Davi AraújoDownstream HSSE Manager

2

Joint Venture

(50% / 50%)

AAA / AAA (local)

BBB / BBB- (global)

Combustíveis EnergiaDowstream

Distribution & Commercialization of Fuels

UpstreamSugar, Ethanol & Bioenergy

Gas Station

Technological Partnerships

Point of Sale Terminals

Shell and Recognized Brands

Gas Station Esso

Point of Sale Terminals

Cogeneration Assets

Mills

Strategic partnership for the creation of the world's

largest integrated energy company

3

Main Highlights

+100 bi

BRL net revenue

hectares of sugarcane

area

860 thousand 26 S&E bioenergy mills

and one E2G plant

Shell branded service

stations

+7 thousand +1,000Shell Select C-Stores

4th

LARGESTPrivate Brazilian group in

net revenue(Valor 1000 – 2017)

GLOBAL

INVESTMENT GRADE

BBB / BBB –

by Fitch e S&P

7 bi

BRL EBITDA

1 Refinery

Energy Integrated Company

End-to-end values chain

4

ELECTRICITY TRADING

ELECTRIC CHARGER

INDUSTRY

GAS STATION

DISTRIBUTION

DIGITAL INTERFACEDRIVERS

(B2C & B2B)

In ConstructionIn Operation

BIOGAS

COGENERATION

SOLAR

ETHANOL

REFINERY

IMPORTS

FUEL DISTRIBUTION

combustíveis

Oil prices going high

WTI x FX and Global S&D

6

Global S&D2019/2020

WTI vs R$/US$

Supply

• Iran and Venezuela shortage

• USA with restriction to rise its production

Demand

• Solid rise

• Global industrial activity continues at the highest

level since 2011.

Margins

• IMO2020: Changing specification of diesel will cause

increased demand for low sulfur oil distillates.

Risks

• Demand;

• Geopolitics and OPECs low idle capacity.

Brazilian Fuels Supply Policy

Historical intervention on CPP through Petrobrás and impacts on local Economy

7

Government

intervention – timeline:

1. Full intervention

2. Monthly correction

3. Daily track

4. Subvention after strike

5. Correction every two

weeks

Brazilian Fuels Demand

Volume under pressure for 4 years

8

GDP vs. Diesel Consumption(% annual)

Source: ANP, Denatran and Raízen Source: ANP and IBGE

Fleet vs. Consumption(% annual)

6.2%

4.6% 3.5% 3.4% 3.8%7.7%

0.5% -0.9% 0.8%-3.1%

2.9 3.2 3.5 3.64.2

2014 2015 2016 2017 2018

Fleet

Gasoline Equivalent

Average Gasoline Price (BRL/l)

0.5% -3.5% -3.3%

1.1%

1.1%

2.5%

-4.7% -5.1%

0.9%

1.6%

2014 2015 2016 2017 2018

GDP Brazil Diesel

2.12.5 2.8 2.9 2.9

0.7 0.7

201420152016201720181Q181Q19

RAÍZEN22%

ULTRA18%

BR Distr.27%

AIRBP1%

OTHERS…

9

Source: ANP Mar/19

Note : 10 Volume accounts for 100% of Raízen CombustíveisNote : 11 Adjusted EBITDA accounts for 100% of Raízen Combustíveis, excluding impacts from asset sale and other extraordinary effetcs, when applicable

Adjusted EBITDA11

(BRL bln)

Service Stations and

Throughput(cbm/month/stations)

Market Share(% Volume)

Raízen Combustíveis | Brazil

Continued growth in a challenging business environment

Volume10 growth vs

industry

8%

1%-1% 3% 1%

5%

-2%

-4%

0% 0%

6%

-4%

-12%

-2%-2%

2014 2015 2016 2017 2018

RaízenANP (ex. Raízen)Plural (ex. Raízen)

268 256 246 241 237

250 237 220 227 218

Raízen Plural (ex. Raízen)

5,534

5,8396,043

6,3296,473

2014/15 2015/16 2016/17 2017/18 2018/19

We are Raízen!

Biggest HSSE Risks on the Downstream IndustryExamples of some of the events that can cause business disruptions

Fire/Explosions Fatalities/LTIs Environmental Damages Natural Events

10

Accident Reduction Strategy

Long term investment to mitigate business Risks

11

# A

ccid

en

ts

time

Improving in

Physical Conditions

Developing Robust

Management

System

Changing people’s

Behavior

GOAL ZERO!

• Single ISO 14.001

and OHSAS 18.001

Certified MS

• $$$

CAPEX

• Single BBS

• Tecnology

Safety is built in details

Risk Management addressing all types of Risks in our Operations

12

Safety is built in details

Risk Management addressing all types of Risks in our Operations

13

14

Loss Time Incident Frequency Indicator

Raízen’s performance in line with Major Oil Companies Worldwide

2.01

0.82 0.540.34 0.24 0.15 0.11 0.11

11'12 12'13 13'14 14'15 15'16 16'17 17'18 18'19

LTIf (# events *10^6/Workhour)

R$ 145 R$ 316 R$ 503 R$ 603 R$ 685 R$ 830 R$ 985 R$ 1.119

+ R$ 1,1 Bi invested in HSSE

R$ Mi

Road to

GOAL ZERO!

15

Insurance Program

Properties

Own Terminals

Pool Terminals

Airport Terminals

Offices

Third Party

Liability

General third party

liability

Aviation

D&O

Transport

Marine, Road and

Rail Transport

Emergency

Response

All sites and

operations covered

by third party ER

Companies

(Suatrans,

Hidroclean)

MOST EFFICIENT FUELS DISTRIBUTIOR IN BRAZIL

DEMONSTRATING THAT HSSE AND FINNANCIAL PERFORMANCE

WALK SIDE BY SIDE