2020

1. Competitiveness of Clean and Renewable Energy From Biomass 2020 2009 Brazil Energy Conference

2. Macro trends 2009-2020 open great opportunities for energy from biomass Increasing international concerns on energy security and CO2 emission reduction Competitiveness: Ethanol is part of the Brazilian strategic agenda Strong domestic ethanol market growth coupled with international expansion Potential for innovation and break-through technology Increasing potential for electricity from biomass in Brazil • Sector in evolution • Consolidation/new actors • Focus on operational excellence • Sustainability • Oil production cost • Ethanol production cost

3. Significant growth of Brazilian Ethanol Market Milling (mm ton) 426 565 940 1.200 45% 60% 68% 75% Ethanol mix Sugar Production (mm ton) 30 31 41 45 69 55 25 13 CAGR 13% Billion liters – fuel market 2006 2008 2015 2020 Source: LCA , Unica

4. Significant growth of Brazilian Ethanol Market • Brazilian ethanol demand (industrial uses) Green Plastics - PVC andPolyethylene 18 % a.a ETBE mm m3 - Additive in gasoline to increase octane in place of MTBE Chemicals 4

5. International Market Expansion E.U. USA Japan China India 110 Billion liters 60 World Demand (Ex Brazil) Brazillian export potential 18 5 Source: LMC e FAO 2008 2020

6. Projection of Supply and Energy Cost Rising Production Cost of and Oil and Energy 2020 2019 2018 2017 2016 2015 2014 Corn Ethanol 2013 2012 Sugar Cane Ethanol 2011 2010 Cash Cost (US$/boe) Heavy Oil Pre-Salt 2009 OPEP & Conventional Oil Others Sources MM barrels of oil equivalent per day Oil Prices WTI Source: Booz Allen / IEA

7. Electricity from Biomass • High potential to increase the presence of electricity from biomass in the Brazilian energy matrix. • Growth of Brazilian economy drives prices to a good ROCE. 2,8% GW 0,6% % of the biomass energy on the total installed domestic potential. Source: EPE

8. Increase of Ethanol Competitiveness 162 157 152 147 143 137 122 Ebitda 50% 109 98 97 87 84 63 61 57 56 56 55 54 53 52 51 48 47 46 50 49 42 40 39 39 38 37 36 35 35 35 35 35 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Ethanol cost at gas station – present scenario Oil Price WTI Ethanol cost at gas station – adjusted for oil evolution • Ethanol at gas station x oil Ebitda 20% 8

9. Rapid consolidation in the industry 2008 2009 2020 Center-South Market 16% 20% 70% Mills with capacity over 4 mm ton 28% 32% 50% Market Consolidation TOP 10

10. Rapid consolidation in the industry Ranking Crop 08/09 2020 Trends Milling Brazil: 565 mm ton Milling Brazil: 1.200 mm ton Cosan (Nova América) 52,6 34,3 ETH (Crop 2015) 31,5 Dreyfus (Santelisa) 13,8 Tereos 12,7 Moema 12,3 Usaçúcar 12,1 Alto Alegre 12,1 Carlos Lyra 12,0 São Martinho 11,8 Tércio W. 10,2 Zillo Lorenzetti Leaders with capacity over 100 mm ton/year. Necessary investments (2009-2020) over US$ 45 billion (debt + equity) New actors: traders and oil companies Strong interest of capital market

11. ETH Vision Build a leading company in bioenergy (ethanol and co-generation of electricity), focused on value creation for its shareholders through: Competitiveness Culture & People Sustainability

12. ETH business model: based on competitiveness and integration INTEGRATION SCALE ELECTRICITY Integrated Production Clusters Biomass energy production Competitive Logistics Customer Focus Synergies Long-Term Contracts New markets and product development Standardization High return on capital Pricing skills I n o v a t i o n & T e c n o l o g y

13. ETH 2015 New Opportunities Ethanol Sales Energy Sales Internationalization 3,0 billion liters 2,1 million MWh Integration in the value chain Revenues Potential EBITDA US$ 2,5 billion 50% Opportunities in supply chain Market Leader 13

14. Competitiveness of Clean and Renewable Energy From Biomass 2020 2009 Brazil Energy Conference