Reshaping the

Future of Energy
STRICTLY CONFIDENTIAL

Analyst Presentation
MAY, 2021
For additional information, please read carefully
the notice at the end of this presentation.
 Disclaimer
The material that follows is a confidential presentation of general background information about Raízen Combustíveis S.A. ("Company") and its affiliates as of the date of the presentation. The information contained herein has been prepared by the Company
solely for meetings held with potential investors in connection with a potential public offering of shares of the Company (the “Offering”). This material does not constitute offering material in whole or part, and you must read the Confidential Preliminary Offering
Memorandum related to the Offering before making an investment decision in respect of the common shares.

This material has been prepared solely for informational purposes and is not to be construed as a solicitation, an invitation, or an offer to buy or sell any securities, or any solicitation of any offer to purchase or subscribe for any shares of the Company, and
should not be treated as giving investment advice. Neither this material nor anything contained herein shall form the basis of any contract or commitment whatsoever.

It is not targeted to the specific investment objectives, financial situation or particular needs of any recipient. This presentation contains statements based on information from third-party sources, which has not been independently verified. Accordingly, the
Company makes no representations as to the accuracy or completeness of such data, and such data involves risks and uncertainties and is subject to change based on various factors. The information contained herein is in summary form and does not
purport to be complete. It is not intended to be relied upon as advice to potential investors.

This material does not constitute a prospectus or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or otherwise acquire any shares in the Company or any other securities
issued involving the Company, nor shall they or any part of them nor the fact of their distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto, nor does it constitute a
recommendation regarding any securities issued involving the Company.

This presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty either express or implied is made as to, and no reliance should be placed on future financial performance, or the fairness, validity, accuracy,
or completeness of the information, statements or opinions contained herein including in relation to, statistical data, predictions, estimates or projections contained in this presentation, which are used for informational purposes only.

Any opinions expressed in this material are subject to change without notice and the Company and the placement agents are not under obligation to update or keep current the information contained herein. The Company, the placement agents and their
respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material.

The Company generally identifies forward-looking statements by using words like "believe," "intend," "target," "expect," "estimate," "may," "should," "plan," "project," "contemplate," "anticipate," "predict" or similar expressions. Such forward-looking statements
are only predictions and are not guarantees of future performance. Investors are cautioned not to rely on forward-looking statements and that any such forward-looking statements are and will be, as the case may be, subject to several risks, uncertainties and
factors relating to, among others, general and economic conditions in Brazil and other countries and to the operations and business environments of the Company and its subsidiaries, which may cause the actual results of the Company and of its subsidiaries
to be materially different from any future results expressed or implied in such forward-looking statements.

Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to the Company’s management, the Company cannot guarantee future results or
events. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or the extent of their likely impact, (ii) the publicly available information with respect to these factors on which the Company’s
analysis is based is complete or accurate, (iii) the Company’s analysis is correct or (iv) the Company’s strategy, which is based in part on this analysis, will be successful. Forward-looking statements involve numerous risks and uncertainties that could cause
actual results to differ materially from expected results.

You should consult your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem necessary and you must make your own investment, hedging or trading decision regarding the Offering based upon your
own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this material.

Any opinions expressed in this material are subject to change without notice and the Company is not under obligation to update or keep current the information contained herein. The Company, its respective affiliates, agents, directors, partners and
employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material.

BY ATTENDING THIS PRESENTATION YOU AGREE TO BE BOUND BY THE FOREGOING RESTRICTIONS.

PLEASE RETURN THIS SLIDE PRESENTATION AT THE END OF THE MEETING.

Internal Use Only 2

 1 Opening Remarks

Internal Use Only

 Presenters

Ricardo Mussa Guilherme Cerqueira Francis Queen Leonardo Pontes Frederico Saliba
CEO CFO Renewables & Sugar VP Marketing & Services VP Power & Gas VP

Years in Raízen 5 Years 10 Years 10 Years 10 Years 1 Year

Years of Experience 20+ 30+ 25+ 20+ 20+

Previous Experiences

Internal Use Only 4

 Presenters (Cont’d)

Paulo Neves Teofilo Lacroze Fabio Mota Demetrio Magalhaes André Albuquerque
Commercialization VP CEO Raízen Argentina Technology & SSC VP Marketing & Service Renewables & Sugar
Finance Director Finance Director

Years in Raízen 10 Years 10 Years 10 Years 10 Years 10 Years

Years of Experience 20+ 20+ 15+ 15+ 20+

Previous Experiences

Internal Use Only 5

Agenda | Qualitative Presentation

Session 1 08h30
Intro | Raízen Overview | → 11h00
Renewables

Session 2 11h15
Marketing & Services → 12h30
| Proximity

Session 3 13h30
Financials | Technology → 15h20 08h30 15h20
| Key takeaways

6
Agenda | Qualitative Presentation

08h30 15h20
7
Agenda | Qualitative Presentation

8
Agenda | Qualitative Presentation

9
Agenda | Qualitative Presentation

10
 Offering Summary

Issuer ▪ Raízen S.A.

▪ B3, Nível 2
Listing(1)
▪ Offering of preferred shares (“PN”)

Offering
▪ 100% primary
Structure

Indicative
▪ R$ 10bn
Offering Size

Green Shoe
▪ TBD
Hot Issue

Global
Coordinators Lead Left Coordinator Stabilization Agent

Joint
Bookrunners

Note: (1) As per B3 Nível 2 listing requirements. Waiver of minimum FF from B3 negotiated
Internal Use Only (<12% excl. Biosev) 11
 Offering Timetable | Key Dates

May 18th Analyst Presentation (2 days)

Jun 1st 1st Filing @CVM (2nd Filing = Jul 5th)

Jun 7th -
Pilot Fishing
11th

Jun 22nd Raízen Day / Tech Day

Jul 7th –
Roadshow
26th

Jul 26th Pricing

Internal Use Only 12
 2 Raízen At-A-Glance

Internal Use Only

 Global
Green Champion

Strong Financial & Execution

Track Record

Unmatched
Structural Growth

Internal Use Only 14

 Leading Integrated
Renewable Energy Platform
#4 Largest Company in Brazil (1)

50% 50%

RAIZ ENERGIA
ROOT Energy

Marketing & Proximity

Renewables Sugar
Services Retail

Notes:Use
(1) By net revenue in 2019, source Valor Econômico.
Internal Only 15
 Our Ecosystem: From Soil-to-Consumer

Solar
Sugar
Biofuels & Advanced
Biofuels

Market
Intelligence
Bioenergy
Park
Renewable
Power

Bioproducts

Marketing & Proximity

Renewables Sugar
Services Retail
Internal Use Only 16
 Our Ecosystem: From Soil-to-Consumer

35 Bioenergy
Parks (1)
105 mm ton biomass
# 2 Fuels
Distributor
#1 Ethanol Distributor in
processing capacity(1)(3)(6)
7,300+ Service Stations

1.3 GW Bioelectricity
Generation Capacity 50+ Million Customers
Served Annually (B2B2C)
Energy self-sufficient in all units

1
B2B Customers
# Global
Ethanol Player 5,000+ Globally
13 mm m³(1)(2)(3)
+ 2x Net Revenues + 3x EBITDA
1,300+ Shell Select
1
From R$ 52 bn(8) to R$ 120 bn(3)
# Global
Sugar Produced
From R$ 2 bn(9) to R$ 9 bn(1)(3)
Stores (5)

5.0 mm ton(1)(4) 17% ROACE 3x Investment

Rating
Grade JV with

Return on Average Capital (Fitch, Moody’s, S&P)

Employed(4)(7)

Marketing & Proximity

Renewables Sugar
Services Retail

Source: ANP. Notes: (1) Including Biosev. (2) Includes ethanol volume from the Marketing & Services segment. (3) 20’21 LTM. (4) 19’20. (5) Considers 1,100 Grupo Nós stores in Brazil and 200 Shell convenience stores in Argentina. (6) Considering
hibernated
Internal plants capacity. (7) Excluding Biosev. (8) 12’13. (9) 10’11.
Use Only 17
 Our Unique Areas of
Differentiation

INTEGRATED POWERFUL ADVANCED INTEGRATED POWERFUL ADVANCED

Ecosystem Culture Technologies Ecosystem Culture Technologies

Internal Use Only 18

 Our Integration Ecosystem
A Platform of Natural Hedge & Value Creation

CONTROL OF CONTROL OF
SUPPLY DEMAND
Logistics &
Own Production Infrastructure Own Distribution
Irreplicable & Flexible Network

Customer
Origination
Relationship

Market
Intelligence

Bioenergy
Park

Internal Use Only 19

 Powered by Data & Technology
We are a Data Driven Giant

Technology

Smart & Automated Advanced Consumer PULSE®

Operations Analytics & A.I. Interface Innovation Hub

3 mm acres
SAAM® +25 Solutions
1.5
managed by
R$ bn+ Deployed in
A.I. Sugar Prices yearly transactions Our Ecosystem
Forecasting

R$
90MM 472 %
35%
Lower CLT than
potential EBITDA increase since Y1

industry Average¹

Internal UseCLT:
Notes: (1) Only
Cutting, Loading and Transportation. Bioparks post full CIA deployment 20
 Our Powerful Culture
Seasoned Management with Deep Domain Expertise and ‘Ownership’ Mindset

Highly Experienced Management Team Seasoned and Aligned Board Members

Ricardo Mussa – CEO

Rubens Ometto Silveira Mello

Local Expertise Global Company Leading

Guilherme Cerqueira – CFO in the Sector the Energy Transition
Luis Henrique Guimarães

Paula Benevides – HR VP “CEO Factory”

Marcelo Martins
Francis Queen – Sugar & Renewables VP

Entrepreneurial &
Meritocratic Mindset
Leonardo Pontes – Marketing & Services VP Huilbert Vigeveno

Customer-Centric
Frederico Saliba – Power & Gas VP
Istvan Kapitany

Leadership Track Record Strong compliance and

Paulo Neves – Commercialization VP
Across the Value Chain governance standards
Douglas Alexander

Teofilo Lacroze – CEO Raízen Argentina

Internal Use Only 21

 Our Unique Areas of
Differentiation

INTEGRATED POWERFUL ADVANCED INTEGRATED POWERFUL ADVANCED

Ecosystem Culture Technologies Ecosystem Culture Technologies

Internal Use Only 22

 Our Value Creation Formula

INTEGRATED
Ecosystem
INTEGRATED
Ecosystem

Model

POWERFUL ADVANCED
POWERFUL
Culture Technologies
Culture
ADVANCED
Technologies

Internal Use Only 23

 STRUCTURAL GROWTH OPPORTUNITIES

Renewables:
Develop & Commercialize

21
Maximize Efficiency &
(1) Scale our Businesses

+ bn
Grow

BRL
Proximity Stores

EBITDA Increase
Expand Across Our
Products Value Chains

Increase Digital Engagement

with Customers

Note: (1) From 2021'22E to 2030'31E projections in nominal terms.

Internal Use Only 24
 STRUCTURAL GROWTH OPPORTUNITIES

Renewables:
Develop & Commercialize

Maximize Efficiency
STRUCTURAL GROWTH

21
& Scale our
(1) Businesses

Grow
+ bn
▪ Opportunities: proved and ongoing
▪ Technology Know-How
BRL
Proximity
Stores
▪ Clear implementation strategy
EBITDA Increase
Expand Across Our
Products Value
Chains
Increase Digital
Engagement with
Customers

Note: (1) From 2021'22E to 2030'31E projections in nominal terms.

Internal Use Only 25
 Expansion Playbook to Scale-Up Raízen’s Platform

Renewables:
Build New Plants & Roll-out Our Technologies:
Develop & Commercialize

Renewable
E2G Biogas Pellets
Power
Grow
Proximity Stores

Increase Digital Engagement

with Customers
# Plants 20 39 3 1 → 2,5 GW
@ 30’31 @ 30’31 @ 30’31 capacity
25 in Long Term 64 in Long Term

Maximize Efficiency &

Scale our Businesses

+R$ 7 bn R$ 12 bn
Expand Across Our EBITDA(1) By 2030 CAPEX in 5 years
Products Value Chains (R$ 33 bn in 10y)(2)

Notes:Use
(1) In nominal terms. (2) Considers only expansion capex ex-biosev.
Internal Only 26
 Expansion Playbook to Scale-Up Raízen’s Platform

Renewables:
Develop & Commercialize (50% / 50%)

5,8k+
Grow
Proximity Stores

10 year

Increase Digital Engagement

with Customers 15,0k+
20 year

Maximize Efficiency &

Scale our Businesses

+R$ 1,1 bn R$ 0,5 bn

Expand Across Our EBITDA CAPEX
Products Value Chains By 2030(1) in 5 years(2)
(100% Grupo Nos) (R$ 1,5 bn in 10y)

Notes: (1) InUse

nominal
Onlyterms. (2) Considers CAPEX for the next 5 years in both convenience and proximity stores in real terms.
Internal 27
 Expansion Playbook to Scale-Up Raízen’s Platform

Renewables: Increase Penetration in

Develop & Commercialize Marketing & Services

Penetration Potential R$30 bn

Yearly TPV
Grow
Proximity Stores
Current

8% 30% + 1,5x + 1,0% of

V-Power Mix Market Share

Increase Digital Engagement

+ 33%
with Customers Average
ticket sales

Maximize Efficiency &

Scale our Businesses
Expand Within Our
Ecosystem

Expand Across Our

Products Value Chains Proximity B2B Fleet Argentina New Products
Retail Management

Internal Use Only 28

 Expansion Playbook to Scale-Up Raízen’s Platform

Renewables: Expand successful Fuels

Develop & Commercialize
Distribution Business(1)

• Increase scale in LATAM

Grow
Proximity Stores
→ 25% Market Share +R$ 3 bn
• Increase adjusted EBITDA margin profile EBITDA By 2030
→ 110 R$/m³ (Brazil - Real terms)
Increase Digital Engagement
with Customers
Improve Productivity
in our Operations(1)

Maximize Efficiency &

Scale our Businesses
• Increasing crushing leading to higher
production
+R$ 2 bn
EBITDA By 2030

Expand Across Our

Products Value Chains
• Efficiency & Cost reduction
+R$ 1 bn
EBITDA By 2030
Note: (1) Figures in this slide refer to Company projections for the crop year 2030’31E
Internal Use Only 29
 Expansion Playbook to Scale-Up Raízen’s Platform
Sell Directly to End Market Demand:
Renewables:
Develop & Commercialize 10 year

+ 90%
Delivered at
Grow destination
Proximity Stores

Products Origination:
Increase Digital Engagement
with Customers

21 bi L
+ 2,0x
Ethanol
(1)
Commercialized

Commercialized 12 MM ton
+ 2,0x
Maximize Efficiency & Sugar
Scale our Businesses

Expand Across Our

Products Value Chains
R$ 2 bn
CAPEX Growth in 5 years
Note: (1) Includes owned and resale ethanol volume as well as the ethanol volume and 27% of the gasoline volume of Marketing & Services segment.
Internal Use Only 30
 Expansion Playbook to Scale-Up Raízen’s Platform
EXPONENTIAL
GROWTH

Renewables:
Develop & Commercialize Last Cycle of investments (2011-2020)

R$ 10bn +3x
Grow Growth Investments EBITDA
Proximity Stores
One Of the Most Successful
Growth Stories In Brazil
Best-in-class Capital Allocator in the Country
Increase Digital Engagement 17% ROACE
with Customers

Maximize Efficiency & Next Cycle of investments (5 Years)

Scale our Businesses

~R$ 23bn +R$ 21bn

Growth Investments Additional EBITDA
Expand Across Our (3x EBITDA by 2030)
Products Value Chains
80% for
renewables 25%+ ROACE
Internal Use Only 31
 3 Our Nature
Renewables

Internal Use Only

 3.1 Renewables: Bioenergy Parks

Internal Use Only

 Business Deep Dive - Renewables

1 Our competitive advantages

2 Winning Renewable Portfolio

3 Solid platform for our growth

plan 4 Operational excellence

Internal Use Only 34

 Sugarcane:
Our Renewable Carbon Source
The Right Crop: The Right Place:
1 2
The Best Plant to Convert Sun Energy into Biomass In the Best Country to Grow and Harvest

Yet to reach
its potential

~2x tons/acres/yr
60
32 Actual (1) Suitable Sustainable Land Access to
4 5 (2) Weather Availability Logistics
Potencial
Sugarcane Corn

3 The Right Company: 4 The Right Time:

In a Company with Sustainability at its Core With A Low Carbon Footprint Product Portfolio

• The World Largest Bonsucro Lifecycle Emission of Greenhouse Gas (gCO2e/MJ)

Certified Player
• ELO: Supply Chain Responsibility Program
(+2,000 Suppliers Involved)
• 100% of the Feedstock under Sustainability
Programs
• 0% Deforestation(3)

Source: Companies
Internal Use Onlyinformation | Note: (1) Veiga (2015) and Moore; (2) FAO; (3) Bonsucro standard requires zero deforestation for certification 35
 #1 Individual World Biomass Producer
Full Control of Feedstock
Larger Capacity than Several Countries Production
19’20 (1)

Sugarcane Processing Capacity (mm ton) 1/3 Juice

105 (2) E1G
Sugar

75 76

48 49 1/3 Bagasse
37
30 32 Bioelectricity
24 23
E2G

Player 2
1/3 Straw

35
E2G
+3mm acres Bioenergy Parks (2)

agricultural land (2)

Significant Amount of Biomass to be Further Explored Through Technology

Source:Use
(1) LMC 19’20 crop; (2) Considers crushing capacity of Raízen combined with assets of recently announced acquisition of Biosev
Internal Only 36
 Bioenergy Park – Circular Economy

1st Gen Ethanol

4 bn liters Vinasse

Juice 50 bn liters

Ash &
Sugar
Filter Cake
Milling
5.7 mm tons 1bn Nm³
Biomethane
Potential
Bioelectricity (4TWh)
Biogas

Bagasse &
3.2 TWh
Straw
2bn
Liters E2G
Potential

Back to the field

2nd Gen Ethanol Vinasse
as Fertilizer

30 bn liters

Note: (1) Production

Only numbers are illustrative and can vary with changes in mix (stabilization scenario of 100MM tons of sugarcane).
Internal Use 37
 Business Deep Dive - Renewables

1 Our competitive advantages

2 Winning Renewable Portfolio

3 Solid platform for our growth

plan 4 Operational excellence

Internal Use Only 38

 Diverse Renewable
Products Portfolio

BIOFUELS & RENEWABLE BIO-

ADVANCED BIOFUELS PRODUCTS
Bioenergy Park
POWER

Expand
E1G Sugar E2G Bioelectricity Biogas Pellets
Addressable Market
Proprietary
Technology Sweetener

SAF

Hydrogen
Scalable, cost Cheapest calorie Produce +50% Steam optimization Produce +50% Alternative to
competitive, fossil source with ethanol from same to increase power power from same replace non- BioBunker
fuel substitute increasing demand planted area generation planted area renewable sources

Bioplastics

Note: (1) E2G: Technology owned by Iogen Energy Corporation. Raízen is a shareholder (50%) of Iogen Energy Corporation and has a global license to use and sublicense the technology for any feedstock, exclusive for sugarcane residue. (2) Biogas: Technology (biogas from
Internal Use Only
sugarcane residue) owned by GEO Energetica. Raízen owns 85% of Raízen Geo Biogas, JV formed with GEO Energetica, that has license to use this IP 39
 Our Products: E2G

Enzyme Cocktail Yeast

Sugarcane PRE-TREATMENT HYDROLYSIS

COFERMENTATION C5 DESTILATION &
Biomass & C6 Streams DEHYDRATION

Xylose Hemicellul Glycose Glycose +

Sugars
(C5 Stream)
ose +
Lignin
Lignin Sugars
(C6 Stream)
Xylose +
Water
Vinasse E2G

high-value Fertirrigation
biomaterials & Biogas

Internal Use Only 40

 E2G: Advanced Product Technology
Non-replicable solution fully integrated with our Bioenergy Park

Proprietary Technology to Produce Ethanol from Lowest carbon footprint

Cellulose & Hemicellulose

Only Player with Commercial Scale Optimal production cost

Biomass Available on Site “Residue”

Reduction of investment required
Clean and efficient Energy and Steam
Lifecycle Emission of Greenhouse Gas (gCO2e/MJ)
Optimization of the Vinasse
101
87
Leverage hardware Available on Biopark 58
23 16 10
Scale up will Deliver even more Results
Gasoline Gasoline E1G (Corn) E1G E2G Scaled up to
USA BRA (Sugarcane) E2G

Note: (1) E2G:

Internal UseTechnology
Only owned by Iogen Energy Corporation. Raízen is a shareholder (50%) of Iogen Energy Corporation and has a global license to use and sublicense the technology for any feedstock, exclusive for sugarcane residue. 41
 E2G: Entrance Barrier
Raizen is ahead in the Cellulosic Ethanol Market E2G ECOSYSTEM
Players Participating In The Early Stages
Of The Market
50kt/y

2kt/y

35kt/y

2kt/y

1kt/y 38-57kt/y

31kt/y

In Operation Under construction

Internal Use Only 42
 E2G: A HIGH VALUE PRODUCT
Most efficient process → Fully integrated with our Bioenergy Parks, leveraging on Synergies

-80% ✓ High Premiums & Demand

CO2 avoided CO2 vs. Natural Gas • Price Premiums • Prompt and vast demand

(3)

+10x
+70%
82k m3
PRODUCTION 2nd Generation Ethanol
Current production
(Per plant) already contracted
E1G Price E2G Price
+300mm liter
CAPEX
R$ 714 mm per year
(Per plant)

✓ License technology in the future

EBITDA
R$ 210 mm
(Per plant)

EBITDA Run-Rate of
+
35
R$ 4.2 bn
IRR ¹ %

For 20 plants 30’31

25 in long-term

Internal Use Only 43

 Our Products: Biogas

GENERATOR POWER

FILTER CAKE
BIO DIGESTOR BIOGAS

VINASSE
WASTE PURIFIER BIOMETHANE

FERTILIZER

Internal Use Only 44

 Biogas: A Winning Solution
Fully integrated with our Bioenergy Parks, leveraging on Synergies

• Abundant availability of residues

• Filter Cake and Vinasse allowing production on the entire year

CO2 avoided
-94% • Our Vinasse available
CO2 vs. Natural Gas
✓ 50 bn liters from 1st Gen ethanol
✓ 30 bn liters from 2nd Gen Ethanol
68k MWh • Easy reach for the product
PRODUCTION Power & Biomethane ✓ Electricity: connected to the grid
(Per plant) ✓ Biomethane: diesel for our fleet

CAPEX
R$ 130 mm
(Per plant)

EBITDA
R$ 38 mm CARBON FOOTPRINT REDUCTION
(GCO2E/MJ)
(Per plant)

EBITDA Run-Rate of
+
25
R$ 1.5 bn
Diesel C
IRR ¹ %
Natural Gas

For 39 modules (30’31)

Biogas 64 in long-term

0 20 40 60 80

Note: (1) E2G: Technology owned by Iogen Energy Corporation. Raízen is a shareholder (50%) of Iogen Energy Corporation and has a global license to use and sublicense the technology for any feedstock, exclusive for sugarcane residue.
Internal Use Only 45
 Business Deep Dive - Renewables

1 Our competitive advantages

2 Winning Renewable Portfolio

3 Solid platform for our growth

plan 4 Operational excellence

Internal Use Only 46

 Solid Platform for Our Growth Plan
Robust and safe approach to scale up projects

Commercial Scale Operating Plants

Modular Approach For Scaling Up

Feedstock Available

Internal Use Only 47

 Renewables Platform Expansion

Renewables: Build New Plants &

Develop & Commercialize
Roll-out Our Technologies:

Renewable
Grow E2G Biogas Pellets
Power
Proximity Stores

Increase Digital Engagement

with Customers
# Plants 20 39 3 1 → 2,5 GW
@ 30’31 @ 30’31 @ 30’31 capacity
25 in Long Term 64 in Long Term
Maximize Efficiency &
Scale our Businesses

+R$ 7bn
Expand Across Our EBITDA(1) By 2030
Products Value Chains

Note: (1) Adjusted EBITDA in nominal terms.

Internal Use Only 48
 Business Deep Dive - Renewables

1 Our competitive advantages

2 Winning Renewable Portfolio

3 Solid platform for our growth

plan 4 Operational excellence

Internal Use Only 49

 Increasing Efficiency in Our Operation

Reaching a Good Level of Profitability

TSH (ton/hec)

Incremental Profit
per Crop in R$mm
270 400 1.000 160
Productivity gain ~R$600mm

83 83 83

Land portfolio ~R$100mm 74

optimization 72 13
2 4

69 70
Improve Logistics ~R$300mm

18'19 19'20 20'21 21'22 25'26 Biosev 3rd Parties

Raízen BP Reference

Internal Note: (1) LTM, excluding Biosev

Use Only 50
 Increasing Efficiency in Our Operation

18’19 19’20 20’21(1)

TSH
(Ton / ha)
TSH (Own)
69 70 72 Suppliers 82
Potential
2-3x (CTC)

Land Leasing (ha)

(11%) Reduction
603
570
539

Baseline Budget
Plano 5YP
19'20 21'22 25'26
Internal Use Only 51
 Increasing Efficiency in Our Operation

Thermal Energy Consumption (Steam/tons of cane)

Central of 96,1% 95,3% 95,6% 96,6% 97,0%

Intelligence in 91,2%
93,0% 93,0%

88,2%
Agriculture
16'17 17'18 18'19 19'20 20'21 21'22E 22'23E 23'24E 24'25E

Average CCT Cost per Sugarcane Harvested RITSTAB/ ART

89,4 89,5
33,0 89,2 89,3
88,9 89,0 88,9
29,9 29,9
28,8 28,2
88,4
26,1 88,2

19'20 20'21 21'22 22'23 23'24 24'25 16'17 17'18 18'19 19'20 20'21 21'22E 22'23E 23'24E 24'25E
Combined Company
+
Note: CCT Cost in Real Terms at 20’21
Internal Use Only 52
 Increasing Efficiency in Our Operation

Renewables:
Develop & Commercialize

Grow
Proximity Stores Improve Productivity
in our Operations

Increase Digital Engagement

• Increasing crushing leading to higher
production
+R$ 2 bn
with Customers EBITDA By 2030

+R$ 1 bn
• Efficiency & Cost reduction
Maximize Efficiency &
Scale our Businesses
EBITDA By 2030

Expand Across Our

Products Value Chains

Internal Use Only 53

 3.2 Renewables: Market & Strategy

Internal Use Only

 A Market Overview

Internal Use Only

 Brazil: The Largest Player in the Global Sugar Market
Raw Sugar
Trade Flows Brazil Mkt Share on
Global Raws Exports

58% 58% 66%

46%

2017 2018 2019 2020

CIS
NORTH 1,270
AMERICA
3,200
EU27 ASIA
1,300 (INCLUDES CHINA)
18,000
Mexico CUBA MIDDLE
1,100 340 EAST
5,500
THAILAND
CENTRAL INDIA 1,454
AMERICA 2,700
2,100
AFRICA
7,400
SOUTH
AMERICA BRAZIL
196 26,645
AUSTRALIA
3,632
(20/21 Crop)
TOTAL EXPORTS TOTAL IMPORTS

Brazil is 66% of the Global Raw Sugar Trade Flow

PN
Internal Use Only 56
 Brazil Has Always Been the Swing Factor
Pressure on Prices in the last 3 Years due to Sugar Surplus & Subsided Exports

Surplus/Deficit NY#11

15 30,0

25,0
10

20,0
5
mmt

c/lb
15,0

0
10,0

-5
5,0

-10 -
05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21

Historically, Brazilian Ethanol Optionality Has Been the Way Out

PN
Internal Use Only 57
 1 2 3
STRESSED VIEW HIGH DEMAND NEW BREAKEVEN
ON SUGAR S&D FOR BIOFUELS PRICES ON
SUGARCANE IN
BRAZIL

PN
Internal Use Only 58
 Sugar Demand is Growing

Global population is still growing, particularly on developing countries (Asia & Africa)

World Sugar Consumption

200

190

180
mmt

170

160

150

140

Actual Forecast

Even Considering Lower Growth Rates, an additional 20mm ton of sugar will be demanded by 2030
PN
Internal Use Only 59
 Prices Must Increase to Incite Brazil’s Max Sugar or to
Access Other Countries Higher Costs
Sugar Production in 20/21 (Crop Year)
Spare Capacity & 5Y Average Cost of Production

45 42,2 45
40 40
33,9
35 35
30 25,0 30
22,8 23,6
25 20,6 20,8 20,8 20,9 21,4 25

c$/lb
20,2
mmt

18,2 20,0
20 15,8 16,1 17,1 20
15 11,9 15
10 10
5 5
0 0

20/21 Crop Year - Tel Quel Spare Capacity 20/21 Cost of Production (5y avg)

Prices Will Increase as Needed to Meet Demand

PN
Internal Use Only 60
 1 2 3
STRESSED VIEW HIGH DEMAND NEW BREAKEVEN
ON SUGAR S&D FOR BIOFUELS PRICES ON
SUGARCANE IN
BRAZIL

PN
Internal Use Only 61
 To Meet Decarbonization Targets, Biofuels Demand will
Increase Globally

A Vision Shared with

Energy Experts & Giants

Liquid Biofuel Production (bn liters)

“Biofuels are keystone energies for
Historical Progress Where we are Heading Where we Need to Be meeting the mobility demands of the
(Planned Energy Scenario) (Transforming Energy Scenario) 21st-century.”

652

+73% “Transport biofuel consumption needs

to almost triple by 2030”
+38% 393 378
285
+5% “Accelerating the shift to clean and
sustainable mobility through promoting
129 136 of biofuels not only offers economic
opportunities and benefits in terms of
European Union decarbonization, it also improves
Europe’s energy security.”

2015 2017 2030 2050 2030 2050

PN
Internal Use Only 62
 Biofuels Policies to Meet Decarbonization Goals

RED-II

RFS

LCFS

PN
Internal Use Only 63
 RFS (Renewable Fuels Standard) LCFS (Low-Carbon Fuel Standard)

LCFS Credit Price (US$/MT of CO2 eq.)

220

200 Current Credit Price

200
180

160

140 USD/ton CO2 eq

120

100

PN
Internal Use Only 64
 Brazil
Commitment: 43% Carbon emissions reduction
(2030 vs 2005)

RENOVABIO – CBIOs Goals per Year

105,0

55,0
24 25 20
16
1 CBIO 5,0 4 7
-12
= (45,0) -36
1 ton CO² -63
(95,0) -94

-131
(145,0)

CBIO Target (New) CBIO's Availability Surplus/Déficit - Mín

Short in CBIO from 2027 onwards

PN
Internal Use Only 65
 Sugarcane Ethanol Has a Key Role

CBIOs per produced m3: Estimated Ethanol Volume (bln liter):

1,17 50 47
45
45
42

40 38
15x
34
6x 35
31
29 29 29
0,19 30

0,075 25
2020 2021 2022 2023 2024 2025 2026 2027 2028
Hydrous Brazil Sugarcane Hydrous Brazil Corn Corn US

Investments in Additional Ethanol Production Capacity Required

PN
Internal Use Only 66
 1 2 3
STRESSED VIEW HIGH DEMAND NEW BREAKEVEN
ON SUGAR S&D FOR BIOFUELS PRICES ON
SUGARCANE IN
BRAZIL

PN
Internal Use Only 67
 Sugarcane Production in Brazil Will Be Dual-Pressured

• Sugar Deman d Growth

• Reduced Subsidies From

India
• Demand for Brazil
• Limited Production Max Max Ethanol Globally
Spare Capacity Sugar Ethanol
• RenovaBio Targets
• High Production Costs
Outside Brazil

New Equilibrium Price

to Incite Investments

PN
Internal Use Only 68
 B Ethanol

Internal Use Only

 GLOBAL ETHANOL MARKET

NORTH
AMERICA
4,494
&
1,444

EU
553 MIDDLE
EAST
271

C. AMERICA
& CARIB. ASIA &
242
OCEANIA
3,641

AFRICA
291
BRAZIL
2,238
&
1,010

Volume in k m³

EXPORTS IMPORTS

Raízen ~30% of total international ethanol trade flow

PN
This map does not consider all the volumes exported and imported in 2020. This is an example | Fonte: GreenPool
Internal Use Only 70
 RAÍZEN’S COMPETITIVE ADVANTAGES

Our Strategies
Largest tradeflow globally &
I -GLOBAL Largest exporter from USA and Brazil
RELEVANCE
Expand Scale
1
Long & short positions
II - A SYNERGIC Infrastructure & logistics
INTEGRATION
3 Data &
Analytics to
Support
Only company in the world to sell all grades Decisions
III – PRODUCTS of ethanol Focus on High
Value-added
Products
2
IV- MARKET
INTELLIGENCE Fully integrated proprietary portfolio

PN
Internal Use Only 71
 RAÍZEN´S STRATEGY
LEVERAGE ON SCALE AND DATA TO SUPPORT DECISIONS

SUPPLY DEMAND
Own Own Distribution
Production Network

Origination LOGISTICS & Global Reach

INFRASTRUCTURE

Market
Intelligence
Advanced Analytics & A.I.

PN
Internal Use Only 72
 RAÍZEN’S STRATEGY
FOCUS ON HIGH ADDED VALUE PRODUCTS

15%
Domestic
Market
Only segment without SAF
premium on peers
BioBunker Key Drivers
50%
Fuel 35% Train Fuel Maximized production of high-
Exports value added grades of Ethanol
Substitute
Ethanol to Fossil Fuel
Low Carbon
Premium
Certified product

Beverage
Explore carbon
Premium Products

Solvents
Proprietary
Technology

50% Cosmetics & Pharma

Industrial E2G
Produce +50% ethanol
Ethanol Sanitization from same planted area

Other Chemicals
(Ethyl Acetate, Ethylamine, Ethyl Acrylate)
PN
Internal Use Only 73
 RAÍZEN’S STRATEGY
E2G IS A GREAT OPPORTUNITY IN MATURE CARBON MARKETS

RFS (Renewable Fuels Standard) LCFS (Low-Carbon Fuel Standard)

Ethanol + RIN and LCFS Premium in the US (US$/gallon)

6

5
Average E2G Premium

+70%
2G LCFS
4
2G RIN
3 LCFS Advanced
2 RIN Advanced
Corn Eth
1
Anhydrous Paulinia
0

PN
Internal Use Only 74
 OUR GROWTH PLAN

Maximize Production
(30’31 vs 21’22)

E1G E2G EBITDA

Increase
Increase resale volume + R$ 6.7 bn

Increase in Ethanol Prices

PN
Internal Use Only 75
 C Sugar

Internal Use Only

 Increase our Presence Across the Sugar Value Chain

An Uncaptured Margin Pool

~1k ~75 ~4k

Players Players Players

Milling Logistic Trading Refining Consumption

<51 10-12 90-212

USD/t USD/t USD/t

▪ Fragmented Market in the Milling side

▪ High concentration in the Refining stage squeezing producers and consumers

▪ Difficulty to direct access the consumption due to white sugar high import tax
PN
Source: LMC, FAO, Williams Lineup, Portal ANTT/Nova cana, Raízen internal analysis, brasil.gov
Internal Use Only 77
 Raízen’s Competitive Advantages

OUR STRATEGIES

Storage capacity for ~60%

I - LOGISTICS
of production HEDGING
STRATEGY
1
Ownership of ~40% of Bonsucro
II - PRODUCT
certified sugar globally 3
EXPAND
SYNERGIC
FLOWS

III – INTEGRATION Integrated view of Market Trends REACH END

and influence CUSTOMER
2
IV- MARKET
INTELLIGENCE Proprietary Data and Model
PN
Internal Use Only 78
 Raízen’s Hedging Strategy

Logistics Flexibility & Optionality… …Partnered with Proprietary Data & …Leading to superior prices
Market Intelligence…
Volume (k mt)

5% -1% -5% 12% 3% 10%

66
61
55
58 59 49
44 45
May (K) July (N) October (V) March (H)
44 50
47
17/18 18/19 19/20 20/21 42
14/15 15/16 16/17 17/18 18/19 19/20
Preço Raízen Benchmark

+5% on average above market benchmark

PN
Internal Use Only 79
 Expand Synergic Flows

An ecosystem enabling our origination strategy

Sugar
Sugar Volume Sold (Own and Third Party) – mm ton

Logistics / 12,4
Flexibility Raízen
Platform
5,7
7,3

3,0
3,9
6,7
3,7 4,4
Client
Solutions Access to Final
Customer 19´20A 20´21A 30´31E
Own Production Third Party

PN
Internal Use Only 80
 Reach End Customer

Sugar Delivered at Destination

The Successful Road So Far... Sugar Delivered at Destination (Own and Third Party) – mm ton

+ 90%
Delivered at
destination

Volume Delivered at
Destination

500k ton
2020/21

90% of production delivered at Destination

PN
Internal Use Only 81
 Our Growth Plan
(30’31 vs 21’22)

Maximize Production (Efficiency)

EBITDA
Increase
Advance in the Value Chain & + R$ 6.0 bn
Increase resale

Increase in Sugar Prices

PN
Internal Use Only 82
 D Energy (Gas & Power)

Internal Use Only

 Sections

RENEWABLE POWER
NATURAL GAS

FS
Internal Use Only 84
 Renewable Natural Gas

Brazilian Gas Market

Gas-to-Gas Gas-to-power
54MM m3/day 39MMm3/day*

Addressable
Market New demand – Fossil fuel displacement

Diesel LPG
200MM m3/day** 30MM m3/day**

Key Changing Regulatory Existing Logistics &

Factors Framework Interest Reach

Drop-in substitute for Diesel, Natural Gas and LPG

FS
*Internal
SourceUse
EPE (PDE 2020), **Methane equivalent
Only 85
 Renewable Natural Gas

RNG Cost vs Fuel Markets

12

U$/mmbtu, 2025

24,9
24,2
23

15

5,5

RNG Cost Fuel Oil Diesel Gasoline LPG

Cost Competitive For Fuel Replacement

[1] Fonte: Wood Mackenzie FS
[2] RNG Cost does not consider capex recovery
Internal Use Only 86
 Renewable Natural Gas
CO2 Emissions per Source

1 2

Gas-to-Fuel Gas-to-Power
gCO2eq/MJ kgCO2eq/MWh

1214
86,5
78

62

540

23
190
4,9 32

Biomethane E1G Natural Gas LPG Diesel

Biogas Avg Grid Natural Gas Coal

High Decarbonization Achiever

[1] Biogas (MME/Renovabio), E1G (company estimate), Other products (ANP/Renovabio)
[2] Biogas (MME/Renovabio) and Other products (Ecoinvent)
Internal Use Only 87
 Renewable Natural Gas
Our Competitive Strengths

Proprietary Tech¹ World Largest Reserves²

35 80bn 1bn
Bioparks liter of Vinasse m³ RNG /year
First Mover Advantage ~3MM m3/day
(1st Plant) =
15% Market Share
Natural Gas & LPG
São Paulo State

Unique Access to Demand

Cross-Commodity Platform Own Demand

B2B – 5,000 Customers Just under 1 MM m3 day

[1] Considering the process of biogas generation from sugarcane filter cake
[2] Considering reserves from industrial processes with sugarcane FS
Internal Use Only 88
 Sections

RENEWABLE POWER
NATURAL GAS

FS
Internal Use Only 89
 Market Trends

The Tipping Points of Change

Renewables Consumer Choice Smart Generation App Economy

FS
Internal Use Only 90
 Market Overview

Demand Supply
(GW) (GW)
196
94 165
68

2019 2030E 2019 2030

Free Market Regulated Market Hydro Wind Natural Gas Biomass Solar Outros

Attractive Market Largely Dependent on Hydro

FS
Source: Use ONS,
Only EPE
Internal 91
 Raízen’s Strengths

Leverage on
Customer Base
Existing Production & Growing

Biogas Biomass Solar

+5,000 ~60%
Free B2B Clients Consumers in
Consumers Free Market

+7.300 +1.300 +50mm

Service Proximity End
Regulated market
consumers Stations Stores Consumers
1.3 GW

Sustainability Swaps Weather

Products & Services Platform Energy Load
Premiums Analysis Solutions Services
FS
Internal Use Only 92
 Growth Profile
Our Ambition
Today
(2030)

Generation 3 TWh 5.7 TWh

Sales 1% share 10% share

BRL BRL

0.5bn 1.6bn
EBITDA
EBITDA
FS
Internal Use Only 93
 Q&A

Internal Use Only

 4 Marketing & Services and Proximity

Internal Use Only

 Business Deep Dive – Marketing & Services

1 Our channels
2 Our integrated system

3 Our results/performance 4 Growth Strategy

TL
Internal Use Only 96
 Unique Reach and Access to End Customers

Transportation Transportation
Service Stations Proximity Retail Goods Passengers

B2B2C
Diversified

B2B
Manufacturers Mining
Offer

Consumer App

Agriculture Distributors

Other Business

Powered by Raízen Model

+7,300
Service Stations
= +50mm
INTEGRATED
Ecosystem
INTEGRATED
+5,000
Ecosystem B2B Customers
Consumers
…ACROSS…
+1,300 POWERFUL
POWERFUL
Culture
Culture
Model

ADVANCED
Technologies +80
Proximity Stores ADVANCED
Technologies Segments served by Raízen
TL
Internal Use Only 97
 Our B2B2C Platform

Service Stations Proximity Retail

Consumer App

TL
Internal Use Only 98
 Our B2B2C Platform

Service Stations

TL
Internal Use Only 99
 Service Stations
Unique Retail Channel Strategy and Platform (Omni Channel)

Dealer Operated Platform Strong & Consistent Dealer Value Proposition

✓ Strong Offer & Execution

✓ Light Touch Strategy

+R$ 2 bn Cashflow
generation
98% Client Satisfaction
(Index 5)
divestments ✓ Best-in-Class Commercial Team (BI Powered)

Unique Customer Value Proposition Strategic Geographic Footprint

# 1 Brand (Top of mind) # 1 Premium Products ✓ Strategic Location (Best Spots in Large Cities)

✓ Customer Satisfaction ✓ Highest ATP (+13% higher than other players)

✓ Best Rated Brand(1) # 1 Lubricants & Waxes

(for 11 consecutive years)

Note: (1) Source: ReclameAqui (Brasil) and Bain & Company study published in Apertura Magazine in June 2020 (ARG).
TL
Internal Use Only 100
 Our B2B2C Platform

Proximity Retail

LP
Internal Use Only 101
 JV with Largest Retailer in the Americas(1)
On-and-Beyond Service Stations

10% Increase in service station

(50% / 50%) ✓ volume sold
1,300+
Integrated
Stores
Hybrid Model in Service Stations ✓ Underpenetrated model when
compared to other countries
Transaction Details Franchise & Own Stores

13.7x
EV/EBITDA ✓ Higher average and sales/sqm when
compared to peers

40+
Stand-Alone

Own Store Model in

Stores ✓ Great potential to expand proximity
model through the country
Proximity Stores

Source: Sindicom annual report 2018 LP

Note: (1)
Internal UseinOnly
# of Stores, (2) Considers 1,100 Grupo Nós stores in Brazil and 200 Shell convenience stores in Argentina 102
 Attractive Unit Economics for Both Store Formats

= Gross Margin Gross PROFIT¹ ROIC

Proximity
Stores

Notes: Gross Profit = Gross Margin + Selling Expenses, does not consider overhead as an expense.
LP
Internal Use Only 103
 Our B2B2C Platform

Consumer App

LP
Internal Use Only 104
 Shell Box at a Glance

CRM Platform + Payment Solution

Maximizing marketing ROI Contactless Payment

Opex Reduction Strategic Partnerships
Sales Increase

Most Downloaded app in its Category

+70% +2,5mm R$ 1.5bn

Urban Station Transactions per TPV
Volume Month ( 472% 5y CAGR)

LP
Internal Use Only 105
 Unleashing the value of
end consumer interaction …And Much More to Come

Total Payment Volume (TPV)

Potential:
(Revenues R$mm/year)

6.5x 1.5 bn R$ 30 bn
Avg. Yearly Net Revenue
Increase in
12 months +15mm
(Dec-20 vs. Dec-19)
# transactions/
year

15'16 16'17 17'18 18'19 19'20 20'21

34% 1.5x + 37% Partnerships

revenues from higher premium collection/pick up – Dealer offers
new customers consumption @ Shell Select/Oxxo – eWallets / eBanks
– Retailers

Ongoing
Opportunities
to Expand on our B2B Fleet
Argentina Proximity Retail
Management
ecosystem
LP
Internal Use Only 106
 How Do We Capture Value Today

Volume & Revenue Fee/MDR Management

Delta Fee between Partnerships and

✓ ↑ 15% fuels volume in Stations¹ Retailers
– Dealer offers
✓ +1.5x higher V-POWER Mix¹ – eWallets / eBanks

✓ ↑ 33% average ticket sales $ – Retailers

Cash Flow Generation

✓ 28 days of positive Working Capital

LP
Internal Use Only
[1] When compared with service stations without Shell Box 107
 Shell Box has a Great Future

B2B Fleet Management Power Sales

✓ 100% Digital & Integrated Payment ✓ Energy for End Consumers (Free Market)
✓ Support fleet cost management ✓ Leverage our B2C portfolio

Financial Services Other Mobility Solutions

✓ Credit Solutions ✓ Parking Payments

✓ Payment Services ✓ Car’s Rentals
✓ Car’s Insurance

LP
Internal Use Only
[1] When compared with service stations without Shell Box 108
 Our B2B Platform
Unique B2B channel strategy and platform (Strategic Partner)

End-to-end Fuels Management

Diversified Portfolio Products
Solutions with Technical Expertise

✓ Premium Fuels ✓ Full operation: Logistics & Supply solutions

3%
More Economy w/
(Mercedes Manual) ✓ HSSE and Engineering Solutions

✓ Lubes, Waxes & Specialties ✓ Financial Solutions: credit and cash flow support

✓ New Products | Cross Selling

Power
Outstanding Customer
Portfolio Management

5.779
5.250
4.420 4.652

# Customers B2B
Brazil & Argentina

16'17 17'18 18'19 19'20

LP
Internal Use Only 109
 Business Deep Dive – Marketing & Services

1 Our channels
2 Our integrated system

3 Our results/performance 4 Growth Strategy

TL
Internal Use Only 110
 Our Unique Integrated System

✓ Logistics /
✓ Supply
Infra Footprint
Intelligence
and Efficiency

✓ Strong Network
✓ Smart Pricing
Growth Agenda
Strategy

TL
Internal Use Only 111
 Supply Intelligence: Global optionality of Supply

SUPPLY DEMAND
Fuel Imports & Own Distribution
Production Network

Customer
Ethanol LOGISTICS &
Relationship
Origination INFRASTRUCTURE

Supply

+ +
Intelligence
• ROBUST OPERATIONAL Powered by Smart
HEADQUARTER
Pricing Strategy
• TECH POWERED OPERATIONS &
DECISIONS
TL
Internal Use Only 112
 Logistics / Infra Footprint and Efficiency

Strategic Logistics Network Enhancing Supply Reliability

Brazil BRAZIL ARGENTINA

✓ Impressive cross-country scale São Luís

✓ Strategic positioning in ports

✓ Multi-modal Platform

Belém
Santarém
São Luis

Cabedelo Fortaleza
Miritituba
✓ Refinery and LOBP plant
close to the main
consumption markets

✓ Multimodal Supply
Vitória Rio de Janeiro Optionality

New Investment ✓ Own Pier

Fuel Pipelines
✓ Less investment required vs. the Market average
Main railways for Fuels
Raízen Dist. Terminals ✓ Protected geographically, high efficiency and conversion rate
Raízen Plants / Refinery
✓ Refinery and Infrastructure with capacity to grow our business TL
Internal Use Only 113
 Smart Pricing Strategy
Advanced Analytics

Price Zone: area of influence

• Market Overview (Competitive Conditions) Margin & Volume per Client

MxM-1: Pricing Elasticity

• Pricing Decisions

• Elasticity Analysis
Discount analysis
• Regional and Steady Pricing Strategy

• AI model opportunity: R$100mm/year

Advances Analytics models to forecast demand

and support Pricing strategy TL
Internal Use Only 114
 Strong Network Growth Agenda

Raízen Growth2030’31(1) Proven Growth Track Record

Sales Volume(2) (mm liters) and Market Share (%) 22% Delta
Market Share
18%
21%
33,6 34,3
+3.9bn
17%
27,4 6,3 5,1 +3.1%
21,7 1,5 4,7
liter
25,9 27,3 24,5
21,7
+5.2%
+4.8bn 2012 ... 2018 2019 2020
liter (3)

+2.7bn
Brazil Argentina Proforma Market Share Brazil Market Share Argentina

liter
Consistently Performing Better Than the Market
+1bn ATP 19’20 (m³/month/site)
liter
+2.5bn +13.0% +28.4%
+2.2bn liter
398
244
liter Raízen
216 310
Market
Market Growth 2030’31

+ 45.2bn L (2,8% CAGR)

Notes: (1) Estimated volume. (2) Considering Argentina volume starting in 4Q18, when Raízen entered the country. (3) Proforma ex-COVID effects in distribution. Assumes Brazil’s ethanol and gasoline growth: light vehicles’ increase (Denatran); TL
Internal Use&Only
BR diesel others growth: Brazilian GDP; and Argentina volume equal to 2020. 115
 Business Deep Dive – Marketing & Services

1 Our channels
2 Our integrated system

3 Our results/performance 4 Growth Strategy

TL
Internal Use Only 116
 Best-in-Class in Fuel Distribution Business

The Only Major Player to Gain Share in the Sector… Top-of-Mind Product powered by Premium Brand in Brazil
Market Share Delta 2012-2020 (p.p.) IPSOS Brands Desire Index 2019 – Fuels (%)

V - Power 49%
9%
Mix of Premium Products in
Competitor 1 23% our Service Stations
6% +24% (average AS20’21)
3%
+42% (in Shell Box)
Competitor 2 29%

Comp. Comp. Comp. 1%

Others
1 2 1 Mix of Premium Products in Argentina (%)
Comp.
RZ Others RZ 2
V - Power 32%
-2%
-3%
-5% Competitor 1 30%

Competitor 2 23%

-9%
Competitor 3 16%

37%: top-of-mind awareness with the Shell V-Power brand TL

Source: ANP
Internal Use Only 117
 Best-in-Class Operator in Fuel Distribution

… and The Most Efficient Operation in the Sector

EFFICIENCY
Costs and expenses associated
with operation

Operational Efficiency Average Minimum distance from Primary to Average Minimum distance from Secondary
OPEX (R$/m3) Secondary Terminals (km) Terminals to Service Station (km)
2017'18 2018'19 2019'20 316
285
305 256 251
272

62 64 66
199

Competitor 1 94 101 91
88 86
71

Competitor 2 79 77 76

Raízen Comp.
BDR Comp.
Ipiranga Regionals Locals Raízen Comp.
BDR Comp.
Ipiranga Regionals Locals
1 2 1 2

TL
Source: Company Estimated
Internal Use Only 118
 Robust Profitability with Higher Efficiency

Resilient EBITDA with Consistent Growth… … and Superior Efficiency and Return KPIs

Adjusted EBITDA Downstream ROACE Downstream Brazil

(R$bn) (%)

43%
3,4 3,5
3,0 3,0 (1)
0,7

1,8
18%
CAGR
9% 9%

12'13 17'18 18'19 19'20 20'21

(1)
Raízen BR Ipiranga
Comp. Comp.
1 2

Raízen is Not Only More Resilient than its Peers but Also Yields Higher Returns
Note: (1) Proforma EBITDA, considering adjustment for the COVID scenario. TL
Internal Use Only 119
 Business Deep Dive – Marketing & Services

1 Our channels
2 Our integrated system

3 Our results/performance 4 Growth Strategy

LP
Internal Use Only 120
 Future Perspective

Demand Growth| Fleet: Low Penetration

Growing Margins | Economic Upturn

• PB refinery divestment
• Lower informality – Tax Reform

Southern Cone Synergies and Opportunities

Proximity Retail & Shell Box Expansion

• Rollout Investment Plan in Brazil +5000 Stores
• Expansion in Argentina

LP
Internal Use Only 121
 Future Perspective

Demand Growth| Fleet: Low Penetration

Growing Margins | Economic Upturn

• PB refinery divestment
• Lower informality – Tax Reform

Southern Cone Synergies and Opportunities

Proximity Retail & Shell Box Expansion

• Rollout Investment Plan in Brazil +5,000 Stores
• Expansion in Argentina

LP
Internal Use Only 122
 Demand Growth

Increasing Volume Consumption in Brazil and Argentina… ... Brazil under penetration of vehicles
(Fuel Consumption – mm m³) (Inhabitants per Vehicle - #)

174 177
171
168
165
161
156 155 157 1,2
150 149 150 151
146 148 146 146
139 139
135 1,4
132

CAGR
2.7% 2,8
+3.3% -2.4%
2016-2020
2010-2015

3,2

3,4
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

2011 - 2015 2016 - 2020 2021 - 2025 2026 - 2030 4,4

1.2% -0.6% 2.6% 2.4%

4,8
GDP Growth(1)
1.5% -2.8% 2.7% 1.7%

6.0% 2.4% 2.9% 2.9%

Fleet Growth(1)
4.7% 4.7% 3.3% 3.3%
LP
Sources: Russian Federal State Statistics Service, National Bureau of Statistics of China, BTS (EUA), Departament of Infraestructure Regional Development and Cities of Austrália, CNT, ILOS (Brasil),
Internal Use Only ANFAVEA, Plural, ANP, FGV, Brazilian Central Bank, Sindirepa and Sindipeças. HIS. Note: (1) Average annual growth. 123
 Future Perspective

Demand Growth| Fleet: Low Penetration

Growing Margins | Economic Upturn

• PB refinery divestment
• Lower informality – Tax Reform

Southern Cone Synergies and Opportunities

Proximity Retail & Shell Box Expansion

• Rollout Investment Plan in Brazil +5,000 Stores
• Expansion in Argentina

LP
Internal Use Only 124
 Margin upsides expected for Brazil

Margin Expected to Rise Driven by Positive Tailwinds Gross Margin By Country

Margin (EBITDA / m3) Margin (US$ / m³)

% Refineries Privatization
+
Margin 90
Economic Upturn
Growth
+ 80

%
Shell box

Average PIB 60
Growth Tax Reform
Upside(1) 130
124
20
100 20
110
82 104
76
+31% -18%
20

-1.0%
+2.4% 2015-2020
+2.5%
2011-2014 2021-2025

2012'13 2015'16 2020'21 2025'26E 2030'31E

Margins in US are 3 times the Value in Brazil Representing Another Potential Upside
Source: Company estimates based on M&A, do not share LP
Note: (1)
Internal UseMargin
Onlyin Real Terms 125
 Future Perspective

Demand Growth| Fleet: Low Penetration

Growing Margins | Economic Upturn

• PB refinery divestment
• Lower informality – Tax Reform

Southern Cone Synergies and Opportunities

Proximity Retail & Shell Box Expansion

• Rollout Investment Plan in Brazil +5,000 Stores
• Expansion in Argentina

LP
Internal Use Only 126
 Synergies and Opportunities yet to be
Captured in Argentina

Logistics & Supply Optimization

Synergies to be Captured (USD mm)
✓ Replicate Brazilian successful model
✓ Supply optimization with Brazil 135
✓ Refinery manufacturing upgrade and growth
112
Synergies already captured
Retail & B2B Growth and Margin Opportunities
62
✓ Commercial and pricing strategy 54

✓ Argentina crude long – Vaca Muerta Field: unit margins will increase

Backoffice Integration 20'21 21'22E 22'23E 23'24E

✓ IT infrastructure integration and insurance

✓ Umbrella contracts

Replicate successful Business model in New Geographies – South Cone expansion

LP
Internal Use Only 127
 Future Perspective

Demand Growth| Fleet: Low Penetration

Growing Margins | Economic Upturn

• PB refinery divestment
• Lower informality – Tax Reform

Southern Cone Synergies and Opportunities

Proximity Retail & Shell Box Expansion

• Rollout Investment Plan in Brazil +5,000 Stores
• Expansion in Argentina

Internal Use Only 128

 + ADDED VALUE

MIX
SELLS V-POWER
AVERAGE
TICKET

15% 13% 33%

MORE HIGHER LARGER

Source: Company analysis with APT (Mastercard) LP

Internal Use Only 129
 Proven Track Record with Strong Potential Ahead

Integration Scale & Optimization Expansion

(2011 - 2020) (2021-2031)

Market Share 22% (BRA) 25% (BRA)

18% 21% (ARG)
BRA & ARG 25% (ARG)

Volume 22 33 48
(MM m3)

Adj. EBITDA Unit(1) 98 (BRA) 110 (BRA)

BRA & ARG 80 (BRA)
(R$/m3) 111 (ARG)
190 (ARG)

8,6
9,5
9

Tax Reform
8 Upside
9

8,5
7

6
0,8 8

3,4
7,5
5

7
4

EBITDA 3

1,8 6,5

(R$ bn) 2 6

1 5,5

0 5

2012'13 2019'20 2030'31

LP
Notes: During Integration Argentina was not JV
Internal Use Only
Note 1: EBITDA Unit in Real Terms and EBITDA (R$ bn) in Nominal Terms 130
 Hard to Copy
Raízen Model

High Entry Barriers

Strong Track Record

Powerful Brand

Strong Cash Flow Generation

Steady and Consistent Growth

Volumes and Margins Increasing

Shell Box & Proximity

Expansion LP
Internal Use Only 131
 Q&A

Internal Use Only

 5 Financial Highlights

Internal Use Only

 Excellence Translates into Superior Operating
Performance
Marketing & Services Renewables Sugar
Total Fuel Sold – mm m³ Total Ethanol Sold incl. Marketing & Services – mm m³ Sugar Volume Sold (Own and Third Party) – mm ton

33,2 33,9 (1)

12,5
Proforma(1) 11,8
29,2 11,0
9,2
21,8
8,9 3,0
6,2 8,5 9,4

4,2 1,9
3,7 3,9
3,8
1,1
4,2 3,6 3,7 4,3
2,4 2,5 2,4 2,5

12´13 18´19 19´20 20´21 12´13 18´19 19´20 20´21 12´13 18´19 19´20 20´21
Own Production Biosev Third Party Own Production Biosev Third Party
Market Share Sindicom Brazil(2) (%)
25.2% 31.4% 32.8% 32.3%(3)
Market Share Argentina Retail (%)
16.7% 20.7% 21.0% 22.8%(3)

Notes: (1) Proforma ex-COVID effects in distribution. Assumes Brazil’s ethanol and gasoline growth: light vehicles’ increase (Denatran); BR diesel & others growth: Brazilian GDP; and Argentina volume equal to 19’20. (2) Market Share Sindicom, which includes
Internal Use Only
Raízen, Ipiranga, BR Distribuidora, Alesat and AIRBP. (3) Considering market share from 20’21 LTM. 134
134
 Sustainable High-Margin Growth and Cash
Conversion to Deliver Robust Dividends
Recurring Adjusted EBITDA Evolution Strong Cash Generation Robust Dividend Distribution
Adj. EBITDA - R$ bn (Adj. EBITDA – Capex) & Cash Conversion(2) – R$ bn, % Dividends & Payout Ratio – R$ bn, %

110%
102%
90%

8,9 41% 41%

38%
2,6
Biosev(4)
6,8 3,6 2,3
6,1
24% Biosev(4)
2,8
4,2 2,3

0,9
1,0

12'13 18'19 19'20 20'21 12'13 18'19 19'20 20'21 12'13 18'19 19'20

Notes: (1) Use

Internal Considering
Only calendar year. (2) (Adj. EBITDA – Capex) / Adj. EBITDA. (3) Defensive strategy due to COVID pandemic. (4) Considering results from 20’21 LTM. 135
 COVID Impact – Fast Recovery

Fuel Volume Net Revenue Adjusted EBITDA

(‘000 m³) (R$bn, %) (R$bn, %)

34,1 33,8

8,1 29,6
7,6 7,6 7,6 27,7
2,5
1,3
1,2 2,3
1,4 1,4 2,1
5,9
18,9 1,9
0,9

6,4 6,8
6,3 6,2
5,0

0,1

4Q20 1Q21 2Q21 3Q21 4Q21 4Q20 1Q21 2Q21 3Q21 4Q21 4Q20 1Q21 2Q21 3Q21 4Q21
COVID-19 COVID-19 COVID-19
Breakout Breakout Breakout

Internal Use Only 136

 Financial Breakdown by Business
Net Revenue Adjusted EBITDA
(R$bn, %) (R$bn, %)

35.6% 35.8% 45.4% 59.2% 60.7% 76.0%

120,6 125,2
4,6 3.9%
11,4 9.1%
104,0 16,1 13.4%
10,5
(3)
8.4%
3,9 3.8%
12,7 12.2%
15,2 12.1%
8,9

1,7 19.0%
6,8
6,1 (3)
1,1 15.4%
2,3 25.7%
110,9 92.0% 0,8 12.8%
35.3%
94,7 91.1%
20.2 95,0 75.9% 2,4
% 2,2 35.8%
2,2
21.5 20.8 24.8%
% %

3,0 49.4% 3,4 49.7%

2,8 31.4%

(7,4) (11,1) (6,9)

18'19 19'20 20'21 18'19 19'20 20'21

% of Renewables(1) Renewables Biosev Sugar Marketing & Services and Proximity & Convenience Eliminations % % of Renewables in Mkt & Services(2)

Note: (1) Considering results from Sugar, Renewables, Biosev and the % of renewables in Marketing & Services, with the same % of renewables in Mkt & Services for Net Revenues and EBITDA. (2) Considering ethanol sales, 27% of gasoline sales and
11% ofUse
Internal diesel
Onlysales in the Marketing & Services segment. (3) Considering Biosev result from 20’21 LTM. 137
 Robust performance for every commodity scenario

Production Costs with Commercializing Special Long term

Structural Hedge Premium Products Discipline

Natural hedge of ✓ No “commodity-like” ✓ “Margin based”

+50% of our costs Price dynamics Business
(Consecana, Diesel)
50% of ethanol production Renewable & Sugar Sugar hedge
CBIOs acting as to Non-fuel Ethanol Resale and Distribution (3 year in advance)

structural price
hedge of Ethanol Advanced Biofuels Ethanol
Bioenergy, E2G, Biogas Proxy Hedge

+95% Revenues +75% EBITDA

Not Linked to Commodity Prices

Internal Use Only 138

 Robust performance for every commodity scenario

Production Costs with Commercializing Premium &

Structural Hedge margin-based products

+50% Natural Hedge +95% Revenues & +75% EBITDA not

(3rd party sugarcane, lease, diesel)
linked to Commodity Prices

Production Cost Renewables EBITDA

(19’20 - %) (19’20 - %)

13%
36%
42% 14%
49%
8%
16%
12%
4%
6%
Marketing & Services Sugar
Third Party Sugarcane Land Lease Ethanol Ethanol Non-fuel + Resale
Diesel CCT Power
Industry, D&A, Others
Internal Use Only 139
 Robust performance for every commodity scenario

Long term
Discipline

Sugar hedge Ethanol

(3 year in advance) Proxy hedge

Sugar Prices Ethanol & RBOB Prices

(cR$/lb, inflation adjusted) (BRL/m3, inflation adjusted)
110,00 3.500
100,00 3.000
90,00 2.500
80,00
2.000
70,00
1.500
60,00
1.000
50,00
40,00 500

30,00 0

Ethanol Gasoline RBOB

Internal Use Only 140

 All Combined: 10-Year Impeccable Achievements

Integration Scale & Optimization Expansion

(2011 - 2020) (2021+)

32

2.0 (2) Lost Time Injury Frequency 0.1

52 (3) Net Revenue (MM BRL) 120

8,9
Biosev
6,8

EBITDA 2,3
(R$ bn)

10'11 19'20 20'21 30'31

More than a phased evolution, a revolution in energy transition

Notes: (1) Market Share Sindicom, which includes Raízen, Ipiranga, BR Distribuidora, Alesat and AIRBP; (2) 11’12, (3) 12’13.
Internal Use Only 141
 6 Pulse and Technological Innovation

Internal Use Only

 Raízen Tech | Powering our business through Digital & Data
We have built an architecture capable of delivering differentiated results through our own team and partners

Technology

PULSE®
“Smart” Operations Unique Data & A.I. Digital Engagement
Innovation Hub

3 mm acres
SAAM® +25 Solutions
1.5
managed by
R$ bn+ Deployed in
A.I. Sugar Prices yearly transactions Our Ecosystem
Forecasting

R$
90mm 472 %
35%
Lower CLT than
potential EBITDA increase since Y1

industry Average¹

Internal UseCLT:
Notes: (1) Only
Cutting, Loading and Transportation. Bioparks post full CIA deployment 143
 “Smart” & Automated Operations

Agriculture Industrial Logistics

10,000 +20,000
managed assets variables tracked 3,500
900 in real time trucks monitored
autopilot agricultural +80 & route daily
equipment KPis of performance
60 16
monitored in real-time
real-time kinematic
Mills apply AI in 100%
based for our satellites of our fleet with tracking
COGEN controls
3,500 +18,000 devices & cameras
computers onboard Assets tracked for
our machines 99% maintenance
mechanized harvest +1,200 68
process variables
terminals
Drones monitored by BIs &
monitored daily
Dashboard
Facilitating & Improving Agricultural
Monitoring & Precision Aerial Spraying

Leverage Proprietary & 3rd Party Data to

Operate & Produce More Efficiently.
Internal Use Only 144
 “Smart” & Automated Operations: Case

Maintenance Suppliers

Central Intelligence of Agriculture (CIA)

Soil • Proprietary intelligence platform

Support
Preparation
• Real-time data from sensors in our fields, satellite
images, thermal data from our drones & more
Vinasse
Disposal Plantation
Monitored KPI

+3.500 +3.800
Equipment monitored daily Scheduled routes per day

Biomass Cuting, Loading & +1.500 24h/7d Operation

Handling Transporting
Supplies of machines daily
450K
Hectares of harvest monitored per year
+680
Reports generated daily 20 Benefited plants
35% Lower CLT than industry Average¹
Notes: (1) CLT: Cutting, Loading and Transportation. Bioenergyparks post full CIA deployment¹

Internal Use Only 145

 Unique Data & A.I. Collection & Decisioning
Demand Forecast by City, ESALQ Index Internal Market Sugar International Sugar Market Trading Ceres TCH: Ethanol Trading: Ethanol
Segment and Product Price Forecast via Machine Learning via Machine Learning Sugarcane Productivity Price forecast

Flex Score: Commercial Discount Supply Trading: Derived Products 3600 Mission: Analytical eRouting: Routing and SSMA Analytics: Model for Identifying
Policy Recommendation Inventory Management Recommendations for the Sales Team Delivery optimization system Accident Patterns and Behaviors in Industry

20 +R$ 80M +15.000 +60

Advanced Analytics Invested in the last time series of data Team of Data Engineers
Products used in the IA projects and Data Scientists
2 years

Internal Use Only 146

 Digital Ecosystem for Suppliers, Partners and
Customers:
Serving Customers & Partners Across Our Ecosystem – Our Cases

CSOnline® CSFacil® LogCana®

Dealer Portal Partner Logistics Portal Upstream Product Transportation

100k 8,000 50%

Reduction in
Orders / Month Users
Delivery Time

98% 31
Online Orders Trucks Reduced from
Sugarcane Transportation

Shell Box Auto-Atendimento®

End Consumer Partner Logistics Solution Portal Agricola®
Sugarcane Suppliers
+800k Partnerships
30k less
eWallets / eBanks / Retailers
3,800
active users
manual transactions
per Moth
37% +1.5x Users
collection/pick up higher consumption
10
Minutes G2G

solutions for customers solutions for suppliers

Better More Efficient Reduce Powerful

Client Experience Operations Friction Data Feedback Loop

Internal Use Only 147

 PULSE® Innovation Hub: Methodology, environment and culture
that leverage experimentation and fast learning to boost innovation

Our Results
Our Pillars 3 Years of Experience
Artificial
Intelligence Analytical
Positioning
Intelligence
+500
Evaluated
Machinery Livestock Startups
Telemetry
Intelligence
+70
Pilots

+25
Culture Processes Agro & Weather Contracts
Digitalization Models

+R$ 50MM
Monitoring of Soil, in results delivered
Aerial Diagnostics &
Talent Applications
Productivity & Plagues (in 3 years)

Attraction

Internal Use Only 148

 PULSE® Innovation Hub: Case Studies

Advanced Control in Control of Aerial Application

Boilers of Agricultural Inputs

Sugarcane Bagasse Arrives at the Pre-Flight: Georeferencing and

1 Boiler 1 Appointment of Restricted Areas

AI Device to Read, Calculate and Adjust Flight And Application of

2 the Steam’s Temperature Dynamically 2 Agricultural Inputs

Electricity Generation with Reduced Data Processing and Application's

3 Fluctuation and Higher Efficiency 3 Assertiveness Report

+R$35MM maintenance costs reduction

+400k ha covered with 89% Average Hit Rate
and saving of biomass
Internal Use Only 149
 7 Key Takeaways

Internal Use Only

 Side-by-Side with NESTE

Better Worse
Economic Downturns
Resilience Across

Revenue CAGR 4% -13%

18’19 – 20’21 LTM (%)

EBITDA CGR 6% -4%

18’19 – 20’21 LTM (%)

Feedstock Control Produce own Feedstock - fully independent Highly dependent of suppliers

Product Offering Diverse portfolio of renewable products Limited to renewable diesel and jet fuel

Distribution Capillarity Fully integrated and consolidated position Limited distribution and expertise

Subsidies Independently of government subsidies Reliant on government subsidies

Internal Use Only 151

RAÍZEN | EBITDA GROWTH
In R$ bn (Nominal Terms)

31.9
4,7
8,4
6,0

9,1
10,5
10.7
3,7
14,4
3,1
3,9

21'22 Renewables Sugar Marketing & Services Total in 30'31

Proximity

Renewables Sugar Marketing & Services and Proximity

152
 Global
Green Champion

Strong Financial & Execution

Track Record

Unmatched
Structural Growth

Internal Use Only 153

 Q&A

Internal Use Only

 Reshaping the
Future of Energy

Internal Use Only