<SEC-DOCUMENT>0000950103-20-021010.txt : 20201231
<SEC-HEADER>0000950103-20-021010.hdr.sgml : 20201231
<ACCEPTANCE-DATETIME>20201029161800
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-20-021010
CONFORMED SUBMISSION TYPE:	DRS/A
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20201029
<PUBLIC-REL-DATE>20201231
DATE AS OF CHANGE:		20201029

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cosan S.A.
		CENTRAL INDEX KEY:			0001430162
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		DRS/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	377-03619
		FILM NUMBER:		201272897

	BUSINESS ADDRESS:	
		STREET 1:		AV. JUSCELINO KUBITSCHEK
		STREET 2:		1726 - 6TH FLOOR
		CITY:			SAO PAUO, SP
		STATE:			D5
		ZIP:			04543-000
		BUSINESS PHONE:		55-11-3897-9797

	MAIL ADDRESS:	
		STREET 1:		AV. JUSCELINO KUBITSCHEK
		STREET 2:		1726 - 6TH FLOOR
		CITY:			SAO PAUO, SP
		STATE:			D5
		ZIP:			04543-000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Cosan S.A. Industria e Comercio
		DATE OF NAME CHANGE:	20080319
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRS/A
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Confidential Treatment Requested by Cosan
S.A.</B></P>

<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; text-align: center"><B>Pursuant to 17 C.F.R. Section 200.83</B></P>

<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; text-align: center"><B>As confidentially submitted to the Securities
and Exchange Commission on October 29 , 2020. This draft registration statement has not been publicly filed with the Securities
and Exchange Commission and all information herein remains strictly confidential. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 4.5pt double"><B>Registration
Statement No. 333-______</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Amendment No. 1 to </P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM F-4</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

<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; text-align: center"><I>Under<BR>
the Securities Act of 1933</I></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cosan S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified
in its Charter)</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cosan Inc.</B>&nbsp;</P>

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

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<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: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Federative Republic of Brazil</B></P>
        <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; text-align: center">(State or Other Jurisdiction of<BR>
        Incorporation or Organization)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2860<BR>
</B>(Primary Standard Industrial<BR>
Classification Code Number)</FONT></TD>
    <TD STYLE="width: 33%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>
        <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; text-align: center">(I.R.S. Employer<BR>
        Identification Number)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Avenida Brigadeiro Faria Lima, 4,100
&ndash; 16th floor</B></P>

<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; text-align: center"><B>S&atilde;o Paulo &ndash; SP, 04538-132,
Brazil</B></P>

<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; text-align: center"><B>Telephone: +55 (11) 3897-9797</B></P>

<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; text-align: center">(Address, Including Zip Code, and Telephone
Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>122 East 42nd Street, 18th Floor</B></P>

<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; text-align: center"><B>New York, NY 10168</B></P>

<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; text-align: center"><B>(212) 947-7200</B></P>

<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; text-align: center">(Name, Address, Including Zip Code, and
Telephone Number, Including Area Code, of Agent For Service)</P>

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

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

<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; text-align: center"><B>Daniel Brass</B></P>

<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; text-align: center"><B>Davis Polk &amp; Wardwell LLP</B></P>

<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; text-align: center"><B>450 Lexington Avenue</B></P>

<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; text-align: center"><B>New York, New York 10017</B></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; text-indent: 0.25in">Approximate date of commencement of proposed
sale of the securities to the public: <B>As soon as practicable after the effective date of this Registration Statement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is a post-effective amendment
filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If applicable, place an X in the box to
designate the appropriate rule provision relied upon in conducting this transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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="padding-left: 0.25in; width: 64%; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer)</FONT></TD>
    <TD STYLE="width: 36%; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)</FONT></TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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="padding-left: 0.25in; width: 64%; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="width: 36%; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an emerging growth company that prepares
its financial statements in accordance with IFRS, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards&dagger; provided pursuant to Section 7(a)(2)(B)
of the Securities Act.&#9; <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

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



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

<DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 3.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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="5" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Title Of Each Class<BR>
Of Securities To Be Registered<SUP>(1)(2)</SUP></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Amount To Be Registered<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Proposed Maximum Offering Price Per Share</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Proposed Maximum Aggregate Offering Price<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-size: 10pt">Amount Of<BR>
Registration Fee<SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">Common shares, no par value&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">Not applicable&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 10pt">U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Notes:</P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The securities being offered hereby may be issued in the form of American Depositary Shares of the registrant, referred to
as CSAN ADSs. Each CSAN ADS represents one common share, nominal no par value of Cosan S.A., referred to as CSAN Shares. The CSAN
ADSs will be issuable upon deposit of CSAN Shares with &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; acting as the depositary
and will be registered under a registration statement on Form F-6 (Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ).</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: 0.25in">(2)</TD><TD>Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement
also covers an indeterminate number of additional CSAN Shares as may be issuable as a result of stock splits, stock dividends or
similar transactions.</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: 0.25in">(3)</TD><TD>Represents the maximum number of the registrant&rsquo;s common shares estimated to be issuable upon completion of the mergers
described herein. Calculated as the sum of: (i) the product obtained by multiplying (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by (b) the sum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;; plus (ii) the product
obtained by multiplying (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by (b) the sum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</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: 0.25in">(4)</TD><TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(f) under the Securities Act. Calculated
as the sum of: (i) the product obtained by multiplying (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by (b) the sum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;; plus (ii) the product obtained by multiplying (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
by (b) the sum of (i).</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: 0.25in">(5)</TD><TD>Determined in accordance with Section 6(b) of the Securities Act at a rate equal to U.S.$109.10 per $1,000,000 of the proposed
maximum aggregate offering price.</TD></TR></TABLE>

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

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<P STYLE="text-indent: 0.25in; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment
which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</B></P>

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

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<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; color: #EB0029"><B>Information contained in this prospectus
is subject to completion and may be changed. A registration statement relating to these securities has been filed with the U.S.
Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time the registration
statement becomes effective. This document shall not constitute an offer to sell or the solicitation of any offer to buy nor shall
there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such jurisdiction.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #EB0029"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #EB0029"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Confidential Treatment Requested by
Cosan S.A.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to 17 C.F.R. Section 200.83</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red">SUBJECT TO AMENDMENT AND
COMPLETION, DATED OCTOBER 29 , 2020</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><I>PRELIMINARY PROSPECTUS</I></P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Merger of Cosan Limited with and into
Cosan S.A.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 66.75pt; width: 78pt"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">Cosan
S.A.</FONT><FONT STYLE="font-size: 18pt"><BR>
</FONT>(incorporated in the Federative Republic of Brazil as a <I>sociedade an&ocirc;nima</I>)</P>

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

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<P STYLE="font: bold 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; text-indent: 22.5pt">This prospectus relates to the common
shares, or &ldquo;CSAN Shares,&rdquo; of Cosan S.A., or &ldquo;CSAN,&rdquo; including common shares in the form of American Depositary
Shares, or the &ldquo;CSAN ADSs.&rdquo; CSAN ADSs are to be issued to holders of Class A common shares (&ldquo;Class A Shares&rdquo;)
of Cosan Limited, or &ldquo;CZZ,&rdquo; an exempted company incorporated in Bermuda, and CSAN Shares are to be issued to holders
of Class B Common Shares (&ldquo;Class B Shares&rdquo;) of CZZ, in each case subject to the satisfaction of certain conditions in
connection with the merger of CZZ with and into CSAN, a corporation (<I>sociedade an&ocirc;nima</I>) incorporated under the laws
of the Federative Republic of Brazil pursuant to section 104B of the Bermuda Companies Act 1981, or the &ldquo;Merger.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">The Merger is part of a reorganization
of the Cosan Group, as more fully described below. The business carried out by CSAN following the Merger will be the same as the
business currently carried out by CZZ prior to the Merger. In this prospectus, &ldquo;Cosan Group&rdquo; refers to the economic
entity currently represented by CZZ and its subsidiaries prior to the Merger, which, following the Merger, will be represented
by CSAN, as the context requires. Subject to requisite shareholders&rsquo; approval, CZZ shareholders will receive in the Merger
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAN ADS for each &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Share that they hold and
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAN Shares for each &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B Share that they hold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">Holders of CZZ shares are to vote on the
Merger at an extraordinary general meeting of CZZ scheduled for &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020. The Merger
must be approved at the extraordinary general meeting of CZZ shareholders with the affirmative vote of holders of at least 75%
of the voting power of CZZ voting at the meeting. The Merger is subject to the satisfaction and/or waiver of certain conditions,
including obtaining all of the required authorizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">Upon effectiveness of the Merger, the
pre-Merger shareholders of CZZ will hold &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of CSAN Shares (including CSAN Shares in the form
of CSAN ADSs) as they held of CZZ shares before the Merger. Assuming the CZZ shareholders approve the Merger and the conditions
precedent to closing are satisfied, the Merger will become fully effective on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , or the &ldquo;Effective
Date.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">If you hold CZZ Class A Shares
through an intermediary such as a broker/dealer or clearing agency, you should consult with that intermediary about how to obtain
information on the relevant shareholders&rsquo; meeting of CZZ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">CSAN will apply to list the CSAN Shares
and CSAN ADSs on the NYSE/Nasdaq, where trading is expected to commence up to 30 days after the Effective Date. Between the Effective
Date of the Merger and the first date of trading of the CSAN Shares and CSAN ADSs, shareholders and holders of ADSs will continue
to be able to trade CZZ <U>Class A</U> Shares. See &ldquo;The Merger.&rdquo; The CSAN Shares are listed on the B3 S.A.
&ndash; Brasil, Bolsa, Balc&atilde;o or the &ldquo;B3.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><B>Neither the Securities and Exchange
Commission, or the &ldquo;SEC,&rdquo; nor any state securities commission has approved or disapproved of the securities offered
in this prospectus, passed on the merits or fairness of the transaction or passed upon the adequacy or accuracy of this prospectus.
Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"><B>We encourage you to read this prospectus
carefully in its entirety, including the &ldquo;Risk Factors&rdquo; section that begins on page 9 .</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>Prospectus dated
&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020</B><BR STYLE="clear: both">
</P>

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

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

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

<P STYLE="font: bold 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-indent: 0.25in">This document, which forms part of a registration
statement on Form F-4 filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) by Cosan S.A., a corporation
(<I>sociedade an&ocirc;nima</I>) incorporated under the laws of Brazil, or &ldquo;CSAN,&rdquo; (File No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;),
and constitutes a prospectus of CSAN under Section 5 of the U.S. Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
with respect to the shares of common stock of CSAN, or the &ldquo;CSAN Shares,&rdquo; to be deposited with&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
or the &ldquo;ADS Depositary&rdquo; or issued to common shareholders of Cosan Limited, an exempted company incorporated in Bermuda,
or &ldquo;CZZ,&rdquo; pursuant to the transactions contemplated by the Merger and Justification Protocol, dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2020 and entered into by and among the management of CZZ and of CSAN, or the &ldquo;Merger Protocol&rdquo; The ADS Depositary
will file a registration statement on Form F-6 (Reg. No. 333-&nbsp;&nbsp; ) with respect to the American Depository Shares of CSAN,
each representing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSAN Share, or the &ldquo;CSAN ADSs.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Information contained in or incorporated
by reference into this prospectus relating to CZZ has been supplied by CZZ and information contained in this prospectus relating
to CSAN has been provided by CSAN. Any reference to a website address does not constitute incorporation by reference of the information
contained at or available through such website, and you should not consider it to be a part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should rely only on the information
contained in or incorporated by reference into this prospectus. No person has been authorized to provide you with information that
is different from what is contained in, or incorporated by reference into, this prospectus, and, if given or made by any person,
such information must not be relied upon as having been authorized. You should not assume that the information contained in this
prospectus is accurate as of any date other than its date as specified on the cover unless otherwise specifically provided herein.
Further, you should not assume that the information contained in or incorporated by reference into this prospectus is accurate
as of any date other than the date of the incorporated document. Neither the mailing of this prospectus to CZZ shareholders nor
the issuance by CSAN of CSAN Shares or CSAN ADSs pursuant to the Merger Protocol will create any implication to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None of the SEC, the Brazilian Securities
Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>) (the &ldquo;CVM&rdquo;), nor any securities commission of any
jurisdiction has approved or disapproved any of the transactions described in this prospectus or the securities to be issued under
this document or passed upon the adequacy or accuracy of this document. Any representation to the contrary is a criminal offense.
This prospectus does not constitute an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities, or a
solicitation of a proxy, in any jurisdiction to or from any person to whom it is unlawful to make any such offer or solicitation
in such jurisdiction. For the avoidance of doubt, this prospectus does not constitute an offer to buy or sell securities or a solicitation
of an offer to buy or sell any securities in Brazil or a solicitation of a proxy under the laws of Brazil, and it is not intended
to be, and is not, a prospectus or an offer document within the meaning of Brazilian law and the rules of the CVM. You should inform
yourself about and observe any such restrictions, and none of CZZ or CSAN accepts any liability in relation to any such restrictions.</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="toc"></A><B>table
of contents</B></FONT></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; text-align: right"><U>Page</U></P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#cautionary">Cautionary Statement Concerning Forward-Looking Statements</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#cautionary">iii</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#certain">Certain Defined Terms and Conventions Used in This Prospectus</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#certain">v</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#presentation">Presentation of Financial and Certain Other Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#presentation">vii</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#incorporation">Incorporation of Certain Documents by Reference</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#incorporation">ix</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#where">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#where">x</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#exchangerates">Exchange Rates</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#exchangerates">xi</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#questions">Questions and Answers About the Merger and the CZZ Special Meeting</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#questions">xiii</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#qandamerger">Questions and Answers About the Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#qandamerger">xii</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#qandaczzmeeting">Questions and Answers About the CZZ Special Meeting</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#qandaczzmeeting">xvi</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#summary">Summary</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#summary">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#theparties">The Parties</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#theparties">1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#riskfactors">Risk Factors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#riskfactors">2</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#themergerprotocols">The Merger and the Merger Protocols</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#themergerprotocols">2</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#theczzmeeting">The CZZ Special Meeting</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#theczzmeeting">3</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#mergerconsideration">Merger Consideration</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#mergerconsideration">4</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#exhangeratio">Exchange Ratio for Shareholders of CZZ</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#exhangeratio">4</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#reasons">Reasons for the Proposed Transaction</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#reasons">4</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#shareholderclog">Shareholder Approval of CSAN and CLOG</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#shareholderclog">4</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#withdrawal">Withdrawal Rights for CLOG Shareholders</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#withdrawal">4</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#dissenters">Dissenters&rsquo; Rights of Appraisal for CZZ Shareholders</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#dissenters">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#conditions">Conditions Precedent That Must Be Satisfied or Waived for the Merger to Occur</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#conditions">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#materialtax">Material U.S. Tax Considerations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#materialtax">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#braziiantaxation">Brazilian Taxation</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#braziiantaxation">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#accountingmerger">Accounting Treatment of the Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#accountingmerger">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#treatment">Treatment of Equity and Equity-Based Awards</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#treatment">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#interestmerger">Interests of Certain Persons in the Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#interestmerger">5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#board">Board of Directors and Management of CSAN Following Completion of the Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#board">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#listing">Listing of CSAN Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#listing">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#listingads">Listing of CSAN ADSs</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#listingads">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#delistingczz">Delisting
    and Deregistration of CZZ Class A Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#delistingczz">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#compariohncsanczz">Comparison of the Rights of Holders of CSAN Shares and CZZ Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#compariohncsanczz">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#selectczz">Selected Financial Data of CZZ</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#selectczz">7</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#comparativedata">Comparative per Share Market Data</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#comparativedata">7</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#comsharedata">Comparative Historical per Share Data</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#comsharedata">7</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#rfactors">Risk Factors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#rfactors">9</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#risksrelatemerger">Risks Relating to the Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#risksrelatemerger">9</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#riskscsanads">Risks Relating to the CSAN Shares and CSAN ADSs</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#riskscsanads">12</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#risksczzbusiness">Risks
    Related to CSAN&rsquo;s Business</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#risksczzbusiness">18</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#risksczzbusiness">Risks Related to CZZ&rsquo;s Business</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#risksczzbusiness">18</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#commarketdata">Comparative Per Share Market Data</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#commarketdata">19</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#selsharedata">Selected Unaudited Per Share Data</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#selsharedata">21</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#comhistorical">Comparative Historical Per Share Data</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#comhistorical">22</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#seledataczz">Selected Financial Data of CZZ</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#seledataczz">24</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#czzspemeeting">The CZZ Special Meeting</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#czzspemeeting">28</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#general">General</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#general">28</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#recommczz">Recommendation of the CZZ Board of Directors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#recommczz">28</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#recorddate">Record Date; Shareholders Entitled to Vote</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#recorddate">28</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#votingczz">Voting by CZZ&rsquo;s Directors and Executive Officers</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#votingczz">28</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#quorum">Quorum</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#quorum">29</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#requiredvote">Required Vote</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#requiredvote">29</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#howtovote">How to Vote Your Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#howtovote">29</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#revocation">Revocation</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#revocation">30</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#tabulation">Tabulation of Votes</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#tabulation">30</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#adjournments">Adjournments</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#adjournments">30</A></TD></TR>
</TABLE>

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

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt; width: 90%"><A HREF="#qandainformation">Questions and Additional Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%"><A HREF="#qandainformation">30</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#themerger">The Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#themerger">31</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#overview">Overview</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#overview">31</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#background">Background to the Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#background">32</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#reczzboard">Recommendation of the CZZ Board of Directors; CZZ&rsquo;s Reasons for the Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#reczzboard">33</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#csanmerger">CSAN&rsquo;s Reasons for the Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#csanmerger">33</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#finmerger">Financial Implications of the Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#finmerger">34</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#listingcsanshares">Listing of CSAN Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#listingcsanshares">34</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#listingcsanads">Listing of the CSAN ADSs</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#listingcsanads">34</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#deldczzshares">Delisting
    and Deregistration of CZZ Class A Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#deldczzshares">34</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#shareapprovalcsan">Shareholder Approval of CSAN</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#shareapprovalcsan">34</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#sharesholdappclog">Shareholder Approval of CLOG</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#sharesholdappclog">34</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#nsproxies">No Solicitation of Proxies from Shareholders of CSAN or CLOG</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#nsproxies">35</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#withdrawclogshare">Withdrawal Rights for CLOG Shareholders</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#withdrawclogshare">35</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#dissenterczzshare">Dissenters&rsquo; Rights of Appraisal for CZZ Shareholders</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#dissenterczzshare">35</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#certaininffollowmerger">Certain Information on the Ownership and Management of CSAN and CZZ Following the Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#certaininffollowmerger">36</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#acctreatmerger">Accounting Treatment of the Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#acctreatmerger">37</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#dividendinfor">Dividend Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#dividendinfor">37</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#pastcontracts">Past Contracts, Mergers, Negotiations and Agreements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#pastcontracts">38</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 12.25pt"><A HREF="#expenses">Expenses</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#expenses">38</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#mergerdocuments">The Merger Documents</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#mergerdocuments">39</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#materialtaxcons">Material Tax Considerations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#materialtaxcons">41</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#informatcompan">Information About the Companies</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#informatcompan">51</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#infoaboutcsan">Information About CSAN</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#infoaboutcsan">53</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#infoczz">Information About CZZ</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#infoczz">54</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#managdafcoczz">Management&rsquo;s Discussion and Analysis of Financial Condition&nbsp; and Results of Operations of CSAN</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#managdafcoczz">55</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#mdacsan">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations of CZZ</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#mdacsan">56</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#managementczz">Management and Compensation of CSAN</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#managementczz">58</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#managementczz">Management and Compensation of CZZ</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#managementczz">61</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#desccsanbylaw">Description of CSAN Shares and CSAN By-Laws</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#desccsanbylaw">62</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#descdepostiagree">Description of CSAN ADSs and CSAN Deposit Agreement</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#descdepostiagree">80</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#majorshareczz">Major
    Shareholders and Related Party Transactions</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#majorshareczz">88</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#interestcertainper">Interests of Certain Persons in the Merger</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#interestcertainper">89</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#comrightholderscsan">Comparison of the Rights of Holders of CSAN Shares and CZZ Shares</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#comrightholderscsan">90</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#experts">Experts</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#experts">105</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#legalmatters">Legal Matters</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#legalmatters">106</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#enforceability">Enforceability of Civil Liabilities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#enforceability">107</A></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(220,235,244)">
    <TD STYLE="width: 50%; font-size: 10pt"><A HREF="#partii">Part II Information Not Required In The Prospectus</A></TD>
    <TD STYLE="text-align: right; width: 50%; font-size: 10pt"><A HREF="#partii">II-1</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">ANNEXES</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%; font-size: 10pt">Annex A*:&nbsp;&nbsp;Merger Protocol</TD>
    <TD STYLE="text-align: right; width: 50%; font-size: 10pt">A-1</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">* To be filed by amendment</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="cautionary"></A>Cautionary
Statement Concerning Forward-Looking Statements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus contains forward-looking
statements concerning CZZ, CSAN, the Merger (as defined herein) and other matters. These statements may discuss goals, intentions
and expectations as to future plans, trends, events, results of operations or financial conditions, or other matters, based on
current beliefs of the management of CZZ, CSAN as well as assumptions made by, and information currently available to the management
of both companies. Forward-looking statements can be identified by the fact that they do not relate only to historical or current
facts and may be accompanied by words such as &ldquo;aim,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;plan,&rdquo;
&ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;forecast,&rdquo;
&ldquo;future,&rdquo; &ldquo;guidance,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;possible,&rdquo;
&ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project&rdquo; or similar words, phrases or expressions, although the absence
of any such words or expressions does not mean that a particular statement is not a forward-looking statement. These statements
are subject to various risks and uncertainties, many of which are outside the parties&rsquo; control. Therefore, you should not
place undue reliance on these statements. Factors that could cause actual plans and results to differ materially from those in
these statements include, but are not limited to, risks and uncertainties detailed in the section of this prospectus entitled &ldquo;Risk
Factors,&rdquo; and CZZ&rsquo;s periodic public filings with the SEC, including those discussed in the section of this prospectus
entitled &ldquo;Risk Factors&rdquo; and under <FONT STYLE="background-color: white">&ldquo;Item 3. Key Information&mdash;D. Risk
Factors&rdquo;</FONT> in the  CZZ 2019 Form 20-F and the CZZ Q2 Form 6-Ks, factors contained or incorporated by
reference into such documents and in subsequent filings by CZZ with the SEC and factors described in CSAN&rsquo;s annual reports,
registration documents and other documents filed with the CVM, and the following factors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>general economic, political, demographic and business conditions in Brazil and in the world and the cyclicality affecting our
selling prices;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the effects of global financial and economic crises in Brazil;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to implement our expansion strategy in other regions of Brazil and international markets through organic growth,
acquisitions or joint ventures;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to successfully compete in all segments and geographical markets where we currently conduct business or may conduct
businesses in the future;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>competitive developments in the segments in which we operate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to implement our capital expenditure plan, including our ability to arrange financing when required and on reasonable
terms;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>government intervention resulting in changes in the economy, taxes and tariffs affecting the markets in which we operate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>price of natural gas, ethanol and other fuels, as well as sugar;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>equipment failure and service interruptions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to compete and conduct our businesses in the future;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>adverse weather conditions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in customer demand;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in our businesses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to work together successfully with our partners to operate our partnerships (such as the Joint Venture);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>technological advances in the natural gas sector, including developments of natural gas for use in other applications, and
advances in the development of alternatives to natural gas;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>technological advances in the ethanol sector and advances in the development of alternatives to ethanol;</TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in global energy usage;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>government intervention and trade barriers, resulting in changes in the economy, taxes, rates, prices or regulatory environment
including in relation to our regulated businesses such as Comg&aacute;s;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>inflation, depreciation, appreciation and depreciation of the <I>real</I>;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the duration and severity of the COVID-19 outbreak and its impacts on our business (see &ldquo;Item 3. Key Information&ndash;D.
Risk Factors&mdash;Risks Related to Our Businesses and the Industries in Which We Operate Generally&mdash;Our business, operations
and results may be adversely impacted by Covid-19 and &ldquo;Item 4. Information on the Company&mdash;A. History and Development
of the Company&mdash;Recent Developments&mdash;Covid-19 Pandemic&rdquo; in the CZZ 2019 Form 20-F);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>other factors that may affect our financial condition, liquidity and results of our operations; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>other risk factors as set forth under &ldquo;Risk Factors&rdquo; in this prospectus.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The foregoing list of factors is not exhaustive.
You should carefully consider the foregoing factors and the other risks and uncertainties that affect the parties&rsquo; businesses,
including those described in this prospectus, and information contained in or incorporated by reference into this prospectus. See
the section of this prospectus entitled &ldquo;Where You Can Find More Information.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nothing in this prospectus is intended,
or is to be construed, as a profit projection or to be interpreted to mean that earnings per CZZ Class A Share, CSAN Share
and CSAN ADSs for the current or any future financial years, will necessarily match or exceed the historical published earnings
per CZZ Class A Share and CSAN Share, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Companies are under no obligation,
and each expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statements, whether written
or oral, that may be made from time to time, whether as a result of new information, future events or otherwise. Persons reading
this document are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date hereof.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="certain"></A>Certain
Defined Terms and Conventions Used in This Prospectus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In this prospectus, the &ldquo;Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to CSAN and its subsidiaries, unless the context otherwise requires.
References to the &ldquo;Companies&rdquo; refer to CSAN and CZZ and their respective consolidated subsidiaries collectively. All
references herein to the &ldquo;<I>real</I>,&rdquo; &ldquo;<I>reais</I>&rdquo; or &ldquo;R$&rdquo; are to the Brazilian <I>real</I>,
the official currency of Brazil. All references to &ldquo;U.S. dollars,&rdquo; &ldquo;dollars&rdquo; or &ldquo;U.S.$&rdquo; are
to United States dollars, the official currency of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, as used in this prospectus,
the following defined terms have the following respective meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;B3&rdquo; means the <I>B3 S.A. &ndash;
Brasil, Bolsa, Balc&atilde;o</I>, or S&atilde;o Paulo Stock Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;BNDES&rdquo; means the <I>Banco
Nacional de Desenvolvimento Econ&ocirc;mico e Social</I>, or the Brazilian National Economic and Social Development Bank.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Brazil&rdquo; means the Federative
Republic of Brazil and the phrase &ldquo;Brazilian government&rdquo; refers to the federal government of Brazil.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Brazilian Central Bank&rdquo; means
the Central Bank of Brazil (<I>Banco Central do Brasil</I>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Brazilian Corporation Law&rdquo;
means the Brazilian Law No. 6,404/76, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;CDI,&rdquo; or the Interbank Deposit
Certificate (<I>Certificado de Dep&oacute;sito Interbanc&aacute;rio</I>), means the &ldquo;over extra group&rdquo; daily average
rate for interbank deposits, expressed as an annual percentage, based on 252 business days, calculated daily and published by B3,
or any other index as may be further used in substitution thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &ldquo;Class A Shares&rdquo; means
shares of Class A common stock of CZZ. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &ldquo;Class B Shares&rdquo; means
shares of Class B common stock of CZZ. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;CMN&rdquo; means the <I>Conselho
Monet&aacute;rio Nacional</I>, or the Brazilian Monetary Council.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">&ldquo;Comg&aacute;s&rdquo;
means Companhia de G&aacute;s de S&atilde;o Paulo &ndash; COMG&Aacute;S.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">&ldquo;Companies&rdquo;
means CZZ, CSAN and CLOG.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">&ldquo;Companies
Act&rdquo; means the Companies Act 1981 of Bermuda (as amended).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">&ldquo;Compass&rdquo;
means Compass G&aacute;s e Energia S.A.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">&ldquo;Court&rdquo;
means the Supreme Court of Bermuda.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;CVM&rdquo; means the <I>Comiss&atilde;o
de Valores Mobili&aacute;rios</I>, or the Brazilian Securities Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &ldquo;CZZ Shares&rdquo; means the
Class A Shares and Class B Shares. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Exchange Act&rdquo; means the U.S.
Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Exchange Ratio&rdquo; means Class
A Share for CSAN ADS and Class B Share for CSAN Share, as applicable .</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;FGV&rdquo; means the Funda&ccedil;&atilde;o
Get&uacute;lio Vargas.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;IASB&rdquo; means the International
Accounting Standards Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;IBGE&rdquo; means the Brazilian
Institute of Geography and Statistics (<I>Instituto Brasileiro de Geografia e Estat&iacute;stica</I>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;IFRS&rdquo; means International
Financial Reporting Standards as issued by the IASB.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Joint Venture&rdquo; means the joint
ventures formed on <FONT STYLE="background-color: white">June&nbsp;1, 2011 by CZZ and Shell Brazil Holdings B.V. for a combined
50/50 investment, under the names Ra&iacute;zen Combust&iacute;veis and Ra&iacute;zen Energia.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Moove&rdquo; means <FONT STYLE="background-color: white">Cosan
Lubrificantes e Especialidades S.A., or &ldquo;CLE&rdquo;</FONT>, Stanbridge Group Limited, or &ldquo;Stanbridge,&rdquo; Moove
Lubricants Limited, or &ldquo;Moove Lubricants,&rdquo; (previously known as Comma Oil Chemicals Limited), TTA &ndash; SAS Techniques
et Technologie Appliqu&eacute;es, or &ldquo;TTA,&rdquo; LubrigrupoII&ndash; Com&eacute;rcio e Distribui&ccedil;&atilde;o de Lubrificantes,
S.A., or &ldquo;LubrigrupoII,&rdquo; Cosan Lubricantes S.R.L, or &ldquo;Cosan S.R.L&rdquo; and Commercial Lubricants Moove
Corp, or &ldquo;Moove Corp,&rdquo; (previously known as Commercial Lubricants, LLC (d/b/a Metrolube), or &ldquo;Metrolube&rdquo;).</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Nasdaq&rdquo; means the Nasdaq Global
Select Market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Novo Mercado Rules&rdquo; means
the listing rules of the Novo Mercado segment of the B3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;NYSE&rdquo; means the New York Stock
Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Ra&iacute;zen&rdquo; means Ra&iacute;zen
Energia and Ra&iacute;zen Combust&iacute;veis collectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Ra&iacute;zen Argentina&rdquo; means
<FONT STYLE="background-color: white">Shell Compa&ntilde;&iacute;a Argentina de Petr&oacute;leo S.A. and Energina Compa&ntilde;&iacute;a
Argentina de Petr&oacute;leo S.A.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Ra&iacute;zen Combust&iacute;veis&rdquo;
means Ra&iacute;zen Combust&iacute;veis S.A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Ra&iacute;zen Energia&rdquo; means
Ra&iacute;zen Energia S.A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Rumo&rdquo; means Rumo S.A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;RTK&rdquo; means revenue ton kilometer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Securities Act&rdquo; means the
U.S. Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;ton&rdquo; or &ldquo;tonne&rdquo;
refer to the metric tonne, which is equal to 1,000 kilograms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;TSR&rdquo; means total sugar recovered,
which represents the total amount of sugar content in a given quantity of sugarcane.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;United States&rdquo; or &ldquo;U.S.&rdquo;
means the United States of America.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="presentation"></A>Presentation
of Financial and Certain Other Information</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>CZZ Financial Statements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated financial information
of CZZ presented in this prospectus has been derived from the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>unaudited interim condensed consolidated financial statements of CZZ as of June 30, 2020 and for the three and six months ended
June 30, 2020 and 2019 and the related notes thereto, included in the June 2020 Financials 6-K, incorporated by reference in this
prospectus; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>audited consolidated financial statements of CZZ as of December 31, 2019 and 2018 and for each of the years in the three-year
period ended December 31, 2019 and the related notes thereto, included in the CZZ 2019 Form 20-F, incorporated by reference in
this prospectus; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">consolidated financial statements </FONT>of CZZ <FONT STYLE="background-color: white">as
of&nbsp;and for&nbsp;the years ended&nbsp;December 31,&nbsp;2016 and 2015&nbsp;and the related notes thereto,&nbsp;not&nbsp;included
or incorporated by reference in this prospectus.&nbsp;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated financial statements of
CZZ are prepared in accordance with IFRS as issued by the IASB and are presented in Brazilian <I>reais</I>. However, the functional
currency of CZZ is the U.S. dollar. The Brazilian <I>real</I> is the currency of the primary economic environment in which CSAN,
Cosan Log&iacute;stica S.A., or &ldquo;CLOG,&rdquo; and their respective subsidiaries and jointly-controlled entities, located
in Brazil, operate and generate and expend cash. The functional currency for the subsidiaries located outside Brazil is the U.S.
dollar, British pound or the Euro. The unaudited condensed interim consolidated financial statements of CZZ are prepared in accordance
with IAS 34 &ndash; Interim Financial Reporting as issued by the IASB and are presented in Brazilian <I>reais.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>CSAN and CLOG Financial Statements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not included in this prospectus
the financial statements of CSAN and its subsidiaries, or the &ldquo;CSAN Group,&rdquo; or of CLOG and its subsidiaries, or the
&ldquo;CLOG Group,&rdquo; because no financial statements audited in accordance with the standards of the Public Company Accounting
Oversight Board (PCAOB) exist for either the CSAN Group or CLOG Group. We refer to the CZZ Group, the CSAN Group and the CLOG Group
together as the &ldquo;Cosan Group.&rdquo;&nbsp; The Proposed Transaction is an intra-group restructuring (1) involving only entities
which are under common control, and (2) in which all of the entities involved are already being presented to investors under CZZ.
&nbsp;&nbsp;The Cosan Group intends to carry out an intra-group corporate restructuring consisting of a merger of companies under
common control, as provided for by art. 264, paragraph 4th, of Brazilian Law No. 6,404, pursuant to which CZZ and CLOG will be
merged into CSAN, or the &ldquo;Proposed Transaction.&rdquo; CZZ is the parent company of CSAN and CLOG. It is also the current
holding company of the Cosan Group, of which both the CSAN Group and the CLOG Group are part. The combined effect of the exchange
of shares in CZZ for shares in CSAN and of CSAN becoming the sole holding company of the Cosan Group as part of the Proposed Transaction
is therefore that, in terms of financial presentation, it will be as if CZZ changed its name to CSAN with no further changes other
than certain non-controlling interest amounts. Accordingly, we believe that the financial statements of the CZZ Group are sufficient
to provide investors the necessary financial information regarding the Cosan Group both before and after the Proposed Transaction.&nbsp;
CZZ is the current holding company of the Cosan Group. As a result, the financial statements of the CZZ Group will reflect the
activities of the entire Cosan Group (including, without limitation, those of both the CSAN Group and the CLOG Group) at the date
of effectiveness of this prospectus and following implementation of the Merger.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On June 30, 2020, the exchange rate for
<I>reais </I>into U.S. dollars was R$5.476 to U.S.$1.00, based on the selling rate as reported by the Brazilian Central Bank. The
selling rate was R$5.476 to U.S.$1.00 as of June 30, 2020, R$4.031 to U.S.$1.00 as of December 31, 2019, R$3.875 to U.S.$1.00 as
of December 31, 2018, R$3.308 to U.S.$1.00 as of December 29, 2017 and R$3.259 to U.S.$1.00 as of December 30, 2016, in each case,
as reported by the Brazilian Central Bank. The <I>real</I>/U.S. dollar exchange rate fluctuates widely, and the selling rate as
of June 30,</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">2020
may not be indicative of future exchange rates. See &ldquo;Exchange Rates&rdquo; for information regarding exchange rates for
the Brazilian currency since January 1, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Solely for the convenience of the reader,
we have translated certain amounts included in &ldquo;Selected Financial Data of CZZ&rdquo; and elsewhere in this prospectus from
<I>reais </I>into U.S. dollars using the selling rate as reported by the Brazilian Central Bank as of June 30, 2020 of R$5.476
to U.S.$1.00. These translations should not be considered representations that any such amounts have been, could have been or could
be converted into U.S. dollars at that or at any other exchange rate.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have made rounding adjustments to reach
some of the figures included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic
aggregation of the figures that preceded them.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We obtained market and competitive position
data, including market forecasts, used throughout this prospectus or incorporated by reference into this prospectus from market
research, publicly available information and industry publications, as well as internal surveys. We include data from reports prepared
by LMC International Ltd., the Central Bank of Brazil (<I>Banco Central do Brasil</I>), or the &ldquo;Brazilian Central Bank,&rdquo;
the Sugarcane Agroindustry Association of the state of S&atilde;o Paulo (<I>Uni&atilde;o da Agroind&uacute;stria Canavieira de
S&atilde;o Paulo</I>), or &ldquo;UNICA,&rdquo; the Brazilian Ministry of Agriculture, Livestock, and Supply (<I>Minist&eacute;rio
da Agricultura, Pecu&aacute;ria e Abastecimento</I>), or &ldquo;MAPA,&rdquo; the Brazilian Institute of Geography and Statistics
(<I>Instituto Brasileiro de Geografia e Estat&iacute;stica</I>), or &ldquo;IBGE,&rdquo; the Brazilian Ministry of Development,
Industry and Foreign Trade (<I>Minist&eacute;rio do Desenvolvimento e do Com&eacute;rcio Exterior</I>), or &ldquo;MDIC,&rdquo;
the Brazilian Ministry of Infrastructure (<I>Minist&eacute;rio da Infraestrutura</I>), or &ldquo;MI,&rdquo; the Food and Agriculture
Organization of the United Nations, or &ldquo;FAO,&rdquo; the National Traffic Agency (<I>Departamento Nacional de Tr&acirc;nsito&mdash;DENATRAN</I>),
the Brazilian Association of Vehicle Manufactures (<I>Associa&ccedil;&atilde;o Nacional dos Fabricantes de Ve&iacute;culos Automotores&mdash;ANFAVEA</I>),
Datagro Publica&ccedil;&otilde;es Ltda., F.O. Licht, Czarnikow, Apoio e Vendas Procana Comunica&ccedil;&otilde;es Ltda., the S&atilde;o
Paulo Stock, Commodities and Futures Exchange (<I>B3 S.A. &ndash; Brasil, Bolsa, Balc&atilde;o</I>), or &ldquo;B3,&rdquo; the Brazilian
Securities Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>), or &ldquo;CVM,&rdquo; the International Sugar Organization,
the Brazilian National Economic and Social Development Bank (<I>Banco Nacional de Desenvolvimento Econ&ocirc;mico e Social</I>),
or &ldquo;BNDES,&rdquo; the New York Board of Trade, or &ldquo;NYBOT,&rdquo; the New York Stock Exchange, or &ldquo;NYSE,&rdquo;
the Brazilian Agricultural Research Corporation (<I>Empresa Brasileira de Pesquisa Agropecu&aacute;ria</I>), or &ldquo;Embrapa,&rdquo;
the Brazilian Secretariat for Foreign Trade (<I>Secretaria de Com&eacute;rcio Exterior</I>), or &ldquo;Secex,&rdquo; the National
Supply Company (<I>Companhia Nacional de Abastecimento</I>), or &ldquo;Conab,&rdquo; the United States Department of Agriculture,
or &ldquo;USDA,&rdquo; the London Stock Exchange, the National Agency of Petroleum, Natural Gas and Biofuels (<I>ANP - Ag&ecirc;ncia
Nacional do Petr&oacute;leo, G&aacute;s Natural e Biocombust&iacute;veis</I>), or &ldquo;ANP,&rdquo; the Brazilian antitrust authority
(<I>Superintend&ecirc;ncia-Geral do Conselho Administrativo de Defesa Econ&ocirc;mica</I>), or &ldquo;CADE,&rdquo; the National
Union of Distributors of Fuels and Lubricants (<I>Sindicato Nacional das Empresas Distribuidoras de Combust&iacute;veis e de Lubrificantes</I>),
or &ldquo;Sindicom,&rdquo; the ARSESP, the Brazilian Gas Distributors Association (<I>Associa&ccedil;&atilde;o Brasileira das Empresas
Distribuidoras de G&aacute;s</I>), or &ldquo;ABEG&Aacute;S,&rdquo; the Agriculture School of the University of S&atilde;o Paulo
(<I>Escola Superior de Agricultura Luiz de Queiroz</I>), or &ldquo;ESALQ,&rdquo; the National Waterway Transportation Agency (<I>Ag&ecirc;ncia
Nacional de Transportes Aquavi&aacute;rios</I>), or &ldquo;ANTAQ,&rdquo; the Brazilian Transportation Authority (<I>Ag&ecirc;ncia
Nacional de Transporte Terrestre</I>), or &ldquo;ANTT,&rdquo; <I>Esta&ccedil;&atilde;o da Luz Participa&ccedil;&otilde;es</I>,
or &ldquo;EDLP,&rdquo; the National Electric Energy Agency (<I>Ag&ecirc;ncia Nacional de Energia El&eacute;trica</I>), or &ldquo;ANEEL,&rdquo;
and the Chamber of Electric Energy Commercialization (<I>C&acirc;mara de Comercializa&ccedil;&atilde;o de Energia El&eacute;trica</I>),
or &ldquo;CCEE.&rdquo; We believe that all market data contained in or incorporated by reference into this prospectus is reliable,
accurate and complete.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="incorporation"></A>Incorporation
of Certain Documents by Reference</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus incorporates important
business and financial information about us and CZZ that is not included in or delivered with the prospectus. The SEC allows us
to &ldquo;incorporate by reference&rdquo; information filed with the SEC, which means that we can disclose important information
to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus,
and certain later information that we or CZZ file with the SEC will automatically update and supersede this information. We incorporate
by reference the following documents and any future filings that CZZ makes with the SEC under Sections 13(a), 13(c) and 15(d)
of the Securities Exchange Act of 1934, as amended, until we complete the offering using this prospectus: </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Annual report
                                         of CZZ on Form 20-F for the fiscal year ended December 31, 2019 filed on May 28, 2020,
                                         as amended on June 22, 2020, or the &ldquo;CZZ 2019 Form 20-F&rdquo;;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CZZ&rsquo;s
                                         report on Form 6-K furnished to the SEC on August 19, 2020 at 5:04:27 p.m. EST
                                         relating to CZZ&rsquo;s second quarter 2020 results, or the &ldquo;June 2020 Earnings
                                         Release 6-K,&rdquo; and CZZ&rsquo;s report on Form 6-K furnished to the SEC on
                                         October 2, 2020 including its financial statements prepared in accordance with IAS 34
                                         &ndash; Interim Financial Reporting as issued by the IASB, as of and for the three and
                                         six months ended June 30, 2020 and 2019, or the &ldquo;June 2020 Financials 6-K.&rdquo;
                                         The June 2020 Earnings Release 6-K and the June 2020 Financials 6-K are collectively
                                         referred to as the &ldquo;CZZ Q2 Form 6-Ks ;&rdquo; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> CZZ&rsquo;s
                                         reports on Form 6-K furnished to the SEC on January 21, 2020, March 11, 2020, March 16,
                                         2020, April 29, 2020, April 30, 2020, May 28, 2020, June 11, 2020, July 6, 2020, July
                                         7, 2020, July 27, 2020, August 3, 2020 and September 28, 2020. </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <FONT STYLE="background-color: white">We
may also incorporate by reference any&nbsp;Form&nbsp;6-K&nbsp;that CZZ submits to the SEC after the date of this prospectus and
prior to the termination of this offering by identifying in such&nbsp;Form&nbsp;6-K&nbsp;that it is being incorporated by reference
into this prospectus. Unless expressly incorporated by reference, nothing in this prospectus shall be deemed to incorporate by
reference information furnished to, but not filed with, the SEC.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All subsequent reports that CZZ files on
Form 20-F under the Exchange Act after the date of this prospectus and prior to the termination of the offering shall also be deemed
to be incorporated by reference into this prospectus and to be a part hereof from the date of filing such documents. We may also
incorporate by reference any Form 6-K that CZZ furnishes to the SEC after the date of this prospectus and prior to the termination
of this offering by identifying in such Form 6-K that it is being incorporated by reference into this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this prospectus to
the extent that a statement contained in this prospectus modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These documents are available on the SEC&rsquo;s
website at www.sec.gov and from other sources. You may read and copy any materials filed with the SEC at the SEC&rsquo;s Public
Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference
Room by calling the SEC at 1-800-SEC-0330. Additionally, the SEC maintains an Internet site that contains reports and information
statements, and other information regarding issuers that file electronically with the SEC (http://www.sec.gov).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None of the Companies has authorized anyone
to give any information or make any representation about the Merger Protocol and the transactions contemplated thereby or any of
the Companies that is different from, or in addition to, that contained in this prospectus or in any of the materials that have
been incorporated by reference into this prospectus. If you are in a jurisdiction where offers to exchange or sell, or solicitations
of offers to exchange or purchase, the securities offered by this prospectus or the solicitation of proxies pursuant to this prospectus
is unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this
prospectus does not extend to you. The information contained in this prospectus is accurate only as of the date of this prospectus
unless the information specifically indicates that another date applies.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="where"></A>Where You
Can Find More Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN has filed a registration statement
on Form F-4, including the Annex and Exhibits thereto, with the SEC under the Securities Act to register the CSAN Shares that
will be deposited with the ADS Depositary on behalf of holders of CZZ Shares or issued to CSAN shareholders and holders of CZZ
Shares in connection with the Merger. CSAN may also file amendments to the registration statement. This prospectus does not contain
all of the information set forth in the registration statement, and some parts have been omitted in accordance with the rules and
regulations of the SEC. You should read the registration statement on Form F-4 and the Exhibits filed with the registration statement
as they contain important information about the Companies as well as the CSAN Shares and CSAN ADSs. Statements made in this prospectus,
or in any document incorporated by reference into this prospectus, regarding the contents of any contract, agreement or other document
are not necessarily complete and each such statement is qualified in its entirety by reference to that contract, agreement or other
document filed as an exhibit with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ files annual reports on Form 20-F and
furnishes reports to the SEC on Form 6-K under the rules and regulations that apply to foreign private issuers. You may read and
copy any materials filed by CZZ with, or furnished by CZZ to, the SEC at its Public Reference Room at 100 F Street, N.E., Washington,
D.C., 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at +1 (800) SEC-0330.
The SEC maintains a website at http://www.sec.gov that contains reports and other information regarding issuers that file electronically
with the SEC. The reports and other information filed by CZZ with the SEC are also available at CZZ&rsquo;s website at http://ir.cosanlimited.com/en.
We have included the web address of the SEC and CZZ as inactive textual references only. Except as specifically incorporated by
reference into this document, information on those websites is not part of this document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN and CLOG are subject to the informational
requirements of the CVM and the B3 and file reports and other information relating to their respective businesses, financial
condition and other matters with the CVM and the B3. You may read these reports, statements and other information about CSAN at
the public reference facilities maintained by the CVM at Rua Sete de Setembro, 111, 2nd floor, in the city of Rio de Janeiro,
State of Rio de Janeiro, Brazil, and Rua XV de Novembro, 275, Centro, city of S&atilde;o Paulo, state of S&atilde;o Paulo, Brazil.
Some filings of CSAN or CLOG with the CVM and the B3 are also available at the website maintained by the CVM at http://www.cvm.gov.br
and the website maintained by the B3 at http://www.b3.com.br.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The public filings of CSAN and CLOG with
the CVM are also available to the public free of charge through our internet website at https://ri.cosan.com.br/en/en and https://ri.cosanlogistica.com/en/,
respectively. You may also request a copy of CSAN and CLOG filings at no cost by contacting CSAN and CLOG at the following address:
Avenida Brigadeiro Faria Lima, 4,100 &ndash; 16th floor, S&atilde;o Paulo &ndash; SP, 04543-011, Brazil.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Information that we or CZZ file with
or furnish to the SEC after the date of this prospectus, and that is incorporated by reference herein, will automatically update
and supersede the information in this prospectus. You should review the SEC filings and reports that we incorporate by reference
to determine if any of the statements in this prospectus, or in any documents previously incorporated by reference, have been
modified or superseded. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may also request copies of this prospectus
and other information concerning CSAN, without charge, by written or telephonic request directed to CSAN at Av. Brigadeiro Faria
Lima, 4,100 &ndash; 16th floor, Room 1, S&atilde;o Paulo &ndash; SP, 04538-132, Brazil or by telephone at +55 11 3897-9797. <B>In
order for you to receive timely delivery of the documents in advance of the meeting of CZZ shareholders (together with any adjournments
or postponements thereof, the &ldquo;CZZ Special Meeting&rdquo;), at which CZZ shareholders will be asked to consider and vote
upon the proposals relating to the Merger, CSAN should receive your request no later than &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2020, which is five business days prior
to the CZZ Special Meeting.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information included on the websites
of the SEC, CSAN, CZZ or any other entity or that might be accessed through such websites is not included in this prospectus or
the registration statement and is not incorporated into this prospectus or the registration statement by reference unless otherwise
specifically noted herein. We are providing the information about how you can obtain certain documents that are incorporated by
reference into this prospectus at these websites only for your convenience.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="exchangerates"></A>Exchange
Rates</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Brazilian foreign exchange system allows
the purchase and sale of foreign currency and the international transfer of <I>reais</I> by any person or legal entity, regardless
of the amount, subject to certain regulatory procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Since 1999, the Brazilian Central Bank
has allowed the <I>real</I>/U.S. dollar exchange rate to float freely, which resulted in increasing exchange rate volatility. Until
early 2003, the <I>real</I> declined against the U.S. dollar. Between 2006 and 2008, the <I>real </I>strengthened against the U.S.
dollar, except in the most severe periods of the global economic crisis. The <I>real</I> depreciated against the U.S. dollar from
mid-2011 to early 2016 due to turmoil in international markets and the Brazilian macroeconomic outlook at the time. In particular,
during 2015, due to the poor economic conditions in Brazil, including as a result of political instability, the <I>real</I> has
devalued at a rate that is much higher than in previous years. On September 24, 2015, the <I>real</I> fell to the lowest level
since the introduction of the currency, at R$4.195 per U.S.$1.00. Overall in 2015, the <I>real</I> depreciated 45.0%, reaching
R$3.905 per U.S.$1.00 on December 31, 2015. Beginning in early 2016 through the end of 2016, the <I>real</I> appreciated against
the U.S. dollar, primarily as a result of Brazil&rsquo;s changing political conditions. In 2017, 2018 and 2019, the <I>real</I>
depreciated 1.5%, 17.1% and 4.0% against the U.S. dollar, respectively. The <I>real</I> exchange rate was R$5.476 per US$1.00 on
June 30, 2020, which reflected a 35.9% depreciation in the real against the U.S. dollar during the first six months of 2020. On
June 30, 2020, the <I>real</I> was R$5.476 according to the Brazilian Central Bank <I>real</I>/U.S. sell rate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Brazilian Central Bank has intervened
in the foreign exchange market in the past to attempt to control instability in foreign exchange rates. We cannot predict whether
the Brazilian Central Bank or the Brazilian government will continue to allow the <I>real</I> to float freely or will intervene
in the exchange rate market by re-implementing a currency band system or otherwise. There can be no assurance that the <I>real</I>
will not depreciate or appreciate further against the U.S. dollar and the <I>real</I> may depreciate or appreciate substantially
against the U.S. dollar in the future. Furthermore, Brazilian law provides that, whenever there is a serious imbalance in Brazil&rsquo;s
balance of payments or there are serious reasons to foresee a serious imbalance, temporary restrictions may be imposed on remittances
of foreign capital abroad. We cannot assure you that such measures will not be taken by the Brazilian government in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following tables set forth the exchange
rate, expressed in <I>reais</I> per U.S. dollar (R$/U.S.$) for the periods indicated, as reported by the Brazilian Central Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Period-end</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 56%; text-align: left">2015&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">3.905</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">3.339</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">2.575</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">4.195</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2016&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.259</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.483</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.119</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.156</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">2017&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.308</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.203</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.051</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.381</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2018&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.188</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">2019&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.031</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.652</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="margin-top: 0; margin-bottom: 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">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Month</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Period-end</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 56%">March 2020&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5.199</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">4.884</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">4.488</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5.199</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>April 2020&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.837</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>May 2020&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.643</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.937</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>June 2020&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.476</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.889</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.476</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>July 2020&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.203</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.280</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.429</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>August 2020&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.651</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>September 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.641</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.399</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.653</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> October 2020 (through October 23, 2020) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5.612 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5.598 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5.521 </TD><TD STYLE="text-align: left"></TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 5.646 </TD><TD STYLE="text-align: left"> &nbsp; </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"><I>Source</I>: Brazilian Central Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&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: 0.25in">(1)</TD><TD>Represents the average of the exchange rates on the closing of each day during the year.</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: 0.25in">(2)</TD><TD>Represents the average of the exchange rates on the closing of each day during the month.</TD></TR></TABLE>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="questions"></A>Questions
and Answers About the Merger and the CZZ Special Meeting</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><I>The following
questions and answers are intended to briefly address some commonly asked questions regarding the Merger Protocol, the transactions
contemplated thereby and the CZZ Special Meeting. These questions and answers only highlight some of the information contained
in this prospectus and may not contain all of the information that is important to you. Please further refer to the section of
this prospectus entitled &ldquo;Summary&rdquo; and the more detailed information contained elsewhere in this prospectus, the Annex
and Exhibits to this prospectus and the documents referred to in this prospectus, which you should read carefully and in their
entirety. You may obtain the information incorporated by reference into this prospectus without charge by following the instructions
under the section of this prospectus entitled &ldquo;Where You Can Find More Information.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><A NAME="qandamerger"></A>Questions and Answers About the
Merger</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">Q:&#9;What is the proposed
merger, why are CSAN and CZZ proposing it and what will happen to CZZ as a result of the merger?</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>On July 3, 2020, CSAN, CZZ and CLOG, or collectively, the &ldquo;Companies,&rdquo; announced that their respective boards of
directors had authorized the senior officers of the Companies to consider a Proposed Transaction proposal, which is intended to
simplify CSAN Group&rsquo;s corporate structure, unify and consolidate the current Companies&rsquo; free floats, increase stock
liquidity and unlock value within the CSAN Group&rsquo;s portfolio.</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 0.5in; text-indent: 0in; background-color: white">The Proposed
Transaction will consist of a merger of companies under common control, as provided for by art. 264, paragraph 4th, of Brazilian
Law No. 6,404, pursuant to which CZZ and CLOG will be merged into CSAN. The merger of CZZ and CSAN is also subject to compliance
with sections 104B to 109 of the Companies Act. Following completion of the Proposed Transaction, outstanding shares of CSAN will
be directly owned by all shareholders of CSAN, CZZ and CLOG as of immediately prior to the completion of the Proposed Transaction,
and CSAN will continue to be controlled by Aguassanta Participa&ccedil;&otilde;es S.A., or &ldquo;Aguassanta,&rdquo; which is Mr.
Rubens Ometto Silveira Mello&rsquo;s investment vehicle.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white">Once the
Proposed Transaction is approved, CSAN will be consolidated as the group&rsquo;s sole holding company, becoming the universal successor
of (i)&nbsp;its subsidiary, CLOG; and (ii)&nbsp;its holding company, CZZ. Subject to the terms and conditions of the (i) Merger
Protocol between the management of CZZ and CSAN, regarding the Merger; and (ii) the merger and justification protocol between the
managements of CLOG and CSAN, regarding the merger of CLOG into CSAN, or the CSAN/CLOG Merger Protocol, the Proposed Transaction
is expected to become effective in January 2021, i.e., the date on which the Merger is finally consummated, or the &ldquo;Closing
Date.&rdquo; We refer to the Merger Protocol and the CSAN/CLOG Merger Protocol as the &ldquo;Merger Protocols.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white"> The
Proposed Transaction is being proposed by CSAN and CZZ due to the fact that the new corporate structure of the Cosan Group will
streamline and simplify the corporate governance structure of the Cosan Group, specifically by (i) centralizing decision-making
across the Cosan Group, instead of the current situation in which each of CZZ, CSAN and CLOG have separate board of directors
and executive officers; (ii) providing a simpler corporate structure within which fewer corporate and other approvals are necessary
to conduct transactions as compared to the current situation in which there are multiple entities and corporate bodies involved
in decision-making; and (iii) having a single class of shares in the holding company of the Cosan Group. We also expect that it
will promote the unified structure of the group, consolidating the corporate interest held in the other companies of the group
within one holding company. After the Merger, CZZ will cease to exist and all of its assets will be held by CSAN. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> Pursuant to the terms and subject to the conditions
set forth in the Merger Protocol, upon the completion of the Merger each Class B Share issued and outstanding immediately prior
to the consummation of the Merger (other than as provided in the Merger Protocol) will be automatically converted into the right
to receive validly issued and allotted, fully paid-up CSAN Shares, and each Class A Share, issued and outstanding immediately
prior to the consummation of the Merger (other than as provided in the Merger Protocol) will be automatically converted into the
right to receive validly issued and allotted, fully paid-up CSAN ADSs. Following the Merger, any holder of CSAN ADSs may cause
such CSAN ADSs to be cancelled and to have an equal number of validly issued and allotted, fully paid-up CSAN Shares issued to
such holder in replacement thereof. The ADS Depositary has agreed to waive the cancellation fee for cancellations completed during
the period of fifteen (15) calendar days after the completion of the Merger. </P>

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white"> The
Companies&rsquo; board of directors have established special independent committees in accordance with CVM&rsquo;s Guidance Opinion
No. 35, or &ldquo;CVM Opinion No. 35&rdquo; to negotiate the exchange ratios for the exchange of (i) Class A Shares for CSAN ADSs,
(ii) Class B Shares for CSAN Shares and (iii) CLOG for CSAN shares. After negotiating the exchange ratios, the special independent
committees of the Companies will cease to exist as they were established for this purpose only pursuant to CVM Opinion No. 35.
For more details regarding these committees, see the questions &ldquo;What are the special independent committees?&rdquo; and
&ldquo;What factors will the Companies&rsquo; special independent committees consider in determining the exchange ratios for the
exchange of (i) Class A Shares for CSAN ADSs, (ii) Class B Shares for CSAN Shares and (iii) CLOG for CSAN shares?&rdquo; below. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white">If the
Merger is completed, CZZ will be merged with and into CSAN, with CSAN being the surviving corporation of the Merger. CZZ will
be struck off by the Bermuda Registrar of Companies and will no longer exist as a separate company. Based on the number of CZZ
Class A Shares and equity awards exercisable into CZZ Class A Shares, in each case issued and outstanding as of
, 2020, it is anticipated that, immediately following completion of the Merger, former holders of CZZ Shares will own approximately
% of CSAN on a fully diluted basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white">In the
course of reaching their decisions to approve the Merger Protocol, the Merger and all of the other transactions and documents
contemplated by the Merger, the board of directors of each CSAN and CZZ considered a number of important factors in their separate
deliberations. For more details on these factors, see the sections of prospectus entitled &ldquo;Summary&mdash;Reasons for the
Proposed Transaction &rdquo; and &ldquo;The Merger&mdash;Recommendation of the CZZ Board of Directors, CZZ&rsquo;s Reasons
for the Merger.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white">It is important
that your shares be represented and voted at the CZZ Special Meeting. You may vote by:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>attending the CZZ Special Meeting in person or remotely by accessing the digital platform. Instructions for accessing the digital
platform, including the necessary password, will be sent to shareholders who e-mail Georgeson LLC, the Information Agent for the
Merger, by emailing, writing or telephoning the Information Agent at its address and telephone number set forth below by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2020:</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 0.75in; text-align: center; text-indent: 0in; background-color: white">Georgeson
LLC<BR>
1290 Avenue of the Americas, 9th Floor<BR>
New York, NY 10104<BR>
cosan@georgeson.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: 0in; background-color: white">Shareholders,
Banks and Brokers may call toll free: (866) 257-5415</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: 0in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>marking, signing, dating and returning the enclosed proxy card in the postage-paid envelope provided. Proxy cards, accompanied
by their respective proof of representation and shareholding, must be sent to Computershare Trust Company, N.A., the Tabulation
Agent for the Merger at its address set forth below:</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 0.75in; text-align: center; text-indent: 0in; background-color: white"><I>By
Express Mail, Courier, or Other Expedited Service:</I><BR>
Computershare Trust<BR>
Company, N.A.<BR>
Proxy Services<BR>
462 South 4th Street, Suite 1600, Louisville, KY, 40202, United States</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: -0.25in; background-color: white"><I>By
Mail:</I><BR>
Proxy Services<BR>
c/o Computershare<BR>
PO Box 505008 Louisville, KY 40233-9814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: -0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white">If your
shares are held in street name, through a broker, bank, trustee or other nominee, please follow the instructions on a voting instruction
card furnished by the record holder.&nbsp;&nbsp;<FONT STYLE="background-color: white">If you hold your shares in street name and
wish to vote virtually during the meeting, you must obtain a &ldquo;legal proxy&rdquo; from your bank, broker, trustee or other
nominee. Once you have received a legal proxy from your bank, broker, trustee or other nominee, please email a scan or image of
it to Georgeson at cosan@georgeson.com, with &ldquo;Legal Proxy&rdquo; noted in the subject line. Please note that the voting instruction
form or notice regarding the availability of proxy materials you previously received with respect to the Special </FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white"><FONT STYLE="background-color: white">Meeting
is not a legal proxy. If you do request a legal proxy from your bank, broker, trustee or other nominee, the issuance of the legal
proxy will invalidate any prior voting instructions you have given and will prevent you from giving any further voting instructions
to your bank, broker, trustee or other nominee to vote on your behalf, and, in that case, you would only be able to vote at the
virtual Special Meeting. Requests for registration must be received by Georgeson LLC, the Information Agent for the Merger,&nbsp;&nbsp;<B>no
later than 5:00 p.m., Eastern Time, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>What is this document?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>This document, which we refer to as the 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" 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>serves as a
                                         prospectus of CSAN used to offer CSAN ADSs in exchange for Class A Shares and CSAN
                                         Shares in exchange for Class B Shares pursuant to the terms of the Merger Protocol;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>informs holders of CZZ Shares of the upcoming CZZ Special Meeting at which CZZ shareholders will vote on, among other
things, the Merger Proposal, and provides details of the Merger Protocol and the consideration CZZ shareholders will receive upon
completion of the Merger; 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" 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provides CZZ shareholders with important details about CSAN and their rights as potential holders of CSAN Common Shares or
CSAN ADSs.</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="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>Why did I receive this prospectus and proxy card?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>You are receiving this prospectus because you were a shareholder
                                         of record of CZZ on the record date for the CZZ Special Meeting, or the &ldquo;Record
                                         Date,&rdquo; and you are accordingly entitled to vote at the CZZ Special Meeting. This
                                         document serves as a prospectus of CSAN used to offer CSAN ADSs in exchange for Class
                                         A Shares and CSAN Shares in exchange for Class B Shares pursuant to the terms of
                                         the Merger Protocol. In order to complete the Merger, among other things, CZZ shareholders
                                         must approve the Merger. CZZ is holding the CZZ Special Meeting to ask its shareholders
                                         to vote on the Merger. This document contains important information about the Merger
                                         and the CZZ Special Meeting, and you should read it carefully and in its entirety. The
                                         enclosed voting materials allow CZZ shareholders to vote their shares by proxy without
                                         attending the CZZ Special Meeting in person.</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="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>Who is CSAN?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>CSAN is a direct subsidiary of CZZ and one of the largest companies in Brazil, investing on strategic sectors such as the agribusiness,
supply of fuel, natural gas and lubricants. CSAN has been in the market for over 80 years and during this period it has diversified
its operations and its portfolio currently gathers companies such as Ra&iacute;zen Combust&iacute;veis, Ra&iacute;zen Energia,
Comg&aacute;s and Moove, reference companies in their respective sectors.</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 0.5in; text-indent: 0in; background-color: white">Its principal
place of business is located at Avenida Brigadeiro Faria Lima, No. 4,100 &ndash; 16th floor, S&atilde;o Paulo &ndash; SP, 04543-011,
Brazil, telephone +55 11 3897-9797. Our website address is https://ri.cosan.com.br/en/.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white">See also
the sections entitled &ldquo;Information about the Companies&mdash;Cosan S.A./CSAN&rdquo; for further information regarding CSAN.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>Who is CLOG?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>CLOG is a direct subsidiary of CZZ and focuses on logistics services for rail transportation, storage and port loading of commodities,
mainly for grains and sugar, leasing of locomotives, wagons and another railway equipment.</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 0.5in; text-indent: 0in; background-color: white">CLOG&rsquo;s
principal place of business is located at Avenida Brigadeiro Faria Lima, No. 4,100 &ndash; 16th floor, S&atilde;o Paulo &ndash;
SP, 04543-011, Brazil, telephone +55 11 3897-9797. Its website address is https://ri.cosanlogistica.com/en/.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white">See also
the sections entitled &ldquo;Information about the Companies&mdash;Cosan Log&iacute;stica S.A./CLOG&rdquo; for further information
regarding CLOG.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>What are the special independent committees?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>The special independent committees were established by the
                                         Companies&rsquo; board of directors on a provisional basis in accordance with CVM Opinion
                                         No. 35, to negotiate the exchange ratios for the exchange of (i) Class A Shares for
                                         CSAN ADSs, (ii) Class B Shares for CSAN Shares and (iii) CLOG for CSAN shares.</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 0.5in; text-indent: 0in; background-color: white">The members
of the CSAN and CLOG committees are all independent non-managers with recognized technical capacity, which was disclosed to the
market on August 4, 2020. The members were nominated by CSAN and CLOG&rsquo;s board of directors in meetings held on August 4,
2020. CZZ will also have its own independent committee, formed of independent directors of CZZ.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white">The members
of the independent committees were nominated to perform the following duties: (i) assess all material to be elaborated in the implementation
of Proposed Transaction; (ii) negotiate the swap ratio of CZZ Merger and the CLOG merger into CSAN, as well as other terms and
conditions of the Proposed Transaction; and (iii) submit their recommendation to the Companies&rsquo; boards of directors to comply
with CVM Opinion No. 35, which is required to defend&nbsp;&nbsp;the interests of related Companies and ensure that the Proposed
Transaction observes arm&rsquo;s length conditions for its shareholders.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> Q: </TD><TD> What factors will the Companies&rsquo; special independent
                                         committees consider in determining the exchange ratios for the exchange of (i) Class
                                         A Shares for CSAN ADSs, (ii) Class B Shares for CSAN Shares and (iii) CLOG for CSAN shares? </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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> A: </TD><TD> The Companies&rsquo; management suggested that the special
                                         committees consider the following factors in determining the exchange ratio: (i) no holding
                                         discounts should apply; (ii) the valuation of group entities and underlying values should
                                         be considered at fair market value; and (iii) shareholders of all entities involved should
                                         be treated equally with no individual benefits. </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 0.5in; text-indent: 0in; background-color: white"> In
addition to the above, the Companies&rsquo; special independent committees shall consider, in order to determine the exchange
ratios in connection with the Proposed Transaction: (i) materials provided to the special committees, including company presentations
and business plans; (ii) interviews with the Companies&rsquo; management; and (iii) copies of any relevant notices disclosed to
the market. </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>What will CZZ shareholders receive from the Merger?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD> Pursuant to the terms and subject to the conditions set
                                         forth in the Merger Protocol, upon the completion of the Merger, each Class A Share issued
                                         and outstanding immediately prior to the consummation of the Merger (other than as provided
                                         in the Merger Protocol) will be automatically converted into the right to receive &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         validly issued and allotted, fully paid-up CSAN ADSs and each Class B Share issued and
                                         outstanding immediately prior to the consummation of the Merger (other than as provided
                                         in the Merger Protocol) will be automatically converted into the right to receive &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;validly
                                         issued and allotted, fully paid-up CSAN Shares. Following the Merger, any holder
                                         of CSAN ADSs may cause such CSAN ADSs to be cancelled and to have an equal number of
                                         validly issued and allotted, fully paid-up CSAN Shares issued to such holder in replacement
                                         thereof. The ADS Depositary has agreed to waive the cancellation fee for cancellations
                                         completed during the period of fifteen (15) calendar days after the completion
                                         of the Merger.</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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">Q:</TD><TD>What percentage ownership will former CZZ shareholders hold in CSAN following completion of the Merger?</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>If the Merger is completed, CZZ will be merged with and into
                                         CSAN, with CSAN being the surviving corporation of the Merger. CZZ will be struck off
                                         by the Bermuda Registrar of Companies and will no longer exist as a separate company.
                                         Based on the number of CZZ Class A Shares and equity awards exercisable into CZZ
                                         Class A Shares, in each case issued and outstanding as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
                                         2020, it is anticipated that, immediately following completion of the Merger, former
                                         holders of CZZ Shares will own approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of
                                         CSAN on a fully diluted basis.</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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">Q:</TD><TD>If the Merger is completed, will CSAN&rsquo;s ADSs be listed for trading?</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>Yes. The CSAN ADSs which CZZ common shareholders will receive in the Merger are expected to be listed on the NYSE on the Closing
Date. Completion of the Merger is subject to the CSAN ADSs being approved for listing on the NYSE, subject to official notice of
issuance. CSAN ADSs received by CZZ common shareholders in the Merger are expected to be freely transferable subject to applicable
securities laws.</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="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>When do you expect the Merger and the Proposed Transaction
to be completed?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>The Merger and the Proposed Transaction are expected to close on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2021, subject to the approvals of CSAN, CLOG and CZZ shareholders, and other customary closing
conditions.</TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">Q:</TD><TD>What happens if the Merger and/or the Proposed Transaction are not completed?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>If CZZ&rsquo;s shareholders do not approve the Merger, or
                                         if the Proposed Transaction is not completed for any other reason, CLOG and CZZ will
                                         remain independent public companies and CLOG Shares and CZZ Class A Shares will
                                         continue to be listed and traded on the B3 and the NYSE, respectively. CZZ will continue
                                         to be registered under the Exchange Act and file periodic reports with the SEC.</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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">Q:</TD><TD>What regulatory approvals are needed to complete the Merger?</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A:&#9;The closing of the Merger is not
subject to regulatory approvals.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><A NAME="qandaczzmeeting"></A>Questions and Answers About the
CZZ Special Meeting</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>When and where will the special meetings be held?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>The CZZ Special Meeting will be held on&nbsp;&nbsp;&nbsp;&nbsp; , 2020, at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p.m.,&nbsp;&nbsp;&nbsp;&nbsp;
time on the following digital platform:&nbsp;&nbsp;&nbsp;&nbsp; .</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">Q:&#9;Who is entitled
to vote at the special meetings?</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>Only holders of record of Class A Shares and Class
                                         B Shares of CZZ at the close of business on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         , 2020, the record date for voting at the CZZ Special Meeting, are entitled to vote at
                                         the CZZ Special Meeting.</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="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>How can I attend the CZZ special meeting?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>All shareholders will need proof of ownership of shares in CZZ in order to be admitted to the CZZ Special Meeting. In addition,
if your shares are held in the name of your broker, bank, or other nominee and you wish to attend the CZZ Special Meeting, you
must present an account statement or letter from the broker, bank, or other nominee indicating that you were the owner of the shares
on the CZZ record 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="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>What proposals will be considered at the CZZ special
meeting?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>At the CZZ Special Meeting, CZZ shareholders will be asked to consider and vote on a proposal to adopt the Merger Protocol,
which we refer to as the Merger Proposal.</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="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>How does the CZZ board of directors recommend that I
vote?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>The CZZ board of directors unanimously approved the rationale behind the Proposed Transaction and instructed management to
further assess its adoption and implementation. The Merger Protocol is yet to be prepared and negotiated and the CZZ board will
deliberate whether such Merger Protocol is advisable, fair and in the best interests of CZZ in due course.</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 0.5in">The CZZ board unanimously recommends that the CZZ
shareholders vote &ldquo;FOR&rdquo; the Merger Proposal.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>How do I vote?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>If you are a holder of record of Class A Shares or
                                         Class B Shares of CZZ as of the close of business on the record date for the CZZ
                                         Special Meeting, you may vote in person by attending the CZZ Special Meeting or, to ensure
                                         your shares are represented at the CZZ Special Meeting, you may vote by:</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>attending the CZZ Special Meeting in person or remotely by accessing the digital platform. Instructions for accessing the digital
platform, including the necessary password, will be sent to shareholders who e-mail Georgeson LLC, the Information Agent for the
Merger, by emailing, writing or telephoning the Information Agent at its address and telephone number set forth below by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2020:</TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: 0in; background-color: white">Georgeson
LLC<BR>
1290 Avenue of the Americas, 9th Floor<BR>
New York, NY 10104<BR>
cosan@georgeson.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: 0in; background-color: white">Shareholders,
Banks and Brokers may call toll free: (866) 257-5415</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: 0in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>marking, signing, dating and returning the enclosed proxy card in the postage-paid envelope provided. Proxy cards, accompanied
by their respective proof of representation and shareholding, must be sent to Computershare Trust Company, N.A., the Tabulation
Agent for the Merger at its address set forth below:</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 0.75in; text-align: center; text-indent: 0in; background-color: white"><I>By
Express Mail, Courier, or Other Expedited Service:</I><BR>
Computershare Trust<BR>
Company, N.A.<BR>
Proxy Services<BR>
462 South 4th Street, Suite 1600, Louisville, KY, 40202, United States</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: 0in; background-color: white"><I>By
Mail:</I><BR>
Proxy Services<BR>
c/o Computershare<BR>
PO Box 505008 Louisville, KY 40233-9814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If your shares are held in street name, through a
broker, bank, trustee or other nominee, please follow the instructions on a voting instruction card furnished by the record holder.
<FONT STYLE="background-color: white">If you hold your shares in street name and wish to vote virtually during the meeting, you
must obtain a &ldquo;legal proxy&rdquo; from your bank, broker, trustee or other nominee. Once you have received a legal proxy
from your bank, broker, trustee or other nominee, please email a scan or image of it to Georgeson at cosan@georgeson.com, with
&ldquo;Legal Proxy&rdquo; noted in the subject line. Please note that the voting instruction form or notice regarding the availability
of proxy materials you previously received with respect to the Special Meeting is not a legal proxy. If you do request a legal
proxy from your bank, broker, trustee or other nominee, the issuance of the legal proxy will invalidate any prior voting instructions
you have given and will prevent you from giving any further voting instructions to your bank, broker, trustee or other nominee
to vote on your behalf, and, in that case, you would only be able to vote at the virtual Special Meeting. Requests for registration
must be received by&nbsp;Georgeson LLC, the Information Agent for the Merger, <B>no later than 5:00 p.m., Eastern Time, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>What is a &ldquo;broker non-vote&rdquo;?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>Under NYSE rules, banks, brokers and other nominees may use their discretion to vote &ldquo;uninstructed&rdquo; shares (i.e.,
shares held of record by banks, brokerage firms or other nominees but with respect to which the beneficial owner of such shares
has not provided instructions on how to vote on a particular proposal) with respect to matters that are considered to be &ldquo;routine,&rdquo;
but not with respect to &ldquo;non-routine&rdquo; matters. &ldquo;Non-routine&rdquo; matters are matters that may substantially
affect the rights or privileges of shareholders, such as mergers, shareholder proposals, elections of directors (even if not contested),
executive compensation (including any advisory shareholder votes on executive compensation) and certain corporate governance proposals,
even if management-supported. A &ldquo;broker non-vote&rdquo; occurs on an item when (i) a broker, nominee or intermediary has
discretionary authority to vote on one or more proposals to be voted on at a meeting of shareholders, but is not permitted to vote
on other proposals without instructions from the beneficial owner of the shares and (ii) the beneficial owner fails to provide
the broker, nominee or intermediary with such instructions. Because none of the proposals to be voted on at the CZZ Special Meeting
are routine matters for which brokers may have discretionary authority to vote, CZZ does not expect there to be any broker non-votes
at the CZZ Special Meeting.</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="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>What vote is required to adopt the Merger Proposal</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>Approving the Merger Proposal requires the affirmative vote
                                         of the holders of 75% of the outstanding Class A Shares and Class B Shares
                                         of CZZ in attendance and entitled to vote on the</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white">matter
at the CZZ Special Meeting, voting together as a single class. Accordingly, a CZZ shareholder&rsquo;s failure to submit a proxy
card or to vote in person at the CZZ Special Meeting, an abstention from voting, or a broker non-vote will have the same effect
as a vote &ldquo;AGAINST&rdquo; the Merger Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: white">As of the
record date for the CZZ Special Meeting, Aguassanta, the investment vehicle of Mr. Rubens Ometto Silveira Mello, held common shares
of CZZ representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the total voting power of the shares
entitled to vote at the CZZ Special Meeting.&nbsp;&nbsp;It is currently expected that Aguassanta will vote in favor of the Merger
Proposal.&nbsp;&nbsp;The affirmative vote of Aguassanta of all of its CZZ common shares in favor of the Merger Proposal constitutes
sufficient votes to approve the Merger Proposal at the CZZ Special Meeting<FONT STYLE="color: #1F497D">.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>How many votes do I have?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>You are entitled to cast one vote for each Class A Share
                                         and 10 votes for each of Class B Share that you owned as of the close of business
                                         on the record date for the CZZ Special Meeting. As of the close of business on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
                                         2020, there were 142,115,534 Class A Shares issued and outstanding entitled to
                                         vote at the CZZ Special Meeting and 96,332,044 Class B Shares issued and outstanding
                                         entitled to vote at the CZZ Special Meeting.</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="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>What constitutes a quorum?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>A quorum of shareholders is necessary to transact business at the CZZ Special Meeting. The presence at the meeting, in person
or by proxy, of two shareholders at least holding or representing by proxy more than forty-five percent (45%) of the issued shares
of the Company outstanding as of the close of business on the Record Date and entitled to vote at the CZZ Special Meeting will
constitute a quorum for the CZZ Special Meeting.</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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">Q:</TD><TD>If my shares are held in &ldquo;street name&rdquo; by my broker, will my broker automatically vote my shares for me?</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>No. If you hold your shares in a stock brokerage account or if your shares are held by a bank or nominee, that is, in &ldquo;street
name&rdquo;, your broker, bank, trust company or other nominee cannot vote your shares on &ldquo;non-routine&rdquo; matters without
instructions from you. You should instruct your broker, bank, trust company or other nominee as to how to vote your shares, following
the directions provided by your broker, bank, trust company or other nominee to you. Please check the voting form used by your
broker, bank, trust company or other nominee.</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 0.5in">If you do not provide your broker, bank, trust company
or other nominee with instructions, your broker, bank, trust company or other nominee will not submit a proxy, your CZZ shares
will not be counted for purposes of determining a quorum at the CZZ Special Meeting, and will not be voted on the Merger Proposal.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>What will happen if I return my proxy card without indicating
how to vote?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>If you are a registered holder of record and you return your signed proxy card but do not indicate your voting preferences,
the persons named in the proxy card will vote the shares represented by that proxy as recommended by the CZZ board of directors.</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 0.5in">Please note that you may not vote shares held in street
name by returning a proxy card directly to CZZ, or by voting in person at the CZZ Special Meeting unless you provide a &ldquo;legal
proxy&rdquo;, which you must obtain from your broker, bank, trust company or other nominee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If you do not instruct your broker on how to vote
your CZZ shares, your broker may not vote your CZZ shares, which will have the same effect as a vote &ldquo;AGAINST&rdquo; the
Merger Proposal. However, because the Merger Proposal to be voted on at the CZZ Special Meeting is not a routine matter for which
brokers may have discretionary authority to vote, CZZ does not expect any broker non-votes at the CZZ Special Meeting.</P>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>Can I change my vote after I have returned a proxy or
voting instruction card?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>Yes. You can change your vote or revoke your proxy at any time before it is exercised at the CZZ Special Meeting by doing any
of the following:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>by sending a written notice of revocation to Georgeson LLC, the Information Agent for the Merger, at 1290 Avenue of the Americas,
9th Floor New York, NY 10104, or by email to cosan@georgeson.com, which notice must be received at least&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before
the CZZ Special Meeting;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>by properly
                                         submitting a later-dated, new proxy card, which must be received by the Tabulation Agent
                                         before your CZZ Shares are voted at the CZZ Special Meeting (in which case only
                                         the later-dated proxy is counted and the earlier proxy is revoked);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>attending the CZZ Special Meeting remotely by accessing the digital platform and voting via the digital platform. Attendance
at the CZZ Special Meeting will not, however, in and of itself, constitute a vote or revocation of a prior proxy.</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 0.5in; text-indent: 0in; background-color: white">If you
hold your CZZ Shares in street name, then you must change your voting instruction by submitting new voting instructions
to the broker, bank or other nominee that holds your CZZ Shares .</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>What happens if I transfer my CZZ Shares before the CZZ
Special Meeting?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>The record date for the CZZ Special Meeting is earlier than
                                         both the date of the CZZ Special Meeting and the date that the merger is expected to
                                         be completed. If you transfer your CZZ Shares after the applicable record date
                                         but before the CZZ Special Meeting, you will retain your right to vote at the CZZ Special
                                         Meeting.</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="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>Do CZZ shareholders have appraisal or dissenters&rsquo;
rights?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>The holders of CZZ Shares of record, under Bermuda
                                         law, are entitled to appraisal rights in connection with the Merger. See &ldquo;The Merger&mdash;Dissenters&rsquo;
                                         Rights of Appraisal for CZZ Shareholders&rdquo;.</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="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>Who is the inspector of election?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>The CZZ board of directors has appointed a representative of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, to act as the inspector of
election at the CZZ Special Meeting.</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="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>Where can I find the voting results of the CZZ Special
Meeting?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>The preliminary voting results are expected to be announced at the CZZ Special Meeting. In addition, within&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;business
days following certification of the final voting results, CZZ intends to furnish on Form 6-K the final voting results of its special
meeting with the SEC.</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="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>What do I need to do now?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>Carefully read and consider the information contained in and incorporated by reference into this  prospectus, including
its Annex.</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 0.5in">If you are a holder of record, in order for your shares
to be represented at your special meeting, you must:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>attend your special meeting in person;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>vote through the Internet (if applicable) or by telephone by following the instructions included on your proxy card; 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" 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>indicate on the enclosed proxy card how you would like to vote and return the proxy card in the accompanying pre-addressed
postage paid envelope.</TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If you hold your shares in street name, in order for
your shares to be represented at your special meeting, you should instruct your broker, bank, trust company or other nominee as
to how to vote your shares, following the directions provided to you by your broker, bank, trust company or other nominee.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">Q:</TD><TD>Who can help answer my questions?</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A:</TD><TD>CZZ shareholders who have questions about the Merger Protocol or the Merger, who need assistance submitting their proxy or
voting shares or who desire additional copies of this prospectus or additional proxy cards should contact Georgeson LLC,
the Information Agent for the Merger:</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 0.5in; text-indent: 0in; background-color: white">Georgeson
LLC<BR>
1290 Avenue of the Americas, 9th Floor<BR>
New York, NY 10104<BR>
cosan@georgeson.com<BR>
Shareholders, Banks and Brokers may call toll free: (866) 257-5415</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 4pt; border: Black 1pt solid">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following is a summary that highlights
information contained in this prospectus. This summary may not contain all the information that is important to you. For a more
complete description of the Merger and the Merger Protocol, we encourage you to read carefully this entire prospectus, including
the annex thereto and exhibits to the registration statement of which this prospectus is a part. In addition, we encourage you
to read the information incorporated by reference into this prospectus, which includes important business and financial information
about CZZ that has been filed with the SEC. You may obtain the information incorporated by reference into this prospectus without
charge by following the instructions in the section of this prospectus entitled &ldquo;Where You Can Find More Information.&rdquo;</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="theparties"></A>The Parties</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Cosan S.A./CSAN</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an integrated energy and infrastructure
company and a market leader in fuel distribution, sugar and ethanol production and natural gas distribution, and a subsidiary of
CZZ. Our main operations include: (1) Ra&iacute;zen Energia, through which we produce and market a variety of products derived
from sugar cane, including raw sugar (Very High Polarization, or &ldquo;VHP&rdquo;), anhydrous and hydrated ethanol, and activities
related to energy cogeneration from sugarcane bagasse; (2) Ra&iacute;zen Combust&iacute;veis, through which we distribute and market
fuels, mainly through a franchised network of service stations under the &ldquo;Shell&rdquo; brand throughout Brazil, petroleum
refining, the operation of fuel resellers, a convenience store business, the manufacture and sale of automotive and industrial
lubricants, and the production and sale of liquefied petroleum gas throughout Argentina; (3) gas and energy, including (i) the
distribution of piped natural gas in part of the state of S&atilde;o Paulo to customers in the industrial, residential, commercial,
automotive and cogeneration sectors; and (ii) the sale of electricity, comprising the purchase and sale of electricity to other
traders, to consumers who have a free choice of supplier and to other agents permitted by law; and (4) Moove, through which we
produce and distribute lubricants under the Mobil brand in Brazil, Argentina, Bolivia, Uruguay, Paraguay, the United States of
America and Europe, as well as in the European and Asian markets under the &ldquo;Comma&rdquo; trademark.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our business consists of the business of
CZZ excluding the business of CLOG. Given that, prior to the Merger, CLOG will merge into us, once the Merger is completed, our
business will be the same as CZZ&rsquo;s current business. See &ldquo;Information About the Companies&mdash;Cosan Limited/CZZ&rdquo;
and &ldquo;Where You Can Find More Information&rdquo; for additional information on the business of CZZ.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a corporation (<I>sociedade an&ocirc;nima</I>)
incorporated under the laws of Brazil on July 8, 1966 for an unlimited duration and registered under NIRE number 35300177045. Our
legal name is Cosan S.A. and our commercial name is &ldquo;Cosan.&rdquo; Our registered office and principal executive office is
located at Av. Brigadeiro Faria Lima, 4,100 &ndash; 16th floor, Room 1, S&atilde;o Paulo &ndash; SP, 04538-132, Brazil and our
general telephone and fax numbers are 55 11 3897-9797 and 55 11 3897-9799, respectively. Our website is http://https://ri.cosan.com.br/en/.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Cosan Limited/CZZ</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ is one of the largest companies in
Brazil with businesses in sectors which are strategic to Brazil&rsquo;s development, such as energy and logistics. The following
companies are part of the organization: CSAN and its subsidiaries, Compass, Moove, Ra&iacute;zen (which is under joint control)
and CLOG with its subsidiary Rumo.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ is the current holding company of the
CZZ Group, which includes the CSAN Group and the CLOG Group. The CZZ 2019 Form 20-F includes consolidated information on the CZZ
Group which also describes the businesses of the CSAN Group and the CLOG Group.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ is a limited liability exempted company
incorporated under the laws of Bermuda on April 30, 2007 for an indefinite term. CZZ is registered with the Registrar of Companies
in Bermuda under registration number EC 39981. Its legal name is Cosan Limited and its commercial name is &ldquo;Cosan.&rdquo;
CZZ&rsquo;s registered office is located at Crawford</P>

</DIV>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">House,
50 Cedar Avenue, Hamilton HM11, Bermuda and its principal executive office is located at Av. Brigadeiro Faria Lima, 4,100 &ndash;
16th floor, S&atilde;o Paulo &ndash; SP, 04538-132, Brazil. The general telephone and fax numbers of CZZ are 55 11 3897-9797 and
55 11 3897-9799, respectively. CZZ&rsquo;s website is http://ir.cosanlimited.com/en. In addition, the SEC maintains a website
that contains information which CZZ has filed electronically with the SEC, including its annual reports, periodic reports and
other filings, which can be accessed at http://www.sec.gov.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Cosan Log&iacute;stica S.A./CLOG</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLOG&rsquo;s business is focused on logistics
services for rail transportation, storage and port loading of commodities, mainly for grains and sugar, leasing of locomotives,
wagons and another railway equipment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLOG is a corporation (<I>sociedade an&ocirc;nima</I>)
incorporated under the laws of Brazil on April 23, 2012 for an unlimited duration and registered under NIRE number 35.300.447.581.
CLOG&rsquo;s legal name is <FONT STYLE="background-color: white">Cosan Log&iacute;stica</FONT> S.A. and its commercial name is
&ldquo;Cosan <FONT STYLE="background-color: white">Log&iacute;stica</FONT>.&rdquo; CLOG&rsquo;s registered office and principal
executive office is located at Av. Brigadeiro Faria Lima, 4,100 &ndash; 16th floor, Room 1, S&atilde;o Paulo &ndash; SP, 04538-132,
Brazil and its general telephone and fax numbers are 55 11 3897-9797 and 55 11 3897-9799, respectively. CLOG&rsquo;s website is
https://ri.cosanlogistica.com/en/.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="riskfactors"></A>Risk Factors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The transaction contemplated by the Merger
Protocol involve risks, some of which are related to such transactions themselves and others of which are related to the respective
businesses of CZZ and CSAN investing in and ownership of CSAN ADSs and CSAN Shares following the consummation of such transactions,
assuming they are completed. In considering the transactions contemplated by the Merger Protocol, you should carefully consider
the information about these risks set forth under the section of this prospectus entitled &ldquo;Risk Factors&rdquo; beginning
on page 9 of this prospectus together with the other information included in or incorporated by reference into this prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="themergerprotocols"></A>The Merger and the Merger Protocols</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CZZ Group form an energy and infrastructure
conglomerate which, when taken together with its Joint Venture entities formed with Shell Brazil Holdings B.V., i.e., Ra&iacute;zen
Combust&iacute;veis S.A. and Ra&iacute;zen Energia S.A., collectively known as &ldquo;Ra&iacute;zen,&rdquo; is active in fuel
distribution, sugar and ethanol production, natural gas distribution, railway-based logistics and lubricants. CZZ is a &ldquo;foreign
private issuer&rdquo; in accordance with Rule 405 of the Securities Act. CZZ&rsquo;s Class A Shares are registered with
the Commission and listed on the NYSE under the ticker symbol &ldquo;CZZ.&rdquo; CSAN, CLOG and their respective subsidiaries
are subsidiaries of CZZ. The CSAN Group is active in fuel distribution (through Ra&iacute;zen), sugar and ethanol production,
natural gas distribution and lubricants. The CLOG Group is active in railway-based logistics. Both CSAN and CLOG are also publicly-traded
on the B3 on the special New Market (<I>Novo Mercado</I>) segment under the ticker symbols &ldquo;CSAN3&rdquo; and &ldquo;RLOG3&rdquo;
respectively. We refer to the CZZ Group, the CSAN Group and the CLOG Group together as the &ldquo;Cosan Group.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As part of an effort to streamline its
operations, the Cosan Group intends to carry out the Corporate Restructuring to enhance the current corporate structure by making
CSAN the Cosan Group&rsquo;s sole holding company. The Proposed Transaction is intended to simplify the Cosan Group&rsquo;s corporate
structure, unify and consolidate the Companies&rsquo; free floats, increase stock liquidity, and unlock value within the Cosan
Group&rsquo;s portfolio. As part of the Proposed Transaction, it is proposed that each of CZZ and CLOG will be merged into CSAN.
Following the completion of the Proposed Transaction, the outstanding shares of CSAN will be directly owned by all shareholders
of CZZ, CSAN and CLOG as of immediately prior to the completion of the Proposed Transaction. As part of the Merger, CSAN intends
to issue CSAN ADSs to be listed on the NYSE/Nasdaq or CSAN Shares listed under the <I>Novo Mercado </I>segment of the B3 to the
shareholders of CZZ immediately prior to the approval of the Merger. As for CLOG, once the Proposed Transaction is completed, holders
of CLOG shares immediately prior to the approval of the Proposed Transaction would become owners of shares of CSAN.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Merger Protocols provide that, subject
to the terms and conditions described therein, and upon consummation of all of the transactions contemplated thereby, each of CZZ
and CLOG will both be merged into</P>

</DIV>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">CSAN
and cease to exist. The terms and conditions of the contemplated transactions are contained in each relevant Merger Protocol,
which is described in this prospectus and which is included herein as Exhibit&nbsp;3.1. You are encouraged to read the Merger
Protocols carefully, as they are the legal documents that govern the Proposed Transaction. All descriptions in this summary and
in this prospectus of the terms and conditions of the proposed transactions are qualified in their entirety by reference to the
Merger Protocols.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="theczzmeeting"></A>The CZZ Special Meeting</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Date, Time and Place of the CZZ Special
Meeting</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CZZ Special Meeting will be held on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2020, at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.m./p.m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Record Date; Shares Entitled to Vote</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Only holders of record of outstanding
CZZ Shares at the close of business on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the Record Date for the CZZ
Special Meeting fixed by CZZ&rsquo;s board of directors, are entitled to receive notice of, and to vote at, the CZZ Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At the close of business on the Record
Date, there were approximately 142,115,534 CZZ Shares outstanding and entitled to vote for an aggregate vote of approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(or
one vote per share) and 96,332,044 shares of CZZ Class B Common Shares outstanding and entitled to vote for an aggregate vote
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(or ten votes per share). Holders of CZZ Class A Shares and
CZZ Class B Shares will vote together as a single class on all matters being presented in this prospectus for an aggregate of,
as of the close of business on the Record Date, approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;votes.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Quorum</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The presence at the meeting, in person
or by proxy, of two shareholders at least holding or representing by proxy more than forty-five percent (45%) of the issued shares
of the Company outstanding as of the close of business on the Record Date and entitled to vote at the CZZ Special Meeting will
constitute a quorum for the CZZ Special Meeting. Abstentions and broker non-votes will be counted for purposes of establishing
a quorum at the CZZ Special Meeting. A quorum is necessary to transact business at the CZZ Special Meeting. At any adjourned meeting
at which a quorum is present, any business may be transacted that might have been transacted at the original meeting. If a quorum
is not present, the CZZ Special Meeting may be adjourned to allow additional time to solicit proxies or votes. When a quorum is
once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Required Vote</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Approval of the Merger Protocol (the &ldquo;Merger
Proposal&rdquo;) requires the affirmative vote of the holders of 75% of the outstanding CZZ Shares in attendance and entitled to
vote on the matter at the CZZ Special Meeting, voting together as a single class. Votes to abstain will have the same effect as
votes &ldquo;AGAINST&rdquo; the approval of the Merger Proposal. &ldquo;Votes cast&rdquo; means the votes actually cast &ldquo;FOR&rdquo;
or &ldquo;AGAINST&rdquo; a particular proposal, whether in person or by proxy. An abstention will not constitute a vote cast.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of the record date for the CZZ Special
Meeting, Aguassanta, the investment vehicle of Mr. Rubens Ometto Silveira Mello, held common shares of CZZ representing approximately&nbsp;&nbsp;&nbsp;&nbsp;
% of the total voting power of the shares entitled to vote at the CZZ Special Meeting.&nbsp;&nbsp;It is currently expected that
Aguassanta will vote in favor of the Merger Proposal.&nbsp;&nbsp;The affirmative vote of Aguassanta of all of its CZZ common shares
in favor of the Merger Proposal constitutes sufficient votes to approve the Merger Proposal at the CZZ Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For additional information, see the section
of this prospectus entitled &ldquo;The CZZ Special Meeting.&rdquo;</P>

</DIV>

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


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<DIV STYLE="padding: 4pt; border: Black 1pt solid">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="mergerconsideration"></A>Merger Consideration</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Pursuant to the terms and subject to
the conditions set forth in the Merger Protocol, upon the completion of the Merger each Class A Share issued and outstanding immediately
prior to the consummation of the Merger (other than as provided in the Merger Protocol) will be automatically converted into the
right to receive &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; validly issued and allotted, fully paid-up CSAN ADSs and each Class B Share
issued and outstanding immediately prior to the consummation of the Merger (other than as provided in the Merger Protocol) will
be automatically converted into the right to receive &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; validly issued and allotted, fully paid-up
CSAN Shares. Following the Merger, any holder of CSAN ADSs may cause such CSAN ADSs to be cancelled and to have an equal number
of validly issued and allotted, fully paid-up CSAN Shares issued to such holder in replacement thereof. The ADS Depositary has
agreed to waive the cancellation fee for cancellations completed during the period of fifteen (15) calendar days after the completion
of the Merger. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Special independent committees have
been established by the Companies&rsquo; board of directors on a provisional basis in accordance with CVM Opinion No. 35, to negotiate
the exchange ratios for the exchange of (i) Class A Shares for CSAN ADSs, (ii) Class B Shares for CSAN Shares and (iii) CLOG for
CSAN shares. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The Companies&rsquo; management suggested
that the special committees consider the following factors in determining the exchange ratio: (i) no holding discounts should
apply; (ii) the valuation of group entities and underlying values should be considered at fair market value; and (iii) shareholders
of all entities involved should be treated equally with no individual benefits. In addition, the Companies&rsquo; special independent
committees shall consider, in order to determine the exchange ratios in connection with the Proposed Transaction: (i) materials
provided to the special committees, including company presentations and business plans; (ii) interviews with the Companies&rsquo;
management; and (iii) copies of any relevant notices disclosed to the market. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For more information on the merger consideration,
see the section of this prospectus entitled &ldquo;The Merger Documents&mdash;Merger Protocol&mdash; Exchange Ratios .&rdquo;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="exhangeratio"></A>Exchange Ratio for Shareholders of CZZ</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The Exchange Ratio will be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Class A Shares for &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAN ADS and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B Shares for &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CSAN Share, as applicable. For more information, see the section of this prospectus entitled &ldquo;The Merger&mdash;Overview.&rdquo; </P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="reasons"></A>Reasons for the Proposed Transaction</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The board of directors of each of CZZ,
CSAN and CLOG considered a number of factors in making their respective determinations that the Merger Protocol is fair to and
in the best interests of each of CZZ, CSAN and CLOG, respectively, and their respective shareholders. After careful consideration,
the CZZ board of directors has (i) approved, adopted and declared advisable the Merger Protocol and all of the transactions contemplated
by the Merger Protocol, (ii) declared that it is fair to and in the best interests of CZZ and its shareholders that CZZ enter into
the Merger Protocol and consummate the transactions contemplated by the Merger Protocol and (iii) directed that the Merger Protocol
be submitted to the shareholders of CZZ and recommended that the shareholders of CZZ vote their CZZ Shares in favor of the adoption
of the Merger Protocol at the CZZ Special Meeting (such recommendation, the &ldquo;CZZ Board Recommendation&rdquo;). After due
consideration and discussion of such factors, the board of directors of CSAN unanimously approved the execution of the Merger Protocol
and the authorization for its executive officers to implement the transaction contemplated by the Merger Protocol.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For more information on the reasons underlying
the decision by the board of directors of CZZ, CSAN and CLOG, respectively, to approve the transactions contemplated by the Merger
Protocols, see the sections of this prospectus entitled &ldquo;The Merger&mdash;Recommendation of the CZZ Board of Directors; CZZ&rsquo;s
Reasons for the Merger&rdquo; and &ldquo;The Merger&mdash;CSAN&rsquo;s Reasons for the Merger.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="shareholderclog"></A>Shareholder Approval of CSAN and CLOG</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN shareholders and CLOG
shareholders will also be asked to approve certain terms relating to the Proposed Transaction and any other matters related
thereto at a series of extraordinary general meetings of CSAN shareholders and CLOG shareholders, such as the approval of
amendments to their respective by-laws. See also &ldquo;The Merger&mdash;Shareholder Approval of CSAN&rdquo; and &ldquo;The
Merger&mdash;Withdrawal Rights for CLOG Shareholders.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Please note that this document is not a
proxy or solicitation of votes for the extraordinary general meeting of the shareholders of CSAN at which such shareholders will
be asked to approve the Merger, or the &ldquo;CSAN Extraordinary General Meeting,&rdquo; the extraordinary general meeting of the
shareholders of CLOG at which such shareholders will be asked to approve the Proposed Transaction, or the &ldquo;CLOG Extraordinary
General Meeting,&rdquo; or any extraordinary general meeting of the shareholders of CSAN or CLOG that will be held in connection
with the Merger.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="withdrawal"></A>Withdrawal Rights for CLOG Shareholders</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dissenting shareholders at the extraordinary
general meetings for the CSAN Shareholder Approval&nbsp;&nbsp;(as defined below) will not have withdrawal rights, while dissenting
shareholders at the extraordinary general meetings for the CLOG Shareholder Approval will have withdrawal rights.</P>

</DIV>

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


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<DIV STYLE="padding: 4pt; border: Black 1pt solid"><A NAME="dissenters"></A>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dissenters&rsquo; Rights of Appraisal for CZZ Shareholders</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders of CZZ shares of record, under
Bermuda law, are entitled to appraisal rights in connection with the Merger. See &ldquo;The Merger&mdash;Dissenters&rsquo; Rights
of Appraisal for CZZ Shareholders.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="conditions"></A>Conditions Precedent That Must Be Satisfied or Waived for
the Merger to Occur</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As set forth in the Merger Protocol,
closing of the Merger is subject to certain additional conditions, including, among others, customary conditions relating to the
shareholders&rsquo; approval of CSAN and CZZ. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> For more information, see the section
of this prospectus entitled &ldquo;The Merger Documents&mdash;The Merger Protocol.&rdquo; </P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="materialtax"></A>Material U.S. Tax Considerations</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For information on U.S. taxation considerations,
see the section of this prospectus entitled &ldquo;Material Tax Considerations&mdash;Material U.S. Federal Income Tax Considerations.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="text-transform: uppercase"><B>Tax
matters are very complicated, and the tax consequences of the Merger to each holder of CZZ Shares may depend on such shareholder&rsquo;s
particular facts and circumstances. Holders of CZZ Shares are urged to consult their tax advisors to understand fully the tax consequences
to them of the Merger.</B></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="braziiantaxation"></A>Brazilian Taxation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For more information on Brazilian taxation
considerations, see the section of this prospectus entitled &ldquo;Material Tax Considerations&mdash;Material Brazilian Tax Considerations.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="accountingmerger"></A>Accounting Treatment of the Merger</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">The
Merger will be accounted for by CSAN on a book value basis.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="treatment"></A>Treatment of Equity and Equity-Based Awards</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">Certain
of the equity compensation plans which we make available to our directors, executive officers and members of our management may
vest on the completion of the Merger. In addition, all of the equity compensation plans currently in place at CZZ will vest
on the completion of the Merger. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">See
also the section of this prospectus entitled &ldquo;The Merger&mdash;Treatment of Equity and Equity-based Awards.&rdquo;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="interestmerger"></A>Interests of Certain Persons in the Merger</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ shareholders should be aware that
CZZ&rsquo;s directors and executive officers as well as the individuals to be designated by CSAN and CZZ to serve on the CSAN
board of directors and as executive officers of CSAN have interests in the Merger that are different from, or in addition to,
the interests of CZZ shareholders generally. The material interests of CZZ directors and executive officers that shareholders
should be aware of are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the continued engagement and/or employment, as applicable, of certain board members and executive officers of CZZ, including
positions as directors on the board of directors of CSAN; 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" 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the treatment in the Merger of equity and equity-based awards, as described in the section of this prospectus entitled &ldquo;The
Merger&mdash;Treatment of Equity and Equity-Based Awards.&rdquo;</TD></TR></TABLE>

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

</DIV>


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<DIV STYLE="padding: 4pt; border: Black 1pt solid"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ&rsquo;s board of directors was aware
of the potentially differing interests of CZZ directors and executive officers and considered them, among other matters, in reaching
its decision to adopt the Merger Protocol, and to recommend that you vote in favor of the Merger Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These interests are described in more
detail and quantified under the section of this prospectus entitled &ldquo; Interests of Certain Persons in the Merger&mdash;Interests
of CSAN&rsquo;s and CZZ&rsquo;s Directors and Executive Officers in the Merger.&rdquo; CZZ&rsquo;s shareholders should take
these interests into account in deciding whether to vote &ldquo;FOR&rdquo; the Merger Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For further information with respect to
arrangements between CZZ and its executive officers and directors, as well as arrangements for CSAN director nominees, see the
information included under the section of this prospectus entitled &ldquo;Interests of Certain Persons in the Merger.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="board"></A>Board of Directors and Management of CSAN Following Completion
of the Merger</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Upon the closing of the Merger contemplated
by the Merger Protocol, CSAN&rsquo;s board of directors will consist of at least five (5) members and at most twenty (20) members,
whose term of office shall be carried out until the annual shareholders&rsquo; meeting of 2021. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Out of the members of the Board of Directors,
at least two members or 20% of the members, whichever is higher, must be independent directors, as defined in the Novo Mercado
Rules. The qualification of the members appointed as independent directors will be resolved upon at the shareholders&rsquo; meeting
that elects such independent directors. A director elected as permitted under Article 141, Paragraphs 4 and 5 of Brazilian Corporation
Law will also be deemed an independent director if there is a controlling shareholder. Should compliance with the foregoing percentage
requirement lead to a fractional number of directors, the number of directors will be rounded to the whole number immediately higher.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The number of directors to be elected for
the upcoming term will be decided by a majority vote at the relevant shareholders&rsquo; meeting. A shareholder or a group of shareholders
representing at least 10% of the share capital of CSAN may separately elect up to one additional director. Additionally, shareholders
representing a percentage of the share capital of CSAN of between 5% and 10% (depending on the aggregate value of capital stock
of CSAN at such time, pursuant to the applicable CVM ruling) may request that the election of directors be subject to cumulative
voting proceedings, as provided for in article 141 of the Brazilian Corporation Law and CVM Ruling 165.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="listing"></A>Listing of CSAN Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CSAN Shares are listed on the B3 and
will continue to be so listed after the Merger. </P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="listingads"></A>Listing of CSAN ADSs</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN will apply to list the CSAN ADSs on
the NYSE/Nasdaq. There can be no assurance that the CSAN ADSs will be accepted for trading on the NYSE/Nasdaq.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="delistingczz"></A>Delisting and Deregistration
of CZZ Class A Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After the Merger is completed, the CZZ
Class A Shares will be delisted from the NYSE and will be deregistered under the Exchange Act, after which CZZ will no
longer be required under SEC rules and regulations to file periodic reports with the SEC with respect to CZZ Class A Shares.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="compariohncsanczz"></A>Comparison of the Rights of Holders of CSAN Shares and
CZZ Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result of the Merger, the holders
of CZZ Shares will become holders of CSAN Shares, and their rights will be governed by Brazilian Law and the CSAN Bylaws. Following
the closing of the Merger, former CZZ</P>

</DIV>

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


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    <!-- Field: /Page -->

<DIV STYLE="padding: 4pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">shareholders
will have different rights as CSAN shareholders than they did as CZZ shareholders. For a summary of the material differences between
the rights of CZZ shareholders and CSAN shareholders, see the section of this prospectus entitled &ldquo;Comparison of The Rights
of Holders of CSAN Shares and CZZ Shares.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="selectczz"></A>Selected Financial Data of CZZ</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For information on selected financial data
of CZZ, see the section of this prospectus entitled &ldquo;Selected Financial Data of CZZ.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="comparativedata"></A>Comparative per Share Market Data</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table presents the closing
price per each CSAN Share on the B3 and per each CZZ Share on the NYSE, respectively, on (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2020, the last trading day prior to the date of public announcement of CSAN and CZZ of the execution of the Merger Protocol ,
and (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020, the last practicable trading day prior to the mailing
of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Date</P>
</TD>
    <TD COLSPAN="2">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN
        Share Closing Price (B3)</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ
        Share Closing<BR>
        Price (NYSE)</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Implied
        Per Share Value of Merger Consideration</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">In <I>reais</I></TD>
    <TD STYLE="text-align: center; font-weight: bold">In U.S.$(1)</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold">In U.S.$</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom; width: 32%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2020&#9;</TD>
    <TD STYLE="vertical-align: top; width: 17%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp; , 2020&#9;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->




<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: 0.25in">(1)</TD><TD>Solely for the convenience of the reader, we have translated certain amounts included in this prospectus from <I>reais</I>
into U.S. dollars using the exchange rate as reported by the Brazilian Central Bank as of June 30, 2020 for <I>reais</I> into U.S.
dollars of R$5.476 per U.S.$1.00. The U.S. dollar equivalent information presented in this prospectus is provided solely for the
convenience of investors and should not be construed as implying that the amounts in <I>reais</I> represent, or could have been
or could be converted into, U.S. dollars at such rates or any other rate. See &ldquo;Exchange Rates.&rdquo;</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="comsharedata"></A>Comparative Historical per Share
Data</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following tables include historical per share data.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">CSAN Per Share Data</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&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">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the Six Months Ended June 30,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the Fiscal Year Ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="22" STYLE="font-weight: bold; text-align: center">(in <I>reais</I>)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 34%">Book value per share(1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">27.23</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">27.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">25.30</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">23.25</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">22.01</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">21.39</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Basic earnings per share&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> (0.19 </TD><TD STYLE="text-align: left"> ) </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Diluted earnings per share&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> (0.19 </TD><TD STYLE="text-align: left"> ) </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.30</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Cash dividends per share(2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.68</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 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"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Book value per share is calculated by dividing total equity attributable to the owners of CSAN by the number of historical
shares outstanding as of the end of the applicable period.</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: 0.25in">(2)</TD><TD>Cash Dividends per share is calculated by dividing total dividends (including dividends and interest on equity) paid by CSAN
by the total historical number of shares outstanding as of the end of the applicable period.</TD></TR></TABLE>

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

</DIV>


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<DIV STYLE="padding: 4pt; border: Black 1pt solid">

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">CZZ Per Share Data</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&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">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the Six Months Ended<BR> June 30,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the Fiscal Year Ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center">(in U.S. dollars)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 34%">Book value per share(1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">4.10</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">6.04</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">6.98</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">7.51</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">7.27</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5.82</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Basic earnings per share(2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.73</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.61</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.42</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Diluted earnings per share(2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.71</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.42</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cash dividends per share(3)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<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" 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: 0.25in">(1)</TD><TD>Book value per share is calculated by dividing total equity attributable to the owners of CZZ by the number of historical shares
outstanding as of the end of the applicable period.</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: 0.25in">(2)</TD><TD>Represents basic and diluted earnings per share from continuing operations.</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: 0.25in">(3)</TD><TD>Cash Dividends per share is calculated by dividing total dividends paid by CZZ by the total historical number of shares outstanding
as of the end of the applicable period.</TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"></P>

</DIV>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="rfactors"></A>Risk Factors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>By voting in favor of the Merger, CZZ
shareholders will be choosing to invest in CSAN ADSs and CSAN Shares. Investing in CSAN ADSs and CSAN Shares involves risks, some
of which are related to the Merger. In considering whether to vote for the Merger, you should carefully consider the risks described
below, as well as the other information included in or incorporated by reference into this prospectus, including the matters addressed
in the section of this prospectus entitled &ldquo;Cautionary Statement Concerning Forward-Looking Statements&rdquo; and the risk
factors described under &ldquo;Item 3. Key Information&ndash;D. Risk Factors&rdquo; of the CZZ 2019 Form 20-F, as such risks may
be updated or supplemented in CZZ&rsquo;s subsequently furnished reports on Form 6-K. The business of the combined company, as
well as the respective businesses of CSAN and CZZ, as well as their respective financial condition or results of operations, could
be materially adversely affected by any of these risks.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>For information on where you can find
the documents CZZ has filed with the SEC and which are incorporated into this prospectus by reference, please see the sections
of this prospectus entitled &ldquo;Incorporation of Certain Documents by Reference&rdquo; and &ldquo;Where You Can Find More Information&rdquo;.
</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="risksrelatemerger"></A>Risks Relating to the Merger</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The timing and completion of the Merger
is subject to the approval of the shareholders of CZZ and CSAN, as well as other uncertainties. As a result, there is no assurance
as to whether and when the Merger will be completed.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Closing of the Merger is subject to certain
conditions, including, the approval of the Merger by the shareholders of the Companies, among others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any delay in completing the Merger could
cause the combined company not to realize some or all of the benefits that the parties expect the combined company to achieve if
the Merger is successfully completed within the expected timeframe. Further, there can be no assurance that the Merger will be
approved or that the Merger will be completed. The Merger may be completed on terms that differ, perhaps substantially, from those
described herein and in the Merger Protocol. For more information, see the section of this prospectus entitled &ldquo;The Merger
Documents&mdash;The Merger Protocol.&rdquo;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Failure to complete the Merger could
negatively impact the share price and the future business and financial results of CZZ and CSAN.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Merger is not completed for any
reason, including as a result of CZZ shareholders failing to adopt the Merger Protocol, the ongoing businesses of each of CSAN
and CZZ may be adversely affected and, without realizing any of the benefits of having completed the Merger, CSAN and CZZ would
be subject to a number of risks, including the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CSAN and CZZ may experience negative reactions from the financial markets, including negative impacts on their share prices;
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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CSAN and CZZ may experience negative reactions from their customers, regulators and employees.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, CSAN and CZZ could be subject
to litigation related to any failure to complete the Merger. If the Merger is not completed, these risks may materialize and may
adversely affect CSAN&rsquo;s or CZZ&rsquo;s businesses, financial condition, financial results and/or share price. For more information
about the Merger Protocol, see the section of this prospectus entitled &ldquo;The Merger Documents&mdash;The Merger Protocol.&rdquo;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Third parties may terminate or alter
existing contracts or relationships with CZZ or CSAN as a result of the announcement, pendency or completion of the Merger.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each of CSAN and CZZ has contracts with
customers, employees, suppliers, vendors, distributors, landlords, lenders, licensors, Joint Venture partners and other business
partners, and these contracts may require CSAN or CZZ, as applicable, to obtain consent from these other parties in connection
with the Merger. If these consents cannot be obtained, the counterparties to these contracts may seek to terminate or otherwise
materially adversely alter the terms of such contracts with either or both parties following the Merger, which in turn may result
in CSAN</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">or
CZZ suffering a loss of potential future revenue, incurring contractual liabilities or losing rights that are material to their
respective businesses. Further, parties with which CSAN or CZZ have business and operational relationships may experience uncertainty
as to the future of such relationships and may delay or defer certain business decisions, seek alternative relationships with
third parties or seek to alter their present business relationships with CSAN or CZZ, as applicable. Parties with whom CSAN or
CZZ otherwise may have sought to establish business relationships may seek alternative relationships with third parties.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The Merger may not result in increased
share liquidity for CZZ shareholders.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN cannot predict whether a liquid market
for the CSAN Shares and CSAN ADSs will be maintained. If the CSAN Shares and CSAN ADSs are not liquid or are less liquid than
the CZZ Class A Shares, you may experience a decrease in your ability to sell your CSAN Shares and CSAN ADSs compared to
your ability to sell the CZZ Class A Shares you currently hold.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Certain of CZZ&rsquo;s and CSAN&rsquo;s
outstanding indebtedness requires lender waivers or consents in connection with the Merger. If such consents are not obtained,
this indebtedness could be accelerated, and we may not be able to refinance such indebtedness on favorable terms or at all following
the Merger.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms of certain of CZZ&rsquo;s indebtedness
include covenants and/or events of default that will be breached or triggered (as applicable) upon a change of control of CZZ,
unless we obtain prior creditor consent. The terms of certain of CSAN&rsquo;s indebtedness also contain cross-acceleration provisions
that could be triggered by such acceleration upon or following the completion of the Merger.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If waivers of change of control provisions
or requisite consents from holders of such indebtedness, as applicable, to the transfer of control of CZZ to CSAN as a result of
the completion of the Merger are not obtained, or if sufficient consents to the waiver of the applicable cross-acceleration provisions
in such indebtedness are not obtained, or if CZZ and/or CSAN are unable to refinance or prepay such indebtedness prior to the completion
of the Merger, a significant portion of CZZ&rsquo;s indebtedness could be accelerated by the holders of such debt upon completion
of the Merger. The resulting acceleration of CZZ&rsquo;s indebtedness could adversely affect CSAN&rsquo;s, CSAN&rsquo;s and CZZ&rsquo;s
financial condition.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">As a holding company, CSAN will depend
on limited forms of funding to fund its operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a holding company, CSAN has no significant
assets other than the shares of its subsidiaries. CSAN&rsquo;s primary sources of funding and liquidity are dividends from its
subsidiaries, sales of the interests in its subsidiaries and direct borrowings and issuances of equity or debt securities. CSAN&rsquo;s
ability to meet the obligations to its direct creditors and employees and other liquidity needs and regulatory requirements depends
on timely and adequate distributions from its subsidiaries and its ability to sell securities or obtain credit from its lenders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN&rsquo;s ability to pay operating and
financing expenses and dividends depends primarily on the receipt of sufficient funds from its principal operating subsidiaries.
Statutory provisions regulate CSAN&rsquo;s operating subsidiaries&rsquo; ability to pay dividends. If CSAN&rsquo;s operating subsidiaries
are unable to pay dividends to CSAN in a timely manner and in amounts sufficient to pay for CSAN&rsquo;s operation and financing
expenses or to declare and pay dividends and to meet its other obligations, CSAN may not be able to pay dividends or it may need
to seek other sources of funding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, CSAN&rsquo;s inability to
sell its securities or obtain funds from its lenders on favorable terms, or at all, could also result in CSAN experiencing financial
difficulties, among other adverse effects. There has been no prior market for the CSAN ADSs. An active public market in the CSAN
ADSs may not develop or be sustained after their issuance. CSAN&rsquo;s inability to meet its liquidity needs and regulatory requirements
may disrupt its operations at the holding company level.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">CSAN and CZZ may have difficulty attracting,
motivating and retaining executives and other key employees due to uncertainty associated with the Merger.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN&rsquo;s success after completion of
the Merger will depend in part upon the ability of CSAN to retain key employees of CSAN and CZZ. Competition for qualified personnel
can be intense. Current and prospective employees of CSAN or CZZ may experience uncertainty about the effect of the Merger, which
may impair CSAN&rsquo;s</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">and
CZZ&rsquo;s ability to attract, retain and motivate key management, sales, marketing, technical and other personnel prior to and
following the Merger. Employee retention may be particularly challenging during the pendency of the Merger, as employees of CSAN
and CZZ may experience uncertainty about their future roles with the combined company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, if key employees of CSAN or
CZZ depart, the integration of the companies may be more difficult and the combined company&rsquo;s business following the Merger
may be harmed. Furthermore, the combined company may have to incur significant costs in identifying, hiring, training and retaining
replacements for departing employees and may lose significant expertise and talent relating to the businesses of CSAN or CZZ, and
the combined company&rsquo;s ability to realize the anticipated benefits of the Merger may thus be adversely affected. Furthermore,
there could be disruptions to or distractions for the workforce and management associated with activities of labor unions or works
councils or integrating employees into the combined company. Accordingly, no assurance can be given that CSAN will be able to attract
or retain key employees of CSAN and CZZ to the same extent that those companies have been able to attract or retain their own employees
in the past.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">CZZ&rsquo;s executive officers and directors
have interests in the Merger that may be different from the interests of CZZ shareholders generally.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> When considering the
recommendation of CZZ&rsquo;s board of directors that CZZ&rsquo;s shareholders adopt the Merger Protocol, CZZ shareholders
should be aware that CZZ&rsquo;s directors and executive officers as well as the individuals to be designated by CSAN and CZZ
to serve on the CSAN board of directors and as executive officers of CSAN have interests in the Merger that are different
from, or in addition to, the interests of CZZ shareholders generally. . These interests may include but are not limited
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> the continued
                                         engagement and/or employment, as applicable, of certain board members and executive officers
                                         of CZZ, including positions as directors on the board of directors of CSAN; 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" 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the treatment in the Merger of equity and equity-based awards, as described in the section of this prospectus entitled &ldquo;The
Merger&mdash;Treatment of Equity and Equity-Based Awards.&rdquo;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ&rsquo;s board of directors was aware
of these interests and considered them, among other things, in evaluating and negotiating the Merger Protocol and the Merger and
in recommending that the CZZ shareholders adopt the Merger Protocol.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Please see the section of this prospectus
entitled &ldquo;Interests of Certain Persons in the Merger&mdash;Interests of CSAN&rsquo;s and CZZ&rsquo;s Directors and Executive
Officers in the Merger.&rdquo; </P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">CSAN and CZZ will incur significant transaction
and merger-related costs in connection with the Merger.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN and CZZ have incurred and expect to
incur a number of non-recurring direct and indirect costs associated with the Merger. These costs and expenses include fees paid
to financial, legal, accounting and other advisors, severance and other potential employment-related costs, including payments
that may be made to certain CSAN and CZZ executives, filing fees, printing expenses and other related charges. Some of these costs
are payable by CSAN and CZZ regardless of whether the Merger is completed. There are also processes, policies, procedures, operations,
technologies and systems that must be integrated in connection with the Merger and the integration of the two companies&rsquo;
businesses. While both CSAN and CZZ have assumed that a certain level of expenses would be incurred in connection with the Merger
and the other transactions contemplated by the Merger Protocol and continue to assess the magnitude of these costs, there are many
factors beyond their control that could affect the total amount or the timing of the integration and implementation expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There may also be additional unanticipated
significant costs in connection with the Merger that CSAN and CZZ may not recover. These costs and expenses could reduce the realization
of efficiencies and strategic benefits CSAN and CZZ expect CSAN to achieve from the Merger. Although CSAN and CZZ expect that these
benefits will offset the transaction expenses and implementation costs over time, this net benefit may not be achieved in the near
term or at all.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The value of the Merger Consideration
may be affected by fluctuations in the real/U.S. dollar exchange rate.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Volatility in the <I>real</I>/U.S. dollar
exchange and depreciation of the Brazilian <I>real </I>against the U.S. dollar may result in the price of CSAN Shares (which are
denominated in Brazilian <I>reais</I>) and CSAN ADSs in U.S. dollars being adversely affected, which could decrease the value of
the Merger Consideration. </P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="riskscsanads"></A>Risks Relating to the CSAN Shares and CSAN ADSs</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">CSAN ADSs to be received by CZZ shareholders
as a result of the Merger will have different rights from the CZZ Shares shareholders hold prior to the Merger.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon completion of the Merger, the rights
of former CZZ shareholders who become&nbsp;&nbsp;shareholders of CSAN or holders of CSAN ADSs will be governed by the CSAN By-Laws
(the &ldquo;CSAN By-Laws&rdquo;), and by the laws of Brazil, as well as by the deposit agreement in the case of the CSAN Shares.
The rights associated with CZZ Shares are different from the rights associated with CSAN Shares and CSAN ADSs. Material differences
between the rights of shareholders of CZZ and the rights of shareholders of CSAN include differences with respect to, among other
things, distributions, dividends, repurchases and redemptions, dividends in shares/bonus issues, preemptive rights, the election
of directors, the removal of directors, the duties of directors, conflicts of interests of directors, the indemnification of directors
and officers, limitations on director liability, the convening of annual meetings of shareholders and special shareholder meetings,
notice provisions for meetings, the quorum for shareholder meetings, the adjournment or postponement of shareholder meetings, the
exercise of voting rights, shareholder action by written consent, shareholder suits, shareholder approval of certain transactions,
rights of dissenting shareholders and provisions relating to the ability to amend governing documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> For example, with respect to shareholder
action by written consent, under the Brazilian Corporation Law, resolutions submitted to the shareholders&rsquo; meetings may
be approved by a majority of the shareholder votes validly cast in favor of such action, with abstentions not taken into account.
Consistent with Bermuda law, shareholders may also act by written consent pursuant to the Brazilian Corporation Law. However,
this is unlikely to occur in practice for public companies such as CSAN given that under Brazilian law the unanimous approval
of all shareholders is required for a company to act by written consent, and that such approval is unlikely to be obtained by
public companies such as CSAN due to their dispersed shareholder base. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">See the section of this
prospectus entitled &ldquo;Comparison of the Rights of Holders of CSAN Shares and CZZ Shares&rdquo; and &ldquo;Description of CSAN
ADSs and CSAN Deposit Agreement.&rdquo;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The trading of CSAN Shares and CSAN ADSs
after completion of the Merger may cause the market price of CSAN Shares and CSAN ADSs to fall.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Following completion of the Merger, the
CSAN Shares are expected to be publically traded on the B3 and the CSAN ADSs are expected to be publically traded on the NYSE/Nasdaq,
enabling former CZZ shareholders to sell the CSAN Shares and CSAN ADSs they receive in the Merger. Such sales of CSAN Shares and
CSAN ADSs may take place promptly following the Merger and could have the effect of decreasing the market price for CSAN Shares
and CSAN ADSs owned by former CZZ shareholders and CSAN shareholders below the market price of the CZZ Shares or CSAN Shares owned
by such CZZ shareholders and CSAN shareholders prior to completion of the Merger.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">You are being offered a fixed number
of CSAN ADSs, which involves the risk of market fluctuations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You will receive a fixed number of CSAN
ADSs in the Merger, rather than a number of CSAN ADSs with a fixed market value. Consequently, the market value of CSAN ADSs, and
of the CZZ Shares at the time of the completion of the Merger, may fluctuate significantly from the date of this prospectus, and
the exchange ratio that has been approved for this Merger might not be reflective of future market price ratios of CSAN ADSs relative
to CZZ Shares. In addition, the market price of CSAN ADSs and CZZ Shares may be adversely affected by arbitrage activities occurring
prior to the completion of the Merger. These sales, or the prospects of such sales in the future, could adversely affect the market
price for, and the ability to sell in the market, CZZ Shares before the Merger is completed and CSAN ADSs before and after the
Merger is completed.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">CSAN ADSs may not be as liquid as CSAN
Shares, or shareholders&rsquo; existing CZZ Shares or CSAN Shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Some companies that have issued ADSs on
U.S. stock exchanges have experienced lower levels of liquidity in their ADSs than is the case for their equity securities listed
on their domestic exchange. There is a possibility that CSAN ADSs listed on the NYSE/Nasdaq will be less liquid than CSAN Shares
listed on the B3. In addition, investors may incur higher transaction costs when buying and selling CSAN ADSs than they would incur
in buying and selling CSAN Shares or CZZ Shares.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is no guarantee that an active public
market in CSAN ADSs will develop or be sustained after consummation of the Merger. If an active market for CSAN ADSs does not develop
after consummation of the Merger, the market price and liquidity of CSAN ADSs may be adversely affected.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The market price of CSAN ADSs after the
Merger may be affected by factors different from those that may currently affect the market price of CZZ Shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon completion of the Merger, holders
of CZZ Shares will become holders of CSAN ADSs or CSAN Shares, as applicable . After the Merger, the market price of CSAN
ADSs and CSAN Shares may be affected by factors different from those currently affecting the market price of CZZ Shares.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The Depositary Trust Company may not
accept CSAN ADSs for deposit and clearing within their facilities or may cease to act as depository and clearing agencies for CSAN
ADSs.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although CSAN expects and will take all
reasonable steps to ensure that, upon completion of the Merger, CSAN ADSs will be eligible for deposit and clearing within the
clearance services, the clearance services are not obligated to accept CSAN ADSs for deposit and clearing within their facilities
at completion of the Merger and, even if they do initially accept CSAN ADSs, they will generally have discretion to cease to act
as depository and clearing agencies for CSAN ADSs. If the clearance services determine at any time that CSAN ADSs are not eligible
for continued deposit and clearance within their facilities, then CSAN believes that CSAN ADSs would not be eligible for continued
listing on the NYSE/Nasdaq and trading in CSAN ADSs would be disrupted. While CSAN would pursue alternative arrangements to preserve
the listing and maintain trading, any such disruption could have a material adverse effect on the trading price of CSAN ADSs.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">CSAN&rsquo;s maintenance of two exchange
listings may adversely affect liquidity in the market for CSAN Shares CSAN ADSs and result in pricing differentials between the
two exchanges.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">It is expected that the CSAN Shares will
be listed on the B3 and that the CSAN ADSs will be listed on the NYSE/Nasdaq. It is not possible to predict how trading will develop
on such markets. The listing of CSAN Shares and CSAN ADSs on two distinct exchanges may adversely affect the liquidity of such
shares in one or both markets and may adversely affect the development of an active trading market for CSAN Shares on the B3 CSAN
ADSs on the NYSE/Nasdaq. In addition, differences in the trading schedules, as well as the volatility in the exchange rate of the
two trading currencies, may result in different trading prices for CSAN Shares and CSAN ADSs.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">There has been no prior public market
for CSAN ADSs, and the market price of CSAN ADSs may be volatile.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CSAN Shares are listed on the B3 and
CSAN plans to list the CSAN ADSs on the NYSE/Nasdaq. The market price of CSAN Shares and CSAN ADSs may be volatile. Broad general
economic, political, market and industry factors may adversely affect the market price of CSAN Shares and CSAN ADSs, regardless
of CSAN&rsquo;s actual operating performance. Factors that could cause fluctuations in the price of CSAN Shares and CSAN ADSs include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>actual or anticipated variations in quarterly operating results and the results of competitors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in financial projections by CSAN, if any, or by any securities analysts that might cover CSAN ADSs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>conditions or trends in the industry, including regulatory changes or changes in the securities marketplace;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>announcements by CSAN or its competitors of significant acquisitions, strategic partnerships or divestitures;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>announcements of investigations or regulatory scrutiny of CSAN&rsquo;s operations or lawsuits filed against it;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>additions or departures of key personnel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>volatility in global and Brazilian capital markets;</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>variations in exchange rates and in particular the exchange rate between the Brazilian <I>real</I> and the U.S. dollar;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>other factors affecting the price of securities listed on the B3 and NYSE/Nasdaq; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>issuances or sales of CSAN Shares or CSAN ADSs, including sales of shares by its directors and officers or its key investors.</TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Shareholders could be diluted in the
future, which could also adversely affect the market price of CSAN Shares and CSAN ADSs.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">It is possible that CSAN may decide to
offer additional CSAN Shares or CSAN ADSs or securities convertible therein in the future either to raise capital or for other
purposes. If CSAN shareholders do not take up such offer of CSAN Shares or CSAN Shares or CSAN ADSs or were not eligible to participate
in such offering, their proportionate ownership and voting interests in CSAN would be reduced. An additional offering could have
a material adverse effect on the market price of CSAN ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, according to Article 172 of
the Brazilian Corporation Law, we may not be required to grant preemptive rights to our shareholders in the event of a capital
increase through a public offering of shares or securities convertible into shares, which may result in a dilution of our current
shareholders&rsquo; stake in our company.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Exchange controls and restrictions on
remittances abroad may adversely affect holders of the CSAN ADSs.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Brazilian laws provide that whenever a
serious imbalance in Brazil&rsquo;s balance of payments exists or is anticipated, the Brazilian federal government may impose temporary
restrictions on the repatriation by foreign investors of the proceeds of their investment in Brazil and on the conversion of Brazilian
currency into foreign currency. For example, for six months in 1989 and early 1990, the Brazilian federal government restricted
all fund transfers that were owed to foreign equity investors and held by the Brazilian Central Bank, in order to preserve Brazil&rsquo;s
foreign currency reserves. These amounts were subsequently released in accordance with Brazilian federal government directives.
Although the Brazilian federal government has never exercised such a prerogative since, we cannot guarantee that the Brazilian
federal government will not take similar actions in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may be adversely affected if the Brazilian
federal government imposes restrictions on the remittance to foreign investors of the proceeds of their investments in Brazil and,
as it has done in the past, on the conversion of the <I>real </I>into foreign currencies. These restrictions could hinder or prevent
the conversion of dividends, distributions or the proceeds from any sale of shares, as the case may be, into U.S. dollars and the
remittance of U.S. dollars abroad. We cannot assure that the government will not take this measure or similar measures in the future.
Holders of the CSAN ADSs could be adversely affected by delays in, or a refusal to grant, any required governmental approval for
conversion of <I>real </I>payments and remittances abroad in respect of the shares, including the shares underlying the CSAN ADSs.
In such a case, the ADS Depositary will distribute <I>reais </I>or hold the <I>reais </I>it cannot convert for the account of the
CSAN ADS holders who have not been paid.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Holders of the CSAN ADSs may face difficulties
in serving process on or enforcing judgments against us and other persons.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are organized under and are subject
to the laws of Brazil, and all our directors and executive officers and our independent registered public accounting firm reside
or are based in Brazil. Substantially all of our assets and those of these other persons are located in Brazil. As a result, it
may not be possible for holders of the CSAN ADSs to effect service of process upon us or these other persons within the United
States or other jurisdictions outside Brazil or to enforce against us or these other persons judgments obtained in the United States
or other jurisdictions outside Brazil. Because judgments of U.S. courts for civil liabilities based upon the U.S. federal securities
laws may only be enforced in Brazil if certain conditions are met, our CSAN ADS holders may face greater difficulties in protecting
their interests due to actions by us or our directors or executive officers than would shareholders of a U.S. corporation.</P>

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


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The relative volatility and illiquidity
of the Brazilian securities markets may adversely affect holders of the CSAN Shares and CSAN ADSs.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investments in securities, such as our
common shares or CSAN ADSs, of issuers from emerging market countries, including Brazil, involve a higher degree of risk than investments
in securities of issuers from more developed countries. The Brazilian securities market is substantially smaller, less liquid,
more concentrated and more volatile than major securities markets in the United States and other jurisdictions, and may be regulated
differently from the ways familiar to U.S. investors. As an example, as of June 30, 2020, the aggregate market capitalization of
all companies listed on the B3 amounted to approximately R$4.0 trillion, and the average daily trading volume was approximately
R$25.9 billion, according to data from the B3 itself. The Brazilian capital market is significantly concentrated, with the top
ten shares traded on the B3 accounting for approximately 41.4% of the total volume of shares traded on the B3 in June 2020. In
comparison, the New York Stock Exchange had a market capitalization of approximately U.S.$18.3 trillion as of June 30, 2020, and
an average daily trading volume of U.S.$169.9 billion in June 2020. There is also significantly greater concentration in the Brazilian
securities market than in major securities markets in the United States. These features may substantially limit the ability to
sell the CSAN Shares, including the CSAN Shares underlying the CSAN ADSs, at a price and time at which holders wish to do so. A
liquid and active market may never develop for the CSAN ADSs, and as a result, the ability of holders of the CSAN ADSs to sell
at the desired price or time may be significantly hindered.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Holders of the CSAN ADSs may face difficulties
in protecting their interests because we are subject to different corporate rules and regulations than a U.S. company and holders
of the CSAN ADSs may have fewer and less well-defined rights.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of CSAN ADSs are not direct shareholders
of CSAN and may be unable to enforce the rights of shareholders under our by-laws and Brazilian law, and holders of CSAN Shares
are generally required under our by-laws to resolve any disputes with us through arbitration. Our corporate affairs are governed
by our by-laws and Brazilian law, which differ from the legal principles that would apply if we were incorporated in a jurisdiction
in the United States, or elsewhere outside Brazil. Although insider trading and price manipulation are crimes under Brazilian law,
the Brazilian securities markets are not as highly regulated and supervised as the U.S. securities markets or the markets in some
other jurisdictions. In addition, rules and policies against self-dealing or for preserving shareholder interests may also be less
well-defined and enforced in Brazil than in the United States and certain other countries, which may put holders of the CSAN ADSs
at a potential disadvantage.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Holders of the CSAN ADSs do not have
the same voting rights as our shareholders.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of the CSAN ADSs do not have the
same voting rights as holders of the CSAN Shares. Holders of the CSAN ADSs are entitled to the contractual rights set forth for
their benefit under the CSAN deposit agreement. CSAN ADS holders exercise voting rights by providing instructions to the ADS Depositary
(as defined herein), as opposed to attending shareholders&rsquo; meetings or voting by other means available to shareholders. In
practice, the ability of a holder of CSAN ADSs to instruct the ADS Depositary as to voting will depend on the timing and procedures
for providing instructions to the ADS Depositary, either directly or through the holder&rsquo;s custodian and clearing system.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Due to delays in notification to and
by the ADS Depositary, the holders of the CSAN ADSs may not be able to give voting instructions to the ADS Depositary or to withdraw
the CSAN Shares underlying their CSAN ADSs to vote such shares in person or by proxy.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Despite CSAN&rsquo;s efforts, the ADS Depositary
may not receive voting materials for CSAN Shares represented by CSAN ADSs in time to ensure that holders of such CSAN ADSs can
either instruct the ADS Depositary to vote the CSAN Shares underlying their CSAN ADSs or withdraw such shares to vote them in person
or by proxy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the ADS Depositary&rsquo;s
liability to holders of CSAN ADSs for failing to execute voting instructions, or for the manner in which voting instructions are
executed, will be limited by the deposit agreement for the CSAN ADSs. As a result, holders of CSAN ADSs may not be able to exercise
their rights to give voting instructions, or to vote in person or by proxy, and may not have any recourse against the ADS Depositary
or CSAN if the CSAN Shares underlying their CSAN ADSs are not voted as they have requested or if the CSAN Shares underlying their
CSAN ADSs cannot be voted.</P>

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


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">An exchange of CSAN ADSs for shares risks
the loss of certain foreign currency remittance advantages.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CSAN ADSs benefit from the certificate
of foreign capital registration, which permits the ADS Depositary to convert dividends and other distributions with respect to
common shares into foreign currency, and to remit the proceeds abroad. Holders of CSAN ADSs who exchange their CSAN ADSs for CSAN
Shares will then be entitled to rely on the ADS Depositary&rsquo;s certificate of foreign capital registration for five business
days from the date of exchange. Thereafter, they will not be able to remit non-Brazilian currency abroad unless they obtain their
own certificate of foreign capital registration, or unless they qualify under Resolution No. 4,373/2014 of the CMN, which entitles
certain investors to buy and sell shares on Brazilian stock exchanges without obtaining separate certificates of registration.
There can be no assurance that the certificate of registration of the ADS Depositary, or any certificate of foreign capital registration
obtained by holders of CSAN ADSs, will not be affected by future legislative or regulatory changes, or that additional Brazilian
law restrictions applicable to their investment in the CSAN ADSs may not be imposed in the future.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Holders of the CSAN ADSs may not be able
to exercise the preemptive rights relating to the CSAN Shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of the CSAN ADSs may not be able
to exercise the preemptive rights relating to the CSAN Shares underlying their CSAN ADSs unless a registration statement under
the Securities Act is effective with respect to the rights or an exemption from the registration requirements of the Securities
Act is available. We are not obligated to file a registration statement with respect to the shares or other securities relating
to these preemptive rights, and we cannot assure holders of the CSAN ADSs that we will file any such registration statement. Unless
we file a registration statement or an exemption from registration applies, holders of the CSAN ADSs may receive only the net proceeds
from the sale of their preemptive rights by the ADS Depositary or, if the preemptive rights cannot be sold, the rights will be
allowed to lapse. For a more complete description of preemptive rights with respect to the common shares, see &ldquo;Description
of CSAN Shares and CSAN By-Laws&mdash;Preemptive Rights.&rdquo;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The holders of the CSAN Shares (including
the CSAN Shares underlying the CSAN ADSs) may not receive dividends or interest on own capital.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">According to our by-laws, our shareholders
are entitled to receive a mandatory minimum annual dividend equal to 25% of our annual net profit, calculated and adjusted under
the terms of the Brazilian Corporation Law. Our by-laws allow for the payment of intermediary dividends, to the retained earnings
account or the existing earnings reserves in the last yearly or six-month balance, by means of the annual dividend. We may also
pay interest on own capital, as described by Brazilian law. The intermediary dividends and the interest on own capital declared
in each fiscal period may be imputed to the mandatory dividend that results from the fiscal period in which they are distributed.
At the general shareholders&rsquo; meeting, shareholders may decide on the capitalization, on the offset of our losses or on the
net profit retention, as provided for in the Brazilian Corporation Law, with the aforementioned net profit not being made available
for the payment of dividends or interest on own capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, Brazilian Corporate Law allows
publicly-held companies, like CSAN, to suspend the required minimum distribution of dividends. The payment of dividends may be
suspended if CSAN&rsquo;s management reports at an annual shareholders&rsquo; meeting that such distribution would be inadvisable
in view of CSAN&rsquo;s financial condition and has provided the shareholders at the annual general shareholders&rsquo; meeting
with an opinion to that effect, which has been reviewed by CSAN&rsquo;s fiscal council, if installed. In addition, CSAN&rsquo;s
management must submit a report to the CVM within five days following said meeting clarifying the reasoning for any such non-payment.
If the abovementioned occurs, holders of the CSAN Shares (including the CSAN Shares underlying the CSAN ADSs) may not receive dividends
or interest on own capital.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Judgments of Brazilian courts with respect
to our shares will be payable only in reais.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If proceedings are brought in the courts
of Brazil seeking to enforce our obligations in respect of the CSAN Shares, we will not be required to discharge our obligations
in a currency other than <I>reais</I>. Under Brazilian exchange control limitations, an obligation in Brazil to pay amounts denominated
in a currency other than <I>reais </I>may only be satisfied in Brazilian currency at the exchange rate, as determined by the Brazilian
Central Bank, in effect on the date the judgment is obtained, and such amounts are then adjusted to reflect exchange rate variations
through the effective payment date. The then-prevailing exchange rate may not afford non-Brazilian investors with full compensation
for any claim arising out of or related to our obligations under the CSAN ADSs.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">As a foreign private issuer, we have
different disclosure and other requirements than U.S. domestic registrants.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a foreign private issuer under the Exchange
Act, we may be subject to different disclosure and other requirements than U.S. domestic registrants. For example, as a foreign
private issuer, in the United States, we are not subject to the same disclosure requirements as a U.S. domestic registrant under
the Exchange Act, including the requirements to prepare and issue quarterly reports on Form 10-Q or to file current reports on
Form 8-K upon the occurrence of specified significant events, the proxy rules applicable to U.S. domestic registrants under Section
14 of the Exchange Act or the insider reporting and short-swing profit rules applicable to U.S. domestic registrants under Section
16 of the Exchange Act. In addition, we rely on exemptions from certain U.S. rules which will permit us to follow Brazilian legal
requirements rather than certain of the requirements that are applicable to U.S. domestic registrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, foreign private issuers are
required to file their annual report on Form 20-F within 120 days following the end of each fiscal year, while U.S. domestic issuers
that are accelerated filers are required to file their annual report on Form 10-K within 75 days following the end of each fiscal
year. As a result of the above, even though, following the declaration of effectiveness of the registration to which this prospectus
is attached, we will be required to make submissions on Form 6-K disclosing the information that we have made or are required to
make public pursuant to Brazilian law, or are required to distribute to shareholders generally, and that is material to us, you
may not receive information of the same type or amount that is required to be disclosed to shareholders of a U.S. company.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">CSAN is a foreign private issuer and,
as a result, in accordance with the listing requirements of the NYSE/Nasdaq, we rely on certain home country governance practices
from Brazil, rather than the corporate governance requirements of the NYSE.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We report under the Exchange Act as a non-U.S.
company with foreign private issuer status. The NYSE/Nasdaq rules provide that foreign private issuers are permitted to follow
home country practice in lieu of certain NYSE/Nasdaq corporate governance standards. The standards applicable to us are considerably
different than the standards applied to U.S. domestic issuers. For instance, we are not required to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>have a majority of independent members on our board of directors (other than as may result from the requirements for audit
committee member independence under the Exchange Act);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>have a minimum of three independent members on our audit committee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>have a compensation committee or a nominating and corporate governance committee; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>have regularly scheduled executive sessions of our board that consist of independent directors only.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a foreign private issuer, we may follow
our home country practice in Brazil in lieu of the above requirements. Therefore, the approach to governance adopted by our board
of directors may be different from that of a board of directors consisting of a majority of independent directors, and, as a result,
our management oversight may be more limited than if we were subject to all of the NYSE/Nasdaq corporate governance standards.
Accordingly, you may not have the same protections afforded to shareholders of companies that are not foreign private issuers.
See &ldquo;Description of CSAN Shares and CSAN By-Laws&mdash;Principal Differences between Brazilian and U.S. Corporate Governance
Practices.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Tax Matters</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Under Brazilian tax law, the disposition
of CSAN Shares will be subject to Brazilian income tax and the disposition of CSAN ADSs may also be subject to Brazilian income
tax.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Brazilian Law No. 10,833/03 provides that
gains on the disposition of assets located in Brazil by non-residents of Brazil, whether to other non-residents or to Brazilian
residents, will be subject to income tax in Brasil at a progressive rate of 15% up to 22.5%. It is arguable that the progressive
rates mentioned above should not apply and, in such case, non-residents of Brazil would be subject to income tax at a fixed rate
of 15% in the Non-Resident Holder is a 4,373 Holder and is not resident or domiciled in a Low or Nil Tax Jurisdiction. The application
of such progressive rates, however, is the most conservative position.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While we do not expect the CSAN ADSs to
be treated as assets located in Brazil, they may be treated as assets located in Brazil for purposes of the law, and therefore
gains on the disposition of CSAN ADSs by non-residents of Brazil may be subject to Brazilian income taxation. Although the holders
of CSAN ADSs outside Brazil may have grounds to assert that Law No. 10,833/03 does not apply to sales or other dispositions of
CSAN ADSs, it is not possible to predict whether that understanding will ultimately prevail in the courts of Brazil given the general
and unclear scope of Law No. 10,833/03 and the absence of judicial court rulings in respect thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN Shares are expected to be treated
as assets located in Brazil for purposes of the law, and gains on the disposition of CSAN Shares, even by non-residents of Brazil,
as a general rule, are expected to be subject to Brazilian income taxation. Despite such general rule, capital gains assessed by
foreign investors on the sale of the CSAN Shares in the Brazilian stock exchange are currently exempt from taxation in Brazil,
provided that (i) the investment in the CSAN Shares are carried out pursuant to Resolution 4,373 and (ii) the investor is not resident
or domiciled in a tax haven jurisdiction.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">The effective tax rate that will apply
to CSAN is uncertain and may vary from expectations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There can be no assurance that the Merger
will allow CSAN to maintain any particular worldwide effective corporate tax rate. No assurances can be given as to what CSAN&rsquo;s
effective tax rate will be after completion of the Merger because of, among other things, uncertainty regarding the jurisdictions
in which CSAN will derive income and the amounts derived thereof and uncertainty regarding the tax policies of the jurisdictions
in which it operates. CSAN&rsquo;s actual effective tax rate may vary from CSAN&rsquo;s and CZZ&rsquo;s expectations and that variance
may be material. Additionally, tax laws or their implementation and applicable tax authority practices could change in the future.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Changes in taxes and other assessments
may adversely affect us.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The legislatures and tax authorities in
the tax jurisdictions in which CSAN and its subsidiaries operate regularly enact reforms to the tax and other assessment regimes
to which we and our customers are subject. Such reforms include changes in tax rates and, occasionally, enactment of temporary
taxes, the proceeds of which are earmarked for designated governmental purposes. In addition, the interpretation of tax laws by
courts and taxation authorities is constantly evolving. The effects of these changes and any other changes that result from enactment
of additional tax reforms or changes to the manner in which current tax laws are applied cannot be quantified and there can be
no assurance that any such reforms or changes would not have an adverse effect upon CSAN&rsquo;s business directly or indirectly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For example, Latin American governments
have often increased taxes or changed tax legislation as a response to macroeconomic crises or other developments affecting their
respective jurisdictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In Brazil, particularly, the tax system
is highly complex and the interpretation of the tax laws and regulations is commonly controversial. The Brazilian government regularly
implements changes to tax regimes that may increase the tax burden on CSAN, its subsidiaries and jointly controlled entities and
their respective customers. These changes include modifications in the rate of assessments and the enactment of new or temporary
taxes, the proceeds of which are earmarked for designated governmental purposes. Future changes in tax policy laws may adversely
affect CSAN&rsquo;s financial and operating results.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <A NAME="risksrelatedtoczzbusiness"></A>Risks Related to CSAN&rsquo;s Business </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our business consists of the business
of CZZ, excluding the business of CLOG. Given that, prior to the Merger, CLOG will merge into us, once the Merger is completed,
our business will be the same as CZZ&rsquo;s current business. See &ldquo;Information About the Companies&mdash;Cosan Limited/CZZ,&rdquo;
&ldquo;Information about CZZ&rdquo; and &ldquo;Where You Can Find More Information&rdquo; for additional information on the business
of CZZ. Accordingly, we will be exposed to the same risks to which CZZ is currently exposed as set forth under &ldquo;&mdash;Risks
Relating to CZZ&rsquo;s Business.&rdquo; </P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="risksczzbusiness"></A>Risks Related to CZZ&rsquo;s Business</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should read and consider the risk factors
specific to CZZ&rsquo;s business that will also affect the combined company after the Merger. These risks are described in &ldquo;Item
3. Key Information&mdash;D. Risk Factors&rdquo; of the CZZ 2019 Form 20-F, as such risks may be updated or supplemented in CZZ&rsquo;s
subsequently furnished reports on Form 6-K or other reports on Form 6-K, which are incorporated by reference into this prospectus.
See the sections of this prospectus entitled &ldquo;Incorporation of Certain Documents by Reference&rdquo; and &ldquo;Where You
Can Find More Information.&rdquo; </P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="commarketdata"></A>Comparative
Per Share Market Data</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The table below sets forth, for the periods
indicated, the reported high and low closing sale prices in nominal <I>reais </I>for each common share for CSAN and CLOG and for
each Class A common share for CZZ on the B3 and the NYSE, respectively, in each case not considering share prices adjusted
by dividends. See &ldquo;Exchange Rates&rdquo; for information with respect to exchange rates applicable during the periods set
forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">CSAN (B3)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">CLOG (B3)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">CZZ (NYSE)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><I>Reais</I> per Common Share</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">U.S. Dollars per Common Share(1)</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><I>Reais</I> per Common Share</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">U.S. Dollars per Common Share(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">U.S. Dollars per Common Share</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-weight: bold">2015</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: left; width: 20%">Annual&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">24.69</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">14.66</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">4.51</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">2.68</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">11.89</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">3.19</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">2.17</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">0.58</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">8.06</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">2.75</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: left">Annual&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38.99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.07</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.93</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: left">Annual&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.97</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.82</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.91</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.69</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: left">First Quarter&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37.77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.76</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.09</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">Second Quarter&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39.22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.78</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.63</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: left">Third Quarter&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">Fourth Quarter&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: left">Annual&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.76</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: left">First Quarter&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.02</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.93</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.18</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">Second Quarter&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41.23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.76</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.97</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: left">Third Quarter&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.93</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.82</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.82</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">Fourth Quarter&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68.57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.62</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: left">Annual&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68.57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.02</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.18</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Most recent six months:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: left">March 2020&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45.04</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.78</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.62</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">April 2020&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.71</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.04</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.05</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: left">May 2020&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64.89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.79</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.61</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">June 2020&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65.76</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.45</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; text-align: left">July 2020&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.51</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.58</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">August 2020&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.07</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.61</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -0.55pt; padding-left: 0.125in">September 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65.86</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.92</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.55pt; padding-left: 0.125in"> October 2020 (through October 23, 2020) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 70.89 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 66.24 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12.95 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12.10 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18.03 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 16.46 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.29 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.01 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 15.26 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14.32 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 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"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Solely for the convenience of the reader, we have translated certain amounts included in this prospectus from <I>reais</I>
into U.S. dollars using the exchange rate as reported by the Brazilian Central Bank as of June 30, 2020 for <I>reais</I> into U.S.
dollars of R$5.476 per U.S.$1.00. The U.S. dollar equivalent information presented in this prospectus is provided solely for the
convenience of investors and should not be construed as implying that the amounts in <I>reais</I> represent, or could have been
or could be converted into, U.S. dollars at such rates or any other rate. See &ldquo;Exchange Rates.&rdquo;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table presents the closing
price per each CSAN Share and per each CZZ Class A Share on the B3 and the NYSE, respectively on (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2020, the last trading day prior to the date of public announcement by CSAN and CZZ of the entry into the Merger Protocol, and
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020, the last practicable trading day prior to the mailing of
this prospectus.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Date</P>
</TD>
    <TD COLSPAN="2">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN
        Share Closing Price (B3)</P>
</TD>
    <TD COLSPAN="2">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CLOG
        Share Closing Price (B3)</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ
        Share Closing<BR>
        Price (NYSE)</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Implied
        per share value of Merger Consideration</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center; font-weight: bold">In <I>reais</I></TD>
    <TD STYLE="width: 12%; text-align: center; font-weight: bold">In U.S.$(1)</TD>
    <TD STYLE="width: 12%; text-align: center; font-weight: bold">In <I>reais</I></TD>
    <TD STYLE="width: 12%; text-align: center; font-weight: bold">In U.S.$(1)</TD>
    <TD STYLE="width: 12%; text-align: center; font-weight: bold">In U.S.$</TD>
    <TD STYLE="width: 12%; text-align: center; font-weight: bold">In U.S.$</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020&#9;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020&#9;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 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"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Solely for the convenience of the reader, we have translated certain amounts included in this prospectus from <I>reais</I>
into U.S. dollars using the exchange rate as reported by the Brazilian Central Bank as of June 30, 2020 for <I>reais</I> into U.S.
dollars of R$5.476 per U.S.$1.00. The U.S. dollar equivalent information presented in this prospectus is provided solely for the
convenience of investors and should not be construed as implying that the amounts in <I>reais</I> represent, or could have been
or could be converted into, U.S. dollars at such rates or any other rate. See the section of this prospectus entitled &ldquo;Exchange
Rates.&rdquo;</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="selsharedata"></A>Selected
Unaudited Per Share Data</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth certain
historical unaudited information with respect to net book value per share as of June 30, 2020 and earnings per share
and dividends declared per share for the six months ended June&nbsp;30, 2020 and the fiscal year ended December 31, 2019 for CSAN,
CLOG and CZZ.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The historical information for CSAN, CLOG
and CZZ has been prepared under IFRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information that follows should be
read in conjunction with the historical unaudited consolidated financial statements of CZZ for the three and six months ended
June 30, 2020, appearing in the CZZ Q2 Form 6-Ks incorporated by reference to this prospectus as well as the historical audited
consolidated financial statements of CZZ for the fiscal year ended December 31, 2019, appearing in the CZZ 2019 Form 20-F incorporated
by reference to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Historical<BR> CSAN</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Historical<BR> CLOG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Historical CZZ</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="9" STYLE="font-weight: bold; text-align: center">(In <I>reai</I>s)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">As of June 30, 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%">Net book value per share(1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">27.23</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5.22</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">22.43</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: 0in">For the six months ended June 30, 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Dividends declared per share(2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.61</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10.35pt; padding-left: 10.35pt"> Net income (Loss) per share attributable to
    CSAN, CLOG and CZZ &mdash; basic(2)&#9; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> (0.19 </TD><TD STYLE="text-align: left"> ) </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.37</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -10.35pt; padding-left: 10.35pt"> Net income (loss) per share attributable to
    CSAN, CLOG and CZZ&nbsp;&mdash; diluted(2)&#9; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> (0.19 </TD><TD STYLE="text-align: left"> ) </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.25</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">For the fiscal year ended December 31, 2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Dividends declared per share(2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Net income (Loss) per share attributable to CSAN, CLOG and CZZ &mdash; basic(2)&#9; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.74</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"> Net income (loss) per share attributable to CSAN, CLOG and CZZ&nbsp;&mdash; diluted(2)&#9; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.51</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">____________________</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: 0.25in">(1)</TD><TD>Net book value per share information was calculated using the total number of shares outstanding as of June 30, 2020.</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: 0.25in">(2)</TD><TD>Historical dividends declared per share and earnings per share information were based on historical information available elsewhere
in this prospectus.</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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="comhistorical"></A>Comparative
Historical Per Share Data</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Set forth below are earnings, cash dividends
and book value per share data for:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CSAN on a historical basis, prepared under IFRS and presented in <I>reais</I>, as of June 30, 2020 and for the six months ended
June 30, 2020 and 2019, and as of and for the years ended December 31, 2019, 2018, 2017, 2016 and 2015.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CZZ on a historical basis, prepared under IFRS and presented in U.S. dollars, as of June 30, 2020 and for the six months ended
June 30, 2020 and 2019, and as of and for the years ended December 31, 2019, 2018, 2017, 2016 and 2015.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The following information should be
read in conjunction with the sections of this prospectus entitled &ldquo;Risk Factors,&rdquo; &ldquo;Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations of CSAN,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations of CZZ&rdquo; and the annual consolidated financial statements included elsewhere
or incorporated by reference into this prospectus. Historical results for any period are not necessarily indicative of results
to be expected for any future period. </P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">CSAN Per Share Data</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&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">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the Six Months Ended June 30,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the Fiscal Year Ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center">(in <I>reais</I>)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 34%">Book value per share(1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">27.23</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">27.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">25.30</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">23.25</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">22.01</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">21.39</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Basic earnings per share&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> (0.19 </TD><TD STYLE="text-align: left"> ) </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Diluted earnings per share&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> (0.19 </TD><TD STYLE="text-align: left"> ) </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.30</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cash dividends per share(2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.68</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 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"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Book value per share is computed by dividing total equity attributable to the owners of CSAN by the number of historical shares
outstanding as of the end of the applicable period.</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: 0.25in">(2)</TD><TD>Cash Dividends per share data is calculated by dividing total dividends (includes dividends and interest on equity) paid by
CSAN by the total historical number of shares outstanding as of the end of the applicable period.</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">CZZ Per Share Data</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&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">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the Six Months Ended June 30,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the Fiscal Year Ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center">(in U.S. dollars)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 34%">Book value per share(1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">4.10</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">6.04</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">6.98</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">7.51</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">7.27</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5.82</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Basic earnings per share(2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.73</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.61</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.42</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Diluted earnings per share(2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.71</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.42</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cash dividends per share(3)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 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"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Book value per share is computed by dividing total equity attributable to the owners of CZZ by the number of historical shares
outstanding as of the end of the applicable period.</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: 0.25in">(2)</TD><TD>Represents basic and diluted earnings per share from continuing operations.</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: 0.25in">(3)</TD><TD>Cash Dividends per share data is calculated by dividing total dividends paid by CZZ by the total historical number of shares
outstanding as of the end of the applicable period.</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="seledataczz"></A>Selected
Financial Data of CZZ</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following information should be read
in conjunction with the sections of this prospectus entitled &ldquo; Presentation of Financial and Certain Other Information, &rdquo;
&ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations
of CZZ&rdquo; and the consolidated financial statements and notes thereto in the CZZ 2019 Form 20-F, which are incorporated by
reference into this prospectus. Historical results for any period are not necessarily indicative of results to be expected for
any future period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the six months ended June 30,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the fiscal year ended<BR> December 31,(2)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">(in U.S.$)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center">(in R$)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">(in U.S.$)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center">(in R$)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="35" STYLE="font-weight: bold; text-align: center">(in millions)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Consolidated Profit or Loss Data:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 28%; text-align: left">Net sales&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">1,661.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">9,097.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">9,792.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">3,764.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">20,611.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">16,834.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">13,579.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">12,518.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">12,355.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Cost of sales&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,158.4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,343.5</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,946.6</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,585.9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14,160.2</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,108.3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,224.3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,317.5</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,645.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gross profit&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">502.9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,753.9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,846.2</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,178.1</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,451.2</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,726.5</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,354.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,200.6</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,709.8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Selling expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(110.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(603.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(532.0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(205.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,122.9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,019.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,068.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,037.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(900.7</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">General and administrative expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(111.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(611.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(539.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(225.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,236.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(975.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(923.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,000.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(911.6</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other income (expense), net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">404.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">747.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">889.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(116.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">252.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total operations expenses&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(206.1</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,128.8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,065.9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(356.9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,954.3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,247.5</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,102.4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,154.5</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,560.0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income before equity in earnings of investees and finance results&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">296.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,625.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,780.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">821.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,496.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,479.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,252.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,046.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,149.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Equity in earnings of investees&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19.4</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">340.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,132.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">991.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">995.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,565.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">703.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Finance results, net&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(109.4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(599.1</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(833.9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(359.3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,967.6</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,598.4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,733.4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,055.8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,184.5</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Profit before taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,006.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,286.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">668.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,661.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,871.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,514.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">556.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">668.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income taxes:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(73.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(404.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(405.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(182.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,000.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(464.9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(134.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(228.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(167.7</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Deferred&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47.9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">263.0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40.3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">220.5</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(295.6</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(293.8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">166.9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">198.1</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25.9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(141.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(338.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(142.4</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(779.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(760.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(428.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Profit from continuing operations&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">865.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">947.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">526.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,882.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,111.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,086.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">494.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">698.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Profit (loss) from discontinued operation, net of tax&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10.6</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11.0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(28.2</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40.2</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(35.3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100.9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Profit for the year&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">865.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">937.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">528.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,893.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,083.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,046.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">459.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">799.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net income attributable to non-controlling interests&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(21.2</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(116.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(538.4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(288.0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,577.0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,107.8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(495.3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(181.2</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(394.0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Profit attributable to owners of the Company (including discontinued operations)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">136.8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">748.6</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">398.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">240.4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,316.3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">975.4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">551.0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">277.8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">405.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

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



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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Solely for the convenience of the reader, we have translated certain amounts included in this prospectus from <I>reais</I>
into U.S. dollars using the exchange rate as reported by the Brazilian Central Bank as of June 30, 2020 for <I>reais</I> into U.S.
dollars of R$5.476 per U.S.$1.00. The U.S. dollar equivalent information presented in this prospectus is provided solely for the
convenience of investors and should not be construed as implying that the amounts in <I>reais</I> represent, or could have been
or could be converted into, U.S. dollars at such rates or any other rate. See &ldquo;Exchange Rates.&rdquo;</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: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>On December 2, 2019, CSAN sold its shares in Cosan Biomassa S.A. to Ra&iacute;zen Energia. The comparative consolidated statement
of profit or loss and statements of cash flows have been restated to show the discontinued operation separately from continuing
operations.</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the six months ended June 30,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the fiscal year ended December 31,(2)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">(in U.S.$)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">(in R$)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">(in U.S.$)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center">(in R$)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="31" STYLE="font-weight: bold; text-align: center">(in millions)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Consolidated Statement of Financial Position Data:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 36%; text-align: left">Cash and cash equivalents&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">2,000.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">10,953.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">1,547.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">8,472.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">3,621.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">4,555.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">4,499.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">3,505.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Marketable securities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">485.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,658.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">568.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,115.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,202.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,853.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,291.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">605.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Inventories&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">869.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">787.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">716.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">663.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">630.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">656.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Right-of-use assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,439.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,883.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">816.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,469.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Property, plant and equipment&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,330.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,759.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,219.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,153.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,417.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,681.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,726.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,805.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Intangible assets and goodwill&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,116.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,067.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,075.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,843.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,972.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,973.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,109.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,309.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Total assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,338.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,519.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,001.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,717.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,360.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,624.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,469.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,249.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,941.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,633.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,628.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,917.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,240.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,022.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,629.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,922.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Non-current liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,502.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,035.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,406.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,560.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,150.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,542.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,831.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,137.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loans, borrowings and debentures&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,209.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,477.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,305.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,534.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,574.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,688.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,338.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,829.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Preferred shareholders payable in subsidiaries&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">447.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">611.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,097.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,442.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,769.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,042.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Provision for legal proceedings&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">251.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,374.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">247.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,354.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,363.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,348.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,268.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,193.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Equity attributable to owners of the Company&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">908.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,974.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">986.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,401.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,614.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,038.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,272.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,913.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Equity attributable to non-controlling interests&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,986.3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,876.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,979.3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,838.6</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,355.0</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,020.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,737.3</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,275.5</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total shareholders&rsquo; equity&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,894.7</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,850.9</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,965.8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,240.5</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,969.4</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,059.5</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,009.8</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,189.2</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Solely for the convenience of the reader, we have translated certain amounts included in this prospectus from <I>reais</I>
into U.S. dollars using the exchange rate as reported by the Brazilian Central Bank as of June 30, 2020 for <I>reais</I> into U.S.
dollars of R$5.476 per U.S.$1.00. The U.S. dollar equivalent information presented in this prospectus is provided solely for the
convenience of investors and should not be construed as implying that the amounts in <I>reais</I> represent, or could have been
or could be converted into, U.S. dollars at such rates or any other rate. See &ldquo;Exchange Rates.&rdquo;</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: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>On December 2, 2019, CSAN sold its shares in Cosan Biomassa S.A. to Ra&iacute;zen Energia. The comparative consolidated statement
of profit or loss and statements of cash flows have been restated to show the discontinued operation separately from continuing
operations.</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">As
        of and for the six months ended June 30,</P>
</TD>
    <TD COLSPAN="7">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">As
        of and for the fiscal year ended December 31,(2)</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">2020(1)</P>
</TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">2020</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">2019</P>
</TD>
    <TD COLSPAN="2">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">2019(1)</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">2019</P>
</TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">2018</P>
</TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">2017</P>
</TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">2016</P>
</TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">2015</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">(in U.S.$, except operating data)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center; font-weight: bold">(in R$, except operating data)</TD>
    <TD STYLE="text-align: center; font-weight: bold">(in U.S.$, except operating data)</TD>
    <TD COLSPAN="6" STYLE="text-align: center; font-weight: bold">(in R$, except operating data)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in millions)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><B>Consolidated Other Financial Data:</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">Depreciation and amortization&#9;</TD>
    <TD STYLE="text-align: right">227.3</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,244.9</TD>
    <TD STYLE="text-align: right">1,118.1</TD>
    <TD COLSPAN="2" STYLE="text-align: right">417.8</TD>
    <TD STYLE="text-align: right">2,287.9</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,051.8</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,928.4</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,735.3</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,177.8</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Net debt(3)&#9;</TD>
    <TD STYLE="text-align: right">3,082.2</TD>
    <TD STYLE="white-space: nowrap; text-align: right">16,878.1</TD>
    <TD STYLE="text-align: right">14,992.9</TD>
    <TD COLSPAN="2" STYLE="text-align: right">2,617.4</TD>
    <TD STYLE="text-align: right">14,332.6</TD>
    <TD STYLE="white-space: nowrap; text-align: right">13,324.0</TD>
    <TD STYLE="white-space: nowrap; text-align: right">13,676.0</TD>
    <TD STYLE="white-space: nowrap; text-align: right">13,861.5</TD>
    <TD STYLE="white-space: nowrap; text-align: right">15,073.0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">Working capital(4)&#9;</TD>
    <TD STYLE="text-align: right">1,495.3</TD>
    <TD STYLE="white-space: nowrap; text-align: right">8,188.1</TD>
    <TD STYLE="text-align: right">4,689.2</TD>
    <TD COLSPAN="2" STYLE="text-align: right">1,291.9</TD>
    <TD STYLE="text-align: right">7,074.6</TD>
    <TD STYLE="white-space: nowrap; text-align: right">5,718.8</TD>
    <TD STYLE="white-space: nowrap; text-align: right">4,011.6</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,139.9</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(87.4)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Cash flow provided by (used in):</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">Operating activities&#9;</TD>
    <TD STYLE="text-align: right">324.7</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,778.0</TD>
    <TD STYLE="text-align: right">2,198.9</TD>
    <TD COLSPAN="2" STYLE="text-align: right">1,149.9</TD>
    <TD STYLE="text-align: right">6,296.7</TD>
    <TD STYLE="white-space: nowrap; text-align: right">5,377.9</TD>
    <TD STYLE="white-space: nowrap; text-align: right">4,088.1</TD>
    <TD STYLE="white-space: nowrap; text-align: right">3,635.4</TD>
    <TD STYLE="white-space: nowrap; text-align: right">3,350.6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Investing activities&#9;</TD>
    <TD STYLE="text-align: right">(235.4)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(1,289.1)</TD>
    <TD STYLE="text-align: right">1,374.3</TD>
    <TD COLSPAN="2" STYLE="text-align: right">(23.8)</TD>
    <TD STYLE="text-align: right">(130.6)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(1,498.8)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(3,577.4)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(727.0)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(1,003.1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">Financing activities&#9;</TD>
    <TD STYLE="text-align: right">279.3</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,529.6</TD>
    <TD STYLE="text-align: right">(2,151.1)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">(284.6)</TD>
    <TD STYLE="text-align: right">(1,558.4)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(5,106.4)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(565.7)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(1,819.3)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(542.6)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Basic earnings per share from continuing operations&#9;</TD>
    <TD STYLE="text-align: right">U.S.$0.6163</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$3.3748</TD>
    <TD STYLE="text-align: right">R$1.7279</TD>
    <TD COLSPAN="2" STYLE="text-align: right">U.S.$1.0564</TD>
    <TD STYLE="text-align: right">R$ 5.74</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 3.83</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 2.25</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 1.23</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 1.44</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">Diluted earnings per share from continuing operations&#9;</TD>
    <TD STYLE="text-align: right">U.S.$0.5937</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$3.2510</TD>
    <TD STYLE="text-align: right">R$1.6546</TD>
    <TD COLSPAN="2" STYLE="text-align: right">U.S.$1.0137</TD>
    <TD STYLE="text-align: right">R$ 5.51</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 3.95</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 2.20</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 1.16</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 1.38</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Basic earnings/(loss) per share from discontinued operations&#9;</TD>
    <TD STYLE="text-align: right">U.S.$0.6163</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$3.3748</TD>
    <TD STYLE="text-align: right">R$1.7738</TD>
    <TD COLSPAN="2" STYLE="text-align: right">U.S.$1.0475</TD>
    <TD STYLE="text-align: right">R$ 0.05</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 0.17</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(R$ 0.15)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(R$ 0.18)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 0.09</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">Diluted earnings/(loss) per share from discontinued operations &#9;</TD>
    <TD STYLE="text-align: right">U.S.$0.5937</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$3.2510</TD>
    <TD STYLE="text-align: right">R$1.7057</TD>
    <TD COLSPAN="2" STYLE="text-align: right">U.S.$1.0053</TD>
    <TD STYLE="text-align: right">R$ 0.05</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 0.16</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(R$ 0.15)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(R$ 0.18)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 0.09</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Number of shares outstanding&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">221,809,303</TD>
    <TD STYLE="text-align: right">231,924,109</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">221,809,303</TD>
    <TD STYLE="white-space: nowrap; text-align: right">244,675,712</TD>
    <TD STYLE="white-space: nowrap; text-align: right">243,199,181</TD>
    <TD STYLE="white-space: nowrap; text-align: right">264,690,883</TD>
    <TD STYLE="white-space: nowrap; text-align: right">264,690,883</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">Declared dividends (millions of reais)&#9;</TD>
    <TD STYLE="text-align: right">U.S.$24.6</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$134.7</TD>
    <TD STYLE="text-align: right">R$12.1</TD>
    <TD COLSPAN="2" STYLE="text-align: right">U.S.$44.4</TD>
    <TD STYLE="text-align: right">243.3</TD>
    <TD STYLE="white-space: nowrap; text-align: right">425.5</TD>
    <TD STYLE="white-space: nowrap; text-align: right">792.1</TD>
    <TD STYLE="white-space: nowrap; text-align: right">975.4</TD>
    <TD STYLE="white-space: nowrap; text-align: right">531.5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Declared dividends (millions of U.S. dollars)&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">U.S.$24.6</TD>
    <TD STYLE="text-align: right">U.S.$3.2</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">U.S.$ 60.4</TD>
    <TD STYLE="white-space: nowrap; text-align: right">U.S.$ 109.8</TD>
    <TD STYLE="white-space: nowrap; text-align: right">U.S.$ 239.4</TD>
    <TD STYLE="white-space: nowrap; text-align: right">U.S.$ 299.3</TD>
    <TD STYLE="white-space: nowrap; text-align: right">U.S.$ 136.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">Declared dividends per share (reais)&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$0.6071</TD>
    <TD STYLE="text-align: right">R$0.0523</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">R$ 1.0969</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 1.7390</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 3.2570</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 3.6851</TD>
    <TD STYLE="white-space: nowrap; text-align: right">R$ 2.0080</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Declared dividends per share <BR>
(U.S. dollars)&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">U.S.$0.1109</TD>
    <TD STYLE="text-align: right">U.S.$0.0136</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">U.S.$ 0.2721</TD>
    <TD STYLE="white-space: nowrap; text-align: right">U.S.$ 0.4488</TD>
    <TD STYLE="white-space: nowrap; text-align: right">U.S.$ 0.9846</TD>
    <TD STYLE="white-space: nowrap; text-align: right">U.S.$ 1.1307</TD>
    <TD STYLE="white-space: nowrap; text-align: right">U.S.$ 0.5142</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><B>Other Operating Data:</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">Crushed sugarcane (in million tons)&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">21.8</TD>
    <TD STYLE="text-align: right">20.9</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">59.8</TD>
    <TD STYLE="white-space: nowrap; text-align: right">60.1</TD>
    <TD STYLE="white-space: nowrap; text-align: right">60.7</TD>
    <TD STYLE="white-space: nowrap; text-align: right">62.2</TD>
    <TD STYLE="white-space: nowrap; text-align: right">59.9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Sugar production (in million tons)&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1.5</TD>
    <TD STYLE="text-align: right">1.2</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3.8</TD>
    <TD STYLE="white-space: nowrap; text-align: right">3.7</TD>
    <TD STYLE="white-space: nowrap; text-align: right">4.3</TD>
    <TD STYLE="white-space: nowrap; text-align: right">4.4</TD>
    <TD STYLE="white-space: nowrap; text-align: right">4.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">Ethanol production (in billion liters)&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">0.8</TD>
    <TD STYLE="text-align: right">0.8</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2.5</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2.5</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2.2</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2.1</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Volume of fuel sold (in million liters)(5)&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">13,535.3</TD>
    <TD STYLE="text-align: right">16,222.6</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">33,625.3</TD>
    <TD STYLE="white-space: nowrap; text-align: right">27,440.6</TD>
    <TD STYLE="white-space: nowrap; text-align: right">25,560.2</TD>
    <TD STYLE="white-space: nowrap; text-align: right">24,831.5</TD>
    <TD STYLE="white-space: nowrap; text-align: right">25,076.3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">Volume loaded (Cosan Log&iacute;stica) (in million tons)&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">6.7</TD>
    <TD STYLE="text-align: right">5.4</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">11.2</TD>
    <TD STYLE="white-space: nowrap; text-align: right">11.3</TD>
    <TD STYLE="white-space: nowrap; text-align: right">13.1</TD>
    <TD STYLE="white-space: nowrap; text-align: right">13.1</TD>
    <TD STYLE="white-space: nowrap; text-align: right">11.7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Transported volume (Cosan Log&iacute;stica) (in million RTK)&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">28,714.0</TD>
    <TD STYLE="text-align: right">27,722.0</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">60,096.3</TD>
    <TD STYLE="white-space: nowrap; text-align: right">56,365.1</TD>
    <TD STYLE="white-space: nowrap; text-align: right">49,690.5</TD>
    <TD STYLE="white-space: nowrap; text-align: right">40,270.4</TD>
    <TD STYLE="white-space: nowrap; text-align: right">44,908.8</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="white-space: nowrap">Natural gas (Comg&aacute;s) (in million m&sup3;)&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,899.9</TD>
    <TD STYLE="text-align: right">2,251.6</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,512.4</TD>
    <TD STYLE="white-space: nowrap; text-align: right">4,543.3</TD>
    <TD STYLE="white-space: nowrap; text-align: right">4,292.9</TD>
    <TD STYLE="white-space: nowrap; text-align: right">4,323.0</TD>
    <TD STYLE="white-space: nowrap; text-align: right">5,210.9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Volume of finished goods and base oil sold (in million liters)&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">158.8</TD>
    <TD STYLE="text-align: right">197.7</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">397.7</TD>
    <TD STYLE="white-space: nowrap; text-align: right">345.9</TD>
    <TD STYLE="white-space: nowrap; text-align: right">347.8</TD>
    <TD STYLE="white-space: nowrap; text-align: right">328.9</TD>
    <TD STYLE="white-space: nowrap; text-align: right">316.9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White; width: 25%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 6%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 9%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 9%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 9%">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 9%">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD>Solely for the convenience of the reader, we have translated
certain amounts included in this prospectus from <I>reais</I> into U.S. dollars using the exchange rate as reported by the Brazilian
Central Bank as of June 30, 2020 for <I>reais</I> into U.S. dollars of R$5.476 per U.S.$1.00. The U.S. dollar equivalent information
presented in this prospectus is provided solely for the convenience of investors and should not be construed as implying that
the amounts in <I>reais</I> represent, or could have been or could be converted into, U.S. dollars at such rates or any other
rate. See &ldquo;Exchange Rates.&rdquo;</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD>On December 2, 2019, CSAN sold its shares in Cosan Biomassa
S.A. to Ra&iacute;zen Energia. The comparative consolidated statement of profit or loss and statements of cash flows have been
restated to show the discontinued operation separately from continuing operations.</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD>Net debt consists of current and non-current debt (including
preferred shareholders payable in subsidiaries), net of cash and cash equivalents, marketable securities and derivatives on debt
recorded in our consolidated financial statements as other non-current assets. Net debt is a non-GAAP measure.</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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD>Working capital consists of total current assets less
total current liabilities.</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD>Starting from 2015 the reported volumes are based on
a methodology developed by Sindicom (<I>Sindicato Nacional das Empresas Distribuidoras de Combust&iacute;veis e de Lubrificantes</I>),
an association of fuel distributors, which excludes volumes sold to other distributors.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information in the table below presents
a reconciliation of Net debt, a non-GAAP financial measure. We calculate Net Debt as loans, borrowings and debentures (current
and non-current) less cash and cash equivalents, less marketable securities, less derivative financial instruments. Our management
believes that disclosure of Net Debt is useful to potential investors as it helps to give them a clearer understanding of our financial
liquidity. Net Debt is also used to calculate certain leverage ratios. However, Net Debt is not a measure of financial performance
under Brazilian GAAP or IFRS.</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the fiscal year ended December 31,(2)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">(in U.S.$)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center">(in R$)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">(in U.S.$)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="31" STYLE="font-weight: bold; text-align: center">(in millions)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 52%; text-align: left">Current loans, borrowings and debentures&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">878.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">4,810.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">642.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">3,518.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">2,115.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">3,903.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">2,404.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">2,775.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-current loans, borrowings and debentures&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,330.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,666.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,662.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,534.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,459.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,785.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,934.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,053.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Preferred shareholders payable in subsidiaries&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">447.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">611.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,097.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,442.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,769.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,042.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,290.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,924.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.417.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,663.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,671.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,131.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,107.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,872.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,000.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,953.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,547.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,472.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,621.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,555.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,499.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,505.8</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Marketable securities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(485.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,658.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(568.9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,115.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,202.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,853.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,291.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(605.5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Total &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,485.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,612.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,116.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,587.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,824.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,408.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,791.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,111.3</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivatives on debt &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,722.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,433.9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(683.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,743.4</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,523.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,047.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(455.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,687.8</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold">Net debt(3) &#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,082.1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,878.2</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,617.3</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,332.5</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,324.1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,676.1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,861.5</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15,073.0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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



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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Solely for the convenience of the reader, we have translated certain amounts included in this prospectus from <I>reais</I>
into U.S. dollars using the exchange rate as reported by the Brazilian Central Bank as of June 30, 2020 for <I>reais</I> into U.S.
dollars of R$5.476 per U.S.$1.00. The U.S. dollar equivalent information presented in this prospectus is provided solely for the
convenience of investors and should not be construed as implying that the amounts in <I>reais</I> represent, or could have been
or could be converted into, U.S. dollars at such rates or any other rate. See &ldquo;Exchange Rates.&rdquo;</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: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>On December 2, 2019, CSAN sold its shares in Cosan Biomassa S.A. to Ra&iacute;zen Energia. The comparative consolidated statement
of profit or loss and statements of cash flows have been restated to show the discontinued operation separately from continuing
operations.</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: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD> CZZ&rsquo;s loan covenants consider preferred shareholders
                                         payable in subsidiaries in the calculation of net debt.</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="czzspemeeting"></A>The CZZ
Special Meeting</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="general"></A>General</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CZZ Special Meeting is expected to
be held at the time and place specified below, or at any postponement or adjournment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 53%">Time and date&#9;</TD>
    <TD STYLE="width: 47%">&nbsp;&nbsp;&nbsp;, 2020, at&nbsp;&nbsp;&nbsp;&nbsp;a.m./p.m.&nbsp;&nbsp;&nbsp;&nbsp;Time</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Digital Platform to be Used&#9;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Items of Business&#9;</TD>
    <TD STYLE="text-align: left">1.&#9;Proposal to adopt the Merger Protocol (the &ldquo;Merger Proposal&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 19.5pt; text-indent: -12.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>In addition, CZZ shareholders may transact such other business as may properly come before the meeting.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Record Date&#9;</TD>
    <TD>&nbsp;&nbsp;&nbsp;, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Information Agent&#9;</TD>
    <TD>Georgeson LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Tabulation Agent&#9;</TD>
    <TD>Computershare Trust Company, N.A.</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-indent: 0.25in">CZZ shareholders must approve the Merger
Proposal in order for the Merger to occur. A copy of the Merger Protocol is attached as Annex A to this prospectus, and you are
encouraged to read the Merger Protocol carefully and in its entirety.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="recommczz"></A>Recommendation of the CZZ Board of Directors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After careful consideration, the CZZ board
of directors has (i) approved, adopted and declared advisable the Merger Protocol, (ii) declared that it is fair to and in the
best interests of CZZ and its shareholders that CZZ enter into the Merger Protocol and consummate the transactions contemplated
by the Merger Protocol and (iii) directed that the Merger Protocol be submitted to the shareholders of CZZ and recommended that
the shareholders of CZZ vote their CZZ Shares in favor of the adoption of the Merger Protocol at the CZZ Special Meeting.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, the CZZ board of directors recommends that
CZZ shareholders vote:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;FOR&rdquo;
the Merger Proposal. </B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="recorddate"></A>Record Date; Shareholders Entitled to Vote</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Only holders of record of Class A Shares
and Class B Shares of CZZ at the close of business on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020, the record
date for voting at the CZZ Special Meeting, are entitled to vote at the CZZ Special Meeting or any adjournments or postponements
thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of the close of business on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2020, there were 142,115,534 Class A Shares issued and outstanding and entitled to vote at the CZZ special meeting and
96,332,044 Class B common shares issued and outstanding and entitled to vote at the CZZ special meeting.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="votingczz"></A>Voting by CZZ&rsquo;s Directors and Executive Officers</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of the close of business on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2020, approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the issued and outstanding Class A Shares and Class
B common shares were held by CZZ directors and executive officers and their affiliates. We currently expect that CZZ&rsquo;s directors
and executive officers will vote their CZZ shares in favor of the above listed proposals, although none of them has entered into
any agreements obligating him or her to do so.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="quorum"></A>Quorum</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A quorum is necessary to transact business
at the CZZ Special Meeting. The presence at the meeting, in person or by proxy, of the holders of two shareholders at least holding
or representing by proxy more than forty-five percent (45%) of the issued Class A Shares and Class B Shares of CZZ
outstanding as of the close of business on the Record Date and entitled to vote at the CZZ Special Meeting will constitute a quorum
for the CZZ Special Meeting. Abstentions and broker non-votes will be counted for purposes of establishing a quorum at the CZZ
Special Meeting.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="requiredvote"></A>Required Vote</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Approval of the Merger Proposal requires
the affirmative vote of 75% of the votes cast at the CZZ Special Meeting.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of the record date for the CZZ Special
Meeting, Aguassanta, the investment vehicle of Mr. Rubens Ometto Silveira Mello, held common shares of CZZ representing approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the total voting power of the shares entitled to vote at the CZZ Special Meeting.&nbsp;&nbsp;It is currently expected that Aguassanta
will vote in favor of the Merger Proposal.&nbsp;&nbsp;The affirmative vote of Aguassanta of all of its CZZ common shares in favor
of the Merger Proposal constitutes sufficient votes to approve the Merger Proposal at the CZZ Special Meeting<FONT STYLE="color: #1F497D">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the NYSE rules, if you hold your
CZZ common shares in &ldquo;street name,&rdquo; your broker, nominee or intermediary may not vote your shares without instructions
from you on non-routine matters. The Merger Proposal to be voted on at the CZZ Special Meeting is not a routine matters. Therefore,
without your voting instructions, your broker or other nominee may not vote your shares on the Merger Proposal at the CZZ Special
Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Abstentions and broker non-votes will have
the same effect as a vote &ldquo;AGAINST&rdquo; the Merger Proposal. However, because the Merger Proposal is not a routine matter
for which brokers may have discretionary authority to vote, CZZ does not expect any broker non-votes at the CZZ Special Meeting.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="howtovote"></A>How to Vote Your Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>By Mail</I></B>&mdash;CZZ shareholders
may vote their shares by signing and dating the enclosed proxy card and returning it in the postage-paid envelope provided with
this prospectus. Proxy cards submitted by mail must be received by the time of the CZZ Special Meeting for your shares to
be voted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>At the CZZ Special Meeting</I></B>&mdash;Only
CZZ shareholders and invited guests may attend the CZZ Special Meeting. CZZ shareholders may attend the CZZ Special Meeting in
person or by accessing a digital platform. Instructions for accessing the digital platform, including the necessary password, will
be sent to shareholders who contact Georgeson LLC, the Information Agent for the Merger, indicating their interest in participating
remotely by email to cosan@georgeson.com at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2020. Shares held in your name as the shareholder of record may be voted by you at the CZZ special meeting. Shares held beneficially
in street name may be voted by you at the CZZ Special Meeting only if you obtain a legal proxy from the broker or other agent that
holds your shares giving you the right to vote the shares and bring such proxy to the CZZ Special Meeting. <FONT STYLE="background-color: white">If
you hold your shares in street name and wish to vote virtually during the meeting, you must obtain a &ldquo;legal proxy&rdquo;
from your bank, broker, trustee or other nominee. Once you have received a legal proxy from your bank, broker, trustee or other
nominee, please email a scan or image of it to Georgeson at cosan@georgeson.com, with &ldquo;Legal Proxy&rdquo; noted in the subject
line. Please note that the voting instruction form or notice regarding the availability of proxy materials you previously received
with respect to the Special Meeting is not a legal proxy. If you do request a legal proxy from your bank, broker, trustee or other
nominee, the issuance of the legal proxy will invalidate any prior voting instructions you have given and will prevent you from
giving any further voting instructions to your bank, broker, trustee or other nominee to vote on your behalf, and, in that case,
you would only be able to vote at the virtual Special Meeting. Requests for registration must be received by Georgeson LLC, the
Information Agent for the Merger, <B>no later than 5:00 p.m., Eastern Time, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If you vote by proxy and also attend the
CZZ Special Meeting, you do not need to vote again at the CZZ Special Meeting unless you wish to change your vote<B>. Even if you
plan to attend the CZZ Special Meeting, we </B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>strongly
urge you to vote in advance by proxy by signing and dating the enclosed proxy card and returning it in the postage-paid envelope
provided.</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="revocation"></A>Revocation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may change your vote or revoke your
proxy at any time before it is exercised at the CZZ Special Meeting. You may do this in one of three ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>filing with Georgeson LLC, the Information Agent for the Merger, prior to the CZZ Special Meeting a written notice of revocation
by mail to 1290 Avenue of the Americas, 9th Floor, New York, NY 10104, or by email to cosan@georgeson.com;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>submitting a duly executed proxy bearing a later date that Georgeson LLC receives prior to the conclusion of voting at the
CZZ Special Meeting; 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" 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>attending the CZZ Special Meeting remotely by accessing the digital platform and voting via the digital platform.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Your attendance in and of itself will not
revoke any proxy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Written notices of revocation and other
communications about revoking CZZ proxies should be addressed to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Georgeson LLC<BR>
1290 Avenue of the Americas, 9th Floor<BR>
New York, NY 10104<BR>
cosan@georgeson.com<BR>
Shareholders, Banks and Brokers may call toll free: (866) 257-5415</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="tabulation"></A>Tabulation of Votes</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CZZ board has appointed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to serve as the inspector of election for the CZZ Special Meeting. The inspector of election will, among other matters, determine
the number of CZZ common shares represented at the CZZ Special Meeting to confirm the existence of a quorum, determine the validity
of all proxies and ballots and certify the results of voting on all proposals submitted to the CZZ shareholders.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="adjournments"></A>Adjournments</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a quorum is not present within fifteen
minutes from the time appointed for the CZZ Special Meeting, the meeting will stand adjourned to ten days later at the same time
and place or to such other day, time or place as the Secretary of CZZ may determine. Unless the CZZ Special Meeting is adjourned
to a specific date, place and time announced at the meeting being adjourned, fresh notice of the date, place and time for the resumption
of the adjourned meeting shall be given to each CZZ shareholder entitled to attend and vote thereat in accordance with CZZ&rsquo;s
bye-laws.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-style: normal">No
Solicitation of Proxies from Shareholders of CZZ</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: -9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Please note that this document is not a
solicitation of proxies for the CZZ Special Meeting or any extraordinary general meeting of the shareholders of CZZ that will be
held in connection with the Merger.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="qandainformation"></A>Questions and Additional Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If you have any questions or need assistance
in voting your shares, please contact Georgeson LLC, the Information Agent for the Merger</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Georgeson LLC<BR>
1290 Avenue of the Americas, 9th Floor<BR>
New York, NY 10104</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">cosan@georgeson.com<BR>
Shareholders, Banks and Brokers may call toll free: (866) 257-5415</P>

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




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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="themerger"></A>The Merger</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following is a description of
the material aspects of the Merger. This section does not purport to be complete and may not contain all of the information
that is important to you. You should carefully read this entire prospectus, the documents incorporated by reference into this
prospectus, including the full text of the Merger Protocol, which is attached as Annex A, for a more complete understanding
of the Merger. All descriptions in this summary and in this prospectus of the terms and conditions of the Merger are
qualified in their entirety by reference to transaction agreements. In addition, important business and financial information
about each of CSAN and CZZ is included in or incorporated by reference into this prospectus and the annex thereto and
exhibits to the registration statement of which this prospectus is a part. For a listing of the documents incorporated by
reference into this prospectus, see the section of this prospectus entitled &ldquo;Incorporation of Certain Documents by
Reference.&rdquo;</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="overview"></A>Overview</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CZZ Group forms an energy and infrastructure
conglomerate which, when taken together with its Joint Venture entities formed with Ra&iacute;zen is active in fuel distribution,
sugar and ethanol production, natural gas distribution, railway-based logistics and lubricants. CZZ is a &ldquo;foreign private
issuer&rdquo; in accordance with Rule 405 of the Securities Act. CZZ&rsquo;s Class A Shares are registered with the Commission
and listed on the NYSE under the ticker symbol &ldquo;CZZ.&rdquo; CSAN, CLOG and their respective subsidiaries are subsidiaries
of CZZ. The CSAN Group is active in fuel distribution (through Ra&iacute;zen), sugar and ethanol production, natural gas distribution
and lubricants. The CLOG Group is active in railway-based logistics. Both CSAN and CLOG are also publicly-traded on the B3 on
the special New Market (<I>Novo Mercado</I>) segment under the ticker symbols &ldquo;CSAN3&rdquo; and &ldquo;RLOG3&rdquo; respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As part of an effort to streamline its
operations, the Cosan Group intends to carry out the Proposed Transaction to enhance the current corporate structure by making
CSAN the Cosan Group&rsquo;s sole holding company. The Proposed Transaction is intended to simplify the Cosan Group&rsquo;s corporate
structure, unify and consolidate the Companies&rsquo; free floats, increase share liquidity, and unlock value within the Cosan
Group&rsquo;s portfolio. As part of the Proposed Transaction, it is proposed that each of CZZ and CLOG will be merged into CSAN.
Following the completion of the Proposed Transaction, the outstanding shares of CSAN will be directly owned by all shareholders
of CZZ, CSAN and CLOG as of immediately prior to the completion of the Proposed Transaction. As part of the Merger, CSAN intends
to issue CSAN ADSs to be listed on the NYSE/Nasdaq or CSAN Shares listed under the <I>Novo Mercado </I>segment of the B3 to the
shareholders of CZZ immediately prior to the approval of the Merger. As for CLOG, once the Proposed Transaction is completed, holders
of CLOG shares immediately prior to the approval of the Proposed Transaction would become owners of shares of CSAN.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following charts set forth a simplified
representation of the Cosan Group&rsquo;s operating structure prior to and following the Proposed Transaction.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COSAN GROUP SIMPLIFIED OPERATING STRUCTURE<BR>
PRIOR TO PROPOSED TRANSACTION</P>

<P STYLE="font: bold 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"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 155.25pt; width: 468pt"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COSAN GROUP SIMPLIFIED OPERATING STRUCTURE<BR>
AFTER THE PROPOSED TRANSACTION</P>

<P STYLE="font: bold 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"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 148.5pt; width: 468pt"></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-indent: 0.25in">The Companies&rsquo; board of directors
have established special independent committees on a provisional basis in accordance with CVM Opinion No. 35, to negotiate the
exchange ratios for the exchange of (i) Class A Shares for CSAN ADSs, (ii) Class B Shares for CSAN Shares and (iii) CLOG
for CSAN shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The committees of CSAN and CLOG are composed
of independent non-managers with recognized technical capacity, whose members were disclosed to the market on August 4, 2020. The
members were nominated by the Companies&rsquo; boards of directors in meetings held on August 4, 2020. CZZ will also have its own
independent committee, formed of independent directors of CZZ.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The members of the independent committees
were nominated to perform the following duties: (i) assess all material to be elaborated in the implementation of the Proposed
Transaction; (ii) negotiate the exchange ratios for the exchange of (a) Class A Shares for CSAN ADSs, (b) Class B Shares for
CSAN Shares and (c) CLOG for CSAN shares, as well as other terms and conditions of the Proposed Transaction; and (iii) submit
their recommendation to the Companies&rsquo; boards of directors to comply with CVM Opinion No. 35, which is required to defend
the interests of related Companies and ensure that the Proposed Transaction observes arm&rsquo;s length conditions for its shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The Companies&rsquo; management suggested
that the special committees consider the following factors in determining the exchange ratio: (i) no holding discounts should
apply; (ii) the valuation of group entities and underlying values should be considered at fair market value; and (iii) shareholders
of all entities involved should be treated equally with no individual benefits. In addition, the Companies&rsquo; special independent
committees shall consider, in order to determine the exchange ratios in connection with the Proposed Transaction: (i) materials
provided to the special committees, including company presentations and business plans; (ii) interviews with the Companies&rsquo;
management; and (iii) copies of any relevant notices disclosed to the market. </P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="background"></A>Background to the Merger</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.55pt 0pt 0; text-indent: 20.2pt">On July 2, 2020, the board
of directors of CSAN, CZZ and CLOG (collectively, the &ldquo;Companies&rdquo;) authorized their respective senior officers to consider
the Proposed Transaction, intended to simplify CSAN Group&rsquo;s corporate structure, unify and consolidate the current Companies&rsquo;
free floats, increase stock liquidity and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.55pt 0pt 0; text-indent: 20.2pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">unlock
value within the CSAN Group&rsquo;s portfolio. Such approval was disclosed to the market through a material fact on July 3, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.55pt 0pt 0; text-indent: 20.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.55pt 0pt 0; text-indent: 20.2pt"> This proposal was made
as part of an effort to streamline and simplify the corporate governance structure of the Cosan Group. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.55pt 0pt 0; text-indent: 20.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.55pt 0pt 0; text-indent: 20.2pt">In addition to the above,
on August 4, 2020, the board of directors of the Companies approved the creation of the Independent Committees, that are responsible
for being in charge of reviewing and negotiating the exchange ratio for the exchange of (i) Class A Shares for CSAN ADSs, (ii)
Class B Shares for CSAN Shares and (iii) CLOG for CSAN shares. within the context of the Proposed Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.55pt 0pt 0; text-indent: 20.2pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="reczzboard"></A>Recommendation of the CZZ Board of Directors; CZZ&rsquo;s
Reasons for the Merger</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CZZ board of directors recommends that
CZZ shareholders vote &ldquo;FOR&rdquo; the Merger Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At its meeting held on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2020, after due consideration and consultation with CZZ&rsquo;s management and advisors, the CZZ board of directors unanimously
approved and deemed it advisable that the respective shareholders of CZZ adopt and approve the Merger Protocol. In doing so, the
CZZ board of directors considered the business, assets, and liabilities, results of operations, financial performance, strategic
direction and prospects of CSAN and CLOG. In making its determination, the CZZ board of directors considered a number of factors,
including the following:</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>that the new
                                         corporate structure will streamline and simplify the corporate governance structure
                                         of the Cosan Group, specifically by (i) centralizing decision-making across the Cosan
                                         Group, instead of the current situation in which each of CZZ, CSAN and CLOG have separate
                                         board of directors and executive officers; (ii) providing a simpler corporate structure
                                         within which fewer corporate and other approvals are necessary to conduct transactions
                                         as compared to the current situation in which there are multiple entities and corporate
                                         bodies involved in decision-making; and (iii) having a single class of shares in the
                                         holding company of the Cosan Group; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>aiming at the
                                         objective of unlocking existing value within CZZ Group&rsquo;s portfolio and allowing
                                         the CZZ Group, with the result of the Proposed Transaction , to assess possible
                                         initial public offerings of companies; and</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the improvement of the Companies&rsquo; corporate governance by means of the creation of a sole holding company for the CZZ
Group, in order to simplify, unify and consolidate the Companies&rsquo; current free floats.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The foregoing discussion of the information
and factors that the CZZ board of directors considered is not intended to be exhaustive, but is meant to include the material factors
supporting the Merger that the CZZ board of directors considered. In view of the complexity and wide variety of factors that the
CZZ board of directors considered, the CZZ board of directors did not find it practical to, and did not attempt to, quantify, rank
or otherwise assign relative or specific weights or values to any of the factors considered. In addition, individual members of
the CZZ board of directors may have given different weights to different factors.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="csanmerger"></A>CSAN&rsquo;s Reasons for the Merger</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At its meeting held on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;2020,
after due consideration and consultation with CSAN&rsquo;s management and advisors, the CSAN board of directors unanimously approved
and deemed it advisable that the respective shareholders of CSAN adopt and approve the Merger Protocol. In doing so, the CSAN board
of directors considered the business, assets, and liabilities, results of operations, financial performance, strategic direction
and prospects of CZZ and CLOG. In making its determination, the CSAN board of directors considered a number of factors, including
the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>that the new
                                         corporate structure will streamline and simplify the corporate governance structure
                                         of the Cosan Group, specifically by (i) centralizing decision-making across the Cosan
                                         Group, instead of the current situation in which each of CZZ, CSAN and CLOG have separate
                                         board of directors and executive officers; (ii) providing a simpler corporate structure
                                         within which fewer corporate and other approvals are necessary to conduct transactions
                                         as compared to the current situation in which there are multiple entities and corporate
                                         bodies involved in decision-making; and (iii) having a single class of shares in the
                                         holding company of the Cosan Group; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>aiming at the
                                         objective of unlocking existing value within CSAN Group&rsquo;s portfolio and allowing
                                         the CSAN Group, with the result of the Proposed Transaction , to assess possible
                                         initial public offerings of companies; and</TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the improvement of the Companies&rsquo; corporate governance by means of the creation of a sole holding company for the CSAN
Group, in order to simplify, unify and consolidate the Companies&rsquo; current free floats.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The foregoing discussion of the information
and factors that the CSAN board of directors considered is not intended to be exhaustive, but is meant to include the material
factors supporting the Merger that the CSAN board of directors considered. In view of the complexity and wide variety of factors
that the CSAN board of directors considered, the CSAN board of directors did not find it practical to, and did not attempt to,
quantify, rank or otherwise assign relative or specific weights or values to any of the factors considered. In addition, individual
members of the CSAN board of directors may have given different weights to different factors.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="finmerger"></A>Financial Implications of the Merger</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Proposed Transaction, of which the
Merger forms part , is effectively an intragroup corporate reorganization with no effects on a consolidated basis.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="listingcsanshares"></A>Listing of CSAN Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CSAN Shares will continue to listed
on the B3 following the Closing Date.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="listingcsanads"></A>Listing of the CSAN ADSs</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will apply to list on the NYSE/Nasdaq
the CSAN ADSs to be issued in connection with the Merger, effective as of the Closing Date. It is a condition of the parties&rsquo;
obligations to effect the Merger that the CSAN ADSs be authorized for listing on the NYSE/Nasdaq. There can be no assurance that
the NYSE/Nasdaq will accept the listing of the CSAN ADSs, however.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="deldczzshares"></A>Delisting and Deregistration
of CZZ Class A Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After the Merger is completed, the CZZ
Class A Shares will be delisted from the NYSE and will be deregistered under the Exchange Act, after which CZZ will no
longer be required under SEC rules and regulations to file periodic reports with the SEC with respect to CZZ Class A Shares.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="shareapprovalcsan"></A>Shareholder Approval of CSAN</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The extraordinary general meeting of shareholders
(together with any adjournments or postponements thereof, the &ldquo;CSAN Extraordinary General Meeting,&rdquo; is expected to
be held on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020, at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.m./p.m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time,
at CSAN&rsquo;s principal place of business, located in the City of S&atilde;o Paulo, state of S&atilde;o Paulo, at Av. Brigadeiro
Faria Lima, 4,100 &ndash; 16th floor, Room 1, S&atilde;o Paulo &ndash; SP, 04538-132, Brazil.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CSAN Extraordinary General Meeting
for the Merger requires the favorable vote of shareholders representing an absolute majority of voting shares of CSAN attending
the meeting for the Merger, or the &ldquo;CSAN Shareholder Approval.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Assuming quorum requirements are met and
the meeting is validly held in accordance with Brazilian law, it is expected that the shareholders of CSAN will vote to approve
the matters described above. The CSAN Extraordinary General Meeting shall approve the amendments to CSAN By-Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The effectiveness of the resolutions to
be voted on at the CSAN Extraordinary General Meeting for the CSAN Shareholder Approval will be subject to the approval of the
CLOG Shareholder Approval and CZZ Shareholder Approval. See also &ldquo;&mdash;Withdrawal Rights for CLOG Shareholders.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="sharesholdappclog"></A>Shareholder Approval of CLOG</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The extraordinary general meeting of shareholders
(together with any adjournments or postponements thereof, the &ldquo;CLOG Extraordinary General Meeting,&rdquo; is expected to
be held on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020, at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.m./p.m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time,
at CLOG&rsquo;s principal place of business, located in the City of S&atilde;o Paulo, state of S&atilde;o Paulo, at Av. Brigadeiro
Faria Lima, 4,100 &ndash; 16th floor, Room 1, S&atilde;o Paulo &ndash; SP, 04538-132, Brazil.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CLOG Extraordinary General Meeting
for the Merger requires the favorable vote of shareholders representing (i) at least half of the voting shares of CLOG for the
Merger and (ii) an absolute majority of voting shares of CLOG attending the meeting for the Merger, or the &ldquo;CLOG Shareholder
Approval.&rdquo;&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Assuming quorum requirements are met and
the meeting is validly held in accordance with Brazilian law, it is expected that the shareholders of CLOG will vote to approve
the matters described above. The CLOG Extraordinary General Meeting shall approve the amendments to CLOG By-Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The effectiveness of the resolutions to
be voted on at the CLOG Extraordinary General Meeting for the CLOG Shareholder Approval will be subject to the approval of the
CSAN Shareholder Approval. See also &ldquo;&mdash;Withdrawal Rights for CLOG Shareholders.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="nsproxies"></A>No Solicitation of Proxies from Shareholders of CSAN or
CLOG</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Please note that this document is not a
proxy or solicitation of votes for the CSAN Extraordinary General Meeting, the CLOG Extraordinary General Meeting or any extraordinary
general meeting of the shareholders of CSAN or CLOG that will be held in connection with the Merger.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="withdrawclogshare"></A>Withdrawal Rights for CLOG Shareholders</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dissenting shareholders at the extraordinary
general meetings for the CSAN Shareholder Approval (as defined above) will <I>not</I> have withdrawal rights, while dissenting
shareholders at the extraordinary general meetings for the CLOG Shareholder Approval will have withdrawal rights.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="dissenterczzshare"></A>Dissenters&rsquo; Rights of Appraisal for CZZ Shareholders</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Bermuda law, in the event of a merger
of a Bermuda company with another company or corporation, any shareholder of the Bermuda company is entitled to receive fair value
for its shares. The CZZ board considers the fair value for each CZZ share to be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any CZZ shareholder of record who is not
satisfied that it has been offered fair value for its CZZ Shares and whose shares are not voted in favor of the Agreement and the
Merger may exercise its appraisal rights under the Companies Act to have the fair value of its CZZ shares appraised by the Court.
Persons owning beneficial interests in CZZ shares but who are not shareholders of record should note that only persons who are
shareholders of record are entitled to make an application for appraisal. Any CZZ shareholder intending to exercise appraisal rights
MUST file its application for appraisal of the fair value of its CZZ shares with the Court within ONE MONTH after the date the
notice convening the CZZ Special Meeting is deemed to have been received. This prospectus constitutes notice of the meeting. There
are no statutory rules or published decisions of the Court prescribing the operation of the provisions of the Companies Act governing
appraisal rights that are set forth in Section&nbsp;106 of the Companies Act or the process of appraisal by the Court and the Court
retains discretion as to the precise methodology that it would adopt when determining the fair value of shares in an appraisal
application under the Companies Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a CZZ shareholder votes in favor of
the Agreement and the Merger at the CZZ Special Meeting, such shareholder will have no right to apply to the Court to appraise
the fair value of its shares, and instead, if the merger is consummated, each CZZ share held by such shareholder will be converted
into the right to receive the merger consideration. Voting against the Merger, or not voting, will not in itself satisfy the requirements
for exercise of a CZZ shareholder&rsquo;s right to apply for appraisal of the fair value of its CZZ shares under Bermuda law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In any case where a registered holder of
CZZ shares has made an appraisal application, which shareholder is referred to as a &ldquo;dissenting shareholder,&rdquo; in respect
of the CZZ shares held by such dissenting shareholder, which are referred to as &ldquo;dissenting shares,&rdquo; and the Merger
has been made effective under Bermuda law before the Court&rsquo;s appraisal of the fair value of such dissenting shares then,
if the fair value of the dissenting shares is later appraised by the Court, such dissenting shareholder will be paid the difference
between the amount paid to him and the value appraised by the Court within one month of the Court&rsquo;s appraisal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In any case where the value of the dissenting
shares held by a dissenting shareholder is appraised by the Court before the Merger has been made effective under Bermuda law,
then CZZ will be required to pay the dissenting shareholder within one month of the Court&rsquo;s appraisal an amount equal to
the value of the dissenting shares appraised by the Court, unless the merger is terminated under the terms of the merger agreement.</P>


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

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The payment to a CZZ shareholder of the
fair value of its CZZ shares as appraised by the Court could be equal to or more than the value of the merger consideration that
the CZZ shareholder would have received in the merger if such CZZ shareholder had not exercised its appraisal rights in relation
to its CZZ shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A CZZ shareholder who has exercised appraisal
rights has no right of appeal from an appraisal made by the Court. The responsibility for costs of any application to the Court
under Section&nbsp;106 of the Companies Act will be in the Court&rsquo;s discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The relevant portions of Section&nbsp;106
of the Companies Act are as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&ldquo;106 (6) Any shareholder
who did not vote in favor of the amalgamation or merger and who is not satisfied that he has been offered fair value for his shares
may within one month of the giving of the notice referred to in subsection (2)&nbsp;apply to the Court to appraise the fair value
of his shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(6A) Subject to subsection (6B),
within one month of the Court appraising the fair value of any shares under subsection (6)&nbsp;the company will be entitled either&mdash;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(a) to pay to the dissenting
shareholder an amount equal to the value of his shares as appraised by the Court; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(b) to terminate the amalgamation
or merger in accordance with subsection (7).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(6B) Where the Court has appraised
any shares under subsection (6)&nbsp;and the amalgamation or merger has proceeded before the appraisal then, within one month of
the Court appraising the value of the shares, if the amount paid to the dissenting shareholder for his shares is less than that
appraised by the Court the amalgamated or surviving company will pay to such shareholder the difference between the amount paid
to him and the value appraised by the Court.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(6C) No appeal will lie from
an appraisal by the Court under this section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(6D) The costs of any application
to the Court under this section will be in the discretion of the Court.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(7) An amalgamation agreement
or merger agreement may provide that at any time before the issue of a certificate of amalgamation or merger the agreement may
be terminated by the directors of an amalgamating or merging company, notwithstanding approval of the agreement by the shareholders
of all or any of the amalgamating or merging companies.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="certaininffollowmerger"></A>Certain Information on the Ownership and Management of
CSAN and CZZ Following the Merger</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Ownership of CSAN Prior to and After
the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table summarizes the shareholder
participation in CSAN prior to the Merger and once the Merger is complete:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 26%; vertical-align: bottom">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid">Shareholders</P></TD>
    <TD STYLE="text-align: center; width: 8%; vertical-align: bottom">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Prior
        to the Merger Common shares (as of , 2020)</P>
</TD>
    <TD STYLE="text-align: center; width: 8%; vertical-align: bottom">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">%
        of Total</P>
</TD>
    <TD STYLE="text-align: center; width: 8%; vertical-align: bottom">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">New
        Shares</P>
</TD>
    <TD STYLE="text-align: center; width: 8%; vertical-align: bottom">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Total
        Shares once the Merger is Complete</P>
</TD>
    <TD STYLE="text-align: center; width: 8%; vertical-align: bottom">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">%
        of Total</P>
</TD>
    <TD STYLE="text-align: center; width: 8%; vertical-align: bottom">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">%
        Ex-Treasury Shares</P>
</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 6.5pt; text-indent: -6.5pt">Cosan Limited&#9;</TD>
    <TD STYLE="text-align: right">255,272,586</TD>
    <TD STYLE="text-align: right">64.76%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 6.5pt; text-indent: -6.5pt">Controlling group&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;4,028 </TD>
    <TD STYLE="text-align: right">&nbsp;&mdash; </TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 6.5pt; text-indent: -6.5pt">Board of directors&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;93,423 </TD>
    <TD STYLE="text-align: right">0.02%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 6.5pt; text-indent: -6.5pt">Executive directors&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;10,652 </TD>
    <TD STYLE="text-align: right">&mdash;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 6.5pt; text-indent: -6.5pt">Other Shareholders&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;129,464,104 </TD>
    <TD STYLE="text-align: right">32.84%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 6.5pt; text-indent: -6.5pt">Treasury Shares&#9;</TD>
    <TD>
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">9,365,207&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: Black 0.5pt solid">2.38%&nbsp;</P></TD>
    <TD>
</TD>
    <TD>
</TD>
    <TD>
</TD>
    <TD>
</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 6.5pt; text-indent: -0.4pt"><B>Total Common Shares</B>&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;394,210,000 </TD>
    <TD STYLE="text-align: right">100.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 6.5pt; text-indent: -6.5pt">Ex-Treasury Shares&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;384,844,793 </TD>
    <TD STYLE="text-align: right">97.62%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>

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


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    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Ownership of CZZ and CSAN Following the
Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Once the Proposed Transaction is approved,
CSAN will be consolidated as the group&rsquo;s sole holding company, becoming the successor of (i)&nbsp;its subsidiary,
CLOG; and (ii)&nbsp;its holding company, CZZ. CSAN will continue to be controlled by Aguassanta, which is Mr. Rubens Ometto Silveira
Mello&rsquo;s investment vehicle.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Management of CSAN Following
the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the closing of the transactions contemplated
by the Merger Protocol, CSAN&rsquo;s board of directors will consist of at least five (5) members and at most twenty (20) members,
whose term of office shall be carried out until the annual shareholders&rsquo; meeting of 2021 .</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Out of the members of the Board of Directors,
at least two members or 20% of the members, whichever is higher, must be independent directors, as defined in the Novo Mercado
Rulebook. The qualification of the members appointed as independent directors will be resolved upon at the shareholders&rsquo;
meeting that elects such independent directors. A director elected as permitted under Article 141, Paragraphs 4 and 5 of Law No.
6,404/76 will also be deemed an independent director if there is a controlling shareholder. Should compliance with the foregoing
percentage requirement lead to a fractional number of directors, the number of directors will be rounded to the whole number immediately
higher.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The number of directors to be elected for
the upcoming term will be decided by a majority vote at the relevant shareholders&rsquo; meeting. A shareholder or a group of shareholders
representing at least 10% of the share capital of CSAN may separately elect up to one additional director. Additionally, shareholders
representing a percentage of the share capital of CSAN of between 5% and 10% (depending on the aggregate value of capital stock
of CSAN at such time, pursuant to the applicable CVM ruling) may request that the election of directors be subject to cumulative
voting proceedings, as provided for in article 141 of the Brazilian Corporation Law and CVM Ruling 165.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="acctreatmerger"></A>Accounting Treatment of the Merger</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">The
Merger will be a reorganization under common control accounted for by CSAN on a book value basis.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><A NAME="treatequity"></A>Treatment of Equity
and Equity-Based Awards</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">Certain
of the equity compensation plans which we make available to our directors, executive officers and members of our management may
vest on the completion of the Merger. In addition, all of the equity compensation plans currently in place at CZZ will vest
on the completion of the Merger. </FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="dividendinfor"></A>Dividend Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table shows the amount of
dividends declared by each of CSAN and CZZ on common shares and, in the case of CSAN, &ldquo;interest on own capital&rdquo;, for
the years 2015 to 2019. Interest on own capital is a form of distribution on shares that is deductible for Brazilian taxpayers
and included in the calculation of minimum mandatory dividends. The dividend amounts set forth below for each year were paid in
the immediately following year. The table sets forth (1) amounts in <I>reais </I>per common share as well as amounts in U.S. dollars
per common shares translated from <I>reais </I>at the prevailing rate on each of the respective dates of those payments with regards
to CSAN; and (2) amounts in U.S. dollars per common share with regards to CZZ.</P>

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



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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center; font-weight: bold">(In <I>reais)</I></TD>
    <TD STYLE="width: 8%; text-align: center; font-weight: bold">(In U.S. dollars)</TD>
    <TD STYLE="width: 8%; text-align: center; font-weight: bold">(In U.S. dollars)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">2020 (through to June 30, 2020)&#9;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&mdash;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&mdash;</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.1109</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">2019&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">R$0.0015</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">U.S.$0.0004</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.2721</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">2018&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">R$0.0017</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">U.S.$0.0004</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.4488</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">2017&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">R$0.0028</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">U.S.$0.0008</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.9846</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">2016&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">R$0.0035</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">U.S.$0.0011</TD>
    <TD STYLE="vertical-align: top; text-align: right">1.1307</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">2015&#9;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">R$0.0013</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">U.S.$0.0003</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.5142</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="pastcontracts"></A>Past Contracts, Mergers, Negotiations and Agreements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There have been no past, present or proposed
material contracts, arrangements, understandings, relationships, negotiations or transactions during the periods for which financial
statements are presented in this prospectus between CSAN or its affiliates and CZZ or its affiliates, other than those described
in this prospectus or in the documents incorporated by reference therein, and in particular sections entitled &ldquo;The
Merger Documents&rdquo; and &ldquo;The Merger.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="expenses"></A>Expenses</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is an itemized statement
of the expenses incurred or estimated to be incurred by CSAN in connection with the Merger:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 81%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid">Type
        of Fee</P>
</TD>
    <TD STYLE="width: 19%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Amounts
        in U.S.$ thousand</P>
</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">Legal fees&#9;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Accounting fees and fees for presentations and valuation reports&#9;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">Printing costs&#9;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">ADS Depositary fees and expenses&#9;</TD>
    <TD STYLE="vertical-align: top">
</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom"><B>Total</B>&#9;</TD>
    <TD STYLE="vertical-align: top">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 0.5pt; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="mergerdocuments"></A>The Merger
Documents</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>This section describes the material
terms of the Merger Protocol. The rights and obligations of the parties to the Merger Protocol is governed by the express terms
and conditions of the Merger Protocol and not by this summary or any other information contained in this prospectus. The description
in this section and elsewhere in this prospectus is qualified in its entirety by reference to the complete text of the Merger Protocol,
copies of which are attached as Annex A, which is incorporated by reference into this prospectus and the registration statement
of which this prospectus is a part. This summary does not purport to be complete and may not contain all of the information about
the Merger Protocol that is important to you. CSAN and CZZ encourage you to read the Merger Protocol carefully and in its entirety.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Overview</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Merger Protocol and Justification of
the Merger of CZZ into CSAN was executed by the managements of CSAN and CZZ on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2020. It establishes
the terms and conditions of the Merger, which constitutes a step to the Proposed Transaction of the CSAN Group, as disclosed by
both companies, and shall result on the merger of CZZ into CSAN. After the Merger, CZZ will cease to exist and all of its assets
will be held by CSAN.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Justification</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Merger Protocol also establishes the
justification presented by the managements of CSAN and CZZ, explaining the reasons why the Merger is beneficial and meets the best
interest of both parties and their corresponding shareholders insofar as it is expected that as a result of the Merger:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the new corporate
                                         structure will streamline and simplify the corporate governance structure of the Cosan
                                         Group, specifically by (i) centralizing decision-making across the Cosan Group, instead
                                         of the current situation in which each of CZZ, CSAN and CLOG have separate board of directors
                                         and executive officers; (ii) providing a simpler corporate structure within which fewer
                                         corporate and other approvals are necessary to conduct transactions as compared to the
                                         current situation in which there are multiple entities and corporate bodies involved
                                         in decision-making; and (iii) having a single class of shares in the holding company
                                         of the Cosan Group; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it will be
                                         possible to unlock existing value within CSAN Group&rsquo;s portfolio and allowing the
                                         CSAN Group, with the result of the Proposed Transaction , to assess possible initial
                                         public offerings of companies; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>there will be the improvement of the Companies&rsquo; corporate governance by means of the creation of a sole holding company
for the CSAN Group, in order to simplify, unify and consolidate the Companies&rsquo; current free floats.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Exchange Ratios</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Merger Protocol also establishes the
exchange ratio for the shares. Subject to the terms and conditions established therein, after the Merger, each Class A
Share issued and outstanding immediately prior to the consummation of the Merger (other than as provided in the Merger Protocol)
will be automatically converted into the right to receive &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; validly issued and
allotted, fully paid-up CSAN ADSs and each Class B Share issued and outstanding immediately prior to the consummation of the
Merger (other than as provided in the Merger Protocol) will be automatically converted into the right to receive &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
validly issued and allotted, fully paid-up CSAN Shares. Following the Merger, any holder of CSAN ADSs may cause such CSAN
ADSs to be cancelled and to have an equal number of validly issued and allotted, fully paid-up CSAN Shares issued to such holder
in replacement thereof. The ADS Depositary has agreed to waive the cancellation fee for cancellations completed during the period
of fifteen (15) calendar days after the completion of the Merger.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a consequence of the Merger, CZZ Shares
will be cancelled and new CSAN ADSs or CSAN Shares, as applicable , will be issued to CZZ shareholders who elect to become
CSAN shareholders. The exchange ratio will be assessed by the Special Independent Committee, established to review and
negotiate such exchange ratios and submit its recommendations to the board of directors of the companies. See &ldquo;Summary&mdash;Merger
Consideration. &rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Base Date</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, the Merger Protocol indicates
the reference date for the financial information taken into account in connection with the Merger.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"><B><I>Value Attributed to CZZ Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Merger Protocol further clarifies other
information regarding the value attributed to CZZ&rsquo;s assets which will be merged with and into CSAN, such as that any variation
on the value attributed to CZZ&rsquo;s assets between the date-base and the closing of the Merger will be undertaken by CSAN and
that the Merger will not result in a capital increase of the company, considering that (i)&nbsp;part of CZZ&rsquo;s net equity
is equal to the book value of its investment in CSAN; and (ii)&nbsp;CSAN will succeed CZZ&rsquo;s debts.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="materialtaxcons"></A>Material
Tax Considerations</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following are the material U.S. federal
income tax consequences of the Merger and the ownership and disposition of CSAN Shares and CSAN ADSs following the Merger to U.S.
Holders (as defined below) of CZZ Shares described below. An opinion from Davis Polk &amp; Wardwell LLP has been requested
by CSAN and is attached to this prospectus as Exhibit 8.1. The opinion of counsel will be based upon and rely on, among other
things, various facts and assumptions, as well as certain representations, statements and undertakings of CSAN and CZZ. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The discussion applies only to a U.S. Holder
that holds CZZ Shares as capital assets for U.S. federal income tax purposes and it does not describe all tax consequences that
may be relevant to U.S. Holders subject to special rules, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 8%; padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 92%">certain financial institutions;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>insurance companies;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>dealers or traders in securities or foreign currencies who use a mark-to-market method of tax accounting;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>persons holding CZZ Shares as part of a hedge, &ldquo;straddle,&rdquo; wash sale, conversion transaction, integrated transaction or similar transaction or persons entering into a constructive sale with respect to the CZZ Shares;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>partnerships or other entities classified as partnerships for U.S. federal income tax purposes;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>persons liable for the alternative minimum tax or the provisions of the Code (as defined below) known as the Medicare Contribution Tax;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>tax-exempt entities, including &ldquo;individual retirement accounts&rdquo; or &ldquo;Roth IRAs;&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>persons who acquired CZZ Shares pursuant to the exercise of an employee stock option or otherwise as compensation;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>persons required for U.S. federal income tax purposes to conform the timing of income accruals with respect to the CZZ Shares to an &quot;applicable financial statement&quot; under Section 451(b) of the Code;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>persons holding CZZ Shares in connection with a trade or business conducted outside the United States;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>persons holding CZZ Shares that own or are deemed to own 10% or more of our stock (by vote or value) or that are "section 1248 shareholders" under Treasury regulation Section 1.367(b)-4 with respect to CZZ; or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>U.S. Holders that will own (directly or indirectly) 5% of the either the total voting power or the total value of the shares of CSAN immediately after the Merger.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, this discussion does not address
other U.S. federal taxes (such as gift or estate taxes) or the tax consequences of the Merger under state, local or non-U.S. tax
laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an entity that is classified as a partnership
for U.S. federal income tax purposes holds CZZ Shares, the U.S. federal income tax treatment of a partner will generally depend
on the status of the partner and the activities of the partnership. Partnerships holding CZZ Shares and partners in such partnerships
should consult their tax advisers as to the particular U.S. federal income tax consequences of the Merger and of owning and disposing
of CSAN Shares or ADSs following the Merger in their particular circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This discussion is based on the Internal
Revenue Code of 1986, as amended, or the &ldquo;Code,&rdquo; administrative pronouncements, judicial decisions and final, temporary
and proposed Treasury regulations, all as of the date hereof. These laws are subject to change, possibly with retroactive effect.
It is also based in part on representations by the</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">depositary and assumes that each obligation
under the deposit agreement and any related agreement will be performed in accordance with its terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;U.S. Holder&rdquo; is a holder
who, for U.S. federal income tax purposes, is a beneficial owner of CZZ Shares that is:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a citizen or individual resident of the United States;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a corporation, or other entity taxable as a corporation,
created or organized in or under the laws of the United States, any state therein or the District of Columbia; or</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an estate or trust the income of which is subject to
U.S. federal income taxation regardless of its source.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In general, a
U.S. Holder that owns CSAN ADSs will be treated as the owner of the underlying CSAN Shares represented by such ADSs for U.S. federal
income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This discussion assumes that CZZ and CSAN
are not, and will not become, passive foreign investment companies, as described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B>Shareholders are urged to consult their
tax advisors as to the particular U.S. federal income tax consequences of the Merger to them, as well as any tax consequences arising
under any state, local and non-U.S. tax laws or any other U.S. federal tax laws. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Merger </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: 24.5pt">We expect that the Merger will qualify as
a &ldquo;reorganization&rdquo; within the meaning of Section 368(a) of the Code.&nbsp;&nbsp;However, completion of the merger is
not conditioned on the receipt of an opinion of counsel to that effect and neither we nor CZZ intend to obtain a ruling from the
Internal Revenue Service, or the &ldquo;IRS,&rdquo; regarding qualification of the Merger as a &ldquo;reorganization.&rdquo;&nbsp;&nbsp;Accordingly,
no assurance can be given that the IRS will not challenge the treatment of the Merger as a &ldquo;reorganization&rdquo; or that
a court would not sustain such a challenge.</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: 24.5pt">Subject to the discussions below and under
&ldquo;&mdash;Passive Foreign Investment Company Rules&rdquo;, if the Merger is treated as a &ldquo;reorganization&rdquo; for U.S.
federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&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: 57px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>no gain or loss will be recognized by the U.S. Holder on the exchange of CZZ Shares for CSAN Shares or ADSs;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<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: 57px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the aggregate basis of the CSAN Shares or ADSs received in the Merger will be equal to the U.S. Holder&rsquo;s aggregate tax basis in its CZZ Shares exchanged in Merger;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<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: 57px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the holding period of the CSAN Shares or ADSs received in exchange for CZZ Shares will include the holding period of the CZZ Shares for which they are exchanged.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Taxation of Distributions on CSAN Shares or
ADSs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Distributions paid on CSAN Shares or ADSs,
including distributions of interest on capital, will generally be treated as dividends to the extent paid out of&nbsp;&nbsp;CSAN&rsquo;s
current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Because CSAN does not maintain
calculations of its earnings and profits under U.S. federal income tax principles, it is expected that distributions generally
will be reported to U.S. Holders as dividends. Dividends paid by qualified foreign corporations to certain non-corporate U.S. Holders
are taxable at rates applicable to long-term capital gains. A foreign corporation is treated as a qualified foreign corporation
with respect to dividends paid on stock that is readily tradable on a securities market in the United States, such as the NYSE
(where CSAN&rsquo;s ADSs are expected to be traded). U.S. Holders should consult their tax advisers to determine whether these
preferential rates will apply to dividends they receive and whether they are subject to any special rules that limit their ability
to be taxed at these preferential rates.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The amount of a dividend will include any
amounts withheld by CSAN in respect of Brazilian taxes on the distribution. The amount of the dividend will be treated as foreign-source
dividend income to U.S. Holders and will not be eligible for the dividends-received deduction generally allowed to U.S. corporations
under the Code. Dividends will be included in a U.S. Holder&rsquo;s income on the date of the U.S. Holder&rsquo;s or, in the case
of ADSs, the depositary&rsquo;s, receipt of the dividend. The amount of any dividend income paid in <I>reais</I> will be the U.S.
dollar amount calculated by reference to the exchange rate in effect on the date of such receipt regardless of whether the payment
is in fact converted into U.S. dollars. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder generally
should not be required to recognize foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign
currency gain or loss if the dividend is converted into U.S. dollars after the date of its receipt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Sale or Other Disposition of CSAN Shares or
ADSs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For U.S. federal income tax purposes, gain
or loss realized on the sale or other disposition of CSAN Shares or ADSs will be capital gain or loss, and will be long-term capital
gain or loss if the U.S. Holder held the CSAN Shares or ADSs for more than one year. The amount of the gain or loss will equal
the difference between the U.S. Holder&rsquo;s tax basis in the CSAN Shares or ADSs disposed of and the amount realized on the
disposition, in each case as determined in U.S. dollars. Such gain or loss will generally be U.S.-source gain or loss for foreign
tax credit purposes. If a Brazilian tax is withheld on the sale or other disposition of CSAN Shares or ADSs, a U.S. Holder&rsquo;s
amount realized will include the gross amount of the proceeds of such sale or other disposition before deduction of the Brazilian
tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">See &ldquo;&mdash;Material Brazilian Tax
Considerations&mdash;Income Tax&mdash;Capital Gains&rdquo; for a description of when a disposition may be subject to taxation by
Brazil.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Foreign Tax Credits in Respect of Brazilian
Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to applicable limitations that
may vary depending upon a U.S. Holder&rsquo;s circumstances, Brazilian income taxes withheld from dividends on CSAN Shares or ADSs
generally will be creditable against a U.S. Holder&rsquo;s U.S. federal income tax liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A U.S. Holder will be entitled to use foreign
tax credits to offset only the portion of its U.S. tax liability that is attributable to foreign-source income. This limitation
on foreign taxes eligible for credit is calculated separately with regard to specific classes of income. Because a U.S. Holder&rsquo;s
gains from the sale or exchange of CSAN Shares or ADSs will generally be treated as U.S.-source income, this limitation may preclude
a U.S. Holder from claiming a credit for all or a portion of the Brazilian taxes imposed on any such gains. U.S. Holders should
consult their tax advisers as to whether these Brazilian taxes may be creditable against the U.S. Holder&rsquo;s U.S. federal income
tax liability on foreign-source income from other sources. Instead of claiming a credit, a U.S. Holder may elect to deduct such
Brazilian taxes in computing its taxable income, subject to generally applicable limitations under U.S. law. An election to deduct
foreign taxes instead of claiming foreign tax credits must apply to all taxes paid or accrued in the taxable year to foreign countries
and possessions of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Brazilian IOF/Bonds Tax and any IOF/Exchange
Tax imposed on the deposit of CSAN Shares in exchange for ADSs and the cancellation of ADSs in exchange for CSAN Shares (as discussed
above under &ldquo;&mdash;Material Brazilian Tax Considerations&mdash;Tax on Mergers Involving Bonds and Securities&rdquo;) will
not be treated as creditable foreign taxes for U.S. federal income tax purposes. U.S. Holders should consult their tax advisers
regarding the tax treatment of these taxes for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The rules governing foreign tax credits
are complex and, therefore, U.S. Holders should consult their tax advisers regarding the availability of foreign tax credits in
their particular circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Passive Foreign Investment Company Rules</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Special, generally unfavorable, U.S. federal
income tax rules may apply to U.S. Holders that have held CZZ Shares or will hold CSAN Shares or ADSs if CZZ or CSAN has been or
is a &ldquo;passive foreign investment company&rdquo;, or &ldquo;PFIC,&rdquo; at any time during which the U.S. Holder has held
or holds CZZ Shares or CSAN Shares or ADSs, and</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">may
change the treatment of distributions on and dispositions of CSAN Shares or ADSs described above and the treatment of the exchange
of CZZ Shares for CSAN Shares or ADSs pursuant to the Merger.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ believes that it was not a PFIC for
U.S. federal income tax purposes for the 2019 taxable year and CSAN does not expect to be a PFIC for its current taxable year.&nbsp;&nbsp;However,
since PFIC status depends upon the composition of a company&rsquo;s income and assets and the market value of its assets from time
to time, there can be no assurance that the CSAN will not be a PFIC for any taxable year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If CZZ has been a PFIC at any time during
the holding period of a U.S. Holder, assuming that CSAN is not a PFIC in the taxable year of the Merger, such a U.S. Holder would,
under proposed regulations which are proposed to be effective from April 11, 1992, recognize gain (but not loss) upon the exchange
of its CZZ Shares for CSAN Shares or ADSs. The gain would be equal to the difference between the fair market value of the CSAN
Shares or ADSs received on the date of the exchange and the U.S. Holder&rsquo;s tax basis in CZZ Shares exchanged and would be
subject to taxation in the manner described below with respect to gain on disposition of CSAN Shares or ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If CSAN were a PFIC for any taxable year
during which a U.S. Holder held CSAN Shares or ADSs, gain recognized by such U.S. Holder on a sale or other disposition (including
certain pledges) of the CSAN Shares or ADSs would be allocated ratably over the U.S. Holder&rsquo;s holding period for the CSAN
Shares or ADSs. The amounts allocated to the taxable year of the sale or other disposition and to any year before CSAN became a
PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest
rate in effect for individuals or corporations, as appropriate, for such taxable year, and an interest charge would be imposed
on the resulting tax liability for such taxable year. Similar rules would apply to any distribution received by a U.S. Holder on
its CSAN Shares or ADSs to the extent in excess of 125% of the average of the annual distributions on CSAN Shares or ADSs received
by a U.S. Holder during the preceding three years or such U.S. Holder&rsquo;s holding period, whichever is shorter. Certain elections
(such as a mark-to-market election) may be available that would result in alternative treatment under the PFIC rules. U.S. Holders
should consult their tax advisers to determine whether CSAN is a PFIC for any given taxable year and the tax consequences to them
of holding shares in a PFIC. Furthermore, if CSAN were a PFIC or, for the taxable year in which CSAN paid a dividend or for the
prior taxable year, the preferential dividend rates discussed above with respect to dividends paid to certain non-corporate U.S.
Holders would not apply.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If CSAN is a PFIC for any taxable year
during which a U.S. Holder owns CSAN Shares or ADSs, the U.S. Holder will generally be required to file IRS Form 8621 with its
annual U.S. federal income tax returns, subject to certain exceptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Information Reporting and Backup Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payments of dividends and sales proceeds
that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information
reporting and may be subject to backup withholding unless (1) the U.S. Holder is a corporation or other exempt recipient or (2)
in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not
subject to backup withholding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The amount of any backup withholding from
a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder&rsquo;s U.S. federal income tax liability and may
entitle the U.S. Holder to a refund, provided that the required information is timely furnished to the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain U.S. Holders who are individuals
(and certain specified entities) may be required to report information relating to their ownership of an interest in certain foreign
financial assets, including stock of a non-U.S. person, subject to exceptions (including an exception for stock held through a
U.S. financial institution). U.S. Holders should consult their tax advisers regarding their reporting obligations with respect
to CSAN&rsquo;s Shares or ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">U.S. Holders of CSAN Shares or ADSs should
consult their own tax advisers as to the Brazilian, U.S. federal, state, local and other tax consequences of the ownership and
disposition of CSAN Shares or ADSs based upon their particular circumstances.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">MATERIAL BRAZILIAN TAX CONSIDERATIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following discussion, prepared by our
Brazilian counsel, summarizes the main Brazilian tax consequences of the acquisition, ownership and disposition of common shares
and ADSs by an individual, entity, trust or organization that is not domiciled or resident in Brazil for purposes of Brazilian
taxation (a &ldquo;Non-Resident Holder&rdquo;). The following is a general discussion and, therefore, it does not specifically
address all of the Brazilian tax considerations applicable to any particular Non-Resident Holder. It is based upon the tax laws
and regulations of Brazil as in effect on the date hereof, which are subject to change, possibly with retroactive effect, and to
differing interpretations. Any change to the legislation may change the consequences described below. Each prospective purchaser
is urged to consult its own tax advisor about the particular Brazilian tax consequences to such purchaser of an investment in CSAN
Shares or CSAN ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The tax consequences described below do
not take into account tax treaties entered into by and between Brazil and other countries. The summary below does not address any
tax consequences under the tax laws of any state or locality of Brazil.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Material Brazilian Tax Consequences to
Non-Resident Holders as a Result of the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The deposit of shares of a non-Brazilian
entity in exchange for the CSAN ADSs by a Non-Resident Holder is expected to be out of the scope of Brazilian tax rules, as it
constitutes an exchange, via merger, of non-Brazilian assets by a non-Brazilian Holder. No guarantee exists that such tax treatment
will not be disputed by Brazilian tax authorities or will be validated by Brazilian courts if they are required to decide on the
subject.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Income Tax</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Dividends</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends paid by a Brazilian corporation,
such as CSAN, including stock dividends and other dividends paid to a Non-Resident Holder of common shares, are currently not subject
to withholding income tax in Brazil to the extent that these amounts are related to profits generated on or after January 1, 1996.
Dividends paid from profits generated prior to January 1, 1996 may be subject to Brazilian withholding income tax at varying rates,
according to the tax legislation applicable to each corresponding year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the foregoing, it should
be noted that Brazilian GAAP was subject to changes in the end of 2007 (effective as of 2008) in order to conform to IFRS accounting
standards. However, until January 1, 2015, Brazilian companies were still required to adopt, for tax purposes, the accounting rules
and criteria that were effective on December 31, 2007, or the old Brazilian GAAP, pursuant to a transitory tax regime (<I>regime
tribut&aacute;rio de transi&ccedil;&atilde;o</I>), or RTT. Law No. 12,973 of May 13, 2014, as amended, or Law No. 12,973/14, extinguished
the RTT and approved new rules aimed at permanently aligning the Brazilian tax system with IFRS as of January 1, 2015, including
with respect to dividend distributions. For the 2014 fiscal year, the taxpayers were entitled to elect to adopt the new rules or
to adopt the RTT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the RTT, there was controversy on
how tax authorities would view certain situations, including whether dividends should be calculated in accordance with the IFRS
rules or the old Brazilian GAAP. It was debatable whether any dividend distributions made in accordance with IFRS rules in excess
of the amount that could have been distributed had the profits been ascertained based on the old Brazilian GAAP would be taxable
income. In view of such controversy, Law No. 12,973/14 expressly determines that dividends calculated in accordance with the IFRS
rules based on profits ascertained between January 1, 2008 and December 31, 2013 should not be subject to taxation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the provisions of Law No.
12,973/14, Brazilian tax authorities issued Normative Ruling No.&nbsp;1,492, of September 17, 2014, or Normative Ruling No. 1,492/14,
which provides that dividend distributions supported by IFRS profits ascertained in the year 2014 that exceed the amount resulting
from the adoption of the old Brazilian GAAP should be subject to taxation. However, this rule would only apply to taxpayers that
have not elected to account for the effects of Law No. 12,973/14 (<I>i.e.</I>, taxation based on IFRS rules) for the 2014 fiscal
year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Despite our belief that the tax exemption
on dividends applies to dividends distributed by Brazilian companies out of profits ascertained in accordance with IFRS principles,
there can be no assurance that dividends distributed</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">out
of the profits of companies ascertained in the 2014 fiscal year and that have not elected to adopt the new rules in said fiscal
year will be tax exempt. If the provisions of Normative Ruling No. 1,492/14 are applicable, dividends ascertained in the fiscal
year of 2014 based on IFRS that exceed the amount that would result from the adoption of the old Brazilian GAAP could be subject
to withholding income tax at the rate of 15%, or 25% if the Non-Resident Holder is domiciled in a country or other jurisdiction
(1) that does not impose income tax, (2) where the maximum income tax rate is lower than 20.0% or 17%, as the case may be, or
(3) where the applicable local laws impose restrictions on the disclosure of the shareholding composition or the ownership of
investments (&ldquo;Low or Nil Tax Jurisdiction&rdquo;). See &ldquo;&mdash;Discussion on Low or Nil Tax Jurisdictions.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There can be no assurance that the current
tax exemption on dividends distributed by Brazilian companies will continue in the future. If this tax exemption does not apply,
it could have an adverse impact on Non-Resident Holders.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Interest Attributable to Shareholder&rsquo;s
Equity</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Law No. 9,249, dated December 26, 1995,
as amended, or Law No. 9,249/95, allows a Brazilian corporation, such as CSAN, to make distributions to shareholders of interest
on equity and treat those payments as deductible expense, for purposes of calculating Brazilian corporate income tax and social
contribution on net profits as long as the limits described below are observed. These distributions may be paid in cash. For tax
purposes, this interest is limited to the daily pro rata variation of the TJLP as determined by the Brazilian Central Bank from
time to time, and the amount of the deduction may not exceed the greater of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>50% of net profits (after the deduction of social contribution on net profits and before taking into account the provision
for corporate income tax and the amount attributable to shareholders as interest on equity) related to the period in respect of
which the payment is made; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>50% of the sum of retained profits and profit reserves as of the date of the beginning of the period in respect of which the
payment is made.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payment of interest on equity to a Non-Resident
Holder is subject to withholding income tax at the rate of 15%, or 25% if the Non-Resident Holder is domiciled in a Low or Nil
Tax Jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These payments may be included, at their
net value, as part of any mandatory dividend. To the extent payment of interest on equity is so included, the corporation is required
to distribute to shareholders an additional amount to ensure that the net amount received by them, after payment of the applicable
Brazilian withholding income tax, plus the amount of declared dividends is at least equal to the mandatory dividend.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Distributions of interest on equity to
Non-Resident Holders may be converted into U.S. dollars and remitted outside Brazil, subject to applicable exchange controls, to
the extent that the investment is registered with the Brazilian Central Bank.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Capital Gains</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">According to Article 26 of Law No. 10,833,
dated December 29, 2003, as amended, gains related to the sale or disposition of assets located in Brazil, such as the CSAN Shares,
by a Non-Resident Holder, are subject to withholding income tax in Brazil, regardless of whether the sale or disposition is made
by a Non-Resident Holder to another non-resident of Brazil or to a Brazilian resident.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a general rule, capital gains realized
as a result of a sale or disposition of common shares are equal to the positive difference between the amount realized on the sale
or disposition and the respective acquisition costs of the common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is a controversy regarding the currency
that should be considered for purposes of determining the capital gain realized by a Non-Resident Holder on a sale or disposition
of shares in Brazil, more specifically, if such capital gain is to be determined in foreign or in local currency.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Brazilian law, income tax on such
gains can vary depending on the domicile of the Non-Resident Holder, the type of registration of the investment by the Non-Resident
Holder with the Brazilian Central Bank and how the disposition is carried out, as described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Currently, capital gains realized by Non-Resident
Holders on a sale or disposition of shares carried out on the B3 (including the organized over-the-counter market) are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>exempt from income tax when realized by a Non-Resident Holder that (1) has registered its investment in Brazil with the Brazilian
Central Bank under the rules of Resolution 4,373/14 of the Brazilian Monetary Council (a &ldquo;4,373 Holder&rdquo;), and (2) is
not resident or domiciled in a Low or Nil Tax 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>subject to income tax at a rate of 15% in the case of gains realized by (A) a Non-Resident Holder that (1) is not a 4,373 Holder
and (2) is not resident or domiciled in a Low or Nil Tax Jurisdiction; or (B) a Non-Resident Holder that (1) is a 4,373 Holder,
and (2) is resident or domiciled a Low or Nil Tax Jurisdiction; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>subject to income tax at a rate of up to 25% in the case of gains realized by a Non-Resident Holder that (1) is not a 4,373
Holder, and (2) is resident or domiciled in a Low or Nil Tax Jurisdiction.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A withholding income tax of 0.005% will
apply and can be offset against the eventual income tax due on the capital gain. Such withholding does not apply to a 4,373 Holder
that is not resident or domiciled in a Low or Nil Tax Jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under current law, for transactions taking
place outside the B3 or the organized over-the counter market, capital gains recognized by a Non-Resident Holder would be, in principle,
subject to income tax in Brazil at progressive rates from 15% to 22.5% or 25%, if such Non-Resident Holder is resident or domiciled
in a Low or Nil Tax Jurisdiction. The rates mentioned above would apply unless a lower rate is provided for in an applicable tax
treaty between Brazil and the country where the Non-Resident Holder is domiciled.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Law No. 13,259 of March 16, 2016 determined
the new progressive taxation method over capital gains mentioned above that has been in force since January 1, 2017. Capital gains
are subject to income tax based on the following rates:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD>15% on any capital gain not exceeding R$5,000,000.00;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD>17.5% on the portion of the capital gain between R$5,000,000.00
and R$10,000,000.00;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD>20% on the portion of the capital gain between R$10,000,000.00
and R$30,000,000.00; or</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(iv)</TD><TD>22.5% on the portion of the capital gain exceeding
R$30,000,000.00.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Non-Resident Holder is a 4,373 Holder
and is not resident or domiciled in a Low or Nil Tax Jurisdiction, it is arguable that the progressive rates mentioned above should
not apply and, in such case, the 4,373 Holder would be subject to income tax at a fixed rate of 15%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the cases above, if the capital gains
are related to transactions conducted on the Brazilian non-organized over-the-counter market with the intermediation of a financial
institution the withholding income tax of 0.005% will apply and can later be offset against any income tax due on the capital gains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The exercise of any preemptive rights relating
to our common shares will not be subject to Brazilian income tax. Gains realized by a Non-Resident Holder on the disposition of
preemptive rights in Brazil will be subject to Brazilian income tax according to the same rules applicable to the sale or disposition
of shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There can be no assurance that the current
favorable tax treatment of 4,373 Holders will continue in the future.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Discussion on Low or Nil Tax Jurisdictions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">According to Law No 9,430, dated December
27, 1996, Low or Nil Tax Jurisdiction is a country or location that (1) does not impose taxation on income, (2) imposes the income
tax at a rate lower than 20% or (3) imposes restrictions on the disclosure of shareholding composition or the ownership of the
investment. On November 28, 2014, the Brazilian tax authorities issued the Ordinance No. 488, which decreased from 20% to 17% such
minimum threshold for specific cases. The 17% threshold applies only to countries and regimes aligned with international standards
of fiscal transparency in accordance with rules to be established by the Brazilian tax authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Law No. 11,727/08 created the concept of
Privileged Tax Regimes, which encompasses the countries and jurisdictions that: (1) do not tax income or tax it at a maximum rate
lower than 20% or 17%, as the case may be; (2) grant tax advantages to a non-resident entity or individual (i) without the need
to carry out a substantial economic activity in the country or a said territory or (ii) conditioned to the non-exercise of a substantial
economic activity in the country or a said territory; (3) do not tax or taxes proceeds generated abroad at a maximum rate lower
than 20%, or 17%, as applicable; or (4) restricts the ownership disclosure of assets and ownership rights or restricts disclosure
about economic transactions carried out.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, Brazilian tax authorities
enacted Normative Ruling No. 1,037, of June 7, 2010, or Normative Ruling No. 1,037/10, as amended, listing (1) the countries and
jurisdictions considered Low or Nil Tax Jurisdictions, and (2) the Privileged Tax Regimes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The interpretation of the current Brazilian
tax legislation should lead to the conclusion that the concept of Privileged Tax Regimes should only apply for certain Brazilian
tax purposes, such as transfer pricing and thin capitalization rules. According to this interpretation, the concept of Privileged
Tax Regimes should not be applied in connection with the taxation of dividends, interest on equity and gains related to investments
made by Non-Brazilian Holders in Brazilian corporations. Regulations and non-binding tax rulings issued by Brazilian federal tax
authorities seem to confirm this interpretation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the fact that such Privileged
Tax Regimes concept was enacted in connection with transfer pricing rules and is also applicable to thin capitalization and cross-border
interest deductibility rules, Brazilian tax authorities may take the position that such Privileged Tax Regimes definition also
applies to other types of transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result, there is no assurance that
Brazilian tax authorities will not attempt to apply the concept of Privileged Tax Regimes to non-resident investors holding common
shares such as a Non-Resident Holder. Prospective purchasers should therefore consult with their own tax advisors regarding the
consequences of the implementation of Law No. 11,727/08, Normative Ruling No. 1,037/10, as amended, and of any related Brazilian
tax laws or regulations concerning Low or Nil Tax Jurisdictions and Privileged Tax Regimes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not expect the gains realized by
a Non-Resident Holder on the disposition of ADSs to another non-Brazilian resident to be subject to Brazilian tax, based on the
argument that the ADSs would not constitute assets located in Brazil for purposes of Law No. 10,833/03. However, we cannot assure
you how Brazilian courts would interpret the definition of assets located in Brazil in connection with the taxation of gains realized
by a Non-Resident Holder on the disposition of ADSs to another non-Brazilian resident. As a result, gains on a disposition of ADSs
by a Non-Resident Holder to a Brazilian resident, or even to a Non-Resident Holder in the event that courts determine that the
ADSs would constitute assets located in Brazil, may be subject to income tax in Brazil according to the rules described above.
If this income tax does apply, it could have an adverse impact on Non-Resident Holders.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Gains on the exchange of ADSs for shares</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Non-Resident Holders may exchange ADSs
for the underlying shares, sell the shares on a Brazilian stock exchange and remit abroad the proceeds of the sale. As a general
rule, the exchange of ADSs for shares is not subject to income taxation in Brazil.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon receipt of the underlying shares in
exchange for ADSs, Non-Resident Holders may also elect to register with the Brazilian Central Bank the U.S. dollar value of such
shares as a foreign portfolio investment under CMN Resolution No. 4,373/14, which will entitle them to the tax treatment referred
above on the future sale of the shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Alternatively, the Non-Resident Holder
is also entitled to register with the Brazilian Central Bank the U.S. dollar value of such shares as a foreign direct investment
under Law No. 4,131/62, in which case the respective sale would be subject to the tax treatment applicable to transactions carried
out of by a Non-Resident Holder that is not a 4,373 Holder.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Gains on the Exchange of Shares for ADSs</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The deposit of shares of a Brazilian entity
in exchange for the ADSs by a Non-Resident Holder may be subject to Brazilian withholding income tax on capital gains if the acquisition
cost is lower than the share price verified on the exchange date. The capital gains ascertained by the Non-Resident Holder, in
this case, should be subject to taxation at rates that vary from 15% to 22.5%, depending on the amount of the gain, as referred
to above; or at 25% if realized by a Non-Resident Holder that is resident or domiciled in a Low or Nil Tax Jurisdiction. In certain
circumstances, there may be arguments to sustain the position that such taxation is not applicable to 4,373 Holders that are not
resident or domiciled in a Low or Nil Tax Jurisdiction, which would be subject to taxation at a fixed 15% rate.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Tax on Foreign Exchange Mergers</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Brazilian law imposes a tax on foreign
exchange transactions (&ldquo;IOF/Exchange&rdquo;), due on the conversion of Brazilian currency into foreign currency (<I>e.g.</I>,
for purposes of paying dividends and interest) and the conversion of foreign currency into Brazilian currency. Currently, for most
exchange transactions, the rate of IOF/Exchange is 0.38%</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Effective as of December 1, 2011, however,
the IOF/Exchange is levied at a rate of 0% over foreign exchange transactions entered into in connection with the inflow of proceeds
to Brazil for investments made by a foreign investor (including a Non-Resident Holder) in (1) variable income transactions carried
out on the Brazilian stock, futures and commodities exchanges, and (2) the acquisitions of shares of Brazilian publicly held companies
in public offerings or subscription of shares related to capital contributions, provided that the company has registered its shares
for trading with the stock exchange. As of June 5, 2013, this beneficial tax treatment was extended to all investments made under
the rules of CMN Resolution 4,373/14 in the Brazilian financial and capital markets, including the investment in common shares.
The IOF/Exchange at a rate of 0% also applies for the outflow of funds from Brazil related to these types of investments, including
payments of dividends and interest on equity and the repatriation of funds invested in the Brazilian market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, the IOF/Exchange is currently
levied at a 0% rate on the withdrawal of ADSs into shares of a Brazilian entity. Nonetheless, the Brazilian government may increase
the rate at any time up to 25%. However, any increase in rates may only apply to future foreign exchange transactions.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tax on Mergers Involving Bonds and Securities</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Brazilian law imposes a tax on transactions
involving bonds and securities (&ldquo;IOF/Bonds&rdquo;), on transactions involving bonds and securities, including those carried
out on a Brazilian stock exchange. The rate of IOF/Bonds applicable to transactions involving common shares is currently 0%, although
the Brazilian government may increase such rate at any time up to 1.5% of the transaction amount per day, but only in respect of
future transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On December 24, 2013, the Brazilian government
reduced the IOF/Bonds to zero for transactions involving the deposit of shares which are issued by a Brazilian company admitted
to trade on the B3 with the specific purpose of enabling the issuance of depositary receipts traded outside Brazil.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There are no Brazilian inheritance, gift
or succession taxes applicable to the ownership, transfer or disposition of common shares by a Non-Resident Holder, except for
gift and inheritance taxes imposed by some Brazilian states on gifts or bequests by individuals or entities not domiciled or residing
in Brazil to individuals or entities domiciled or residing within such states. There are no Brazilian stamp, issue, registration,
or similar taxes or duties payable by holders of common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>MATERIAL BERMUDA TAX CONSIDERATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a discussion of the material
Bermuda tax consequences of the Merger . The following discussion is not exhaustive of all possible tax considerations. We urge
you to consult your own tax advisor regarding your particular tax circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Taxation of CZZ </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is currently no Bermuda income or
profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty, stamp duty or inheritance tax payable by CZZ
in respect of the Merger. As a result, other than for persons ordinarily resident in Bermuda there are no current Bermuda taxation
implications resulting from the Merger or the transactions contemplated by the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Taxation of CZZ shareholders</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is currently no Bermuda income or
profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty, stamp duty or inheritance tax payable by the
CZZ shareholders in respect of the Merger. As a result, other than for persons ordinarily resident in Bermuda there are no current
Bermuda taxation implications resulting from the Merger or the transactions contemplated by the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In respect of persons ordinarily resident
in Bermuda, inheritance tax liabilities may arise on death if their CZZ shares or the shares resulting from the consummation of
the Merger form part of their estate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ has received an assurance from the
Minister of Finance of Bermuda under the Exempted Undertakings Tax Protection Act 1966 that, in the event that any legislation
is enacted in Bermuda imposing any tax computed on profits or income or computed on any capital asset, gain or appreciation or
any tax in the nature of estate duty or inheritance tax, the tax will not until 31 March 2035, be applicable to CZZ or to any of
CZZ&rsquo;s operations or to CZZ&rsquo;s shares or other obligations except in so far as the tax applies to persons ordinarily
resident in Bermuda or to any taxes payable by CZZ in respect of real property or leasehold interests in Bermuda held by CZZ.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="informatcompan"></A>Information
About the Companies</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Cosan S.A./CSAN</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an integrated energy and infrastructure
company and a market leader in fuel distribution, sugar and ethanol production and natural gas distribution, and a subsidiary of
CZZ. Our main operations include: (1) Ra&iacute;zen Energia, through which we produce and market a variety of products derived
from sugar cane, including raw sugar (Very High Polarization, or &ldquo;VHP&rdquo;), anhydrous and hydrated ethanol, and activities
related to energy cogeneration from sugarcane bagasse; (2) Ra&iacute;zen Combust&iacute;veis through which we distribute and market
fuels, mainly through a franchised network of service stations under the &ldquo;Shell&rdquo; brand throughout Brazil, petroleum
refining, the operation of fuel resellers, a convenience store business, the manufacture and sale of automotive and industrial
lubricants, and the production and sale of liquefied petroleum gas throughout Argentina; (3) gas and energy, including (i) the
distribution of piped natural gas in part of the state of S&atilde;o Paulo to customers in the industrial, residential, commercial,
automotive and cogeneration sectors; and (ii) the sale of electricity, comprising the purchase and sale of electricity to other
traders, to consumers who have a free choice of supplier and to other agents permitted by law; and (4) Moove, through which we
produce and distribute lubricants under the Mobil brand in Brazil, Argentina, Bolivia, Uruguay, Paraguay, the United States of
America and Europe, as well as in the European and Asian markets under the &ldquo;Comma&rdquo; trademark.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our business consists of the business of
CZZ excluding the business of CLOG. Given that, prior to the Merger, CLOG will merge into us, once the Merger is completed, our
business will be the same as CZZ&rsquo;s current business. See &ldquo;&mdash;Cosan Limited/CZZ&rdquo; and &ldquo;Where You Can
Find More Information&rdquo; for additional information on the business of CZZ.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a corporation (<I>sociedade an&ocirc;nima</I>)
incorporated under the laws of Brazil on July 8, 1966 for an unlimited duration and registered under NIRE number 35300177045.
Our legal name is Cosan S.A. and our commercial name is &ldquo;Cosan.&rdquo; Our registered office and principal executive
office is located at Av. Brigadeiro Faria Lima, 4,100 &ndash; 16th floor, Room 1, S&atilde;o Paulo &ndash; SP, 04538-132,
Brazil and our general telephone and fax numbers are 55 11 3897-9797 and 55 11 3897-9799, respectively. Our website is http://https://ri.cosan.com.br/en/.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN&rsquo;s agent for service is Cogency
Global Inc., 122 East 42nd Street, 18th Floor, New York, NY 10168.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Cosan Limited/CZZ</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ is one of the largest companies in
Brazil with businesses in sectors which are strategic to Brazil&rsquo;s development, such as energy and logistics. The following
companies are part of the organization: CSAN and its subsidiaries, Compass, Moove, Ra&iacute;zen (which is under joint control)
and CLOG with its subsidiary Rumo.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ is the current holding company of the
CZZ Group, which includes the CSAN Group and the CLOG Group. The CZZ 2019 Form 20-F includes consolidated information on the CZZ
Group which also describes the businesses of the CSAN Group and the CLOG Group.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ is a limited liability exempted company
incorporated under the laws of Bermuda on April 30, 2007 for an indefinite term. CZZ is registered with the Registrar of Companies
in Bermuda under registration number EC 39981. Its legal name is Cosan Limited and its commercial name is &ldquo;Cosan.&rdquo;
CZZ&rsquo;s registered office is located at Crawford House, 50 Cedar Avenue, Hamilton HM11, Bermuda and its principal executive
office is located at Av. Brigadeiro Faria Lima, 4,100 &ndash; 16th floor, S&atilde;o Paulo &ndash; SP, 04538-132, Brazil. The general
telephone and fax numbers of CZZ are 55 11 3897-9797 and 55 11 3897-9799, respectively. CZZ&rsquo;s website is http://ir.cosanlimited.com/en.
In addition, the SEC maintains a website that contains information which CZZ has filed electronically with the SEC, including its
annual reports, periodic reports and other filings, which can be accessed at http://www.sec.gov.&nbsp;&nbsp;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Cosan Log&iacute;stica S.A./CLOG</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLOG&rsquo;s business is focused on logistics
services for rail transportation, storage and port loading of commodities, mainly for grains and sugar, leasing of locomotives,
wagons and another railway equipment.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CLOG is a corporation (<I>sociedade an&ocirc;nima</I>)
incorporated under the laws of Brazil on April 23, 2012 for an unlimited duration and registered under NIRE number 35.300.447.581.
CLOG&rsquo;s legal name is <FONT STYLE="background-color: white">Cosan Log&iacute;stica</FONT> S.A. and its commercial name is
&ldquo;Cosan <FONT STYLE="background-color: white">Log&iacute;stica</FONT>.&rdquo; CLOG&rsquo;s registered office and principal
executive office is located at Av. Brigadeiro Faria Lima, 4,100 &ndash; 16th floor, Room 1, S&atilde;o Paulo &ndash; SP, 04538-132,
Brazil and its general telephone and fax numbers are 55 11 3897-9797 and 55 11 3897-9799, respectively. CLOG&rsquo;s website is
https://ri.cosanlogistica.com/en/.</P>

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

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


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


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"> <A NAME="infoaboutcsan"></A>Information
About CSAN </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We are an integrated energy and infrastructure
company and a market leader in fuel distribution, sugar and ethanol production and natural gas distribution, and a subsidiary
of CZZ. Our business consists of the business of CZZ, excluding the business of CLOG. Given that, prior to the Merger, CLOG will
merge into us, once the Merger is completed, our business will be the same as CZZ&rsquo;s current business. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> We are a corporation (<I>sociedade
an&ocirc;nima</I>) incorporated under the laws of Brazil on July 8, 1966 for an unlimited duration and registered under NIRE number
35300177045. Our legal name is Cosan S.A. and our commercial name is &ldquo;Cosan.&rdquo; Our registered office and principal
executive office is located at Av. Brigadeiro Faria Lima, 4,100 &ndash; 16th floor, Room 1, S&atilde;o Paulo &ndash; SP, 04538-132,
Brazil and our general telephone and fax numbers are 55 11 3897-9797 and 55 11 3897-9799, respectively. Our website is http://https://ri.cosan.com.br/en/. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> For a discussion of CZZ&rsquo;s business,
which includes the businesses of CSAN and CLOG, see &ldquo;Information About the Companies&mdash;Cosan Limited/CZZ,&rdquo; &ldquo;Information
about CZZ,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations of CZZ&rdquo;
and &ldquo;Where You Can Find More Information.&rdquo; <BR STYLE="clear: both"></P>

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


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="infoczz"></A>Information
About CZZ</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ is one of the largest companies in
Brazil with businesses in sectors which are strategic to Brazil&rsquo;s development, such as energy and logistics. The following
companies are part of the organization: CSAN and its subsidiaries, Compass, Moove, Ra&iacute;zen (which is under joint control)
and CLOG with its subsidiary Rumo.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ is a limited liability exempted company
incorporated under the laws of Bermuda on April 30, 2007 for an indefinite term. CZZ is registered with the Registrar of Companies
in Bermuda under registration number EC 39981. Its legal name is Cosan Limited and its commercial name is &ldquo;Cosan.&rdquo;
CZZ&rsquo;s registered office is located at Crawford House, 50 Cedar Avenue, Hamilton HM11, Bermuda and its principal executive
office is located at Av. Brigadeiro Faria Lima, 4,100 &ndash; 16th floor, S&atilde;o Paulo &ndash; SP, 04538-132, Brazil. The
general telephone and fax numbers of CZZ are 55 11 3897-9797 and 55 11 3897-9799, respectively. CZZ&rsquo;s website is http://ir.cosanlimited.com/en.
In addition, the SEC maintains a website that contains information which CZZ has filed electronically with the SEC, including
its annual reports, periodic reports and other filings, which can be accessed at <FONT STYLE="color: Blue"><U>http://www.sec.gov</U></FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CZZ is the current holding company of the
CZZ Group, which includes the CSAN Group and the CLOG Group. The CZZ 2019 Form 20-F includes consolidated information on the CZZ
Group which also describes the businesses of the CSAN Group and the CLOG Group.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For a discussion of CZZ&rsquo;s business,
which includes the businesses of CSAN and CLOG, see &ldquo;Item 4. Information on the Company&rdquo; of the CZZ 2019 Form 20-F,
which is incorporated by reference into this prospectus. For more information about how to obtain copies of this information,
see the sections of this prospectus entitled &ldquo;Incorporation of Certain Documents by Reference&rdquo; and &ldquo;Where You
Can Find More Information&rdquo;.</P>

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

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


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    <!-- Field: /Page -->

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


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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="mdacsan"></A>Management&rsquo;s
Discussion and Analysis of Financial Condition<BR>
and Results of Operations of CSAN</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an integrated energy and infrastructure
company and a market leader in fuel distribution, sugar and ethanol production and natural gas distribution, and a subsidiary of
CZZ. See &ldquo;Information about CSAN&rdquo; for additional information about our business. Our business consists of the business
of CZZ, excluding the business of CLOG. Given that, prior to the Merger, CLOG will merge into us, once the Merger is completed,
our business will be the same as CZZ&rsquo;s current business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For a discussion of CZZ&rsquo;s financial
condition and results of operations, including a discussion of the results of operations of each of components of the CSAN Group
and of the CLOG Group, see &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations
of CZZ,&rdquo; &ldquo;Incorporation of Certain Documents by Reference&rdquo; and &ldquo;Where You Can Find More Information.&rdquo;</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="managdafcoczz"></A>Management&rsquo;s
Discussion and Analysis of Financial Condition<BR>
and Results of Operations of CZZ </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> CZZ is one of the largest companies
in Brazil with businesses in sectors which are strategic to Brazil&rsquo;s development, such as energy and logistics. The following
companies are part of the organization: CSAN and its subsidiaries, Compass, Moove, Ra&iacute;zen (which is under joint control)
and CLOG with its subsidiary Rumo. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> CZZ is the current holding company
of the CZZ Group, which includes the CSAN Group and the CLOG Group. The CZZ 2019 Form 20-F includes consolidated information on
the CZZ Group which also describes the businesses of the CSAN Group and the CLOG Group. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> For a discussion of CZZ&rsquo;s financial
condition and results of operations, including a discussion of the results of operations of each of components of the CSAN Group
and of the CLOG Group, see &ldquo;Item 5. Operating and Financial Review and Prospects&rdquo; and &ldquo;Item 11. Quantitative
and Qualitative Disclosures About Market Risk&rdquo; of the CZZ 2019 Form 20-F, the June 2020 Earnings Release 6-K and the June
2020 Financials 6-K, which are incorporated by reference into this prospectus. For more information about how to obtain copies
of documents incorporated by reference, see the sections of this prospectus entitled &ldquo;Incorporation of Certain Documents
by Reference&rdquo; and &ldquo;Where You Can Find More Information.&rdquo; </P>

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

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

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


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


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Management
and Compensation of CSAN </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> <B>Overview of CSAN&rsquo;s Management</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As of the date of this prospectus,
our board of directors and executive officers are responsible for the operation of our business. <FONT STYLE="background-color: white">Nevertheless,
Mr.&nbsp;Rubens Ometto Silveira Mello, who controls all of CZZ&rsquo;s class B series 1 common shares, has the overall power to
control CSAN and CZZ, including the power to establish their respective management policies.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"> <B><I>Board of Directors</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our board of directors is the decision-making
body responsible for, among other things, determining policies and guidelines for our business. The board of directors also supervises
our executive officers and monitors their implementation of policies and guidelines established from time to time by our board
of directors. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The following table lists the current
members of our board of directors: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &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: 44%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"> Name&nbsp; </P></TD>
    <TD STYLE="padding-right: 5pt; width: 28%; padding-left: 5pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Date
        of Election&nbsp; </P></TD>
    <TD STYLE="width: 28%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Position&nbsp; </P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD> Rubens Ometto Silveira Mello&#9; </TD>
    <TD STYLE="text-align: center"> April 26, 2019 </TD>
    <TD STYLE="text-align: center"> Chairman of the Board </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Marcelo Eduardo Martins&#9; </TD>
    <TD STYLE="text-align: center"> June 1, 2020 </TD>
    <TD STYLE="text-align: center"> Vice-Chairman </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD> Burkhard Otto Cordes&#9; </TD>
    <TD STYLE="text-align: center"> April 26, 2019 </TD>
    <TD STYLE="text-align: center"> Director </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Luis Henrique Cals de Beauclair Guimar&atilde;es&#9; </TD>
    <TD STYLE="text-align: center"> July 31, 2020 </TD>
    <TD STYLE="text-align: center"> Director </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD> Mailson Ferreira da N&oacute;brega(1)&#9; </TD>
    <TD STYLE="text-align: center"> April 26, 2019 </TD>
    <TD STYLE="text-align: center"> Director </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Dan Ioschpe(1)&#9; </TD>
    <TD STYLE="text-align: center"> April 26, 2019 </TD>
    <TD STYLE="text-align: center"> Director </TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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"></TD><TD STYLE="width: 0.25in"> (1) </TD><TD> Independent director. </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The following is a summary of the business
experience of our current directors. Unless otherwise indicated, the business address of our current directors is Av. Presidente
Juscelino Kubitschek, 1327, 4th floor, S&atilde;o Paulo, SP, Brazil. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <I>Rubens Ometto Silveira Mello</I>.
<FONT STYLE="background-color: white">&nbsp;Mr.&nbsp;Mello is our chairman. He holds a degree in mechanical engineering from the
Polytechnic School of the University of S&atilde;o Paulo (<I>Escola Polit&eacute;cnica da Universidade de S&atilde;o Paulo</I>)
(1972). Mr.&nbsp;Mello has more than 40 years of experience in the management of large companies. He has also served as general
director and chairman of the board of directors of Costa Pinto S.A. since 1980 and officer and chairman of the board of directors
of Aguassanta Participa&ccedil;&otilde;es S.A., since 2001. Currently, Mr.&nbsp;Mello is the chairman of the boards of Comg&aacute;s,
Rumo, CLOG, Ra&iacute;zen, Radar and Moove. He is also one of the founders of UNICA, the Sugarcane Agroindustry Association of
the State of S&atilde;o Paulo (<I>UNICA&mdash;Uni&atilde;o da Agroind&uacute;stria Canavieira do Estado de S&atilde;o Paulo</I>).
Prior to joining Cosan, Mr.&nbsp;Mello worked from 1971 to 1973 as an advisor to the board of executive officers of UNIBANCO Uni&atilde;o
de Bancos Brasileiros S.A., and from 1973 to 1980 as chief financial officer of Ind&uacute;strias Votorantim S.A.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <I>Marcelo Eduardo Martins</I>. Mr.
Martins has been a member of our board of directors since March 23, 2009. Mr. Martins also holds the position of chief financial
and investor relations officer of the Company, CZZ and CLOG, and serves on CZZ&rsquo;s board of directors. Mr. Martins was a <FONT STYLE="background-color: white">member
of CLOG&rsquo;s board of directors from April&nbsp;30, 2015 until April&nbsp;5, 2018. In July 2007, Mr.&nbsp;Martins was appointed
as an executive officer of Aguassanta Participa&ccedil;&otilde;es S.A. Prior to joining the Cosan Group, Mr.&nbsp;Martins was
the Chief Financial and Business Development Officer of Votorantim Cimentos between July 2003 and July 2007 and, prior to that,
head of Latin American Fixed Income at Salomon Smith Barney (Citigroup) in New York. He has significant experience in capital
markets, having worked at Citibank (where he began his career as a trainee in 1989), Unibanco, UBS and FleetBoston. He has a degree
in business administration from the FGV</FONT>. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <I>Burkhard Otto Cordes</I>. Mr. Cordes
has been a member of our board of directors since 2005 and of CZZ&rsquo;s board of directors since 2008. He holds a degree in
business administration from Funda&ccedil;&atilde;o Armando &Aacute;lvares Penteado (1997) and a master&rsquo;s degree in finance
from IBMEC-SP (2001). Mr. Cordes has worked in financial markets at Banco BBM S.A., a company owned by Grupo Mariani, where he
worked at its commercial division focusing corporate and middle market segments. Before holding his current position, he had worked
at IBM Brasil in its financial division. Mr. Cordes is Mr. Mello&rsquo;s son-in-law. </P>

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

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


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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <FONT STYLE="background-color: white"><I>Luis
Henrique Cals de Beauclair Guimar&atilde;es.</I>&nbsp;Mr.&nbsp;Guimar&atilde;es is our chief executive officer. He also took office
as the chief executive officer of CZZ on April 1, 2020. Prior to that he had been chief executive officer of Ra&iacute;zen since
April&nbsp;1, 2016. He was formerly the chief executive officer of Comg&aacute;s, and after that, the fuels operational officer
and person responsible for Ra&iacute;zen&rsquo;s downstream division, which covers the retail, commercial and aviation businesses.
Mr.&nbsp;Guimar&atilde;es joined Shell in 1987 and worked in several positions in the lubricants and retail businesses in Brazil
and abroad (based in London). From 2007 until September 2010, he served as Shell&rsquo;s chief marketing officer for Lubricants
in North America, based in Houston. Mr.&nbsp;Guimar&atilde;es has a bachelor&rsquo;s degree in statistics and a master&rsquo;s
in business administration in marketing from Coppead &ndash; UFRJ.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <I>Mailson Ferreira da N&oacute;brega</I>.
Mr. N&oacute;brega has been a member of our board of directors and of Rumo&rsquo;s board of directors since November 2007. He
is an economist and was Brazil&rsquo;s Minister of Finance from 1988 to 1990. He was previously technical consultant and chief
of the Project Analysis Department at Banco do Brasil; chief coordinator of economic affairs of the Ministry of Industry and Commerce,
and Secretary General of the Ministry of Finance. He was an executive officer of the Banco Europeu Brasileiro &ndash; EUROBRAZ,
in London. Mr. N&oacute;brega is also member of the board of directors of the following companies: Abyara Planejamento Imobili&aacute;rio,
CSU Cardsystem S.A., Grendene S.A., Portobello S.A., Rodobens Neg&oacute;cios Imobili&aacute;rios S.A., CSAN and Veracel Celulose
S.A. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"> <I>Dan Ioschpe</I>. Mr. Ioschpe has been
a member of our board of directors since 2014. He graduated from the Federal University of Rio Grande do Sul with a bachelor&rsquo;s
degree in Business Administration, and also has a postgraduate degree from the Escola Superior de Propaganda e Marketing as well
as a masters&rsquo; degree in business administration (MBA) from the Tuck School of Business at Dartmouth College (in the United
States). He joined Iochpe-Maxion in 1986, where he held several positions until June 1996, when he left to take the presidency
of AGCO in Brazil. He returned to Iochpe-Maxion in January 1998, becoming chief executive officer in the same year. He remained
chief executive officer until March 2014, when he became chairman of the board of directors of Iochpe-Maxion. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"> <B><I>Executive Officers</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our executive officers serve as our
executive management body. They are responsible for our internal organization and day-to-day operations and for the implementation
of the general policies and guidelines established from time to time by our board of directors. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The following table lists our current
executive officers: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &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: 43%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"> Name&nbsp; </P></TD>
    <TD STYLE="padding-right: 5pt; width: 27%; padding-left: 5pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Date
        of Election&nbsp; </P></TD>
    <TD STYLE="width: 30%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> Position&nbsp; </P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD> Luis Henrique Cals de Beauclair Guimar&atilde;es&#9; </TD>
    <TD STYLE="text-align: center"> January 21, 2020 </TD>
    <TD STYLE="text-align: center"> Chief Executive Officer </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Marcelo Eduardo Martins&#9; </TD>
    <TD STYLE="text-align: center"> March 1, 2019 </TD>
    <TD STYLE="text-align: center"> Chief Financial and Investor Relations Officer </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD> Maria Rita de Carvalho Drummond&#9; </TD>
    <TD STYLE="text-align: center"> January 21, 2020 </TD>
    <TD STYLE="text-align: center"> Legal Officer </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The following is a summary of the business
experience of our executive officers who are not CSAN directors. Unless otherwise indicated, the business address of the executive
officers is Av. Presidente Juscelino Kubitschek, 1327, 4th floor, S&atilde;o Paulo, SP, Brazil. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <I>Luis Henrique Cals de Beauclair
Guimar&atilde;es. </I>See &ldquo;&mdash;Board of Directors.&rdquo; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <I>Marcelo Eduardo Martins. </I>See
&ldquo;&mdash;Board of Directors.&rdquo; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> <I>Maria Rita de Carvalho Drummond.
</I>Ms. Drummond has been our legal officer since 2011 and joined the Cosan Group in 2008<FONT STYLE="background-color: white">,
after leaving the law firm Barbosa, Mussnich e Arag&atilde;o, where she worked from 2000 to 2004 and from 2007 to 2008. Ms.&nbsp;Drummond
was manager for Latin America of BAT, the controlling shareholder of Souza Cruz S.A., based in London, from 2004 to 2005. She
holds a law degree from Universidade Cat&oacute;lica do Rio de Janeiro &ndash; PUC, a postgraduate degree in civil law from Universidade
Estadual do Rio de Janeiro &mdash; UERJ and a master&rsquo;s degree in international law from the London School of Economics.
In 2019, Ms.&nbsp;Drummond was appointed by the Brazilian Association of Listed Companies (<I>Associa&ccedil;&atilde;o Brasileira
das Companhias Abertas</I>) to hold a position on the Appeal Council of the National Financial System (<I>Conselho de Recursos
do Sistema Financeiro Nacional</I>), with a mandate until March 2022</FONT>. </P>

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

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


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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Under our by-laws, our board of directors
is responsible for establishing the annual aggregate compensation that we pay to the members of our board of directors and our
executive officers. Our executive officers receive the same benefits generally provided to our employees. Members of our board
of directors are not entitled to these benefits. We currently have no employment agreements with our directors and executive officers
providing for benefits upon the termination of employment. Our directors and executive officers who serve for both us, CZZ and
CLOG will receive compensation from both companies. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> See &ldquo;Management and Compensation
of CZZ&rdquo; for additional information on the compensation in place in the Cosan Group. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> <B>Management of CSAN Following the Merger</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Upon the closing of the Merger contemplated
by the Merger Protocol CZZ will cease to exist and CSAN&rsquo;s board of directors will consist of at least five (5) members and
at most twenty (20) members, whose term of office shall be carried out until the annual shareholders&rsquo; meeting of 2021. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Out of the members of the Board of
Directors, at least two members or 20% of the members, whichever is higher, must be independent directors, as defined in the Novo
Mercado Rules. The qualification of the members appointed as independent directors will be resolved upon at the shareholders&rsquo;
meeting that elects such independent directors. A director elected as permitted under Article 141, Paragraphs 4 and 5 of Brazilian
Corporation Law will also be deemed an independent director if there is a controlling shareholder. Should compliance with the
foregoing percentage requirement lead to a fractional number of directors, the number of directors will be rounded to the whole
number immediately higher. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The number of directors to be elected
for the upcoming term will be decided by a majority vote at the relevant shareholders&rsquo; meeting. A shareholder or a group
of shareholders representing at least 10% of the share capital of CSAN may separately elect up to one additional director. Additionally,
shareholders representing a percentage of the share capital of CSAN of between 5% and 10% (depending on the aggregate value of
capital stock of CSAN at such time, pursuant to the applicable CVM ruling) may request that the election of directors be subject
to cumulative voting proceedings, as provided for in article 141 of the Brazilian Corporation Law and CVM Ruling 165.&nbsp; </P>

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

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


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

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

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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Management
and Compensation of CZZ</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> CZZ&rsquo;s board of directors and
CZZ&rsquo;s executive officers are responsible for the operation of its business. Nevertheless, Mr. Rubens Ometto Silveira Mello,
who controls all of CZZ&rsquo;s class B series 1 common shares, has the overall power to control CZZ, including the power to establish
CZZ&rsquo;s management policies. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For a discussion of CZZ&rsquo;s management
and compensation (as well as certain other corporate governance matters), see &ldquo;Item 6. Directors, Senior Management and
Employees&rdquo; and &ldquo;Item 7. Major Shareholders and Related Party Transactions&rdquo; of the CZZ 2019 Form 20-F, which
is incorporated by reference into this prospectus. For more information about how to obtain copies of documents incorporated
by reference, see the sections of this prospectus entitled &ldquo;Incorporation of Certain Documents by Reference&rdquo; and &ldquo;Where
You Can Find More Information&rdquo;.</P>

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

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

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="desccsanbylaw"></A>Description
of CSAN Shares and CSAN By-Laws</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a summary of certain significant
provisions of the CSAN By-Laws (<I>estatuto social</I>) and the laws of Brazil. This description does not purport to be complete
and is qualified by reference to the complete text of the CSAN By-Laws, included herein as Exhibit&nbsp;3.1, and the applicable
laws of Brazil. This summary should not be considered as legal advice regarding these matters. You are urged to carefully review
the CSAN By-Laws in their entirety as they, and not this description, will control your rights as a holder of CSAN Shares. In this
section, unless otherwise stated, references to &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; or &ldquo;the Company&rdquo;
refer to CSAN.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the <I>Novo Mercado</I> regulations,
our capital stock must consist exclusively of common shares. CSAN is a corporation (<I>sociedade an&ocirc;nima</I>) of indefinite
term incorporated under the laws of Brazil, having its registered office in the city of S&atilde;o Paulo, state of S&atilde;o Paulo,
at Av. Brigadeiro Faria Lima, 4,100 &ndash; 16th floor, room 1, S&atilde;o Paulo &ndash; SP, 04538-132, Brazil , Brazil, enrolled
with the Brazilian taxpayers&rsquo; registry (<I>Cadastro Nacional de Pessoas Jur&iacute;dicas &mdash; CNPJ</I>) under No. 50.746.577/0001-15.
CSAN was incorporated on July 8, 1966. CSAN is governed by the laws of Brazil, as well as by the CSAN By-Laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As per Article 5 of the CSAN By-Laws, the
capital stock of the CSAN, fully subscribed to and paid in, is of five billion, seven hundred and twenty seven million, four hundred
and seventy eight thousand, fifty eight <I>reais</I> and fourteen <I>centavos </I>(R$5,727,478,058.14 ), divided into 394.210.000
registered common shares, with no par value. The capital stock of CSAN will be represented solely by common shares, and each common
share will be entitled to one vote on the resolutions to be adopted by the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN is authorized to increase its capital
stock, regardless of an amendment to the CSAN By-Laws, in up to seven billion <I>reais </I>(R$7,000,000,000.00), upon a resolution
of its board of directors, which will establish the terms of issuance, including the price and payment. The board of directors
may also approve the issuance of warrants (<I>bonus de subscri&ccedil;&atilde;o</I>) and convertible debentures, as well as capitalization
of profits of reserves, whether or not by issuing bonus shares, within the limits of the authorized capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The board of directors of CSAN may grant
stock purchase or subscription options, under the plan or programs approved at the shareholders&rsquo; meeting, to the managers
and employees of CSAN, as well as to managers and employees of other companies directly or indirectly controlled by CSAN, without
preemptive rights to the shareholders at the time of either grant or exercise of such options, subject to the balance of the authorized
capital limit at the time of exercise of subscription options, analyzed together with the balance of treasury shares at the time
of exercise of purchase options.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As per Article 3 of the CSAN&rsquo;s By-Laws,
CSAN&rsquo;s purposes are to (i) import, export, produce and trade sugar, ethanol, sugarcane, and other sugar byproducts; (ii)<B>&nbsp;</B>distribute
fuels in general and trade oil byproducts; (iii)<B>&nbsp;</B>establish fuel supply stations, purchase and sell oil-derived fuels
and lubricants; (iv)<B>&nbsp;</B>provide logistics and port services, as well as technical, administrative and financial advisory
services; (v)<B>&nbsp;</B>any type of transportation of passengers and cargo, including inland navigation, river and lake ferries;
(vi)<B>&nbsp;</B>produce and trade electricity, live steam, steam escape and other electricity co-generation byproducts; (vii)<B>&nbsp;</B>farming
and livestock activities in proprietary or third-party-owned lands; (viii) import, export, handle, trade, produce, store, load
or unload fertilizers and other agricultural inputs; <B>(ix)</B>&nbsp;manage on its own account or through third parties assets</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">and property and may lease, receive and
grant in partnership, rent and lease furnishings, properties and equipment in general; <B>(x) </B>render technical services related
to the activities mentioned above; <B>(xi) </B>hold equity interest in other companies; and (xii) processing and trading of fuel
gases. .</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The development of activities by the companies
that CSAN holds direct or indirect interest in any type considers the following factors: (i) the short- and long-term interests
of CSAN and its shareholders, and (ii) the short</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">and
long-term economic, social, environmental and legal effects on its employees, suppliers, partners, clients and other creditors,
as well as on the communities in which CSAN operates, both locally and globally.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CSAN By-Laws require that we distribute
annually to CSAN&rsquo;s shareholders a mandatory minimum dividend, which we refer to as the mandatory dividend, equal to at least
25% of CSAN&rsquo;s net income after taxes, after certain deductions, including accumulated losses and any amounts allocated to
employee and management participation, any amount allocated to CSAN&rsquo;s legal reserve, any amount allocated to the contingency
reserve and any amount written off with respect to the contingency reserve accumulated in previous fiscal years, in each case in
accordance with Brazilian law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, the Brazilian Corporation Law
permits a company to suspend the mandatory distribution of dividends if its board of directors reports to the shareholders&rsquo;
meeting that the distribution would be incompatible with the financial condition of the company, subject to approval by the shareholders&rsquo;
meeting and review by the fiscal council. In addition, our management must submit a report to the CVM clarifying the reasoning
for any such non-payment. Net income not distributed due to such a suspension must be attributed to a separate reserve and, if
not absorbed by subsequent losses, must be paid as dividends as soon as the financial situation of the company permits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The amounts available for distribution
are determined on the basis of financial statements prepared in accordance with the requirements of the Brazilian Corporation Law.
In addition, amounts arising from tax incentive benefits or rebates are appropriated to a separate capital reserve in accordance
with the Brazilian Corporation Law. This investment incentive reserve is not normally available for distribution, although it can
be used to absorb losses under certain circumstances, or be capitalized. Amounts appropriated to this reserve are not available
for distribution as dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Brazilian Corporation Law permits a
company to pay interim dividends out of preexisting and accumulated profits for the preceding fiscal year or semester, based on
financial statements approved by its shareholders. We may prepare financial statements semiannually or for shorter periods. CSAN&rsquo;s
board of directors may declare a distribution of dividends based on the profits reported in semiannual financial statements. CSAN&rsquo;s
board of directors may also declare a distribution of interim dividends or interest based on profits previously accumulated or
in profits reserve, which are reported in such financial statements or in the last annual financial statement approved by resolution
taken at a shareholders&rsquo; meeting. The board of directors may also declare dividends based on financial statements prepared
for interim periods; <I>provided</I> that the total amount of dividends paid in each semester does not exceed the amounts accounted
for in our capital reserve account set forth in paragraph 1 of Article 182 of the Brazilian Corporation Law and any dividends that
fail to be claimed within a period of three (3) years will revert to CSAN.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In general, Non-Resident Holders must register
their equity investment with the Brazilian Central Bank to have dividends, sales proceeds or other amounts with respect to their
shares eligible to be remitted outside of Brazil. The common shares underlying the CSAN ADSs are held in Brazil by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, also known as the custodian, as agent for the ADS Depositary, which is the registered owner on the records of the registrar for
CSAN&rsquo;s shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payments of cash dividends and distributions,
if any, are made in <I>reais </I>to the custodian on behalf of the ADS Depositary, which then converts such proceeds into U.S.
Dollars and causes such U.S. Dollars to be delivered to the ADS Depositary for distribution to holders of CSAN ADSs. In the event
that the custodian is unable to convert immediately the foreign currency received as dividends into U.S. dollars, the amount of
U.S. dollars payable to holders of CSAN ADSs may be adversely affected by devaluations of the Brazilian currency that occur before
the dividends are converted. Under the Brazilian Corporation Law, dividends paid to Non-Resident Holders will not be subject to
Brazilian withholding tax; however, it is not clear under Brazilian law whether such withholding income tax exemption is also applicable
to dividends distributed to holders of CSAN ADSs abroad.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Brazilian law allows the payment of dividends
solely in <I>reais</I>, limited to the unappropriated retained earnings in CSAN&rsquo;s financial statements prepared in accordance
with IFRS.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rights of Holders of Common Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each of CSAN&rsquo;s common shares entitles
its holder to one vote at CSAN&rsquo;s annual or extraordinary general shareholders&rsquo; meetings (<I>assembleia geral ordin&aacute;ria
or assembleia geral extraordin&aacute;ria</I>). Pursuant to the CSAN By-Laws and its B3 listing agreement in connection with the
listing of the common shares on the <I>Novo Mercado</I>, we cannot issue shares without voting rights or with restricted voting
rights. As long as we are listed on the <I>Novo Mercado</I>, we may not issue preferred shares. In addition, the CSAN By-Laws and
the Brazilian Corporation Law provide that holders of CSAN Shares are entitled to dividends or other distributions made in respect
of CSAN Shares in accordance with their respective participation in CSAN&rsquo;s capital. See &ldquo;Description of CSAN ADSs and
CSAN Deposit Agreement&mdash;Dividends and Distributions&rdquo; for a more complete description of payment of dividends and other
distributions of CSAN Shares. In addition, in the event of CSAN&rsquo;s liquidation and following the payment of all CSAN&rsquo;s
outstanding liabilities, holders of CSAN Shares are entitled to receive their pro rata interest in any remaining assets, in accordance
with their respective participation in CSAN&rsquo;s capital. The shareholders have preemptive rights to subscribe for new shares
issued by us, pursuant to the Brazilian Corporation Law, but are not obligated to subscribe for future capital increases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Novo Mercado Rules, the
CSAN Shares have tag-along rights which enable their holders, upon the sale of a controlling interest in us, to receive in exchange
for their shares 100% of the price paid per common share for the controlling block.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Brazilian Corporation Law,
neither the CSAN By-Laws nor actions taken at a shareholders&rsquo; meeting may deprive a shareholder of: (1) the right to participate
in the distribution of net income; (2)&nbsp;the right to participate equally and proportionally in any residual assets in the event
of liquidation of CSAN&rsquo;s company; (3) preemptive rights in the event of issuance of new shares, convertible debentures or
subscription warrants, except in some specific circumstances under the Brazilian Corporation Law; (4) the right to hold CSAN&rsquo;s
management accountable in accordance with the provisions of the Brazilian Corporation Law; and (5) the right to withdraw from us
in the cases specified in the Brazilian Corporation Law, including merger or consolidation, which are described in &ldquo;Description
of CSAN Shares and CSAN By-Laws&mdash;Right of Withdrawal&rdquo; and &ldquo;Description of CSAN Shares and CSAN
By-Laws&mdash;Redemption.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither the CSAN By-Laws, nor the Brazilian
Corporation Law, contain any restriction on voting by Non-Resident Holders of CSAN Shares.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Public Tender Offer upon Sale of Control</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The direct or indirect disposal of controlling
interest in CSAN in a single transaction or series of successive transactions must be agreed upon under a condition precedent or
subsequent that the acquirer will make a tender offer to purchase the shares issued by CSAN and owned by the remaining shareholders,
subject to the terms of, and within the time limits prescribed by, prevailing regulation and legislation and the Novo Mercado Regulation,
so that the holders of such remaining shares may receive the same treatment as accorded to the seller pursuant to Article 254-A
of the Brazilian Corporation Law and Articles 37 and 38 of the <I>Novo Mercado</I> Rules and Article 35 of the CSAN By-Laws.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Allocation of Net Income</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Together with the financial statements
for the fiscal year, the board of directors will submit to the Annual Shareholders&rsquo; Meeting the proposed allocation of net
income, in compliance with the provisions of law and CSAN By-Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shareholders will be entitled to receive
as dividends each year a mandatory minimum percentage of twenty five percent (25%). Pursuant to Brazilian Corporation Law, our
net income may be allocated to income reserves and to the distribution of dividends. For purposes of Brazilian Corporation Law,
net income is defined as a period&rsquo;s result minus accumulated losses from previous years, income and social contribution tax
provisions and any other amounts allocated for the payment of profit sharing authorized in our bylaws to employees and management</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Brazilian Corporation Law, payment
of the mandatory dividend is not required if the board of directors has formally declared such distribution to be inadvisable in
view of CSAN&rsquo;s financial condition and has</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">provided
the shareholders at the annual general shareholders&rsquo; meeting with an opinion to that effect, which has been reviewed by
CSAN&rsquo;s fiscal council. In addition, CSAN&rsquo;s management must submit a report to the CVM within five days following said
meeting clarifying the reasoning for any such non-payment. See &ldquo;Description of CSAN Shares and CSAN By-Laws &mdash;Dividends.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our shareholders have a general preemptive
right to subscribe for our shares in any capital increase of the same class of shares owned by them, pro rata to their interest
in our capital stock at the time of the capital increase, except in the event of a grant or assignment of any option to acquire
or subscribe to our common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While our shareholders also have preemptive
rights to subscribe for convertible debentures and subscription warrants, no preemptive rights apply to actual conversions of debentures,
acquisitions of common shares from subscription of warrants and the offer and exercise of call options. In accordance with Brazilian
Corporation Law, a period of at least 30 days following the publication of a notice of issuance of shares, convertible debentures
or subscription warrants is granted for the exercise of preemptive rights, which rights may be transferred or disposed of for value.
However, in accordance with Article 172 of Brazilian Corporation Law, our board of directors may refuse the granting of preemptive
rights, or reduce the exercise period, with respect to the issue of new shares, convertible debentures and subscription warrants,
up to the maximum limit of our authorized capital stock, if the placement of those shares, debentures or warrants occurs through
a stock exchange sale or a public offering, in a public tender offer, with the objective of acquiring control of another company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our shareholders are not entitled to preemptive
rights to subscribe our shares or our subscription bonus issued and placed through the trade on a stock exchange or a public subscription
or the acquisition of shares made in the context of a public offer for acquisition of control</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with the regulations of the
<I>Novo Mercado </I>and the CSAN By-Laws, CSAN, its shareholders, executive officers, directors and fiscal council members are
required to resolve through arbitration any disputes or controversies, including those related to or arising out of the application,
validity, effectiveness, interpretation and violation, among others, of the provisions of the Brazilian Corporation Law, the CSAN
By-Laws, the rules published by the CMN, the Brazilian Central Bank, the CVM and other rules applicable to the Brazilian capital
markets in general, as well as those set forth in the <I>Novo Mercado </I>Listing Regulations, in the <I>Novo Mercado </I>Listing
Agreement and in other rules issued by the B3, and such arbitration is the exclusive means to settle such disputes with CSAN&rsquo;s
shareholders. As the holders of CSAN ADSs are not direct shareholders of CSAN, these arbitration requirements do not apply to such
CSAN ADS holders; however, because the ADS Depositary is a holder of CSAN Shares, it would be bound by these mandatory arbitration
provisions if it sought to exercise remedies against CSAN under Brazilian law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN shall be liquidated upon the occurrence
of certain events provided for in the Brazilian Corporation Law, whereupon a meeting of the shareholders shall determine the form
of liquidation, electing the liquidator(s) and the members of CSAN&rsquo;s fiscal council, which must operate on a mandatory basis
during the liquidation period.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">According to the Brazilian Corporation
Law, we may redeem CSAN Shares subject to the approval of CSAN&rsquo;s shareholders at an extraordinary shareholders&rsquo; meeting
where shareholders representing at least 50% of the shares that would be affected are present. The share redemption may be paid
with CSAN&rsquo;s retained earnings, income reserves or capital reserves, with the exception of the legal reserve.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the share redemption is not applicable
to all shares, the redemption will be made by lottery. If custody shares are picked in the lottery and there are no rules established
in the custody agreement, the financial institution will specify, on a pro rata basis, the shares to be redeemed.</P>

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


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Brazilian Corporation Law provides
that, in case any of our shareholders dissent from certain decisions taken at a shareholders&rsquo; meeting, they have the right
to withdraw its equity interest from the company and to receive payment for the portion of shareholders&rsquo; equity attributable
to its equity interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to Brazilian Corporation Law,
shareholder withdrawal rights may be exercised under the following circumstances, among others :</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to reduce the mandatory distribution of dividends;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to merge with another company (including if CSAN is merged into one of its controlling companies) or to consolidate, except
as described in the fourth paragraph following this list;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to approve CSAN&rsquo;s participation in a centralized group of companies, as defined under Article 265 of the Brazilian Corporation
Law, and subject to the conditions set forth therein, except as described in the fourth paragraph following this list;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to change CSAN&rsquo;s corporate purpose;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to terminate a state of liquidation of the corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to dissolve the corporation; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to transfer all of CSAN&rsquo;s shares to another company or in order to make us a wholly owned subsidiary of such company,
known as a merger of shares (<I>incorpora&ccedil;&atilde;o de a&ccedil;&otilde;es)</I>, except as described in the fourth paragraph
following this list;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to acquire the totality of shares of another company through a merger of shares (<I>incorpora&ccedil;&atilde;o de a&ccedil;&otilde;es)</I>,
except as described in the fourth paragraph following this list;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to approve the acquisition of control of another company at a price which exceeds certain limits set forth in the Brazilian
Corporation Law, except as described in the fourth paragraph following this list; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to conduct a spin-off that results in (a) a change of CSAN&rsquo;s corporate purpose, except if the assets and liabilities
of the spin-off company are contributed to a company that is engaged in substantially the same activities, (b) a reduction in the
mandatory dividend or (c) any participation in a centralized group of companies, as defined under the Brazilian Corporation 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; text-indent: 0.25in">In addition, in the event that the entity
resulting from <I>incorpora&ccedil;&atilde;o de a&ccedil;&otilde;es</I>, or a merger of shares, a consolidation or a spin-off of
a listed company fails to become a listed company within 120 days of the shareholders&rsquo; meeting at which such decision was
taken, the dissenting or non-voting shareholders may also exercise their withdrawal rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Only holders of shares adversely affected
by the changes mentioned in the first and second items above may withdraw their shares. The right of withdrawal lapses 30 days
after publication of the minutes of the relevant shareholders&rsquo; meeting. We would be entitled to reconsider any action giving
rise to withdrawal rights within 10 days following the expiration of such rights if the withdrawal of shares of dissenting shareholders
would jeopardize CSAN&rsquo;s financial stability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Brazilian Corporation Law allows companies
to redeem their shares at their economic value, subject to certain requirements. Since the CSAN By-Laws currently do not provide
that CSAN&rsquo;s shares be subject to withdrawal at their economic value, CSAN&rsquo;s shares would be subject to withdrawal at
their book value, determined on the basis of the last balance sheet approved by the shareholders. If the shareholders&rsquo; meeting
giving rise to withdrawal rights occurs more than 60 days after the date of the last approved balance sheet, a shareholder may
demand that its shares be valued on the basis of a new balance sheet that is of a date within 60 days of such shareholders&rsquo;
meeting. In this case, CSAN must immediately pay 80% of the net worth of the shares, calculated on</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">the
basis of the most recent statement of financial position approved by its shareholders, and the balance must be paid within 120
days after the date of the resolution of the shareholders&rsquo; meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Brazilian Corporation Law,
in events of consolidation, merger, incorpora&ccedil;&atilde;o de a&ccedil;&otilde;es, participation in a group of companies, and
acquisition of control of another company, the right to withdraw does not apply if the shares meet certain tests relating to liquidity
and dispersal of the type or class of shares on the market (they are part of the B3 Index or other stock exchange index (as defined
by the CVM)). In such cases, shareholders will not be entitled to withdraw their shares if the shares are a component of a general
securities index in Brazil or abroad admitted to trading on the securities markets, as defined by the CVM, and the shares held
by persons unaffiliated with the controlling shareholder represent more than half of the outstanding shares of the relevant type
or class.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CSAN Shares are held in book-entry
form with Ita&uacute; Corretora de Valores S.A. Transfer of the CSAN Shares is carried out through a debit entry on the seller&rsquo;s
account and a credit entry on the purchaser&rsquo;s account upon (i) written request of the seller; or (ii) judicial order or authorization
..</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because the CSAN Shares are in registered
book-entry form, the transfer of shares is made under Article 35 of the Brazilian Corporation Law, which determines that a transfer
of shares is effected by an entry made by the registrar, by debiting the share account of the transferor and crediting the share
account of the transferee. Ita&uacute; Corretora de Valores S.A. performs safe-keeping, share transfer and other related services
for us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Transfers of shares by a foreign investor
are made in the same way and executed by that investor&rsquo;s local agent on the investor&rsquo;s behalf except that, if the original
investment was registered with the Brazilian Central Bank, pursuant to Resolution No. 4,373/2014 of the Brazilian Central Bank,
the foreign investor, through its local agent, should also seek amendment, if necessary, of the electronic certificate of registration
to reflect the new ownership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The B3 operates a central clearing system
(the <I>Central Deposit&aacute;ria</I> of the B3). A holder of CSAN Shares may choose, at its discretion, to hold CSAN Shares through
this system and all shares elected to be put into the system will be deposited in custody with the relevant stock exchange (through
a Brazilian institution duly authorized to operate by the Brazilian Central Bank having a clearing account with the relevant stock
exchange). The fact that those shares are subject to custody with the relevant stock exchange will be reflected in CSAN&rsquo;s
register of shareholders. Each participating shareholder will, in turn, be registered in CSAN&rsquo;s register of beneficial shareholders
maintained by the relevant stock exchange and will be treated in the same way as a registered shareholder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Brazilian Corporation Law,
CSAN&rsquo;s shareholders are generally empowered to take any action relating to CSAN&rsquo;s corporate purposes and to pass resolutions
that they deem necessary. Shareholders at CSAN&rsquo;s annual general shareholders&rsquo; meeting, which is required to be held
within the first four months of the end of each year, have the exclusive right to approve CSAN&rsquo;s audited financial statements
and CSAN&rsquo;s management accounts, as well as to determine the allocation of CSAN&rsquo;s net income and the distribution of
dividends with respect to the fiscal year ended immediately prior to the date of the relevant shareholders&rsquo; meeting. Generally
(i) the installation of the fiscal council and election of its members, (ii) the election of the members of CSAN&rsquo;s board
of directors and (iii) the determination of the annual compensation of CSAN&rsquo;s executive officers, board of directors and
fiscal council are approved in the annual shareholders&rsquo; meeting, but such matters may also be approved at extraordinary shareholders&rsquo;
meetings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An extraordinary shareholders&rsquo; meeting
may be held at any time during the year, including concurrently with the annual shareholders&rsquo; meeting. The following matters,
among others, may be resolved only at a shareholders&rsquo; meeting:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>amendment of the CSAN By-Laws;</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>election and dismissal of the members of CSAN&rsquo;s board of directors and fiscal council, whenever requested by CSAN&rsquo;s
shareholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approval of management accounts and of CSAN&rsquo;s audited financial statements on a yearly basis;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>authorization of issuance of debentures by us, except for issuances which CSAN&rsquo;s board of directors has been authorized
to decide pursuant to a previous decision of CSAN&rsquo;s shareholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>suspension of the exercise of a shareholder&rsquo;s rights in the event of noncompliance with the Brazilian Corporation Law
or the CSAN By-Laws;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approval of valuation reports of assets offered by a shareholder to us as payment for the subscription of shares of CSAN&rsquo;s
capital stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approval of issuance of shares in excess of the limit of CSAN&rsquo;s authorized capital;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>determination of the annual compensation of CSAN&rsquo;s executive officers, board of directors and fiscal council;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approval of any transaction involving CSAN&rsquo;s transformation into a limited liability company, consolidation, merger or
spin-off;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approval of any transaction involving CSAN&rsquo;s dissolution or liquidation, the appointment and dismissal of the respective
liquidator and the official review of the reports prepared by it;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>authorization to delist from B3 <I>Novo Mercado </I>and to become a private company, as well as to retain a specialist firm
to prepare a valuation report with respect to the value of CSAN&rsquo;s common shares, in such event;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>authorization to CSAN&rsquo;s directors and officers to petition for bankruptcy or file a request for judicial or extrajudicial
restructuring;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approval of stock option plans for managers and employees of CSAN and companies directly or indirectly controlled by CSAN,
excluding shareholder preemptive rights; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approval of any stock splits or reverse stock splits.</TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Quorum</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a general rule, the Brazilian Corporation
Law provides that the quorum for purposes of a shareholders&rsquo; meeting consists of the presence of shareholders representing
at least 25% of CSAN&rsquo;s issued and outstanding shares on first call, and, if that quorum is not reached, any percentage on
second call. If CSAN&rsquo;s shareholders meet to amend the CSAN By-Laws, a supermajority quorum of shareholders representing at
least two-thirds of CSAN&rsquo;s issued and outstanding shares shall be required on first call, and any percentage will be sufficient
on second call.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A shareholder may be represented in a shareholders&rsquo;
meeting by an attorney-in-fact appointed no more than one year prior to the date of the relevant shareholders&rsquo; meeting. The
attorney-in-fact must be a shareholder, director or executive officer of CSAN, a lawyer or a financial institution registered by
their manager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Generally, the affirmative vote of shareholders
representing at least the majority of CSAN&rsquo;s issued and outstanding shares present in person, or represented by proxy, at
a shareholders&rsquo; meeting is required to approve any proposed action, with abstentions not taken into account. Exceptionally,
according to the Brazilian Corporation Law, the affirmative vote of shareholders representing not less than one-half of CSAN&rsquo;s
issued and outstanding shares is required to, among other measures:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the percentage of mandatory dividends;</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change CSAN&rsquo;s corporate purpose;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>consolidate with or merge us into another company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>engage in a spin-off transaction;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approve CSAN&rsquo;s participation in a group of companies (as defined in the Brazilian Corporation 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>apply for cancellation of any voluntary liquidation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approve CSAN&rsquo;s dissolution; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approve the merger of all of CSAN&rsquo;s common shares into another Brazilian company.</TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Location of a Shareholders&rsquo; Meeting</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN&rsquo;s shareholders&rsquo; meetings
take place at CSAN&rsquo;s headquarters in the city of S&atilde;o Paulo, state of S&atilde;o Paulo, Brazil. The Brazilian Corporation
Law allows CSAN&rsquo;s shareholders to hold meetings in another location in the event of a force majeure, provided that the meetings
are held in the city of S&atilde;o Paulo and the relevant notice includes a clear indication of the place where the meeting will
occur. All information relating to shareholders&rsquo; meetings will be available (i) at CSAN&rsquo;s headquarters, in the City
of S&atilde;o Paulo, State of S&atilde;o Paulo, at Avenida Brigadeiro Faria Lima, 4,100, 16<SUP>th</SUP> floor, ZIP Code 04538-132
and (ii) on the internet at CSAN&rsquo;s website (https://ri.cosan.com.br/en/), the website of the CVM (www.cvm.gov.br), and the
website of B3 (www.b3.com.br). The information included on these websites does not form part of this prospectus and is not incorporated
by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Who May Call a Shareholders&rsquo; Meeting</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shareholders&rsquo; meetings may be
called by CSAN&rsquo;s board of directors and by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any shareholder, if CSAN&rsquo;s board of directors fails to call a shareholders&rsquo; meeting within 60 days after the date
it is required to do so under applicable law and the CSAN By-Laws;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>shareholders holding at least five percent of CSAN&rsquo;s capital stock, if CSAN&rsquo;s board of directors fails to call
a meeting within eight days after receipt of a justified request to call the meeting by those shareholders indicating the proposed
agenda;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>shareholders holding at least five percent of CSAN&rsquo;s capital stock if CSAN&rsquo;s board of directors fails to call a
meeting within eight days after receipt of a request to call the meeting for the creation of the fiscal council; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CSAN&rsquo;s fiscal council, if one is created, if the board of directors fails to call an annual shareholders&rsquo; meeting
within one month after the date it is required to do so under applicable law and the CSAN By-Laws, or if the fiscal council believes
that there are important or urgent matters to be addressed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Notice of a Shareholders&rsquo; Meeting</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">According to the Brazilian Corporation
Law, all notices of general meetings must be published at least three times in the <I>Di&aacute;rio Oficial do Estado de S&atilde;o
Paulo</I>, the official newspaper of the state of S&atilde;o Paulo, and in any other newspaper widely circulated, which, in CSAN&rsquo;s
case, is the <I>Folha de S&atilde;o Paulo</I>. The first notice must be published no later than 15 days before the date of the
first call of the meeting, and no later than eight days before the date of second call of the meeting. However, in certain circumstances,
and upon the request of any shareholder, the CVM may require that the first notice be published 30 days prior to the meeting. The
first notice must also be published 30 days prior to the meeting in the event that there are depositary receipts or securities
traded abroad. The CVM may also, upon the request of any shareholder, terminate, up to 15 days, the period for calling the extraordinary
general meeting, in order to understand and analyze the proposals to be submitted to the specific</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">meeting.
The notice must include, in addition to the place, date and time, the agenda of the meeting and, in the case of a proposed amendment
to the CSAN By-Laws, a description of the subject matter of the proposed amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Conditions of Admission to CSAN&rsquo;s
Shareholders&rsquo; Meeting</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to attend a shareholders&rsquo;
meeting and exercise their voting rights shareholders must prove their status as shareholders and their ownership of by presenting
his or her identity card/organizational documents and proof of power of attorney, if applicable, and proof of deposit issued by
the financial institution responsible for the bookkeeping of the CSAN Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A shareholder may be represented at a shareholders&rsquo;
meeting by a proxy, appointed less than one year before the meeting, who must be one of CSAN&rsquo;s shareholders, or one of CSAN&rsquo;s
officers or directors, a lawyer or a financial institution represented by their manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delisting from the <I>Novo Mercado</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At any time, CSAN may decide to delist
its common shares from the <I>Novo Mercado</I>. In order to delist its common shares from the <I>Novo Mercado</I>, CSAN (or its
controlling shareholders) would be required to first launch a public tender offer through which CSAN or the controlling shareholders
would acquire the free float shares (&ldquo;Delisting TO&rdquo;). The Delisting TO must comply with the applicable rules of the
CVM Instruction No. 361, dated March&nbsp;5, 2002, as amended or &ldquo;CVM Instruction No. 361,&rdquo; and (i) have a &ldquo;fair
price&rdquo;, according to the Brazilian Corporation Law; and (ii) be approved by the holders of more than 1/3 of the outstanding
free float shares. However, the Delisting TO requirement can be waived so long as holders of a majority of the free float shares
approve such waiver. CSAN&rsquo;s delisting from the <I>Novo Mercado </I>will not necessarily result in the loss of its registration
as a public company on the B3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If CSAN delists from <I>Novo Mercado </I>due
a corporate restructuring transaction, either (i) the surviving company must submit the application for listing on the <I>Novo
Mercado </I>within 120 days after the date of the shareholders&rsquo; meeting that approved such corporate restructuring transaction
or (ii) if the resulting companies do not wish to be listed on the <I>Novo Mercado, </I>the majority of the holders of the outstanding
free float shares must approve such corporate restructuring transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In certain circumstances, CSAN (or its
controlling shareholders) could be required under the <I>Novo Mercado</I> rules to launch a Delisting TO. <I>Novo Mercado</I> regulation
stipulates that the compulsory delisting from <I>Novo Mercado</I> will be applied only in the event CSAN has violated Novo Mercado
listing rules for a period of more than nine months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under CVM rules, if the offeror in a Delisting
TO (the &ldquo;<B>Delisting TO Offeror</B>&rdquo;) subsequent transfers shareholding control within the 12-month period following
the occurrence of a Delisting TO, the Delisting TO Offeror must pay to the former shareholders that tendered their shares in the
Delisting TO (the &ldquo;Delisting TO Former Shareholders&rdquo;), on a <I>pro rata </I>basis, the difference, if any, between
the tender offer price paid to the Delisting TO Former Shareholders and the price the Delisting TO Offeror received in such subsequent
transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Purchases of CSAN&rsquo;s Common Shares for Treasury</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to CVM Instruction No. 567, dated
September 17, 2015, or &ldquo;CVM Instruction No. 567,&rdquo; the purchase or sale by us of CSAN&rsquo;s own shares requires shareholders&rsquo;
approval in the event that the transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>takes place outside a stock exchange or over-the-counter market, involves more than 5.0% of the outstanding shares of a certain
type or class, and is performed within an 18-month period;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>takes place outside a stock exchange or over-the-counter market and at prices that are 10.0% higher with respect to purchases,
and 10.0% lower, with respect to sales, than the price of CSAN&rsquo;s common shares quoted on the relevant stock exchange;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>aims to change or prevent a change in CSAN&rsquo;s controlling shareholding or administrative structure; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>takes place outside a stock exchange or over-the-counter market and the counterpart is a related party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to certain conditions described
in CVM Instruction No. 567, CSAN&rsquo;s shareholders&rsquo; approval is not required for the purchase or sale by us of CSAN&rsquo;s
own shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>where the counterparty is a member of CSAN&rsquo;s board of directors, CSAN&rsquo;s officer, employee or supplier in the context
of exercise of stock options granted under a stock option plan (or other similar plans); 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the context of a secondary public offering of treasury shares (or securities convertible or exchangeable into treasury shares).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may acquire CSAN&rsquo;s own shares
to be held in treasury, sold or canceled, pursuant to a resolution of CSAN&rsquo;s board of directors or CSAN&rsquo;s shareholders,
as applicable. We may not acquire CSAN&rsquo;s common shares, hold them in treasury or cancel them in the event that such transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>targets shares owned by CSAN&rsquo;s controlling shareholders;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>takes place on organized securities markets at prices higher than market price;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>is concurrent with a public offering for the acquisition of CSAN Shares, pursuant to the applicable securities regulations;
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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>requires funds greater than those currently available to us.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to authorize the purchase of CSAN&rsquo;s
own shares, CSAN&rsquo;s board of directors or CSAN&rsquo;s shareholders (through a resolution approved at a shareholders meeting)
must specify the purpose of the transaction, the maximum number of shares to be acquired, the total number of CSAN&rsquo;s outstanding
shares and the maximum period of time to effect such purchase (not exceeding 18 months), among other information required by CVM
Instruction No. 567.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Policy for the Trading of CSAN&rsquo;s Securities by CSAN
and Its Controlling Shareholder (If Any), Directors and Officers</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CVM Instruction No. 358, dated January
3, 2002 (&ldquo;CVM Instruction No. 358&rdquo;), establishes that &ldquo;insiders&rdquo; must abstain from trading CSAN&rsquo;s
securities, including derivatives backed by or linked to CSAN&rsquo;s securities, prior to CSAN&rsquo;s disclosure of material
information to the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following persons are considered insiders
for purposes of CVM Instruction No. 358: we, CSAN&rsquo;s controlling shareholder (if any), members of CSAN&rsquo;s board of directors,
executive officers, members of CSAN&rsquo;s fiscal council, members of any of CSAN&rsquo;s technical or advisory bodies and whoever
by virtue of its title, duty or position in CSAN&rsquo;s company, CSAN&rsquo;s controlling shareholder, controlled companies or
affiliates has knowledge of a material fact and is aware that such fact has not been disclosed to the market, including auditors,
analysts, underwriters and advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Such restriction on trading also applies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to any of CSAN&rsquo;s former officers, members of CSAN&rsquo;s board of directors or CSAN&rsquo;s fiscal council for a six-month
period, if any such officer, director or member of the fiscal council left CSAN&rsquo;s company prior to the disclosure of material
information he/she was aware of while in office;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the event that we intend to acquire another company, consolidate, spin off part or all of CSAN&rsquo;s assets, merge, transform,
or reorganize;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to us, in connection with or for the transfer of CSAN&rsquo;s control, or in the event that an option or mandate to such effect
has been granted;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to CSAN&rsquo;s direct and indirect controlling shareholders, their officers and members of their board of directors, whenever
we, any of CSAN&rsquo;s subsidiaries or affiliates are in the process of purchasing or selling</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0pt">CSAN Shares or have granted
stock options over CSAN Shares, or if a mandate for such purposes has been granted; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>during the 15-day period preceding the disclosure of our quarterly information (<I>informa&ccedil;&otilde;es trimestrais</I>)
or our standardized financial statements (<I>demonstra&ccedil;&otilde;es financeiras padronizadas</I>), which is a standard form
report containing relevant financial information derived from our financial statements that we are required to file with the CVM.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Disclosure of Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are subject to the reporting requirements
established by the Brazilian Corporation Law and the CVM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Disclosure of occasional and periodic
information</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Brazilian Corporation Law,
CVM regulations and the listing rules of the <I>Novo Mercado</I>, public companies are required to disclose to the CVM and the
B3 the following occasional and periodic information, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>financial statements prepared in accordance with Brazilian GAAP, as well as management&rsquo;s and the independent auditors&rsquo;
report, within three months after the end of the fiscal year, or on the date they were made available to the shareholders, whichever
is earlier; together with the standard financial statements (<I>Demonstra&ccedil;&otilde;es Financeiras Padronizadas</I>), a report
in a standard form covering the material financial information contained in the financial statements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>notices of annual shareholders&rsquo; meeting on the earlier of (a) the date of their publication or (b) the 15 day prior to
the annual shareholders&rsquo; meeting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all documents necessary for the shareholders to exercise their voting rights in the annual shareholders&rsquo; meeting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>summary of the decisions and actions taken at annual shareholders&rsquo; meetings, on the date they were held;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>standard financial statements (<I>Demonstra&ccedil;&otilde;es Financeiras Padronizadas</I>), within three months after the
shareholders&rsquo; meeting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our annual report on standard form containing our relevant corporate, business and selected financial information (<I>Formul&aacute;rio
de Refer&ecirc;ncia</I>), or FR, within five months after the end of the year, or within seven business days from a fact that resulted
in a mandatory review;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>interim standard financial statements (<I>Informa&ccedil;&otilde;es Trimestrais</I>), together with the special review report
issued by an independent auditor duly registered with the CVM, within 45 days from the end of each quarter of the year, except
the last quarter, or when the company discloses the information to the shareholders, or to third parties, whichever occurs first;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>notices of special shareholders&rsquo; meeting or debenture holders&rsquo; meetings on the date of their publication;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a summary of the decisions and actions taken in our special shareholders&rsquo; meetings, on the same day they were held;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a copy of the minutes of each special shareholders&rsquo; meeting or debenture holders&rsquo; meetings, within seven days after
the meeting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a copy of any shareholders&rsquo; agreements, within seven days after the date they are filed with our registered office;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a copy of the minutes of board of directors&rsquo; meetings, only in case the decisions taken during such meetings affect third
parties, within seven business days after the meeting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 94; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a copy of the minutes of fiscal council meetings, if installed, which approve opinions, within seven business days after the
disclosure of the fact or act that is the subject of the opinion;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>certain appraisal reports required by Brazilian Corporate Law as well as by the regulation enacted by the CVM;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>disclosure of any material developments, on the same date a notice to the market on these developments is published;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our policy for trading of shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our policy for disclosure of information;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a consolidated version of the bylaws whenever there is an amendment thereto, within seven business days after the amendment
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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information on any request for judicial reorganization or ratification of extrajudicial reorganization, or for a petition declaring
our bankruptcy or a third-party petition for our bankruptcy that are based on a material amount, on the same date of its filing
with a court or on the date we take notice of it in the case of a third-party petition;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information on any judicial decision on our bankruptcy, on the date we take notice of it;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any direct or indirect ownership interest exceeding 5% of our capital stock, considering any ultimate individual beneficial
owner;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number and characteristics, on a consolidated basis, of our shares held directly or indirectly by our controlling shareholders,
members of our board of directors, board of executive officers and fiscal council;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in the numbers of our shares held by the controlling shareholders, members of our board of directors, board of executive
officers and fiscal council in the immediately preceding 12 months;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of free-float shares, and their percentage in relation to the total number of issued shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Report on the Brazilian Code of Best Governance Practices (<I>Informe Brasileiro de Governan&ccedil;a Corporativa</I>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the existence of our arbitration provision to which we, our shareholders, members of our board of directors, board of executive
officers and fiscal council are bound; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>other information required by the CVM within the term assigned for this purpose.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Information the B3 requires from companies
listed on the Novo Mercado</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the information required
pursuant to applicable legislation, a company with shares listed on the <I>Novo Mercado </I>listing segment of the B3, such as
ours, must observe the following additional disclosure requirements, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a code of conduct;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we must disclose, in English, simultaneously to the respective disclosure in Portuguese any: (i) material facts; (ii) information
on earnings disclosed by means of notices to our shareholders or communications to the market; and (iii) press releases regarding
our financial condition;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>disclose a copy of the internal rules of our board of directors and its committees;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in accordance to the CVM regulations, we must inform the resignation or dismissal of members of our board of directors and
statutory directors by the next business day in which we are informed of the resignation or in which the dismissal is approved;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>by December 10 of each year, we must disclose the annual calendar for the following calendar year containing at least the dates
of the disclosure of the annual and quarterly financial information and the date on which the annual shareholders&rsquo; meeting
will be held;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>disclose our remuneration 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>disclose our nomination 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>disclose our risk management 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>disclose our related parties&rsquo; transactions policy; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the company must mention in our by-laws the arbitration provisions to which its shareholders and managers are bound.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Disclosure of trading by members of our board of directors,
our executive officers, our fiscal council members and shareholders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">According to CVM regulations, our directors,
executive officers and members of our fiscal council, as well as members of any of our technical or advisory committees are required
to report to us ownership and trading of our shares or shares of any publicly held company that we control or are controlled by,
or entities closely related to them. If the person is an individual, the communication must include the shares held by his or her
spouse, partner or dependent that is included in his or her Brazilian tax return and any company directly or indirectly controlled
by any of these persons. Such communication must include the following information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the name and qualifications of the person providing the information;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the amount, type and/or class of shares traded, or in the case of other securities traded, the characteristics of such securities,
and identification of the issuing company as well as the balance of the amount withheld before and after the trading; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the form, price and date of the transaction or transactions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This information must be sent (1)&nbsp;on
the first business day after the appointment of the director, officer or member for his or her position, (2)&nbsp;when the publicly-held
company registration is submitted to the authorities and (3)&nbsp;within five days after each transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We must provide such information to the
CVM and, if applicable, to the stock exchanges and organized over-the-counter exchanges where our securities are listed within
10 days after the end of each month in which any change in ownership occurred, after the end of each month in which our directors,
executive officers and members of our fiscal council take office or after the end of each month in which our directors, executive
officers and members of our fiscal council communicate to us any change in the information provided with respect to their spouses,
partners or dependents that is included in their Brazilian tax return and any company directly or indirectly controlled by any
of these persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This information must be delivered individually
and in consolidated form by each category of persons indicated therein and the consolidated information will be available from
the CVM in electronic form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our investor relations officer is responsible
for the transmission of information received by us to the CVM and, if applicable, to the stock exchanges and organized over-the-counter
exchanges where our securities are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to CVM Instruction No. 358, whenever
there is an increase or reduction of multiples of 5% in the ownership of any type of shares forming our capital stock by any shareholder
or group of shareholders, including</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">with
respect to equity derivative instruments related to such shares, whether directly or indirectly, that shareholder or group of
shareholders must disclose the following information to us: (1) the name and credentials of the person acquiring the shares; (2)
the target of the acquisition of the ownership interest and the quantity of shares intended to be acquired, including, if relevant,
a declaration that the transaction is not intended to effect a change the composition of our Company&rsquo;s control or administrative
structure; (3) the number of shares and other securities and/or derivatives referenced in the shares (with physical or financial
settlement); (4) reference to any agreement or contract regulating the exercise of voting rights or the purchase and sale of our
securities and (5) in the case of foreign shareholders, the name and Brazilian tax file number of their representative in Brazil.
Moreover, we are required to send this information to the CVM and the B3 and update our Brazilian reference form (<I>formul&aacute;rio
de refer&ecirc;ncia</I>) accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Disclosure of Material Developments</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CVM Instruction No.&nbsp;358 requires the
disclosure of certain information related to material acts or facts concerning publicly listed companies. These requirements include
provisions that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>define a material fact, which include decisions made by the principal shareholders, resolutions of the shareholders&rsquo;
meeting and of the board of directors, board of executive officers and fiscal council, if installed, and any technical or advisory
committee of publicly listed companies, or any other facts of a political, administrative, technical, business, financial or economic
nature that are related to the company&rsquo;s business and that may significantly influence (i)&nbsp;the price of its publicly
traded securities; (ii)&nbsp;the decision of investors to buy, sell or hold these securities; and (iii)&nbsp;the decision of investors
to exercise any of the securities&rsquo; underlying rights;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>specify examples of acts or facts that are considered to be material, which include, among others, the execution of shareholders&rsquo;
agreements providing for the transfer of control, the entry or withdrawal of shareholders that maintain any management, financial,
technological or administrative function with or contribution to the company, and any corporate restructuring undertaken among
related companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>require the investor relations officer, controlling shareholders, directors, executive officers, members of the fiscal council,
if installed, and of any technical or advisory committee to disclose material facts to the CVM;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>require simultaneous disclosure of material facts to all stock exchanges in which the company&rsquo;s securities are admitted
for trading;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>require the acquirer of a controlling stake in a company to publish material facts, including its intentions as to whether
or not to de-list the company&rsquo;s shares, within one&nbsp;year after the acquisition;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>establish rules regarding disclosure requirements with respect to the acquisition and disposal of material equity interest
in a publicly traded company; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>restrict the use of insider information.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">According to CVM Instruction No.&nbsp;358,
under special circumstances, we may submit to the CVM a request for confidential treatment for certain material developments when
our controlling shareholders or officers believe that disclosure would place our interest at risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate Governance</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In conducting CSAN&rsquo;s business, we
adopt corporate governance practices based on the principles of transparency, general equity principles, accountability and corporate
responsibility, all in accordance with the Brazilian Institute of Corporate Governance (<I>Instituto Brasileiro de Governan&ccedil;a
Corporativa</I>) (&ldquo;IBGC&rdquo;), which provides guidelines to companies in order to: (a) increase value; (b) improve performance;
(c) facilitate access to capital at lower costs; and (d) contribute to the continuity of operations. Among other corporate governance
practices recommended by the IBGC, we have adopted the following practices:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>capital stock composed exclusively by common shares, providing all shareholders with voting rights;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>registration, whenever requested by its shareholders, of the occurrence of dissenting votes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>maintenance and disclosure of the registry containing the quantity of shares that each member possesses, identifying them by
name;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the requirement that in the event of a sale of shares that would result in a change of control, all shareholders have the right
to sell their shares under the same terms as any controlling shareholders (tag along). The change of control premium must be transparent.
In the event of the sale of all of any controlling shareholder block, the offeror must provide tag-along rights for shareholders
who do not form part of a control block;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>hiring independent auditors to audit CSAN&rsquo;s financial statements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>forwarding to the CVM and to B3 all the minutes of CSAN&rsquo;s shareholders&rsquo; meetings;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provision in the CSAN By-Laws for a fiscal council (on a non-permanent basis upon the affirmative vote of the requisite number
of shareholders);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>clear by-laws with respect to (1) the manner in which shareholders&rsquo; meetings will be convened; and (2) the election,
removal and term of CSAN&rsquo;s directors and executive officers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>adoption of a board of directors, consisting of nine to thirteen members, who have a unified one-year term of office, with
possibility of renewal;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>separation of the position of chief executive officer and the position of chairman of the board of directors;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>policy of disclosure of material acts or facts, with the Investor Relations Officer as the Company&rsquo;s main spokesperson;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>adoption of a trading policy regarding shares issued by the Company, approved by the board of directors and with controls that
enable its compliance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>transparency in the disclosure of annual reports;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>free access to the information and facilities of CSAN&rsquo;s companies for members of CSAN&rsquo;s board of directors;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>resolution of conflicts between CSAN and its shareholders through arbitration, which is the exclusive means of resolving such
disputes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a general meeting of shareholders with power to (a) elect and dismiss the board of directors&rsquo; members, (b) determine
the overall annual compensation of the members of the board of directors and board of executive officers, as well as compensation
of the members of the fiscal council, when installed, (c) analyze, on an annual basis, the managers&rsquo; accounts and resolve
the financial statements presented by them, (d) amend the by-laws, (e) resolve the dissolution, liquidation, merger, split and
consolidation of us, or of any of CSAN&rsquo;s companies, (f) approve the granting of stock option plans to CSAN&rsquo;s managers
and employees, as well as to managers and employees of other companies, direct or indirectly, controlled by us, (g) resolve, as
per proposal presented by the management, the allocation of net income for the year and distribution of dividends, (h) elect the
liquidator, as well as the fiscal council that shall be installed during the liquidation period, (i) resolve to deregister as a
publicly held company and to delist from the special listing segment referred to as the <I>Novo Mercado </I>of B3 and (j) choose
a specialized company in charge of determining CSAN&rsquo;s economic value and preparing the valuation report of CSAN&rsquo;s common
shares, in the event of deregistering as a publicly held company and delisting from the <I>Novo Mercado</I>, within the companies
appointed by the board of directors; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the site for the general meeting of shareholders in order to facilitate the presence of all shareholders or their representatives.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment in Our Common Shares by Non-Residents of Brazil</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investors who are non-residents in Brazil
must register their investment in shares under Law No. 4,131, dated September 3, 1962 (as amended), or CMN Resolution No. 4,373,
dated September 29, 2014 (as amended) (&ldquo;<I>CMN Resolution No. 4,373</I>&rdquo;), and CVM Instruction No. 560 of March 27,
2015 (as amended) (&ldquo;<I>CVM Instruction No. 560</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CMN Resolution No. 4,373 affords favorable
tax treatment to foreign investors who are not residents in a low or nil tax jurisdiction, as defined by Brazilian tax laws (please
refer to the section &ldquo;Taxation&mdash;Material Brazilian Tax Considerations&rdquo; for further discussion on the concept of
a low or nil tax jurisdiction under Brazilian law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under CMN Resolution No. 4,373, investors
who are non-residents in Brazil may invest in almost all financial assets and engage in almost all transactions available in the
Brazilian financial and capital markets, provided that certain requirements are met. CMN Resolution No. 4,373 covers investors
who are individuals, companies, mutual funds and other collective investment entities domiciled or headquartered outside of Brazil.
Under CMN Resolution No. 4,373, an investor under this category must:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>appoint one or more representatives in Brazil, which must be a financial institution duly authorized by the Brazilian Central
Bank to receive service of process related to any action regarding financial and capital markets legislation, among others;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>obtain a taxpayer identification number from the Brazilian tax authorities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>appoint one or more authorized custodians in Brazil for its investments, who must be duly authorized by the CVM; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through its representative or representatives, register as a foreign investor with the CVM and register its investments with
the Brazilian Central Bank.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, an investor operating under
the provisions of CMN Resolution No. 4,373 must be registered with the Brazilian Federal Revenue Office (<I>Secretaria da Receita
Federal</I>) pursuant to its Normative Ruling No. 1,863/2018. This registration process is undertaken by the investor&rsquo;s legal
representative in Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Securities and other financial assets held
by non-Brazilian investors pursuant to CMN Resolution No. 4,373 must be registered or maintained in deposit accounts or under the
custody of an entity duly licensed by the Brazilian Central Bank or the CVM. In addition, securities trading is restricted to transactions
carried out in the stock exchanges or through organized over-the-counter markets licensed by the CVM, except for transfers resulting
from a corporate reorganization, or occurring upon the death of an investor by operation of law or will.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Non-Brazilian investors may also invest
directly under Law No. 4,131 and may sell their shares in both private and open market transactions, but these investors are subject
to less favorable tax treatment on gains than Resolution No. 4,373 investors. A non-Brazilian direct investor under Law No. 4,131
must:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>register as a foreign direct investor with the Brazilian Central Bank;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>obtain a Brazilian identification number from the Brazilian tax authorities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>appoint a tax representative in Brazil; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>appoint a representative in Brazil for service of process in respect of suits based on the Brazilian Corporate 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; text-indent: 0.25in">If a holder of ADSs decides to exchange
ADSs for the underlying common shares, the holder will be entitled to (i) sell the common shares on the B3 and rely on the depositary&rsquo;s
electronic registration for five business days from</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 99; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">the
date of exchange to obtain and remit U.S. dollars abroad upon the holder&rsquo;s sale of our common shares, (ii) convert its investment
into a foreign portfolio investment under of CMN Resolution No. 4,373, or (iii) convert its investment into a foreign direct investment
under Law No. 4,131/62.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a holder of ADSs wishes to convert their
investment into either an foreign portfolio investment under of CMN Resolution No. 4,373 or a foreign direct investment under Law
No. 4,131/62, they should begin the process of obtaining foreign investor registration with the Brazilian Central Bank or with
the CVM as the case may be, in advance of exchanging the ADSs for common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The custodian is authorized to update the
depositary&rsquo;s electronic registration to reflect conversions of ADSs into foreign portfolio investments under CMN Resolution
No. 4,373. If a holder of ADSs elects to convert their ADSs into a foreign direct investment under Law 4,131/62, the conversion
will be effected by the Brazilian Central Bank after receipt of an electronic request from the custodian with details of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a foreign direct investor under Law
No. 4,131/62 wishes to deposit their shares into the ADR program in exchange for ADSs, such holder will be required to present
to the custodian evidence of payment of capital gains taxes. The conversion will be effected by the Brazilian Central Bank after
receipt of an electronic request from the custodian with details of the transaction. Please refer to &ldquo; Material Tax Considerations &mdash;Material
Brazilian Tax Considerations&rdquo; for a description of the tax consequences to an investor residing outside Brazil of investing
in our common shares in Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For additional information
on Brazilian tax consequences of investing in our common shares, see &ldquo; Material Tax Considerations &mdash;Material
Brazilian Tax Considerations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal Differences between Brazilian and U.S. Corporate
Governance Practices</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Sarbanes-Oxley Act, as well as related
rules subsequently implemented by the SEC, require foreign private issuers, such as CSAN, to comply with various corporate governance
practices. In addition, following the listing of the CSAN ADSs on the NYSE/Nasdaq, CSAN will be required to comply with the listing
rules of the NYSE/Nasdaq, or NYSE rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NYSE/Nasdaq rules include certain accommodations
to corporate governance requirements that allow foreign private issuers, such as CSAN, to follow &ldquo;home country&rdquo; corporate
governance practices in lieu of the otherwise applicable corporate governance standards of the NYSE/Nasdaq. Under NYSE/Nasdaq rules,
CSAN is required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>have an audit committee or audit board in accordance with an exemption available to foreign private issuers, as discussed below;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provide prompt certification by CSAN&rsquo;s chief executive officer of any material non-compliance with any corporate governance
rules; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provide a brief description of the significant differences between CSAN&rsquo;s corporate governance practices and the NYSE/Nasdaq
corporate governance practice required to be followed by U.S. listed companies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A summary of the significant differences
between CSAN&rsquo;s corporate governance practices and those required of U.S. listed companies is included below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Majority of Independent Directors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NYSE/Nasdaq rules require that a majority
of the board of a listed company consist of independent directors. Independence is defined by various criteria, including the absence
of a material relationship between the director and the listed company. Under the B3 listing rules, CSAN&rsquo;s board of directors
must be composed of a minimum of two independent directors or a minimum of 20% of CSAN&rsquo;s total directors must be independent,
whichever is greater. Additionally, pursuant to the Brazilian Corporation Law and CVM regulations, CSAN&rsquo;s directors are required
to meet certain qualification requirements that address their compensation, duties and responsibilities. While CSAN&rsquo;s directors
meet the qualification requirements of the Brazilian Corporation Law and CVM regulations, we do not</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">believe
that a majority of CSAN&rsquo;s directors would be considered independent under the NYSE/Nasdaq rules test for director independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Executive Sessions</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NYSE/Nasdaq rules require that independent
directors must meet at regularly scheduled executive sessions. The Brazilian Corporation Law does not have a similar provision,
however, the by-laws may provide for such requirement. Under the CSAN&rsquo;s by-laws, all directors shall meet at least four times
each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Nominating/corporate governance committee
and compensation committee</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NYSE/Nasdaq rules require that listed companies
maintain a nominating/corporate governance committee and a compensation committee comprising entirely independent directors and
governed by a written charter addressing each committee&rsquo;s required purpose and detailing its required responsibilities. The
responsibilities of the nominating/corporate governance committee include, among other matters, identifying and selecting qualified
board member nominees and developing a set of applicable corporate governance principles. The responsibilities of the compensation
committee, in turn, include, among other matters, reviewing corporate goals relevant to the chief executive officer&rsquo;s compensation,
evaluating the chief executive officer&rsquo;s performance, approving the chief executive officer&rsquo;s compensation levels and
recommending to the board compensation of other executive officers, incentive compensation and equity-based compensation plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Brazilian Corporation Law,
CSAN is not required to maintain a nominating committee, corporate governance committee or a compensation committee. Aggregate
compensation for CSAN&rsquo;s directors and executive officers is established by CSAN&rsquo;s shareholders at annual shareholders&rsquo;
meetings. The allocation of aggregate compensation among CSAN&rsquo;s directors and executive officers is determined by CSAN&rsquo;s
directors at board of director meetings. The Brazilian Corporation Law and CVM regulations establish rules in relation to certain
qualification requirements and restrictions, compensation, duties and responsibilities of a company&rsquo;s executives and directors.
In addition to the foregoing, the Novo Mercado Rules applicable to CSAN require that the board of directors of a company discusses
and approves certain internal policies, including a compensation policy and a nominating policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Shareholder Approval of Equity Compensation
Plans</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NYSE/Nasdaq rules provide for limited exceptions
to the requirement that shareholders be given the opportunity to vote on all equity compensation plans and material revisions to
those plans (which may be approved for an undefined period). In contrast, pursuant to the Brazilian Corporation Law, all stock
option plans must be submitted for approval by the holders of CSAN&rsquo;s common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Corporate Governance Guidelines</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NYSE/Nasdaq rules require that listed companies
adopt and disclose corporate governance guidelines. CSAN complies with the corporate governance guidelines under applicable Brazilian
law and the&nbsp;Novo Mercado Rules. CSAN believes the corporate governance guidelines applicable to us under Brazilian law are
consistent with the NYSE rules. CSAN has adopted and observe policies that deal with the public disclosure of all relevant information
and which requires management to disclose all transactions relating to CSAN&rsquo;s securities as per CVM&rsquo;s regulations and
the&nbsp;Novo Mercado Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Internal Audit Function</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">NYSE rules require that listed companies
maintain an internal audit function to provide management and the audit committee with ongoing assessments of the company&rsquo;s
risk management processes and system of internal control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The&nbsp;Novo Mercado&nbsp;Rules provide
that the listed companies are required to have an audit department whose activities are reported to CSAN&rsquo;s board of directors,
and which among other matters, is responsible for assessing the quality and effectiveness of CSAN&rsquo;s risk management processes.<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="descdepostiagree"></A>Description
of CSAN ADSs and CSAN Deposit Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">American Depositary Receipt Facility</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ,
as depositary (the &ldquo;ADS Depositary&rdquo;), will register and deliver American Depositary Shares (&ldquo;ADSs&rdquo;), also
referred to as CSAN ADSs. Each CSAN ADS will represent ownership of one CSAN Share, deposited with&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, as custodian for the ADS Depositary. Each CSAN ADS will also represent any other securities, cash or other property which may
be held by the ADS Depositary. The deposited shares, together with any other securities, cash or other property held by the ADS
Depositary, are referred to as the deposited securities. The ADS Depositary&rsquo;s office at which the CSAN ADSs will be administered
is located at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may hold CSAN ADSs either (A) directly
(i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number of
CSAN ADSs, registered in your name, or (ii) by having uncertificated CSAN ADSs registered in your name, or (B) indirectly by holding
a security entitlement in CSAN ADSs through your broker or other financial institution that is a direct or indirect participant
in The Depository Trust Company, also called DTC. If you hold CSAN ADSs directly, you are a registered CSAN ADS holder, also referred
to in this description as a CSAN ADS holder. This description assumes that you are a CSAN ADS holder. If you hold CSAN ADSs indirectly,
you must rely on the procedures of your broker or other financial institution to assert the rights of CSAN ADS holders described
in this section. You should consult with your broker or financial institution to find out what those procedures are.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Registered holders of uncertificated CSAN
ADSs will receive statements from the ADS Depositary confirming their holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a CSAN ADS holder, we will not treat
you as one of CSAN&rsquo;s shareholders and you will not have shareholder rights. Brazilian law governs shareholder rights. The
ADS Depositary will be the holder of the shares underlying your CSAN ADSs. As a registered holder of CSAN ADSs, you will have ADS
holder rights. A deposit agreement among us, the ADS Depositary, CSAN ADS holders and all other persons indirectly or beneficially
holding CSAN ADSs sets out CSAN ADS holder rights as well as the rights and obligations of the ADS Depositary. New York law governs
the deposit agreement and the CSAN ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a summary of the material
provisions of the deposit agreement that will be entered into by CSAN and the ADS Depositary prior to completion of the Merger
(the &ldquo;CSAN Deposit Agreement&rdquo;). For more complete information, you should read the entire CSAN Deposit Agreement and
the form of ADR. For directions on how to obtain copies of those documents, once CSAN and the ADS Depositary enter into such agreements,
see &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends and Other Distributions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">How will you receive dividends and other
distributions on the shares?</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ADS Depositary has agreed to pay or
distribute to CSAN ADS holders the cash dividends or other distributions it or the custodian receives on shares or other deposited
securities, upon payment or deduction of its fees and expenses. You will receive these distributions in proportion to the number
of shares your CSAN ADSs represent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Cash</I></B>. The ADS Depositary
will convert any cash dividend or other cash distribution we pay on the shares into U.S. dollars, if it can do so on a reasonable
basis and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and
cannot be obtained, the CSAN Deposit Agreement allows the ADS Depositary to distribute the foreign currency only to those CSAN
ADS holders to whom it is possible to do so. It will hold the foreign currency it cannot convert for the account of the CSAN ADS
holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Before making a distribution, any withholding
taxes or other governmental charges that must be paid will be deducted. See &ldquo;Material Tax Considerations.&rdquo; The ADS
Depositary will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. <I>If the
exchange rates fluctuate during a time when the ADS Depositary cannot convert the foreign currency, you may lose some of the value
of the distribution.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a cash distribution would represent
a return of all or substantially all the value of the deposited securities underlying the CSAN ADS, the ADS Depositary may require
surrender of those CSAN ADS and may require payment of or deduct the fee for surrender of CSAN ADS (whether or not it is also requiring
surrender of CSAN ADS) as a condition of making that cash distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Shares</I></B><I>. </I>The ADS Depositary
may distribute additional CSAN ADSs representing any shares we distribute as a dividend or free distribution. The ADS Depositary
will only distribute whole CSAN ADSs. It will sell shares which would require it to deliver a fraction of a CSAN ADS (or CSAN ADSs
representing those shares) and distribute the net proceeds in the same way it does cash. If the ADS Depositary does not distribute
additional CSAN ADSs, the outstanding CSAN ADSs will also represent the new shares. The ADS Depositary may sell a portion of the
distributed shares (or CSAN ADSs representing those shares) sufficient to pay its fees and expenses in connection with that distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If CSAN declares a distribution in which
holders of deposited securities have a right to elect whether to receive cash, shares or other securities or a combination of those
things, or a right to elect to have a distribution sold on their behalf, the ADS Depositary may, after consultation with CSAN,
make that right of election available for exercise by the owners in any manner the ADS Depositary considers lawful and practical.
As a condition of making a distribution election right available to owners, the ADS Depositary may require satisfactory assurances
from CSAN that doing so does not require registration of any securities under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Rights to purchase additional shares</I></B><I>.
</I>If CSAN offers holders of its securities any rights to subscribe for additional shares or any other rights, the ADS Depositary
may (i) exercise those rights on behalf of CSAN ADS holders, (ii) distribute those rights to CSAN ADS holders or (iii) sell those
rights and distribute the net proceeds to CSAN ADS holders, in each case after deduction or upon payment of its fees and expenses.
To the extent that the ADS Depositary does not do any of those things, it will allow the rights to lapse. <I>In that case, you
will receive no value for them. </I>The ADS Depositary will exercise or distribute rights only if we ask it to and provide satisfactory
assurances to the ADS Depositary that it is legal to do so. If the ADS Depositary will exercise rights, it will purchase the securities
to which the rights relate and distribute those securities or, in the case of shares, new CSAN ADSs representing the new shares,
to subscribing CSAN ADS holders, but only if CSAN ADS holders have paid the exercise price to the ADS Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">U.S. securities laws may restrict the ability
of the ADS Depositary to distribute rights or CSAN ADSs or other securities issued on exercise of rights to all or certain CSAN
ADS holders, and the securities distributed may be subject to restrictions on transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Other Distributions</I></B><I>. </I>The
ADS Depositary will send to CSAN ADS holders anything else we distribute on deposited securities by any means it thinks is legal,
fair and practical. If it cannot make the distribution in that way, the ADS Depositary may adopt such other method as it may deem
equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private
sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such sale. The
ADS Depositary may withhold any distribution of securities if it has not received satisfactory assurances from CSAN that the distribution
does not require registration under the Securities Act. The ADS Depositary may sell, by public or private sale, an amount of securities
or other property it would otherwise distribute that is sufficient to pay its fees and expenses in respect of that distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ADS Depositary is not responsible if
it decides that it is unlawful or impractical to make a distribution available to any CSAN ADS holders. We have no obligation to
register CSAN ADSs, shares, rights or other securities under the Securities Act. Other than with respect to the Mergers, we also
have no obligation to take any other action to permit the distribution of CSAN ADSs, shares, rights or anything else to CSAN ADS
holders. <I>This means that you may not receive the distributions CSAN makes on its shares or any value for them if it is illegal
or impractical for CSAN to make them available to you</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a distribution would represent a return
of all or substantially all the value of the deposited securities underlying the CSAN ADS, the ADS Depositary may require surrender
of those CSAN ADS and may require payment of or deduct the fee for surrender of CSAN ADS (whether or not it is also requiring surrender
of CSAN ADS) as a condition of making that distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deposit, Withdrawal and Cancellation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">How are CSAN ADSs issued?</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ADS Depositary will deliver CSAN ADSs
if you or your broker deposits shares or evidence of rights to receive shares with the custodian. Upon payment of its fees and
expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the ADS Depositary will register the
appropriate number of CSAN ADSs in the names you request and will deliver the CSAN ADSs to or upon the order of the person or persons
that made the deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">How can CSAN ADS holders withdraw the
deposited securities?</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may surrender your CSAN ADSs to the
ADS Depositary for the purpose of withdrawal. Upon payment of its fees and expenses and of any taxes or charges, such as stamp
taxes or stock transfer taxes or fees, the ADS Depositary will deliver the shares and any other deposited securities underlying
the CSAN ADSs to the CSAN ADS holder or a person the CSAN ADS holder designates at the office of the custodian. Or, at your request,
risk and expense, the ADS Depositary will deliver the deposited securities at its office, if feasible. However, the ADS Depositary
is not required to accept surrender of CSAN ADSs to the extent that acceptance would require delivery of a fraction of a deposited
share or other security. The ADS Depositary may charge you a fee and its expenses for instructing the custodian regarding delivery
of deposited securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">How do CSAN ADS holders interchange certificated
CSAN ADSs and uncertificated CSAN ADSs?</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may surrender your ADR to the ADS Depositary
for the purpose of exchanging your ADR for uncertificated CSAN ADSs. The ADS Depositary will cancel that ADR and will send to the
CSAN ADS holder a statement confirming that the CSAN ADS holder is the registered holder of uncertificated CSAN ADSs. Upon receipt
by the ADS Depositary of a proper instruction from a registered holder of uncertificated CSAN ADSs requesting the exchange of uncertificated
CSAN ADSs for certificated CSAN ADSs, the ADS Depositary will execute and deliver to the CSAN ADS holder an ADR evidencing those
CSAN ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Voting Rights</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">How do you vote?</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN ADS holders may instruct the ADS Depositary
how to vote proportionately to the number of deposited shares their CSAN ADSs represent. If we request the ADS Depositary to solicit
your voting instructions (and we are not required to do so), the ADS Depositary will notify you of a shareholders&rsquo; meeting
and send or make voting materials available to you. Those materials will describe the matters to be voted on and explain how CSAN
ADS holders may instruct the ADS Depositary how to vote. For instructions to be valid, they must reach the ADS Depositary by a
date set by the ADS Depositary. The ADS Depositary will try, as far as practical, subject to the laws of Brazil and the provisions
of CSAN&rsquo;s organizational documents, to vote or to have its agents vote proportionately to the shares or other deposited securities
as instructed by CSAN ADS holders. If we do not request the ADS Depositary to solicit your voting instructions, you can still send
voting instructions, and, in that case, the ADS Depositary may try to vote as you instruct, but it is not required to do so. <I>Except
by instructing the ADS Depositary as described above, you will not be able to exercise voting rights unless you surrender your
CSAN ADSs and withdraw the shares. However, you may not receive enough advance notice to withdraw the shares. </I>In any event,
the ADS Depositary will not exercise any discretion in voting deposited securities and it will only vote or attempt to vote as
instructed, as set forth in the CSAN Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot assure you that you will receive
the voting materials in time to ensure that you can instruct the ADS Depositary how to vote proportionately to your shares. In
addition, the ADS Depositary and its agents are not responsible for communicating voting instructions or the manner in which they
are communicated. <I>This means that you may not be able to exercise voting rights and there may be nothing you can do if your
shares are not voted as you requested. </I>In order to give you a reasonable opportunity to instruct the ADS Depositary as to the
exercise of voting rights relating to securities deposited with the ADS Depositary as part of CSAN&rsquo;s ADS program, if we request
the ADS Depositary to act, we agree to give the ADS Depositary notice of any such meeting and details concerning the matters to
be voted upon at least 45 days in advance of the meeting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fees and Expenses</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Persons
        depositing or withdrawing shares<BR>
        or CSAN ADS holders must pay:</P>
</TD>
    <TD STYLE="width: 57%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">For:</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(or less) per 100 CSAN ADSs<BR>
(or portion of 100 CSAN ADSs)&#9;</TD>
    <TD><BR>
Delivery of CSAN ADSs, including deliveries resulting from a distribution of shares or rights</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Surrender of CSAN ADSs and withdrawal of deposited securities, including if the CSAN Deposit Agreement terminates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(or less) per CSAN ADS&#9;</TD>
    <TD>Any cash distribution to CSAN ADS holders</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of CSAN ADSs&#9;</TD>
    <TD><BR>
Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the ADS Depositary to CSAN ADS holders</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(or less) per CSAN ADS per calendar year&#9;</TD>
    <TD>ADS Depositary services</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Registration or transfer fees&#9;</TD>
    <TD>Transfer and registration of shares on CSAN&rsquo;s share register to or from the name of the ADS Depositary or its agent when you deposit or withdraw shares</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Expenses of the ADS Depositary&#9;</TD>
    <TD>Cable (including SWIFT) and facsimile transmissions (when expressly provided in the CSAN Deposit Agreement)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Converting foreign currency to U.S. dollars</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Taxes and other governmental charges the ADS Depositary or the custodian has to pay on any CSAN ADSs or shares underlying CSAN ADSs, such as stock transfer taxes, stamp duty or withholding taxes&#9;</TD>
    <TD><BR>
<BR>
As necessary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Any charges incurred by the ADS Depositary or its agents for servicing the deposited securities&#9;</TD>
    <TD><BR>
As necessary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ADS Depositary collects its fees for
delivery and surrender of CSAN ADSs directly from investors depositing shares or surrendering CSAN ADSs for the purpose of withdrawal
or from intermediaries acting for them. The ADS Depositary collects fees for making distributions to investors by deducting those
fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The ADS Depositary may collect
its annual fee for ADS Depositary services by deduction from cash distributions or by directly billing investors or by charging
the book-entry system accounts of participants acting for them. The ADS Depositary may collect any of its fees by deduction from
any cash distribution payable (or by selling a portion of securities or other property distributable) to CSAN ADS holders that
are obligated to pay those fees. The ADS Depositary may generally refuse to provide fee-attaching services until its fees for those
services are paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From time to time, the ADS Depositary may
make payments to us to reimburse us for costs and expenses generally arising from establishment and maintenance of the CSAN ADS
program, waiving fees and expenses for</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">services
provided to us by the ADS Depositary, or sharing revenue from the fees collected from CSAN ADS holders. In performing its duties
under the CSAN Deposit Agreement, the ADS Depositary may use brokers, dealers, foreign currency dealers or other service providers
that are owned by or affiliated with the ADS Depositary and that may earn or share fees, CSAN ADSs or commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ADS Depositary may convert currency
itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as agent, advisor, broker
or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction CSAN ADSs, that it will
retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the
currency conversion made under the CSAN Deposit Agreement and the rate that the ADS Depositary or its affiliate receives when buying
or selling foreign currency for its own account. The ADS Depositary makes no representation that the exchange rate used or obtained
in any currency conversion under the CSAN Deposit Agreement will be the most favorable rate that could be obtained at the time
or that the method by which that rate will be determined will be the most favorable to CSAN ADS holders, subject to the ADS Depositary&rsquo;s
obligations under the CSAN Deposit Agreement. The methodology used to determine exchange rates used in currency conversions is
available upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Taxes</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You will be responsible for any taxes or
other governmental charges payable on your CSAN ADSs or on the deposited securities represented by any of your CSAN ADSs. The ADS
Depositary may refuse to register any transfer of your CSAN ADSs or allow you to withdraw the deposited securities represented
by your CSAN ADSs until those taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented
by your CSAN ADSs to pay any taxes owed and you will remain liable for any deficiency. If the ADS Depositary sells deposited securities,
it will, if appropriate, reduce the number of CSAN ADSs to reflect the sale and pay to CSAN ADS holders any proceeds, or send to
CSAN ADS holders any property, remaining after it has paid the taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tender and Exchange Offers; Redemption, Replacement or
Cancellation of Deposited Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ADS Depositary will not tender deposited
securities in any voluntary tender or exchange offer unless instructed to do so by a CSAN ADS holder surrendering CSAN ADSs and
subject to any conditions or procedures the ADS Depositary may establish.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If deposited securities are redeemed for
cash in a transaction that is mandatory for the ADS Depositary as a holder of deposited securities, the ADS Depositary will call
for surrender of a corresponding number of CSAN ADSs and distribute the net redemption money to the holders of called CSAN ADSs
upon surrender of those CSAN ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If there is any change in the deposited
securities such as subdivision, combination or other reclassification, or any merger, consolidation, recapitalization or reorganization
affecting the issuer of deposited securities in which the ADS Depositary receives new securities in exchange for or in lieu of
the old deposited securities, the ADS Depositary will hold those replacement securities as deposited securities under the CSAN
Deposit Agreement. However, if the ADS Depositary decides that it would not be lawful and practical to hold the replacement securities
because those securities could not be distributed to CSAN ADS holders or for any other reason, the ADS Depositary may instead sell
the replacement securities and distribute the net proceeds upon surrender of the CSAN ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If there is a replacement of the deposited
securities and the ADS Depositary will continue to hold the replacement securities, the ADS Depositary may distribute new CSAN
ADSs representing the new deposited securities or ask you to surrender your outstanding ADSs in exchange for new ADSs identifying
the new deposited securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If there are no deposited securities underlying
CSAN ADSs, including if the deposited securities are cancelled, or if the deposited securities underlying CSAN ADSs have become
apparently worthless, the ADS Depositary may call for surrender of those CSAN ADSs or cancel those CSAN ADSs upon notice to the
CSAN ADS holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendment and Termination</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">How may the CSAN Deposit Agreement be
amended?</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may agree with the ADS Depositary to
amend the CSAN Deposit Agreement and the form of ADR without your consent for any reason. If an amendment adds or increases fees
or charges, except for taxes and other governmental charges or expenses of the ADS Depositary for registration fees, facsimile
costs, delivery charges or similar items, or prejudices a substantial right of CSAN ADS holders, it will not become effective for
outstanding CSAN ADSs until 30 days after the ADS Depositary notifies CSAN ADS holders of the amendment. <I>At the time an amendment
becomes effective, you are considered, by continuing to hold your CSAN ADSs, to have agreed to the amendment and to be bound by
the form of ADR and the CSAN Deposit Agreement as amended</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">How may the CSAN Deposit Agreement be
terminated?</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ADS Depositary will initiate termination
of the CSAN Deposit Agreement if we instruct it to do so. The ADS Depositary may initiate termination of the CSAN Deposit Agreement
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>90 days have passed since the ADS Depositary told us that it wants to resign but a successor ADS Depositary has not been appointed
and accepted its appointment; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a termination option event has occurred or will occur.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the CSAN Deposit Agreement will terminate,
the ADS Depositary will notify CSAN ADS holders at least 120 days before the termination date. At any time after the termination
date, the ADS Depositary may sell the deposited securities. After that, the ADS Depositary will hold the money it received on the
sale, as well as any other cash it is holding under the CSAN Deposit Agreement, unsegregated and without liability for interest,
for the pro rata benefit of the CSAN ADS holders that have not surrendered their CSAN ADSs. Normally, the ADS Depositary will sell
the CSAN ADSs as soon as practicable after the termination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the ADS Depositary is advised by counsel
that it could be subject to material legal liability because CSAN failed to provide information required by Brazilian regulators,
the ADS Depositary may terminate the CSAN Deposit Agreement on as little as 15 days&rsquo; notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After the termination date, the ADS Depositary
shall continue to receive dividends and other distributions pertaining to deposited securities (that have not been sold), may sell
rights and other property as provided in the CSAN Deposit Agreement and shall deliver deposited securities upon surrender of CSAN
ADSs. After the termination date, the ADS Depositary (i) shall not accept deposits of shares or deliver CSAN ADSs; (ii) may refuse
to accept surrenders of CSAN ADSs for the purposes of withdrawal of deposited securities (that have not been sold) or reverse previously
accepted surrenders of that kind that have not settled if in its judgment the requested withdrawal would interfere with its efforts
to sell the deposited securities; (iii) will not be required to deliver cash proceeds of the sale of deposited securities until
all deposited securities have been sold; and (iv) may discontinue the registration of transfers of CSAN ADSs and suspend the distribution
of dividends and other distributions on deposited securities to the owners and need not give any further notices or perform any
further acts under the CSAN Deposit Agreement except as described in this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Limitations on Obligations and Liability</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Limits on CSAN&rsquo;s Obligations and
the Obligations of the ADS Depositary; Limits on Liability to Holders of CSAN ADSs</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The CSAN Deposit Agreement expressly limits
CSAN&rsquo;s obligations and the obligations of the ADS Depositary. It also limits CSAN&rsquo;s liability and the liability of
the ADS Depositary. We and the ADS Depositary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>are only obligated to take the actions specifically set forth in the CSAN Deposit Agreement without negligence or bad faith,
and the ADS Depositary will not be a fiduciary or have any fiduciary duty to holders of CSAN ADSs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>are not liable if we are or it is prevented or delayed by law or by events or circumstances beyond CSAN&rsquo;s or its ability
to prevent or counteract with reasonable care or effort from performing CSAN&rsquo;s or its obligations under the CSAN Deposit
Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>are not liable if we or it exercises discretion permitted under the CSAN Deposit Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>are not liable for the inability of any holder of CSAN ADSs to benefit from any distribution on deposited securities that is
not made available to holders of CSAN ADSs under the terms of the CSAN Deposit Agreement, or for any special, consequential or
punitive damages for any breach of the terms of the CSAN Deposit Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>have no obligation to become involved in a lawsuit or other proceeding related to the CSAN ADSs or the CSAN Deposit Agreement
on your behalf or on behalf of any other person;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may rely upon any documents we believe or it believes in good faith to be genuine and to have been signed or presented by the
proper person; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>are not liable for the acts or omissions of any securities depository, clearing agency or settlement system.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ADS Depositary has no duty to make
any determination or provide any information as to CSAN&rsquo;s tax status, nor any liability for any tax consequences that may
be incurred by CSAN ADS holders as a result of owning or holding CSAN ADSs, nor is it liable for the inability or failure of any
CSAN ADS holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect
of tax or any other tax benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the CSAN Deposit Agreement, we and the
ADS Depositary agree to indemnify each other under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Requirements for ADS Depositary Actions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Before the ADS Depositary will deliver
or register a transfer of CSAN ADSs, make a distribution on CSAN ADSs, or permit withdrawal of shares, the ADS Depositary may require:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties
for the transfer of any shares or other deposited securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>compliance with regulations it may establish, from time to time, consistent with the CSAN Deposit Agreement, including presentation
of transfer documents.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ADS Depositary may refuse to deliver
CSAN ADSs or register transfers of CSAN ADSs when the transfer books of the ADS Depositary or CSAN&rsquo;s transfer books are closed
or at any time that the ADS Depositary or we think it advisable to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your Right to Receive the Shares Underlying Your CSAN ADSs</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN ADS holders have the right to cancel
their CSAN ADSs and withdraw the underlying shares at any time except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>when temporary delays arise because: (i) the ADS Depositary has closed its transfer books or we have closed CSAN&rsquo;s transfer
books; (ii) the transfer of shares is blocked to permit voting at a shareholders&rsquo; meeting; or (iii) we are paying a dividend
on CSAN&rsquo;s shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>when you owe money to pay fees, taxes and similar charges; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to CSAN
ADSs or to the withdrawal of shares or other deposited securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This right of withdrawal may not be limited
by any other provision of the CSAN Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Direct Registration System</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the CSAN Deposit Agreement, all parties
to the CSAN Deposit Agreement acknowledge that DTC&rsquo;s Direct Registration System, also referred to as DRS, and the Profile
Modification System, also referred to as Profile, will apply to the CSAN ADSs. DRS is a system administered by DTC that facilitates
interchange between registered holding of uncertificated CSAN ADSs and holding of security entitlements in CSAN ADSs through DTC
and a DTC participant. Profile is a feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder
of uncertificated CSAN ADSs, to direct the ADS Depositary to register a transfer of those CSAN ADSs to DTC or its nominee and to
deliver those CSAN ADSs to the DTC account of that DTC participant without receipt by the ADS Depositary of prior authorization
from the CSAN ADS holder to register that transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with and in accordance with
the arrangements and procedures relating to DRS/Profile, the parties to the CSAN Deposit Agreement understand that the ADS Depositary
will not determine whether the DTC participant that is claiming to be acting on behalf of a CSAN ADS holder in requesting registration
of transfer and delivery as described in the paragraph above has the actual authority to act on behalf of the CSAN ADS holder (notwithstanding
any requirements under the Uniform Commercial Code). In the CSAN Deposit Agreement, the parties agree that the ADS Depositary&rsquo;s
reliance on and compliance with instructions received by the ADS Depositary through the DRS/Profile system and in accordance with
the CSAN Deposit Agreement will not constitute negligence or bad faith on the part of the ADS Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholder Communications; Inspection of the Register
of Holders of CSAN ADSs</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ADS Depositary will make available
for your inspection at its office all communications that it receives from us as a holder of deposited securities that we make
generally available to holders of deposited securities. The ADS Depositary will send you copies of those communications or otherwise
make those communications available to you if we ask it to. You have a right to inspect the register of holders of CSAN ADSs, but
not for the purpose of contacting those holders about a matter unrelated to CSAN&rsquo;s business or the CSAN ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="majorshareczz"></A>Major Shareholders
and Related Party TRANSACTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> CSAN </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As of the date of this prospectus,
CSAN&rsquo;s issued and outstanding share capital was R$5,045.2 million , fully issued and paid in comprising 394,210,000 common
shares, nominative and without nominal value. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The CSAN Shares are listed on the <I>Novo
Mercado</I> segment of the B3. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The following table sets forth the
principal holders of CSAN&rsquo;s issued and outstanding share capital and their respective shareholding as of the date of this
prospectus: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &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">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Shareholders </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Total Number of<BR> Common
    Shares </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Percentage </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 78%"> CZZ&#9; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; text-align: right"> 255,272,586 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 8%; text-align: right"> 64.76 </TD><TD STYLE="width: 1%; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Controlling Group&#9; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,028 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD> Board of directors&#9; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 93,423 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0.02 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Executive directors&#9; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,652 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD> Others&#9; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 129,493,305 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 32.85 </TD><TD STYLE="text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"> Treasury shares&#9; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9,336,006 </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2.37 </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; font-weight: bold; padding-bottom: 1pt"> Total&#9; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 394,210,000 </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 100.00 </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0in"> Ex-Treasury Shares&#9; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 384,844,793 </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 97.62 </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"> % </TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> CZZ </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> As of the date of this prospectus,
CZZ;&rsquo;s authorized share capital is U.S.$11,888,863.60, consisting of 1,000,000,000 Class A Shares, par value U.S.$0.01 per
share and 188,886,360 class B series 1 common shares, par value U.S.$0.01 per share. Of these, 125,477,259 Class A Shares were
issued and outstanding and 96,332,044 class B series 1 common shares were issued and outstanding as of the date of this annual
report. Each of our Class A Shares entitles its holder to one vote. Each of our Class B Shares entitles its holder to 10 votes.
The chairman of CZZ&rsquo;s board of directors, Mr. Rubens Ometto Silveira Mello controls 48.58% of CZZ&rsquo;s issued and outstanding
share capital, and 88.91% of CZZ&rsquo;s voting power by virtue of his control of 100% of CZZ&rsquo;s class B series 1 common
shares and 13.73% of CZZ&rsquo;s Class A Shares. No class B series 2 common shares are currently issued and outstanding. Other
than the entities and individuals mentioned below, no other single shareholder holds more than 5.0% of CZZ&rsquo;s issued and
outstanding share capital. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth the principal
holders of CZZ&rsquo;s issued and outstanding share capital and their respective shareholding as of the date of this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class A common shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Class&nbsp;B common shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Number of Shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Voting Power</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 37%; text-align: left">Controlling group&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">20,603,636</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">14.50</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">96,332,044</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">100.00</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">116,935,680</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">90.23</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">49.04</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Renaissance Technologies LLC(1)&#9; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> 9,003,251 </TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> 6.33 </TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,074,794</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.74</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.39</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"> Dynamo Internacional Gestao de Recursos Ltda. and Dynamo Administra&ccedil;&atilde;o de Recursos
    Ltda(2) </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> 12,839,596 </TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> 9.03 </TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,189,596</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.21</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.53</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 84,637,307 </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 59.55 </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">85,215,764</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7.82</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35.74</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total shares outstanding&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">127,083,790</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">89.42</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">96,332,044</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100.00</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">223,415,834</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100.00</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">93.70</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Treasury shares&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,031,744</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10.58</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,031,744</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6.30</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>142,115,534</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100.00</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">96,332,044</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100.00</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">238,447,578</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100.00</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100.00</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">%</TD></TR>
</TABLE>



<P STYLE="margin-top: 0; margin-bottom: 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: 0.25in"></TD><TD STYLE="width: 0.25in"> (1) </TD><TD> Based on a statement on Schedule 13G filed on February
                                         14, 2020 by Renaissance Technologies LLC, the date of the last available Schedule 13G
                                         filed by such persons with the SEC. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> (2) </TD><TD> Based on a statement on Schedule 13G/A filed on August
                                         10, 2020 by Dynamo Internacional Gestao de Recursos Ltda. and Dynamo Administra&ccedil;&atilde;o
                                         de Recursos Ltda., the date of the last available Schedule 13G filed by such persons
                                         with the SEC. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For a discussion of CZZ&rsquo;s shareholders,
shareholders&rsquo; agreements and related party transactions, see &ldquo;Item 7. Major Shareholders and Related Party Transactions&rdquo;
of the CZZ 2019 Form 20-F, which is incorporated by reference into this prospectus. For more information about how to obtain
copies of documents incorporated by reference, see the sections of this prospectus entitled &ldquo;Incorporation of Certain Documents
by Reference&rdquo; and &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="interestcertainper"></A>Interests
of Certain Persons in the Merger</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interests of CSAN&rsquo;s and CZZ&rsquo;s Directors
and Executive Officers in the Merger</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> CZZ shareholders should be aware
that CZZ&rsquo;s directors and executive officers as well as the individuals to be designated by CSAN and CZZ to serve on the
CSAN board of directors and as executive officers of CSAN have interests in the Merger that are different from, or in
addition to, the interests of CZZ shareholders generally. CZZ&rsquo;s board of directors was aware of these potentially
differing interests and considered them, among other matters, in reaching its decision to adopt the Merger Protocol and
approve the Merger. CZZ&rsquo;s shareholders should take these interests into account in deciding whether to vote
&ldquo;FOR&rdquo; the Merger Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These interests may include but are not
limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the continued engagement and/or employment, as applicable, of certain board members and executive officers of CZZ, including
positions as directors on the board of directors of CSAN; 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" 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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the treatment in the Merger of equity and equity-based awards, as described in the section of this prospectus entitled &ldquo;The
Merger&mdash;Treatment of Equity and Equity-Based Awards.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management of CSAN Following the Merger </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Upon the closing of the transactions
contemplated by the Merger Protocol, CSAN&rsquo;s board of directors will consist of at least five (5) members and at most twenty
(20) members, whose term of office shall be carried out until the annual shareholders&rsquo; meeting of 2021. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Out of the members of the Board of
Directors, at least two members or 20% of the members, whichever is higher, must be independent directors, as defined in the Novo
Mercado Rulebook. The qualification of the members appointed as independent directors will be resolved upon at the shareholders&rsquo;
meeting that elects such independent directors. A director elected as permitted under Article 141, Paragraphs 4 and 5 of Law No.
6,404/76 will also be deemed an independent director if there is a controlling shareholder. Should compliance with the foregoing
percentage requirement lead to a fractional number of directors, the number of directors will be rounded to the whole number immediately
higher. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> &nbsp; </P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> The number of directors to be elected for the upcoming term
will be decided by a majority vote at the relevant shareholders&rsquo; meeting. A shareholder or a group of shareholders representing
at least 10% of the share capital of CSAN may separately elect up to one additional director. Additionally, shareholders representing
a percentage of the share capital of CSAN of between 5% and 10% (depending on the aggregate value of capital stock of CSAN at
such time, pursuant to the applicable CVM ruling) may request that the election of directors be subject to cumulative voting proceedings,
as provided for in article 141 of the Brazilian Corporation Law and CVM Ruling 165. </P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="comrightholderscsan"></A>Comparison
of the Rights of Holders of CSAN Shares and CZZ Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> CZZ is organized under the laws of
Bermuda. The rights of CZZ shareholders are currently governed by Bermuda law and CZZ&rsquo;s constitutional documents. Pursuant
to the terms and subject to the conditions set forth in the Merger Protocol, upon the completion of the Merger, each Class A Share
issued and outstanding immediately prior to the consummation of the Merger (other than as provided in the Merger Protocol) will
be automatically converted into the right to receive &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;validly issued and allotted, fully paid-up CSAN ADSs and each Class B Share
issued and outstanding immediately prior to the consummation of the Merger (other than as provided in the Merger Protocol) will
be automatically converted into the right to receive &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;validly issued and allotted, fully paid-up CSAN Shares. The rights of
CZZ and CSAN shareholders who become CSAN ADS holders will be governed by Brazilian law (which shall include, for purposes of
this form, the CVM regulation and the Novo Mercado Rules), the CSAN By-Laws, and the terms of the CSAN Deposit Agreement. The
rights of CZZ and CSAN shareholders who become shareholders of CSAN, and the relative powers of the CSAN board of directors, will
be governed by Brazilian law and the CSAN By-Laws. Each CSAN Share will be issued in connection with, and will carry with it the
rights and obligations set forth in, the CSAN By-Laws and Brazilian law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This section summarizes material differences
between the rights of CZZ and CSAN shareholders before consummation of the Merger and the rights of CSAN shareholders after consummation
of the Merger. These differences in shareholder rights result from the differences between the respective constitutional documents
of CZZ and CSAN and the applicable governing law. For additional information regarding the differences between owning CSAN Shares
and owning CSAN ADSs, see the section of this prospectus entitled &ldquo;The Merger Documents&mdash;The Merger Protocol.&rdquo;
The following summary does not include a description of rights or obligations under the U.S. federal securities laws, Brazilian
securities laws, Novo Mercado Rules or NYSE/Nasdaq listing requirements or standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following summary is not a complete
statement of the rights of the shareholders of CZZ, the shareholders of CSAN or the shareholders of CSAN or a complete description
of the specific provisions referred to below. The identification of specific differences is not intended to indicate that other
equally significant or more significant differences do not exist. This summary is qualified in its entirety by reference to Bermuda
law, the Brazilian Corporation Law, CVM rulings, the Novo Mercado Rules, the CSAN Deposit Agreement and CZZ&rsquo;s and CSAN&rsquo;s
constitutional documents, which you are urged to read carefully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The form of the CSAN By-Laws is included
as Exhibit&nbsp;3.1 to this prospectus. CZZ has filed with the SEC its constitutional documents and will send copies of these documents
to you, without charge, upon your request. For additional information, please see the section of this prospectus entitled &ldquo;Where
You Can Find More Information&rdquo; of this prospectus. References to &ldquo;CZZ Bye-laws&rdquo; in the below comparison table
are to the bye-laws of CZZ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD STYLE="width: 51%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Authorized Share Capital</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CZZ has an authorized share capital of US$11,888,863.60 divided
        into 1,000,000,000 Class A Shares of a par value of US$0.01 each and 188,886,360 Class B Shares of a par value of US$0.01 each.
        Class B shares are divided into two series (but comprising part of the same class of shares), as follows 96,332,044 Class B Series
        1 Shares of a par value of US$0.01 each, and 92,554,316 Class B Series 2 Shares of a par value of US$0.01 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">CZZ may increase its authorized share capital by altering the
        conditions if its memorandum of association to increase its share capital by shares of such par value as the company by shareholder
        resolution may prescribe with the approval of the board of directors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CSAN is authorized to increase its capital stock by up to seven
        billion <I>reais</I> (R$7,000,000,000.00), common shares, with no par value, upon a resolution of the board of directors, which
        will establish the terms of issuance, including the price and 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">Within the limits of the authorized capital, the board of directors
        may also issue warrants, convertible debentures, stock options and subscription options (the latter two, after approval of a stock
        option plan by the shareholders).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 51%">The CSAN By-Laws and the Novo Mercado Rules do not permit the issuance of preferred stock.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Structure of Board of Directors</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CZZ Bye-laws provide that the board of directors must be
        composed of not less than five and not more than eleven members or such greater number as the board may by resolution determine.&nbsp;&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">Each director shall be designated as either a class I, class
        II or class III director for the purposes of retirement by rotation provisions set out in the Bye-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">At least forty percent of the directors shall at all times be
        independent directors and, in the event of a transfer of class B series 1 shares to immediate family members pursuant to the CZZ
        Bye-laws at least sixty percent of the directors shall at all times be independent directors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CSAN By-Laws provide that the board of directors must be
        composed of at least five (5) and no more than twenty (20) members, as shall be fixed by the shareholders&rsquo; meeting, determined
        by the majority of votes. Directors are elected and removed by the shareholders&rsquo; meeting, and serve a unified term of office
        of two (2) years, with reelection permitted</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Out of the members of the board of directors, at least two members
        or 20% of the members, whichever is higher, must be independent directors, as defined in the Novo Mercado Rules. The qualification
        of the members appointed as independent directors will be resolved upon at the shareholders&rsquo; meeting that elects such independent
        directors. A director elected as permitted under Article 141, Paragraphs 4 and 5 of Law No. 6,404/76 will also be deemed an independent
        director if there is a controlling shareholder. Should compliance with the foregoing percentage requirement lead to a fractional
        number of directors, the number of directors will be rounded to the whole number immediately higher</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>The board of directors shall have one Chairman and one Vice Chairman of the board of directors, to be appointed at the annual shareholders&rsquo; meeting whose agenda is to resolve on the election of the board of directors. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Shareholder Voting Rights</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders of CZZ class A shares are entitled to one vote per share,
        holders of class B series 1 shares are entitled to ten votes per share and holders of class B series 2 shares are entitled to ten
        votes per share at general meetings of CZZ.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except where a greater majority is required by the Companies
        Act or the CZZ Bye-laws, any question proposed for consideration at any general meeting shall be decided by a simple majority of
        votes cast.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>Holders of CSAN Shares are entitled to one vote per share on the resolutions to be adopted by the shareholders.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shareholders may act by written consent to elect directors except in the case of a proposal to remove a director or the auditor of a company.</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise provided in the CSAN By-Laws or under the
        Brazilian Corporation Law, resolutions submitted to the shareholders&rsquo; meetings may be approved by a majority of the shareholder
        votes validly cast in favor of such action, with abstentions not taken into account.</P>
        <P STYLE="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 Brazilian Corporation Law and CVM Instruction
        No. 481, dated of December 17, 2009 (&ldquo;CVM Instruction No. 481&rdquo;), any Merger or consolidation must be submitted to a
        general</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 51%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">shareholders&rsquo; meeting, with a statement of reasons (<I>protocolo
        e justifica&ccedil;&atilde;o</I>) that 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: -0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;creation of a new
        class of preferred shares or a disproportionate increase of an existing class of preferred shares relative to the other classes
        of shares, unless such action is provided for in, or authorized by, the corporation&rsquo;s by-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 0pt 0.5in; text-indent: -0.25in">(ii)&nbsp;&nbsp;reduction of the
        annual minimum mandatory dividend;</P>
        <P STYLE="font: 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">(iii)&nbsp;&nbsp;merger of the
        corporation into another corporation or consolidation;</P>
        <P STYLE="font: 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">(iv)&nbsp;&nbsp;change to corporate
        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: -0.25in">(v)&nbsp;&nbsp;termination of
        liquidation 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 0pt 0.5in; text-indent: -0.25in">(vi)&nbsp;&nbsp;dissolution of
        the corporation; 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: -0.25in">(vii)&nbsp;&nbsp;spin-off of the
        corporation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Approval of Mergers and Business Combinations</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Companies Act provides that in the case of a merger of a
        Bermuda company with another company or corporation , the merger agreement in respect of the merger must be approved by each merging
        company&rsquo;s board of directors and by its shareholders. Subject to the provisions of the company&rsquo;s bye-laws, the Companies
        Act requires the approval of 75% or more of the shareholders voting at each such meeting of the merging companies must approve
        the merger agreement. The quorum for each such meeting must be two or more persons holding or representing more than one-third
        of the issued shares of the company, subject to the bye-laws. The CZZ Bye-laws do not vary the statutory voting requirements in
        the case of a merger. The CZZ Bye-laws provide that quorum for a shareholder meeting for all purposes is at least two shareholders
        present in person or by proxy and entitled to vote representing the holders of more than 45% of the aggregate voting shares of
        the Company. The Companies Act provides a short form merger process in the case of a merger between a holding company and a wholly-owned
        subsidiary or subsidiaries subject to certain criteria being satisfied as set out in the Companies 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">The CZZ Bye-laws provide that a merger involving an amount in
        excess of US $250,000,000 shall be a special event also requiring independent director approval.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Brazilian Corporation Law, &ldquo;merger&rdquo; is
        an operation whereby one or more corporations are absorbed by another, which succeeds to all their rights and obligations.</P>
        <P STYLE="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 Brazilian Corporation Law, any Merger or consolidation
        must be submitted to a general shareholders&rsquo; meeting, with a statement of reasons (<I>protocolo e justifica&ccedil;&atilde;o</I>)
        that 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: -0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;the
        reasons for or the objectives of the operation, and the interest of the corporation in effecting it;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(ii)&nbsp;&nbsp;&nbsp;the
        composition, after the operation, of the capital of the corporations issuing shares in substitution for those to be extinguished;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(iii)&nbsp;&nbsp;the
        refund value of the shares to which dissenting shareholders shall be entitled;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(iv)&nbsp;&nbsp;the
        amount of shares to be issued as a result of the operation and the criteria adopted to determine the exchange ratio;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(v)&nbsp;&nbsp;&nbsp;the
        criteria used to calculate the net worth, the base date of evaluation and the treatment to be applied to subsequent variations;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(vi)&nbsp;&nbsp;the
        solutions to be adopted in case of crossed participation;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(vii)&nbsp;the
        capital increase or reduction of the involved parties;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(viii)&nbsp;the
        draft of the by-laws or changes in the existing by-laws; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 51%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(ix)&nbsp;&nbsp;other
        conditions applicable to the operation, if any.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The target corporation to be merged into the acquiring corporation
        is subject to a special quorum requirement, where the merger must be approved by shareholders representing at least 1/2 of the
        voting shares.</P>
        <P STYLE="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 the case of a merger, if the general shareholders&rsquo;
        meeting of the corporation instituting the merger approves the protocol of the operation, it shall authorize the increase in capital,
        which shall be subscribed and paid up by the corporation to be merged by the transfer of its net value, and shall appoint experts
        to evaluate the net value. Once the evaluation report and the merger have been approved by the general shareholders&rsquo; meeting
        of the corporation instituting the merger, the corporation to be merged shall be extinguished and the former shall provide for
        the registration and publication of the merger 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">The Brazilian Corporation Law also provides for a &ldquo;merger
        of shares&rdquo;, which is a corporate operation pursuant to which the acquiring corporation acquires all shares issued by the
        target corporation, which then becomes a wholly-owned subsidiary of the acquiring corporation. If the transaction is approved by
        the shareholders&rsquo; meetings of both corporations, the target corporation shareholders will receive shares of the acquiring
        corporation, pursuant to an exchange ratio to be fixed under the statement of reasons (<I>protocolo e justifica&ccedil;&atilde;o</I>).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Cumulative Voting</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>The CZZ Bye-laws and Bermuda company law do not provide for cumulative voting. </TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Article 141 of Brazilian Corporation Law, shareholders
        representing at least 0.1 of the voting capital can request the adoption of cumulative voting procedures in the election of directors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the cumulative voting process, each shareholder is entitled
        to a number of votes totaling the number of board members to be elected <U>multiplied</U> by the number of shares held by such
        shareholder. Shareholders are entitled to aggregate their votes in favor of one candidate or split their votes among several candidates.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Nomination and Appointment of Directors</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>The CZZ Bye-laws provide that no person other than a director retiring by rotation shall be appointed a director unless he shall have been approved by the board or in the case of an annual general meeting a notice signed by a shareholder nominating the prospective director has been received by the secretary of the company within the designated time </TD>
    <TD>Article 15, paragraph 1 of the CSAN By-Laws provides that directors shall serve a two (2)-year term, reelection being permitted.</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">frame specified in the CZZ Bye-laws and containing the required
        information .</P>
        <P STYLE="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 appointment of a director shall be effected by a separate
        resolution of shareholders passed in a general meeting of shareholders.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 51%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>The CZZ Bye-laws provide that each director shall be designated as either a class I, class II or class III Director for the purposes of retirement by rotation provisions.</TD>
    <TD>The CSAN By-Laws provide that the shareholders&rsquo; meeting will determine the number of directors to be elected for the upcoming term. A shareholder or a group of shareholders representing 10% of the share capital may separately elect up to one additional director, as provided for in the fourth and fifth paragraphs of Article 141 of Brazilian Corporation Law.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Removal of Directors and Vacancies</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CZZ Bye-laws provide for vacation of the office of a director
        upon certain events including resignation, a director becoming of unsound mind, becoming bankrupt or being removed from office
        pursuant to the CZZ Bye-laws. The CZZ Bye-laws provide for removal for cause by the affirmative vote of a majority of shareholder
        votes cast at a general meeting at which a quorum is present provided that notice has been given to the director. The CZZ Bye-laws
        also provide that a director may be requested to resign without cause by a vote of the majority of the aggregate voting power of
        the voting shares provided that notice containing a summary of the facts justifying the removal of the general meeting is given
        not less than 14 days prior to the meeting convened to remove the director.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without prejudice to the power of CZZ by resolution of the shareholders
        to appoint any person to be a director, the board of directors has the power subject to the CZZ Bye-laws to appoint any individual
        to be a director to fill a casual vacancy. A director so appointed shall hold office until the next following annual general meeting
        and shall not be taken into account in determining the directors who are to retire by rotation at the meeting.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CSAN directors are appointed to a two-year term, with reelection
        permitted, but may be removed without cause prior to the completion of that term upon a vote of the majority of the shareholders
        attending the relevant shareholders&rsquo; meeting. Provided a director is not removed, the director&rsquo;s term shall last until
        the new appointed members take 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">Brazilian Corporation Law provides that if a vacancy occurs
        on the board of directors, a substitute shall be appointed by the other directors to hold office until the next general shareholders&rsquo;
        meeting. The CSAN By-Laws specify further that, in the event of an impediment or a permanent vacancy of office of the board of
        directors, the board of directors shall appoint a replacement thereof until the shareholders appoint one to serve for the remainder
        of the previous director&rsquo;s term. In addition, a shareholders&rsquo; meeting shall be convened to elect replacement directors
        if the positions of Chairman or Vice-Chairman are vacant.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a director elected by cumulative voting is removed by a shareholders&rsquo;
        meeting, all other members of the Board of Directors will be removed as well and new elections will be held.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Executive Officers</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CZZ Bye-laws provide that the officers of CZZ, who may or
        may not be directors, may be appointed by the board at any time. Any officer appointed will hold office for such period and upon
        such terms as the board may determine. The board may revoke or terminate any such appointment.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any appointment of a director to an executive office shall terminate
        if he or she ceases to be a director.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CSAN By-Laws provide for a board of executive officers,
        which shall be composed of at least 3 (three) members and no more than 8 (eight) members, including a chief executive officer,
        a chief legal officer, a chief financial officer, a chief investor relations officer and four executive officers. Members shall
        be elected by the board of directors to serve a two-year term with reelection permitted. The board of directors may also remove
        members of the board of executive officers at any time, pursuant to the vote of the majority of the board members. The executive officers may accumulate positions.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 51%">
        <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 CSAN By-Laws vest the board of executive officers with powers
        to:</P>
        <P STYLE="font: 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">(i) &nbsp;&nbsp;decide on all matters which are not the exclusive incumbency
        of the shareholders&rsquo; meeting or the board of directors;</P>
        <P STYLE="font: 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">(ii) &nbsp;&nbsp;hire and dismiss employees, set the personnel salary levels
        and create and extinguish job positions;</P>
        <P STYLE="font: 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">(iii) &nbsp;prepare investment plans and operation budgets;</P>
        <P STYLE="font: 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">(iv) &nbsp;compromise, waive, execute agreements and make commitments,
        take out loans, allocate funds, acquire or&nbsp;&nbsp;dispose of assets and property, grant sureties or other guarantees;</P>
        <P STYLE="font: 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">(v) &nbsp;&nbsp;prepare half-yearly or interim balance sheets, whenever
        required;</P>
        <P STYLE="font: 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">(vi) &nbsp;prepare the report and financial statements for each year;
        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: -0.25in">(vii) decide on the opening and maintenance of branches, subsidiaries,
        agencies, offices or representative offices of CSAN in any part of Brazil or abroad.</P>
        <P STYLE="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 CSAN By-Laws specify the matters for which each of the chief
        executive officer, the chief legal officer, the chief financial officer, the chief investor relations officer and the each of the
        other executive officers is responsible.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Fiscal Council</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Bermuda company law and the CZZ Bye-laws do not recognize the concept of a fiscal council.</TD>
    <TD>In accordance with the Brazilian Corporation Law, the CSAN By-Laws contemplate the formation of a fiscal council, composed of at least three (3) and at most five (5) sitting members and equal number of alternates. The fiscal council will not operate on a permanent basis and will only operate when called to do so by the shareholders of the CSAN capital stock (depending on the outstanding capital stock, as determined by the applicable CVM ruling), in accordance with the provisions of applicable law. Once called, the fiscal council will operate until the next annual shareholders&rsquo; meeting. CSAN shareholders are vested with the power to set annual compensation for members of the fiscal council, which cannot be less than 10% of the compensation attributed to each director.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I></I></B></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Committees</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">The CZZ Bye-laws permit the board of directors to form committees which must conform to regulations imposed by the board. If no regulations are imposed by the board. the proceedings of a committee with two or more members shall be governed by the Bye-laws regulating proceedings of the board itself.</TD>
    <TD STYLE="width: 51%">The CSAN By-Laws permit the board of directors to establish committees or work groups with defined objectives, comprised of persons designated by the board of directors from among CSAN management and/or persons directly or indirectly affiliated with CSAN. CSAN shall have two statutory committees, namely, the audit committee and people committee.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Annual Meetings of Shareholders</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Companies Act , an annual general meeting shall be
        convened at least once every calendar 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">Notice of the annual general meeting shall specify the place,
        the day and hour of the meeting, and the nature of the business to be considered.</P>
        <P STYLE="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 CZZ Bye-laws state that shareholders must be given at least
        ten days&rsquo; advance notice of an annual general meeting, but the unintentional failure to give notice to any person does not
        invalidate the proceedings at a meeting.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Brazilian Corporation Law requires corporations to hold
        an annual general meeting of shareholders within four months following the end of the fiscal year to deliberate on the following
        matters:</P>
        <P STYLE="font: 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">(i)&nbsp;&nbsp;&nbsp;&nbsp;management
        accounts and year-end financial statements;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(ii)&nbsp;&nbsp;&nbsp;allocation
        of the net profits for the fiscal year and distribution of dividends;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(iii)&nbsp;&nbsp;election
        of managers and members of the fiscal council, if any, and associated remuneration; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(iv)&nbsp;&nbsp;approval
        of the annual monetary adjustment to the capital stock.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the matters of special competence set forth in
        the Brazilian Corporation Law, the CSAN By-Laws specify further that shareholders are empowered to deliberate on the following
        items at the general shareholders&rsquo; meetings:</P>
        <P STYLE="font: 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">(i)&nbsp;&nbsp;&nbsp;&nbsp;election
        or removal of members of the board of directors or the fiscal council;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(ii)&nbsp;&nbsp;&nbsp;aggregate
        compensation of the members of the board of directors and of the board of executive officers, as well as the compensation of the
        members of the fiscal council, when in operation; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(iii)&nbsp;&nbsp;allocation
        of the net income for the year and distribution of dividends, as proposed by the board of directors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CSAN shareholders&rsquo; meetings shall be called by the
        board of directors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Brazilian Corporation Law, shareholders&rsquo; meetings
        may also be called (i) by the fiscal council, (ii) by any shareholder if the board of directors delays calling the meeting for
        more than 60 days, or (iii) by shareholders representing at least 5% of the voting capital when the management delays calling the
        meeting for more than 8 days.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Special Meetings of Shareholders</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>The CZZ Bye-laws provide that shareholder meetings may be called by the board of directors whenever they </TD>
    <TD>Under the Brazilian Corporation Law and the CSAN By-Laws, special shareholders&rsquo; meetings may be called </TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">think fit. Such meetings may be held in or outside Bermuda.</P>
        <P STYLE="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 CZZ Bye-laws provide that except for the removal of auditors
        or Directors, anything which may be done by resolution of the Company in a general meeting, may be done by written resolution.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 51%">at any time by the Chairman or Vice-Chairman of the board of directors or by resolution of the majority of the board members or even by request of the executive officers. Under the Brazilian Corporation Law, shareholders&rsquo; meetings may also be called (i) by the fiscal council, (ii) by any shareholder if the board of directors delays calling the meeting for more than 60 days, or (iii) by shareholders representing at least 5% of the voting capital when the management delays calling the meeting for more than 8 days.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Notice of Shareholder Meetings</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CZZ Bye-Laws state that shareholders must be given at least
        ten days&rsquo; advance notice of every general meeting save where shorter notice is permitted by Bermuda law. The unintentional
        failure to give notice to any person does not invalidate the proceedings at a meeting.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of general meetings must specify the place, the day and
        hour of the meeting and the nature of the business to be considered.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CSAN By-Laws state that notice of shareholders&rsquo; meetings
        will be provided in accordance with the Brazilian Corporation Law. Accordingly, notice of an annual or extraordinary general shareholders&rsquo;
        meeting of CSAN must be published at least 3 times in the newspapers used by the company and contain information on the location,
        date and time of the meeting, as well as the agenda items (including specific identification of any proposed amendment to the CSAN
        By-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">Publicly held corporations are subject to a minimum notice period,
        counted as of the first published notice, of at least 15 days for the first call, and at least 8 days for the second call.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Quorum at Shareholder Meetings</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>The CZZ Bye-laws provide that save as otherwise provided in the Bye-laws, at least two shareholders must be present in person or by proxy and entitled to vote representing the holders of more than forty-five percent of the aggregate voting power of the voting shares shall be a quorum for all purposes except that if CZZ or the shareholders of a class or, if applicable, series of shares shall have only one shareholder, one shareholder present in person or by proxy shall constitute the necessary quorum.</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The quorum for opening shareholders&rsquo; meetings under the
        Brazilian Corporation Law is:</P>
        <P STYLE="font: 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">(i)&nbsp;&nbsp;&nbsp;&nbsp;On
        first call, shareholders representing at least twenty-five percent (25%) of the company&rsquo;s voting capital; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(ii)&nbsp;&nbsp;&nbsp;On
        second call, any number of shareholders.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, an extraordinary general meeting convened to amend
        the company&rsquo;s by-laws may only be opened on the first call in the presence of shareholders representing at least 2/3 of the
        voting capital.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise described in the applicable law, the resolutions
        of the CSAN shareholders&rsquo; meetings will be taken by absolute majority of votes, not computing blank votes.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Shareholder Action by Written Consent</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Under Bermuda company law, and the CZZ Bye-laws shareholders may act by written resolution except in the case of the removal of directors or auditors. Written resolutions are passed when approved by members of the company representing such majority of votes as would be required if the resolution had </TD>
    <TD>The Brazilian Corporation Law requires shareholders&rsquo; meetings to be held live unless prevented by force majeure. Remote voting is also permitted for shareholders of publicly held companies. Publicly held companies are required to offer remote voting in connection with annual shareholders&rsquo; meetings, any shareholders&rsquo; meeting taking place on the same date as </TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">been voted on at a meeting of the shareholders of the company.</TD>
    <TD STYLE="width: 51%">the annual meeting or any other shareholders&rsquo; meeting that will resolve on the election of board members or fiscal council members.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Mandatory Tender Offer</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>There are no such mandatory tender offer provisions under Bermuda company law or under the CZZ Bye-laws.</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Articles 30 and 31 of the CSAN By-Laws, and consistent
        with the Brazilian Corporation Law, any shareholder (the &ldquo;Relevant Shareholder&rdquo;) that acquires or becomes the owner
        of the controlling interest of CSAN capital stock (such event, a &ldquo;Disposal of Controlling Interest&rdquo;) or a stake of
        CSAN capital stock in an amount equal to 25% or more of the total shares of CSAN capital stock must make a tender offer (&ldquo;Tender
        Offer&rdquo;) to purchase the shares issued by CSAN and owned by the remaining shareholders. The Disposal of Controlling Interest
        and the Tender Offer shall be in compliance with CVM Rule 361. The Tender Offer shall be made within 60 days after the date of
        acquisition or the event giving rise to share ownership in such proportion, make or apply for registration of a tender offer to
        purchase all outstanding CSAN capital stock (the &ldquo;Tender Offer&rdquo;), subject to the applicable provisions of Brazilian
        law and the exceptions and provisions set forth in CSAN By-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">The purchase price per share of CSAN capital stock in the Tender
        Offer may not be less that the result of the following formula:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tender Offer Price = Share Value</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Tender Offer Price&rdquo;, for purposes of this section,
        corresponds to the purchase price of each share of the capital stock of CSAN in the Tender 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">&ldquo;Share Value&rdquo;, for purposes of this section, corresponds
        to the greater of (i) the highest quoted price per share of CSAN capital stock during the period of 12 months next preceding the
        Tender Offer on any stock exchange trading CSAN shares, (ii) the highest price per share paid by the Relevant Shareholder at any
        time for a share or block of shares of CSAN capital stock; and (iii)&nbsp;an amount corresponding to 12 times the Average Consolidated
        EBITDA of CSAN, minus the net consolidated indebtedness of CSAN, divided by the total number of shares of CSAN capital stock.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Average Consolidated EBITDA&rdquo;, for purposes of this
        section, corresponds to the arithmetic mean of the Consolidated EBITDA of CSAN for the 2 most recent full fiscal years.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 51%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Consolidated EBITDA&rdquo;, for purposes of this section,
        corresponds to the consolidated earnings of CSAN before net financial expenses, income tax and social contribution, depreciation,
        depletion and amortization, as determined based on the most recent audited consolidated year-end financial statements made available
        to the market by CSAN.</P>
        <P STYLE="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 Tender Offer will not exclude the possibility of another CSAN
        shareholder or, as the case may be, CSAN itself making a competing Tender Offer, pursuant to applicable regulations.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Related Party Transactions</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Companies Act provides that if a director has an interest
        in a material contract or proposed material contract with us or any of our subsidiaries or has a material interest in any person
        that is a party to such a contract, the director must disclose the nature of that interest at the first opportunity either at a
        meeting of directors or in writing to the directors. The CZZ Bye-laws provide that, after a director has made such a declaration
        of interest, he may be counted for purposes of determining whether a quorum is present but cannot vote on a transaction in which
        he has an interest.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>Pursuant to Article 156 of the Brazilian Corporation Law, as well as CSAN&rsquo;s Related Party Transactions Policy, directors may not have access to information or take part in meetings of the board of directors that involve matters as to which such director has an actual or potential conflict of interest with CSAN. The Brazilian Corporation Law provides further that directors and officers may only contract with the corporation under reasonable and fair conditions, identical to those which prevail in the market or under which the corporation would contract with third parties. Any act inconsistent with these requirements shall be voidable and the director at issue must reimburse the company for any advantages earned.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Appraisal and Dissenters&rsquo; Rights</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>The Companies Act provides that a dissenting shareholder (who did not vote in favor of the merger) of a Bermuda exempted company and who is not satisfied that he has been offered fair value for his shares may within one month of the notice of the shareholder meeting called to approve the merger apply to the Bermuda court to appraise the fair value of his shares in a merger. </TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Brazilian Corporation Law provides for appraisal rights
        under certain 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">Under the Brazilian Corporation Law, a dissenting shareholder
        is entitled to withdraw from the company if any of the following 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 0pt 0.5in; text-indent: -0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;creation
        or issuance of new preferred shares;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(ii)&nbsp;&nbsp;&nbsp;change
        in the conditions of the preferred shares or creation of a different class with more advantages than the others&#894;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(iii)&nbsp;&nbsp;decrease
        of the annual minimum dividend&#894;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(iv)&nbsp;&nbsp;consolidation
        or merger of the company&#894;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(v)&nbsp;&nbsp;&nbsp;participation
        of the company in a corporate group&#894;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(vi)&nbsp;&nbsp;change
        of the company&rsquo;s corporate purpose&#894; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(vii)&#9;division of the corporation
        that results in (a) a change in the corporate purpose, (b) a reduction in the annual minimum dividend or (c) participation in a
        group of corporations.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For items (i) and (ii) above, only shareholders that have been
        harmed shall have the right to withdraw from</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 51%">CSAN. Shareholders holding shares with market liquidity and dispersion shall not have the right to withdraw from CSAN in the events listed in items (iv), (v) and (vi) above. Dissenting shareholders that withdraw from CSAN will receive the corresponding net worth value of their shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Shareholder Information Rights</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under Bermuda company 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">(i)&nbsp;&nbsp;minutes of general
        meetings of a company shall be open for inspection by any shareholder of the company without charge for not less than two hours
        during business hours each day subject to such reasonable restrictions as the company may impose;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;&nbsp;any shareholder
        shall be entitled to be furnished within seven days after he has made a request in that behalf to the company with a copy of any
        such minutes on the payment of a reasonable 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">(iii)&nbsp;&nbsp;if any inspection
        is refused or if any copy required is not sent within the proper time, the company and every officer of the company who is in default
        shall be liable to a fine of ten dollars and further to a fine of ten dollars for each day there is a default; 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">in the case of an refusal or default, the Court my by order
        compel an immediate inspection of the minutes or direct that the copies required shall be sent to the member requiring them.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Brazilian Corporation Law, shareholders have the right
        to:</P>
        <P STYLE="font: 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">(i)&nbsp;&nbsp;&nbsp;&nbsp;request
        copies of the minutes of general meetings and resolutions of CSAN&#894;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(ii)&nbsp;&nbsp;&nbsp;receive
        copies of support documents for resolutions in annual or extraordinary general shareholders&rsquo; meetings (i.e., management and
        auditors&rsquo; reports and statements of financial position)&#894; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(iii)&nbsp;&nbsp;receive
        certificates of corporate books.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, shareholders representing at least 5% of CSAN
        capital stock may apply for a court order requiring complete disclosure of corporate books in connection with any violation of
        law or the CSAN By-Laws, or if the shareholders have grounds to suspect that management has committed serious irregularities.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Amendments of Constituent Documents</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CZZ Bye-laws provide that subject to the below, the CZZ
        Bye-laws may only be rescinded, altered or amended upon approval by a resolution of the board of directors passed by a simple majority
        and by a resolution of the shareholders passed by a simple majority vote by poll in person or by proxy at a general meeting of
        the Company, of which notice specifying the intention to propose the resolution as a resolution has been duly given.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendment, alteration or rescission to certain enumerated bye-laws
        (1,3,4,44,45,46,48 and 49 inclusive) require approval by the affirmative vote of at least sixty-six and two-thirds percent (66-2/3%)of
        the Class A Shares and a majority of the Class B Shares then in issue entitled to vote on the resolution, with each class voting
        separately as a class.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendment, alteration or rescission to certain other enumerated
        bye-laws ( 13.5, 14, 15, 23 and 24) must be approved by affirmative votes of a majority of the</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>The Brazilian Corporation Law provides that by-laws may only be amended at a general shareholders&rsquo; meeting. An extraordinary general meeting convened to amend the by-laws shall only be held on first call in the presence of shareholders representing at least 2/3 of the voting capital, but may be held on second call with any number of shareholders present. Any proposed amendment to the by-laws must be expressly identified in the notice required for the shareholders&rsquo; meeting.</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">directors and a majority of both the Class A Shares and Class B Shares then in issue and entitled to vote on the Resolution, with holders of each class voting separately as a class .</TD>
    <TD STYLE="width: 51%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Limitation on Personal Liability of Directors and Officers</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 98 of the Companies Act provides generally that a Bermuda
        company may indemnify its directors, officers and auditors against any liability which by virtue of any rule of law would otherwise
        be imposed on them in respect of any negligence, default, breach of duty or breach of trust, except in cases where such liability
        arises from fraud or dishonesty of which such director, officer or auditor may be guilty in relation to the company. Section 98
        further provides that a Bermuda company may indemnify its directors, officers and auditors against any liability incurred by them
        in defending any proceedings, whether civil or criminal, in which judgment is awarded in their favor or in which they are acquitted
        or granted relief by the Supreme Court of Bermuda pursuant to section 281 of the Companies Act. Section 98 of the Companies Act
        further provides that a company may advance moneys to an officer (including a director) or auditor for the costs, charges and expenses
        incurred by the officer (including a director) or auditor in defending any civil or criminal proceedings against them, on condition
        that the officer (including a director) or the auditor shall repay the advance if any allegation of fraud or dishonesty is proved
        against them. We have adopted provisions in our bye-laws that provide that we shall indemnify our officers and directors in respect
        of their actions and omissions, except in respect of their fraud or dishonesty. Our bye-laws provide that the shareholders waive
        all claims or rights of action that they might have, individually or in right of the Company, against any of the Company&rsquo;s
        directors or officers for any act or failure to act in the performance of such director&rsquo;s or officer&rsquo;s duties, except
        in respect of any fraud or dishonesty of such director or officer.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 98A of the Companies Act and the CZZ Bye-laws permits
        CZZ to purchase and maintain insurance for the benefit of any officer or director in respect of any loss or liability attaching
        to him in respect of any negligence, default, breach of duty or breach of trust, whether or not CZZ may otherwise indemnify such
        officer or director.&#9;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Brazilian Corporation Law, managers shall not be personally
        liable for obligations undertaken on behalf of the company in the ordinary course performance of their duties. However, a company
        may not exempt its managers from liability for negligence, willful misconduct, breach of duty, or breach of the applicable law
        or the company&rsquo;s by-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">Managers shall not be liable for illegal acts performed by the
        other managers, except in cases of complicity, negligence in investigating such acts or failure to take action with respect to
        known illegal acts. According to the Brazilian Corporation Law, a company, upon prior approval of a shareholders&rsquo; meeting,
        may bring an action for civil liability against a manager. Where a breach of duty has been established, managers may be exempted
        by a Brazilian court from personal liability for negligence or breach of duty if, among other things, the court determines that
        they have acted in good faith and in the interests 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">In addition, the Brazilian Corporation Law provides that the
        filing of a civil liability action by a company against a director does not preclude any action available to any shareholder or
        third party directly harmed by the director&rsquo;s acts.</P>
        <P STYLE="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 foregoing applies equally to officers and committee members</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Indemnification of Directors and Officers</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Please see above section (Limitation on Personal Liability of Directors and Officers).</TD>
    <TD>Nothing is provided in the CSAN By-laws.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Preemptive Rights / Preferential Subscription Rights</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 51%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CZZ Bye-laws provide that CZZ must direct that new shares
        shall be offered in the first instance to all holders of any class or classes in proportion to the number of such shares held by
        them respectively at a price no less favorable than proposed to be offered to other persons, however this right may be waived by
        (i) a majority of the board in the case of an increase of the capital by means of an offering or (ii) a majority of the independent
        directors in any circumstance.</P>
        <P STYLE="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 Companies Act does not otherwise provide for preemptive
        rights.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 51%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Brazilian Corporation Law provides that the shareholders
        shall have a preemptive right in the subscription of a capital increase in proportion to the number of shares they own. As CSAN
        by-laws do not specify the applicable period of the preemptive right, pursuant to the Brazilian Corporation Law, a shareholders&rsquo;
        meeting shall establish a period of not less than 30 days within which a preemptive right may be exercised.</P>
        <P STYLE="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 CSAN By-Laws provide that the shareholders shall not have
        preemptive rights (i)&nbsp;in convertible debentures; (ii)&nbsp;in warrants convertible into shares; and (iii)&nbsp;in the granting
        and exercise of call option or subscription to CSAN&rsquo;s shares. Pursuant to its By-Laws, as well as Article 172 of the Brazilian
        Corporation Law, the Board of Directors may, in its discretion, resolve upon the preemptive rights. In addition, the Board of Directors
        may grant stock purchase or subscription options, to the extent approved by the shareholders, to CSAN managers and employees, as
        well as to managers and employees of other companies directly or indirectly controlled by CSAN, without preemptive rights to the
        shareholders at the time of either grant or exercise of such options, subject to the balance of the authorized capital limit at
        the time of exercise of subscription options, analyzed together with the balance of treasury shares at the time of exercise of
        purchase options.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Dividends, Repurchases and Redemptions</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Companies Act, a company may not declare or pay dividends,
        or make a distribution out of contributed surplus, if there are reasonable grounds for believing that: (i) the company is, or would
        after the payment be, unable to pay its liabilities as they become due; or (ii) that the realizable value of its assets would thereby
        be less than its liabilities. Under the CZZ&rsquo; Bye-laws the board may from time to time declare dividends according to their
        rights and interests. The board may also pay any fixed cash dividend which is payable on any shares of CZZ on a semi-annual basis
        or on such other dates, in the opinion of the board, justifies 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">The board may set aside sums as it deems proper as reserves
        which shall, at the board&rsquo;s&rsquo; discretion, be applicable for any purpose of CZZ.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CSAN By-Laws and Brazilian Corporate Law require a distribution
        of at least 25% of the net income adjusted by an allocation to legal reserve (net income as calculated according to statutory individual
        financial statements prepared in accordance with Brazilian GAAP), unless our management recommends against such distribution, in
        a shareholders&rsquo; meeting, due to considerations relating to our financial condition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, the annual minimum dividend will not be mandatory for
        any fiscal year in which the CSAN administrative bodies notify shareholders that such payment would be incompatible with the financial
        standing of the corporation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following distribution of the annual minimum dividend, the shareholders
        may vote to approve at any time a payment of dividends out of existing profits reserves or earnings from prior years retained pursuant
        to a resolution of the shareholders&rsquo; meeting. In addition, the board of directors may (i)&nbsp;approve a distribution of
        dividends out of income determined as per semi-annual or other interim balance sheets or (ii) declare an interim dividend out of
        retained earnings or existing profits reserves, as shown on such balance sheets or the most recent
        annual balance sheet.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 51%">
        <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">Under the Brazilian Corporation Law, a company&rsquo;s by-laws
        or an extraordinary general meeting may authorize the allocation of profits or reserves to the redemption of shares, and shall
        prescribe the conditions and the procedure for this purpose. Redemptions which do not cover all shares of the same class shall
        be carried out by drawing lots.</P>
        <P STYLE="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 redemption of shares must be approved by shareholders who
        represent at least half of the CSAN capital stock at a general meeting called to resolve this specific matter.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><B><I>Shareholders Litigation</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Class actions and derivative actions are generally not available to shareholders under Bermuda law. Bermuda courts, however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained of is alleged to be beyond the corporate power of the company or illegal, or would result in the violation of the company&rsquo;s memorandum of association or bye-laws. Furthermore, consideration would be given by a Bermuda court to acts that are alleged to constitute a fraud against the minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company&rsquo;s shareholders than that which actually approved it.</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CSAN By-Laws provide that any disputes and controversies
        among CSAN and its shareholders, managers and fiscal council members, acting and alternates, arising from or in connection with
        the parties&rsquo; roles as issuer, shareholders, managers, or members of the fiscal council will be settled through arbitration
        conducted before the Market Arbitration Chamber, pursuant to its regulation.</P>
        <P STYLE="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 Brazilian Corporation Law provides that any shareholder
        that has suffered direct losses may individually file judicial proceedings against the company or its directors. The Brazilian
        Corporation Law also authorizes derivative actions against the company&rsquo;s directors. Once the shareholders&rsquo; meeting
        resolves to file a derivative lawsuit, if the lawsuit has not been initiated within three months following this resolution, any
        shareholder may do so on behalf of the company. If the shareholders&rsquo; meeting votes against filing a derivative lawsuit, shareholders
        representing at least 5% of the company&rsquo;s capital stock are entitled to file such lawsuit, notwithstanding the voting result.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, the Brazilian Corporation Law provides that shareholders
        representing at least 5% of the company&rsquo;s capital stock may bring claims against the controlling shareholder to recover damages
        caused by the breach of its fiduciary duties.</P>
        <P STYLE="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 Brazilian Corporation Law permits a wide variety of bases
        for shareholder lawsuits. For example, shareholders are entitled to file lawsuits to:</P>
        <P STYLE="font: 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">(<FONT STYLE="font-size: 10pt">i)&nbsp;&nbsp;&nbsp;&nbsp;void
        the act of incorporation of the company (limitation period of one year)&#894; </FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(ii)&nbsp;&nbsp;&nbsp;void
        decisions taken by irregular meetings (limitation period of two years)&#894;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
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<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CZZ</P>
</TD>
    <TD>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">CSAN</P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 51%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(iii)&nbsp;&nbsp;claim
        civil liabilities against experts and capital subscribers (limitation period of one year)&#894;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(iv)&nbsp;&nbsp;claim
        the payment of dividends (limitation period of 3 years, calculated as from the date on which such dividends were made available
        to the shareholder)&#894;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(v)&nbsp;&nbsp;&nbsp;claim
        civil liabilities against the founders, shareholders, managers, liquidators, auditors or controlling companies, in the case of
        violation of the law or by-laws (limitation period of three years)&#894; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(vi)&nbsp;&nbsp;claims against
        the company for whatever reason (limitation period of three years).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="experts"></A>Experts</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated financial statements of
Cosan Limited and subsidiaries&nbsp;&nbsp;as of December 31, 2019 and 2018, and for each of the years in the three-year period
ended December 31, 2019, and management&rsquo;s assessment of the effectiveness of internal control over financial reporting as
of December 31, 2019 have been incorporated by reference herein and in the registration statement in reliance upon the report of
KPMG Auditores Independentes, independent registered public accounting firm, incorporated by reference herein, and upon the authority
of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="legalmatters"></A>Legal Matters</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The validity of CSAN Shares and other matters
of Brazilian law will be passed upon by Pinheiro Neto Advogados, S&atilde;o Paulo, Brazil. We were advised as to certain matters
of U.S. law by Davis Polk &amp; Wardwell LLP, New York, New York. We were advised as to certain Bermuda law matters by ASW Law
Limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="enforceability"></A>Enforceability
of Civil Liabilities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSAN is a corporation organized under the
laws of Brazil. Substantially all of CSAN and CSAN&rsquo;s subsidiaries&rsquo; assets are located outside the United States. All
of CSAN&rsquo;s directors and officers reside in Brazil. As a result, it may be difficult for investors to effect service of process
within the United States upon us or such persons or to enforce against them or us judgments obtained in U.S. courts, including
judgments predicated upon the civil liability provisions of the federal securities laws of the United States or any state thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, any claims under the <I>Novo
Mercado </I>segment of the B3 regulations must be submitted to arbitration proceedings conducted in accordance with the rules of
the Market Arbitration Chamber of the B3. See &ldquo;Description of CSAN Shares and CSAN By-Laws&mdash;Arbitration.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have been advised by our Brazilian counsel,
Pinheiro Neto Advogados, that a judgment of a U.S. court for civil liabilities predicated upon the federal securities laws of the
United States may be enforced in Brazil, subject to certain requirements described below. A judgment obtained in the United States
against CSAN, CZZ, their respective directors and their respective officers and advisors named herein, would be enforceable in
Brazil without retrial or re-examination of the merits of the original action including, without limitation, any final judgment
for payment of a sum certain of money rendered by any such court, upon recognition thereof by the Brazilian Superior Court of Justice
(<I>Superior Tribunal de Justi&ccedil;a</I>, or STJ).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to be recognized by the STJ, a
foreign judgment must meet the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it must comply with all formalities necessary for its enforceability under the laws of the jurisdiction where the foreign judgement
was rendered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it must have been issued by a competent court and/or authority in the jurisdiction where it was awarded after proper service
of process on the parties, which service must comply with Brazilian law if made in Brazil, or after sufficient evidence of the
parties&rsquo; absence has been given, as required by applicable 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>is not rendered in an action over which Brazilian courts have exclusive jurisdiction, pursuant to the provisions of article
23 of the Brazilian Code of Civil Procedure;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it must be final and binding and therefore not subject to appeal in the jurisdiction in which it was issued;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it must be apostilled by a competent authority of the State from which the document emanates according to the Hague Convention
of 5 October 1961 Abolishing the Requirement of Legalisation for Foreign Public Documents or, if such State is not signatory of
the Hague Convention, it must be duly authenticated by a competent Brazilian consulate;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it must be accompanied by a sworn translation thereof into Portuguese made by a certified translator in Brazil, unless an exemption
is provided by an international treaty to which Brazil is a signatory;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it must not be contrary to Brazilian national sovereignty or public policy or violate the dignity of the human person (as set
forth in Brazilian 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it must not violate a final and unappealable decision issued by a Brazilian court on the same matter and involving the same
parties (<I>res judicata</I>); 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it must not violate the exclusive jurisdiction of Brazilian courts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Both the recognition and enforcement processes
may be time-consuming and may also give rise to difficulties in enforcing the foreign judgment in Brazil. Accordingly, we cannot
assure you that a Brazilian court would recognize or enforce any judgment or that the recognition or enforcement process would
be conducted in a timely manner or that a Brazilian court would enforce a monetary judgment, including for violation of the securities
laws of countries other than Brazil, including the federal securities laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also have been further advised that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>original actions may be brought in connection with this prospectus predicated solely on the federal securities laws of the
United States in Brazilian courts may be brought in Brazilian courts and that, subject to applicable law, Brazilian courts may
enforce liabilities in such actions against us or the directors and officers thereof and certain advisors named herein, provided
that provisions of the federal securities laws of the United States do not contravene Brazilian public policy, good morals, national
sovereignty or equitable principles and provided further that Brazilian courts can assert jurisdiction over such actions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the ability of a creditor or other persons named above to satisfy a judgment by attaching certain of our assets, respectively,
is limited by provisions of Brazilian law, to the extent that assets are located in Brazil; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Although, pursuant to our By-laws, disputes between us and our shareholders are required to be resolved through arbitration,
this mandatory arbitration requirement does not apply to actions against us, whether by holders of our shares, that are predicated
on U.S. federal securities laws, nor does our mandatory arbitration provision waive the rights of our U.S. shareholders or ADR
holders to bring claims under the U.S. federal securities laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have been further advised that a plaintiff
(whether Brazilian or non-Brazilian), who resides outside Brazil or is outside Brazil during the course of litigation in Brazil
must provide a bond to guarantee the payment of defendant&rsquo;s legal fees and court expenses in connection with court procedures
for the collection of payments. The bond must have sufficient value to satisfy the payment of court fees and defendant attorney&rsquo;s
fees, as determined by a Brazilian judge. This requirement does not apply (1)&nbsp;when an exemption is provided by an international
agreement or treaty that Brazil is a signatory; (2)&nbsp;in the case of claims for collection on a <I>t&iacute;tulo executivo extrajudicial</I>
(an instrument which may be enforced in Brazilian courts without a review on the merits), in the case of enforcement of foreign
judgments that have been duly recognized by the STJ; or (3)&nbsp;counterclaims as established, according to Article 83 of the Brazilian
Code of Civil Procedure (<I>C&oacute;digo de Processo Civil</I>). Notwithstanding the foregoing, we cannot assure you that recognition
of any judgment will be obtained, that the process described above can be conducted in a timely manner, or that Brazilian courts
will enforce a judgment for violation of the federal securities laws of the United States with respect to the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If proceedings are brought before the Brazilian
courts seeking to enforce obligations against us, payment shall be made in <I>reais</I>. Any judgment rendered in Brazilian courts
in respect of any payment obligations would be expressed in <I>reais</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">, 2020</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="partii"></A>PART II<BR>
INFORMATION NOT REQUIRED IN THE PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 20. Indemnification of Directors and Officers</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Brazilian Law, any provision, whether
contained in the by-laws of a company or in any agreement, exempting any officer or director against any liability which by law
or otherwise would attach to them in respect of negligence, misfeasance, breach of duty or trust, is void. A company may, however,
indemnify an officer or director against any liability incurred by them in defending any proceedings, whether criminal or civil,
in which a judgment is given in their favor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, CSAN has obtained insurance coverage
to protect its directors and officers against civil liabilities, incurred by them while exercising their corporate functions during
the coverage period. including civil liabilities in connection with the registration, offering and sale of the CSAN ADSs. Under
the terms of this insurance policy, the insurer will cover certain amounts in damages as determined by judicial or arbitral decisions
as well as private settlements approved by the insurer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 21. Exhibits and Financial Statement Schedules</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Exhibit
        Number</P>
</TD>
    <TD STYLE="width: 90%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Description
        of Document</P>
</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>2.1&dagger;</TD>
    <TD>Merger Protocol*</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>3.1</TD>
    <TD>CSAN By-Laws*</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>5.1</TD>
    <TD>Opinion of Pinheiro Neto Advogados as to the validity under Brazilian law of the common shares issued by Cosan S.A. *</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="dp139491_ex0801.htm">8.1</A></TD>
    <TD><A HREF="dp139491_ex0801.htm">Tax opinion of Davis Polk &amp; Wardwell LLP</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><A HREF="dp139491_ex2101.htm">21.1</A></TD>
    <TD><A HREF="dp139491_ex2101.htm">List of Subsidiaries</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>23.1</TD>
    <TD>Consent of KPMG Auditores Independentes S.S. with respect to the consolidated financial statements of Cosan Limited. *</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>23.2</TD>
    <TD>Consent of Pinheiro Neto Advogados (included in Exhibit 5.1). *</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>23.3</TD>
    <TD>Consent of Davis Polk &amp; Wardwell LLP (included in Exhibit 8.1). </TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>24.1</TD>
    <TD>Powers of Attorney (included in signature pages of this registration statement).</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 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"></TD><TD STYLE="width: 0.25in">&dagger;</TD><TD>Exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K, and will be supplementally provided
to the SEC upon request.</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: 0.25in">*</TD><TD>To be filed by amendment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 22. Undertakings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering
price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment that
contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A.
of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise
required by Section 10 (a)(3) of the Securities Act of 1933 need not be furnished, provided that the registrant includes in the
prospectus, by means of a post- effective amendment, financial statements required pursuant to this paragraph (a)(4) and other
information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial
statements. Notwithstanding the foregoing, a post-effective amendment need not be filed to include financial statements and information
required by Section 10(a)(3) of the Securities Act of 1933 or Item 8.A. of Form 20-F if such financial statements and information
are contained in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed
as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant
pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement
as of the time it was declared effective.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of
prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned
registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser,
if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of the registration (i) any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>the portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; 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" 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: 0.25in">(4)</TD><TD>any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD>That prior to any public reoffering of the securities registered hereunder through use of a prospectus which is a part of this
registration statement, by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c), the issuer
undertakes that such reoffering prospectus will contain the information called for by the applicable registration form with respect
to reofferings by persons who may be deemed underwriters, in addition to the information called for by the other Items of the applicable
form.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>That every prospectus (i) that is filed pursuant to paragraph (h)(1) immediately preceding, or (ii) that purports to meet the
requirements of section 10(a)(3) of the Act and is used in connection with an offering</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0pt">of securities subject to Rule
415, will be filed as a part of an amendment to the registration statement and will not be used until such amendment is effective,
and that, for purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD>(i) to respond to requests for information that is incorporated by reference into the prospectus pursuant to Items 4, 10(b),
11, or 13 of this Form, within one business day of receipt of such request, and to send the incorporated documents by first class
mail or other equally prompt means, and (ii) to arrange or provide for a facility in the United States for the purpose of responding
to such requests. The undertaking in subparagraph (i) above includes information contained in documents filed subsequent to the
effective date of the registration statement through the date of responding to the request.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD>To supply by means of a post-effective amendment all information concerning a transaction and the company being acquired involved
therein, that was not the subject of and included in the registration statement when it became effective.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD>That insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers
and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><A HREF="#toc" STYLE="font-weight: bold">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES OF COSAN S.A.</P>

<P STYLE="font: bold 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-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, the registrant has duly caused this registration statements to be signed on its behalf by the undersigned, thereunto
duly authorized, on&nbsp;&nbsp;&nbsp;, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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>&nbsp;</TD>
    <TD COLSPAN="3">COSAN S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 8%">Name:</TD>
    <TD STYLE="width: 37%">Luis Henrique Cals de Beauclair Guimar&atilde;es</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 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>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 8%">Name:</TD>
    <TD STYLE="width: 37%">Marcelo Eduardo Martins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">POWER OF ATTORNEY</P>

<P STYLE="font: bold 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-indent: 0.25in">KNOW ALL PERSONS BY THESE PRESENT, that
each person whose signature appears below hereby constitutes Luis Henrique Cals de Beauclair Guimar&atilde;es and Marcelo Eduardo
Martins, jointly and severally (with full power to each of them to act alone) his/her true and lawful attorneys-in-fact and agents,
with full power of substitution and resubstitution, for him/her and in his/her name, place and stead, in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this registration statement on Form F-4, and to file the
same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he/she might or could do
in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their or his/her substitute
or substitutes, may lawfully do or cause to be done by virtue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated in respect
of Cosan S.A. on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Signature</P>
</TD>
    <TD STYLE="width: 37%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Title</P>
</TD>
    <TD STYLE="text-align: center; width: 16%">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date</P>
</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
</TD>
    <TD STYLE="text-align: center">Principal Executive Officer and Director</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020</TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top">Luis Henrique Cals de Beauclair Guimar&atilde;es </TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
</TD>
    <TD STYLE="text-align: center">Chief Financial Officer (principal financial and accounting officer)</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020</TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top">Marcelo Eduardo Martins</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020</TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top">Rubens Ometto Silveira Mello</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020</TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top">Burkhard Otto Cordes</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020</TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top">Ma&iacute;lson Ferreira da N&oacute;brega</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020</TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top">Dan Ioschpe</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
</TD>
    <TD STYLE="text-align: center">Authorized representative<BR>
in the United States</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 8.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73%; font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; font-size: 10pt"><FONT STYLE="font-size: 9pt"><B>New York<BR>
    Northern California<BR>
    Washington DC<BR>
    S&atilde;o Paulo<BR>
    London</B></FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt"><FONT STYLE="font-size: 9pt"><B>Paris<BR>
    Madrid<BR>
    Tokyo<BR>
    Beijing<BR>
    Hong Kong</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="image_005.jpg" ALT="" STYLE="height: 30px; width: 155px"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 23%"><FONT STYLE="font-size: 9pt">Davis Polk &amp; Wardwell <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">LLP</FONT><BR>
    450 Lexington Avenue<BR>
    New York, NY 10017</FONT></TD>
    <TD STYLE="width: 49%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">212 450 4000 tel</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">212 701 5800 fax</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font-size: 10pt; width: 28%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.7in 0pt 0; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">,
2020</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.7in 0pt 0; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Cosan S.A.<BR>
Avenida Brigadeiro Faria Lima, 4,100 &ndash; 16th floor<BR>
S&atilde;o Paulo &ndash; SP, 04538-132, Brazil</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Ladies and Gentlemen:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We are acting as counsel to Cosan
S.A., a corporation (<I>sociedade an&ocirc;nima</I>) incorporated under the laws of the Federative Republic of Brazil pursuant
to section 104B of the Bermuda Companies Act 1981 (the &ldquo;<B>Company</B>&rdquo;), in connection with the preparation of the
registration statement on Form F-4 (the &ldquo;<B>Registration Statement</B>&rdquo;) and the related prospectus (the &ldquo;<B>Prospectus</B>&rdquo;)
with respect to the Company&rsquo;s common shares, including American depositary shares representing the Company&rsquo;s common
shares, to be offered in connection with the merger of Cosan Limited into Cosan S.A. The Company is filing the Registration Statement
with the Securities and Exchange Commission under the Securities Act of 1933, as amended.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We have examined original or copies,
certified or otherwise identified to our satisfaction, of such documents and have conducted such other investigations of fact
and law as we have deemed necessary or advisable for purposes of this opinion.We have participated in the preparation of the discussion
in the Prospectus under the caption &ldquo;Material Tax Considerations&mdash;Material U.S. Federal Income Tax Considerations.&rdquo;
Subject to the assumptions, limitations and qualifications set forth therein, we hereby confirm that it is our opinion that the
discussion therein sets forth the material U.S. federal income tax consequences of the merger to holders of CZZ Shares, as each
such term is defined in the Prospectus.We are members of the Bar of the State of New York, and we express no opinion as to the
laws of any jurisdiction other than the laws of the State of New York and the federal laws of the United States.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We hereby consent to the use of
our name under the captions &ldquo;Material Tax Considerations&rdquo; and &ldquo;Legal Matters&rdquo; in the Prospectus included
in the Registration Statement and to the filing, as an exhibit to the Registration Statement, of this opinion.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In giving such consent we do not
admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as
amended.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-left: 0.6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.6pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.6pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Davis Polk &amp; Wardwell LLP</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>3
<FILENAME>filename3.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 21.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUBSIDIARIES OF THE COMPANIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 66%; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">December&nbsp;31,&nbsp;2019&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; width: 4%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">December&nbsp;31,&nbsp;2018&nbsp;</P></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom"><B>Directly owned subsidiaries</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Log&iacute;stica S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">73.49%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">72.50%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">64.59%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">60.25%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Limited Partners Brasil Consultoria Ltda.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">60.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">60.00%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Sinlog Tecnologia em Log&iacute;stica S.A.<SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">47.62%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&mdash;</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom"><B>Interest of Cosan S.A. in its subsidiaries</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Cayman II Limited</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Global Limited</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Investimentos e Participa&ccedil;&otilde;es S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Luxembourg S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Overseas Limited</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Pasadena Empreendimentos e Participa&ccedil;&otilde;es S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Distribuidora de G&aacute;s Participa&ccedil;&otilde;es S.A.<SUP>(2)</SUP></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&mdash;</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Companhia de G&aacute;s de S&atilde;o Paulo &ndash; COMG&Aacute;S</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">99.15%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80.12%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Payly Solu&ccedil;&otilde;es de Pagamentos S.A.<SUP>(3)</SUP></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">75.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Lubes Investments Limited</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">70.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Rumo S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1.71%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1.71%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Log&iacute;stica S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">0.10%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">0.10%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Biomassa S.A.<SUP>(4)</SUP></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&mdash;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">81.50%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom"><B>Interest of Cosan Lubes Investments Limited in its subsidiaries</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Cinco S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Lubrificantes e Especialidades S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Moove Lubricants Limited</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Stanbridge Group Limited</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Wessesx Petroleum Limited</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Airport Energy Limited</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Airport Energy Services Limited</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Lubrificantes S.R.L.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Lubrigrupo II - Com&eacute;rcio e Distribui&ccedil;&atilde;o de Lubrificantes S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Commercial Lubricants Moove Corp</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan Paraguay S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Cosan US, Inc.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Ilha Terminal Distribui&ccedil;&atilde;o de Produtos Qu&iacute;micos</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">Zip Lube S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: bottom">TTA &ndash; SAS Techniques et Technologie Appliqu&eacute;es</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">75.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">75.00%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD><B>Interest of Cosan Log&iacute;stica S.A. in its subsidiaries</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Rumo S.A.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.47%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in">Rumo Malha Oeste S.A.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.47%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Rumo Malha Paulista S.A.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.47%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in">Rumo Malha Sul S.A.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.47%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Rumo Malha Norte S.A.</TD>
    <TD STYLE="text-align: right">28.40%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.40%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in">Rumo Malha Central S.A.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Eleva&ccedil;&otilde;es Portu&aacute;rias S.A.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.47%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in">Logispot Armaz&eacute;ns Gerais S.A.</TD>
    <TD STYLE="text-align: right">14.52%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">14.52%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Rumo Luxembourg S.&agrave; r.l.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.47%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in">Rumo Intermodal S.A.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.47%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Boswells S.A.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.47%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in">ALL Argentina S.A.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.47%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Paranagu&aacute; S.A.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.47%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in">ALL Armaz&eacute;ns Gerais Ltda.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.47%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Portofer Ltda.</TD>
    <TD STYLE="text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28.47%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in">ALL Mesopot&acirc;mica S.A.</TD>
    <TD STYLE="text-align: right">20.09%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20.09%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">ALL Central S.A.</TD>
    <TD STYLE="text-align: right">20.94%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20.94%</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: top">Servicios de Inversi&oacute;n Log&iacute;stica Integrales S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28.47%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28.47%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; vertical-align: top">Brado Log&iacute;stica e Participa&ccedil;&otilde;es S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17.71%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17.71%</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.125in; vertical-align: top">Brado Log&iacute;stica S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17.71%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17.71%</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Company acquired on August 31, 2019.</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: 0.25in">(2)</TD><TD>Currently known as Compass G&aacute;s e Energia S.A.</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: 0.25in">(3)</TD><TD>On September 2, 2019, Cosan S.A. disposed of 25% of the share capital of Payly to Manzat Inversiones AUU S.A. (&ldquo;Manzat&rdquo;)
for R$11,215 and entered into an investment agreement with Manzat in relation to Payly.</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: 0.25in">(4)</TD><TD>On December 2, 2019, Cosan S.A. sold its shares in Cosan Biomassa S.A. to Ra&iacute;zen Energia S.A.</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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