COSAN S/A 1st Quarter of 2018

COSAN S/A 1Q18 Earnings Release São Paulo, May 10, 2018 COSAN S/A (B3: CSAN3) announces today its results for the first quarter (January, February, and March) of 2018 (1Q18). The results are presented on a consolidated basis, in accordance with the accounting practices adopted in Brazil and with International Financial Reporting Standards (IFRS). Comparisons in this report take into consideration 1Q18 and 1Q17, except where indicated differently. 1Q18 Highlights Cosan posted pro forma adjusted EBITDA of R$1.3 billion (+11%) in 1Q18 and adjusted net income of R$361 million (+55%). Cosan s pro forma free cash flow (FCFE), considering 50% of Raízen s results, totaled R$1.8 billion in 1Q18 while leverage dropped to 1.5x net debt/pro forma EBITDA. Raízen Combustíveis posted adjusted EBITDA of R$732 million (+7%) with 3% growth in total sales volume. Raízen Energia ended the 2017/18 crop with 61.2 million tons of crushed sugarcane (+3%) and adjusted EBITDA came to R$4.1 billion (+11%) in 1Q18. Comgás posted normalized EBITDA of R$437 million (+14%), boosted by sales expansion in all segments (+6%). Executive Summary - Cosan Pro forma¹ 1Q18 1Q17 Chg. % 4Q17 Chg. % Net Revenue 13,582.0 11,603.2 17.1% 13,208.3 2.8% Gross profit 1,405.4 1,374.1 2.3% 1,529.5-8.1% EBITDA 1,192.5 973.8 22.5% 2,191.3-45.6% Adjusted EBITDA² 1,312.7 1,183.6 10.9% 1,207.4 8.8% Net Income 345.7 205.3 68.4% 686.4-49.6% Adjusted Net Income 2 360.6 232.5 55.1% 156.5 n/a Investments 3 759.0 639.0 18.8% 523.0 45.1% Cash Generated 4 1,830.7 138.5 n/a 409.9 n/a Net Debt 5 8,661.0 9,396.5-7.8% 10,959.7-21.0% Leverage (Net Debt/EBITDA LTM) 6 1.5x 2.0x -0.5x 2.0x -0.5x Note 1: Pro forma results considers consolidation of 50% of the results of Raízen Combustíveis and Raízen Energia. Note 2: Adjusted EBITDA excludes nonrecurring effects in the quarters, as detailed on page 5 herein. Note 3: Includes investments in assets arising from contracts with clients at Raízen Combustíveis. Note 4: Generation of Pro forma Free Cash Flow to shareholders, before dividends paid (Free Cash Flow to Equity). Note 5: Net debt includes obligations with preferred shareholders in subsidiaries. Note 6: Leverage calculation considers Net Debt and LTM EBITDA normalized by Comgás current account effects. Earnings Conference Call on May 11, 2018 (Friday) Portuguese 10:00 a.m (Brasília time) Dial-in: + 55 11 3193 1001 + 55 11 2820 4001 Code: COSAN English 11:00 p.m. (Brasília time) Dial-in (BR): + 55 11 3193 1001 + 55 11 2820 4001 Dial-in (USA): +1 646 828 8246 Code: COSAN Investor Relations E-mail: ri@cosan.com.br Tel: +55 11 3897-9797 Website: ri.cosan.com.br 1 de 23

A.Cosan - Consolidated Results Business Units In order to enable the comparison of results across time, we present consolidated financial information on a pro forma basis, i.e., 100% consolidation of direct subsidiaries results and 50% of the jointly-owned subsidiaries results, Raízen Energia and Raízen Combustíveis. The pro forma data are reported merely as illustration and shall not be interpreted as a representation of the accounting results. Cosan's business units and interest in each reportable segment are shown below: Raízen Combustíveis (50%) Raízen Energia (50%) Comgás (79.9%) Moove (100%) Cosan Corporate (100%) Fuel Distribution Sugar, Ethanol & Cogeneration Natural Gas Distribution Lubricants, Base Oils and Specialties Corporate Structure and Other Investments Comparisons in this report take into consideration 1Q18 and 1Q17, except where indicated differently. Executive Summary 1Q18 2018 started with signs of gradual recovery in industrial activity and macroeconomic stability in Brazil. Again, Cosan s business portfolio was resilient, and despite challenges, we managed to deliver EBITDA growth in all operations of the Group. Cosan S/A Proforma: Adjusted EBITDA reached R$ 1.3 billion in 1Q18 (11%). Continued operational improvements across all businesses, combined with lower leverage, led adjusted Net income to reach R$ 361 million (+55). Raízen Combustíveis consistent commercial and supply strategies combined with solid relationship with its retail network continue to support differentiated performance compared to market. Raízen Energia concluded 2017/18 crop year with EBITDA expansion despite less favorable commodity prices. Higher industrial activity continues to boost Comgás volumes, while growth strategy remains focused on connection of new residential and commercial customers, supporting another strong quarter. Moove sales volumes continue to increase in Brazil and international operations. Leverage ratio (net debt / pro forma EBITDA) decreased to 1.5x at the end of the period and free cash flow (FCFE) reached R$1.8 billion, including the R$1.3 billion cash inflow from credit rights sale booked in 4T17. Raízen Combustíveis: Adjusted EBITDA totaled R$732 million in 1Q18 (+7%), driven by higher volume sold and the positive effect from Raízen s supply strategy. Sales volume grew 3% year-over-year versus 1Q17, again outperforming the industry average, as a result of focus on our expansion strategy and a sustainable relationship with the Shell-branded service stations network. Diesel and aviation fuel were main highlights posting 6% and 8% yearly growth, respectively, both leveraging on higher economic activity. In Otto cycle, the volume sold in 1Q18 was in line year-over-year (-3% in gasolineequivalent), following the market trend of a slower recovery of this segment. Raízen Energia: Adjusted EBITDA in 1Q18 was R$1.0 billion (+8%), boosted by higher sales of all products and higher share of own production in sales mix. Crushing in 2017/18 crop year reached 61.2 million tons of sugar cane (+3%); of which 500 thousand tons were crushed in March 2018. Sugarcane productivity came to 9.8 Kg of TRS/hectare (- 5%), an effect of lower rain concentration in the period. However, sugar equivalent production was 6% higher than for the previous crop, and production mix was 55% (57% in 2016/17 crop), reflecting a continued profitability analysis per product. Adjusted EBITDA for the 2017/18 crop totaled R$4.1 billion (+11% versus 2016/17 crop), on the back of higher product sales, especially in ethanol and bioenergy. Comgás: EBITDA, normalized by regulatory current account effect, increased 14% and came at R$437 million in 1Q18, impacted by the higher volume sold and margins inflation correction in May 2017. In the industrial segment, sales came in 6% higher than 1Q17 and in line with economic activity s gradual recovery. New connections combined with lower average temperature supported 18% volume expansion in residential segments. In commercial segment, client additions along with higher unit consumption led to 10% higher sales volumes. Moove: 1Q18 EBITDA reached R$ 51 million (+19%), due to higher lubricant sales volume in all the markets in which the company operates, with a better mix of products sold and expansion of international operations. The following tables present the key operating and financial metrics of our businesses. Historical data for the information presented can be found on our Investor Relations website (ir.cosan.com.br) in the Results Center. Statements of all financial and operational data are presented starting on page 18 of this report. 0 de 23

Operating and Financial Metrics Raízen Combustíveis 1Q18 1Q17 Chg.% 4Q17 Chg.% (Jan-Mar) (Jan-Mar) 1Q18/1Q17 (Oct-Dec) 1Q18/4Q17 Otto Cycle Volume ('000 cbm) 2,889 2,900 0% 3,078-6% Gasoline Equivalent 7 Volume ('000 cbm) 2,663 2,755-3% 2,840-6% Diesel Volume ('000 cbm) 2,787 2,625 6% 2,885-3% Adjusted EBITDA Margin 8 (BRL/cbm) 116 111 4% 123-5% Adjusted EBIT 8 (BRL/cbm) 90 87 3% 99-10% Note 7: Sum of gasoline and ethanol volumes, adjusted by the energy coefficient of 0,7221. Note 8: Excludes non-recurring items. From 1Q18 onwards includes asset amortization arising from contracts with clients, as detailed on page 5 herein. Raízen Energia Indicators 1Q18 1Q17 Chg.% 2017/18 2016/17 Var.% (Jan-Mar) (Jan-Mar) 1Q18/1Q17 (Jan-Mar) (Jan-Mar) 17/18x16/17 Sugarcane Crushed (mln mt) 0.5 - n/a 61.2 59.4 3% TRS/ha 7.4 8.2-10% 9.8 10.3-5% Sugar/Ethanol Production Mix 18% x 82% n/a n/a 55% x 45% 57% x 43% n/a Adjusted EBITDA 9 (BRL mln) 1,000 926 8% 4,090 3,693 11% Adjusted EBIT 9 /TRS sold (BRL/ton) 119 215-45% 156 181-14% Note 9: Excludes non-recurring effects, as detailed on page 5 herein. Comgás 4Q17 4Q16 Chg.% 3Q17 Chg.% (Oct-Dec) (Oct-Dec) 4Q17/4Q16 (Jul-Sep) 4Q17/3Q17 Total Sales Volume (mln cbm) Ex-Thermal 1,072 1,008 6% 1,089-2% Normalized EBITDA 10 (BRL mln) 437 384 14% 416 5% IFRS EBITDA (BRL mln) 374 313 19% 375 0% Note 10: Includes the effect from the regulatory Current Account. Moove 1Q18 1Q17 Chg.% 4Q17 Chg.% (Jan-Mar) (Jan-Mar) 1Q18/1Q17 (Oct-Dec) 1Q18/4Q17 Total Sales Volume 11 ('000 cbm) 88 81 8% 81 9% EBITDA (BRL mln) 51 43 19% 34 51% Note 11: Considering the volume sold of lubricants and base oil. 1 de 23

Adjusted EBITDA and Net Income A description of the adjustments made by business line, based on the following criteria, is presented below: Raízen Combustíveis: (i) effects from asset divestments and (ii) nonrecurring gains/losses when applicable. In addition, as of 1Q18, with the adoption of the accounting standard IFRS 15 Revenue from Contract with Client, the amortization expenses from assets deriving from contracts with clients at Raízen Combustíveis, which were accounted before as intangible assets, are now booked as assets deriving from contracts with clients. Therefore, for comparison purposes, we now adjust this effect under EBITDA. o One-off effects in the periods: 1Q18 and 4Q17: effect of elimination between Raízen Combustíveis and Raízen Energia; 1Q17: (a) net effect of provision for the use of tax credits and (b) elimination effect between Raízen Combustíveis and Raízen Energia. Raízen Energia: (i) biological assets variation; (ii) debt hedge accounting effects; (iii) foreign exchange effect adjustment on sugar exports and (iv) nonrecurring gains/losses where applicable. o Nonrecurring effects in the periods: 1Q18: (a) effects from asset divestments (TEAS) and (b) unrealized income between Raízen Energia and Raízen Combustíveis; 4Q17: unrealized income between Raízen Energia and Raízen Combustíveis; 1Q17: provision for loss of investments in logistics and reversal of unrealized income between Raízen Energia and Raízen Combustíveis. Comgás: regulatory current account effect. Cosan Corporate: nonrecurring gains/losses: o Nonrecurring effects in the periods: 4Q17: assignment of credits from indemnity lawsuits. Adjusted EBITDA 1Q18 1Q17 Chg.% 4Q17 Chg.% Pro forma EBITDA 1,192.5 973.8 22.5% 2,191.3-45.6% Raízen Combustíveis (50%) 34.9 28.2 23.7% (3.0) n/a Asset Divestments (14.0) 12.9 n/a (5.1) n/a Assets Arising from Contracts with Clients 49.1 n/a n/a n/a n/a Non-recurring effects (0.2) 15.3 n/a 2.0 n/a Raízen Energia (50%) 22.3 110.7-79.3% 17.9 27.9% Change in Biological Assets 13.7 (44.1) n/a (33.6) n/a Hedge Accounting - Debt - 55.0 n/a - n/a Foreign exchange effect in sugar 35.8 87.0-58.9% 46.9-23.7% Non-recurring effects (27.2) 12.8 n/a 4.5 n/a Comgás Regulatory Current Account 63.0 70.9-11.1% 41.2 53.0% Cosan Corporate - Non-recurring Effects - - n/a (1,040.0) n/a Adjusted (100%) Pro forma EBITDA 1,312.7 1,183.6 10.9% 1,207.4 8.8% Adjusted Net Income 1Q18 1Q17 Chg.% 4Q17 Chg.% Net Income 345.7 205.3 68.4% 686.4-49.6% Raízen Combustíveis (50%) (9.4) 18.6 n/a (2.0) n/a Asset Divestment (9.2) 8.5 n/a (3.4) n/a Non-recurring effects (0.1) 10.1 n/a 1.4 n/a Raízen Energia (50%) (8.9) (20.7) -58.8% (19.1) -55.5% Change in Biological Assets 9.0 (29.1) n/a (22.1) n/a Non-recurring effects (18.0) 8.4 n/a 3.0 n/a Comgás Regulatory Current Account (80%) 33.2 29.3 13.4% 21.7 53.0% Cosan Corporate - Non-recurring Effects - - n/a (530.5) n/a Adjusted (100%) Net Income 360.6 232.5 55.1% 156.5 n/a 2 de 23

Cosan Consolidated Results The following table provides a breakdown of the 1Q18 results by business unit for all segments detailed previously. All information reflects 100% of their financial performance, regardless of the interest held by Cosan. For the purpose of reconciling EBITDA in the column Cosan S/A, the Adjustments & Eliminations column reflects the eliminations from operations among all Cosan subsidiaries for consolidation purposes. Earnings by Business Unit 12 Comgás Moove Cosan Corporate Adjustments and Eliminations Cosan S/A Accounting Raízen Combustíveis Raízen Energia 50% Raízen Adjustments and Eliminations Consolidated Pro forma 1Q18 Net Revenue 1,430.9 724.6 0.4 0.0 2,155.9 19,495.0 4,512.9 (12,004.0) (577.9) 13,582.0 Cost of Goods and Services Sold (942.4) (578.5) (0.1) (0.0) (1,521.1) (18,521.7) (3,945.1) 11,233.4 577.9 (12,176.6) Gross Profit 488.4 146.1 0.3-634.8 973.3 567.9 (770.6) - 1,405.4 Gross Margin (%) 34.1% 20.2% 65.0% 0.0% 29.4% 5.0% 12.6% 6.4% 0.0% 10.3% Selling Expenses (154.5) (86.8) 0.0 - (241.2) (345.1) (155.1) 250.1 - (491.3) General and Administrative Expenses (76.8) (22.6) (29.4) - (128.8) (135.3) (173.4) 154.4 - (283.2) Other Operating Income (Expenses) (0.3) (1.1) (16.9) - (18.3) 99.4 108.5 (103.9) - 85.7 Equity Pick-up - (5.1) 438.5 (140.0) 293.5 - (4.2) 2.1 (298.4) (7.0) Depreciation and Amortization 117.4 20.9 3.8-142.1 70.2 611.6 (340.9) - 483.0 EBITDA 374.4 51.3 396.3 (140.0) 682.0 662.4 955.3 (808.9) (298.4) 1,192.5 EBITDA Margin (%) 26.2% 7.1% n/a n/a 31.6% 3.4% 21.2% 8.8% Financial result (21.6) (9.0) (76.8) - (107.5) (72.4) (36.3) 54.3 - (161.8) Income and Social Contribution Taxes (76.3) (8.5) 30.1 - (54.8) (142.9) (72.4) 107.6 - (162.4) Non-controlling Interest - - - (32.0) (32.0) (15.2) (0.0) 7.6 (0.0) (39.6) Net Income 159.0 13.0 345.7 (172.0) 345.7 361.8 235.0 (298.4) (298.4) 345.7 Note 12: As of 1Q18, the results of Cosan and its Business Units were impacted by the adoption of the new accounting standards (IFRS 15 and IFRS 9), as detailed in Note 3 to the quarterly financial statements as of March 31, 2018. 3 de 23

B. Results by Business Unit B.1 Raízen Combustíveis The year of 2018 started pressured by a gradual recovery of the economic activity in Brazil below the expectations. Even so, fuel total volume sold in Brazil increased 0.4% in 1Q18 (Plural basis, ex-sindicom). The GDP upturn, an increased industrial production and prospects of record agricultural crops in the country bolstered diesel sales volume growth (+1% versus 1Q17). Demand for fuels in the Otto cycle (gasoline + ethanol) still has been impacted by a high level of unemployment and lower household income, despite a higher number of light vehicle licensing in the period (+15% versus 1Q17, ANFAVEA basis).thus, sales, when measured in gasoline-equivalent, i.e. adjusting the ethanol volume by energy coefficient, dropped 4%, potentialized by greater ethanol contribution to the mix. Aviation fuel sales again reflected the economic activity upswing and grew 6%, boosted by a 1% increase in the number of departures in the period (ANAC basis). Raízen Combustíveis outperformed the industry average again, as a result of the increase in the number of service stations and the strategy focused on a long-term relationship with the Shell-branded service stations network. Total volumes sold was 3% higher than 1Q17 (-4% versus 4Q17, due to seasonality). Diesel and aviation fuel sales grew 6% and 8% year-over-year, respectively, bolstered by the stronger economy. Otto cycle sales were in line with 1Q17, following the market trend. On a gasolineequivalent basis, volumes dropped 3%, due to a greater contribution from ethanol versus gasoline to the sales mix (+55% and -13% versus 1Q17, respectively). Sales Volume 1Q18 1Q17 Chg.% 4Q17 Chg.% 000 cbm (Jan-Mar) (Jan-Mar) 1Q18/1Q17 (Oct-Dec) 1Q18/4Q17 Total Volume 13 6,297 6,115 3.0% 6,579-4.3% Ethanol 813 524 55.1% 855-5.0% Gasoline 2,076 2,376-12.6% 2,223-6.6% Diesel 2,787 2,625 6.2% 2,885-3.4% Aviation 559 517 8.1% 547 2.1% Other Products 63 72-13.4% 69-8.4% Note 13: Excludes sales to other distributors, in accordance with Plural methodology (formerly SINDICOM). Raízen Combustíveis net revenue came to R$19.5 billion (+10%) in 1Q18, driven by increased sales volume (+3%) and higher average price (+7%). In 1Q18, rebates were applied on fuel sales for achieving certain volume targets totaling R$47 million, compared to R$44 million in 1Q17. The cost of goods sold increased 11% to R$18.5 billion in 1Q18 (+11%), due to sales growth and higher unit cost of products (+7%) deriving from price increases practiced by Petrobrás and Esalq basis. Selling, general and administrative expenses were up 12% to R$480 million in 1Q18, affected by higher volume sold and concentration of personnel expenses. Other operating revenue (expenses) adjusted by nonrecurring effects totaled R$78 million in 1Q18 (+52% versus 1Q17), boosted by improved results in convenience stores and other products. Raízen Combustíveis adjusted EBIT and EBITDA came to R$564 million (+6%) and R$732 million (+7%), partially explained by total sales volume growth. Supply-strategy results positively impacted the quarterly result but to a lesser extent as compared to 1Q17 and 4Q17. Quarter-over-quarter adjusted EBIT and EBITDA went down 14% and 9%, respectively, due to seasonality. EBITDA 1Q18 1Q17 Chg.% 4Q17 Chg.% EBITDA 14 662.4 625.3 5.9% 812.1-18.4% Asset Divestments (28.0) 25.9 n/a (10.2) n/a Right of Exclusive Supply 98.2-0.0% - 0.0% Other extraordinary effects (0.4) 30.6 n/a 4.1 n/a Adjusted EBITDA 732.3 681.8 7.4% 806.1-9.2% EBIT 592.2 475.1 24.7% 659.0-10.1% Adjusted EBIT 563.9 531.6 6.1% 653.0-13.6% Note 14: As of 1Q18, EBITDA excludes asset amortization arising from contracts with clients, as detailed on page 5 herein. Raízen Combustíveis investments were up 13% to R$257 million, including R$167 million of assets deriving from contracts with clients, explained by increased re-branding of the service stations network. Raízen ended 1Q18 with 6,329 Shell-branded service stations, a net addition of 286 stations in the last 12 months (6,043 in 1Q17). 4 de 23

B.2 Raízen Energia The Brazil s Center-South region 2017/18 crop ended in March 2018 with a total of 596 million tons of sugarcane crushed (- 2% versus the 2016/17 crop, UNICA figures). Despite a slight decrease in crushing, a greater concentration of TRS per ton of cane enabled a 2% increase in the production of sugar-equivalent compared to the 2016/17 crop, with a mix in line with the previous crop (46% sugar mix industry average). Despite this commodity price deterioration (NY #11) and increased ethanol competitiveness versus gasoline in the last months of the period, sugar production reached 36 million tons (+1% versus the previous crop), an effect of the high level of sugar hedge contracted by the Center-South region mills in the period. Raízen Energia s crushing totaled 61.2 million tons of cane in 2017/18 crop (+3% versus 2016/17), of which nearly 500,000 tons were harvested in March 2018. Sugarcane productivity, measured by the combination of the TRS index (Total Recoverable Sugar per ton of crushed cane, in kilos) and TCH (Tons of Cane Harvested per Hectare), reached 9.8 Kg TRS/hectare (-5%), versus 10.3 for the 2016/17 crop, due to the lower concentration of rainfall in the period. However, Raízen s sugar-equivalent production for the crop came in 6% higher than for the previous crop, with a 55% sugar production mix (versus 57% in 2016/17), reflecting a continued profitability analysis per product by the Company. Adjusted net revenue was up 43% to R$4.6 billion in 1Q18, driven by higher concentration of all products sales and greater resale and trading opportunities in the period. In the crop, adjusted net revenue totaled R$15.5 billion, a 20% increase versus 2016/17. The effects on volume and net revenue for our main products in the quarter and in the crop year were: Sugar: Adjusted net revenue dropped 10% to R$1.4 billion in 1Q18, due to lower average sugar sales price this quarter (R$1,186/ton, -19% versus 1Q17), effect partially offset by higher volume sold (+11%), mainly in the domestic market. Own product sales grew by 14% versus 1Q17, due to sales strategy for the crop. For the 2017/18 crop year, sugar adjusted net revenue grew 4% to R$6.2 billion, due to 10% higher sales volume, partially offset by lower average price (R$1,317/ton, -6% versus 2016/17). Ethanol: Net revenue totaled R$2.4 billion (+58%) in 1Q18, due to higher sales volume (+60%), mainly in the domestic market, in line with a higher demand for the product. The average price in the period was R$1,841/m³ (-1%), in line with market prices (ESALQ basis). For the 2017/18 crop year, ethanol net revenue came to R$7.4 billion (+23%) due to 27% higher volume sold, partially offset by lower average price (R$1,717/m³, -3% versus 2016/17). Cogeneration: Net revenue from bioenergy sales more than doubled in 1Q18 totaling R$109 million, driven by higher volume sold by trading operation, despite lower average price (R$173/MWh, -6% versus 1Q17). For the crop, cogeneration net revenue was up 84% to R$952 million, bolstered by higher volume sold (+40%) and average prices of R$242/MWh (+31% versus 2016/17). Sales Breakdown 1Q18 1Q17 Chg.% 2017/18 2016/17 Var.% BRL mln (Jan-Mar) (Jan-Mar) 1Q18/1Q17 (Jan-Mar) (Jan-Mar) 17/18x16/17 Adjusted Net Revenue 4,584.5 3,197.4 43.4% 15,482.9 12,892.6 20.1% Sugar Sales 1,421.8 1,575.9-9.8% 6,166.4 5,952.2 3.6% Domestic Market 295.7 358.2-17.5% 1,233.0 1,433.9-14.0% Export Market 15 1,126.1 1,217.7-7.5% 4,933.4 4,518.3 9.2% Ethanol Sales 2,423.7 1,530.6 58.4% 7,443.8 6,074.1 22.6% Domestic Market 2,006.3 1,167.8 71.8% 5,313.4 3,743.9 41.9% Export Market 417.4 362.6 15.0% 2,130.4 2,330.2-8.6% Energy Cogeneration 109.0 41.1 n/a 952.2 517.7 83.9% Other Products and Services 630.0 49.9 n/a 920.5 348.7 n/a Hedge Accounting - Debt - (110.1) -100.0% (90.4) (110.1) -17.9% Foreign Exchange Effect in Sugar (71.6) (174.1) -58.9% (640.1) (601.9) 6.4% Net Revenue 4,512.9 2,913.2 54.9% 14,752.4 12,180.7 21.1% Note 15: Net revenue from sugar exports includes the effect from hedge accounting debt and foreign exchange effect in sugar. 5 de 23

Sugar ( 000 tons) Sales Volume 1Q18 vs. 1Q17 Ethanol ( 000 cbm) Sugar ( 000 tons) Sales Volume 2017/18 vs. 2016/17 Ethanol ( 000 cbm) Sugar Inventories Ethanol Inventories 03/31/2018 09/30/2017 Chg.% 12/31/2017 Chg.% 03/31/2018 09/30/2017 Chg.% 12/31/2017 Chg.% '000 ton 64 216-70,3% 1.212-94,7% '000 m³ 355 179 98,3% 1.005-64,7% BRL mln 56 211-73,5% 1.140-95,1% BRL mln 397 303 31,1% 1.311-69,7% BRL/ton 875 978-10,8% 940-6,9% BRL/cbm 1.119 1.694-33,9% 1.305-14,2% The cost of goods sold was up 77% to R$3.9 billion in 1Q18, due to higher sales volumes for all products in the period. The unit cash cost of own products sold in the quarter (in sugar-equivalent) dropped 3% to R$694/ton, impacted by the lower CONSECANA index price (-14%), which directly affects land-lease costs, and of third-party sugarcane acquisition. Excluding the CONSECANA effect, the unit cash cost would have been R$754/ton (+5%). For the 2017/18 crop year, the cost of goods sold increased 32% to R$12.6 billion, due to sales growth, partially offset by a 4% drop in unit cash cost in the period versus the 2016/17 crop, impacted by the lower CONSECANA index price. Excluding the CONSECANA effect, the cash cost would have been R$697/ton, up 5% versus the 2016/17 crop, affected by the crop profile (lasted longer, in crushing days, with a higher mix of third party sugarcane). Normalized by this effect, unitary cash cost of the harvest would remain stable, absorbing accumulated inflation of the period and reflecting our continuous focus on operational efficiency. Cost of Goods Sold 1Q18 1Q17 Chg.% 2017/18 2016/17 Var.% BRL mln (Jan-Mar) (Jan-Mar) 1Q18/1Q17 (Jan-Mar) (Jan-Mar) 17/18x16/17 Cost of goods sold (3,945.1) (2,232.1) 76.7% (12,620.6) (9,532.6) 32.4% Average Unit (Cash) Costs 16 - sugar equivalent (R$/ton) (693.7) (718.8) -3.5% (642.0) (665.9) -3.6% Average Unit (Cash) Costs 16 - Ex CONSECANA (R$/ton) (754.3) (718.8) 4.9% (697.0) (665.9) 4.7% Note 16: Cash cost of own sales volumes excludes depreciation and amortization of planting and tilling, agricultural, industrial and off-season maintenance. Selling, general and administrative expenses increased 8% to R$329 million in 1Q18, impacted by higher volumes sold and concentration of personnel expenses. For the 2017/18 crop year, expenses totaled R$1.4 billion (+16%), due to higher selling expenses, as a result of higher volumes sold and nonrecurring expenses in view of the merger of Tonon Group s mills (Santa Cândida and Paraíso) into the portfolio in September 2017. Adjusted EBITDA was up 8% to R$1.0 billion, driven by higher sales volume, with greater contribution from our own products in the sales mix. Since 2Q17, the first quarter of the 2017/18 crop, we added a line of adjustment to EBITDA referred to as Sugar foreign exchange effect aimed at accounting for the impact of foreign exchange effectively applied to protect sugar exports in operating results. It is worth mentioning that sugar pricing at Raízen is denominated in Brazilian Reais, i.e., commodity and currency hedge. The Brazilian Real appreciation against the U.S. dollar negatively affected EBITDA in 1Q18, since revenue recognized in sugar exports reflects the exchange rate as of the shipment date. Thus, we had a positive effect of R$72 million recognized in our financial results year to date (including previous quarters) relating to currency hedge instruments contracted to determine revenues in Reais, 6 de 23

highlighted in the EBITDA table below. The average of currency hedges for shipments was R$3.52/USD, compared to the actual average exchange rate (PTAX) of R$3.30/USD. As shown in the table below, reported EBITDA in 1Q18 was impacted by: (i) the negative effect of R$29 million from biological assets variation, (ii) the negative effect of R$72 million resulting from foreign exchange designated to hedge sugar exports, and (iii) the positive effect of R$54 million resulting from TEAS sale. The 2017/18 crop-adjusted EBITDA grew 11% to R$4.1 billion (+11% versus the 2016/17 crop), mainly impacted by higher sales volume. EBITDA and EBIT 1Q18 1Q17 Chg.% 2017/18 2016/17 Var.% BRL mln (Jan-Mar) (Jan-Mar) 1Q18/1Q17 (Jan-Mar) (Jan-Mar) 17/18x16/17 EBITDA 955.3 704.2 35.7% 3,043.5 3,155.3-3.5% Change in biological assets 27.4 (88.3) n/a 367.4 (319.1) n/a Hedge Accounting - Debt - 110.1-100.0% 90.4 110.1-17.9% Foreign Exchange Effect in Sugar 71.6 174.1-58.9% 640.1 601.9 6.4% Non-Recurring Effects from unrealized profits (54.5) 25.5 n/a (52.3) 145.3 n/a Adjusted EBITDA 999.8 925.6 8.0% 4,089.1 3,693.5 10.7% Adjusted EBIT 392.3 514.2-23.7% 1,816.5 1,765.8 2.9% The position of volumes and sugar prices defined with trading companies or via derivative financial instruments in US dollars and converted into Reais, until March 31, 2018, respectively, are summarized as follows: Summary of Hedge Operations at 12/31/2017 17 Sugar 2018/2019 2019/2020 Volume ('000 ton) 829.5 - Average Price 18 (centavos/lb) 51.6 - Average Price ( /lb) 15.2 - Note 17: Hedge coverage is based on the crop years ending in 3/31/2018 and 3/31/2019. Note 18: The average price in /lb considers the exchange rate hedged through financial instruments. Net revenue is recorded at the exchange rate realized during the period. CAPEX of Raízen Energia was up 13% to R$1.0 billion, due to higher planting and tilling expenses (+21%) and greater investments in mechanization, due to anticipated renewal of agricultural equipment. For the 2017/18 crop year, Capex totaled R$2.4 billion (+14% versus the 2016/17 crop year), excluding the disbursement for acquisition of Tonon Group s mills. The CAPEX increase in the crop was the result of greater investments in biological assets (15%) and mandatory investments in health, safety, and environmental projects (HSE) and sustainability (+21%), in addition to investments in renovation of agricultural machinery, in line with crop-year guidance. CAPEX 1Q18 1Q17 Chg.% 2017/18 2016/17 Var.% BRL mln (Jan-Mar) (Jan-Mar) 1Q18/1Q17 (Jan-Mar) (Jan-Mar) 17/18x16/17 Total CAPEX 1,014.6 897.4 13.1% 2,378.7 2,088.3 13.9% Maintenance CAPEX 664.2 588.7 12.8% 1,562.4 1,445.1 8.1% Biological Assets 210.9 174.0 21.2% 936.9 817.3 14.6% Off-season Maintenance 453.3 414.7 9.3% 625.5 627.9-0.4% Operating CAPEX 214.4 157.5 36.1% 381.0 237.5 60.4% HES & Sustaining 118.9 126.7-6.2% 213.7 176.6 21.0% Mechanization 76.2 25.9 n/a 136.1 50.8 n/a Industrial 19.3 4.9 n/a 31.2 10.1 n/a Projects CAPEX 136.0 151.2-10.1% 435.3 405.7 7.3% Cogeneration and Expansion 41.0 20.6 99.4% 107.0 79.4 34.8% Other Projects 95.0 130.6-27.3% 328.3 326.3 0.6% 7 de 23

B.3 Comgás Comgás natural gas total sales volume in 1Q18 was marked by solid growth in its main operating segments, reaching 6% sales volume growth, ex-term. The volume sold to industrial segment clients recorded growth (+6% versus 1Q17), bolstered by a recovery of industrial production and business negotiations to increase volume. In the residential segment, the net addition of 107,000 clients in the last 12 months, coupled with lower average temperatures in the period, drove the 18% growth in volume sold versus 1Q17. In the commercial segment, a combination of a larger consumer base (1,200 new clients from April 2017 to March 2018) and better unit consumption drove a 10% sales increase. Sales Volumes 4Q17 4Q16 Chg.% 3Q17 Chg.% Mln cbm (Oct-Dec) (Oct-Dec) 4Q17/4Q16 (Jul-Sep) 4Q17/3Q17 Natural Gas Sales, ex-thermal power 1,072 1,008 6.3% 1,089-1.6% Residential 56 47 18.3% 64-11.9% Commercial 36 33 10.3% 38-4.9% Industrial 861 812 6.0% 848 1.5% Cogeneration 71 68 4.6% 86-17.8% Automotive 48 48-0.4% 53-8.9% Comgás posted 1Q18 net operating revenue of R$1.4 billion, 25% higher than 1Q17, due to sales volume growth and higher tariffs defined by ARSESP ordinances in May 2017. The cost of goods sold were up 31% to R$942 million in 1Q18 due to higher unit cost of natural gas and greater sales volume. Selling, general and administrative expenses came to R$231 million (-6%) in 1Q18. Excluding amortization, SG&A expenses totaled R$114 million, in line with 1Q17, according to the inflation in the period. EBITDA, normalized by regulatory current account, was up 14% to R$437 million in 1Q18, reflecting a higher sales volume, stable expenses and margins adjusted for inflation in May 2017. IFRS EBITDA came to R$374 million in 1Q18 (+19% versus 1Q17), due to a refund of R$61 million in regulatory current account which ended the quarter with a balance of R$160 million on behalf of clients. EBITDA 4Q17 4Q16 Chg.% 3Q17 Chg.% BRL mln (Oct-Dec) (Oct-Dec) 4Q17/4Q16 (Jul-Sep) 4Q17/3Q17 Normalized EBITDA 437.4 384.3 13.8% 416.1 5.1% IFRS EBITDA 374.4 313.4 19.4% 375.0-0.2% CAPEX totaled R$112 million in the period (+50% versus 1Q17), in line with investments expected for the year of 2018. The complete earnings release of Comgás is available at the website: ir.comgas.com.br. Page 23 of this report presents a reconciliation of Comgás' Net Income based on Cosan s accounting perspective. 8 de 23

B.4 Moove Moove recorded 8% growth in total volume sold in 1Q18 against the same period last year. Lubricants sales grew in the domestic market, reflecting the business strategy focused on increasing our automotive and industrial customer base, including domestic carmakers and in international markets. Net revenue grew 62% in 1Q18 to R$724 million, mainly due to the expansion of international operations and higher sales volume with better mix of products sold. These impacts boosted EBITDA to R$51 million in 1Q18, 19% higher than 1Q17. EBITDA 1Q18 1Q17 Chg.% 4Q17 Chg.% EBITDA 51.3 43.3 18.5% 33.9 51.3% EBITDA Margin (%) 7.1% 9.7% -2.6 p.p. 5.3% 1.8 p.p B.5 Cosan Corporate The Cosan Corporate segment comprises Cosan s corporate structure, i.e. expenses with sundry consulting services and personnel (payroll, charges and severance), as well as the effects arising from the contingencies of the businesses contributed to Raízen prior to its incorporation, and other investments. Total Expenses and EBITDA 1Q18 1Q17 Chg.% 4Q17 Chg.% General and Administrative Expenses (29.4) (39.6) -25.9% (44.0) -33.3% Other Operating Income (Expenses) (16.9) (13.4) 26.0% 973.4 n/a Non-recurring Effects - - n/a 1,040.0-100.0% Other (16.9) (13.4) 26.0% (66.5) -74.6% EBITDA ex- Equity Pick-up (42.2) (49.7) -15.2% 933.5 n/a (+) Equity Pick-up 438.5 312.0 40.6% 399.1 9.9% EBITDA 396.3 262.2 51.1% 1,332.6-70.3% In 1Q18, Cosan Corporate s general and administrative expenses totaled R$29 million (-26% versus 1Q17). The drop in expenses reflects a lower concentration of various advisory services expenses, in addition to the efforts to control the company s costs. Other operating expenses, mainly composed of legal and contingency expenses, totaled R$17 million in 1Q18, against R$13 million in 1Q17. 9 de 23

C. Other Lines of the Consolidated P&L (ex-raízen) Financial Result Financial Result 1Q18 1Q17 Chg.% 4Q17 Chg.% Cost of Gross Debt (159.5) (169.6) -6.0% (267.2) -40.3% Perpetual Notes (32.3) 11.9 n/a (92.6) -65.1% Interest of Bank Debts (127.2) (181.5) -29.9% (174.6) -27.1% Interest Income and exchange rate variation of cash 58.6 107.6-45.6% 80.5-27.2% (=) Subtotal: Interest on Net Debt (100.9) (62.0) 62.8% (186.7) -46.0% Other Charges and Monetary Variation 3.6 (61.0) n/a (56.6) n/a Banking Expenses, Fees and Other (10.2) (12.1) -16.2% (252.5) -96.0% Net Financial Result (107.5) (135.0) -20.4% (495.7) -78.3% Net financial expenses came to R$101 million in 1Q18, up 63% year-over-year. Bank debt financial expenses decreased 30% quarter-over-quarter due to the lower CDI interest rate in the period, which was partially offset by a negative perpetual bond effect caused by Brazilian Real depreciation against the US dollar. The weighted average cost of Cosan S/A s debts in the quarter (ex- Raízen) corresponds to 118% of CDI. Financial investment yield dropped 46% to R$59 million due to lower interest rates and reduced cash balance compared to 1Q17. Other charges and monetary variations resulted in a gain of R$4 million in 1Q18, compared to a loss of R$61 million in 1Q17. The main impacts on the 1Q18 result were: (i) the reversal of a provision for liability at Comgás, totaling R$27 million and (ii) a lower cost of obligations to preferred shareholders due to a lower balance of and reduced rate due to these obligations. In addition, it is worth mentioning that the 1Q17 financial result was negatively impacted by the put option exercised by TPG fund in the amount of R$43 million. Income and Social Contribution Taxes The following table provides a breakdown of income and social contribution tax expenses of 1Q18 by business unit: Income and Social Contribution Taxes BRL mln Comgás Moove Cosan Corporate Adjustments & Elimination Consolidated Operating Profit before Taxes 235.3 21.5 315.7 (140.0) 432.5 Income and Social Contribution Taxes, Nominal Rate (%) 34.0% 34.0% 34.0% 34.0% 34.0% Theoretical Expense with Income and Social Contribution (80.0) (7.3) (107.3) 47.6 (147.0) Non-taxable Permanent Differences/Equity Pick-up (0.9) (1.2) 140.4 (47.6) 90.7 Other 4.6 - (3.0) - 1.6 Effective Expense with Income and Social Contribution Taxes (76.3) (8.5) 30.1 - (54.8) Income and Social Contribution Taxes, Effective Rate (%) 32.4% 39.5% -9.5% 0.0% 12.7% Expenses with Income and Social Contribution Taxes Current 59.3 0.3 (1.7) - 57.8 Deferred (135.6) (8.7) 31.8 - (112.5) Net Income Cosan posted net income of R$346 million in 1Q18 (+68% versus 1Q17), driven by improved operating results in all lines of business, as well as lower financial expenses in the period. It is worth mentioning that net income for the quarter was impacted by non-recurring effects on businesses, as outlined in the section Adjusted EBITDA and Net Income (page 5). Net income adjusted for non-recurring effects totaled R$361 million in 1Q18 versus R$232 million in 1Q17. 10 de 23

D. Loans and Financing Cosan s pro forma gross debt (excluding PESA at Raízen Energia) as of 1Q18 came to R$14 billion (-4%), mainly impacted by settlement of R$499 million in debts at Comgás. Cosan S/A's pro forma leverage ratio (including obligations with preferred shareholders) ended the quarter at 1.5x Net Debt/EBITDA (based on pro forma LTM EBITDA). Even considering Comgás normalized results, adjusted by regulatory current account, leverage would remain at 1.5x. Pro forma bank net debt, excluding obligations with preferred shareholders, ended the quarter with a balance of R$7.2 billion. The R$2.3 billion decrease year-over-year is a result of lower cash balance at the end of the quarter. Main impacts on the Company s cash flows are commented on in the Cash Flow Reconciliation section hereof. Loans and Financing 1Q18 BRL mln Comgás Moove Cosan Corporate Consolidated Raízen Energia 50% Raízen Combustíveis 50% Consolidated Pro forma Opening balance of pro forma net debt 1,517.0 399.3 2,956.5 4,872.7 3,846.7 797.6 9,517.0 Cash, cash equivalents and marketable securities 2,237.1 197.6 1,415.7 3,850.4 1,034.7 610.9 5,496.0 Gross Debt 3,754.0 596.8 4,372.2 8,723.1 4,881.4 1,408.5 15,013.0 Cash items (450.1) 63.5 (323.4) (710.0) (112.7) (10.6) (833.3) Funding - 86.4 15.0 101.4 9.0 (0.3) 110.1 Payment of principal on loans and borrowings (499.4) (21.8) (167.9) (689.1) (78.4) (2.0) (769.6) Payment of Interest on loans borrowings (25.4) (0.4) (126.7) (152.5) (43.3) (8.3) (204.0) Derivatives 74.7 (0.7) (43.8) 30.2 - - 30.2 Noncash items 91.4 24.2 101.0 216.7 57.3 10.0 283.9 Provision for interest (accrual) 56.1 4.7 80.9 141.8 63.6 13.4 218.8 Monetary variation and MTM adjustment of debt (29.2) (1.6) (68.0) (98.8) (23.0) (9.5) (131.4) Exchange variation, net of derivatives 64.5 21.0 88.2 173.7 16.7 6.1 196.5 Closing balance of gross debt 3,395.4 684.5 4,135.7 8,215.7 4,825.9 1,407.9 14,449.5 Cash, cash equivalents and marketable securities 1,861.8 211.7 2,822.6 4,896.1 1,660.9 710.2 7,267.1 Closing balance of pro forma net debt 1,533.6 472.8 1,327.3 3,333.7 3,165.0 697.7 7,196.5 Obligations due to preferred shareholders of subsidiaries - - 1,464.5 1,464.5 - - 1,464.5 Total pro forma net debt and obligations due to preferred shareholders of subsidiaries 1,533.6 472.8 2,791.8 4,798.2 3,165.0 697.7 8,661.0 E. Reconciliation of the Change in Net Debt Cash Flow Statement 1Q18 BRL mln Raízen Combined 50% Cosan S/A Pro forma Comgás Moove Cosan Corporate Eliminations Cosan S/A Eliminations Balance of Net Debt at start of period (1,517.0) (399.3) (2,956.5) - (4,872.7) (4,644.2) - (9,517.0) Balance of Net Debt at end of period (1,533.6) (472.8) (1,327.3) - (3,333.7) (3,862.8) - (7,196.5) Change in Net Debt (16.6) (73.6) 1,629.2-1,539.9 781.5-2,320.5 Non-cash items 91.4 24.2 101.0-216.7 67.2-283.9 Interest Accrual 56.1 4.7 80.9-141.8 77.0-218.8 Monetary variation and MTM adjustment of (29.2) (1.6) (68.0) - (98.8) (32.5) - (131.4) debt Exchange Variation, net of derivatives 64.5 21.0 88.2-173.7 22.8-196.5 Cash change in Net Debt 74.8 (49.4) 1,730.3-1,755.7 848.7-2,604.4 Reconciliation of Cash Generation EBITDA 374.4 51.3 396.3 (140.0) 682.0 808.9 (298.4) 1,192.5 Noncash impacts on EBITDA 9.8 16.5 (428.1) 140.0 (261.8) 50.2 298.4 86.8 Changes in assets and liabilities (71.1) (84.1) 1,249.3 (19.9) 1,074.1 981.6-2,055.7 Operating financial result 27.0 (17.0) 15.7-25.7 (98.8) - (73.1) Operating cash flow 340.1 (33.3) 1,233.2 (19.9) 1,520.1 1,741.8-3,261.9 Capex (97.2) (11.2) (0.1) - (108.5) (552.5) - (661.0) Other 1.1 (35.9) (0.0) 0.0 (34.7) 94.6-59.9 Cash flow after investments (96.1) (47.1) (0.1) 0.0 (143.2) (457.9) - (601.1) Other Effects Ex Debt - 27.0 (23.5) 0.0 3.5 (0.4) - 3.1 Dividends Received - - 521.1 (112.9) 408.2 - (408.2) 0.0 Cosan S/A - - 0.0-0.0-408.2 408.2 Comgás (169.2) - - 132.9 (36.3) - - (36.3) Raízen - - - - - (445.3) - (445.3) Dividends Payed (169.2) - 0.0 132.9 (36.3) (445.3) 408.2 (73.5) Exchange variation impact on cash and cash equivalents - 3.9 (0.5) - 3.4 10.5-13.9 Change in Net Debt 74.8 (49.4) 1,730.3 0.0 1,755.7 848.7-2,604.4 11 de 23

F. Cash Flow Reconciliation Below, the information necessary to reconcile the free cash flow to equity (FCFE) on an accounting basis ("Cosan S/A") and on a pro forma basis ("Pro Forma Consolidated"), considering 50% of Raízen's results. Cash Flow in 1Q18 was impacted by the higher generation of operating cash in all businesses. In addition, it is worth mentioning the following effects in 1Q18: (i) a cash inflow of R$1.3 billion in Corporate referring to the sale of receivables certificates concluded in December 2017, while 1Q17 was impacted by a cash outflow of R$276 million due to the put option exercised by TPG; (ii) the amortization of gross debt, mainly by Comgás; and (iii) the payment of R$169 million in interest on equity by Comgás. Cash Flow Statement 1Q18 1Q17 BRL mln Comgás Moove Cosan Corporate Eliminations Cosan S/A Raízen Combined 50% Eliminations Cosan S/A Pro forma Cosan S/A Pro forma EBITDA 374.4 51.3 396.3 (140.0) 682.0 808.9 (298.4) 1,192.5 973.8 22.5% Noncash impacts on EBITDA 9.8 16.5 (428.1) 140.0 (261.8) 50.2 298.4 86.8 155.8-44.3% Changes in assets and liabilities (71.1) (84.1) 1,249.3 (19.9) 1,074.1 981.6-2,055.7 772.4 n/a Operating financial result 27.0 (17.0) 15.7-25.7 (98.8) - (73.1) 253.5 n/a Operating Cash Flow 340.1 (33.3) 1,233.2 (19.9) 1,520.1 1,741.8-3,261.9 2,155.6 51.3% CAPEX (97.2) (11.2) (0.1) - (108.5) (552.5) - (661.0) (645.0) 2.5% Other 1.1 (35.9) (0.0) 0.0 (34.7) 94.6-59.9 (256.8) n/a Cash Flow from Investing Activities (96.1) (47.1) (0.1) 0.0 (143.2) (457.9) - (601.1) (901.8) -33.3% Funding - 86.4 15.0-101.4 8.7-110.1 862.7-87.2% Payment of principal on loans and borrowings (499.4) (21.8) (167.9) - (689.1) (80.5) - (769.6) (1,597.5) -51.8% Payment of Interest on loans borrowings (25.4) (0.4) (126.7) - (152.5) (54.0) - (206.5) (224.1) -7.9% Derivatives 74.7 (0.7) (43.8) - 30.2 - - 30.2 (167.9) n/a Other - 27.0 (23.5) - 3.5 2.0-5.6 11.6-51.9% Cash Flow from Financing Activities (450.1) 90.6 (346.9) - (706.5) (123.7) - (830.1) (1,115.2) -25.6% Dividends received - - 521.1 (112.9) 408.2 - (408.2) 0.0 - n/a Free Cash Flow to Equity (206.1) 10.2 1,407.3 (132.9) 1,078.6 1,160.3 (408.2) 1,830.7 138.5 n/a Cosan S/A - - 0.0-0.0-408.2 408.2 279.9 45.8% Comgás (169.2) - - 132.9 (36.3) - - (36.3) (153.2) -76.3% Raízen - - - - - (445.3) - (445.3) (300.1) 48.4% Dividends paid (169.2) - 0.0 132.9 (36.3) (445.3) 408.2 (73.5) (173.4) -57.6% Exchange variation impact on cash and cash equivalents Chg.% - 3.9 (0.5) - 3.4 10.5-13.9 (16.2) n/a Cash Generation (Burn) in the Period (375.3) 14.2 1,406.8 0.0 1,045.7 725.4-1,771.2 (51.1) n/a Cash Flow Statement BRL mln Raízen Energia Raízen Combustíveis Cahs Flow from Operations 19 1,288.8 453.1 Cash Flow from Investing Activities 19 (461.6) 3.8 Cash Flow from Financing Activities (84.6) (39.1) Free Cash Flow to Equity 742.5 417.8 Note 19: As of 1Q18, as detailed on page 2, investment in assets arising from contracts with clients at Raízen Combustíveis ceased to compose Cash Flow from Investments and moved to Operational. 12 de 23

G. Guidance This section presents our guidance for 2018 for each of the key parameters of Cosan s consolidated results, besides ratifying Raízen Energia s guidance for the 2018/19 crop year, starting in April 2018 and ending in March 2019. Other sections of this earnings release may also contain projections. These projections and guidance are merely estimates and do not represent any guarantee of future results. Cosan s consolidated EBITDA is presented on a pro forma basis, which includes 50% of the results of Raízen Combustíveis and of Raízen Energia. Note that Raízen s results are no longer consolidated proportionately into Cosan, with only its net income recognized under Equity Pick-Up. Cosan S/A Consolidated Raízen Combustíveis Actual Guidance 2017 2018 (Jan-Dec) (Jan-Dec) Pro forma Net Revenue (BRL mln) 49,368 50,000 53,000 Pro forma EBITDA 20 (BRL mln) 5,134 4,900 5,400 EBITDA (BRL mln) 2,939 2,850 3,150 Investments 21 (BRL mln) 781 800 1,000 Total Volume Sold, excluding Thermo ('000 cbm) 4,291 4,400 4,600 Comgás Normalized EBITDA 20 (BRL mln) 1,737 1,770 1,870 CAPEX (BRL mln) 460 450 500 Moove EBITDA (BRL mln) 175 200 230 Raízen Energia Actual Guidance Crop Year 2017/18 Crop Year 2018/19 (Apr/17-Mar/18) (Apr/18-Mar/19) Volume of Sugarcane Crushed ('000 tons) 61,217 62,000 66,000 Volume of Sugar Produced ('000 tons) 4,294 4,200 4,600 Volume of Ethanol Produced (million liters) 2,206 2,300 2,600 Volume of Energy Sold ('000 of MWh) 3,928 2,500 2,700 EBITDA 20 (BRL mln) 4,089 3,400 3,800 CAPEX (BRL mln) 2,379 2,400 2,700 Note 20: Cosan S/A Consolidated Pro forma EBITDA considers in both results and guidance the adjustments that are highlighted in the Company s earnings releases each quarter, that is, reflecting the recurring results of operations, excluding any one-off effects. Note 21: Includes investments in assets arising from contracts with clients. 13 de 23

H. Financial Statements H.1 Cosan S/A Consolidated Accounting Indicators 1Q18 1Q17 Chg.% 4Q17 Chg.% EBITDA 682.0 565.5 20.6% 1,636.4-58.3% CAPEX 123.2 76.9 60.2% 179.6-31.4% Income Statement for the Period 1Q18 1Q17 Chg.% 4Q17 Chg.% Net Revenue 2,155.8 1,593.1 35.3% 2,135.0 1.0% Cost of Goods and Services Sold (1,521.1) (1,035.2) 46.9% (1,464.4) 3.9% Gross profit 634.8 558.0 13.8% 670.5-5.3% Selling, general & administrative expenses (370.0) (392.1) -5.6% (440.9) -16.1% Other net operating income (expenses) (18.3) (13.8) 31.9% 968.8 n/a Financial results (107.5) (135.0) -20.4% (495.7) -78.3% Equity Pick-up 293.5 256.9 14.2% 292.0 0.5% Expenses with income and social contribution taxes (54.8) (37.3) 46.7% (260.5) -79.0% Non-controlling interest (32.0) (31.2) 2.6% (47.8) -33.1% Net income 345.7 205.3 68.4% 686.4-49.6% Balance Sheet 1Q18 4Q17 BRL mln 03/31/18 12/31/17 Cash and cash equivalents 3,964 3,150 Marketable Securities 932 700 Trade accounts receivable 972 918 Inventories 351 381 Derivative financial instruments 914 1,052 Other current assets 1,028 2,313 Other non-current assets 1,526 1,554 Investments 8,637 8,707 Property, plant and equipment 408 412 Intangible assets 9,339 9,351 Total Assets 28,070 28,539 Loans and borrowings 9,045 9,675 Financial instruments and derivatives 85 115 Trade accounts payable 1,844 1,805 Payroll 66 124 Other current liabilities 1,247 1,449 Other non-current liabilities 5,125 5,074 Shareholders' Equity 10,659 10,297 Total Liabilities 28,070 28,539 14 de 23

H.2 Raízen Combustiveis Sales Volumes 1Q18 1Q17 Chg.% 4Q17 Chg.% 000 cbm (Jan-Mar) (Jan-Mar) 1Q18/1Q17 (Oct-Dec) 1Q18/4Q17 Total Volume 6,297 6,115 3.0% 6,579-4.3% Ethanol 813 524 55.1% 855-5.0% Gasoline 2,076 2,376-12.6% 2,223-6.6% Diesel 2,787 2,625 6.2% 2,885-3.4% Aviation 559 517 8.1% 547 2.1% Other 63 72-13.4% 69-8.4% Otto cycle 2,889 2,900-0.4% 3,078-6.2% Gasoline Equivalent 2,663 2,755-3.3% 2,840-6.2% Indicators 1Q18 1Q17 Chg.% 4Q17 Chg.% EBITDA 22 662.4 625.3 5.9% 812.1-18.4% Adjusted EBITDA 732.3 681.8 7.4% 806.1-9.2% Adjusted EBITDA Margin (BRL/cbm) 116.3 111.5 4.3% 122.5-5.1% EBIT 592.2 475.1 24.7% 659.0-10.1% Adjusted EBIT 563.9 531.6 6.1% 653.0-13.6% Rebate 47.5 44.2 7.5% 45.5 4.4% Investments 23 257.2 226.8 13.4% 166.6 54.4% Income Statement for the Period 1Q18 1Q17 Chg.% 4Q17 Chg.% Net Operating Revenue 19,495.0 17,698.2 10.2% 19,374.2 0.6% Ethanol 1,717.4 1,041.6 64.9% 1,624.1 5.7% Gasoline 8,125.4 8,206.4-1.0% 8,140.2-0.2% Diesel 8,401.6 7,432.0 13.0% 8,432.9-0.4% Aviation 1,144.7 899.4 27.3% 1,065.8 7.4% Other 105.8 118.9-11.0% 111.1-4.8% Cost of Goods and Services Sold (18,521.7) (16,746.9) 10.6% (18,304.1) 1.2% Gross profit 973.3 951.2 2.3% 1,070.1-9.0% Total Expences (480.4) (430.3) 11.6% (473.1) 1.5% Selling expenses (345.1) (314.1) 9.9% (349.9) -1.4% General and administrative expenses (135.3) (116.2) 16.4% (123.2) 9.8% Other operating income (expenses) 99.4 (45.8) n/a 62.1 60.0% Financial results (72.4) (172.1) -58.0% (44.4) 62.9% Equity Pick-up - - n/a - n/a Expenses with income and social contribution taxes taxes (142.9) (89.4) 59.8% (168.9) -15.4% Non-controlling interest (15.2) (13.7) 11.1% (14.5) 4.8% Net Income 361.8 199.9 81.0% 431.2-16.1% Balance Sheet 1Q18 4Q17 BRL mln 03/31/18 12/31/17 Cash and cash equivalents 1,420 1,222 Trade accounts receivable 2,154 2,249 Inventories 1,882 2,417 Derivative financial instruments 103 88 Other current assets 1,725 1,407 Other non-current assets 3,291 1,766 Property, plant and equipment 2,318 2,330 Intangible assets 24 2,684 4,601 Total Assets 15,578 16,080 Loans and borrowings 2,738 2,741 Financial instruments and derivatives 188 219 Trade accounts payable 1,742 2,125 Payroll 124 94 Other current liabilities 1,476 1,387 Other non-current liabilities 4,322 4,392 Shareholders' Equity 4,988 5,122 Total Liabilities 15,578 16,080 Note 22: As of 1Q18, EBITDA excludes asset amortization arising from contracts with clients, as detailed on page 2 herein. Note 23: Includes investments in assets arising from contracts with clients. Note 24: As of 1Q18, with the adoption of IFRS 15 rule, assets arising from contracts with clients were reclassified from Intangible Assets and moved to Contracts with Clients Assets. 15 de 23

H.3 Raízen Energia Indicators 1Q18 1Q17 Chg.% 2017/18 2016/17 Var.% (Jan-Mar) (Jan-Mar) 1Q18/1Q17 (Jan-Mar) (Jan-Mar) 17/18x16/17 Sugarcane Crushed 524 - n/a 61,217 59,391 3.1% Sugarcane Crushed, Own ('000 t) 496 - n/a 29,637 29,337 1.0% Sugarcane Crushed, Suppliers ('000 t) 29 - n/a 31,579 30,055 5.1% Sugarcane TRS (kg/t) 110.8 115.6-4.1% 133.0 129.4 2.7% TCH (tons of cane per hectare) 67.1 71.2-5.8% 73.5 79.6-7.6% TRS/ha (tons of TRS per hectare) 7.4 8.2-9.7% 9.8 10.3-5.0% Mechanization (%) 100.0% 97.8% 2.2 p.p. 98.3% 98.2% 0.1 p.p. Sugar ('000 ton) 11 - n/a 4,294 4,227 1.6% Ethanol ('000 cbm) 32 - n/a 2,206 1,990 10.9% Sugar ('000 ton) 1,199 1,076 11.4% 4,683 4,271 9.6% Ethanol ('000 cbm) 1,317 823 60.0% 4,335 3,416 26.9% Energy cogeneration ('000 MWh) 629 222 n/a 3,928 2,802 40.2% EBITDA 955.3 704.2 35.7% 3,043.5 3,155.3-3.5% Adjusted EBITDA 999.8 925.6 8.0% 4,089.1 3,693.5 10.7% Adjusted EBITDA Margin (BRL/cbm) 22.2% 31.8% -9.6 p.p. 27.7% 30.3% -2.6 p.p. EBIT 347.8 292.7 18.8% 771.0 1,227.6-37.2% Adjusted EBIT 392.3 514.2-23.7% 1,816.5 1,765.8 2.9% CAPEX 1,014.6 897.4 13.1% 2,378.7 2,088.3 13.9% Income Statement for the Period 1Q18 1Q17 Chg.% 2017/18 2016/17 Var.% BRL mln (Jan-Mar) (Jan-Mar) 1Q18/1Q17 (Jan-Mar) (Jan-Mar) 17/18x16/17 Net Operating Revenue 4,512.9 2,913.2 54.9% 14,752.4 12,180.7 21.1% Sugar 1,350.2 1,291.7 4.5% 5,435.9 5,240.2 3.7% Ethanol 2,423.7 1,530.6 58.4% 7,443.8 6,074.1 22.6% Energy Cogeneration 109.0 41.1 n/a 952.2 517.7 83.9% Other Products and Services 630.0 49.9 n/a 920.5 348.7 n/a Cost of goods sold (3,945.1) (2,232.1) 76.7% (12,620.6) (9,532.6) 32.4% Sugar (1,112.4) (965.3) 15.2% (3,974.6) (3,668.2) 8.4% Ethanol (947.0) (599.9) 57.9% (3,175.1) (2,872.9) 10.5% Resale & Trading (1,124.1) (790.7) 42.2% (3,586.3) (2,713.4) 32.2% Energy Cogeneration (101.7) (21.3) n/a (533.4) (213.4) n/a Other (659.9) 145.1 n/a (1,351.2) (64.8) n/a Gross profit 567.9 681.1-16.6% 2,131.8 2,648.1-19.5% Total Expences (328.5) (303.1) 8.4% (1,446.7) (1,251.5) 15.6% Selling expenses (155.1) (144.3) 7.5% (813.9) (688.6) 18.2% General and administrative expenses (173.4) (158.8) 9.2% (632.7) (562.9) 12.4% Other operating income (expenses) 108.5 (85.3) n/a 85.8 (169.0) n/a Financial results (36.3) 135.1 n/a (171.2) 456.9 n/a Equity Pick-up (4.2) (37.3) -88.8% (21.4) (69.6) -69.2% Expenses with income and social contribution taxes (72.4) (77.6) -6.7% (73.8) (367.8) -79.9% Net income 235.0 312.9-24.9% 504.5 1,247.0-59.5% Balance Sheet 1Q18 4Q17 BRL mln 03/31/18 12/31/17 Cash and cash equivalents 3,322 2,069 Marketable Securities 602 688 Inventories 740 2,804 Derivative financial instruments 486 454 Biological Assets 948 881 Other current assets 2,332 2,115 Other non-current assets 3,790 3,850 Investments 346 349 Property, plant and equipment 11,634 10,753 Intangible assets 3,601 3,670 Total Assets 27,802 27,632 Loans and borrowings 10,761 10,854 Financial instruments and derivatives 241 250 Trade accounts payable 2,007 1,342 Payroll 430 356 Other current liabilities 935 1,413 Other non-current liabilities 1,361 1,345 Shareholders' Equity 12,068 12,072 Total Liabilities 27,802 27,632 16 de 23