given date of determination, accounts for more than 15% of such Person&rsquo;s
total consolidated assets, as such total assets are set forth on the most recent consolidated financial statements of such Person prepared
in accordance with Reporting GAAP.</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: 1in">&ldquo;<B>Maturity</B>,&rdquo; when used with respect
to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.</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: 1in">&ldquo;<B>Notice of Default</B>&rdquo; means a written
notice of the kind set forth in &lrm;Section&nbsp;5.01(&lrm;3).</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: 1in">&ldquo;<B>Officer</B>&rdquo; means (i)&nbsp;with
respect to the Company, any director or authorized representative of the Company and (ii)&nbsp;with respect to Suzano or any Subsidiary,
any authorized representative of Suzano or any Subsidiary including any of the president, vice president, executive officer, financial
officer or general counsel of Suzano or any Subsidiary, as the case may be.</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: 1in">&ldquo;<B>Officers&rsquo; Certificate</B>&rdquo;
means a certificate signed in the name of the Company by any director or Authorized Representatives in accordance with its articles of
association, or in the name of the Guarantor by any two officers or authorized representatives in accordance with its bylaws; <I>provided
</I>however, that an Officers&rsquo; Certificate pursuant to &lrm;Section&nbsp;10.05 shall be signed by any two of the Company&rsquo;s
directors or any two of the Guarantor&rsquo;s principal executive, financial or accounting officers, as applicable, pursuant to the requirements
of Section&nbsp;314(a)(4)&nbsp;of the Trust Indenture Act.</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: 1in">&ldquo;<B>Opinion of Counsel</B>&rdquo; means a
written opinion of counsel, who may be an employee of or counsel for the Company, as applicable (except as otherwise provided in this
Indenture), and as reasonably acceptable to the Trustee.</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: 1in">&ldquo;<B>Order</B>&rdquo; means a written request
or order signed in the name of the Company by an Authorized Representative, in each case delivered to the Trustee.</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: 1in">&ldquo;<B>Original Issue Discount Security</B>&rdquo;
means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration
of the Maturity thereof pursuant to &lrm;Section&nbsp;5.02.</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>

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<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: 1in">&ldquo;<B>Original Securities</B>&rdquo; means Securities
of any series that are not Exchange Securities.</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: 1in">&ldquo;<B>Outstanding</B>,&rdquo; when used with
respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture,
except:</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-left: 1in; margin-top: 0pt; margin-bottom: 0pt"> (1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation or surrendered for transfer or exchange;</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-left: 1in; margin-top: 0pt; margin-bottom: 0pt"> (2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefore satisfactory to the Trustee has been made;</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-left: 1in; margin-top: 0pt; margin-bottom: 0pt"> (3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Securities as to which Defeasance has been effected pursuant to &lrm;Section&nbsp;13.02; and</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-left: 1in; margin-top: 0pt; margin-bottom: 0pt"> (4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Securities which have been paid pursuant to &lrm;Section&nbsp;3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the Company;</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">provided, however, that in determining whether the Holders of the
requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice,
consent or waiver hereunder, (i)&nbsp;the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding
shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration of
the Maturity thereof pursuant to &lrm;Section&nbsp;5.02, (ii)&nbsp;the principal amount of a Security denominated in one or more foreign
currencies or currency units shall be the U.S. dollar equivalent, determined in the manner provided as contemplated by &lrm;Section&nbsp;3.01
on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the
U.S. dollar equivalent on the date of original issuance of such Security of the amount determined as provided in (i)&nbsp;above) of such
Security, (iii)&nbsp;if the principal amount payable at Stated Maturity of any Security is not determinable upon original issuance, the
principal amount of such Security that shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated
by &lrm;Section&nbsp;3.01, and (iv)&nbsp;Securities owned by the Company or any other obligor upon the Securities or any Affiliate of
the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which
a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&rsquo;s right
so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor.</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>

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<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Outstanding Securities</B>&rdquo;
has the meaning set forth under &lrm;Section&nbsp;3.04.</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: 1in">&ldquo;<B>Paying Agent</B>&rdquo; means any Person
authorized by the Company to pay the principal of or any premium or interest on any Securities on its behalf, which at the date of this
Indenture includes the Trustee.</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: 1in">&ldquo;<B>Permanent Regulation S Security</B>&rdquo;
has the meaning set forth in &lrm;Section&nbsp;3.05.</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: 1in">&ldquo;<B>Permitted Holders</B>&rdquo; means (a)&nbsp;David
Feffer, Daniel Feffer, Jorge Feffer and Ruben Feffer, as well as any of their respective heirs, or (b)&nbsp;an entity that is directly
or indirectly controlled by one or more of the Persons listed in clause (a)&nbsp;above.</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: 1in">&ldquo;<B>Permitted Lien</B>&rdquo; means, with
respect to any Securities of a series issued for which &lrm;Section&nbsp;10.11 applies, any:</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">any Lien existing on the date of this
                                            Indenture;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: left">any Lien on any Property or assets
                                            (including Capital Stock of any person) securing Debt incurred solely for purposes of financing
                                            the acquisition, construction or improvement of such Property or assets after the date of
                                            this Indenture; <I>provided</I> that (a)&nbsp;the aggregate principal amount of Debt secured
                                            by the Liens will not exceed (but may be less than) 130% of the cost (i.e., purchase price)
                                            of the Property or assets so acquired, constructed or improved and (b)&nbsp;the Lien is incurred
                                            before, or within 365 days after the completion of, such acquisition, construction or improvement
                                            and does not encumber any other Property or assets of Suzano or any of its Subsidiaries;
                                            and <I>provided, further</I>, that to the extent that the Property or asset acquired is Capital
                                            Stock, the Lien also may encumber other Property or assets of the person so acquired;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: left">any Lien securing Debt incurred for
                                            the purpose of financing all or part of the cost of the acquisition, construction or development
                                            of a project; <I>provided that</I> the lenders of such Debt expressly agree to limit their
                                            recourse in respect of such Debt to assets (including Capital Stock of the project entity)
                                            and/or revenues of such project with an aggregate value of not more than the amount of such
                                            Debt; and <I>provided, further, that</I> the Lien is incurred before, or within 365 days
                                            after the completion of, that acquisition, construction or development and does not apply
                                            to any other property or assets of Suzano or any Subsidiary;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: left">any
                                            Lien extending, renewing or replacing (or successive extensions, renewals or replacements
                                            of), in whole or in part, any Lien referred to in items (i), (ii), (iii)&nbsp;above, and
                                            (vi)&nbsp;and (vii)&nbsp;below; <I>provided</I> that the principal amount of Debt secured
                                            thereby shall not exceed the principal amount of Debt so secured at the time of such extension,
                                            renewal or replacement, except for any increase reflecting premiums, fees and expenses in
                                            connection with such extension, renewal or replacement;</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>

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<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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: left">any Lien existing on any Property or
                                            assets of any Person before that Person&rsquo;s acquisition (in whole or in part) by merger
                                            into, or consolidation with, Suzano or any of its Subsidiaries after the date of this Indenture;
                                            <I>provided that</I> the Lien is not created in contemplation of or in connection with such
                                            acquisition, merger or consolidation;</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>

<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">(vi)</TD><TD STYLE="text-align: left">any Lien in favor of issuers of surety
                                            bonds or letters of credit issued pursuant to the request of and for the account of the Company
                                            or any of its Subsidiaries in the ordinary course of business;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">any
                                            Liens granted to secure borrowings from, directly or indirectly, (a)&nbsp;<I>Banco Nacional
                                            de Desenvolvimento Econ&ocirc;mico e Social &ndash; BNDES</I>, </FONT>or any other Brazilian
                                            governmental development bank or credit agency (including borrowings from any Brazilian governmental
                                            bank with funds provided by Brazilian regional funds including <I>Financiadora de Estudos
                                            e Projetos &ndash; FINEP, Fundo de Desenvolvimento do Nordeste &ndash; FDNE</I>, <I>Banco
                                            do Nordeste do Brasil and Fundo de Desenvolvimento do Centro Oeste &ndash; FCO</I>), or (b)&nbsp;any
                                            international or multilateral development bank, government-sponsored agency, export-import
                                            bank or official export-import credit insurer;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: left">any pledge or deposit made in the
                                            ordinary course of business in connection with workers&rsquo; compensation, unemployment
                                            insurance or other similar social security legislation;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">any
                                            deposit to secure appeal bonds, judicial deposits or other similar guarantees in proceedings
                                            being contested in good faith to which Suzano or any Subsidiary is a party, good faith deposits
                                            in connection with bids, tenders, contracts (other than for the payment of Debt) or leases
                                            to which Suzano or any its Subsidiaries is a party or deposits for the payment of rent, in
                                            each case made in the ordinary course of business</FONT> and for which adequate reserves
                                            have been made as required in accordance with Reporting GAAP;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">any
                                            Lien imposed by applicable law incurred in the ordinary course of business, including, without
                                            limitation, carriers&rsquo;, warehousemen&rsquo;s and mechanics&rsquo; liens, statutory landlord&rsquo;s
                                            liens, customary reservations </FONT>or retentions of title easements, rights-of-way, defects,
                                            zoning restrictions and other similar charges or encumbrances arising in the ordinary course
                                            of business, in each case for sums not yet due or being contested in good faith by appropriate
                                            proceedings and for which adequate reserves have been made as required in accordance with
                                            Reporting GAAP;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xi)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">any
                                            Lien or rights of set-off of any Person with respect to any Cash Equivalents on deposit account
                                            or securities account of Suzano or any of its Subsidiaries arising in the ordinary course
                                            of business </FONT>in favor of the bank(s)&nbsp;or security intermediary(ies) with which
                                            such accounts are maintained, securing only amounts owing to such bank(s)&nbsp;with respect
                                            to cash management and operating account arrangements; <I>provided that </I>any Lien or rights
                                            of netting or set-off which arise from general banking conditions <I>(algemene bankvoorwaarden)
                                            </I>applicable to Suzano Netherlands shall at all times be permitted;</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>

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<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>

<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"><FONT STYLE="font-size: 10pt">(xii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">any
                                            Lien on (i)&nbsp;cash or cash equivalents </FONT>or other securities securing Hedging Agreements
                                            or other similar transactions permitted in accordance with this Indenture or (ii)&nbsp;any
                                            right, title, interest and claim in, to and under, Hedging Agreements or other similar transactions
                                            permitted in accordance with this Indenture, or any proceeds thereof, to secure a given Debt,
                                            to the extent that the purpose of such Hedging Agreement is to mitigate risks related to
                                            such Debt;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xiii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">any
                                            Lien securing taxes, assessments and other governmental charges or levies, in each case the
                                            payment of which is not yet due or is being contested in good faith by appropriate proceedings
                                            </FONT>diligently conducted and for which such reserves or other appropriate provisions,
                                            if any, as shall be required by Reporting GAAP shall have been made;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(xiv)</TD><TD STYLE="text-align: left">any Liens on the receivables of Suzano
                                            or any of its Subsidiaries securing the obligations of such Person under any line of credit
                                            or working capital facility or other credit facility; <B>provided that </B>the aggregate
                                            amount of receivables securing Debt shall not exceed 80.0% of the Suzano&rsquo;s and its
                                            Subsidiaries&rsquo; aggregate outstanding receivables from time to time;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xv)</FONT></TD><TD STYLE="text-align: left">any
                                            encumbrance, security deposit or reserve maintained in the ordinary course of business and
                                            required by Applicable Law;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xvi)</FONT></TD><TD STYLE="text-align: left">any
                                            Lien which arises pursuant to a final judgment(s)&nbsp;that do not constitute an Event of
                                            Default under &lrm;Section&nbsp;5.01;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xvii)</FONT></TD><TD STYLE="text-align: left">any
                                            Lien securing Debt or other obligations of a Subsidiary of Suzano or the Company owing to
                                            Suzano or the Company or a Subsidiary thereof;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xviii)</FONT></TD><TD STYLE="text-align: left">any
                                            Lien on Property or shares of Capital Stock of another Person at the time such other Person
                                            becomes a Subsidiary; <I>provided</I> that, such Liens may not (i)&nbsp;extend to any Property
                                            owned by such Person other than the Property so acquired, or (ii)&nbsp;have been incurred
                                            in connection with or in anticipation of such acquisition;</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(xix)</TD><TD STYLE="text-align: left">incurring a joint and several liability
                                            (including any netting or rights of set-off) as a result of a fiscal unity (<I>fiscale eenheid</I>)
                                            for Dutch tax purposes; and</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="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(xx)</FONT></TD><TD STYLE="text-align: left">any
                                            Lien not otherwise described in items (i)&nbsp;through (xix)&nbsp;above, provided that the
                                            aggregate principal amount of Debt at any time outstanding secured by such Lien does not
                                            exceed in aggregate principal amount, at any time of determination, 20% of the Consolidated
                                            Net Tangible Assets.</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; text-indent: 1in">&ldquo;<B>Person</B>&rdquo; means any individual,
corporation, partnership, limited liability company, joint venture, trust, unincorporated organization, other entity or any government
or any agency or political subdivision thereof.</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>

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<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: 1in">&ldquo;<B>Place of Payment</B>,&rdquo; when used
with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on the Securities
of that series are payable as specified as contemplated by &lrm;Section&nbsp;3.01.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Predecessor Security</B>&rdquo; of any
particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security;
and, for the purposes of this definition, any Security authenticated and delivered under &lrm;Section&nbsp;3.06 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or
stolen Security.</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: 1in">&ldquo;<B>Preferred Stock</B>&rdquo; means, with
respect to any Person, any Capital Stock of such Person that has preferential rights over any other Capital Stock of such Person with
respect to dividends, distributions or redemptions or upon liquidation.</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: 1in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Property</B>&rdquo;
</FONT>of any Person means any property, rights or revenues, or interest therein, of such Person.</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: 1in">&ldquo;<B>Purchase Agreement</B>&rdquo; means any
purchase agreement entered into to issue Securities under this Indenture.</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: left; text-indent: 1in">&ldquo;<B>Rating Agency</B>&rdquo;
means S&amp;P, Fitch or Moody&rsquo;s; or if S&amp;P, Fitch or Moody&rsquo;s are not making rating of the Securities publicly available,
an internationally recognized U.S. rating agency or agencies, as the case may be, selected by the Company, which will be substituted
for S&amp;P, Fitch or Moody&rsquo;s, as the case may be.</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: left; text-indent: 1in">&ldquo;<B>Rating Decline</B>&rdquo;
means that at any time within 90 days (which period shall be extended so long as the rating of the debt securities is under publicly
announced consideration for possible down grade by either Rating Agency) after the earlier of the date of public notice of a Change of
Control and of the issuer&rsquo;s intention or that of any Person to effect a Change of Control, (i)&nbsp;in the event the debt securities
are assigned an Investment Grade Rating by at least two of the Rating Agencies prior to such public notice, the rating of such debt securities
by at least two of the Rating Agencies shall be below an Investment Grade Rating; or (ii)&nbsp;in the event such debt securities are
not assigned an Investment Grade Rating by at least two of the Rating Agencies prior to such public notice, the rating of such debt securities
by at least two of the Rating Agencies shall be decreased by one or more categories, <I>provided</I> that there shall be no Rating Decline
to the extent such debt securities continue to have an Investment Grade Rating by at least one of the Ratings Agencies; <I>provided</I>
that any such Rating Decline is expressly stated by the applicable Rating Agencies to have been the result of the Change of Control.</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: 1in">&ldquo;<B>Redemption Date</B>,&rdquo; when used
with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.</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: 1in">&ldquo;<B>Redemption Price</B>,&rdquo; when used
with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.</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: 1in">&ldquo;<B>Registered Security</B>,&rdquo; means
any Security issued in registered form that is registered in the Security Register. Registered Securities shall include Global Securities
and Certificated Securities.</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>

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<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: 1in">&ldquo;<B>Registration Default</B>&rdquo; has the
meaning set forth in the form of face of Global Security in &lrm;Section&nbsp;2.02.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Registration Default Period</B>&rdquo;
has the meaning set forth in the form of face of the Global Security in &lrm;Section&nbsp;2.02.</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: 1in">&ldquo;<B>Registration Rights Agreement</B>&rdquo;
means an agreement entered into by the Company contemplating the registration under the Securities Act of a series of Securities issued
under this Indenture subsequent to the initial date of issuance of such series of Securities.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Regular Record Date</B>&rdquo; for the
interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated
by &lrm;Section&nbsp;3.01.</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: 1in">&ldquo;<B>Regulation S</B>&rdquo; means Regulation
S under the Securities Act (or any successor provision), as it may be amended from time to time.</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: 1in">&ldquo;<B>Regulation S Certificate</B>&rdquo; means
a certificate substantially in the form set forth in &lrm;Annex A.</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: 1in">&ldquo;<B>Regulation S Global Security</B>&rdquo;
has the meaning set forth in &lrm;Section&nbsp;2.01.</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: 1in">&ldquo;<B>Regulation S Legend</B>&rdquo; means a
legend substantially in the form of the legend required in the forms of face of Security set forth in &lrm;Section&nbsp;2.02 to be placed
upon a Regulation S Global Security.</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: 1in">&ldquo;<B>Regulation S Securities</B>&rdquo; means
all Securities required pursuant to Section&nbsp;3.06(3)&nbsp;to bear a Regulation S Legend. Such term includes a Regulation S Global
Security.</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: 1in">&ldquo;<B>Reporting GAAP</B>&rdquo; means the International
Financial Reporting Standards as adopted by the International Accounting Standards Board or any other accounting standard that the Company
may adopt as its primary reporting accounting standard in its reports filed with the Commission pursuant to Section&nbsp;13 or 15(d)&nbsp;of
the Exchange Act.</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: 1in">&ldquo;<B>Resale Registration Statement</B>&rdquo;
shall mean a registration statement under the Securities Act registering the Securities for resale pursuant to the terms of the Registration
Rights Agreement.</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: 1in">&ldquo;<B>Responsible Officer</B>&rdquo; shall mean,
when used with respect to the Trustee, any officer within the corporate trust department (or similar group) of the Trustee, with direct
responsibility for the administration of the Indenture, and any officer of the Trustee to whom any corporate trust matter is referred
because of such person&rsquo;s knowledge of and familiarity with the particular subject.</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: 1in">&ldquo;<B>Restricted Global Security</B>&rdquo;
means any Global Security required pursuant to Section&nbsp;3.06(3)&nbsp;to bear a Restricted Securities Legend.</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>

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<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: 1in">&ldquo;<B>Restricted Period</B>&rdquo; means, with
respect to any series of Regulation S Securities, the period of 41 consecutive days beginning on and including the later of (i)&nbsp;the
day on which Securities of such series are first offered to persons other than distributors (as defined in Regulation S) in reliance
on Regulation S and (ii)&nbsp;the day on which the closing of the offering of Securities of such series pursuant to a Purchase Agreement
occurs.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Restricted Security</B>&rdquo; means all
Securities required pursuant to Section&nbsp;3.06(3)&nbsp;to bear a Restricted Securities Legend. Such term includes a Restricted Global
Security.</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: 1in">&ldquo;<B>Restricted Securities Certificate</B>&rdquo;
means a certificate substantially in the form set forth in &lrm;Annex 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; text-indent: 1in">&ldquo;<B>Restricted Securities Legend</B>&rdquo;
means a legend substantially in the form of the legend required in the form of face of Securities set forth in &lrm;Section&nbsp;2.02
to be placed upon a Restricted Security.</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: 1in">&ldquo;<B>Rule&nbsp;l44A</B>&rdquo; means Rule&nbsp;l44A
under the Securities Act (or any successor provision), as it may be amended from time to time.</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: 1in">&ldquo;<B>Rule&nbsp;144A Securities</B>&rdquo; means
all Securities initially distributed in connection with the offering of the Securities by the purchasers in reliance upon Rule&nbsp;144A.</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: 1in">&ldquo;<B>S&amp;P</B>&rdquo;
means Standard&nbsp;&amp; Poor&rsquo;s Ratings Group, a division of McGraw Hill,&nbsp;Inc. and its successors.</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: 1in">&ldquo;<B>SEC</B>&rdquo; means the U.S. Securities
and Exchange Commission.</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: 1in">&ldquo;<B>SEC Registered Securities</B>&rdquo; means
the Exchange Securities and all other Securities sold or otherwise disposed of pursuant to an effective registration statement under
the Securities Act, together with their respective Successor Securities.</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: 1in">&ldquo;<B>Securities</B>&rdquo; has the meaning
set forth in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.</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: 1in">&ldquo;<B>Securities Act</B>&rdquo; means the United
States Securities Act of 1933 (or any statute successor thereto), as it may be amended from time to time.</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: 1in">&ldquo;<B>Security Register</B>&rdquo; and &ldquo;<B>Security
Registrar</B>&rdquo; have the respective meanings set forth in &lrm;Section&nbsp;3.06.</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: 1in">&ldquo;<B>Special Interest</B>&rdquo; has the meaning
set forth in the form of face of the Global Security in &lrm;Section&nbsp;2.02. Unless the context otherwise requires, references herein
to &ldquo;interest&rdquo; on the Securities shall include Special Interest.</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: 1in">&ldquo;<B>Special Record Date</B>&rdquo; for the
payment of any Defaulted Interest means a date fixed by the Trustee pursuant to &lrm;Section&nbsp;3.07.</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>

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<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: 1in">&ldquo;<B>Stated Maturity</B>&rdquo; means (i)&nbsp;with
respect to any Debt, the date specified as the fixed date on which the final installment of principal of such Debt is due and payable
or (ii)&nbsp;with respect to any scheduled installment of principal of or interest on any Debt, the date specified as the fixed date
on which such installment is due and payable as set forth in the documentation governing such Debt, not including any contingent obligation
to repay, redeem or repurchase prior to the regularly scheduled date for payment.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Step-Down Date</B>&rdquo; has the meaning
set forth in the form of face of the Global Security in &lrm;Section&nbsp;2.02.</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: 1in">&ldquo;<B>Step-Up</B>&rdquo; has the meaning set
forth in the form of face of the Global Security in &lrm;Section&nbsp;2.02.</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: 1in">&ldquo;<B>Subsidiary</B>&rdquo; means with respect
to any Person, any corporation, limited liability company, partnership, association or other business entity of which more than 50.0%
of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more Subsidiaries of such Person (or a combination
thereof).</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: 1in">&ldquo;<B>Successor Company</B>&rdquo; has the meaning
set forth in Section&nbsp;9.07.</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: 1in">&ldquo;<B>Successor Jurisdiction</B>&rdquo; means
the jurisdiction, other than Brazil or the Netherlands, in which a Successor Person is incorporated or considered to be resident.</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: 1in">&ldquo;<B>Successor Person</B>&rdquo; has the meaning
set forth in Section&nbsp;8.01.</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: 1in">&ldquo;<B>Successor Security</B>&rdquo; of any particular
Security means every Security issued after, and evidencing all or a portion of the same debt (subject to provisions, if any, in the Predecessor
Security regarding payment of Special Interest) as that evidenced by, such particular Security; and, for the purposes of this definition,
any Security authenticated and delivered under &lrm;Section&nbsp;3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen
Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.</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: 1in">&ldquo;<B>Suzano</B>&rdquo; means the Person named
as &ldquo;Suzano&rdquo; in the first paragraph.</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: 1in">&ldquo;<B>Taxing Jurisdiction</B>&rdquo; shall mean
Brazil, the jurisdiction of the Company&rsquo;s incorporation (the Netherlands) or any other jurisdiction in which the Company appoints
a paying agent hereunder or any political subdivision or any taxing authority thereof or therein.</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: 1in">&ldquo;<B>Temporary Regulation S Security</B>&rdquo;
means a temporary Security issued in global registered form.</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: 1in">&ldquo;<B>Trustee</B>&rdquo; means the Person named
as the &ldquo;Trustee&rdquo; in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo; shall mean or include each Person who is then a Trustee
hereunder, and if at any time there is more than one such Person, &ldquo;Trustee&rdquo; as used with respect to the Securities of any
series shall mean the Trustee with respect to Securities of that series.</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>

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<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: 1in">&ldquo;<B>Trust Indenture Act</B>&rdquo; or &ldquo;<B>TIA</B>&rdquo;
means the United States Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed (except as provided
in &lrm;Section&nbsp;9.05); provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, &ldquo;Trust
Indenture Act&rdquo; means, to the extent required by any such amendment, the Trust Indenture Act of 1939, as so amended.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>United States</B>&rdquo; or &ldquo;<B>U.S.</B>&rdquo;
means the United States of America (including the States and the District of Columbia) and its possessions (including Puerto Rico, the
U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands).</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: 1in">&ldquo;<B>Unrestricted Securities Certificate</B>&rdquo;
means a certificate substantially in the form set forth in &lrm;Annex C.</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: 1in">&ldquo;<B>U.S. Person</B>&rdquo; shall have the
meaning ascribed to such term in Rule&nbsp;902 of Regulation S.</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: 1in">&ldquo;<B>U.S. Government Obligations</B>&rdquo;
has the meaning set forth in &lrm;Section&nbsp;13.04(1).</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: 1in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Voting Stock</B>&rdquo;
</FONT>of a Person means Capital Stock in such Person having power to vote for the election of directors or similar officials that get
appointed by virtue of exercising the Voting Stock of such Person or otherwise voting with respect to actions of such Person (other than
such Capital Stock having such power only by reason of the happening of a contingency).</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: 1in">&ldquo;<B>Wholly-Owned Subsidiary</B>&rdquo; means,
with respect to any corporate entity, any person of which 95 % of the outstanding capital stock (other than qualifying shares, if any)
having by the terms thereof ordinary voting power (not dependent on the happening of a contingency) to elect the board of directors (or
equivalent controlling governing body) of such person is at the time owned or controlled directly or indirectly by such corporate entity,
by one or more wholly-owned subsidiaries of such corporate entity or by such corporate entity and one or more wholly-owned subsidiaries
thereof.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.02.&#8239;&#8239;&#8239;&#8239;</FONT><U>Compliance
Certificates and Opinions</U>.</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: 1in">Upon any application or request by the Company to
the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act with respect to compliance with conditions precedent provided for in this Indenture.
Each such certificate or opinion shall be given in the form of an Officers&rsquo; Certificate, if to be given by an Authorized Representative,
or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other
requirements set forth in this Indenture, except that in the event of any such application or request as to which the furnishing of such
documents is specifically required by any provisions of this Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished.</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>

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<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: 1in">Every certificate or opinion, whether required to
be provided pursuant to this &lrm;Section&nbsp;1.02 or elsewhere, with respect to compliance with a condition or covenant provided for
in this Indenture shall include:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been complied with; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.03.&#8239;&#8239;&#8239;&#8239;</FONT><U>Form&nbsp;of
Documents Delivered to Trustee</U>.</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: 1in">In any case where several matters are required to
be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered
by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several 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; text-indent: 1in">Any certificate or opinion of an Authorized Representative
may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Persons
know, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters
upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations by, an Authorized Representative stating that the information
with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations with respect to such matters are erroneous.</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: 1in">Where any Person is required to make, give or execute
two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.04.&#8239;&#8239;&#8239;&#8239;</FONT><U>Acts
of Holders of Securities; Record Dates</U>.</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 0pt 0.5in; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Securities may be embodied in and evidenced by one or more instruments of substantially similar tenor signed
by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby)
are herein sometimes referred to as the &ldquo;Act&rdquo; of the Holders of Securities signing such instrument or instruments or so voting
at such meeting. Proof of execution of any such instrument or of a writing appointing any such agent or proxy, or of the holding by any
Person of a Security shall be sufficient for any purpose of this Indenture and (subject to &lrm;Section&nbsp;6.01) conclusive in favor
of the Trustee and the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall
be proved in the manner provided in &lrm;Section&nbsp;13.06.</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>

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<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
fact and date of the execution by any Person of any instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity
other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and
date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any
other manner which the Trustee deems sufficient.</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 0pt 0.5in; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled
to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by
this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date
for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or
direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities
of the relevant series on such record date, or their duly designated proxies, and no other Holders, shall be entitled to take the relevant
action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder
unless taken on or prior to the applicable Expiration Date by Holders, or duly designated proxies, of the requisite principal amount
of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from
setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record
date previously set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph
shall be construed to render ineffective any action taken by Holders, or their duly designated proxies, of the requisite principal amount
of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to
this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth
in &lrm;Section&nbsp;1.06.</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>

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<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: 1in">The Trustee may set any day as a record date for
the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (i)&nbsp;any
Notice of Default, (ii)&nbsp;any declaration of acceleration referred to in &lrm;Section&nbsp;5.02, (iii)&nbsp;any request to institute
proceedings referred to in &lrm;Section&nbsp;5.07(2)&nbsp;or (iv)&nbsp;any direction referred to in &lrm;Section&nbsp;5.12, in each case
with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities
of such series on such record date, or their duly designated proxies, and no other Holders, shall be entitled to join in such notice,
declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall
be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders, or their duly designated proxies, of the
requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed
to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and with no action by any Person be canceled and of no effect),
and nothing in this paragraph shall be construed to render ineffective any action taken by Holders, or their duly designated proxies,
of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any
record date is set pursuant to this paragraph, the Trustee, at the expense of the Company, shall cause notice of such record date, the
proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities
of the relevant series in the manner set forth in &lrm;Section&nbsp;1.06.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">With respect to any record date set pursuant to
this Section, the party hereto that sets such record date may designate any day as the &ldquo;Expiration Date&rdquo; and from time to
time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the
proposed new Expiration Date is given to the other party or parties hereto in writing, and to each Holder of Securities of the relevant
series in the manner set forth in &lrm;Section&nbsp;1.06, on or prior to the existing Expiration Date. Notwithstanding the foregoing,
no Expiration Date shall be later than the 180th day after the applicable record date and, if an Expiration Date is not designated with
respect to any record date set pursuant to this Section, the party or parties hereto which set such record date shall be deemed to have
designated the 180th day after such record date as the Expiration Date with respect thereto.</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: 1in">Without limiting the foregoing, a Holder entitled
hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal
amount of such Security or by one or more duly appointed agents or proxies each of which may do so pursuant to such appointment with
regard to all or any part of such principal amount.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
principal amount and serial numbers of Global Securities held by any Person, and the date of holding the same, shall be proved by the
Security Register.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether
or not notation of such action is made upon such Security.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
provisions of this &lrm;Section&nbsp;1.04 are subject to the provisions of &lrm;Section&nbsp;13.05.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.05.&#8239;&#8239;&#8239;&#8239;</FONT><U>Notices,
Etc., to Trustee and the Company</U>.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any request, demand, authorization, direction, notice,
consent, waiver or Act of Holders of Securities or other document provided for or permitted by this Indenture to be made upon, given
or furnished to, or filed with,</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee by any Holder of Securities or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing (or sent by facsimile and confirmed in writing) to or with the Trustee at its Corporate Trust Office, Attention: Institutional
Trust Services, or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company by the Trustee or by any Holder of Securities shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed (or sent by facsimile and confirmed in writing) international air mail postage prepaid and addressed
to its principal office specified in the first paragraph of this instrument to the attention of its Board of Directors, or at any other
address previously furnished in writing to the Trustee by the Company.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.06.&#8239;&#8239;&#8239;&#8239;</FONT><U>Notice
to Holders of Securities; Waiver</U>.</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: 1in">Unless otherwise herein expressly provided, where
this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given to Holders of Securities if in writing
and mailed, first-class postage prepaid, or delivered by hand or overnight courier to each Holder of a Security affected by such event,
at its address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date
(if any), prescribed for the giving of such notice.</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: 1in">In case by reason of the suspension of regular mail
service or by reason of any other cause it shall be impracticable to give such notice to Holders of Securities by mail, then such notification
as shall be given with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. In any case
where notice to Holders of Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed,
to any particular Holder of a Security shall affect the sufficiency of such notice with respect to other Holders of Securities.</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: 1in">Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon such waiver.</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>

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<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: 1in">The Trustee shall have the right to accept and act
upon instructions, including funds transfer instructions (&ldquo;Instructions&rdquo;) given pursuant to this Indenture and delivered
using Electronic Means; provided, however, that the Issuer shall provide to the Trustee an incumbency certificate listing officers with
the authority to provide such Instructions (&ldquo;Authorized Officers&rdquo;) and containing specimen signatures of such Authorized
Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing.&nbsp;
If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such
Instructions, the Trustee&rsquo;s understanding of such Instructions shall be deemed controlling.&nbsp; The Company understands and agrees
that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume
that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee
have been sent by such Authorized Officer.&nbsp; The Company shall be responsible for ensuring that only Authorized Officers transmit
such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality
of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company.&nbsp; The Trustee shall
not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee&rsquo;s reliance upon and compliance
with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction.&nbsp; The
Company agrees: (i)&nbsp;to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including
without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties;
(ii)&nbsp;that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to
the Trustee and that there may be more secure methods of transmitting Instructions than the method(s)&nbsp;selected by the Issuer; (iii)&nbsp;that
the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable
degree of protection in light of its particular needs and circumstances; and (iv)&nbsp;to notify the Trustee immediately upon learning
of any compromise or unauthorized use of the security procedures.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Electronic Means&rdquo; shall mean the following
communications methods: e-mail, secure electronic transmission containing applicable authorization codes, passwords and/or authentication
keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services
hereunder.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.07.&#8239;&#8239;&#8239;&#8239;</FONT><U>Language
of Notices, Etc</U>.</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: 1in">Any request, demand, authorization, direction, notice,
consent or waiver required or permitted under this Indenture shall be in the English language.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.08.&#8239;&#8239;&#8239;&#8239;</FONT><U>Conflict
with Trust Indenture Act</U>.</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: 1in">The Indenture shall incorporate and be governed
by the provisions of the Trust Indenture Act that are required to be part of and govern indentures qualified under the Trust Indenture
Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act
to be a part of and govern this Indenture, the provision of such Act shall control. If any provision of this Indenture modifies or excludes
any provision of the Trust Indenture Act that may be so modified or excluded, the provision of such Act shall be deemed to apply to this
Indenture as so modified or to be excluded, as the case may be.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.09.&#8239;&#8239;&#8239;&#8239;</FONT><U>Effect
of Headings and Table of Contents</U>.</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: 1in">The Article&nbsp;and Section&nbsp;headings herein
and the Table of Contents are for convenience only and shall not affect the construction hereof.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.10.&#8239;&#8239;&#8239;&#8239;</FONT><U>Successors
and Assigns</U>.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All covenants and agreements in this Indenture by
the Company shall bind its successors and assigns, whether so expressed or not.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.11.&#8239;&#8239;&#8239;&#8239;</FONT><U>Separability
Clause</U>.</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: 1in">In case any provision in this Indenture or in the
Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.12.&#8239;&#8239;&#8239;&#8239;</FONT><U>Benefits
of Indenture</U>.</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: 1in">Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders of Securities,
any benefit or any legal or equitable right, remedy or claim under this Indenture.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.13.&#8239;&#8239;&#8239;&#8239;</FONT><U>Governing
Law</U>.</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: 1in">This Indenture and the Securities shall be governed
by, and construed in accordance with, the laws of the State of New York.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.14.&#8239;&#8239;&#8239;&#8239;</FONT><U>Saturday,
Sundays and Legal Holidays</U>.</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: 1in">In any case where any Interest Payment Date, Redemption
Date or Stated Maturity of any Security or the last day on which Holders have the right to convert or exchange their Securities shall
not be a Business Day at any Place of Payment or place of conversion or exchange, then (notwithstanding any other provision of this Indenture
or of the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this
Section)) payment of interest or principal (and premium, if any) or conversion or exchange need not be made at such Place of Payment
or place of conversion or exchange on such date, but may be made on the next succeeding Business Day at such Place of Payment or place
of conversion or exchange with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated
Maturity or on such last day for conversion or exchange.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.15.&#8239;&#8239;&#8239;&#8239;</FONT><U>Appointment
of Agent for Service; Submission to Jurisdiction; Waiver of Immunity</U>.</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: 1in">By the execution and delivery of this Indenture,
the Company hereby appoints Cogency Global Inc. with offices on the date hereof at 122 East 42nd Street, 18th Floor, New York, NY 10168,
United States, as its authorized agent as its agent upon which process may be served in any legal action or proceeding which may be instituted
in any state or Federal court in the Borough of Manhattan, The City of New York, State of New York, arising out of or relating to the
Securities or this Indenture, but for that purpose only. Service of process upon such agent at the office of the Company at 122 East
42nd Street, 18th Floor, New York, NY 10168, United States, and written notice of said service to the Company by the Person servicing
the same addressed as provided by &lrm;Section&nbsp;1.05, shall be deemed in every respect effective service of process upon the Company
in any such legal action or proceeding before any such court in the Borough of Manhattan, The City of New York, State of New York. The
Company will take any and all action necessary to continue such designation in full force and effect and to advise the Trustee of any
change of address of such agent; should such agent become unavailable for this purpose for any reason, the Company will promptly and
irrevocably designate a new agent in the Borough of Manhattan, The City of New York, State of New York, which will agree to act as such
for powers and for the purposes set forth in this &lrm;Section&nbsp;1.15. The Company hereby (i)&nbsp;irrevocably submits to the nonexclusive
jurisdiction of any state or Federal court in the Borough of Manhattan, The City of New York, State of New York in any legal action or
proceeding arising out of or relating to the Securities or this Indenture, (ii)&nbsp;to the extent it may effectively do so, irrevocably
and unconditionally waives any objection that it may have now or hereafter to the laying of the venue of any such legal action or proceeding
and (iii)&nbsp;to the extent the Company has or hereafter may acquire any immunity from jurisdiction of any such court or from any legal
process (whether through service of notice, attachment prior to judgment, attachment in aid of execution or otherwise) with respect to
itself or its property, the Company hereby irrevocably waives such immunity in respect of its obligations under this Indenture and the
Securities to the fullest extent permitted by law. Such appointment shall be irrevocable so long as the Holders of Securities shall have
any rights pursuant to the terms thereof or of this Indenture until the appointment of a successor by the Company with written notice
thereof to the Trustee and such successor&rsquo;s acceptance of such appointment. The Company further agrees to take any and all action,
including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and
appointment of such agent or successor.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.16.&#8239;&#8239;&#8239;&#8239;</FONT><U>Power
of Attorney</U>.</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: 1in">If the Company is represented by an attorney or
attorneys in connection with the signing and/or execution and/or delivery of this Indenture or any agreement or document referred to
herein or made pursuant hereto and the relevant power or powers of attorney is or are expressed to be governed by the laws of a particular
jurisdiction, it is hereby expressly acknowledged and accepted by the other parties to this Indenture that such laws shall govern the
existence and extent of such attorney's or attorneys&rsquo; authority and the effects of the exercise thereof.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.17.&#8239;&#8239;&#8239;&#8239;</FONT><U>Waiver
of Jury Trial</U>.</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: 1in">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, THE SECURITIES, OR THE TRANSACTION CONTEMPLATED HEREBY.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.18.&#8239;&#8239;&#8239;&#8239;</FONT><U>Trustee
Compliance with FATCA</U>.</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: 1in">In order to comply with applicable tax laws, rules&nbsp;and
regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time
that a foreign financial institution, issuer, paying agent, Holder or other institution is or has agreed to be subject to related to
this Indenture, the Company and the Guarantors agree (i)&nbsp;to use commercially reasonable efforts to provide to the Trustee sufficient
information about Holders or other applicable parties and/or transactions (including any modification to the terms of such transactions),
to the extent the Issuer or any Guarantor has access to such information, so the Trustee can determine whether it has tax related obligations
under applicable law, (ii)&nbsp;that the Trustee shall be entitled to make any withholding or deduction from payments under this Indenture
to the extent necessary to comply with applicable law for which the Trustee shall not have any liability except as may result from its
own gross negligence or willful misconduct and (iii)&nbsp;to hold harmless the Trustee for any losses it may suffer due to the actions
it takes to comply with such applicable law except as may result from its own gross negligence or willful misconduct. The terms of this
section shall survive the termination of this Indenture.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.19.&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Sanctions</U>.</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: 1in">The Company and the Guarantors covenant and represent
that neither they nor any of their Affiliates or Subsidiaries, their respective directors or officers are the target or subject of any
sanctions enforced by the Unites States Government (including the Office of Foreign Assess Control of the United States Department of
Treasury), the United Nations Security Council, the European Union, the HM Treasury or other relevant sanctions authority (collectively
 &ldquo;Sanctions&rdquo;). The Company and the Guarantors covenant and represent that neither they nor any of their Affiliates or Subsidiaries,
their respective, directors or officers will use any funds raised pursuant to the issuance of the Notes (i)&nbsp;to fund or facilitate
any activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions,
(ii)&nbsp;to fund or facilitate any activities of or business with any country or territory that is the target or subject of Sanctions,
or (iii)&nbsp;in any other manner that will result in a violation of Sanctions by any Person.</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"><FONT STYLE="text-transform: uppercase">Article&nbsp;Two</FONT></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">SECURITY FORMS</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.01.&#8239;&#8239;&#8239;&#8239;</FONT><U>Forms
Generally</U>.</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: 1in">The Securities of each series shall be in substantially
the form set forth in this Article, or in such other form (including temporary or permanent global form) as shall be established by or
pursuant to an Authorization of the Company or in one or more indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules&nbsp;of any securities
exchange or Depositary or as may, consistently herewith, be determined by an Authorized Representative executing such Securities pursuant
to this Indenture, as evidenced by its execution thereof. If the forms of Securities of any series are established by action taken pursuant
to an Authorization, a copy of an appropriate record of such action shall be certified by any Authorized Representative and delivered
to the Trustee at or prior to the delivery of the Order contemplated by &lrm;Section&nbsp;3.03 for the authentication and delivery of
such Securities. Any such Board Resolution or other document evidencing an Authorization shall have addressed thereto a true and correct
copy of the form of Security referred to therein approved by or pursuant to such Authorization.</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>

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<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: 1in">The definitive Securities may be printed, lithographed
or engraved on steel engraved borders or may be produced in any other manner, all as determined by the Authorized Representative executing
such Securities, as evidenced by its execution of such Securities.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Upon their original issuance, any Rule&nbsp;144A
Securities and any Initial Regulation S Securities of any series shall be issued in the form of separate Global Securities. The Global
Securities representing Rule&nbsp;144A Securities, together with their Successor Securities which are Global Securities other than Regulation
S Global Securities and SEC Registered Securities, are collectively herein called the &ldquo;Restricted Global Securities&rdquo;. The
Global Securities representing Initial Regulation S Securities, together with their Successor Securities which are Global Securities
other than Restricted Global Securities and SEC Registered Securities, are collectively herein called the &ldquo;Regulation S Global
Securities.&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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.02.&#8239;&#8239;&#8239;&#8239;</FONT><U>Form&nbsp;of
Global Security</U>.</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: 1in">[Form&nbsp;of Face of Global Security] [Insert any
legend required by the Internal Revenue Code and the regulations thereunder.]</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: 1in"><FONT STYLE="font-size: 10pt">SUZANO NETHERLANDS
B.V. </FONT>(with its corporate seat in Amsterdam, the Netherlands)</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: 1in">[Title of Security]</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: 1in">Date: ___________</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: 1in">No.________ CUSIP NO._____________</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: 1in">ISIN NO.______________</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: 1in">[Legend if the Security is a Restricted Security:</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: 1in">&ldquo;THE GLOBAL NOTE HAS NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;), OR ANY STATE OR ANY OTHER SECURITIES LAWS. THE HOLDER
HEREOF, BY PURCHASING THIS GLOBAL NOTE, AGREES THAT THIS GLOBAL NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY&nbsp;BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (1)&nbsp;TO SUZANO NETHERLANDS B.V., (2)&nbsp;SO LONG AS THIS GLOBAL NOTE IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (&ldquo;RULE 144A&rdquo;), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN ACCORDANCE WITH RULE 144A, (3)&nbsp;IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE
903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (4)&nbsp;PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF
AVAILABLE) OR (5)&nbsp;PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING
THIS GLOBAL NOTE, REPRESENTS AND AGREES THAT IT WILL NOTIFY ANY PURCHASER OF THIS GLOBAL NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED
TO ABOVE. AS USED HEREIN, THE TERMS &ldquo;OFFSHORE TRANSACTION&rdquo; AND &ldquo;UNITED STATES&rdquo; HAVE THE RESPECTIVE MEANINGS GIVEN
TO THEM BY REGULATION S UNDER THE SECURITIES ACT.&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"></P>

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<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">[Legend if the Security is a Regulation S Security:</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: 1in">THIS GLOBAL NOTE HAS NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;), OR ANY OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING
THIS GLOBAL NOTE, AGREES THAT NEITHER THIS GLOBAL NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY&nbsp;BE OFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.</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: 1in">THE FOREGOING LEGEND MAY&nbsp;BE REMOVED FROM THIS
GLOBAL NOTE AFTER 40 DAYS BEGINNING ON AND INCLUDING THE LATER OF (I)&nbsp;THE DATE ON WHICH THE NOTES ARE OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND (II)&nbsp;THE ORIGINAL ISSUE DATE OF THIS GLOBAL NOTE.]</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: 1in">[Legend if the Security is a Temporary Regulation
S Security:</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: 1in">THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR
PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;1933 ACT&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; text-indent: 1in">NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST
HEREIN MAY&nbsp;BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED ABOVE.</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: 1in">NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE
SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL HEREOF OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT
TO THE TERMS OF THE INDENTURE.]</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: 1in">[Legend if the Security benefits from a Registration
Rights Agreement:</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: 1in">THE HOLDER OF THIS SECURITY IS SUBJECT TO, AND ENTITLED
TO THE BENEFITS OF, THE REGISTRATION RIGHTS AGREEMENT, DATED AS OF [date of agreement], AMONG SUZANO NETHERLANDS B.V., SUZANO S.A. AND
THE OTHER PARTIES REFERRED TO THEREIN.]</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>

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<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: 1in">This Security is one of a duly authorized issue
of securities of SUZANO NETHERLANDS B.V., a private company with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>)
incorporated under the laws of the Netherlands and with its corporate seat in Amsterdam, the Netherlands (the &ldquo;Issuer&rdquo;),
designated as its __________ (the &ldquo;Securities&rdquo;), issued in an initial aggregate principal amount of ________________ as revised
by the Schedule of Increases and Decreased attached hereto, [If applicable, insert - - under the ___________ Supplemental Indenture (the
 &ldquo;__________ Supplemental Indenture&rdquo;), effective as of ___________, by and among the Issuer [If applicable, insert - - , Suzano
S.A., a corporation (<I>sociedade por a&ccedil;&otilde;es</I>) organized under the laws of Brazil (&ldquo;Suzano&rdquo;),] and The Bank
of New York Mellon, a New York banking corporation, as Trustee (the &ldquo;Trustee&rdquo;), to the Indenture, dated as of September&nbsp;10,
2025</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(the &ldquo;Original Indenture&rdquo;, and as supplemented
by the ____________ Supplemental Indenture and any further supplements thereto with respect to the Securities, the &ldquo;Indenture&rdquo;),
by and among the Issuer 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 Issuer, 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.</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: 1in">The Issuer, 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.</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: 1in">[If the Security is to bear interest prior to Maturity,
insert --, As provided for in the Indenture, the Issuer promises to pay interest on the outstanding principal amount hereof, from ____________,
[semi-annually in arrears on ______________ and ______________ of each year] [annually in arrears on __________ in each year] (each such
date, an &ldquo;Interest Payment Date&rdquo;), commencing _____________ at a rate equal to _____% per annum, 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 ___________ 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.</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: 1in">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. [if the Security is to bear interest prior to Maturity, insert --,&nbsp;Interest shall accrue on the Securities at the rate of _____%
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 ____________.]</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>

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<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: 1in">[If applicable, insert - - However, if (i)&nbsp;a
registration statement under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), registering a security substantially
identical to this Security (except that such Security will not contain terms with respect to the Special Interest payments described
below or legends reflecting transfer restrictions) pursuant to an exchange offer (the &ldquo;Exchange Offer&rdquo;) (the &ldquo;Exchange
Registration Statement&rdquo;) (or, if applicable, a registration statement registering this Security for resale (a &ldquo;Shelf Registration
Statement&rdquo;)) has not become or been declared effective on or before the date on which such registration statement is required to
become or be declared effective pursuant to the Exchange and Registration Rights Agreement, dated as of [date of agreement] (the &ldquo;Registration
Rights Agreement&rdquo;), among the Issuer and the other parties referred to therein, or (ii)&nbsp;the Exchange Offer has not been completed
within the number of days specified by the Registration Rights Agreement after the initial effective date of the Exchange Registration
Statement (if the Exchange Offer is then required to be made) or a Shelf Registration Statement has not become or been declared effective
on or before the date on which it is required to become or be declared effective pursuant to the Exchange and Registration Rights Agreement,
or (iii)&nbsp;any Exchange Registration Statement or, if applicable, the Shelf Registration Statement is filed and declared effective
but shall thereafter cease to be effective (except as specifically permitted pursuant to the Registration Rights Agreement) without being
succeeded immediately (except as specifically permitted pursuant to the Registration Rights Agreement) by an additional registration
statement filed and declared effective, in each case in Clauses (i)&nbsp;through (iii)&nbsp;upon the terms and conditions set forth in
the Registration Rights Agreement (each such event referred to in Clauses (i)&nbsp;through (iii), a &ldquo;Registration Default&rdquo;
and each period during which a Registration Default has occurred and is continuing, a &ldquo;Registration Default Period&rdquo;), then
interest will accrue (in addition to any stated interest on the Securities) (the &ldquo;Step-Up&rdquo;) at a per annum rate of _____%
for such Registration Default Period from and including the date on which a Registration Default first occurs to but excluding the first
date (the &ldquo;Step-Down Date&rdquo;) that no Registration Default is in effect. Interest accruing as a result of the Step-Up is referred
to herein as &ldquo;Special Interest.&rdquo; Accrued Special Interest, if any, shall be paid semi-annually on ______ and ______ in each
year; and the amount of accrued Special Interest shall be determined on the basis of the number of days during which such Registration
Default is in effect.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Issuer shall provide the Trustee with written
notice of the date of any Registration Default and the Step-Down Date. Any accrued and unpaid interest (including Special Interest) on
this Security upon the issuance of an Exchange Security (as defined in the Indenture) in exchange for this Security shall cease to be
payable to the Holder hereof but such accrued and unpaid interest (including Special interest) shall be payable on the next Interest
Payment Date for such Exchange Security.]</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">[If the Security is not to bear interest prior
to Maturity, insert -- The principal of this Security shall not bear interest except in the case of a default in payment of principal
upon acceleration, upon redemption or at Stated Maturity, and in such case the overdue principal and any overdue premium shall bear interest
at the rate of ___% per annum (to the extent that the payment of such interest shall be legally enforceable), from the date such amounts
are due until they are paid or made available for payment. Interest on any overdue principal shall be payable on demand. Any such interest
on any overdue principal or premium which is not so paid on demand shall bear interest at the rate of ___% per annum (to the extent that
the payment of such interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is
paid or made available for payment. Interest on overdue interest shall be payable on demand.)</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>

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<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: 1in">[If the Securities are subject to redemption, insert
- - The Securities are subject to redemption by the Issuer on the terms and conditions specified in the Indenture.]</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">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 Issuer, the Trustee and the Holders.</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: 1in">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.</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: 1in">Modifications of the Indenture may be made by the
Issuer and the Trustee only to the extent and in the circumstances permitted by the Indenture.</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: 1in">[If applicable, insert - - 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 _________and integral multiples of _________ in excess thereof.</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: 1in">Prior to and at the time of due presentment of this
Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer 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 Issuer,
the Trustee nor any agent thereof shall be affected by notice to the contrary.</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: 1in">IN WITNESS WHEREOF, the Issuer has caused this Security
to be duly executed.</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUZANO NETHERLANDS B.V.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 36%">&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Form&nbsp;of Reverse of Global Security]</FONT></TD>
    <TD>&nbsp;</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Security is one of a duly authorized issue
of securities of the Issuer (herein called the &ldquo;Securities&rdquo;), issued and to be issued in one or more series under an Indenture,
dated as of September&nbsp;10, 2025 (herein called the &ldquo;Indenture&rdquo; which term shall have the meaning assigned to it in such
instrument), between the Issuer and The Bank of New York Mellon, as Trustee (herein called the &ldquo;Trustee,&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 Issuer, 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 [if applicable, insert, limited in aggregate principal amount to U.S.$__________].</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>

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<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: 1in">[If applicable, insert-- The Securities of this
series are subject to redemption upon not less than 15 days&rsquo; notice by mail, [if applicable, insert -- at any time [if applicable,
insert -- on or after ________, _____], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed
as percentages of the principal amount): If redeemed [if applicable, insert -- on or before ____________, ____%, and if redeemed] during
the 12-month period beginning _________ of the years indicated,</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Redemption</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">Price</P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Redemption</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">Price</P></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">and thereafter at a Redemption Price equal to ___% of the principal
amount, together in the case of any such redemption with accrued interest to the Redemption Date, but interest installments whose Stated
Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]</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: 1in">[If applicable, insert -- The Securities of this
series are subject to redemption upon not less than 15 days&rsquo; notice by mail, at any time [if applicable, insert -- on or after_______,
___________], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption (expressed as percentages
of the principal amount, with the amount in excess of 100% of the principal amount being additional interest) set forth in the table
below: If redeemed during the 12-month period beginning_____________ of the years indicated,</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Year</U></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption Price For<BR>
Redemption </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">and thereafter at a Redemption Price equal to ____% of the principal
amount, together in the case of any such redemption with accrued interest to the Redemption Date, but interest installments whose Stated
Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]</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: 1in">[If applicable, insert -- Notwithstanding the foregoing,
the Company may not, prior to __________, redeem any Securities of this series as contemplated by [If applicable, insert -- Clause (2)&nbsp;of]
the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys
borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial practice) of less than ____%
per annum.]</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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: 1in">[if applicable, insert -- The Securities of this
series may be redeemed at the option of the Company, in whole but not in part, upon not less than 15 nor more than 60 days&rsquo; notice
given as provided in the Indenture, at any time at a Redemption Price equal to the principal amount thereof plus accrued and unpaid interest
to the date fixed for redemption if as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder
of the jurisdiction (or of any political subdivision or taxing authority thereof or therein) in which the Company is incorporated (or
in the case of a successor Person to the Company, of the jurisdiction in which such successor Person is organized or any political subdivision
or taxing authority thereof or therein) or any change in the official application or interpretation of such laws, regulations or rulings,
or any change in the official application or interpretation of, or any execution of or amendment to, any treaty or treaties affecting
taxation to which such jurisdiction or such political subdivision or taxing authority (or such other jurisdiction or political subdivision
or taxing authority) is a party, which change, execution or amendment becomes effective on or after ____________ (or, in the case of
a successor Person to the Company, the date on which such successor Person became such pursuant to the applicable provision of the Indenture).]</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">[If applicable, insert -- The Securities may also
be redeemed in whole but not in part upon not less than 15 nor more than 60 days&rsquo; notice given as provided in the Indenture at
any time at a Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption if the Person
formed by a consolidation of the Company or into which the Company is merged or to which the Company conveys, transfers or leases its
properties and assets substantially as an entirety is required to pay a Holder Additional Amounts in respect of any tax, assessment or
governmental charge imposed on any such Holder or required to be withheld or deducted from any payment to such Holder as a consequence
of such consolidation, merger, conveyance, transfer or lease.]</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: 1in">[If applicable, insert -- the Redemption Price of
the Securities of this series shall be equal to the applicable percentage of the principal amount at Stated Maturity set forth below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    Redemption During the<BR>
    <U>12-Month Period Commencing</U></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption<BR>
    <U>Price</U></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">together with, in each case (except if the Redemption Date shall be
a __________), an amount equal to the applicable Redemption Price multiplied by a fraction the numerator of which is the number of days
from but not including the preceding _______________ to and including the Redemption Date multiplied by the difference between the Redemption
Price applicable during the 12 months beginning on the _________________ following the Redemption Date (or, in the case of a Redemption
Date after ___________, 100%) and the Redemption Price applicable on the Redemption Date and the denominator of which is the total number
of days from but not including the _________________ preceding the Redemption Date to and including the next succeeding ____________.
The Company will also pay to each eligible Holder, or make available for payment to each such Holder, on the Redemption Date any additional
interest (as set forth on the face hereof) resulting from the payment of such Redemption Price.]</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: 1in">[If applicable insert -- The Redemption Price of
the Securities of this series either in the event of certain changes in the tax treatment or in an event of default would include, in
addition to the face amount of the Security, an amount equal to the Original Issue Discount accrued since the issue date. Original Issue
Discount (the difference between the Issue Price and the Principal Amount at Maturity of the Security), in the period during which a
Security of this series remains outstanding, shall accrue at __% per annum, on a semi-annual bond equivalent basis using a 360-day year
composed of twelve 30-day months, commencing on the issue date of this Security.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<!-- Field: Split-Segment; Name: 1 -->
<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: 1in">[If applicable, insert -- 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.]</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: 1in">[If the Security is subject to redemption of any
kind, insert -- 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.]</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: 1in">[If applicable insert: The Securities are the Company&rsquo;s
unsecured obligations [and will be subordinated in right of payment to all of the Company&rsquo;s existing and future senior indebtedness
(as such term is defined in the [supplemental indenture] [Board Resolution or other document evidencing an Authorization] authorizing
this series of Securities)] and effectively subordinated to all existing and future Debt and other liabilities of its subsidiaries.]</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: 1in">[If applicable, insert -- 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.)</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: 1in">[If applicable, insert -- Subject to and upon compliance
with the provisions of the Indenture, the Holder of this Security is entitled, at his option, at any time after ________________, to
[convert] [exchange] this Security into [Describe Securities and conversion mechanics].]</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: 1in">[If applicable, insert -- In the event of conversion
of this Security in part only, a new Security or Securities of this series and of like tenor for the unconverted portion hereof will
be issued in the name of the Holder hereof upon the cancellation hereof.]</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: 1in">[If the Security is not an Original Issue Discount
Security, insert -- 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.]</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: 1in">[If the Security is an Original Issue Discount Security,
insert -- If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall
be equal to -- insert formula for determining the amount. Upon payment (i)&nbsp;of the amount of principal so declared due and payable
and (ii)&nbsp;of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such interest
shall be legally enforceable), all of the applicable issuer&rsquo;s obligations in respect of the payment of the principal of and interest,
if any, on the Securities of this series shall terminate.]</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">[If applicable, insert - - If any deduction or withholding
for any present or future taxes, assessments or other governmental charges of Brazil or the Netherlands (or any political subdivision
or taxing authority thereof or therein) (each a &ldquo;Taxing Jurisdiction&rdquo;) shall at any time be required by such Taxing Jurisdiction
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, after such deduction or withholding,
shall be not less than the amounts specified in such Security to which such Holder is entitled (&ldquo;Additional Amounts&rdquo;); provided,
however, that the Company shall not be required to make any payment of Additional Amounts for or on account of:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
taxes, levies, assessments or other governmental charges that would not have been so withheld or deducted but for the existence of any
present or former connection between the Holder or beneficial owner of such Security (or between a fiduciary, settlor, beneficiary, member
or shareholder of such holder or beneficial owner, if such Holder or beneficial owner is an estate, a trust, a partnership, a limited
liability company or a corporation) and the Taxing Jurisdiction, including, without limitation, such Holder or beneficial owner (or such
fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident thereof or being or having been engaged
in a trade or business or present therein or having, or having had, a permanent establishment therein, other than the mere holding of
the Security or enforcement of rights and the receipt of payments with respect to the Security;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
taxes, levies, assessments or other governmental charges imposed on, or measured by, net income;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
taxes, levies, assessments or other governmental charges that would not have been so withheld or deducted but for the failure by such
Holder or the beneficial owner of such Security, or, in the case of amounts payable to the Trustee, the Trustee (i)&nbsp;to make a declaration
of non-residence, or any other claim or filing for exemption, to which it is entitled, or (ii)&nbsp;to comply with any certification,
identification or other reporting requirements concerning its nationality, residence, identity or connection with the Taxing Jurisdiction,
if such compliance is required by applicable law, regulation, administrative practice or treaty as a precondition to exemption from all
or a part of the tax, levy, deduction or other governmental charge; provided that, in no event shall such Holder&rsquo;s, beneficial
owner&rsquo;s, or Trustee&rsquo;s requirement to make a valid and legal claim for exemption from or reduction of such taxes require such
Holder, beneficial owner or the Trustee to provide materially more onerous information, documents or other evidence than comparable reporting
requirements imposed under U.S. tax law, regulation and administrative practice (such as U.S. IRS Forms W-8 or W-9 or any comparable
successor forms);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Security
presented for payment more than 30 calendar days after the Company has made available to such Holder a payment under the Securities and
this Indenture, except to the extent the Holder would have been entitled to such Additional Amounts on surrender of such Security for
payment on the last day of such 30 calendar day period;</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>

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    <DIV STYLE="break-before: page; 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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
estate, inheritance, gift, value added, Financial Transactions Tax, use or sales taxes or any similar taxes, assessments or other governmental
charges;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
withholding or deduction that the Holder or beneficial owner of the Security would have been able to avoid by taking reasonable measures
available to such Holder or beneficial owner;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
taxes, levies, assessments or other governmental charges that are payable other than by deduction or withholding;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
taxes, levies, assessments or other governmental charges payable pursuant to FATCA;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(9)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>where
the Company is required to make such withholding pursuant to the Dutch Withholding Tax Act 2021 (<I>Wet bronbelasting 2021</I>); or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(10)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
combination of the items above.</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">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 the Netherlands (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.</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: 1in">Unless the context otherwise requires, the Original
Securities (as defined in the Indenture) of this series and the Exchange Securities (as defined in the Indenture) of this series shall
constitute one series for all purposes (other than, unless specified otherwise, U.S. federal income tax purposes) under the Indenture,
including without limitation, amendments, waivers and redemptions.</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: 1in">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 herefor or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Security.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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: 1in">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 [If
applicable insert -- or to a suit instituted by the Holder hereof for the enforcement of the right to convert this Security or receive
Securities upon conversion or exchange in accordance with the Indenture].</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: 1in">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.</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: 1in">The Securities of this series are issuable only
in registered form without coupons in denominations of _________ 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, the Trustee 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.</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: 1in">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.</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: 1in">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.</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: 1in">The Indenture and the Securities shall be governed
by and construed in accordance with the laws of the State of New York.</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>

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    <DIV STYLE="break-before: page; 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-indent: 1in">All terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.</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: 1in">[If applicable, insert - -</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>SCHEDULE 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; text-align: center"><B>SCHEDULE OF PRINCIPAL AMOUNT</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; text-indent: 1in">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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 17%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Date of</FONT> <FONT STYLE="font-size: 10pt"><BR>
Decrease/Increase</FONT></TD>
    <TD STYLE="text-align: center; width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; font-size: 10pt; text-align: center">Decrease in <BR> Principal<BR> Amount</TD>
    <TD STYLE="text-align: center; width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; font-size: 10pt; text-align: center">Increase in <BR> Principal<BR> Amount</TD>
    <TD STYLE="text-align: center; width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; font-size: 10pt; text-align: center">Total Principal <BR> Amount <BR> Following Such <BR> Decrease/Increase</TD>
    <TD STYLE="text-align: center; width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; font-size: 10pt; text-align: center">Notation Made <BR> by or on Behalf <BR> of Trustee</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
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    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
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    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
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    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.03.&#8239;&#8239;&#8239;&#8239;</FONT><U>Form&nbsp;of
Legend for Global Securities</U>.</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: 1in">Unless otherwise specified as contemplated by &lrm;Section&nbsp;3.01
for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially
the following form:</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 CERTIFICATE 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 THEREOF. [If applicable, insert -- UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (&ldquo;DTC&rdquo;) TO THE ISSUER OR THE TRUSTEE FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF [name of registered holder
], OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [name of registered holder],
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 SINCE THE REGISTERED HOLDER HEREOF, [name of registered holder], HAS A PROPERTY INTEREST
IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR
DEAL WITH THIS CERTIFICATE.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.04.&#8239;&#8239;&#8239;&#8239;</FONT><U>Form&nbsp;of
Trustee&rsquo;s Certificate of Authentication</U>.</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: 1in">The Trustee&rsquo;s certificates of authentication
shall be in substantially the following form:</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">CERTIFICATE OF AUTHENTICATION</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: 1in">This is one of the Securities referred to in the
within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD COLSPAN="2" STYLE="text-align: left">The Bank of New York Mellon</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="padding-left: 0.125in; text-align: left">As Trustee</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: left; width: 3%">By:</TD>
               <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
               <TD STYLE="text-align: left">Authorized Officer</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-indent: -0.25in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="text-transform: uppercase">THE
SECURITIES</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.01.&#8239;&#8239;&#8239;&#8239;</FONT><U>Amount
Unlimited: Issuable in Series</U>.</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: 1in">The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is unlimited.</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: 1in">The Securities may be issued in one or more series.
There shall be established in or pursuant to a Board Resolution or other document evidencing an Authorization of the Company and, subject
to &lrm;Section&nbsp;3.03, set forth, or determined in the manner provided, in an Officers&rsquo; Certificate, or established in one
or more indentures supplemental hereto, prior to the issuance of Securities of any series, the terms of the Securities of such series,
including (as applicable) and without limitation:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Sections &lrm;3.04, &lrm;3.05, &lrm;3.06, &lrm;9.06 or &lrm;11.06 and except for any Securities which, pursuant
to &lrm;Section&nbsp;3.03, are deemed never to have been authenticated and delivered hereunder) (including any provision for the offering
of additional Securities of the series beyond any such limit upon the aggregate principal amount of Securities of such series);</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>whether
the Securities of the series will be issued at par, at a premium or at discount or as an Original Issue Discount Security;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>whether
the Securities will constitute subordinated obligations of the Company and, if so, the terms of such subordination;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>whether
the Securities will be secured obligations of the Company;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>whether
Securities of the series in a form other than as Global Securities, whether any Securities of the series are to be issuable initially
as Temporary Regulation S Securities and whether any Securities of the series are to be issuable as Permanent Regulation S Securities
and, if so, whether beneficial owners of interests in any such Permanent Regulation S Security may exchange such interests for Securities
of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur,
if other than in the manner provided in &lrm;Section&nbsp;3.05;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest the manner in which,
any interest on any Security of the series shall be payable, if other than by wire transfer in same-day funds to the Holder;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
date or dates on which the principal of the Securities of the series is payable;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(9)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
rate or rates at which the Securities of the series shall bear interest or the method by which such rate shall be determined, if any,
the date or dates from which such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the
Regular Record Date for any interest payable on any Global Securities on any Interest Payment Date;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(10)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
place or places where, subject to the provisions of &lrm;Section&nbsp;1.01, the principal of and any premium and interest on Securities
of the series shall be payable, any Global Securities of the series may be surrendered for registration of transfer, Securities of the
series may be surrendered for exchange or conversion and notices and demands to or upon the Company in respect of the Securities of the
series and this Indenture may be served;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(11)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>other
than with respect to any redemption of Securities pursuant to &lrm;Section&nbsp;11.08, the period or periods within which, the price
or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option
of the Company (including the period following the date referred to in &lrm;Section&nbsp;11.08) and, if other than by a Board Resolution,
the manner in which any election by the Company to redeem the Securities shall be evidenced;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(12)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>other
than with respect to any redemption of Securities pursuant to &lrm;Section&nbsp;11.08, the obligation, if any, of the Company to redeem
or purchase any Securities of the series, if applicable, at the option of a Holder thereof and the period or periods within which, the
price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed or purchased, in whole or
in part, pursuant to such obligation;</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(13)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
terms and conditions for conversion or exchange of Securities into equity securities of the Company (including, if applicable, the rights,
preferences and privileges of such equity securities), and the terms of any additional redemption rights of the Company relating to such
terms and conditions for conversion or exchange, whether any such equity securities may be evidenced by American Depositary Receipts
and whether such security is convertible or exchangeable into another security;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(14)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
denominations in which any Securities of the series shall be issuable if other than denominations of U.S.$1,000 and any integral multiple
thereof;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(15)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
applicable rate on Defaulted Interest;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(16)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
currency, currencies or currency units in which payment of the principal of and any premium and interest on any Securities of the series
shall be payable if other than the currency of the United States of America and the manner of determining the equivalent thereof in the
currency of the United States of America for purposes of the definition of &ldquo;Outstanding&rdquo; in &lrm;Section&nbsp;1.01;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(17)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index, the
manner in which such amounts shall be determined;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(18)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or a Holder
thereof, in one or more currencies or currency units other than that or those in which the Securities of such series are stated to be
payable, the currency, currencies or currency units in which the principal of and any premium and interest on Securities of such series
as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election
is to be made and the amount so payable (or the manner in which such amount shall be determined);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(19)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon
declaration of acceleration of the Maturity thereof pursuant to &lrm;Section&nbsp;5.02;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(20)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
application, if any, of Sections 13.01, 13.02 or 13.03 or both such Sections to the Securities of the series and, if other than by a
Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(21)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
Additional Amounts pursuant to &lrm;Section&nbsp;10.10 will not be payable by the Company;</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(22)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
the principal amount payable at the Stated Maturity of any Securities of the series is not determinable as of one or more dates prior
to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any other
purpose hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity
or which shall be deemed to be Outstanding as of any date (or, in any such case, the manner in which such principal amount shall be determined);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(23)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and,
in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such
Global Security in addition to or in lieu of that set forth in &lrm;Section&nbsp;2.03 and, if different from those set forth in Clause
(2)&nbsp;of the last paragraph of &lrm;Section&nbsp;3.05, any circumstances in which Securities issued upon any exchange may be registered
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(24)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
addition to or change in the Events of Default which applies to any Securities of the series and any change in the right of the Trustee
or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to &lrm;Section&nbsp;5.02;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(25)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
addition to, removal of or change in the covenants set forth in &lrm;Article&nbsp;Ten which applies to Securities of the series;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(26)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>whether
the Securities of the series may be exchanged for Exchange Securities pursuant to an Exchange Offer or otherwise in authorized denominations
in exchange for a like principal amount of Original Securities of the same series, all in accordance with the terms of this Indenture
and the terms of such security;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(27)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>whether
the Securities are Restricted Securities and Regulation S Securities, or SEC Registered Securities;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(28)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>whether
Add On Notes will be permitted; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(29)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
other terms of the Securities of such series (which terms shall not be inconsistent with the provisions of this Indenture, except as
permitted by &lrm;Section&nbsp;9.01(5)).</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: 1in">Unless the context otherwise requires, any Original
Securities of a series and any Exchange Securities of such series shall constitute one series for all purposes (other than, unless specified
otherwise, U.S. federal income tax purposes) under this Indenture, including without limitation, amendments, waivers or redemptions.</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: 1in">If any of the terms of the Securities of a series
are established by action taken pursuant to an Authorization of the Company, a copy of an appropriate record of such action shall be
certified by any Authorized Representative, as the case may be, each delivered to the Trustee at or prior to the delivery of the Officers&rsquo;
Certificate setting forth the terms of the series.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.02.&#8239;&#8239;&#8239;&#8239;</FONT><U>Denominations</U>.</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: 1in">Unless otherwise provided as contemplated by &lrm;Section&nbsp;3.01
with respect to any series of Securities, any Securities of a series shall be issuable in minimum denominations of U.S.$1,000 and any
integral multiple thereof.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.03.&#8239;&#8239;&#8239;&#8239;</FONT><U>Execution,
Authentication, Delivery and Dating</U>.</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: 1in">The Securities shall be executed on behalf of the
Company by any Authorized Representative. The signature of any such Authorized Representative may be manual or facsimile. Securities
bearing the manual or facsimile signatures of individuals who were at any time a proper Authorized Representative shall bind the Company
notwithstanding that such individuals or any of them have ceased to hold such positions prior to the authentication and delivery of such
Securities or did not hold such positions at the date of such Securities.</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: 1in">At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series, executed by the Company to the Trustee for authentication,
together with an Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Order shall authenticate
and deliver such Securities.</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: 1in">If the forms or terms of the Securities of the series
have been established in or pursuant to one or more Authorizations as permitted by Sections &lrm;2.01 and &lrm;3.01, in authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall
be entitled to receive, and (subject to &lrm;Section&nbsp;6.01) shall be fully protected in relying upon, an Opinion of Counsel and Officers&rsquo;
Certificate stating,</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
such forms or terms have been established in conformity with the provisions of this Indenture;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance
with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors&rsquo; rights and to general equity principles; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
all conditions precedent to the authentication and delivery of the Notes have been complied with.</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: 1in">The Trustee shall have the right to decline to authenticate
and deliver any Securities under this Section&nbsp;if the Trustee, being advised in writing by counsel, determines that such action may
not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability
based upon the written advice of counsel.</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: 1in">The Trustee shall not be required to authenticate
the Securities of any series if the issue of such Securities pursuant to this Indenture will affect the Trustee&rsquo;s own rights, duties
or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.</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>

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<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: 1in">Notwithstanding the provisions of &lrm;Section&nbsp;3.01
and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary
to deliver the Officers&rsquo; Certificate otherwise required pursuant to &lrm;Section&nbsp;3.01 or the Order and Opinion of Counsel
otherwise required pursuant to such preceding paragraph at or prior to the time of authentication of each Security of such series if
such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.</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: 1in">Each Security shall be dated the date of its authentication.</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: 1in">No Security shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual or electronic signature, and such certificate upon any Security shall
be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as provided in &lrm;Section&nbsp;3.09, for all purposes of this Indenture
such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of
this Indenture.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.04.&#8239;&#8239;&#8239;&#8239;</FONT><U>Outstanding
Securities</U>.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Securities
outstanding at any time (&ldquo;<B>Outstanding Securities</B>&rdquo;) are all Securities authenticated by the Trustee except for those
cancelled by it pursuant to &lrm;&lrm;Section&nbsp;3.09 hereof, those delivered to the Trustee for cancellation or surrendered for transfer
or exchange, those reductions in the interest in a Global Security effected by the Trustee in accordance with the provisions hereof and
those described in this &lrm;&lrm;Section&nbsp;3.04 as not outstanding. A Security does not cease to be outstanding because the Company
or an Affiliate of the Company holds the Security.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
a Security is replaced pursuant to &lrm;&lrm;Section&nbsp;3.05, it ceases to be outstanding unless the Trustee and the Company receive
proof satisfactory to them that the replaced Security is held by a bona fide purchaser.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
any Paying Agent segregates and holds in trust, in accordance with this Indenture, on a Redemption Date or maturity date money sufficient
to pay all principal, premium, interest and Additional Amounts (if any) payable on that date with respect to the Securities (or portions
thereof) to be redeemed or maturing, as the case may be, then on and after that date, such Securities (or portions thereof) cease to
be outstanding and interest on them ceases to accrue.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.05.&#8239;&#8239;&#8239;&#8239;</FONT><U>Temporary
Securities</U>.</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: 1in">Pending the preparation of definitive Securities
of any series, the Company may execute, and upon Order the Trustee shall authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued, in registered form and with such appropriate insertions, omissions, substitutions and other
variations as the directors executing such Securities may determine, as evidenced by their execution of such Securities. A Temporary
Regulation S Security shall be delivered only in compliance with the conditions set forth in &lrm;Section&nbsp;3.03 and this &lrm;Section&nbsp;3.04.</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: 1in">If temporary Securities of any series are issued,
the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon
surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized
denominations and of a like aggregate principal amount and tenor.</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: 1in">If Temporary Regulation S Securities of any series
are issued, any such Temporary Regulation S Security shall, unless otherwise provided therein, be delivered to DTC or its nominee or
the Common Depositary, in each case, for the benefit of the Euroclear Operator and Clearstream, Luxembourg, for credit to the respective
accounts of the beneficial owners of such Securities (or to such other accounts as they may direct).</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: 1in">Without unnecessary delay but in any event not later
than the date specified in, or determined pursuant to the terms of, any such Temporary Regulation S Security of a series (the &ldquo;<B>Exchange
Date</B>&rdquo;), the Company shall deliver to the Trustee definitive Securities of that series in aggregate principal amount equal to
the principal amount of such Temporary Regulation S Security executed by the Company. On or after the Exchange Date, such Temporary Regulation
S Security shall be surrendered by DTC or its nominee or the Common Depositary, as the case may be, to the Trustee, as the Company&rsquo;s
agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive Securities of that series without charge,
and the Trustee shall authenticate and deliver, in exchange for each portion of such Temporary Regulation S Security a like aggregate
principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such Temporary
Regulation S Security to be exchanged; provided however, that upon such presentation by DTC or its nominee or the Common Depositary,
such Temporary Regulation S Security must be accompanied by a certificate dated the Exchange Date or a subsequent date and signed by
the Euroclear Operator as to the portion of such Temporary Regulation S Security held for its account then to be exchanged and a certificate
dated the Exchange Date or a subsequent date and signed by Clearstream, Luxembourg as to the portion of such Temporary Regulation S Security
held for its account then to be exchanged, each in the form set forth in &lrm;Section&nbsp;3.15(2). The definitive Securities to be delivered
in exchange for any such Temporary Regulation S Security shall, unless otherwise specified in the Temporary Regulation S Security, be
in or in the form of Permanent Regulation S Securities.</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>

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<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: 1in">Unless otherwise specified in the Temporary Regulation
S Security, the interest of a beneficial owner of Securities of a series in a Temporary Regulation S Security shall be exchanged on the
Exchange Date for interest in a permanent global registered Security (a &ldquo;<B>Permanent Regulation S Security</B>&rdquo;) of the
same series and of like tenor unless, on or prior to the Exchange Date, such beneficial owner has not delivered to the Euroclear Operator
or Clearstream, Luxembourg, as the case may be, a certificate in the form set forth in &lrm;Section&nbsp;3.15(1)&nbsp;dated no earlier
than the Certification Date, copies of which certificate shall be available from the office of the Euroclear Operator and Clearstream,
Luxembourg, the Trustee, and any Authenticating Agent appointed for such series of Securities and each Paying Agent and after the Exchange
Date, the interest of a beneficial owner of Securities of a series in a Temporary Regulation S Security shall be exchanged for an interest
in a Permanent Regulation S Security of the same series and of like tenor following such beneficial owner&rsquo;s delivery to the Euroclear
Operator or Clearstream, Luxembourg, as the case may be, of a certificate in the form set forth in &lrm;Section&nbsp;3.15(1)dated no
earlier than the Certification Date. Unless otherwise specified in such Temporary Regulation S Security, any such exchange shall be made
free of charge to the beneficial owners of such Temporary Regulation S Security.</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: 1in">Until exchanged in full as hereinabove provided,
the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities
of the same series and of like tenor authenticated and delivered hereunder, except that, interest payable on a Temporary Regulation S
Security on an Interest Payment Date for Securities of such series shall be payable to the Euroclear Operator and Clearstream, Luxembourg
on such Interest Payment Date only upon delivery by the Euroclear Operator or Clearstream, Luxembourg to the Trustee of a certificate
or certificates in the form set forth in &lrm;Section&nbsp;3.15(2), for credit without further interest on or after such Interest Payment
Date to the respective accounts of the Persons who are the beneficial owners of such Temporary Regulation S Security on such Interest
Payment Date and who have each delivered to the Euroclear Operator or Clearstream, Luxembourg, as the case may be, a certificate in the
form set forth in &lrm;Section&nbsp;3.15(1). Any interest so received by the Euroclear Operator and Clearstream, Luxembourg and not paid
as herein provided shall be returned to the Trustee immediately prior to the expiration of two years after such Interest Payment Date
in order to be repaid to the Company in accordance with &lrm;Section&nbsp;10.08.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.06.&#8239;&#8239;&#8239;&#8239;</FONT><U>Registration,
Registration of Transfer and Exchange</U>.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in
any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the &ldquo;<B>Security
Register</B>&rdquo;) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration
of Registered Securities and of transfers of Registered Securities. The Trustee is hereby appointed &ldquo;<B>Security Registrar</B>&rdquo;
for the purpose of registering Registered Securities and transfers of Registered Securities as herein provided. Such Security Register
shall distinguish between Original Securities and Exchange Securities.</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: 1in">Except as otherwise provided in this &lrm;Section&nbsp;3.06(1),
upon surrender for registration of transfer of a Registered Security of any series at the office or agency in a Place of Payment for
that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Registered Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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: 1in">Subject to &lrm;Section&nbsp;3.06(2), at the option
of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series, of any authorized
denominations and of a like tenor and aggregate principal amount upon surrender of the Registered Securities to be exchanged at such
office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive.</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: 1in">All Securities issued upon any registration of transfer
or exchange of Securities shall be the valid obligations of the Company evidencing the same debt (subject to the provisions, if any,
in the Original Securities regarding payment of Special Interest) and entitled to the same benefits under this Indenture, as the Securities
surrendered upon such registration of transfer or exchange.</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: 1in">Every Registered Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof
or his attorney duly authorized in writing.</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: 1in">In the event that the Company delivers to the Trustee
a copy of an Officers&rsquo; Certificate certifying that a registration statement under the Securities Act with respect to an Exchange
Offer relating to a particular series of Securities, if any such Exchange Offer is contemplated for such series, has been declared effective
by the Commission and that the Company has offered Exchange Securities of such series to the Holders in accordance with the Exchange
Offer, the Trustee shall exchange, upon request of any Holder, such Holder&rsquo;s Securities for Exchange Securities upon the terms
set forth in the Exchange Offer.</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: 1in">No service charge shall be made for any registration
of transfer or exchange of Securities, but the Company and the Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges
pursuant to Sections &lrm;3.04, &lrm;9.06 or &lrm;11.07 not involving any transfer.</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: 1in">The Company shall not be required (i)&nbsp;to issue,
register the transfer of or exchange Registered Securities of any series during a period beginning at the opening of business 15 days
before any selection of Securities of that series to be redeemed and ending at the close of business on the day of the mailing of the
relevant notice of redemption or (ii)&nbsp;to register the transfer of or exchange any Registered Security so selected for redemption,
in whole or in part, except the unredeemed portion of any Security being redeemed in part.</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>

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<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: 1in">The provisions of Clauses (a), (b), (c)&nbsp;and
(d)&nbsp;below shall apply only to registered Global Securities:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security
or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall
constitute a single Security for all purposes of this Indenture.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subject
to Clause (d)&nbsp;below, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities
issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security
shall direct.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Every
Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion
thereof, whether pursuant to this Section, Sections &lrm;3.04, &lrm;3.06, &lrm;9.06 or &lrm;11.07 or otherwise, shall be authenticated
and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than
the Depositary for such Global Security or a nominee thereof.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
as provided below, owners of beneficial interests in Global Securities will not be entitled to receive Registered Securities in their
names (&ldquo;<B>Certificated Securities</B>&rdquo;). Certificated Securities shall be issued to all owners of beneficial interests in
a Global Note in exchange for such interests if:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Depositary notifies the Company that it is unwilling or unable to continue as depositary for such Global Note or the Depositary ceases
to be a clearing agency registered under the Exchange Act, at a time when such Depositary is required to be so registered in order to
act as depositary, and in each case, and a successor depositary is not appointed by the Company within 90 days of such notice,</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Depositary executes and delivers to the Trustee and the Security Registrar a written notice stating that such Global Note shall be so
exchangeable, or</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
Event of Default has occurred and is continuing and the Security Registrar has received a request from the Depositary or the Security
Registrar and the Company have received a request from the Trustee.</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">In connection with the exchange of an entire Global Security for Certificated
Securities pursuant to this Clause (d), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company
shall execute, and upon receipt of an Order the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary
in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of Certificated Securities of authorized
denominations.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Members
of, or participants in, DTC or Euroclear Operator and Clearstream, Luxembourg, as the case may be (&ldquo;<B>Agent Members</B>&rdquo;),
shall have no rights under this Indenture with respect to any Global Security held on their behalf by DTC or by the Common Depositary
under such Global Security, and DTC or the Common Depositary, as the case may be, may be treated by the Company, the Trustee, the Paying
Agent and the Security Registrar and any of their agents as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Company, the Trustee, the Paying Agent or the Security Registrar or any of their agents
from giving effect to any written certification, proxy or other authorization furnished by DTC or the Common Depositary or impair, as
between DTC or Euroclear Operator and Clearstream, Luxembourg and their respective Agent Members, the operation of customary practices
governing the exercise of the rights of an owner of a beneficial interest in any Global Security. The registered Holder of a Global Security
may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members,
to take any action that a Holder is entitled to take under this Indenture or the Securities.</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>None
of the Company, the Trustee or any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising
or reviewing any records relating to such beneficial ownership interests.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Certain
Transfers and Exchanges.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
following provisions shall apply with respect to any proposed transfer of an interest in a Restricted Global Security: If (i)&nbsp;the
owner of a beneficial interest in a Restricted Global Security wishes to transfer such interest (or portion thereof) to a Non-U.S. Person
pursuant to Regulation S and (ii)&nbsp;such Non-U.S. Person wishes to hold its interest in the Security through a beneficial interest
in the Regulation S Global Security, (x)&nbsp;upon receipt by the Depositary and Security Registrar of:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>instructions
from the Holder of the Restricted Global Note directing the Depositary and Security Registrar to credit or cause to be credited a beneficial
interest in the Regulation S Global Security equal to the principal amount of the beneficial interest in the Restricted Global Security
to be transferred, and</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
Restricted Securities Certificate in the form of &lrm;Annex B from the transferor,</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: 1in">and (y)&nbsp;subject to the rules&nbsp;and procedures
of the Depositary, the Depositary and Security Registrar shall increase the Regulation S Global Security and decrease the Restricted
Global Security by such amount in accordance with the foregoing.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the owner of an interest in a Regulation S Global Security wishes to transfer such interest (or any portion thereof) to a &ldquo;qualified
institutional buyer&rdquo; as defined by and pursuant to Rule&nbsp;144A prior to the expiration of the Restricted Period therefor, (x)&nbsp;upon
receipt by the Depositary and Security Registrar of:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>instructions
from the Holder of the Regulation S Global Security directing the Depositary and Security Registrar to credit or cause to be credited
a beneficial interest in the Restricted Global Note equal to the principal amount of the beneficial interest in the Regulation S Global
Security to be transferred, and</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>

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<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
Restricted Securities Certificate in the form of &lrm;Annex B duly executed by the transferor,</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: 1in">and (y)&nbsp;in accordance with the rules&nbsp;and
procedures of the Depositary, the Depositary and Security Registrar shall increase the Restricted Global Security and decrease the Regulation
S Global Security by such amount in accordance with the foregoing.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Other
Transfers. Any transfer of Restricted Securities or Regulation S Securities not described above (other than a transfer of a beneficial
interest in a Global Security that does not involve an exchange of such interest for a Certificated Security or a beneficial interest
in another Global Security, which must be effected in accordance with applicable law and the rules&nbsp;and procedures of the Depositary,
but is not subject to any procedure required by this Indenture) shall be made only upon receipt by the Security Registrar of such opinions
of counsel, certificates and/or other information reasonably required by and satisfactory to it in order to ensure compliance with the
Securities Act or in accordance with paragraph (3)&nbsp;of this &lrm;Section&nbsp;3.06.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Securities
Act Legends. Rule&nbsp;144A Securities and their Successor Securities shall bear a Restricted Securities Legend, and Initial Regulation
S Securities and their Successor Securities shall bear a Regulation S Legend, subject to the following:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>subject
to the following Clauses of this &lrm;Section&nbsp;3.06(3), a Security or any portion thereof which is exchanged, upon registration of
transfer or otherwise, for a Registered Global Security or any portion thereof shall bear the Securities Act legend borne by such Registered
Global Security while represented thereby;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>subject
to the following Clauses of this &lrm;Section&nbsp;3.06(3), a new Registered Security which is issued in exchange for another Security
or any portion thereof, upon registration of transfer or otherwise, shall bear the Securities Act legend borne by such other Security,
provided that, if such new Registered Security is required to be issued in the form of a Restricted Security, it shall bear a Restricted
Securities Legend and, if such new Registered Security is so required to be issued in the form of a Regulation S Security, it shall bear
a Regulation S Legend;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
SEC Registered Securities shall not bear a Securities Act legend;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>after
the applicable restricted period prescribed by Rule&nbsp;144(d)&nbsp;under the Securities Act, a new Registered Security which does not
bear a Securities Act legend may be issued in exchange for or in lieu of a Registered Security or any portion thereof which bears such
a legend if the Trustee has received an Unrestricted Securities Certificate, satisfactory to the Trustee and duly executed by the Holder
of such legended Security or his attorney duly authorized in writing, and after such date and receipt of such certificate, the Trustee
shall authenticate and deliver such a new Registered Security in exchange for or in lieu of such other Registered Security as provided
in this &lrm;Article&nbsp;Three;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
new Registered Security which does not bear a Securities Act legend may be issued in exchange for or in lieu of a Registered Security
or any portion thereof which bears such a legend if, in the Company&rsquo;s judgment, placing such a legend upon such new Security is
not necessary to ensure compliance with the registration requirements of the Securities Act, and the Trustee, at the direction of the
Company, shall authenticate and deliver such a new Security as provided in this &lrm;Article&nbsp;Three; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>notwithstanding
the foregoing provisions of this &lrm;Section&nbsp;3.06(3), a Successor Security of a Security that does not bear a particular form of
Securities Act legend shall not bear such form of legend unless the Company has reasonable cause to believe that such Successor Security
is a &ldquo;restricted security&rdquo; within the meaning of Rule&nbsp;144 under the Securities Act, in which case the Trustee, at the
direction of the Company, shall authenticate and deliver a new Security bearing a Restricted Securities Legend in exchange for such Successor
Security as provided in this &lrm;Article&nbsp;Three.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.07.&#8239;&#8239;&#8239;&#8239;</FONT><U>Paying
Agent to Hold Money in Trust</U>.</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: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company hereby acknowledges and confirms that it is and at all times shall remain absolutely and unconditionally obligated to pay all
amounts due and owing hereunder, as the same shall become due and owing. All payments of principal, premium and interest required to
be made by the Company hereunder (including any Additional Amounts) shall be made in U.S. dollars, pursuant to the terms hereof, by the
Company to the Paying Agent to the extent appointed hereunder or to the Trustee by 3:00 p.m.&nbsp;(New York City time) on each the Business
Day prior to each Interest Payment Date, Redemption Date, purchase date, Change of Control Payment Date or maturity date on any Securities,
unless otherwise provided for in this Indenture. The Paying Agent shall hold in trust, for the benefit of the Holders or the Trustee,
all money held by such Paying Agent for the payment of principal, premium or interest on the Securities. The Company at any time may
require the Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by it. Upon complying with
this &lrm;&lrm;Section&nbsp;3.07, the Paying Agent shall have no further liability for the money delivered to the Trustee.</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: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
receipt by the Paying Agent or the Trustee from the Company of each payment of principal, interest and/or other amounts due in respect
of the Securities in the manner specified herein and on the date on which such amount of principal, interest and/or other amounts are
then due, shall be valid and effective to satisfy and discharge all the obligations of the Company herein and under the Securities to
make such payment to the Holders on the due date thereof.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.08.&#8239;&#8239;&#8239;&#8239;</FONT><U>Mutilated,
Destroyed, Lost and Stolen Securities</U>.</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: 1in">If any mutilated Security is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series
and of like tenor and principal amount bearing a number not contemporaneously outstanding, appertaining to the surrendered Security.</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: 1in">If there shall be delivered to the Company and the
Trustee (i)&nbsp;evidence to their satisfaction of the destruction, loss or theft of any Security and (ii)&nbsp;such security or indemnity
as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and the Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal
amount bearing a number not contemporaneously outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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

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<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: 1in">Notwithstanding the provisions of the previous two
paragraphs, in case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company
in its discretion may, instead of issuing a new Security, pay such Security.</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: 1in">Upon the issuance of any new Security under this
Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee connected therewith).</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: 1in">Every new Security of any series issued pursuant
to this Section&nbsp;in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation
of the Company whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and any such new Security
shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series
duly issued hereunder.</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: 1in">The provisions of this Section&nbsp;are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.09.&#8239;&#8239;&#8239;&#8239;</FONT><U>Payment
of Interest; Interest Rights Preserved</U>.</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: 1in">Except as otherwise provided as contemplated by
 &lrm;Section&nbsp;3.01 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid, in the case of definitive Registered Securities, to the Person in whose
name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest and, at the option of the Company, may be paid by check mailed to the address of the Person as it appears in the Security Register
or, in the case of Global Securities, by wire transfer of same-day funds to the Holder.</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: 1in">Any interest on any Registered Security of any series
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called &ldquo;<B>Defaulted Interest</B>&rdquo;)
shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1)&nbsp;or (2)&nbsp;below:</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed
to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with
the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited
to be held in trust for the benefit of the Persons entitled to such Defaulted interest as in this Clause provided. Thereupon the Trustee
shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15 days and not less than ten
days prior to the date of the proposed payment and not less than ten days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company,
shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder
of Securities of such series in the manner set forth in &lrm;Section&nbsp;1.06, not less than ten days prior to such Special Record Date.
Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted
Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered
at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company may make payment of any Defaulted interest on the Securities of any series in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange,
if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be
deemed practicable by the Trustee.</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: 1in">Subject to the foregoing provisions of this Section&nbsp;and
 &lrm;Section&nbsp;3.05, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of
any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such predecessor Security.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.10.&#8239;&#8239;&#8239;&#8239;</FONT><U>Persons
Deemed Owners</U>.</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: 1in">Prior to due presentment of a 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 such Security is
registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Sections
 &lrm;3.04, &lrm;3.05 and &lrm;3.07) any interest on such Security, and for all other purposes whatsoever, whether or not such Security
be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.11.&#8239;&#8239;&#8239;&#8239;</FONT><U>Cancellation</U>.</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: 1in">All Securities surrendered for payment, redemption,
registration of transfer or exchange or conversion shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee
and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other
Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued
and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of
or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled
Securities held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures unless otherwise directed
by an Order.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.12.&#8239;&#8239;&#8239;&#8239;</FONT><U>Computation
of Interest</U>.</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: 1in">Except as otherwise specified as contemplated by
 &lrm;Section&nbsp;3.01 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day
year of twelve 30-day months.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.13.&#8239;&#8239;&#8239;&#8239;</FONT><U>CUSIP
or ISIN Numbers</U>.</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: 1in">The Company in issuing the Securities may use &ldquo;CUSIP&rdquo;
or &ldquo;ISIN&rdquo; numbers (if then generally in use), and, if so, the Trustee shall use &ldquo;CUSIP&rdquo; or &ldquo;ISIN&rdquo;
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any
defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in the CUSIP or ISIN numbers.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.14.&#8239;&#8239;&#8239;&#8239;</FONT><U>Open
Market Purchases</U>.</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: 1in">The Company or any of its Affiliates may at any
time purchase Securities in the open market or otherwise at any price.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.15.&#8239;&#8239;&#8239;&#8239;</FONT><U>Add
On Notes</U>.</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: 1in">Unless otherwise provided pursuant to &lrm;Section&nbsp;3.01,
the Company may, from time to time, subject to compliance with any other applicable provisions of this Indenture, without the consent
of the Holders, create and issue pursuant to this Indenture additional notes (&ldquo;<B>Add On Notes</B>&rdquo;) having terms and conditions
identical to those of any other series of Outstanding Securities issued under this Indenture, except that Add On Notes:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>may
have a different issue date from such other series of Outstanding Securities;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>may
have a different amount of interest payable on the first Interest Payment Date after issuance than is payable on such other series of
Outstanding Securities;</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>may
have terms specified pursuant to the Board Resolution or other document evidencing an Authorization or in a supplemental indenture for
such Add On Notes making appropriate adjustments to the terms of this Indenture applicable to such Add On Notes in order to conform to
and ensure compliance with the Securities Act (or other applicable securities laws) and any Registration Rights Agreement applicable
to such Add On Notes, which are not adverse in any material respect to the Holder of any such series of Outstanding Securities (other
than such Add On Notes); and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>may
be entitled to Step-Up interest not applicable to such other series of Outstanding Securities and may not be entitled to such Step-Up
interest applicable to such other series of Outstanding Securities.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.16.&#8239;&#8239;&#8239;&#8239;</FONT><U>Forms
of Certification</U>.</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: 1in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Whenever
any provision of this Indenture contemplates that certification be given by a beneficial owner of a portion of the Temporary Regulation
S Security, such certification shall be provided substantially in the form of the following certificate, with only such changes as shall
be approved by the Company:</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">CERTIFICATE</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">SUZANO NETHERLANDS B.V.</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">Company</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">[Title of Securities]</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: 1in">This is to certify that as of the date hereof, and
except as set forth below, the above-captioned Securities held by you for our account (i)&nbsp;are owned by person(s)&nbsp;that are not
citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is
subject to United States Federal income taxation regardless of its source (&ldquo;United States person(s)&rdquo;), (ii)&nbsp;are owned
by United States person(s)&nbsp;that (a)&nbsp;are foreign branches of United States financial institutions (as defined in U.S. Treasury
Regulations Section&nbsp;1.165-l2(c)(l)(v)) (&ldquo;financial institutions&rdquo;) purchasing for their own account or for resale, or
(b)&nbsp;acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through
such United States financial institutions on the date hereof (and in either case (a)&nbsp;or (b), each such United States financial institution
hereby agrees, on its own behalf or through its agent, that you may advise the Company or its agent that it will comply with the requirements
of Section&nbsp;165(j)(3)(A), (B)&nbsp;or (C)&nbsp;of the Internal Revenue Code of 1986, as amended, and the regulations thereunder),
or (iii)&nbsp;are owned by United States or foreign financial institutions for purposes of resale during the restricted period (as defined
in U.S. Treasury Regulations Section&nbsp;1.163-5(c)(2)(i)(D)(7)) and, in addition, if the owner of the Securities is a United States
or foreign financial institution described in Clause (iii)&nbsp;above (whether or not also described in Clause (i)&nbsp;or (ii)) this
is to further certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to
a United States person or to a person within the United States or its possessions.</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: 1in">As used herein, &ldquo;<B>United States</B>&rdquo;
means the United States of America (including the States and the District of Columbia); and its &ldquo;possessions&rdquo; include Puerto
Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</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>

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<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: 1in">We undertake to advise you by tested telex if the
above statement is not correct on the date on which you intend to submit your certificate relating to such Securities to the Trustee,
and in the absence of any such notification it may be assumed that this certificate applies as of such date.</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: 1in">This certificate excepts and does not relate to
U.S.$ ___of which interest in the above Securities in respect of which we are not able to certify and as to which we understand exchange
and delivery of definitive Securities cannot be made until we do so certify.</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: 1in">We understand that this certificate is required
in connection with certain tax laws of the United States. In connection therewith, if administrative or legal proceedings are commenced
or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate
to any interested party in such proceedings.</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">Dated:</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As, or as agent for,</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the beneficial owner(s)&nbsp;of</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Securities to which this</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certificate relates&rdquo;;</FONT></TD>
    <TD>&nbsp;</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Whenever
any provision of this Indenture contemplates that certification be given by DTC (or its nominee), the Euroclear Operator or Clearstream,
Luxembourg in connection with the exchange of a Temporary Regulation S Security for a Permanent Regulation S Security, such certification
shall be provided substantially in the form of the following certificate, with only such changes as shall be approved by the Company:</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">CERTIFICATION</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">SUZANO NETHERLANDS B.V.</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">Company</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">[Title of Securities]</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">(the &ldquo;<B>Securities</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; text-indent: 1in">This is to certify that, based solely on certifications
we have received in writing, by tested telex or by electronic transmission from member organizations appearing in our records as persons
being entitled to a portion of the principal amount set forth below (our &ldquo;<B>Member Organizations</B>&rdquo;) substantially to
the effect set forth in the Indenture dated as of September&nbsp;10, 2025, _____ principal amount of the above-captioned Securities (i)&nbsp;is
owned by Persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate
or trust the income of which is subject to United States Federal income taxation regardless of its source (&ldquo;<B>United States persons</B>&rdquo;),
(ii)&nbsp;is owned by United States persons that (a)&nbsp;are foreign branches of United States financial institutions (as defined in
U.S. Treasury Regulations Section&nbsp;l.165-12(c)(1)(v)&nbsp;(&ldquo;<B>financial institutions</B>&rdquo;)) purchasing for their own
account or for resale, or (b)&nbsp;acquired the Securities through foreign branches of United States financial institutions and who hold
the Securities through such United States financial institutions on the date hereof (and in either case (a)&nbsp;or (b), each such United
States financial institution has agreed, on its own behalf or through its agent, that we may advise the Company or its agent that it
will comply with the requirements of Section&nbsp;165(j)(3)(A), (B)&nbsp;or (C)&nbsp;of the Internal Revenue Code of 1986, as amended,
and the regulations thereunder), or (iii)&nbsp;is owned by United States or foreign financial institutions for purposes of resale during
the restricted period (as defined in U.S. Treasury Regulations Section&nbsp;1.163-5(c)(2)(i)(D)(7))), and to the further effect that
United States or foreign financial institutions described in Clause (iii)&nbsp;above (whether or not also described in Clause (i)&nbsp;or
(ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person
or to a Person within the United States or its possessions.</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>

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<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">As used herein, &ldquo;<B>United States</B>&rdquo;
means the United States of America (including the States and the District of Columbia); and its &ldquo;possessions&rdquo; include Puerto
Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.</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: 1in">We further certify (i)&nbsp;that we are not making
available herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) any portion of the Temporary
Regulation S Security excepted in such certifications and (ii)&nbsp;that as of the date hereof we have not received any notification
from any of our Member Organizations to the effect that the statements made by such Member Organizations with respect to any portion
of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any Interest) are no longer true
and cannot be relied upon as of the date hereof.</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: 1in">We understand that this certification is required
in connection with certain tax laws and, if applicable, certain securities laws in the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certification to any interested party in such proceedings.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 65%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Yours faithfully, </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">THE DEPOSITARY TRUST COMPANY </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">EUROCLEAR BANK S.A./N.V., </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">as operator of the Euroclear&#8239;System </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">or</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Clearstream Banking, </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">S.A., Luxembourg </FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</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>

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<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"><FONT STYLE="text-transform: uppercase">Article&nbsp;Four</FONT></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">SATISFACTION AND DISCHARGE</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.01.&#8239;&#8239;&#8239;&#8239;</FONT><U>Satisfaction
and Discharge of Indenture</U>.</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: 1in">This Indenture and the Securities of any series
shall upon Order of the Company cease to be of further effect (except as to any surviving rights of registration of transfer or exchange
or conversion of such Securities herein expressly provided for, and any right to receive Additional Amounts as provided in &lrm;Section&nbsp;10.05)
with respect to any series of Securities, and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to such series of Securities and the Securities of such series,
when</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>either</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
Securities of such series theretofore authenticated and delivered (other than (i)&nbsp;Securities of such series which have been destroyed,
lost or stolen and which have been replaced or paid as provided in &lrm;Section&nbsp;3.06 and (ii)&nbsp;Securities of such series for
whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in &lrm;Section&nbsp;10.08) have been delivered to the Trustee for cancellation; or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
Securities of such series not theretofore delivered to the Trustee for cancellation</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>have
become due and payable, or</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>will
become due and payable at their Stated Maturity within one year, or</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by
the Trustee in the name, and at the expense, of the Company,</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: 1in">and the Company in the case of (i), (ii)&nbsp;or
(iii)&nbsp;above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount
sufficient to pay and discharge the entire indebtedness on such Securities for principal and any premium and interest to the date of
such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case
may be;</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company has paid or caused to be paid all other sums payable hereunder by the Company; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company has delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.</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: 1in">Notwithstanding the satisfaction and discharge of
this Indenture with respect to any series of Securities, the obligations of the Company to the Trustee under &lrm;Section&nbsp;6.07,
the obligations of the Company to any Authenticating Agent under &lrm;Section&nbsp;6.14 and, if money shall have been deposited with
the Trustee pursuant to Subclause (B)&nbsp;of Clause (l)&nbsp;of this Section, the obligations of the Trustee under &lrm;Section&nbsp;4.02
and the last paragraph of &lrm;Section&nbsp;10.08 shall survive.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.02.&#8239;&#8239;&#8239;&#8239;</FONT><U>Application
of Trust Money</U>.</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: 1in">Subject to the provisions of the last paragraph
of &lrm;Section&nbsp;10.08, all money deposited with the Trustee pursuant to &lrm;Section&nbsp;4.01 shall be held in trust (without liability
to the Holders for interest or investment) and applied by it, in accordance with the provisions of the Securities and this Indenture,
to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited
with or received by the Trustee.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.03.&#8239;&#8239;&#8239;&#8239;</FONT><U>Repayment
to Company</U>.</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: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee and the Paying Agent shall promptly turn over to the Company upon request any excess money or Securities held by them at any
time.</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: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subject
to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them
for the payment of principal and interest and Additional Amounts, if any, that remains unclaimed for two years, and, thereafter, Holders
entitled to the money must look only to the Company and not to the Trustee or the Paying Agent for payment as general creditors.</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"><FONT STYLE="text-transform: uppercase">Article&nbsp;Five</FONT></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">REMEDIES</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.01.&#8239;&#8239;&#8239;&#8239;</FONT><U>Events
of Default</U>.</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: 1in">&ldquo;<B>Event of Default</B>,&rdquo; wherever
used herein with respect to the Securities of any series, 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):</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall fail to make any payment in respect of principal or premium, if any (or additional amounts, if any) on any of the Securities
of the series whether on the Stated Maturity (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 Securities of the series and this Indenture, non-payment of which shall continue for
a period of three calendar days and the Trustee shall not have otherwise received such amounts from amounts on deposit, from Suzano under
 &lrm;Section&nbsp;12.01 or otherwise by the end of such three calendar day period;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall fail to make any payment in respect of any interest or other amounts due on or with respect to the Securities of the series
(including Additional Amounts, if any) in accordance with the terms of the Securities of such series and this 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 or otherwise by the end of such 30 calendar day period;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company, or Suzano in case of a series of Securities guaranteed by Suzano, shall fail to perform, or breach, any term, covenant, agreement
or obligation in respect of the Securities of the series issued under this Indenture or in a Supplemental Indenture , and such failure
(other than any failure to make any payment under &lrm;Section&nbsp;12.01, 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 Securities of that series 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;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
maturity of any Debt of the Company or Suzano or any Material Subsidiary thereof in a total aggregate principal amount of U.S.$125,000,000
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;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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
Material 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.$125,000,000 or the equivalent thereof at the time of determination (in excess of
amounts which any 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;</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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, <I>administrador
judicial</I>, liquidator, custodian, trustee, manager, fiduciary, statutory manager, intervener or assignee for the benefit of creditors
(or other similar official), excluding in any event a restructuring expert (<I>herstructureringsdeskundige</I>) or an observer (<I>observator</I>),
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;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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, <I>recupera&ccedil;&atilde;o
judicial </I>or <I>extrajudicial </I>or other similar arrangement with its creditors, or appoints or applies for the appointment of an
administrator, receiver, <I>administrador judicial</I>, liquidator, custodian, trustee, manager, fiduciary, statutory manager, intervener
or assignee for the benefit of creditors (or other similar official), excluding in any event a restructuring expert (<I>herstructureringsdeskundige</I>)
or an observer (<I>observator</I>), 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;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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; or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>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 (5), (6)or (7)&nbsp;of this &lrm;Section&nbsp;5.01.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.02.&#8239;&#8239;&#8239;&#8239;</FONT><U>Acceleration
of Maturity; Rescission and Annulment</U>.</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: 1in">If an Event of Default (other than an Event of Default
specified in &lrm;Section&nbsp;5.01(&lrm;6) or &lrm;5.01(&lrm;7) with respect to Securities of any series at the time Outstanding occurs
and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities
of such series may declare the principal amount (or, if any of the Securities of that series are Original Issue Discount Securities,
such portion of the principal amount of such Securities as may be specified in the terms thereof) of all of the Securities of such series
to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such
declaration such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default specified in
 &lrm;Section&nbsp;5.01(&lrm;6) or &lrm;5.01(&lrm;7) with respect to Securities of any series at the time Outstanding occurs, the principal
amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion
of the principal amount of such Securities as may be specified by the terms thereof) shall automatically and without any declaration
or other action on the part of the Trustee or any Holder, become immediately due and payable.</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>

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<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: 1in">At any time after such a declaration of acceleration
with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter in this Article&nbsp;provided, the Holders of a majority in principal amount of the Outstanding Securities
of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company has paid or deposited with the Trustee a sum sufficient to pay:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
overdue interest on all Securities of that series,</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
principal of (and premium and Additional Amounts, if any, on) any Securities of that series which have become due otherwise than by such
declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities,</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities,
and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and all other amounts due to the Trustee under &lrm;Section&nbsp;6.07; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>all
Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series
which has become due solely by such declaration of acceleration, have been cured or waived as provided in &lrm;Section&nbsp;5.13.</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: 1in">No such rescission shall affect any subsequent default
or impair any right consequent thereon.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.03.&#8239;&#8239;&#8239;&#8239;</FONT><U>Collection
of Debt and Suits for Enforcement by Trustee</U>.</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: 1in">The Company covenants that if:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>default
is made in the payment of any interest or payment of any additional interest or Additional Amounts on any Security when such interest
becomes due and payable and such default continues for a period of 30 days, or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>default
is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof and such default continues for
a period of 7 days,</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">the Company will, upon demand of the Trustee, pay to it, for the benefit
of the Holders of such Securities, the whole amount then due and payable, including Additional Amounts, on such Securities for principal
and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal
and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and all amounts due the Trustee under &lrm;Section&nbsp;6.07.</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: 1in">If an Event of Default with respect to Securities
of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of
the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise
of any power granted herein, or to enforce any other proper remedy.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.04.&#8239;&#8239;&#8239;&#8239;</FONT><U>Trustee
May&nbsp;File Proofs of Claim</U>.</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: 1in">In case of any judicial proceeding relative to the
Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered, by intervention
in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the
Holders of that series of Securities and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Holder of that series of Securities to make such payments to the Trustee and, in the event that the Trustee shall consent to
the making of such payments directly to the Holders of that series of Securities, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under
 &lrm;Section&nbsp;6.07.</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: 1in">No provision of this Indenture shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote
in respect of the claim of any Holder of a Security in any such proceeding provided, however, that the Trustee may, on behalf of the
Holders of Securities, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors&rsquo; or
other similar committee.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.05.&#8239;&#8239;&#8239;&#8239;</FONT><U>Trustee
May&nbsp;Enforce Claims Without Possession of Securities</U>.</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: 1in">All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of
an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under &lrm;Section&nbsp;6.07, be for the
ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.06.&#8239;&#8239;&#8239;&#8239;</FONT><U>Application
of Money Collected</U>.</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: 1in">Any money collected by the Trustee pursuant to this
Article&nbsp;shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment
if only partially paid and upon surrender thereof if fully paid:</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 0pt 0.5in; text-indent: 0.5in">FIRST: To the payment of all amounts
due to the Trustee under &lrm;Section&nbsp;6.07;</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 0pt 0.5in; text-indent: 0.5in">SECOND: To the payment of the amounts
then due and unpaid for principal of and any premium and interest and any Additional Amounts on the Securities in respect of which or
for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and any premium and interest, respectively; and</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 0pt 0.5in; text-indent: 0.5in">THIRD: To the payment of the balance,
if any, to the Company.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.07.&#8239;&#8239;&#8239;&#8239;</FONT><U>Limitation
on Suits</U>.</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: 1in">No Holder of any Security of any series shall have
any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, the Securities or for the appointment of
a receiver or trustee, or for any other remedy hereunder, unless</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such series;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Holders of not less than 25% in principal amount of the Outstanding Securities of such series shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
Holder or Holders have offered to the Trustee indemnity or security satisfactory to it against the costs, expenses and liabilities to
be incurred in compliance with such request;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of that series;</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">it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to
enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.08.&#8239;&#8239;&#8239;&#8239;</FONT><U>Unconditional
Right of Holders to Receive Principal, Premium and Interest and to Convert</U>.</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: 1in">Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any
premium and (subject to Sections &lrm;3.04, &lrm;3.05 and &lrm;3.07) interest and any Additional Amounts on such Security on the respective
Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit
for the enforcement of any such payment, and, if such Security is convertible or exchangeable, to convert or exchange such Security in
accordance with this Indenture and to institute suit for the enforcement of such right to convert or to receive Securities upon conversion
and such rights shall not be impaired without the consent of such Holder.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.09.&#8239;&#8239;&#8239;&#8239;</FONT><U>Restoration
of Rights and Remedies</U>.</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: 1in">If the Trustee or any Holder of any Security has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned
for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination
in such proceeding, the Company, the Trustee and the Holders of Securities shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding
had been instituted.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.10.&#8239;&#8239;&#8239;&#8239;</FONT><U>Rights
and Remedies Cumulative</U>.</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: 1in">Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of &lrm;Section&nbsp;3.06, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.11.&#8239;&#8239;&#8239;&#8239;</FONT><U>Delay
or Omission Not Waiver</U>.</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: 1in">No delay or omission of the Trustee or of any Holder
of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute
a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article&nbsp;or by law to the
Trustee or to the Holders of Securities may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or
by the Holders of Securities, as the case may be.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.12.&#8239;&#8239;&#8239;&#8239;</FONT><U>Control
by Holders of Securities</U>.</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: 1in">The Holders of a majority in principal amount of
the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series,
provided that</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>such
direction shall not be in conflict with any rule&nbsp;of law or with this Indenture,</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee may take any other action deemed necessary by the Trustee which is not inconsistent with such direction, and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee need not follow any such direction if doing so would in its reasonable discretion either involve it in personal liability or
be unduly prejudicial to Holders of Securities not joining in such direction.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.13.&#8239;&#8239;&#8239;&#8239;</FONT><U>Waiver
of Past Defaults</U>.</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: 1in">Subject to &lrm;Section&nbsp;5.02, the Holders of
not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities
of such series waive any past default hereunder with respect to such series of the Company and its consequences, except a default</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the payment of the principal of or any premium, interest or Additional Amounts on any Security of such series of the Company, or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
respect of a covenant or provision hereof which under &lrm;Article&nbsp;Nine cannot be modified or amended without the consent of the
Holder of each Outstanding Security of such series affected, or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the conversion or exchange of any Security of such series of such Company and the delivery of Securities upon conversion.</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: 1in">Upon any such waiver, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.14.&#8239;&#8239;&#8239;&#8239;</FONT><U>Undertaking
for Costs</U>.</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: 1in">In any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may
require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess reasonable costs, including
reasonable attorney&rsquo;s fees and expenses, against any such party litigant, in the manner and to the extent provided in the Trust
Indenture Act; provided that neither this Section&nbsp;nor the Trust Indenture Act shall be deemed to authorize any court to require
such an undertaking or to make such an assessment in any suit instituted by the Company, in any suit instituted by the Trustee, in any
suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities
of any series, or in any suit instituted by any Holder of any Security for the enforcement of the payment of the principal of or any
premium or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption,
on or after the Redemption Date) or for the enforcement of any right to convert such Security pursuant to this Indenture.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.15.&#8239;&#8239;&#8239;&#8239;</FONT><U>Waiver
of Stay, Extension or Usury Laws</U>.</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: 1in">The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of
the principal of or interest on the Securities as contemplated herein, wherever enacted, now or at any time hereafter in force, or which
may affect the covenants or the performance of this Indenture. The Company hereby expressly waives (to the extent that it may lawfully
do so) all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.</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"><FONT STYLE="text-transform: uppercase">Article&nbsp;Six</FONT></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">THE TRUSTEE</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.01.&#8239;&#8239;&#8239;&#8239;</FONT><U>Certain
Duties and Responsibilities</U>.</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: 1in">The duties, responsibilities, rights, benefits and
protections of the Trustee shall be as specifically set forth in this Indenture and the Trust Indenture Act and no implied covenants
or obligations shall be read into this Indenture against the Trustee, except as otherwise required by the Trust Indenture Act.</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: 1in">Notwithstanding the foregoing, no provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of
any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that
repayment of such funds or adequate security or indemnity against such risk or liability is not reasonably assured to it. Whether or
not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except
during the continuance of an Event of Default:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants
or obligations shall be read into this Indenture against the Trustee; and</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the absence of gross negligence on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. Notwithstanding the foregoing, the Trustee shall examine such certificates and opinions to determine whether or not they conform
on their face to the requirements of this Indenture (but need not, and is under no obligation to, confirm or investigate the accuracy
of mathematical calculations or other facts stated therein).</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Following
the occurrence and continuance of an Event of Default, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances
in the conduct of such Person&rsquo;s own affairs.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act or its own
willful misconduct, except that:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
 &lrm;Section&nbsp;6.01(c)&nbsp;does not limit the effect of &lrm;Section&nbsp;6.01(a);</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was
grossly negligent in ascertaining the pertinent facts; and</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to &lrm;&lrm;Section&nbsp;5.12.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Every
provision of this Indenture that in any way relates to the Trustee is subject to &lrm;Section&nbsp;6.01(a), &lrm;(b)&nbsp;and <B>&lrm;&lrm;</B>(c).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company or Suzano.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance
of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that
repayment of such funds or adequate indemnity and/or security against such risk or liability is not reasonably assured to it.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject
to the provisions of this &lrm;&lrm;Section&nbsp;6.01.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.02.&#8239;&#8239;&#8239;&#8239;</FONT><U>Notice
of Defaults</U>.</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: 1in">If a Trust Officer of the Trustee has actual written
notice of an Event of Default with respect to Securities of any series, the Trustee shall give the Holders of Securities of such series
notice of such Event of Default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any
default of the character specified in &lrm;Section&nbsp;5.01(&lrm;3) with respect to Securities of such series, no such notice to such
Holders shall be given until at least 90 days after the occurrence thereof.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.03.&#8239;&#8239;&#8239;&#8239;</FONT><U>Certain
Rights of Trustee</U>.</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: 1in">Subject to the provisions of &lrm;Section&nbsp;6.01:</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: 1in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subject
to &lrm;&lrm;Section&nbsp;6.01 hereof, the Trustee may conclusively rely on any document believed by it to be genuine and to have been
signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document but may, in its
discretion, make such further inquiry or investigation into such facts or matters as it may see fit and, if the Trustee shall determine
to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company and Suzano,
personally or by agent or attorney at the sole cost of and upon a ten-day prior written notice to the Company or Suzano, as the case
may be, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.</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: 1in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Before
the Trustee acts or refrains from acting, it may require an Officers&rsquo; Certificate and/or an Opinion of Counsel. The Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance on the Officers&rsquo; Certificate or Opinion of Counsel.</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: 1in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.</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: 1in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within
its rights or powers; provided, however, that the Trustee&rsquo;s conduct does not constitute willful misconduct or gross negligence.</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: 1in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may consult with counsel appointed with due care and the advice or Opinion of Counsel of such counsel with respect to legal matters
relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect of any
action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or such opinion of such counsel.</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: 1in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action.</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: 1in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not be deemed to have notice of any Default or Event of Default (other than a payment default under &lrm;&lrm;Section&nbsp;5.01(&lrm;1)
or &lrm;&lrm;Section&nbsp;5.01(&lrm;2) unless a Trust Officer of the Trustee has received written notice of any event which is in fact
such a default at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture.</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: 1in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder.</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>

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<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may request that Suzano and the Company deliver an Officers&rsquo; Certificate setting forth the names of the individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers&rsquo; Certificate may
be signed by any person authorized to sign an Officers&rsquo; Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded.</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: 1in"><FONT STYLE="font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
obligations of each agent, custodian and other Person employed to act hereunder are several and not joint. In acting hereunder and in
connection with the Securities, such agent, custodian or Person shall act solely as an agent of the Company and will not assume any obligations
towards, or relationship of agency or trust for, any of the Securityholders.</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: 1in"><FONT STYLE="font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may conclusively rely and shall be fully protected in acting or refraining to act based upon any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the
document.</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: 1in"><FONT STYLE="font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not be bound to make any investigation into the facts or matters stated in any Officer&rsquo;s Certificate, Opinion of
Counsel, or any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, approval,
appraisal, bond, debenture, note, coupon, security other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine
to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally
or by agent or attorney at the sole cost of the Company.</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: 1in"><FONT STYLE="font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders, each representing
less than the requisite majority in aggregate principal amount of the Securities then outstanding, pursuant to the provisions of this
Indenture, the Trustee, in its sole discretion, may determine what action, if any, shall be taken and shall be held harmless and shall
not incur any liability for its failure to act until such inconsistency or conflict is, in its opinion, resolved, and absent willful
misconduct or gross negligence, none of the Trustee, Security Registrar or Paying Agent shall be liable for acting in good faith on instructions
believed by them to be genuine and from the proper party.</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: 1in"><FONT STYLE="font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall have no duty to inquire as to the performance of the covenants contained herein and shall be entitled to assume that the
Company, Suzano and any Subsidiaries are in compliance with the terms of this Indenture.</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: 1in"><FONT STYLE="font-size: 10pt">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible or liable
for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed
under this Indenture or under applicable law or regulation with respect to any transfer, exchange, redemption, purchase or repurchase,
as applicable, of any interest in any Securities, but may at its sole discretion, choose to do so.</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>

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<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: 1in"><FONT STYLE="font-size: 10pt">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
permissive rights of the Trustee to take the actions permitted by this Indenture will not be construed as an obligation or duty to do
so.</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: 1in"><FONT STYLE="font-size: 10pt">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any Holders, unless such Holders shall have provided to the Trustee security or indemnity reasonably satisfactory to it against the
costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.</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: 1in"><FONT STYLE="font-size: 10pt">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason
of any occurrence beyond the control of the Trustee (including but not limited to any act or provision of any present or future law or
regulation or governmental authority, any act of God or war, strikes, work stoppages, accidents, pandemics, civil unrest, local or national
disturbance or disaster, any act of terrorism, loss or malfunction of utilities, communications or computer (software and hardware) services
or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility).</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.04.&#8239;&#8239;&#8239;&#8239;</FONT><U>Not
Responsible for Recitals or Issuance of Securities</U>.</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: 1in">The recitals contained herein and in the Securities,
except the Trustee&rsquo;s certificates of authentication, shall be taken as the statements of the Company, and neither the Trustee nor
any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use
or application by the Company of the Securities or the proceeds thereof.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.05.&#8239;&#8239;&#8239;&#8239;</FONT><U>May&nbsp;Hold
Securities</U>.</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: 1in">The Trustee, any Authenticating Agent, any Paying
Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee
of Securities and, subject to Sections &lrm;6.08 and &lrm;6.13, may otherwise deal with the Company with the same rights it would have
if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.06.&#8239;&#8239;&#8239;&#8239;</FONT><U>Money
Held in Trust</U>.</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: 1in">Money held by the Trustee in trust hereunder need
not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on or investment
of any money received by it hereunder except as otherwise agreed in writing with the Company.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.07.&#8239;&#8239;&#8239;&#8239;</FONT><U>Compensation
and Reimbursement</U>.</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: 1in">The Company agrees:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
pay to the Trustee from time to time such compensation as shall be agreed in writing from time to time for all services rendered by it
hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>except
as otherwise expressly provided herein, to reimburse the Trustee upon its written request for all reasonable fees, costs, indemnities,
expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the
reasonable compensation and the expenses and disbursements of its agents and counsel), except to the extent that any such fees, costs,
indemnities, expenses, disbursements or advances may be attributable to its gross negligence or willful misconduct; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
fully indemnify the Trustee and any predecessor Trustee and their agents for, and to hold it harmless against, any and all loss, liability,
damage, claim or expense arising out of or in connection with the acceptance or administration of the trust or trusts hereunder and the
performance of its duties hereunder, including the costs and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder except to the extent that any such loss, liability or expense
may be attributable to its gross negligence or willful misconduct.</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: 1in">The Trustee shall have a Lien prior to the Holders
of Securities to payment of amounts due it under this &lrm;Section&nbsp;6.07 from funds held by the Trustee hereunder. &ldquo;Trustee&rdquo;
for purposes hereof includes any predecessor trustee, but the gross negligence of any trustee shall not affect the rights of any other
trustee hereunder.</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: 1in">If the Trustee incurs expenses or renders services
after the occurrence of an Event of Default specified in Sections &lrm;5.01(&lrm;6), &lrm;5.01(&lrm;7), &lrm;5.01(&lrm;8) or &lrm;5.01(&lrm;9),
the reasonable expenses and the compensation for the services will be intended to constitute expenses of administration under Title 11
of the United States Bankruptcy Code or any other applicable law.</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: 1in">The provisions of this Section&nbsp;shall survive
the resignation or removal of the Trustee, the repayment of the Securities and the termination of this Indenture.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.08.&#8239;&#8239;&#8239;&#8239;</FONT><U>Conflicting
Interests</U>.</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: 1in">If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and
in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.</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: 1in">For this purpose, the Trustee shall not be deemed
to have a conflicting interest by reason of being Trustee for the Securities of any series and Trustee for the Securities of any other
series.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.09.&#8239;&#8239;&#8239;&#8239;</FONT><U>Corporate
Trustee Required; Eligibility</U>.</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: 1in">There shall at all times be one and only one Trustee
hereunder with respect to the Securities of each series which shall be a Person that is eligible pursuant to the Trust Indenture Act
to act as such and has a combined capital and surplus of at least U.S.$50,000,000 and its Corporate Trust Office in the Borough of Manhattan,
The City of New York, New York. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements
of said supervising or examining authority, then for the purposes of this Section&nbsp;and to the extent permitted by the Trust Indenture
Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible
in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified
in this Article.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.10.&#8239;&#8239;&#8239;&#8239;</FONT><U>Resignation
and Removal; Appointment of Successor</U>.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article&nbsp;shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of &lrm;Section&nbsp;6.11.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by &lrm;Section&nbsp;6.11 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may, at the expense of the Company, petition any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series, delivered to the Trustee and to the Company. The Trustee so removed may, at the expense
of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee if no successor Trustee has been
appointed within 30 days of such removal.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
at any time:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee shall fail to comply with &lrm;Section&nbsp;6.08 after written request therefor by the Company or by any Holder who has been
a bona fide Holder of a Security for at least six months, or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee shall cease to be eligible under &lrm;Section&nbsp;6.09 and shall fail to resign after written request therefor by the Company
or by any such Holder, or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation,</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">then, in any such case, (i)&nbsp;the Company may remove by Board Resolution
the Trustee with respect to all Securities, or (ii)&nbsp;subject to &lrm;Section&nbsp;5.14, any Holder of a Security who has been a bona
fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.</P>

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

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

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Company shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities
of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of &lrm;Section&nbsp;6.11. If, within one year after such resignation, removal
or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed
by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable
requirements of &lrm;Section&nbsp;6.11, become the successor Trustee with respect to the Securities of such series and to that extent
supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have
been so appointed by the Company or the Holders of Securities of such series and accepted appointment in the manner required by &lrm;Section&nbsp;6.11,
any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect
to the Securities of such series.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided
in &lrm;Section&nbsp;1.06. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and
the address of its Corporate Trust Office<U>.</U></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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Acceptance
of Appointment by Successor</U>.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall
execute, acknowledge and deliver to each of the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company
or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to
such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder.</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series of the Company,
the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series of the Company shall
execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i)&nbsp;shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates, (ii)&nbsp;if the retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in
the retiring Trustee, and (iii)&nbsp;shall add to or change any of the provisions of this Indenture as shall be necessary to provide for
or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in paragraph (1)&nbsp;and (2)&nbsp;of this Section, as the case
may be.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Merger,
Conversion, Consolidation or Succession to Business</U>.</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: 1in">Any corporation into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without
the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had
itself authenticated such Securities.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Preferential
Collection of Claims Against Company</U>.</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: 1in">The Trustee shall comply with Section&nbsp;311(a)&nbsp;of
the Trust Indenture Act, excluding any creditor relationship listed in Section&nbsp;311(b)&nbsp;of the Trust Indenture Act. A Trustee
who has resigned or been removed shall be subject to Section&nbsp;311(a)&nbsp;of the Trust Indenture Act to the extent indicated.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Appointment
of Authenticating Agent</U>.</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: 1in">The Trustee may appoint an Authenticating Agent or
Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon original issue and upon exchange, registration of transfer or partial conversion, exchange or partial redemption
thereof or pursuant to &lrm;Section&nbsp;3.06, and Securities so authenticated shall be entitled to the benefits of this Indenture and
shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment shall be evidenced by
an instrument in writing signed by a Responsible Officer of the Trustee and a copy of which shall be promptly furnished to the Company.
Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee&rsquo;s certificate
of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating
Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall
be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States
of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined
capital and surplus of not less than U.S.$50,000,000 and subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the
manner and with the effect specified in this Section.</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: 1in">Any corporation into which an Authenticating Agent
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business
of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under
this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.</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>

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<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: 1in">An Authenticating Agent may resign at any time by
giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice
of such appointment in the manner provided in &lrm;Section&nbsp;1.06 to all Holders of Securities of the series with respect to which
such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested
with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.</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: 1in">The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section.</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: 1in">If an appointment with respect to one or more series
is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee&rsquo;s certificate
of authentication, an alternative certificate of authentication in the following form:</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: 1in">This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">The Bank of New York Mellon </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">As Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">If all of the Securities of a series may not be originally issued at one time, and if the Trustee does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">As Authenticating Agent</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; text-indent: 1in">authenticated upon original issuance, the Trustee,
if so requested by the Company in writing (which writing need not comply with &lrm;Section&nbsp;1.02 and need not be accompanied by an
Opinion of Counsel), shall appoint in accordance with this Section&nbsp;an Authenticating Agent having an office in the Place of Payment
designated by the Company with respect of such series of Securities.</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>

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<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"><FONT STYLE="text-transform: uppercase">Article&nbsp;Seven</FONT></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">HOLDERS&rsquo; LISTS AND REPORTS BY TRUSTEE AND
COMPANY</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.01.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Company
to Furnish Trustee Names and Addresses of Holders</U>.</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: 1in">The Company will furnish or cause to be furnished
to the Trustee:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>semi-annually,
if interest is paid semi-annually, or quarterly, if interest is paid quarterly, not later than 15 days after each Regular Record Date
in each year or, if interest is paid annually, not later than 15 days after each Regular Record Date and the date six months subsequent
to such Regular Record Date, a list, in such form as the Trustee may reasonably require, as to the names and addresses of the Holders
of Securities as of such Regular Record Date, and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time such list is furnished;</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">provided, that, for so long as the Trustee shall be Security Registrar,
no such list shall be required to be furnished.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.02.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Preservation
of Information; Communications to Holders</U>.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Securities contained
in the most recent list furnished to the Trustee as provided in &lrm;Section&nbsp;7.01 and the names and addresses of Holders of Securities
received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in &lrm;Section&nbsp;7.01
upon receipt of a new list so furnished.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
rights of the Holders of Securities to communicate with other Holders of Securities with respect to their rights under this Indenture
or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee
nor any agent of any of them shall be held accountable solely by reason of any disclosure of information as to names and addresses of
Holders of Securities made pursuant to the Trust Indenture Act.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.03.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Reports
by Trustee</U>.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
or about each July&nbsp;15 following the date hereof, the Trustee shall transmit to Holders of Securities such reports, if any, dated
as of the preceding May&nbsp;15 is concerning the Trustee and its actions under this Indenture as may be required pursuant to Section&nbsp;3.13(a)&nbsp;of
the Trust Indenture Act in the manner provided pursuant to Section&nbsp;3.13(c)&nbsp;thereof. The Trustee shall also transmit to Holders
of Securities such reports, if any, as may be required pursuant to Section&nbsp;3.13(b)&nbsp;of the Trust Indenture Act at the times and
in the manner provided pursuant thereto and to Section&nbsp;3.13(c)&nbsp;thereof.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>A
copy of each such report shall, at the time of such transmission to Holders of Securities, be filed by the Trustee with each stock exchange
upon which any Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee when any
Securities are listed on any stock exchange.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.04.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Reports
by Company</U>.</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: 1in">The Company shall file with the Trustee and the Commission,
and transmit to Holders of Securities, such information, documents and other reports, including financial information and statements and
such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such
Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section&nbsp;13 or
15(d)&nbsp;of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission.
For purposes of this &lrm;Section&nbsp;7.04, as long as the financial statements or reports are publicly available and accessible electronically
by the Trustee, the filing or electronic publication of such financial statements or reports shall comply with the Company's obligation
to deliver such statements and reports to the Trustee hereunder. The Company shall provide the Trustee with prompt written notification
at such time that the Company becomes or ceases to be a reporting company. The Trustee shall have no obligation to determine if and when
the Company&rsquo;s financial statements or reports are publicly available and accessible electronically.</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: 1in">Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee&rsquo;s receipt of such shall not constitute constructive notice (other
than with respect to notice of an Event of Default pursuant to &lrm;Section&nbsp;10.02 hereof) of any information contained therein or
determinable from information contained therein, including the Company&rsquo;s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to rely exclusively on Officers&rsquo; Certificates).</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.05.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Calculation
of Original Issue Discount</U>.</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: 1in">With respect to each series treated for U.S. federal
income tax purposes as issued with original issue discount, the Company shall file with the Trustee promptly at the end of each calendar
year (i)&nbsp;a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on
Outstanding Securities of such series as of the end of such year and (ii)&nbsp;such other reasonably requested information, if any, relating
to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time. The Trustee
shall not be obligated to recalculate, recompute or reconfirm such calculation.</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"><FONT STYLE="text-transform: uppercase">Article&nbsp;Eight</FONT></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">CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR
LEASE</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.01.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Limitation
on Consolidation, Merger, Sale or Conveyance</U>.</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: 1in">Neither the Company nor the Guarantor shall, without
the consent of the Holders of a majority in aggregate principal amount of the Securities in accordance with this Indenture, consolidate
with or merge into any other corporation or convey or transfer all or substantially all of its properties and assets to any other Person,
unless:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Person formed by such consolidation or into which the Company or Guarantor is merged or the Person which acquires by conveyance, transfers
or leases all or substantially all of the properties and assets of the Company or the Guarantor (the &ldquo;<B>Successor Person</B>&rdquo;)
shall expressly assume, by a supplemental indenture pursuant to this Indenture, the due and punctual repayment of the principal and interest
on all the Securities and all other obligations of the Company or the Guarantor, as applicable, under the Indenture and the Securities;</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>immediately
after giving effect to such transaction, no Event of Default with respect to any Security shall have occurred and be continuing;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Company and the Guarantor have delivered to the Trustee (a)&nbsp;a certificate signed by an executive officer of the Company and an executive
officer of the Guarantor stating that such consolidation, merger, conveyance or transfer and such supplemental indenture, if any, comply
with this Article&nbsp;and that all conditions precedent herein provided, which relate to such transaction, have been complied with and
(b)&nbsp;an Opinion of Counsel stating that such consolidation, merger, conveyance or transfer and such supplemental indenture, if any,
comply with this Article&nbsp;and that all conditions herein provided, which relate to such transaction, have been complied with;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Successor Person shall expressly agree to withhold against any tax, duty, assessment or other governmental charge thereafter imposed or
levied by Brazil, the Netherlands, a Successor Jurisdiction or any political subdivision or authority thereof or therein having power
to tax as a consequence of such consolidation, merger, conveyance or transfer; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Successor Person&rsquo;s assumption of obligations includes the obligation to pay the Additional Amounts described in Section&nbsp;10.10
 &ldquo;Additional Amounts&rdquo;; <I>provided that</I> the definition of &ldquo;Taxing Jurisdiction&rdquo; shall be amended, if applicable,
to include the applicable Successor Jurisdiction.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.02.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Successor
Substituted</U>.</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: 1in">Upon any consolidation, merger, conveyance, or transfer
in accordance with Section&nbsp;8.01, the Successor Person shall succeed to, and be substituted for, and may exercise every right and
power of the Company or the Guarantor, as applicable, under the Securities with the same effect as if the Successor Person had been named
as the issuer or guarantor of the Securities herein, and, in the case of an asset, transfer or other disposition, the predecessor Company
or Guarantor, as applicable, shall be released from all obligations under this Indenture, the Securities and, in the case of a Guarantor,
the guarantee.</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"><FONT STYLE="text-transform: uppercase">Article&nbsp;Nine</FONT></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">SUPPLEMENTAL INDENTURES</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.01.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Supplemental
Indentures Without Consent of Holders</U>.</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: 1in">Without the consent of any Holders of Securities,
the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein
and in the Securities, to evidence the full and unconditional guarantee by another Person, as provided in &lrm;Section&nbsp;8.01&lrm;
hereof, or to add another Company to this Indenture for future issuances; or</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be
for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit
of such series) or to surrender any right or power herein conferred upon the Company; or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events
of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly
being included solely for the benefit of such series); or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
add to or to change any of the provisions of this Indenture to permit or facilitate the issuance of Securities in uncertificated form,
provided that any such action shall not adversely affect the Interest of the Holders of Securities of any series in any material respect;
or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
provide for any guarantee of any series of Securities, to secure any of the series of Securities or to confirm and evidence the release,
termination or discharge of any guarantee of or Lien securing the Securities when such release, termination or discharge is permitted
by this Indenture; or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any
such addition, change or elimination (i)&nbsp;shall neither (A)&nbsp;apply to any Security of any series created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision nor (B)&nbsp;modify the rights of the Holder of any such
Security with respect to such provision or (ii)&nbsp;shall become effective only when there is no such Security Outstanding; or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
establish the form or terms of Securities of any series, each as permitted by &lrm;Section&nbsp;2.01 and &lrm;Section&nbsp;3.01; or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements of &lrm;Section&nbsp;6.11(2); or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(9)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
reduce the conversion price of the Securities of any series other than pursuant to this Indenture; or</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(10)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
cure any ambiguity, defect or inconsistency; or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(11)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
provide for or confirm the issuance of additional Securities; or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(12)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
make any change to conform the provisions contained herein, in any supplemental indenture or in the Securities of any series or the related
Guarantee, to the description of the notes and the guarantee contained in the related prospectus, prospectus supplement or similar offering
document; or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(13)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>to
make any change that does not adversely affect the rights of the Holders of Securities of any series in any material respect.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.02.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Supplemental
Indentures with Consent of Holders</U>.</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: 1in">With the consent of the Holders of not less than
a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders
delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture
or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby,</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>change
the Stated Maturity of the principal of or any installment of principal of or interest or premium on any Security or reduce the principal
amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or change any obligation of the Company
to pay Additional Amounts pursuant to &lrm;Section&nbsp;10.10 (except as contemplated by Section&nbsp;8.01(1)&nbsp;and permitted by &lrm;Section&nbsp;9.01(1)),
or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration
of the Maturity thereof pursuant to &lrm;&lrm;Section&nbsp;5.02, or the coin or currency in which, any Security or any premium or interest
thereon is payable, or modify or affect in any manner adverse to the interests of the Holders of Securities of any series the conversion
or exchange rights of such Securities, or impair the right to institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption Date) or of any such right of conversion or exchange, or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture
or certain defaults hereunder and their consequences) provided for in this Indenture, or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>modify
any of the provisions of this Section&nbsp;or &lrm;Section&nbsp;5.13, except to increase any such percentage or to provide that certain
other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected
thereby; <I>provided, however</I>, that this Clause shall not be deemed to require the consent of any Holder of a Security with respect
to changes in the references to &ldquo;the Trustee&rdquo; and concomitant changes in this Section&nbsp;and &lrm;&lrm;Section&nbsp;10.09,
or the deletion of this proviso, in accordance with the requirements of &lrm;Section&nbsp;6.11(2)&nbsp;and &lrm;Section&nbsp;9.01(7).</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>

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<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">A supplemental indenture which changes or eliminates any covenant or
other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities,
or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed
not to affect the right under this Indenture of the Holders of Securities of any other series.</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: 1in">It shall not be necessary for any Act of Holders
of Securities under this Section&nbsp;to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such Act shall approve the substance thereof.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.03.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Execution
of Supplemental Indentures</U>.</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: 1in">In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article&nbsp;or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and (subject to &lrm;Section&nbsp;6.01) shall be fully protected in relying upon, an Officers&rsquo;
Certificate and an Opinion of Counsel each stating that the execution of such supplemental indenture is authorized or permitted by this
Indenture and that all conditions precedent herein and in the Securities to such execution have been satisfied. The Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects the Trustee&rsquo;s own rights, duties or immunities under
this Indenture or otherwise.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.04.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Effect
of Supplemental Indentures</U>.</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: 1in">Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby, except as otherwise expressed therein.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.05.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Conformity
with Trust Indenture Act</U>.</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: 1in">Every supplemental indenture executed pursuant to
this Article&nbsp;shall conform to the requirements of the Trust Indenture Act.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.06.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Reference
in Securities to Supplemental Indentures</U>.</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: 1in">Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article&nbsp;may, and shall if required by the Trustee, bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities
at any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared
and executed by the Company and such securities may be authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.07.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Substitution
of the Company</U>.</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: 1in">The Company and the Guarantor may at any time, without
the consent of any Holders, arrange for and cause the substitution of the Company as issuer and principal obligor in respect of any series
of Securities by the Guarantor (including any successor Guarantor pursuant to Section&nbsp;8.02) or any wholly owned Subsidiary of the
Guarantor (the &ldquo;<B>Successor Company</B>&rdquo;), provided that:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Successor Company shall expressly assume, by an indenture supplemental hereto executed and delivered to the Trustee, the due and punctual
payment of the principal of (and premium, if any) and interest on the Securities of such series and the performance of every covenant
of this Indenture on the part of the Company to be performed or observed, and, unless the Successor Company is the Guarantor, the Guarantor
shall unconditionally guarantee all of the obligations of such Successor Company under the Securities of such series and the Indenture
as so supplemented;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Successor Company&rsquo;s assumption of obligations includes the obligation to pay the Additional Amounts described in Section&nbsp;10.10
 &ldquo;Additional Amounts&rdquo;; <I>provided that</I> the definition of &ldquo;Taxing Jurisdiction&rdquo; shall be amended, if applicable,
to include the jurisdiction in which such Successor Company is resident for tax purposes;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Successor Company as a result
of such transaction as having been incurred by the Successor Company at the time of such transaction, no Event of Default with respect
to the Securities of such series, and no event which, after notice or lapse of time or both, would become an Event of Default with respect
to the Securities of such series, shall have occurred and be continuing; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Successor Company has delivered to the Trustee (x)&nbsp;a certificate signed by two executive officers of the Successor Company and (y)&nbsp;an
Opinion of Counsel of recognized standing, each stating that the assumption and supplemental indenture comply with this Section&nbsp;8.4.</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: 1in">Upon any substitution in accordance with Section&nbsp;&lrm;9.07,
the Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if the Successor Company had been named as the issuer of the Securities herein, and the Company (including any
successor Company pursuant to Section&nbsp;8.2) shall be released from all obligations under this Indenture and the Securities.</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: 1in">No vote by Holders of the Securities approving any
of the actions set forth in this Section&nbsp;9.07 is required, unless as part of the transaction the Company or the Guarantor make other
changes to the applicable indenture requiring approval of Holders of the Securities as set forth in Section&nbsp;9.02 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"></P>

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<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"><FONT STYLE="text-transform: uppercase">Article&nbsp;Ten</FONT></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">COVENANTS</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.01.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Payment
of Principal and Interest</U>.</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: 1in">The Company covenants and agrees for the benefit
of Holders of each series of Securities that it will duly and punctually pay the principal of and any premium and interest and other amounts
(including any Additional Amounts) on the Securities of that series in accordance with the terms of the Securities of that series and
this Indenture. The Guarantor shall duly and punctually pay any amounts owed by it under its Guarantee in accordance with the terms of
the Securities and this Indenture.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.02.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Maintenance
of Office or Agency</U>.</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: 1in">So long as the Securities of any series are Outstanding,
the Company and the Guarantor will maintain in the Borough of Manhattan in The City of New York, an office or agency where Securities
may be presented or surrendered for payment, where notices to and demands upon the Company or the Guarantor in respect of this Indenture
and the Securities of that series may be served. The Company or the Guarantor shall give prompt written notice to the Trustee of the location,
and any change in the location, of such office or agency. The Corporate Trust Office of the Trustee shall be such office or agency of
the Company, unless the Company shall designate and maintain some other office or agency for one or more of such purposes. If at any time
the Company shall fail to maintain any required office or agency or shall fail to furnish the Trustee with the address thereof, all presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and demands.</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: 1in">The Company and the Guarantor may also from time
to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; <B>provided, however, that</B> no such designation or rescission shall in any manner
relieve either the Company or the Guarantor of its obligation to maintain an office or agency in the State of New York for such purposes.
The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of
any such other office or agency.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.03.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Maintenance
of Corporate Existence</U>.</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: 1in">The Company and the Guarantor will (i)&nbsp;maintain
in effect its corporate existence and all registrations necessary therefor except as otherwise permitted by &lrm;Article&nbsp;Eight and
(ii)&nbsp;take all reasonable actions to maintain all rights, privileges, titles to property, franchises, concessions and the like necessary
or desirable in the normal conduct of its business, activities or operations; <I>provided, however</I>, that this &lrm;Section&nbsp;10.03
shall not require the Company or the Guarantor to maintain any such right, privilege, title to property or franchise, if the Company&rsquo;s
Board of Directors or the Guarantor&rsquo;s board of directors shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company or the Guarantor, and that the loss thereof is not disadvantageous in any material respect
to the Holders; <I>provided further that</I> this <B>&lrm;</B>Section&nbsp;10.03 does not prohibit any transaction otherwise permitted
by &lrm;Section&nbsp;8.01.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.04.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Ranking</U>.</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: 1in">Each of the Company and the Guarantor will ensure
that the Securities of each series will at all times constitute general senior, unsecured and unsubordinated obligations of the Company
and the Guarantor, as applicable, and will rank <I>pari passu</I>, without any preferences among themselves, with all of its other present
and future unsecured and unsubordinated obligations (other than obligations preferred by statute or by operation of law).</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.05.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Statement
by Directors as to Default</U>.</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: 1in">The Company (and each other obligor on the Securities
of any series) will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof
(which, unless the Trustee is notified otherwise, shall be December&nbsp;31), an Officers&rsquo; Certificate, stating whether or not to
the best knowledge of the signers thereof there is an Event of Default in connection with the performance and observance of any of the
terms, provisions and conditions of this Indenture and, if there is such an Event of Default by the Company (or any such obligor), specifying
all such Events of Default and the nature and status thereof of which they may have knowledge.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.06.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Provision
of Financial Statements and Reports</U>.</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: 1in">In the event that the Company files any financial
statements or reports with the SEC or publishes or otherwise makes such statements or reports publicly available in the Netherlands, the
United States or elsewhere, the Company will furnish a copy of the statements or reports to the Trustee within 15 calendar days of the
date of filing or the date the information is published or otherwise made publicly available. For purposes of this &lrm;Section&nbsp;10.06,
as long as the financial statements or reports are publicly available and accessible electronically by the Trustee, the filing or electronic
publication of such financial statements or reports shall comply with the Company's obligation to deliver such statements and reports
to the Trustee hereunder. The Company shall provide the Trustee with prompt written notification at such time that the Company becomes
or ceases to be a reporting company. The Trustee shall have no obligation to determine if and when the Company&rsquo;s financial statements
or reports are publicly available and accessible electronically.</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: 1in">The Company will provide, together with each of the
financial statements delivered pursuant to this Section, an Officers&rsquo; Certificate stating (A)&nbsp;that a review of the Company&rsquo;s
activities has been made during the period covered by such financial statements with a view to determining whether the Company has kept,
observed, performed and fulfilled its covenants and agreements under this Indenture and (B)&nbsp;that no Event of Default has occurred
during such period or, if one or more have actually occurred, specifying all such events and what actions have been taken and will be
taken with respect to such Event of Default.</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: 1in">Delivery of these reports, information and documents
to the Trustee is for informational purposes only and the Trustee&rsquo;s receipt of any of those will not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Company&rsquo;s compliance with
any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers&rsquo; Certificates).</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.07.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Appointment
to Fill a Vacancy in Office of Trustee</U>.</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: 1in">The Company or the Guarantor, whenever necessary
to avoid or fill a vacancy in the office of Trustee, will appoint in the manner provided in &lrm;Section&nbsp;6.10, a successor Trustee,
so that there shall at all times be a Trustee with respect to the Securities.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.08.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Payments
and Paying Agents</U>.</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: 1in">The Company will, prior to 3:00 p.m., New York City
time, on the Business Day preceding any payment date of the principal of or interest on any series of Securities or other amounts (including
Additional Amounts), deposit with the Trustee a sum sufficient to pay such principal, interest or other amounts (including Additional
Amounts) so becoming due.</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: 1in">All payments will be subject in all cases to any
applicable tax, fiscal or other laws and regulations in any jurisdictions, but without prejudice to the provisions of &lrm;Section&nbsp;10.10.
For the purposes of the preceding sentence, the phrase &ldquo;applicable tax, fiscal or other laws and regulations&rdquo; will include
any obligation on the Company to withhold or deduct from a payment pursuant to Section&nbsp;1471(b)&nbsp;of the Internal Revenue Code
of 1986, as amended, or otherwise imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended, any
regulations thereunder or official interpretations thereof or any law implementing an intergovernmental approach thereto (collectively,
 &ldquo;<B>FATCA</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; text-indent: 1in">Whenever the Company shall appoint a Paying Agent
other than the Trustee with respect to any series of Securities, it will cause such Paying Agent to execute and deliver to the Trustee
an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
it will hold all sums received by it as such agent for the payment of the principal of or interest on any Securities (whether such sums
have been paid to it by or on behalf of the Company or by any other obligor on the Securities) in trust for the benefit of the Holders
or of the Trustee;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
it will give the Trustee notice of any failure by the Company (or by any other obligor on the Securities) to make any payment of the principal
of or interest on any series of Securities (including Additional Amounts) and any other payments to be made by or on behalf of the Company
under this Indenture or the Securities when the same shall be due and payable; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
it will pay any such sums so held in trust by it to the Trustee upon the Trustee&rsquo;s written request at any time during the continuance
of the failure referred to in Clause (2)&nbsp;above.</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: 1in">The Trustee shall arrange with all such Paying Agents
for the payment, from funds furnished by the Company to the Trustee pursuant to this Indenture, of the principal of and interest and other
amounts due on the Securities (including Additional Amounts).</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>

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<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: 1in">If the Company shall act as its own Paying Agent
with respect to any series of Securities, it will, on or before each due date of the principal of or interest on such series of Securities,
set aside, segregate and hold in trust for the benefit of the Holders of such series of Securities a sum sufficient to pay such principal
or interest (including Additional Amounts) so becoming due. The Company will promptly notify the Trustee of any failure to take action.</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: 1in">Anything in this &lrm;Section&nbsp;10.08 to the contrary
notwithstanding, the Company may at any time, for the purpose of obtaining a satisfaction and discharge with respect to any series of
Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for such series of Securities
by the Company or any Paying Agent hereunder, as required by this Section, such sums to be held by the Trustee upon the trusts herein
contained.</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: 1in">Anything in this &lrm;Section&nbsp;10.08, to the
contrary notwithstanding, the agreements to hold sums in trust as provided in this Section&nbsp;are subject to the provisions of &lrm;Section&nbsp;4.02.</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: 1in">The Company agrees to indemnify the Holders against
any failure on the part of any Paying Agent to pay, in accordance with the terms hereof, any sum due in respect of any series of Securities
on the applicable payment date.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.09.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Waiver
of Certain Covenants</U>.</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: 1in">Except as otherwise specified as contemplated by
 &lrm;Section&nbsp;3.01 for Securities of such series, the Company and the Guarantor may, with respect to the Securities of any series,
omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to &lrm;Section&nbsp;3.01(23),
9.02(2)&nbsp;or &lrm;9.01(6)&nbsp;for the benefit of the Holders of Securities of such series or any term, provision or condition set
forth in an indenture supplemental hereto, if before the time for such compliance the Holders of at least a majority in principal amount
of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally
waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the Guarantor
and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. The Company or
the Guarantor shall provide the Trustee with written notification upon the waiver of any covenant.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Additional
Amounts</U>.</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: 1in">Unless otherwise specified in any Board Resolution
of the Company or indenture supplemental hereto establishing the terms of Securities of a series in accordance with &lrm;Section&nbsp;3.01,
if any deduction or withholding for any present or future taxes, levies, assessments or other governmental charges of the Taxing Jurisdiction
shall at any time be required by the Taxing Jurisdiction in respect of any amounts to be paid by the Company of principal of or interest
on a Security of any series, the Company will pay to the Holder of a Security of such series such additional amounts as may be necessary
in order that the net amounts paid to such Holder of such Security, 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;); <I>provided</I>, <I>however</I>,
that the Company shall not be required to make any payment of Additional Amounts on account of:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
<U>taxes, levies, assessments or other governmental charges</U> that would not have been so withheld or deducted but for the existence
of any present or former connection between the Holder or beneficial owner of such Security (or between a fiduciary, settlor, beneficiary,
member or shareholder of such holder or beneficial owner, if such Holder or beneficial owner is an estate, a trust, a partnership, a limited
liability company or a corporation) and the Taxing Jurisdiction, including, without limitation, such Holder or beneficial owner (or such
fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident thereof or being or having been engaged
in a trade or business or present therein or having, or having had, a permanent establishment therein, other than the mere holding of
the Security or enforcement of rights and the receipt of payments with respect to the Security;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
taxes, levies, assessments or other governmental charges imposed on, or measured by, net income;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
<U>taxes, levies, assessments or other governmental charges</U> that would not have been so withheld or deducted but for the failure by
such Holder or the beneficial owner of such Security, or, in the case of amounts payable to the Trustee, the Trustee (i)&nbsp;to make
a declaration of non-residence, or any other claim or filing for exemption, to which it is entitled, or (ii)&nbsp;to comply with any certification,
identification or other reporting requirements concerning its nationality, residence, identity or connection with the Taxing Jurisdiction,
if such compliance is required by applicable law, regulation, administrative practice or treaty as a precondition to exemption from all
or a part of the tax, levy, deduction or other governmental charge; <I>provided</I> that, in no event shall such Holder&rsquo;s, beneficial
owner&rsquo;s, or Trustee&rsquo;s requirement to make a valid and legal claim for exemption from or reduction of such taxes require such
Holder, beneficial owner or the Trustee to provide materially more onerous information, documents or other evidence than comparable reporting
requirements imposed under U.S. tax law, regulation and administrative practice (such as U.S. IRS Forms W-8 or W-9 or any comparable successor
forms);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Security
presented for payment more than 30 calendar days after the Company has made available to such Holder a payment under the Securities and
this Indenture, provided that except to the extent the Holder would have been entitled to such Additional Amounts on surrender of such
Security for payment on the last day of such 30 calendar day period;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
estate, inheritance, gift, value added, Financial Transactions Tax, use or sales taxes or any similar taxes, assessments or other governmental
charges;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
withholding or deduction that the Holder or beneficial owner of the Security would have been able to avoid by taking reasonable measures
available to such Holder or beneficial owner, such as presenting the Security for payment to another Paying Agent;</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
taxes, levies, assessments or other governmental charges that are payable other than by deduction or withholding;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
taxes, levies, assessments or other governmental charges payable pursuant to FATCA;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(9)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>where
the Company is required to make such withholding pursuant to the Dutch Withholding Tax Act 2021 (<I>Wet bronbelasting 2021</I>); or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(10)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
combination of the above.</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">Subject to the foregoing provisions, whenever in this Indenture there
is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series
or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of
the payment of Additional Amounts provided for in this Section&nbsp;to the extent that, in such context, Additional Amounts are, were
or would be payable in respect thereof pursuant to the provisions of this Section&nbsp;and express mention of the payment of Additional
Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where
such express mention is not made.</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: 1in">If the terms of the Securities of a series established
as contemplated by &lrm;Section&nbsp;3.01 do not specify that Additional Amounts pursuant to the Section&nbsp;will not be payable by the
Company, at least ten days prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of
that series will not bear interest on or prior to Maturity, the first day on which a payment of principal and any premium is made), and
at least ten days prior to each date of payment of principal and any premium or interest if there has been any change with respect to
the matters set forth in the below-mentioned Officers&rsquo; Certificate, the Company will furnish the Trustee and the Company&rsquo;s
principal Paying Agent or Paying Agents, if other than the Trustee, with an Officers&rsquo; Certificate instructing the Trustee and such
Paying Agent or Paying Agents whether such payment of principal of and any premium or interest on the Securities of that series shall
be made to Holders of Securities of that series without withholding for or on account of any tax, assessment or other governmental charge
described in the Securities of that series. If any such withholding shall be required, then such Officers&rsquo; Certificate shall specify
the amount, if any, required to be withheld on such payments to such Holders of Securities and the Company will pay to the Trustee or
such Paying Agent or Paying Agents the Additional Amounts required by this Section. The Company covenants to indemnify each of the Trustee
and any Paying Agent for, and to hold each of them harmless against, any reasonable loss, liability or expense arising out of or in connection
with actions taken or omitted by any of them in reliance on any Officers&rsquo; Certificate furnished pursuant to this Section, except
to the extent that any such loss, liability or expense is due to its own gross negligence or willful misconduct.</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: 1in"><FONT STYLE="font-size: 10pt">The Company shall promptly
pay when due any present or future stamp, court or documentary taxes or any other excise or property taxes, charges or similar levies
that are imposed by a Taxing Jurisdiction that arise from any payment under the Securities or under any other document or instrument referred
herein or therein or from the execution, delivery, enforcement or registration of each Security or any other document or instrument referred
to herein or therein. The Company shall indemnify and make whole the Holders of the Securities for any present or future stamp, court
or documentary taxes or any other excise or property taxes, charges or similar levies payable by the Company as provided in this paragraph
paid by such Holder of the Securities</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Limitation
on Liens</U>.</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: 1in">Unless otherwise specified in any Board Resolution
of the Guarantor or indenture supplemental hereto establishing the terms of Securities of a series in accordance with &lrm;Section&nbsp;3.01,
so long as any relevant Security of a series remains Outstanding, the Guarantor shall not, and shall not permit any Subsidiary to, directly
or indirectly, incur or permit to exist any Lien securing the payment of Debt on any of its properties or assets, whether owned at the
Issue Date or thereafter acquired, other than Permitted Liens, without effectively providing that the Securities or the Guarantee, as
applicable, are secured equally and ratably with (or, if the obligation to be secured by the Lien is subordinated in right of payment
to the Securities or any Guarantee, prior to) the obligations so secured for so long as such obligations are so secured.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>[<I>Reserved</I>]</U>.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.13.&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239;&#8239;</FONT><U>Repurchase at the Option of the Holders Upon Change of Control</U>.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Upon
the occurrence of a Change of Control that results in a Rating Decline, each Holder shall have the right to require the Company to repurchase
all or any part (equal to U.S.$1,000 and any integral multiples in excess thereof) of that Holder&rsquo;s Securities pursuant to a Change
of Control Offer. No such purchase in part shall reduce the outstanding principal amount of the Securities held by any Holder to below
U.S.$1,000. In the Change of Control Offer, the Company or Suzano shall offer a Change of Control Payment.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Within
30 days following any Change of Control that results in a Rating Decline, the Company or Suzano shall make a Change of Control Offer by
notice to each Holder in accordance with the provisions of &lrm;&lrm;Section&nbsp;1.06, stating:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
a Change of Control has occurred and that such Holder has the right to require the Company to purchase such Holder&rsquo;s Securities
in exchange for its respective portion of the Change of Control Payment;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
expiration date (the &ldquo;<B>Expiration Date</B>&rdquo;) not less than 30 days or more than 60 days after the date of the Change of
Control Offer;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Change of Control Payment and the Change of Control Payment Date;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>information
concerning the business of Suzano and its Subsidiaries, including the relevant facts regarding such Change of Control, which the Company
in good faith believes shall enable the Holders to make an informed decision with respect to the Change of Control Offer; and</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>

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<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-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
instructions, as determined by the Company, consistent with this &lrm;&lrm;Section&nbsp;10.13, that a Holder must follow in order to have
its Securities repurchased.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Holders
electing to have a Security repurchased shall be required to surrender the Security, with an appropriate form duly completed, to the exchange
agent at the address specified in the notice at least three Business Days prior to the Change of Control Payment Date. Holders shall be
entitled to withdraw their election if each of the Trustee and the Company receives not later than one Business Day prior to the Change
of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security
which was delivered for repurchase by the Holder and a statement that such Holder is withdrawing his election to have such Security repurchased.
Holders whose Securities are purchased only in part shall be issued new Securities equal in principal amount to the unpurchased portion
of the Securities surrendered.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>On
the Change of Control Payment Date, the Company or Suzano shall, to the extent lawful:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>accept
for payment all Securities or portions of Securities properly tendered and not validly withdrawn pursuant to the Change of Control Offer;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; </FONT>deposit
with the Trustee or Paying Agent an amount equal to the Change of Control Payment in respect of all Securities or portions of
Securities properly tendered and not validly withdrawn; and</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>deliver
or cause to be delivered, if applicable, to the Trustee for cancellation the Securities properly accepted together with an Officer&rsquo;s
Certificate stating the aggregate principal amount of Securities or portions of Securities being purchased by the Company or Suzano.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Trustee or any Paying Agent shall promptly deliver to each Holder of Securities properly tendered the Change of Control Payment for such
Securities, and the Trustee shall promptly authenticate and deliver (or cause to be transferred by book entry) to each Holder a new Security
equal in principal amount to any unpurchased portion of the Securities surrendered, if any; provided that each new Security shall be in
a principal amount of U.S.$1,000 or any integral multiple in excess thereof. A Security shall be deemed to have been accepted for purchase
at the time the Trustee, directly or through an agent, mails or delivers payment therefor to the surrendering Holder. The Company or Suzano
shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
the foregoing, neither the Company nor Suzano shall be required to make a Change of Control Offer upon a Change of Control if (i)&nbsp;a
third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements, set forth
in this Indenture, that are applicable to a Change of Control Offer made by the Company or Suzano, and such third party purchases all
Securities properly tendered and not withdrawn under the Change of Control Offer or (ii)&nbsp;notice of redemption for all Outstanding
Securities has been given pursuant to &lrm;&lrm;Section&nbsp;1.06, unless and until there is a default in payment of the applicable redemption
price.</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and Suzano shall comply, to the extent applicable, with the requirements of Rule&nbsp;14e-1 of the Exchange Act and any other
applicable securities laws or regulations in connection with the repurchase of Securities pursuant to this &lrm;&lrm;Section&nbsp;10.13.
To the extent that the provisions of any applicable securities laws or regulations conflict with provisions of this &lrm;&lrm;Section&nbsp;10.13,
each of the Company and Suzano shall comply with the applicable securities laws and regulations and shall not be deemed to have breached
its obligations under this &lrm;Section&nbsp;10.13 by virtue of its compliance with such securities laws or regulations.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Notwithstanding
anything to the contrary contained in this &lrm;&lrm;Section&nbsp;10.13, a Change of Control Offer may be made in advance of a Change
of Control, conditioned upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control
at the time the Change of Control Offer is made.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>[<I>Reserved</I>]</U>.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Currency
Rate Indemnity</U>.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Unless
otherwise specified in any Board Resolution of the Company or indenture supplemental hereto establishing the terms of Securities of a
series in accordance with &lrm;Section&nbsp;3.01, the Company shall (to the extent lawful) indemnify the Trustee and the Holders of such
Securities and keep them indemnified against:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
the case of nonpayment by the Company of any amount due to the Trustee, on behalf of the Holders of such Securities, under the Indenture
any loss or damage incurred by any of them arising by reason of any variation between the rates of exchange used for the purposes of calculating
the amount due under a judgment or order in respect thereof and those prevailing at the date of actual payment by the Company; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
deficiency arising or resulting from any variation in rates of exchange between (i)&nbsp;the date as of which the local currency equivalent
of the amounts due or contingently due under the Indenture or in respect of such Securities is calculated for the purposes of any bankruptcy,
insolvency or liquidation of the Company, and (ii)&nbsp;the final date for ascertaining the amount of claims in such bankruptcy, insolvency
or liquidation. The amount of such deficiency shall be deemed not to be increased or reduced by any variation in rates of exchange occurring
between the said final date and the date of any bankruptcy, insolvency or liquidation or any distribution of assets in connection therewith.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company agrees that, if a judgment or order given or made by any court for the payment of any amount in respect of its obligations hereunder
is expressed in a currency (the &ldquo;<B>Judgment Currency</B>&rdquo;) other than the currency in which any Security or any premium or
interest thereon is payable (the &ldquo;<B>Denomination Currency</B>&rdquo;), it will indemnify the relevant Holder and the Trustee against
any deficiency arising or resulting from any variation in rates of exchange between the date at which the amount in the Denomination Currency
is notionally converted into the amount in the Judgment Currency for the purposes of such judgment or order and the date of actual payment
thereof.</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
above indemnities shall constitute separate and independent obligations of the Company from its obligations under the Indenture, will
give rise to separate and independent causes of action, will apply irrespective of any indulgence granted from time to time and will continue
in full force and effect notwithstanding any judgment or the filing of any proof or proofs in any bankruptcy, insolvency or liquidation
of the Company for a liquidated sum or sums in respect of amounts due under the Indenture or the Securities of a series.</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"><FONT STYLE="text-transform: uppercase">Article&nbsp;Eleven</FONT></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">REDEMPTION OF SECURITIES</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.01.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Applicability
of Article</U>.</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: 1in">Securities of any series which are redeemable before
their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by &lrm;Section&nbsp;3.01
for Securities of any series) in accordance with this Article.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.02.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Election
to Redeem; Notice to Trustee</U>.</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: 1in">The election of the Company to redeem any Securities
of any series or issuance shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of all or
less than all the Securities of any series (including any such redemption affecting only a single Security), the Company shall, at least
10 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be reasonably satisfactory to the Trustee), notify
the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor
of the Securities to be redeemed. In the case of any redemption of Securities (i)&nbsp;prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this Indenture or (ii)&nbsp;pursuant to an election of the Company
which is subject to a condition specified in the terms of the Securities, the Company shall furnish the Trustee with an Officers&rsquo;
Certificate evidencing compliance with such restriction.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.03.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Selection
of Securities to Be Redeemed</U>.</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: 1in">If less than all the Securities of any series are
to be redeemed (unless all of the Securities of such series and of a specified tenor are to be redeemed or unless such redemption affects
only a single Security), the particular Securities to be redeemed shall be selected less than 61 days prior to the Redemption Date, from
the Outstanding Securities of such series not previously called for redemption, in accordance with the then current rules&nbsp;and procedures
of the applicable Depositary, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination
which shall not be less than the minimum authorized denomination for such Security. The Trustee shall promptly notify the Company in writing
of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amounts thereof
to be redeemed.</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>

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<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: 1in">The provisions of the preceding paragraph shall not
apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In
the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination
(which shall not be less than the minimum authorized denomination) for such Security.</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: 1in">For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to
be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.04.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Notice
of Redemption</U>.</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: 1in">Notice of redemption shall be given in the manner
provided in &lrm;Section&nbsp;1.06 to each Holder of Securities to be redeemed (with a copy to the Trustee) not less than 15 nor more
than 60 days prior to the Redemption Date. Such notice may at the Company&rsquo;s option be subject to the satisfaction of one or more
conditions precedent, and such notice 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.</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: 1in">All notices of redemption shall state:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Redemption Date,</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Redemption Price, plus accrued interest and Additional Amounts, if any,</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>if
less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification
(and, in the case of partial redemption of any Securities, the principal amounts) of the particular Securities to be redeemed and if less
than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal amount of the particular
Security to be redeemed,</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>that
on the Redemption Date the Redemption Price, plus accrued interest, if any, will become due and payable upon each Security to be redeemed
and, if applicable, that interest thereon will cease to accrue on and after said date,</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
place or places where each Security to be redeemed is to be surrendered for payment of the Redemption Price, plus accrued interest and
Additional Amounts, if any,</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
current conversion price and the date on which the right to convert such Securities or portions thereof will expire,</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
conditions precedent, if any, to which such notice is subject; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
CUSIP or ISIN number or numbers, if any, with respect to each Security to be redeemed.</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: 1in">A notice of redemption published as contemplated
by &lrm;Section&nbsp;1.06 need not identify particular Global Securities to be redeemed.</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: 1in">Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company&rsquo;s request, by the Trustee in the name and at the
expense of the Company, and shall be irrevocable.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.05.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Deposit
of Redemption Price</U>.</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: 1in">Prior to 3:00 p.m., New York City time, on the Business
Day preceding any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as
its own Paying Agent, segregate and hold in trust as provided in &lrm;Section&nbsp;10.08) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be
redeemed (other than those theretofore surrendered for conversion) on that date.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.06.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Securities
Payable on Redemption Date</U>.</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: 1in">Notice of redemption having been given as aforesaid,
the Securities so to be redeemed shall, on the Redemption Date, subject to the satisfaction of any conditions precedent, become due and
payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption
in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to
the Redemption Date; provided however, that unless otherwise specified as contemplated by &lrm;Section&nbsp;3.01, installments of interest
on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms
and the provisions of &lrm;Section&nbsp;3.07.</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: 1in">If any Security called for redemption shall not be
so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date
at the rate prescribed therefor in the Security.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.07.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Securities
Redeemed in Part</U>.</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: 1in">Any Security which is to be redeemed only in part
shall be surrendered at a Place of Payment therefor (with, only in the case of Registered Securities, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transference satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver
to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal
of the Security so surrendered.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.08.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Optional
Redemption Due to Changes in Tax Treatment</U>.</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: 1in">Unless otherwise specified in a Board Resolution
or an indenture supplemental hereto, each series of Securities contained in one or more particular issues may be redeemed at the option
of the Company, in whole but not in part, at any time (except in the case of Securities that have a variable rate of interest, which may
be redeemed on any Interest Payment Date) at a Redemption Price equal to the principal amount thereof plus accrued interest to the date
fixed for redemption (except in the case of Outstanding Original Issue Discount Securities which may be redeemed at the Redemption Price
specified by the terms of such series of Securities) if as a result of any change in or amendment to the laws or any regulations or rulings
promulgated thereunder of the jurisdiction (or of any political subdivision or taxing authority thereof or therein) in which the Company
is incorporated (or, in the case of a successor Person to the Company, of the jurisdiction in which such successor Person is organized
or any political subdivision or taxing authority thereof or therein) or any change in the official application or interpretation of such
laws, regulations or rulings, or any change in the official application or interpretation of, or any execution of or amendment to, any
treaty or treaties affecting taxation to which such jurisdiction or such political subdivision or taxing authority (or such other jurisdiction
or political subdivision or taxing authority) is a party the Company or their successor incurs in any Additional Amounts, which change,
execution or amendment becomes effective on or after the date specified for such series pursuant to the terms of the Security or &lrm;Section&nbsp;3.01(10)&nbsp;(or
in the case of a successor Person to the Company, the date on which such successor Person became such pursuant to Sections &lrm;8.01 and
 &lrm;8.02).</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.09.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Mandatory
Redemption and Sinking Fund Payments</U>.</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: 1in">The Company is not required to make mandatory redemption
or sinking fund payments with respect to the Securities.</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"><FONT STYLE="text-transform: uppercase">Article&nbsp;Twelve</FONT></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">GUARANTEE</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;12.01.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Unconditional
Guarantee</U>.</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: 1in"><FONT STYLE="font-size: 10pt">Suzano hereby unconditionally
guarantees to each Holder of a Security authenticated and delivered by the Trustee, and to the Trustee on behalf of such Holder, the full
and punctual payment of the principal of (and premium, if any, on) and interest on such Security when and as the same shall become due
and payable, whether at Maturity, upon declaration of acceleration, redemption or otherwise, in accordance with the terms of such Security
and of this Indenture and all other amounts payable by the Company under this Indenture (the &ldquo;<B>Guarantee</B>&rdquo;). In case
of the failure of the Company punctually to make any such payment, Suzano hereby agrees</FONT> to pay or cause such payment to be made
punctually when and as the same shall become due and payable, whether at Maturity, upon declaration of acceleration or redemption or otherwise,
and as if such payment were made by the Company.</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>

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<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: 1in"><FONT STYLE="font-size: 10pt">Suzano </FONT>agrees
that its obligations hereunder shall be unconditional and absolute and, without limiting the generality of the foregoing, shall not be
released, discharged or otherwise affected by:</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: 1in">(a)&nbsp;any extension, renewal, settlement, compromise,
waiver or release in respect of any obligation of the Company under this Indenture or any Security, by operation of law or otherwise;</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: 1in">(b)&nbsp;any modification or amendment of or supplement
to this Indenture (other than this Article&nbsp;Twelve) or any Security;</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: 1in">(c)&nbsp;any change in the corporate existence, structure
or ownership of the Company, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company or its assets
or any resulting release or discharge of any obligation of the Company contained in this Indenture or any Security;</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: 1in">(d)&nbsp;the existence of any claim, set-off or other
rights which Suzano may have at any time against the Company, the Trustee or any other Person, whether in connection with this Indenture
or any unrelated transactions; provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim;</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: 1in">(e)&nbsp;any invalidity or unenforceability relating
to or against the Company for any reason of this Indenture or any Security, or any provision of applicable law or regulation purporting
to prohibit the payment by the Issuer of the principal of or interest on any Security or any other amount payable by the Company under
this Indenture;</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: 1in">(f)&nbsp;any other act or omission to act or delay
of any kind by the Company, the</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: 1in">Trustee or any other Person or any other circumstance
whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to Suzano&rsquo;s
obligations hereunder; or</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: 1in">(g)&nbsp;any defenses or benefits that may be derived
from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms of this
Indenture.</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: 1in">Suzano hereby waives any benefits to which it is
entitled under Articles 366, 827, 830, 834, 835, 837, 838,&nbsp;I and III, and 839 of the Brazilian Civil Code, and Article&nbsp;794 of
the Brazilian Code of Civil Procedure.</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>

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<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: 1in"><FONT STYLE="font-size: 10pt">The Guarantee shall
remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation or
reorganization, should the Company become insolvent or </FONT>make an assignment for the benefit of creditors or should a receiver or
trustee be&nbsp;appointed for all or any significant part of the Company&rsquo;s assets, and shall, to the fullest extent permitted by
law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Securities is, pursuant
to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by an obligee on the Securities whether as
a &ldquo;voidable preference,&rdquo; &ldquo;fraudulent transfer,&rdquo; or otherwise, all as though such payment or performance has not
been made.&nbsp; In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Securities shall,
to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, restored or returned.</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: 1in"><FONT STYLE="font-size: 10pt">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 </FONT>certain statutory preferences under applicable law, and senior in right of payment
to Suzano&rsquo;s subordinated debt.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;12.02.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Release
of Suzano</U>.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Concurrently
with any consolidation or merger of Suzano or conveyance, transfer or lease of all or substantially all of the assets of Suzano as permitted
by &lrm;Section&nbsp;8.01, and upon delivery to the Trustee of an Officer&rsquo;s Certificate and an Opinion of Counsel to the effect
that such consolidation, merger, sale, conveyance or lease was made in accordance with &lrm;Section&nbsp;8.01, the Trustee shall execute
any documents reasonably required in order to evidence the release of Suzano from its obligations under the Guarantee and under this &lrm;Article&nbsp;Twelve.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Concurrently
with the legal defeasance or the covenant defeasance of the Securities under &lrm;Section&nbsp;13.01, Suzano shall be released from all
of its obligations under the Guarantee and under this &lrm;Article&nbsp;Twelve.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;12.03.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Subrogation
and Contribution</U>.</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: 1in">Upon making any payment with respect to any obligation
of the Company under this&nbsp;&lrm;Article&nbsp;Twelve, Suzano making such payment will be subrogated to the rights of the payee against
the Company with respect to such obligation;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that Suzano shall not be entitled to enforce,
or to receive any payments arising out of or based upon, such right of subrogation until the principal of (and premium, if any, on) and
interest on all Securities of the applicable series shall have been paid in full.</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"><FONT STYLE="text-transform: uppercase">Article&nbsp;Thirteen</FONT></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">DEFEASANCE AND COVENANT DEFEASANCE</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.01.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Company&rsquo;s
Option to Effect Defeasance or Covenant Defeasance</U>.</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: 1in">The Company may elect, at its option at any time,
to have &lrm;Section&nbsp;13.02 or &lrm;Section&nbsp;13.03 applied to any Securities or any series of Securities designated pursuant to
 &lrm;Section&nbsp;3.01 as being defeasible pursuant to such &lrm;Section&nbsp;13.02 or &lrm;Section&nbsp;13.03, in accordance with any
applicable requirements provided pursuant to &lrm;Section&nbsp;3.01 and upon compliance with the conditions set forth below in this Article.
Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by &lrm;Section&nbsp;3.01 for
such Securities.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.02.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Defeasance
and Discharge</U>.</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: 1in">Upon the Company&rsquo;s exercise of its option to
have this Section&nbsp;applied to any Securities or any series of Securities, as the case may be, the Company shall be deemed to have
been discharged from its obligations with respect to such Securities or series of Securities as provided in this Section&nbsp;on and after
the date the conditions set forth in &lrm;Section&nbsp;13.04 are satisfied (hereinafter called &ldquo;<B>Defeasance</B>&rdquo;). For this
purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such
Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned
(and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which
shall survive until otherwise terminated or discharged hereunder: (i)&nbsp;the rights of Holders of such Securities to receive, solely
from the trust fund described in &lrm;Section&nbsp;13.04 and as more fully set forth in such Section, payments in respect of the principal
of and any premium and interest on such Securities when payments are due, (ii)&nbsp;the Company&rsquo;s obligations with respect to such
Securities under Sections &lrm;3.04, &lrm;3.05, &lrm;3.06 and 1.01, (iii)&nbsp;the rights, powers, trusts, duties, protections, indemnities
and immunities of the Trustee hereunder and (iv)&nbsp;this &lrm;Article&nbsp;Thirteen. Subject to compliance with this Article, the Company
may exercise its option to have this &lrm;Section&nbsp;13.02 applied to any Securities of a series notwithstanding the prior exercise
of its option to have &lrm;Section&nbsp;13.03 applied to such Securities.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.03.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Covenant
Defeasance</U>.</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: 1in">Upon the Company&rsquo;s exercise of its option to
have this Section&nbsp;applied to any Securities or any series of Securities, as the case maybe, (i)&nbsp;the Company shall be released
from any covenants provided pursuant to &lrm;Section&nbsp;3.01(23), &lrm;9.01(2)&nbsp;or &lrm;9.01(7)&nbsp;for the benefit of the Holders
of such Securities, and (ii)&nbsp;the occurrence of any event specified in &lrm;Section&nbsp;5.01(&lrm;3) shall be deemed not to be or
result in an Event of Default, in each case with respect to such Securities as provided in this Section&nbsp;on and after the date the
conditions set forth in &lrm;Section&nbsp;13.04 are satisfied (hereinafter called &ldquo;<B>Covenant Defeasance</B>&rdquo;). For this
purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such specified Section&nbsp;(to the extent so specified in the case of
 &lrm;Section&nbsp;5.01(&lrm;3)), whether directly or indirectly by reason of any reference elsewhere herein to any such Section&nbsp;or
by reason of any reference in any such Section&nbsp;to any other provision herein or in any other document, but the remainder of this
Indenture and such Securities shall be unaffected thereby.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.04.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Conditions
to Defeasance or Covenant Defeasance</U>.</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: 1in">The following shall be the conditions to the application
of &lrm;Section&nbsp;13.02 or &lrm;Section&nbsp;13.03 to any Securities or any series of Securities, as the case may be:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of making
the following payments, specifically pledged as security for, and dedicated solely to the benefit of the Holders of such Securities, (i)&nbsp;money
in an amount, or (ii)&nbsp;non-callable U.S. Government Obligations which through the scheduled payment of principal and interest in respect
thereof in accordance with their terms will provide, without reinvestment, not later than one day before the due date of any payment,
money in an amount, or (iii)&nbsp;a combination thereof, in each case sufficient, in the opinion of an internationally recognized firm
of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, without
reinvestment and which shall be applied by the Trustee to pay and discharge, the principal of and any premium, interest and Additional
Amounts on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As
used herein, &ldquo;<B>U.S. Government Obligation</B>&rdquo; means (x)&nbsp;any security which is (A)&nbsp;a direct obligation of the
United States of America for the payment of which the full faith and credit of the United States of America is pledged or (B)&nbsp;an
obligation of a Person controlled or supervised by and acting as any agency or instrumentality of the United States of America the payment
of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (A)&nbsp;or
(B), is not callable or redeemable at the option of the issuer thereof, and (y)&nbsp;any depositary receipt issued by a bank (as defined
in Section&nbsp;3(a)(2)&nbsp;of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in
Clause (x)&nbsp;above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific
payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any
amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principle or interest evidenced
by such depositary receipt.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event of any election to have &lrm;Section&nbsp;13.02 apply to any Securities or any series of Securities, as the case may be, the
Company shall have delivered to the Trustee an Opinion of Counsel stating that (i)&nbsp;the Company has received from, or there has been
published by, the Internal Revenue Service a ruling or (ii)&nbsp;since the date of this instrument, there has been a change in the applicable
U.S. Federal income tax law, in either case (i)&nbsp;or (ii)&nbsp;to the effect that, and based thereon such opinion shall confirm that,
the beneficial owners of such Securities will not recognize gain or loss for U.S. Federal income tax purposes as a result of the deposit,
Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same amount,
in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event of an election to have &lrm;Section&nbsp;13.03 apply to any Securities or any series of Securities, as the case may be, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the beneficial owners of such Securities will not
recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to the effected with respect
to such Security and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the
case if such deposit and Covenant Defeasance were not to occur.</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>

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<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 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>No
event which is, or after notice or lapse of time both would become, an Event of Default with respect to such Securities or any other Securities
shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections &lrm;5.01(&lrm;6),
 &lrm;5.01(&lrm;7), &lrm;5.01(&lrm;8) and &lrm;5.01(&lrm;9), at any time on or prior to the day which is 90 days after the date of such
deposit (it being understood that this condition shall not be deemed satisfied until after such day which is 90 days after the date of
such deposit).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Such
Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture
Act (assuming all Securities are in default within the meaning of such Act).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Such
Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or
instrument to which the Company is a party or by which it is bound.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Such
Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within the
meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company shall have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions
precedent with respect to such Defeasance or Covenant Defeasance have been complied with.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.05.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Deposited
Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions</U>.</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: 1in">Subject to the provisions of the last paragraph of
 &lrm;Section&nbsp;10.08, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant
to &lrm;Section&nbsp;13.04 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions
of such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting
as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in
respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent
required by law.</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: 1in">The Company shall pay and indemnify the Trustee against
any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to &lrm;Section&nbsp;13.04,
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account
of the Holders of Outstanding Securities.</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: 1in">Anything in this Article&nbsp;to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Order any money or U.S. Government Obligations held by it as provided
in &lrm;Section&nbsp;13.04 with respect to any Securities of any series that, in the opinion of an internationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof
which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such
Securities.</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>

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<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-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.06.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Reinstatement</U>.</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: 1in">If the Trustee or the Paying Agent is unable to apply
any money in accordance with this Article&nbsp;with respect to any Securities of any series by reason of any order of judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture
and such Securities from which the Company has been discharged or released pursuant to &lrm;Section&nbsp;13.02 or &lrm;Section&nbsp;13.03
shall be revived and reinstated as though no deposit had occurred pursuant to this Article&nbsp;with respect to such Securities in accordance
with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such Security
following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities
to receive such payment from the money so held in trust.</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: 1in">This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one
and the same instrument.</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 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.07.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Patriot
Act</U>.</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: 1in">In order to comply with the laws, rules, regulations
and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to
the funding of terrorist activities and money laundering, including Section&nbsp;326 of the USA PATRIOT Act of the United States (&ldquo;Applicable
Law&rdquo;), the Trustee is required to obtain, verify, record and update certain information relating to individuals and entities which
maintain a business relationship with the Trustee. Accordingly, each of the parties agree to provide to the Trustee, upon their request
from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee to
comply with Applicable Law.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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: 1in">IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed on their respective behalves, all as of the day and year first above written.</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUZANO NETHERLANDS B.V.,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Tiago Sousa Seixas</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tiago Sousa Seixas</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Justo Jose Gomez Palmes</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Justo Jose Gomez Palmes</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing 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>

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    <DIV STYLE="break-before: page; 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-indent: 1in">IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed on their respective behalves, all as of the day and year first above written.</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUZANO S.A.,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Guarantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Marcos Moreno Chagas Assump&ccedil;&atilde;o</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcos Moreno Chagas Assump&ccedil;&atilde;o</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice-President of Finance and Investor Relations</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Maria Luiza de Oliveira Pinto e Paiva</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maria Luiza de Oliveira Pinto e Paiva</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice-President of Sustainability, Communication and Brand</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>

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<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 1.5in; text-indent: 1in">The Bank of New York Mellon, not in its
individual capacity, but solely as Trustee</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Esther Antoine </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%"><FONT STYLE="font-size: 10pt">Esther Antoine</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Vice President</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>

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<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"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Annex
A </FONT>-- Form&nbsp;of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Regulation S Certificate</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">REGULATION S CERTIFICATE</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">(For transfers pursuant to (S)&nbsp;3.05(c)(i)&nbsp;and
(iii)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of this Indenture)</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="text-transform: uppercase">The Bank of new York</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">240 Greenwich Street, Floor 7 East,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10286</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="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>[%] Notes due
                                                              &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;of&#8239; Suzano Netherlands B.V.&#8239;(the &ldquo;Securities&rdquo;)</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; text-indent: 1in">Reference is made to the Indenture, dated as of September&nbsp;10,
2025 (the &ldquo;Indenture&rdquo;), between Suzano Netherlands B.V. (the &ldquo;Company&rdquo;) and The Bank of New York Mellon, as Trustee.
Terms used herein and defined in the Indenture or in Regulation S or Rule&nbsp;144 under the U.S. Securities Act of 1933 (the &ldquo;Securities
Act&rdquo;) are used herein as so defined. This certificate relates to [U.S.$____________] principal amount of Securities, which are evidenced
by the following certificate(s)&nbsp;(the &ldquo;Specified Securities&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; text-indent: 1in">[CUSIP No(s)._________________________________________]</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: 1in">[COMMON CODE No(s).________________________________]</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: 1in">ISIN No(s).___________________________________________</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: 1in">CERTIFICATE No(s).___________________________________</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">The person in whose name this certificate is executed below (the &ldquo;Undersigned&rdquo;)
hereby certifies that either (i)&nbsp;it is the sole beneficial owner of the Specified Securities, (ii)&nbsp;it is acting on behalf of
all the beneficial owners of the Specified Securities and is duly authorized by them to do so or (iii)&nbsp;it is the Holder of a Global
Security and has received a certification to the effect set forth below. Such beneficial owner or owners are referred to herein collectively
as the &ldquo;Owner&rdquo;. If the Specified Securities are not represented by a Global Security, they are registered in the name of the
Undersigned, as or on behalf of the Owner.</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: 1in">The Owner has requested that the Specified Securities
be transferred to a person (the &ldquo;Transferee&rdquo;) who will take delivery in the form of a Regulation S Security. In connection
with such transfer, the Owner hereby certifies or has certified that, unless such transfer is being effected pursuant to an effective
registration statement under the Securities Act, it is being effected in accordance with Rule&nbsp;904 of Regulation S or Rule&nbsp;144
under the Securities Act and with all applicable securities laws of the states of the United States and other jurisdictions. Accordingly,
the Owner hereby further certifies or has certified as follows:</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: 1in">(1)&nbsp; Rule&nbsp;904 Transfers. If the transfer
is being effected in accordance with Rule&nbsp;904 of Regulation S:</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 0pt 1in">(A)&nbsp;the Owner is not a distributor of the Securities,
an affiliate of the Company or any such distributor or a person acting on behalf of any of the foregoing;</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>

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<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">(B)&nbsp; the offer of the Specified Securities was not made
to a person in the United States or for the account or benefit of a U.S. Person;</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 0pt 1in">(C)&nbsp; either</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 0pt 1in">(i)&nbsp; at the time the buy order was originated, the Transferee
was outside the United States or the Owner and any person acting on its behalf reasonably believed that the Transferee was outside the
United States, or</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 0pt 1in">(ii)&nbsp;the transaction is being executed in, on or through
the facilities of the Eurobond market, as regulated by the International Securities Market Association or another designated offshore
securities market and neither the Owner nor any person acting on its behalf knows that the transaction has been prearranged with a buyer
in the United States;</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 0pt 1in">(D)&nbsp; no directed selling efforts have been made in the
United States by or on behalf of the Owner or any affiliate thereof;</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 0pt 1in">(E)&nbsp; if the Owner is a dealer in securities or has received
a selling concession, fee or other remuneration in respect of the Specified Securities, and the transfer is to occur during the Restricted
Period, then the requirements of Rule&nbsp;904(c)(1)&nbsp;have been satisfied; and</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 0pt 1in">(F)&nbsp; the transaction is not part of a plan or scheme to
evade the registration requirements of the Securities Act</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 0pt 1in">(2)&nbsp; Rule&nbsp;144 Transfers. If the transfer is being
effected pursuant to Rule&nbsp;144:</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 0pt 1in">(A)&nbsp; the transfer is occurring after [insert date six
months from date of issuance] and is being effected in accordance with the applicable amount, manner of sale and notice requirements of
Rule&nbsp;144; or</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 0pt 1in">(B)&nbsp; the transfer is occurring after [insert date one
year from date of issuance] and the Owner is not, and during the preceding three months has not been, an affiliate of the Company.</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>

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<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 certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the purchasers.</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">Dated:__________________________________</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: 1in">(Print the name of the Undersigned, as such term
is defined in the second paragraph of this certificate.)</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</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; text-indent: 1in">(if the Undersigned is a corporation, partnership
or fiduciary, the title of the person signing on behalf of the Undersigned must be stated.)</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: 1in">The signature(s)&nbsp;should be guaranteed by an
eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature
guarantee medallion program), pursuant to Exchange Act Rule&nbsp;17Ad-15.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Annex
B </FONT>-- Form&nbsp;of<BR>
Restricted Securities Certificate</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">RESTRICTED SECURITIES CERTIFICATE</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">(For transfers pursuant to (S)&nbsp;3.05(c)(ii),
(iii), (iv)&nbsp;and (v)&nbsp;of this Indenture)</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="text-transform: uppercase">The Bank of new York</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">240 Greenwich Street, Floor 7 East,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10286</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: 1in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>[%] Notes due [&#8239;&#8239; ] of Suzano Netherlands B.V. (the &ldquo;Securities&rdquo;)</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; text-indent: 1in">Reference is made to the Indenture, dated as of September&nbsp;10,
2025 (the &ldquo;Indenture&rdquo;), between Suzano Netherlands B.V. (the &ldquo;Company&rdquo;) and The Bank of New York Mellon, as Trustee.
Terms used herein and defined in the Indenture or in Relation S or Rule&nbsp;144 under the U.S. Securities Act of 1933 (the &ldquo;Securities
Act&rdquo;) are used herein as so defined.</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: 1in">This certificate relates to [U.S.$_____________]
principal amount of Securities, which are evidenced by the following certificate(s)&nbsp;(the &ldquo;Specified Securities&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; text-indent: 1in">[CUSIP No(s)._________________________________________]</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: 1in"><FONT STYLE="font-size: 10pt">[COMMON CODE No(s).________________________________]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT>ISIN No(s).___________________________________________</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: 1in">CERTIFICATE No(s).___________________________________</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: 1in">The person in whose name this certificate is executed
below (the &ldquo;Undersigned&rdquo;) hereby certifies that either (i)&nbsp;it is the sole beneficial owner of the Specified Securities,
(ii)&nbsp;it is acting on behalf of all the beneficial owners of the Specified Securities and is duly authorized by them to do so or (iii)&nbsp;it
is the Holder of a Global Security and has received a certification to the effect set forth below. Such beneficial owner or owners are
referred to herein collectively as the &ldquo;Owner&rdquo;. If the Specified Securities are not represented by a Global Security, they
are registered in the name of the Undersigned, as or on behalf of the Owner.</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: 1in">The Owner has requested that the Specified Securities
be transferred to a person (the &ldquo;Transferee&rdquo;) who will take delivery in the form of a Restricted Security. In connection with
such transfer, the Owner hereby certifies or has certified that, unless such transfer is being effected pursuant to an effective registration
statement under the Securities Act, it is being effected in accordance with Rule&nbsp;l44A or Rule&nbsp;144 under the Securities Act and
all applicable securities laws of the states of the United States and other jurisdictions. Accordingly, the Owner hereby further certifies
or has certified that:</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="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Rule&nbsp;144A Transfers. If the transfer is being effected in accordance with Rule&nbsp;144A:</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 0pt 1in">(A)&nbsp; the Specified Securities are being transferred to
a person that the Owner and any person acting on its behalf reasonably believe is a &ldquo;qualified institutional buyer&rdquo; within
the meaning of Rule&nbsp;144A, acquiring for its own account or for the account of a qualified institutional buyer; and</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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">(B)&nbsp;the Owner and any person acting on its behalf have
taken reasonable steps to ensure that the Transferee is aware that the Owner may be relying on Rule&nbsp;l44A in connection with the transfer.</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 0pt 1in">(2)&nbsp; Rule&nbsp;144 Transfers. If the transfer is being
effected pursuant to Rule&nbsp;144:</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 0pt 1in">(A)&nbsp;the transfer is occurring after [insert date six months
after initial date of issuance] and is being effected in accordance with the applicable amount, manner of sale and notice requirements
of Rule&nbsp;144</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 0pt 1in">(B)&nbsp;the transfer is occurring after [insert date one year
after initial date of issuance] and the Owner is not, and during the preceding three months has not been, an affiliate of the Company.
This certificate and the statements contained herein are made for your benefit and the benefit of the Company and the purchasers.</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">Dated: _________________________</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: 1in">(Print the name of the Undersigned, as such term
is defined in the second paragraph of this certificate.)</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</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; text-indent: 1in">(If the Undersigned is a corporation, partnership
or fiduciary, the title of the person signing on behalf of the Undersigned must be stated.)</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: 1in">The signature(s)&nbsp;should be guaranteed by an
eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature
guarantee medallion program), pursuant to Exchange Act Rule&nbsp;17Ad-15.</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>

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<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"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Annex
C </FONT>-- Form&nbsp;of<BR>
Unrestricted Securities Certificate</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">UNRESTRICTED SECURITIES CERTIFICATE</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">(For removal of Securities Act legends pursuant
to (S)&nbsp;3.05(d))</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="text-transform: uppercase">The Bank of new York</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">240 Greenwich Street, Floor 7 East,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10286</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: 1in">Re: &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;[%] Notes due&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; of Suzano Netherlands B.V. (the
 &ldquo;Securities&rdquo;) Reference is made to the Indenture, dated as of September&nbsp;10, 2025 (the &ldquo;Indenture&rdquo;), between
Suzano Netherlands B.V. (the &ldquo;Company&rdquo;) and The Bank of New York Mellon, as Trustee. Terms used herein and defined in the
Indenture or in Regulation S or Rule&nbsp;144 under the U.S. Securities Act of 1933 (the &ldquo;Securities Act&rdquo;) are used herein
as so defined.</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: 1in">This certificate relates to [U.S.$____________] principal
amount of Securities, which are evidenced by the following certificate(s)&nbsp;(the &ldquo;Specified Securities&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; text-indent: 1in">[CUSIP No(s). __________________________________]</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 0pt 1in">[COMMON CODE No(s). _________________________]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">ISIN No(s)._____________________________________</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: 1in">CERTIFICATE No(s)._____________________________</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: 1in">The person in whose name this certificate is executed
below (the &ldquo;Undersigned&rdquo;) hereby certifies that either (i)&nbsp;it is the sole beneficial owner of the Specified Securities,
(ii)&nbsp;it is acting on behalf of all the beneficial owners of the Specified Securities and is duly authorized by them to do so or (iii)&nbsp;it
is the Holder of a Global Security and has received a certification to the effect set forth below. Such beneficial owner or owners are
referred to herein collectively as the &ldquo;Owner&rdquo;. If the Specified Securities are not represented by a Global Security, they
are registered in the name of the Undersigned, as or on behalf of the Owner.</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: 1in">The Owner has requested that the Specified Securities
be exchanged for Securities bearing no Securities Act legend pursuant to Section&nbsp;3.06(d)&nbsp;of the Indenture. In connection with
such exchange, the Owner hereby certifies or has certified that the exchange is occurring after [insert applicable date] and the Owner
is not, and during the preceding three months has not been, an affiliate of the Company. The Owner also acknowledges or has acknowledged
that any future transfers of the Specified Securities must comply with all applicable securities laws of the states of the United States
and other jurisdictions.</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: 1in">This certificate and the statements contained herein
we made for your benefit and the benefit of the Company and the purchasers.</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>

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<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">Dated: ___________________________</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: 1in">(Print the name of the Undersigned, as such term
is defined in the second paragraph of this certificate.)</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</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; text-indent: 1in">(If the Undersigned is a corporation, partnership
or fiduciary, the title of the person signing on behalf of the Undersigned must be stated.)</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: 1in">The signature(s)&nbsp;should be guaranteed by an
eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature
guarantee medallion program), pursuant to Exchange Act Rule&nbsp;17Ad-15.</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>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>tm2524938d10_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<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"><FONT><I>Exhibit&nbsp;4.2</I></FONT></P>

<P STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><I>&nbsp;</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; text-align: center">SUZANO NETHERLANDS B.V.</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">Company</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">SUZANO S.A.</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">Guarantor</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">AND</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">THE BANK OF NEW YORK MELLON</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">Trustee</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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">FIRST SUPPLEMENTAL INDENTURE</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">Dated as of September&nbsp;10, 2025</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"></P>

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

<P STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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>FIRST SUPPLEMENTAL INDENTURE</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; text-align: justify; text-indent: 0.5in">FIRST SUPPLEMENTAL INDENTURE
(this &ldquo;<B>First Supplemental Indenture</B>&rdquo;), dated as of September&nbsp;10, 2025, by and among Suzano Netherlands B.V., a
private company with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>) incorporated under the laws of the
Netherlands, with its corporate seat (<I>statutaire zetel</I>) in Amsterdam, Netherlands, and registered with the trade register of the
Dutch chamber of commerce under 92243207 (the &ldquo;<B>Company</B>&rdquo;), 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 The Bank of New York Mellon, a New York banking corporation, as trustee, registrar, paying agent and transfer agent (herein
called the &ldquo;<B>Trustee</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; text-align: center">W I T N E S S E T H:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Company, the Guarantor and the Trustee have executed and delivered an Indenture dated as of September&nbsp;10, 2025, as heretofore
supplemented (the &ldquo;<B>Base Indenture</B>,&rdquo; and together with the First Supplemental Indenture, the &ldquo;<B>Indenture</B>&rdquo;),
to provide for the issuance from time to time of the Company&rsquo;s unsecured notes in one or more series (the &ldquo;<B>Securities</B>&rdquo;),
including the Notes (as defined below).</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
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.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Board of the Company have authorized the entry into this First Supplemental Indenture and the establishment of the Notes, as required
by Section&nbsp;9.01 of the Base Indenture.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the parties hereto desire to establish a series of Securities to be known as the 5.500% Notes due 2036 (the &ldquo;<B>Notes</B>&rdquo;),
issued pursuant to Registration Statements on Form&nbsp;F3 (File Nos. 333-286881, 333-286881-01 and 333-286881-02) (the &ldquo;<B>Registration
Statement</B>&rdquo;), dated April&nbsp;30, 2025, the Prospectus Supplement dated September&nbsp;3, 2025 and related Base Prospectus dated
April&nbsp;30, 2025, and to Sections 2.01 and 3.01 of the Base Indenture. 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.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Company has requested and hereby requests that the Trustee execute and deliver this First Supplemental Indenture and the Company has
provided the Trustee with a Board Resolution authorizing the execution of this First Supplemental Indenture.</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">All actions required by the Company to be taken
in order to make this 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 First Supplemental Indenture has been duly authorized in all respects.</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>

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<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: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B></FONT>, 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:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;1</B></FONT><B><BR>
DEFINITIONS</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.01.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Defined Terms</U>. 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 First Supplemental Indenture.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.02.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Additional
Definitions</U>. For all purposes of this 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.</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Authorized
Officers</B>&rdquo; </FONT>has the meaning set forth in Section&nbsp;4.07 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 0pt 0.5in; text-align: justify">&ldquo;<B>Closing Date</B>&rdquo; means
September&nbsp;10, 2025.</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Electronic
Means</B>&rdquo; </FONT>has the meaning set forth in Section&nbsp;4.07 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 0pt 0.5in; text-align: justify">&ldquo;<B>First Supplemental Indenture</B>&rdquo;
has the meaning set forth in the preamble 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 0pt 0.5in; text-align: justify">&ldquo;<B>Instructions</B>&rdquo; has
the meaning set forth in Section&nbsp;4.07 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 0pt 0.5in; text-align: justify">&ldquo;<B>Interest Payment Date</B>&rdquo;
has the meaning set forth in Section&nbsp;2.01(v)&nbsp;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 0pt 0.5in; text-align: justify">&ldquo;<B>Interest Payment Record Date</B>&rdquo;
means January&nbsp;13 and July&nbsp;13 of each year.</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 0pt 0.5in; text-align: justify">&ldquo;<B>Maturity Date</B>&rdquo; has
the meaning set forth in Section&nbsp;2.01(iv)&nbsp;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 0pt 0.5in; text-align: justify">&ldquo;<B>Minimum Withholding Level</B>&rdquo;
has the meaning set forth in Section&nbsp;2.01(xiii)&nbsp;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 0pt 0.5in; text-align: justify">&ldquo;<B>Notes</B>&rdquo; has the meaning
set forth in the preamble 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 0pt 0.5in; text-align: justify">&ldquo;<B>Par Call Date</B>&rdquo; means
October&nbsp;15, 2035.</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 0pt 0.5in; text-align: justify">&ldquo;<B>Payment Account</B>&rdquo;
has the meaning set forth in Section&nbsp;2.01(viii)&nbsp;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 0pt 0.5in; text-align: justify">&ldquo;<B>Rate of Interest</B>&rdquo;
has the meaning set forth in Section&nbsp;2.01(v)&nbsp;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 0pt 0.5in; text-align: justify">&ldquo;<B>Treasury Rate</B>&rdquo; means,
with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.</P>

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

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<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 0.5in; text-align: justify; text-indent: 0.5in">The Treasury Rate
shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are
posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon
the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by
the Board of Governors of the Federal Reserve System designated as &ldquo;Selected Interest Rates (Daily) - H.15&rdquo; (or any successor
designation or publication) (&ldquo;H.15&rdquo;) under the caption &ldquo;U.S. government securities&mdash;Treasury constant maturities&mdash;Nominal&rdquo;
(or any successor caption or heading) (&ldquo;H.15 TCM&rdquo;). In determining the Treasury Rate, the Company shall select, as applicable:
(1)&nbsp;the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date
(the &ldquo;Remaining Life&rdquo;); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining
Life, the two yields &mdash; one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield
corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life &mdash; and shall interpolate to the
Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places;
or (3)&nbsp;if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single
Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity
or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such
Treasury constant maturity from the redemption date.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">If on the third
business day preceding the redemption date H.15 or any successor designation or publication is no longer published, the Company shall
calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York
City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity
that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but
there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity
date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States
Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing
on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall
select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par
based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining
the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury
security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New
York City time, of such United States Treasury security, and rounded to three decimal places. The Company&rsquo;s actions and determinations
in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;2</B></FONT><B><BR>
TERMS OF THE NOTES</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.01.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>General</U>.
In accordance with Section&nbsp;3.01 of the Base Indenture, the following terms relating to the Notes are hereby established:</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Title</U>:
The Notes shall constitute a series of Securities having the title &ldquo;5.500% Global Notes due 2036&rdquo;.</P>

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

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<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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Aggregate
Amount</U>: The aggregate principal amount of the Notes that may be authenticated and delivered under this First Supplemental Indenture
shall be U.S.$1,000,000,000. 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.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Ranking</U>:
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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Maturity</U>:
The entire outstanding principal of the Notes shall be payable in a single installment on January&nbsp;15, 2036 (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.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Interest</U>:
The Notes bear interest from and including September&nbsp;10, 2025, at a rate of 5.500% per annum (the &ldquo;<B>Rate of Interest</B>&rdquo;).
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, 2026, 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.</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>

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<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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>[Reserved]</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>[Reserved]</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><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.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><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.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Guarantee</U>:
The Notes shall have the benefit of the Guarantee in the manner provided in Article&nbsp;3 of this First Supplemental Indenture.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Rating</U>:
The Notes can be issued without the requirement that they have any rating from a nationally recognized statistical rating organization.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Optional
Redemption</U>. The Notes are subject to redemption at the Company&rsquo;s option prior to the Par Call Date in whole or in part, at
any time, by paying the greater of (1)&nbsp;100% of the principal amount of such Notes and (2)&nbsp;the sum of the present values, calculated
as of the redemption date, of the remaining scheduled payments of principal and interest thereon as if the Notes were redeemed on the
Par Call Date, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus 25 basis points, less interest accrued to the date of redemption, and (2)&nbsp;100% of the principal amount
of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">Beginning on the Par Call Date, the Company will
have the right to redeem the Notes, in whole or in part, 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.</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">On and after the redemption date, interest will
cease to accrue on the Notes or any portion of the Notes called for redemption (unless we default in the payment of the redemption price
and accrued and unpaid interest). On or before the redemption date, we will deposit with the trustee money sufficient to pay the redemption
price of and (unless the redemption date shall be an interest payment date) accrued and unpaid interest to the redemption date on the
Notes to be redeemed on such date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected pursuant
to the terms of the indenture.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Optional
Tax Redemption</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 Relevant 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 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 Low or Nil Tax Jurisdiction) 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.</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>

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<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">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
Company 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 Company to effect the redemption have
been obtained and are in full force and effect.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Redemption
Following a Tender Offer</U>. Notwithstanding the foregoing, in connection with any tender offer for the Notes, in the event that the
Holders of not less than 85% of the aggregate principal amount of the outstanding Notes validly tender and do not validly withdraw Notes
in such tender offer or a third party purchases all the Notes held by such Holders, then the Company shall have the right, on not less
than 10 nor more than 60 days&rsquo; prior notice, given not more than 30 days following such purchase date, to redeem all of the Notes
that remain outstanding following such purchase at a price equal to the price paid to each other Holder in such tender offer, plus, to
the extent not included in the purchase price, accrued and unpaid interest and Additional Amounts, if any, on the Notes that remain outstanding,
to the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant
interest payment date).</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Conversion</U>:
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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvi)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Defeasance</U>:
The provisions of Sections 13.01, 13.02 and 13.03 of the Base Indenture shall apply to the Notes.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvii)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Covenants</U>:
The Notes will be subject to the covenants set forth in Article&nbsp;10 of the Base Indenture.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xviii)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Registration</U>:
The Notes are SEC Registered Securities.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;3</B></FONT><B><BR>
GUARANTEE</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.01.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Execution</U>.
The Trustee is hereby authorized and directed to acknowledge the Guarantee and to perform all of its duties and obligations thereunder.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.02.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Enforcement</U>.
The Trustee shall enforce the provisions of the Guarantee against Suzano in accordance with the terms thereof and the terms of the Indenture,
and Suzano, by execution of this First Supplemental Indenture, and by so agreeing to become a party to the Indenture, agrees that each
Holder shall have direct rights under the Guarantee as if it were a party thereto.</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">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.</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>

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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.03.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><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.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;4</B></FONT><B><BR>
MISCELLANEOUS</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.01.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Effect
of the First Supplemental Indenture</U>. This 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 First Supplemental Indenture, is in all respects ratified
and confirmed, and the Base Indenture and this First Supplemental Indenture shall be read, taken and construed as one and the same instrument.
All provisions included in this First Supplemental Indenture supersede any conflicting provisions included in the Base Indenture unless
not permitted by law. The provisions of this 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 First Supplemental Indenture. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this
First Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this
First Supplemental Indenture.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.02.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Governing
Law</U>. This First Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.03.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Trustee
Makes No Representation</U>. In entering into this 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 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 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 Company
and the Guarantor), (iii)&nbsp;as to the due execution hereof by the Company and the Guarantor, or (iv)&nbsp;as to the consequences of
any amendment and/or waiver herein provided for.</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>

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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.04.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Effect
of Headings</U>. The section headings herein are for convenience only and shall not affect the construction of this First Supplemental
Indenture.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.05.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Counterparts</U>.
The parties may sign any number of copies of this 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 First Supplemental Indenture and of signature pages&nbsp;by PDF
transmission shall constitute effective execution and delivery of this 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.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.06.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><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.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.07.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Notice
to Holders of Securities; Waiver</U>. Unless otherwise herein expressly provided, where this Indenture provides for notice to Holders
of any event, such notice shall be sufficiently given to Holders of Securities if in writing and mailed, first-class postage prepaid,
or delivered by hand or overnight courier to each Holder of a Security affected by such event, at its address as it appears in the Security
Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such
notice.</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">In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice to Holders of Securities by mail, then such
notification as shall be given with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.
In any case where notice to Holders of Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice
so mailed, to any particular Holder of a Security shall affect the sufficiency of such notice with respect to other Holders of Securities.</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">Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon such waiver.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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">The Trustee shall have the right to accept and
act upon instructions, including funds transfer instructions (&ldquo;<B>Instructions</B>&rdquo;) given pursuant to this Indenture and
delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers
with the authority to provide such Instructions (&ldquo;<B>Authorized Officers</B>&rdquo;) and containing specimen signatures of such
Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the
listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act
upon such Instructions, the Trustee&rsquo;s understanding of such Instructions shall be deemed controlling. The Company understands and
agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively
presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee
have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions
to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable
user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee&rsquo;s reliance upon and compliance with such Instructions
notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i)&nbsp;to assume
all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the
Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii)&nbsp;that it is fully informed
of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more
secure methods of transmitting Instructions than the method(s)&nbsp;selected by the Company; (iii)&nbsp;that the security procedures (if
any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in
light of its particular needs and circumstances; and (iv)&nbsp;to notify the Trustee immediately upon learning of any compromise or unauthorized
use of the security procedures.</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">&ldquo;<B>Electronic Means</B>&rdquo; shall mean
the following communications methods: e-mail, secure electronic transmission containing applicable authorization codes, passwords and/or
authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with
its services hereunder.</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">[SIGNATURE PAGE TO FOLLOW IMMEDIATELY]</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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">IN WITNESS WHEREOF, the parties
hereto have caused this First Supplemental Indenture to be duly executed on their respective be halves, all as of the day and year first
above written.</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%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">SUZANO NETHERLANDS B.V.,</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">as the Company</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">/s/ Tiago Sousa Seixas</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%"><FONT STYLE="font-size: 10pt">Tiago Sousa Seixas</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Managing Director</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%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">/s/ Justo Jose Gomez Palmes</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%"><FONT STYLE="font-size: 10pt">Justo Jose Gomez Palmes</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD></TR>
  </TABLE>

<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"><I>[Signature page&nbsp;to
the First Supplemental Indenture]</I></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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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">IN WITNESS WHEREOF, the parties
hereto have caused this First Supplemental Indenture to be duly executed on their respective be halves, all as of the day and year first
above written.</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">SUZANO S.A.,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">as Guarantor</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Marcos Moreno Chagas Assump&ccedil;&atilde;o</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcos Moreno Chagas Assump&ccedil;&atilde;o</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice-President of Finance and Investor Relations</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Maria Luiza de Oliveira Pinto e Paiva</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maria Luiza de Oliveira Pinto e Paiva</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice-President of Sustainability, Communication and Brand</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; text-align: center"><FONT><I>[Signature
page&nbsp;to the First Supplemental Indenture]</I></FONT></P>

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

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    <DIV STYLE="break-before: page; 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"></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">IN WITNESS WHEREOF, the parties
have caused this First Supplemental Indenture to be duly executed as of the date first written above.</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%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><B>THE BANK OF NEW YORK MELLON</B>, as Trustee</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Esther Antoine </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 42%"><FONT STYLE="font-size: 10pt">Esther Antoine</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Vice President</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; text-align: center"><FONT><I>[Signature
page&nbsp;to the First Supplemental Indenture]</I></FONT></P>

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

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    <DIV STYLE="break-before: page; 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">EXHIBIT&nbsp;A</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&nbsp;OF GLOBAL SECURITY</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&nbsp;OF FACE OF NEW SECURITY]</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">[Global Securities Legend]</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">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.</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">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
COMPANY 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.</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>

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>U.S.$</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">SUZANO NETHERLANDS B.V.</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">5.500% Global Notes due January&nbsp;15, 2036</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">Date: ___________</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">No.&nbsp;___________ CUSIP NO. ___________</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN
NO. </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; text-align: justify; text-indent: 1in">This Security is one of a duly
authorized issue of securities of SUZANO NETHERLANDS B.V., a private company with limited liability (<I>besloten vennootschap met beperkte
aansprakelijkheid</I>) incorporated under the laws of the Netherlands, with its corporate seat (<I>statutaire zetel</I>) in Amsterdam,
Netherlands, and registered with the trade register of the Dutch chamber of commerce under 92243207 (the &ldquo;<B>Company</B>&rdquo;),
designated as its 5.500% Global Notes due January&nbsp;15, 2036 (the &ldquo;<B>Securities</B>&rdquo;), issued in an initial aggregate
principal amount of U.S.$1,000,000,000 as revised by the Schedule of Increases and Decreased attached hereto, under the First Supplemental
Indenture (the &ldquo;<B>First Supplemental Indenture</B>&rdquo;), dated as of September&nbsp;10, 2025, by and among the Company, 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 The Bank of New York Mellon, a New York banking corporation, as Trustee (the &ldquo;<B>Trustee</B>&rdquo;),
to the Indenture, dated as of September&nbsp;10, 2025 (the &ldquo;<B>Base Indenture</B>,&rdquo; and as supplemented by the 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.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, for value received, hereby promises to pay to ___________, </FONT>or its registered assigns [If applicable, insert - - as nominee
of ___________], and as the Holder of record of this Security, U.S.$500,000,000 as revised by the Schedules of Increases and Decreases
attached hereto ___________ 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.</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
provided for in the Indenture, the Company promises to pay interest on the </FONT>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<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>at a rate equal to 5.500% 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 January&nbsp;13 or July&nbsp;13 immediately preceding such interest payment.</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>

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    <DIV STYLE="break-before: page; 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
of the principal of and interest on this Security will be payable by wire </FONT>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 5.500% 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.</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: 1in">The Securities are subject to
redemption by the Company on the terms and conditions specified in the Indenture.</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: 1in">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.</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: 1in">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.</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: 1in">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.</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: 1in">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.</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>

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    <DIV STYLE="break-before: page; 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: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed.</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%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Suzano Netherlands B.V.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</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%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</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; text-align: justify">Dated:&#8239;&#8239;&#8239;, 2025</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>

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    <DIV STYLE="break-before: page; 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: justify">TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</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"><B>The Bank of New York Mellon</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; text-align: justify">as Trustee, certifies that this is one of the
Securities referred to in the Indenture.</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%; border-collapse: collapse">
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    <TD STYLE="vertical-align: bottom; width: 3%; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 47%; font-size: 10pt">&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="vertical-align: top; width: 50%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Authorized Signatory</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; text-align: justify">Dated: _____, 2025</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>

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<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">Reverse of Global Security</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: 1in">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 September&nbsp;10, 2025, 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 The Bank of New York Mellon,
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.</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: 1in">Prior to October&nbsp;15, 2035
(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.</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: 1in">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, Dutch or other relevant jurisdictions&rsquo; tax laws.</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: 1in">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. 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. Any conditions precedent shall be described in such notice.</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: 1in">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.</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: 1in">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.)</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: 1in">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.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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: 1in">If any deduction or withholding
for any present or future taxes, assessments or other governmental charges of Brazil or the Netherlands (or any political subdivision
or taxing authority thereof or therein) shall at any time be required by Brazil or the Netherlands (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 the Netherlands, 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:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(a)</I></FONT><I><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></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 the Netherlands 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;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(b)</I></FONT><I><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></I>any
estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(c)</I></FONT><I><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></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;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(d)</I></FONT><I><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></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;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(e)</I></FONT><I><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></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 the Netherlands as a precondition to exemption from all or part of such tax, assessment
or other governmental charge;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(f)</I></FONT><I><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></I>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</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(g)</I></FONT><I><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></I>any
combination of items (a), (b), (c), (d), (e)&nbsp;and (f)&nbsp;above;</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">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 the Netherlands (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.</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: 1in">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.</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: 1in">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.</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: 1in">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.</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>

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<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: 1in">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.</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: 1in">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.</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: 1in">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.</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: 1in">The Indenture and the Securities
shall be governed by and construed in accordance with the laws of the State of New York.</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: 1in">All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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>SCHEDULE 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; text-align: center"><B>SCHEDULE OF PRINCIPAL AMOUNT</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; text-align: justify; text-indent: 1in">The initial principal amount
of this Security shall be U.S.$___________. The following decreases/increases in the principal amount of this Security have been made:</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%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of<BR>
Decrease/Increase</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decrease in<BR>
Principal<BR>
Amount</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase in<BR>
Principal<BR>
Amount</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 19%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Principal<BR>
Amount<BR>
Following Such<BR>
Decrease/Increase</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 19%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notation Made<BR>
by or on Behalf<BR>
of Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2524938d10_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><IMG SRC="tm2524938d10_ex5-1img01.jpg" ALT="" STYLE="height: 100px; width: 210px"></TD>
    <TD COLSPAN="1" STYLE="vertical-align: top; text-align: right; font: 10pt Times New Roman, Times, Serif">Machado, Meyer, Sendacz e Opice Advogados<BR>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Rua
Jos&eacute; Gon&ccedil;alves de Oliveira, n&ordm; 116, 5&ordm; andar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Itaim
Bibi, S&atilde;o Paulo, SP, Brasil, 01453-050</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+55 (11) 3150-7000</P>


</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">S&atilde;o Paulo, September 10, 2025.</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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Av. Professor Magalh&atilde;es Neto, 1752, 10th floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Salvador, Bahia, CEP 41810-012</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; text-align: justify">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as Brazilian counsel to Suzano S.A
(&ldquo;<B>Guarantor</B>&rdquo;), a <I>sociedade an&ocirc;nima</I>&nbsp;(corporation) organized under the laws of the Federative Republic
of Brazil (&ldquo;<B>Brazil</B>&rdquo;) in connection with the offering by Suzano Netherlands B.V. (the &ldquo;<B>Company</B>&rdquo;),
pursuant to shelf registration statement on Form F-3, filed with the U.S. Securities and Exchange Commission (the &quot;<B>SEC</B>&quot;)
on April 30, 2025, as amended as of its most recent effective date and the documents incorporated by reference therein (the &quot;<B>Registration
Statement</B>&quot;) under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), of US$1,000,000,000 (one
billion US Dollars) aggregate principal amount of 5.500% global notes due 2036 (the &ldquo;<B>Notes</B>&rdquo;), fully and unconditionally
guaranteed by the Guarantor (the &quot;<B>Guarantee</B>&quot; and, together with the Notes, the &ldquo;<B>Securities</B>&rdquo;), pursuant
to indenture, dated as of September 10, as supplemented by a supplemental indenture dated as of September 10, among the Company, the Guarantor
and The Bank of New York Mellon, as the trustee (the &ldquo;<B>Supplemental Indenture</B>&rdquo;) (the &ldquo;<B>Indenture</B>&rdquo;).&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">All capitalized terms used herein and not otherwise
defined shall have the meanings assigned to such terms in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="background-color: white">We
have not undertaken any investigation of the laws of any jurisdiction outside Brazil and this opinion is given solely in respect of Brazilian
law as effective on the date hereof, and not in respect of any other law. In particular, we have made no independent investigation of
the laws of the State of New York and do not express or imply any opinion on such laws. This opinion is issued solely for the purposes
of the filing of the Registration Statement and is not to be relied upon in respect of any other matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">For the purposes of giving this opinion
we have examined originals or copies, certified or otherwise identified to our satisfaction, of the <B>(a)</B> Registration Statement,
<B>(b)</B> the Indenture and the Guarantee included therein, <B>(c)</B> the Notes, <B>(d)</B> the Guarantor&rsquo;s corporate documents,
and <B>(e)</B> such other documents and instruments, and such matters of law as we have deemed necessary or appropriate in connection
with the opinions expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">In rendering the opinions expressed
below, we have assumed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&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="padding-bottom: 5pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.5in">(i)</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">all Securities will be issued and sold in compliance with all applicable laws and
in the manner stated in the Registration Statement and the Indenture;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.5in">(ii)</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">the underwriting agreement entered into by and among the Guarantor, the Company,
and other parties on September 3, 2025 (&ldquo;<B>Underwriting Agreement</B>&rdquo;), has been duly authorized and validly executed and
delivered by the all the parties thereto (except the Guarantor, to the extent such execution and delivery is governed by Brazilian law);</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 5pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 5pt; width: 0.5in">(iii)</TD><TD STYLE="padding-bottom: 5pt; text-align: justify">the validity and enforceability of the Indenture, the Notes and the Underwriting
Agreement under the laws governing such documents (other than the laws of Brazil) and, to the extent that any obligation under the Indenture
is to be performed in, or is otherwise subject to the laws of, any jurisdiction other than Brazil, the legality of such performance under
the laws of such jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We have relied as to factual matters
upon, and have assumed the accuracy of, representations, statements and certificates of or from public officials and of or from officers
and representatives of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Based upon the foregoing, and subject
to each and all of the limitations, qualifications and assumptions set forth herein, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; width: 24px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Guarantor is a <I>sociedade an&ocirc;nima</I> (corporation) duly organized and validly existing under the laws of Brazil;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; width: 24px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Guarantor has the corporate power to, and all necessary corporate action has been taken to execute and deliver the Indenture;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; width: 24px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Indenture has been duly authorized, executed and delivered by the Guarantor and, assuming due authorization, execution and delivery thereof by the other parties thereto, constitutes a legal, valid and binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; width: 24px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Guarantee has been duly authorized, executed and delivered by the Guarantor and, when the Notes are authenticated as provided in the Indenture and delivered against payment therefore as provided in the Underwriting Agreement, the Guarantee will have been duly issued and will constitute a legal, valid, and binding obligation of the Guarantor.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><IMG SRC="tm2524938d10_ex5-1img02.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The opinions set forth above are subject
to the following qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; width: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; width: 92%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enforcement may be limited by bankruptcy, insolvency, fraudulent transfer, judicial and out-of-court reorganization proceedings, moratorium, liquidation and other laws of general application relating to or affecting the rights of creditors. Claims for certain statutory credits will have preference over any claims, including secured ones. If the obligation of the Guarantor under the Indenture and the Guarantee is deemed to be a free of charge obligation (<I>obriga&ccedil;&atilde;o a t&iacute;tulo gratuito</I>), no assurances can be given that such obligation will be enforceable against such Guarantor under judicial reorganization or bankruptcy proceedings filed by or brought against such Guarantor, pursuant to the Brazilian bankruptcy law (Law No. 11,101, of February 9, 2005, as amended);</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; width: 24px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in order to ensure the admission and enforceability of the Indenture and the Securities, as the case may be, before the public agencies and courts in Brazil (i) the signatures of the parties thereto signing outside of Brazil shall have been notarized by a notary public licensed as such under the law of the place of signing and the signature of such notary public shall have been legalized by a Brazilian Consulate or be apostilled in accordance with the Convention Abolishing the Requirement of Legalization for Foreign Public Documents dated as of October 5, 1961, pursuant to the Decree 8,660 dated as of January 29, 2016, and those documents shall have been translated into Portuguese by a sworn translator, except if such procedures were exempted by an international treaty entered into by Brazil, and (ii) the Indenture, the Securities and their respective sworn translations shall have been registered with the appropriate Registry of Titles and Deeds in Brazil, together with their sworn translations; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; width: 24px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 5pt; width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any final judgment against the Guarantor rendered by any non-Brazilian courts will only be enforceable in the courts of Brazil if ratified by the Brazilian Superior Court of Justice (<I>Superior Tribunal de Justi&ccedil;a</I>), without any retrial or re-examination of the merits of the original action, provided that such foreign judgment must meet the following conditions: (i) it must comply with all formalities necessary for its enforcement under the laws of the place where it was rendered; (ii) it must have been issued by a competent court after the proper service of process on the parties; (iii) it must not be subject to appeal; (iv) it must not offend Brazilian national sovereignty, public policy or good morals; and (v) it must be apostilled or consularized, as applicable, in the jurisdiction where it was issued and be accompanied by a sworn translation thereof into Portuguese language.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We are qualified to practice law in
Brazil only and therefore the opinions expressed in this letter are limited to questions arising under the laws of Brazil. Therefore,
this opinion does not cover any questions arising under or relating to any laws other than the laws of Brazil as in effect at the date
of this opinion and we have assumed that there is nothing in any other law that affects our opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">This opinion is dated as of today and
we also expressly disclaim any responsibility to advise with respect to any developments, modifications or circumstances of any kind occurring
after the date hereof, even though such development or modification may affect the legal analysis, legal conclusion or any other matter
set forth in or relating to this opinion letter. In rendering the opinions set forth herein, we note that any conclusion on any particular
issue is not a guarantee or prediction of what a court would decide but, rather, sets forth our conclusions as to what would or should
be the proper result for a court to reach in a properly presented and decided case in which the facts and assumptions relied on herein
are established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We express no opinion as to any agreement,
instruments or other documents other than as specified in this letter. This opinion is limited to the matters referred to herein and shall
not be construed as extending to any other matter or document not referred to herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We hereby consent to the filing of this
opinion with the SEC as an exhibit to the Registration Statement and to any related supplemental registration statement filed pursuant
to the rules applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.2pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Very truly yours,</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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/ </U></FONT><U>Machado,
Meyer, Sendacz e Opice Advogados</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Machado, Meyer, Sendacz e Opice Advogados</B></P>

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

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

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>tm2524938d10_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit 5.2</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">DRAFT DATED 9 SEPTEMBER 2025 - FOR DISCUSSION<BR> PURPOSES SUBJECT TO OPINION COMMITTEE APPROVAL <BR> AND RECEIPT AND REVIEW OF FINAL DOCUMENTS</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><IMG SRC="tm2524938d10_ex5-2img01.jpg" ALT="">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Amsterdam, [10] September 2025 (the <B>Date</B>)</P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">The Addressees listed in Schedule&nbsp;1</P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">(the <B>Addressees</B>)</P></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Norton Rose Fulbright LLP</P>
                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>Advocaten, Notarissen &amp; Solicitors</B></P>
                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">2Amsterdam 15th floor</P>
                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Eduard van Beinumstraat 34, 1077 CZ Amsterdam</P>
                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">PO Box 94142 1090 GC Amsterdam</P>
                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">The Netherlands</P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Tel &#8239;&#8239;&#8239;+31 20 46 29 300</P>
                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Fax &#8239;&#8239;+31 20 46 29 333</P>
                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">nortonrosefulbright.com</P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><B>Direct line</B></TD></TR>
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><B>Email</b></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 20%"><B>Your reference</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 20%"><B>Our reference</b></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">1001359414</TD></TR>
  </TABLE>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">LEGAL OPINION &ndash; US$1,000,000,000 5.500%
GLOBAL NOTES DUE 2036 / SUZANO NETHERLANDS B.V.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Addressees,</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">We refer to a form F3 registration statement
as filed with the Securities and Exchange Commission on 30 April 2025 (the <B>Registration Statement</B>), which includes a base prospectus
dated 30 April 2025 (the <B>Base Prospectus</B>) which contemplates the issuance by Suzano Netherlands B.V., a private company with limited
liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>) incorporated under Dutch law, having its corporate seat (<I>statutaire
zetel</I>) in Amsterdam, the Netherlands and registered with the trade register of the Chamber of Commerce (<I>Kamer van Koophandel</I>)
(the <B>Trade Register</B>) under number 92243207 (the <B>Company</B>) of debt securities in the form of notes subject to the terms thereof
(<B>Notes</B>) and listing on the New York Stock Exchange, to be guaranteed by Suzano S.A., in connection with which the Company entered
into a first supplemental indenture dated as of [10] September 2025 between the Company as Issuer, Suzano S.A. as Guarantor and The Bank
of New York Mellon as Trustee (the <B>Opinion Document</B>). You have asked us to render an opinion pertaining to the Company in connection
with certain matters of Dutch law relating to the Opinion Document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Part 1 of this opinion letter sets out the background
of the opinions set out in part 2. Part 3 explains their scope, part 4 describes the assumptions on which they are made and part 5 contains
the qualifications to which they are subject. This opinion letter is governed by Dutch law and is subject to the exclusive jurisdiction
of the courts competent in Amsterdam, the Netherlands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the filing of this letter of opinion
as an exhibit to the Form 6-K filed by the Guarantor with the U.S. Securities and Exchange Commission and incorporated by reference into
the Prospectus Supplement and to the use of our name under the heading &ldquo;Legal Matters&rdquo; in the Prospectus Supplement.</P>

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

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

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

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

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

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif">/s/ Norton Rose Fulbright LLP</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Norton Rose Fulbright LLP</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Norton Rose Fulbright LLP is a limited liability partnership registered in England and Wales with number OC328697, and is authorised and
regulated by the Solicitors Regulation Authority. A list of its members and of the other partners is available at its registered office,
3 More London Riverside, London SE1 2AQ; reference to a partner is to a member or to an employee or consultant with equivalent standing
and qualification employed or engaged by Norton Rose Fulbright LLP or any of its affiliates.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Norton Rose Fulbright LLP, Norton Rose Fulbright
Australia, Norton Rose Fulbright Canada LLP, Norton Rose Fulbright South Africa Inc and Norton Rose Fulbright US LLP are separate legal
entities and all of them are members of Norton Rose Fulbright Verein, a Swiss verein. Norton Rose Fulbright Verein helps coordinate the
activities of the members but does not itself provide legal services to clients. Details of each entity, with certain regulatory information,
are available at nortonrosefulbright.com.</P>

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

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

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<TD STYLE="text-align: right; width: 2%"><B>1</B></TD>
    <TD STYLE="width: 3%"><B>&nbsp;</B></TD><TD STYLE="text-align: justify; width: 95%"><B>Background</B></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="text-align: right; width: 2%">1.1</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">We have acted as Dutch law legal advisers
                                            to the Company in relation to the Opinion Document. Our client has requested us to give you
                                            this opinion letter. We do not undertake any responsibility to you other than in relation
                                            to this opinion letter.</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="text-align: right; width: 2%">1.2</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">We have examined originals or copies
                                            of the following documents:</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: 32pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">the Registration Statement, including
                                            the Base Prospectus;</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: 32pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">a final prospectus supplement dated
                                            3 September 2025 (the <B>Prospectus Supplement</B>);</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: 32pt"></TD><TD STYLE="width: 28.9pt">(c)</TD><TD STYLE="text-align: justify">the executed Opinion Document;</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: 32pt"></TD><TD STYLE="width: 28.9pt">(d)</TD><TD STYLE="text-align: justify">an excerpt (<I>uittreksel</I>) from
                                            the Trade Register dated [10] September 2025 relating to the Company (the <B>Excerpt</B>);</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: 32pt"></TD><TD STYLE="width: 28.9pt">(e)</TD><TD STYLE="text-align: justify">the deed of incorporation (<I>akte
                                            van oprichting</I>) of the Company dated 12 December 2023 (the <B>Deed of Incorporation</B>),
                                            containing its articles of association (<I>statuten</I>) (the <B>Articles of Association</B>);
                                            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: 32pt"></TD><TD STYLE="width: 28.9pt">(f)</TD><TD STYLE="text-align: justify">a written board resolution of the
                                            Company dated 28 August 2025 (the <B>Board Resolution</B>), which contains the resolution
                                            of the board of managing directors (<I>bestuur</I>) of the Company (the <B>Board</B>) that
                                            the Company is to enter into the Opinion Document.</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="text-align: right; width: 2%">1.3</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">In addition, we have obtained the following
                                            confirmations on the Date:</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; text-align: justify">
<TD STYLE="width: 32pt"></TD><TD STYLE="width: 28.9pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">confirmation from the Chamber of Commerce that the Excerpt is
up to date in all material respects; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.9pt">&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: 32pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">online confirmation obtained from the
                                            central insolvency register (<I>Centraal Insolventieregister</I>) of the Netherlands that
                                            the Company is not registered as having been granted a (provisional) suspension of payments
                                            (<I>(voorlopige) surseance van betaling</I>) or declared bankrupt (<I>failliet verklaard</I>),</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 0pt 32pt; text-align: justify; text-indent: 0in">(the confirmations under (a) and
(b) above are collectively referred to as the <B>Confirmations</B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

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<TD STYLE="text-align: right; width: 2%"><B>2</B></TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%"><B>Opinions</B></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 0pt 32pt; text-align: justify; text-indent: 0in">Based on, and subject to, the other
provisions of this opinion letter, we render the following opinions at the Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: 0in"><B>Existence</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&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="text-align: right; width: 2%">2.1</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The Company has been duly incorporated
                                            and validly exists under Dutch law as a private company with limited liability.</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 0pt 32pt; text-align: justify; text-indent: 0in"><B>Execution and corporate
action</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&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="text-align: right; width: 2%">2.2</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The Company has taken all necessary
                                            corporate action to authorise its entry into and execution of the Opinion Document and the
                                            performance of its obligations under the Opinion Document and has the corporate power and
                                            authority to enter into and execute the Opinion Document and to perform its obligations under
                                            the Opinion Document.</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="text-align: right; width: 2%">2.3</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">No further corporate action is required
                                            to be taken by the Company to publish the Prospectus Supplement or to ensure the validity,
                                            binding effect and enforceability against the Company of any issuance of Notes pursuant to
                                            the Opinion Document.</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="text-align: right; width: 2%">2.4</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The Opinion Document has been validly
                                            executed on behalf of the Company.</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 0pt 32pt; text-align: justify; text-indent: 0in"><B>No conflict with
Dutch law or the Articles of Association</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&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="text-align: right; width: 2%">2.5</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">Neither the execution of the Opinion
                                            Document or the publication of the Prospectus Supplement issuance of any Notes by the Company
                                            nor the performance by it of its obligations thereunder conflicts with or violates Dutch
                                            law or the Articles of Association.</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 0pt 32pt; text-align: justify; text-indent: 0in"><B>No consent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32pt; text-align: justify; text-indent: 0in">&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="text-align: right; width: 2%">2.6</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">No approval, authorisation or other
                                            action by or filing with any Dutch governmental authority, is required in connection with
                                            the execution by the Company of the Opinion Document, the publication of the Prospectus Supplement
                                            or the issuance of any Notes and the performance by it of its obligations thereunder.</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 0pt 32pt; text-align: justify; text-indent: 0in"><B>Choice of law</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&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="text-align: right; width: 2%">2.7</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The choice of the laws of the State
                                            of New York law (<B>New York Law</B>) as the law governing the Opinion Document is valid
                                            and binding under Dutch law, and New York Law will accordingly be applied by the Dutch courts
                                            in respect of the Opinion Document or any claim thereunder upon proof of the relevant terms
                                            of New York 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: 0pt 0 0pt 32pt; text-align: justify; text-indent: 0in"><B>Submission to jurisdiction</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&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="text-align: right; width: 2%">2.8</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">Dutch law does not restrict the validity,
                                            binding effect on or enforceability against the Company of the submission to the jurisdiction
                                            of any U.S. federal or New York State court in the Borough of Manhattan, The City of New
                                            York in the Opinion Document.</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 0pt 32pt; text-align: justify; text-indent: 0in"><B>No immunity</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&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="text-align: right; width: 2%">2.9</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">Neither the Company nor any of its assets
                                            is entitled to immunity on the grounds of sovereignty or otherwise from any legal action
                                            or proceeding (which shall include, without limitation, suit, attachment prior to judgement,
                                            execution or other enforcement) in relation to the Opinion Document.</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>

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<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="vertical-align: top">
<TD STYLE="text-align: right; width: 2%"><B>3</B></TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%"><B>Scope</B></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="text-align: right; width: 2%">3.1</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">For the purpose of this opinion letter,
                                            we have examined and solely relied upon copies of the documents listed in paragraph 1.2 above.</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="text-align: right; width: 2%">3.2</TD>
    <TD STYLE="text-align: right; width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The opinions expressed herein are limited
                                            to Dutch law as currently interpreted by the Dutch courts in published case law as at the
                                            Date. We do not express an opinion on the law of any jurisdiction other than the Netherlands.
                                            Furthermore, we do not express an opinion on international law (including but not limited
                                            to rules established under or by treaties or international organisations such as the European
                                            Union) unless implemented in Dutch law and, if implemented, we do not express an opinion
                                            on, whether Dutch law complies with such rules of international law or whether the provisions
                                            under international law have been correctly implemented in Dutch law. In addition no opinion
                                            is expressed on any tax matters and competition law, including state aid and public procurement
                                            law.</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="text-align: right; width: 2%">3.3</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">We express no opinion on matters of
                                            fact and have undertaken no factual investigation in connection with the transactions contemplated
                                            by the Opinion Document. We express no opinion on the accuracy of the assumptions contained
                                            in part 4.</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="text-align: right; width: 2%">3.4</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">This opinion letter is limited to the
                                            matters expressly stated in part 2. In particular, we express no opinion as to the accuracy
                                            of any representation or warranty given by the Company or any other party (expressed or implied)
                                            under or by virtue of the Opinion Document.</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="text-align: right; width: 2%">3.5</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">Our examination has been limited to
                                            the text of the Opinion Document and we have not investigated the meaning and effect of any
                                            document governed by a law other than Dutch law under that other law.</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="text-align: right; width: 2%">3.6</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">Each statement which has the effect
                                            of limiting this opinion letter is independent of any other such statement and is not to
                                            be impliedly restricted by it. Paragraph headings used in this opinion letter are for the
                                            ease of reference only and shall not affect the interpretation hereof. References herein
                                            to the plural include the singular and vice versa. This opinion letter expresses Dutch legal
                                            concepts in English terms and not in their original Dutch terms. Wherever Dutch terms are
                                            included for clarification, the meaning of such Dutch terms shall prevail for the purpose
                                            of interpretation of this opinion letter. The concepts concerned may not be identical to
                                            the concepts described by the same English term as they exist under the laws of other jurisdictions.
                                            This opinion letter may therefore only be relied upon under the condition that any issues
                                            of interpretation or liability arising thereunder will be governed by Dutch law and be brought
                                            exclusively before a Dutch court.</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="text-align: right; width: 2%">3.7</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">This opinion letter is given for the
                                            sole benefit of the Addressees in connection with the transactions contemplated by the Opinion
                                            Document and may not without our prior written consent in each instance be relied upon for
                                            any other purpose or relied upon by any person, firm, company or institution other than the
                                            Addressees.</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="text-align: right; width: 2%">3.8</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">This opinion letter may not be disclosed
                                            to any person other than (i) to those persons who, in the ordinary course of business of
                                            the Addressees have access to their papers and records or are entitled by law to see them
                                            (such as assignees, auditors, investors, professional advisors or regulatory authorities);
                                            (ii) by filing of this opinion letter as an exhibit to a Form 6-K to be filed with the U.S.
                                            Securities and Exchange Commission or (iii) as required by law or regulation, in each case
                                            on the basis that those persons will make no further disclosure.</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="text-align: right; width: 2%">3.9</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">This opinion letter may only be relied
                                            upon under the condition and limitation that the liability of any party having liability
                                            hereunder is limited to the amount available and paid under the insurance coverage for professional
                                            indemnity (<I>beroepsaansprakelijkheid</I>) in regard to this opinion letter.</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="text-align: right; width: 2%">3.10</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">This opinion letter is rendered at
                                            the Date. We have no duty to keep you informed of subsequent developments which might affect
                                            this opinion letter.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0; margin-bottom: 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="vertical-align: top">
<TD STYLE="text-align: right; width: 2%"><B>4</B></TD>
    <TD STYLE="width: 3%"><B>&nbsp;</B></TD><TD STYLE="text-align: justify; width: 95%"><B>Assumptions</B></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 0pt 32pt; text-align: justify; text-indent: 0in">We have made the following assumptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&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="text-align: right; width: 2%">4.1</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">All factual matters, statements and
                                            results of our investigation relied upon or assumed herein, including the factual matters
                                            and statements included in the documents listed in paragraph 1.2, are true, correct and complete
                                            on the Date.</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="text-align: right; width: 2%">4.2</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">Each signature set on the documents
                                            listed in paragraph 1.2 above is the genuine signature of the individual concerned and that
                                            individual has in fact set that signature.</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="text-align: right; width: 2%">4.3</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">In relation to any electronic signature
                                            (<I>elektronische handtekening</I>) used to sign any document listed in paragraph 1.2 other
                                            than any qualified electronic signature (<I>elektronische gekwalificeerde handtekening</I>),
                                            the signing method used for that electronic signature is sufficiently reliable, taking into
                                            account the purpose for which that electronic signature was used and all other circumstances.</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: 2%">4.4</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">All documents submitted to us as originals
                                            are authentic, correct and complete. All documents submitted to us as copies conform to the
                                            authentic originals thereof and are correct and complete.</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="text-align: right; width: 2%">4.5</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The Opinion Document is not (wholly
                                            or in part) void, voidable, unenforceable, ineffective or otherwise capable of being affected
                                            as a result of any vitiating matter (such as mistake (<I>dwaling</I>), duress (<I>bedreiging</I>),
                                            undue influence (<I>misbruik van omstandigheden</I>), fraud (<I>bedrog</I>), misrepresentation
                                            or breach of directors' duties, illegality or public policy).</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="text-align: right; width: 2%">4.6</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The Deed of Incorporation is a valid
                                            notarial deed (<I>authentieke akte</I>) and there were no defects in the incorporation of
                                            the Company on the basis of which the Company does not exist or might be dissolved. Although
                                            not constituting conclusive evidence thereof, this assumption is supported by the fact that,
                                            appearing on the face of the Deed of Incorporation, there were no defects in the incorporation
                                            of the 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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: right; width: 2%">4.7</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The Articles of Association contain
                                            the articles of association of the Company as in force on the Date. Although not constituting
                                            conclusive evidence thereof, this assumption is supported by the contents of the Confirmations
                                            and the Excerpt.</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="text-align: right; width: 2%">4.8</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The information set forth in the Excerpt
                                            is correct on the Date. Although not constituting conclusive evidence thereof, this assumption
                                            is supported by the Confirmations.</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="text-align: right; width: 2%">4.9</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The resolutions contained in the Board
                                            Resolution were validly adopted and remain in full force and effect without modification
                                            and the confirmations contained therein are correct.</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="text-align: right; width: 2%">4.10</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">(a) Each party to the Opinion Document
                                            and any Note other than the Company is duly incorporated and validly exists under applicable
                                            law, and to the extent required is in good standing, has all requisite power (corporate and
                                            otherwise), capacity and authority to enter into, execute and deliver (where such concept
                                            is legally relevant) and to perform its obligations under the Opinion Document and any Note
                                            under all applicable laws, and (b) the Opinion Document have been duly authorised, executed
                                            and delivered by or on behalf of the parties thereto other than the 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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: right; width: 2%">4.11</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">It is conducive to the Company&rsquo;s
                                            corporate interests (<I>vennootschappelijk belang</I>) to enter into the Opinion Document
                                            and issue the Notes. Although not constituting conclusive evidence, this assumption is supported
                                            by the confirmations or declarations of the Board as set out in the Board Resolution.</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>

<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="text-align: right; width: 2%">4.12</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The Company will, after the consummation
                                            of the transactions contemplated by the Opinion Document, be able to meet its obligations
                                            and, at the time of entering into the Opinion Document and issuance of the Notes, the Board
                                            had no reasons to believe that:</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: 33pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">the interests of any (present or future)
                                            creditors of the Company will be prejudiced as a result of the transactions contemplated
                                            by the Opinion Document; or</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: 33pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">the continuity of the Company is in
                                            danger or will be endangered by entering into and/or performing any obligation under the
                                            Opinion Document.</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>

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<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 33pt; text-align: justify; text-indent: 0in">Although not constituting
conclusive evidence, this assumption is supported by the confirmations or declarations of the Board as set out in the Board Resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.8pt; text-align: justify; text-indent: 0in">&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="text-align: right; width: 2%">4.13</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The Company has not been dissolved
                                            (<I>ontbonden</I>), granted a suspension of payments (<I>surseance van betaling</I>) or declared
                                            bankrupt (<I>failliet verklaard</I>). Although not constituting conclusive evidence thereof,
                                            this assumption is supported by (i) the contents of the Excerpt, (ii) the Articles of Association,
                                            and (iii) the Confirmations.</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="text-align: right; width: 2%">4.14</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The &ldquo;centre of main interests&rdquo;
                                            of the Company, as referred to in the Regulation (EU) 2015/848 of the European Parliament
                                            and of the Council of 20 May 2015 on Insolvency Proceedings (recast) (as last amended by
                                            the Regulation (EU) 2021/2260 of the European Parliament and of the Council of 15 December
                                            2021) (as may be amended) (the <B>EU Insolvency Regulation</B>) is and has always been located
                                            in the Netherlands.</TD></TR></TABLE>

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<TD STYLE="width: 2%">4.15</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">All necessary licences, authorisations,
                                            permissions, consents and exemptions by or from any public or semi-public authority or agency
                                            of any country other than the Netherlands which are required in connection with the entry
                                            into, execution and performance by each of the parties to the Opinion Document have been
                                            obtained and are in full force and effect.</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: 2%">4.16</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">All necessary licences, authorisations,
                                            permissions, consents and exemptions by or from any public or semi-public authority or agency
                                            of the Netherlands which are required in connection with the entry into, execution and performance
                                            of the Opinion Document by each of the parties to the Opinion Document other than the Company
                                            have been obtained and are in full force and effect.</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="text-align: right; width: 2%">4.17</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The Opinion Document and each Note
                                            is valid and binding on the parties thereto and enforceable against those parties in accordance
                                            with its terms, under any law other than Dutch law.</TD></TR></TABLE>

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

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<TD STYLE="text-align: right; width: 2%">4.18</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">There are no facts relevant to this
                                            opinion letter that do not appear from the documents listed in paragraph 1.2.</TD></TR></TABLE>

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

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<TD STYLE="text-align: right; width: 2%">4.19</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">Insofar as any obligation under the
                                            Opinion Document or any Note falls to be performed in any jurisdiction outside the Netherlands,
                                            its performance will not be illegal or ineffective under the laws of that jurisdiction.</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="text-align: right; width: 2%">4.20</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The entry into the Opinion Document
                                            and the transactions contemplated thereby, do not constitute or result in a conflict of interest
                                            (<I>tegenstrijdig belang</I>) within the meaning of section 2:239(6) of the Dutch Civil Code
                                            between any member of the Board and the Company or the enterprise connected thereto. Although
                                            not constituting conclusive evidence thereof, this assumption is supported by the confirmations
                                            of the Board set out in the Board Resolution.</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="text-align: right; width: 2%">4.21</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The general meeting (<I>algemene vergadering</I>)
                                            of the Company has not subjected any resolutions of the Board to its approval pursuant to
                                            article 20.1 of the Articles of Association. Although not constituting conclusive evidence
                                            thereof, this assumption is supported by the confirmations of the Board set out in the Board
                                            Resolution.</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="text-align: right; width: 2%">4.22</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The Company does not have a works council
                                            (<I>ondernemingsraad</I>), all requirements under the Works Councils Act (<I>Wet op de ondernemingsraden</I>)
                                            have been complied with and no advice is required to be sought from any other works council
                                            in the group of companies with which the Company forms a group in respect of the Opinion
                                            Document and the transactions contemplated thereby. Although not constituting conclusive
                                            evidence thereof, this assumption is supported by the confirmations of the Board set out
                                            in the Board Resolution.</TD></TR></TABLE>

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

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<TD STYLE="text-align: right; width: 2%">4.23</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The Notes will, in accordance with
                                            the section of the Prospectus Supplement entitled &quot;Selling Restrictions&quot;, not be
                                            issued or traded in the Netherlands.</TD></TR></TABLE>

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

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<TD STYLE="text-align: right; width: 2%">4.24</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">No law of any jurisdiction other than
                                            the Netherlands has any bearing on this opinion letter.</TD></TR></TABLE>

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

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<TD STYLE="text-align: right; width: 2%">4.25</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The assets of the Company are not intended
                                            for public use (<I>openbare dienst</I>).</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>

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<TD STYLE="text-align: right; width: 2%"><B>5</B></TD>
    <TD STYLE="width: 3%"><B>&nbsp;</B></TD><TD STYLE="text-align: justify; width: 95%"><B>Qualifications</B></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 0pt 32pt; text-align: justify; text-indent: 0in">This opinion letter is subject to
the following qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

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<TD STYLE="text-align: right; width: 2%">5.1</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The opinions expressed herein may be
                                            affected by and are subject to the provisions of laws concerning insolvency, including but
                                            not limited to any of the insolvency proceedings referred to in article 2(4) of the EU Insolvency
                                            Regulation or listed in Annex A thereto, any of the public (<I>openbare</I>) or private (<I>besloten</I>)
                                            proceedings for a composition plan outside of bankruptcy (<I>akkoordprocedure buiten faillissement</I>),
                                            moratorium, reorganisation, liquidation, fraudulent conveyance/wrongful or fraudulent trading
                                            (<I>actio pauliana</I>), deactivation of ipso facto clauses and compulsory dissolution (<I>ontbinding</I>)
                                            of a company, force majeure (<I>overmacht</I>) and other laws of general application relating
                                            to or affecting rights of creditors (including set-off and statutory preferences) in any
                                            relevant jurisdiction.</TD></TR></TABLE>

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

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<TD STYLE="text-align: right; width: 2%">5.2</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The enforcement of an agreement or arbitral
                                            award in a Dutch court will be subject to the rules of civil procedure as applied by the
                                            Dutch courts. Specific performance may not always be available under Dutch law. The Opinion
                                            Document may need to be translated into Dutch when used in Dutch judicial proceedings. A
                                            provision to the effect that concurrent proceedings may be taken against the Company in different
                                            jurisdictions may not be enforceable in the Dutch courts.</TD></TR></TABLE>

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

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<TD STYLE="text-align: right; width: 2%">5.3</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">We note that under Dutch law a bankruptcy
                                            (<I>faillissement</I>) or a (provisional) suspension of payment (<I>surseance van betaling</I>)
                                            is retroactive to 00.00 hours on the date of the bankruptcy or (provisional) suspension of
                                            payments judgment. As a result it cannot be ruled out that at the Date a bankruptcy or (provisional)
                                            suspension of payment may have occurred.</TD></TR></TABLE>

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

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<TD STYLE="text-align: right; width: 2%">5.4</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">Under Dutch law a power of attorney
                                            (<I>volmacht</I>), including a mandate (<I>lastgeving</I>), whether or not irrevocable, granted
                                            by a Dutch company will terminate without notice by force of law upon bankruptcy of such
                                            company. It is possible that the appointment by a Dutch company of a process agent would
                                            be deemed to constitute a power of attorney or a mandate. To the extent that Dutch law applies,
                                            (a) a power of attorney can be made irrevocable only (i) insofar as it has been granted for
                                            the purpose of performing a legal act in the interest of the authorised person or a third
                                            party and (ii) subject to any amendments made or limitations imposed by the courts on serious
                                            grounds (<I>gewichtige redenen</I>) and (b) a power of attorney can only be exercised by
                                            the attorney in fact being the recipient of a legal act (<I>Selbsteintritt</I>) if no conflict
                                            of interest can arise within the meaning of section 3:68 of the Dutch Civil Code, unless
                                            stipulated otherwise in the power of attorney.</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="text-align: right; width: 2%">5.5</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">If a legal act (<I>rechtshandeling</I>)
                                            performed by a Dutch legal entity (such as the Company) is not in the entity's corporate
                                            interest, the act may exceed the entity's corporate power, may violate its articles of association
                                            and may therefore be nullified pursuant to section 2:7 of the Dutch Civil Code if the recipient
                                            to the act knew or should have known that such legal act was not in the entity's corporate
                                            interest. The object clause, though an important element is not by itself decisive.</TD></TR></TABLE>

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

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<TD STYLE="text-align: right; width: 2%">5.6</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The opinion expressed in paragraph 2.7
                                            (<I>Choice of law</I>) is subject to the provisions of the Regulation (EC) No 593/2008 of
                                            the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual
                                            obligations (Rome I) (<I>OJ</I> 2008, L 177, 6).</TD></TR></TABLE>

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

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<TD STYLE="text-align: right; width: 2%">5.7</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">Under Dutch law, notwithstanding the
                                            recognition of New York Law as the governing law of the Opinion Document, the competent Dutch
                                            courts:</TD></TR></TABLE>

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

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<TD STYLE="width: 32pt"></TD><TD STYLE="width: 28.9pt">(a)</TD><TD STYLE="text-align: justify">may give effect to the laws of another
                                            jurisdiction with which the situation has a close connection, if and insofar as, under the
                                            law of that jurisdiction, that law is mandatory irrespective of the governing law of the
                                            Opinion Document or any other document;</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: 32pt"></TD><TD STYLE="width: 28.9pt">(b)</TD><TD STYLE="text-align: justify">will apply Dutch law where and insofar
                                            as it is mandatory irrespective of the governing law of the Opinion Document or any other
                                            document;</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: 32pt"></TD><TD STYLE="width: 28.9pt">(c)</TD><TD STYLE="text-align: justify">may refuse the application of the governing
                                            law(s) if such application is manifestly incompatible with public policy of the Netherlands;
                                            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: 32pt"></TD><TD STYLE="width: 28.9pt">(d)</TD><TD STYLE="text-align: justify">shall have regard to the laws of the
                                            jurisdiction in which performance takes place in relation to the manner of performance and
                                            the steps to be taken in the event of defective performance.</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>

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<TD STYLE="text-align: right; width: 2%">5.8</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The law which governs a contract may
                                            not be determinative of all issues which arise in relation to that contract. For instance,
                                            other laws may be relevant to the determination of issues regarding rights in rem (<I>goederenrechtelijke
                                            vraagstukken</I>).</TD></TR></TABLE>

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

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<TD STYLE="text-align: right; width: 2%">5.9</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">If a creditor has obtained a judgment
                                            expressed in a foreign currency enforceable in the Netherlands, enforcement against a debtor&rsquo;s
                                            assets located in the Netherlands of such judgment may be executed in the foreign currency,
                                            except if the proceeds of a certain asset are to be distributed among several creditors according
                                            to their priority and a statement of distributions (<I>rangregeling</I>) is made to that
                                            effect by the competent judge; in that event all claims expressed in a foreign currency will
                                            be converted for their estimated value in Euro at the exchange rate prevailing at the time
                                            the statement of distributions is made.</TD></TR></TABLE>

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

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<TD STYLE="text-align: right; width: 2%">5.10</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">If a party to the Opinion Document
                                            or holder of a Note is controlled by or otherwise connected with a person, organisation or
                                            country, which is currently the subject of United Nations, European Union or Netherlands
                                            sanctions, implemented, effective or sanctioned in the Netherlands under the Sanction Act
                                            1977 (<I>Sanctiewet 1977</I>), the General Customs Act (<I>Algemene Douanewet</I>), the Economic
                                            Offences Act (<I>Wet Economische Delicten</I>) or the Act on the Financial Supervision (<I>Wet
                                            op het financieel toezicht</I>), or is otherwise the target of any such sanctions, the obligations
                                            of the Company to that party may be unenforceable, void or otherwise affected.</TD></TR></TABLE>

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<TD STYLE="text-align: right; width: 2%">5.11</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">The concepts of &ldquo;trust&rdquo;,
                                            &ldquo;delivery of documents&rdquo;, &ldquo;deed&rdquo; and &ldquo;seal&rdquo; as known in
                                            common law jurisdictions are not known as such under Dutch law.</TD></TR></TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Schedule&nbsp;1<BR>
The Addressees</P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1</TD><TD STYLE="text-align: justify">Suzano Netherlands B.V.<BR>
                                            Barbara Strozzilaan 201 Office 4.10<BR>
                                            1083 HN Amsterdam<BR>
                                            The Netherlands</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"></TD><TD STYLE="width: 28.35pt">2</TD><TD STYLE="text-align: justify">Suzano S.A.<BR>
                                            Av. Professor Magalh&atilde;es Neto<BR>
                                            1752 Pituba, Salvador, Bahia<BR>
                                            Brasil</TD></TR></TABLE>

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<TYPE>EX-5.3
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<FILENAME>tm2524938d10_ex5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;5.3</B></P>

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

<P STYLE="margin-right: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">September&nbsp;10,
2025</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">Suzano S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avenida 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">41810-012 Salvador &ndash; BA</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 Netherlands B.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Spaces Zuidas I, Office 4.10, Barbara Strozzilaan 201,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1083 HN Amsterdam,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the Netherlands</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 Netherlands B.V., a private company with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>) incorporated
under the laws of the Netherlands (the &ldquo;<U>Issuer</U>&rdquo;), in connection with the offering pursuant to a registration statement
on Form&nbsp;F-3 (File Nos. 333-286881, 333-286881 -01 and 333-286881 -02) of (i)&nbsp;U.S.$1,000,000,000 aggregate principal amount of
the Issuer&rsquo;s 5.500% Global Notes due 2036 (the &ldquo;<U>Notes</U>&rdquo;), fully guaranteed by the Guarantor (the &ldquo;<U>Guarantee</U>&rdquo;),
pursuant to an indenture dated as of September&nbsp;10, 2025 (the &ldquo;<U>Base Indenture</U>&rdquo;), as supplemented by the First Supplemental
Indenture dated as of September&nbsp;10, 2025 (the &ldquo;<U>First Supplemental Indenture</U>&rdquo; and, together with the Base Indenture,
the &ldquo;<U>Indenture</U>&rdquo;) among the Issuer, the Guarantor and The Bank of New York Mellon, 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 (September&nbsp;10, 2025), insofar as it relates to the Notes
and the Guarantee (as determined for purposes of Rule&nbsp;430B(f)(2)&nbsp;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, 25.2 and 25.3, is herein called
the &ldquo;<U>Registration Statement</U>.&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; 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">&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>

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

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

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

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<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">Suzano Netherlands B.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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)&nbsp;the accuracy as to factual matters of each document we have reviewed, and
(ii)&nbsp;that the Securities will conform to the forms we have reviewed.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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">&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)&nbsp;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)&nbsp;such opinions are subject to applicable bankruptcy, insolvency
and similar laws affecting creditors&rsquo; rights generally and to general principles of equity and (c)&nbsp;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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We note that (a)&nbsp;the enforceability in the
United States of the waiver in Section&nbsp;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)&nbsp;the designation in Section&nbsp;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&nbsp;1.15 of the Indenture) subject
to the power of such courts to transfer actions pursuant to 28 U.S.C. &sect; 1404 (a)&nbsp;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">&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&nbsp;21 of the Underwriting Agreement or Section&nbsp;10.15 of the Indenture, relating to currency indemnity.</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>

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<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">Suzano Netherlands B.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>



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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, we note that the waiver of defenses in Section&nbsp;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">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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">&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&nbsp;7 of the Securities Act or the rules&nbsp;and regulation<FONT STYLE="font-size: 10pt">s
of the Sec</FONT>urities 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">&nbsp;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">CLEARY GOTTLIEB STEEN &amp; HAMILTON LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Jonathan Mendes de Oliveira</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Jonathan Mendes de Oliveira, a Partner</TD></TR>
</TABLE>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
