Cosan S/A

2Q17 EARNINGS PRESENTATION

August 10, 2017

DISCLAIMER

2 2Q17 EARNINGS PRESENTATION

This presentation contains estimates and forward-looking statements regarding our strategy and opportunities for future growth. Such

information is mainly based on our current expectations and estimates or projections of future events and trends, which affect or may affect our

business and results of operations. Although we believe that these estimates and forward-looking statements are based upon reasonable

assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to us. Our estimates and

forward-looking statements may be influenced by the following factors, among others: (1) general economic, political, demographic and business

conditions in Brazil and particularly in the geographic markets we serve; (2) inflation, depreciation and devaluation of the real; (3) competitive

developments in the ethanol and sugar industries; (4) our ability to implement our capital expenditure plan, including our ability to arrange

financing when required and on reasonable terms; (5) our ability to compete and conduct our businesses in the future; (6) changes in customer

demand; (7) changes in our businesses; (8) government interventions resulting in changes in the economy, taxes, rates or regulatory

environment; and (9) other factors that may affect our financial condition, liquidity and results of our operations.

The words “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and similar words are intended to identify estimates and

forward-looking statements. Estimates and forward-looking statements speak only as of the date they were made and we undertake no

obligation to update or to review any estimate and/or forward-looking statement because of new information, future events or other factors.

Estimates and forward-looking statements involve risks and uncertainties and are not guarantees of future performance. Our future results may

differ materially from those expressed in these estimates and forward-looking statements. In light of the risks and uncertainties described above

the estimates and forward-looking statements discussed in this presentation might not occur and our future results and our performance may

differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to the factors mentioned above.

Because of these uncertainties you should not make any investment decision based on these estimates and forward-looking statements.

Cosan S/A | Business Units

3

COSAN LIMITED

62.3%

Natural Gas

Distribution

63.1%

Sugar, Ethanol &

Cogeneration

50%

Fuel Distribution

50%

Lubricants &

Base Oils

100% Energia Combustíveis

2Q17 EARNINGS PRESENTATION

260 292

27 617068

358421

2Q16 2Q17

Maintenance Operational Projects

835 804

306 309

139

120

2Q16 2Q17 2Q16 2Q17

EBITDA EBIT EBIT / TSR Sold

817 902

185220

2Q16 2Q17

559 422

207 540

766962

1,647 1,678

2Q16 2Q17

969 931

2 112

971 1,043

1,263

1,431

2Q16 2Q17

4

Raízen Energia | Lower concentration of own sales volumes this quarter

Adjusted EBITDA reached R$804 million in 2Q17, affected by priority given to third parties’ product sales due to the crop

commercialization strategy, partially offset by higher average sales price.

Note: (1) Measured by tons of TRS per hectare. (2) EBITDA adjusted by (i) Variation in Biological Assets, (ii) Hedge Accounting (iii) forex effect on sugar exports and (iv) nonrecurring effects, if applicable. (3) Prices in Brazilian

Reais include polarization premium

Crushing Volumes & Agri. Productivity¹

‘000 ton & ton of TRS/ha

Volumes & Prices

Sugar

(‘000 ton & BRL/ton)

Ethanol

(‘000 cbm & BRL/cbm)

Cogeneration

(‘000 MWh & BRL/MWh)

CAPEX

BRL mln

Adjusted EBITDA & EBIT²

BRL mln & BRL/ton

Hedge

Volumes & Prices³

568 626

395 290

1.547 1.501

2Q14 2Q15

Own Volume Resale & Trading Average Price

2Q17 EARNINGS PRESENTATION

+7% +26%

+18%

+10%

-4%

+13% +2%

+19%

+1%

11.4 10.1

11.09.1

22.419.2

11.110.0

2Q16 2Q17

Own Cane Supplier Cane TRS/ha

2,578 2,108 329

58.8 69.5 70.0

14.7 17.8 18.4

1Q16

Crop Year 16/17

1Q17

Crop Year 17/18

1Q17

Crop Year 18/19

Volume ('000 ton) ȼ BRL/lb ȼ US$/lb

5

Raízen Energia | Tonon mills acquision rationale

Raizen acquired 2 production units, Santa Cândida and Paraíso, in line with strategy of selectively pursuing opportunities with potential

for high return and capturing operational synergies

APRESENTAÇÃO RESULTADOS 2T17

BRL 823 million acquisition price

No succession of liabilities of the Tonon Group

Crushing capacity of 5.5 million tons of sugarcane

Strategic location

Logistics optimazation through incorporation of mills to

Raizen’s “Pentagon Project”

Approved by Brazil’s Antitrust Authority (CADE), on August

08, 2017, with no restrictions

513 559448 394

4349

4349

2Q16 2Q17 2Q16 2Q17

EBIT Adjusted EBIT Rebate²

661 722597 557

4349

43 49

2Q16 2Q17 2Q16 2Q17

EBITDA Adjusted EBITDA Rebate²

EBITDA & Adjusted EBITDA

BRL mln

6

Sales Volume¹

‘000 cbm

Raízen Combustíveis | Higher sales volumes in Otto-cycle (+4%) and Diesel (+1%)

Higher sales volume and gains from supply and commercialization strategy partialy offset diesel, gasoline and ethanol price reductions

iimpact on inventories.

Brazillian Market fuels consumption contracted

0.5% (ANP basis).

Network ended the quarter with 6,068 service

stations, supporting above-market volume growth.

Gasoline-equivalent volumes up 5%/diesel

volumes up 1% in 2Q17.

Aviation still affected by weaker demand (2% drop

in departures, source ANAC)

EBITDA & EBIT adjusted by:

Asset sale: gain of BRL 37 mln (2Q16) | gain of BRL 17 mln

(2Q17)

Other extraordinary effects: gain of BRL 28 mln (2Q16) |

gain of BRL 148 mln (1Q17 )

EBIT & Adjusted EBIT

BRL mln

2Q17 EARNINGS PRESENTATION

-7% +9% -12% +9%

Notes: (1) Volumes based on Sindicom methodology. Otto-cylcle represents the sum of gasoline and ethanol volumes. (2)The rebate represents the discounts granted to resellers for meeting the volume targets agreed upon at

each contract signing

+2%

-4%

-6%

+1%

+4%

Adjusted EBITDA – Quarterly Performance

R$/m³

1Q 2Q 3Q 4Q

2014 2015 2016 2017

2,829 2,941

2,719 2,756

526 49484 816,158 6,273

2Q16 2Q17

Otto cycle² Diesel Aviation Other

641

366 334460

2Q16 2Q17 2Q16 2Q17

IFRS EBITDA Normalized EBITDA⁷

820 854

6171

3336118118

1,0321,080

2Q16 2Q17

Industrial Residential Commercial Other

Sales Volume6

‘mln cbm

EBITDA

BRL mln

7

Regulatory Current Account Evolution

BRL mln

Comgás | Volume growth in all segments

Normalized EBITDA grew this quarter on higher sales volumes across all segments and inflation adjustments of regulatory margin

(may/17 and may/16).

Residential: new connections and higher unit

consumption on lower temperature.

Commercial: new client additions

Industrial: higher consumption in specific segments,

besides weak compairison basis.

BRL 86 million recovery in regulatory current account

Contribution Margin Volume

Notes: (6) Excludes thermal power; (7) Normalized EBITDA by the effect from the Regulatory Current Account.

2Q17 EARNINGS PRESENTATION

+9% +17%

+4%

+5%

+38% -43%

+0%

79%

7%3%

11%

54%32%

10%4%

-451 -414 -354-268

Sep/16 Dec/16 Mar/17 Jun/17

-41 -35

-18 -36

2Q16 2Q17

G&A Other Revenues (Expenses)

27

53

8792

2Q16 2Q17

EBITDA Volume

EBITDA & Sales Volume

BRL mln and ‘000 cbm

Moove

8

Cosan Corporate

EBITDA (ex- Equity Pick-up)

BRL mln

94% increase in EBITDA on:

Finished lubes sales volumes up 6% in Brazil (increase in

customer base and share in Brazil’s automakers market).

Launch of new products. International operations’ sales up 11%.

General and Administrative expenses in line with

expectations.

Other Expenses came to BRL 36 million in 2Q17 (+95%)

due to higher concentration of expenses in the period.

2Q17 EARNINGS PRESENTATION

+94%

+6%

+19%

1,250804 1,014 1,126

2Q16 2Q17 2Q16 2Q17

EBITDA Ajusted EBITDA

2,766

1,7782,106 2,310

6M16 6M17 6M16 6M17

EBITDA Ajusted EBITDA

280

-76

163 24

2Q16 2Q17 2Q16 2Q17

Net Income Adjusted Net Income

527

129215 257

6M16 6M17 6M16 6M17

Net Income Adjusted Net Income

411 425

2Q16 2Q17

1,010 1,064

6M16 6M17

42

613

2Q16 2Q17

651752

6M16 6M17

EBITDA8 & Adjusted EBITDA9

BRL mln

CAPEX8

BRL mln

9

Free Cash Flow to Equity8

BRL mln

Net Income (Loss) & Adjusted Net Income9

BRL mln

Cosan S/A Pro forma | Cash Generation (FCFE) reaches BRL 613 million

Adjusted EBITDA of BRL 1.1 billion in 2Q17 (+11%), mainly due to higher Comgás Normalized results. Adjusted Net Income came to BRL

24 million and Free Cash Flow to Equity was BRL 613 million.

Note: (8) Pro forma EBITDA, CAPEX and FCFE, based on 50% of Raízen. (9) Excludes non recurring effects detailed in the Company’s earnings releases.

2Q17 EARNINGS PRESENTATION

-36% +11%

+3%

14x

-127%

-36% +10%

+5% +16%

-85% -75% +19%

5,325 5,770

3,597 3,548449 342

4,299 4,455

13,671 14,115

1Q17 2Q17Raízen (50%) ComgásMoove Cosan Corporate

10

Debt and Leverage | Normalized leverage stabilized at 2.1x

Notes: (10) Gross Debt Pro forma includes 50% of Raízen, excludes obligations with preferred shareholders of BRL 1.5 billion.; (11) Pro forma basis, based on 50% of Raízen, and excludes the obligations with preferred

shareholder and Perpetual Bond; (12) Net Debt Pro Forma, includes obligations with preferred shareholders; (13) Excludes costs of Perpetual Bond.

Debt Amortization Profile11 Gross Debt (BRL Mln)10

Gross Debt: Raízen issued BRL 970 million in Agribusiness Credit Receivable

Certificates (CRAs) in 2Q17.

Cash Generation

CFO: higher operational cash generation partially offset by Comgás’ regulatory

current account amortization

CFI: BRL 186 million payment for exercise of Gávea’s put option in 2Q16.

CFF: 2Q16 negatively impacted by debt reprofiling at Cosan Corporativo.

Average Cost of Debt¹³: Cosan S/A Pro forma11: 102% CDI and Cosan S/A:

108% CDI.

Average Term

Cosan Corporate: 8.3 years

Cosan Pro forma: 4.6 years

Cash Flow and Net Debt12

Leverage12

Net Debt / EBITDA LTM

2Q17 EARNINGS PRESENTATION

+3%

7%

16%10%

18%

7% 5%

13%1%

0% 0%

23%

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

11.2 10.1 9.4 9.6

1.9x1.8x 1.9x

2.1x

2.2x 2.1x 2.0x 2.1x

3Q16 4Q16 1Q17 2Q17

Net Debt (R$ Bln)

Leverage

Leverage with Comgás Normalized

Cash Flow Reconciliation

BRL MM2Q17 2Q16 Var. %

Cash Flow from Operations 1,002 859 17%

Cash Flow from Investing (374) (526) -29%

Cash Flow from Financing Activities (17) (293) -94%

Dividends received 3 2 17%

Free Cash Flow to Equity 613 42 n/a

Cash and Cash Equivalents and

Marketable Securities6,026 4,324 39%

Net Debt 9,620 11,504 -16%

LTM EBITDA 4,550 5,458 -17%

Leverage (Net Debt/EBITDA) 2.1x 2.1x 0.1x

11

Guidance 2017 | 1H17 supports guidance expectations

Notes: (14) 2017 Guidance considers the recurring EBITDA from the business units, that is, excludes extraordinary effects, and Normalized EBITDA of Comgá (15) Comgás IFRS EBITDA of 2017 shall be impacted by

the devolution of the balance from the regulatory current account, which ended 2016 at BRL 414 million in favour of clients.

2Q17 EARNINGS PRESENTATION

Actual Guidance

2016 2017

(Jan-Dec) (Jan-Dec)

Cosan S/A Consolidated

Pro forma Net Revenue (BRL mln) 47,008 45,000 ≤ ∆ ≤ 48,000

Pro forma EBITDA¹4 (BRL mln) 4,503 4,750 ≤ ∆ ≤ 5,250

Raízen

Combustíveis

EBITDA (BRL mln) 2,812 2,700 ≤ ∆ ≤ 3,000

CAPEX (BRL mln) 797 800 ≤ ∆ ≤ 1,000

Comgás

Total Volume Sold, excluding Thermo ('000 cbm) 4,119 4,000 ≤ ∆ ≤ 4,300

Normalized EBITDA¹⁵ (BRL mln) 1,465 1,550 ≤ ∆ ≤ 1,650

CAPEX (BRL mln) 464 450 ≤ ∆ ≤ 500

Moove EBITDA (BRL mln) 136 140 ≤ ∆ ≤ 160

Actual Guidance

Crop Year 2016/17 Crop Year 2017/18

(Apr/16-Mar/17) (Apr/17-Mar/18)

Raízen Energia

Volume of Sugarcane Crushed ('000 tons) 59,391 59,000 ≤ ∆ ≤ 63,000

Volume of Sugar Produced ('000 tons) 4,227 4,300 ≤ ∆ ≤ 4,700

Volume of Ethanol Produced (million liters) 1,990 2,000 ≤ ∆ ≤ 2,300

Volume of Energy Sold ('000 of MWh) 2,802 2,000 ≤ ∆ ≤ 2,200

EBITDA¹4 (BRL mln) 3,693 3,900 ≤ ∆ ≤ 4,300

CAPEX (BRL mln) 2,088 2,100 ≤ ∆ ≤ 2,400

Mario Silva CEO

Paula Kovarsky IRO

João Arthur Souza CFO

Phillipe Casale IR Manager

Website| ri.cosan.com.br

E-mail | ri@cosan.com.br

Telephone | +55 (11) 3897-9797