Exhibit 4.8

EXECUTION VERSION

SHAREHOLDERS’ AGREEMENT OF

▇▇▇▇▇▇ ▇.▇.

between

COSAN S.A.

COSAN INVESTIMENTOS E PARTICIPAÇÕES S.A.

AND

SHELL BRAZIL HOLDING B.V.

AND

▇▇▇▇▇▇ ▇.▇.

as intervening and consenting party

By this Seventh Amendment to the Shareholders’ Agreement of ▇▇▇▇▇▇ ▇.▇., signed on July 11, 2021:

As intervening and consenting party,

Cosan S.A., Cosan Investimentos, Shell and the Company are hereinafter referred to together as the “Parties” and individually as “Party”.

WHEREAS

▇.                 ▇▇▇▇▇▇▇▇ to the terms of the Framework Agreement, Cosan and Shell agreed to establish the Joint Venture to combine certain of the assets of Cosan and Shell primarily in Brazil;

B.                  Cosan (through itself and/or any of its Affiliates) and Shell (through itself and/or any of its Affiliates) have an equal economic interest in the Joint Venture and as a general principle, Cosan (through itself and/or any of its Affiliates) and Shell (through itself and/or any of its Affiliates) will share the profits, losses, access to cash flows and economic interest of the Joint Venture on an equal basis;

C.                  The Joint Venture comprises the Sugar and Ethanol Co, which holds the sugar, ethanol, co-generation and certain other assets of the Joint Venture and the Company which holds the downstream and certain other assets of the Joint Venture;

D.                 On June 1st, 2011, Cosan, Cosan Distribuidora de Combustíveis Ltda., a corporation organized according to the laws of Brazil, with headquarters in the City of ▇▇▇▇▇ ▇▇▇▇▇▇, State of São Paulo, at Fazenda ▇▇▇ ▇'▇▇▇▇, without number, Prédio Administrativo Cosan, CEP 17340-000, enrolled with the Brazilian tax registry under No. 02.041.195/0001-43 (a company which has been further merged into Cosan S.A.) and Shell entered into the Shareholders’ Agreement of the Company (hereinafter referred to as the  “Shareholders’ Agreement of the Company”);

E.                  On December 26, 2013, the Parties amended the Shareholders’ Agreement of the Company in order to reflect some changes (hereinafter referred to as the “First Amendment”);

F.                   On December 19, 2014, the Parties amended the Shareholders’ Agreement of the Company in order to reflect the creation of the preferred ‘D’ shares of the Company, as well as some changes arising from it (hereinafter referred to as the “Second Amendment”);

G.                 On November 22, 2016, the Parties decided to amend and restate the Joint Venture Agreement in order to, amongst other things, replace the time bound put and call options exercisable in 2021 and 2026 with event triggered call options, as set forth therein;

H.                 On the same date, the Parties amended the Shareholders’ Agreement of the Company to make it consistent with the Joint Venture Agreement (in view of item (G) above) and to amend the provisions in relation to the appointment of the Chairperson, the CEO and the CFO of the Company, among other modifications provided therein (hereinafter referred to as the “Third Amendment”);

I.                    On August 23, 2018, the Parties amended the Shareholders’ Agreement of the Company to include some activities in the scope of business of the Company in a new territory (Argentina) and also to modify some of the restrictions regarding the engagement of the Shareholders in such activities accordingly (hereinafter referred to as the “Fourth Amendment”);

J.                    On October 28, 2020, the Parties amended the Shareholders’ Agreement of the Company to include some business activities of convenience and proximity stores in the scope of business of the Company, as well as to set the specific non-compete provisions in relation to such businesses (hereinafter referred to as the “Fifth Amendment”);

K.                 On May 31, 2021, the Parties amended the Shareholders’ Agreement of the Company to reflect the implications of: (i) the corporate reorganization of the Company, through which it became the holder of all common shares of the Sugar and Ethanol Co (less 1 common share owned by each of Cosan and Shell), all 'A', 'B', and 'D' preferred shares in the Sugar and Ethanol Co were repurchased and cancelled or converted into common shares and all 'A', 'D', and 'E' preferred shares of the Company were repurchased and cancelled or converted into common shares (the "Raízen Reorganization"); (ii) the corporate reorganization involving Cosan S.A. and certain of its affiliates; (iii) the proposed acquisition, which may occur prior to, on or after the date of the Seventh Amendment (as defined below), by Hédera Investimentos e Participações S.A., a corporation duly incorporated under the laws of Brazil, with its headquarters in the city of São Paulo, State of São Paulo, at Av. Brigadeiro ▇▇▇▇▇ ▇▇▇▇, No. 1355, 12th floor, room 4, Zip Code 01.452-919, enrolled with the CNPJ under No. 12.686.989/0001-18 ("Hédera"), of certain preferred shares of the Company pursuant to a share purchase agreement dated February 8, 2021 and entered into between Hédera, Biosev S.A., a publicly-held joint-stock company (sociedade por ações de capital aberto) duly incorporated under the laws of Brazil, with its headquarters in the city of São Paulo, State of São Paulo, at Av. ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, No. 1355, 11th floor, Zip Code 01.452-919, enrolled with the CNPJ under No. 15.527.906/0001-36, the Company, the Sugar and Ethanol Co, and, as intervening-consenting parties, ▇▇▇▇▇ ▇▇▇▇▇▇▇ Commodities and Energy Holdings N.V.,

Cosan S.A., Cosan Investimentos and Shell; and (iv) the review of the Company’s scope for certain businesses; and

M.              The Parties have decided to further amend the Shareholders’ Agreement of the Company to reflect the implications of the IPO of the Company.

NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the Parties mutually hereby agree to enter into this Seventh Amendment to the Shareholders’ Agreement of the Company (hereinafter referred to as the “Seventh Amendment”) which shall be governed by the terms and conditions below:

ARTICLE ONE

DEFINITIONS

1.1. Capitalized terms used and not otherwise defined in this Seventh Amendment are used herein with the same meanings ascribed to such terms in the Shareholders’ Agreement of the Company as amended. All terms defined in this Seventh Amendment shall have the defined meanings contained herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

ARTICLE TWO

AMENDMENT AND RESTATEMENT

2.1.             The Parties hereby agree and decide to amend the Shareholders’ Agreement of the Company such that it shall read as attached herein as Exhibit I, which contains the entire agreement and understanding concerning the subject matters hereof and thereof among the Parties hereto and thereto.

2.2.             This Seventh Amendment constitutes a legal, valid and binding obligation of the Parties, enforceable in accordance with its terms.

2.3.             This Seventh Amendment shall become effective immediately following the Commencement Announcement.

IN WITNESS WHEREOF, the parties sign this instrument in four (4) counterparts of identical content and for one sole purpose, in the presence of the two (2) undersigned witnesses.

São Paulo, July 11, 2021.

First Page of Signature of the Seventh Amendment to the Shareholders’ Agreement of ▇▇▇▇▇▇ ▇.▇. entered into by Cosan S.A, Cosan Investimentos e Participações S.A., Shell Brazil Holding BV and Raízen S.A, on July 11, 2021.

COSAN S.A.

COSAN INVESTIMENTOS E PARTICIPAÇÕES S.A.

Second Page of Signature of the Seventh Amendment to the Shareholders’ Agreement of ▇▇▇▇▇▇ ▇.▇. entered into by Cosan S.A, Cosan Investimentos e Participações S.A., Shell Brazil Holding BV and Raízen S.A, on July 11, 2021.

SHELL BRAZIL HOLDING B.V.

Third Page of Signature of the Seventh Amendment to the Shareholders’ Agreement of ▇▇▇▇▇▇ ▇.▇. entered into by Cosan S.A, Cosan Investimentos e Participações S.A., Shell Brazil Holding BV and Raízen S.A, on July 11, 2021.

▇▇▇▇▇▇ ▇.▇.

WTINESSES:

Exhibit I

TO THE SEVENTH AMENDMENT TO THE SHAREHOLDERS’ AGREEMENT OF ▇▇▇▇▇▇

▇.▇. EXECUTED ON July 11, 2021

AMENDED AND CONSOLIDATED VERSION OF THE SHAREHOLDERS’ AGREEMENT OF

▇▇▇▇▇▇ ▇.▇. (HEREINAFTER REFERRED TO AS THE “AGREEMENT”)

RECITAL

The Seventh Amendment to the Shareholders' Agreement of ▇▇▇▇▇▇ ▇.▇. was executed on July 11, 2021 to reflect the implications of the IPO of the Company.

ARTICLE 1

DEFINITIONS

Section 1.01. Definitions. (a) As used in this Agreement, the following terms shall have the following meanings:

“Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of a Holding Company; provided that, for the purposes of this Agreement, no JV Entity shall be considered an Affiliate of any Shareholder.

“Aguassanta” means Aguassanta Participações S.A., a company organised and existing under the laws of Brazil, with its head office at ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇. ▇▇▇▇, ▇▇▇▇ floor, room 08, Zip Code 04538-132, São Paulo, SP, Brazil, enrolled with the Brazilian tax registry under number 07.198.897/0001-59.

“Anti-Corruption Law” means the US Foreign Corrupt Practices Act of 1977, the United Kingdom Prevention of Corruption Acts 1889 to 1916 and the United Kingdom Bribery Act of 2010, Decree (Decreto) 4,410 of October 7, 2002 (Interamerican Convention Against Corruption) of Brazil, Decree (Decreto) 5,687 of January 31, 2006 (United Nations Convention Against Corruption) of Brazil, Brazilian Law No. 8,429 dated June 2, 1992 (Lei de Improbidade Administrativa), Brazilian Law No. 9,613 dated March 3, 1998 (Lei de Prevenção à Lavagem de Dinheiro), Brazilian Law No. 8,666 dated June 21, 1993 (Lei de Licitações e Contratos Administrativos), Brazilian Law No. 12,846 dated August 1, 2013 (Lei da Empresa Limpa), Brazilian Law No. 14,133 dated April 1, 2021

(the new Lei de Licitações e Contratos Administrativos), or any applicable law of similar effect.

“B3” means B3 S.A. – Brasil, Bolsa, Balcão.

“Beneficial Owner” means, in respect of a security, any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (a) voting power which includes the power to vote, or to direct the voting of, such security; and/or (b) investment power which includes the power to transfer, or to direct the transfer of, such security; and each of the terms “Beneficially Own” and “Beneficially Owned” has a corollary meaning.

“Brazilian Civil Code” shall mean Brazilian Federal Law no. 10.406 of January 10, 2002 (lei Nº 10.406, de 10 de janeiro 2002).

“Brazilian Corporation Law” shall mean Brazilian Federal Law no. 6.404 of December 15, 1976 (Lei Nº 6.404 de 15 de dezembro 1976).

“Business Day” means a day other than a Saturday, Sunday or public holiday in São Paulo, Brazil.

“Business Plan” means the business plan for a five-year period relating to the Joint Venture, the initial version of which was adopted by the Supervisory Board on June 1, 2011, and as renewed on an annual basis by the Supervisory Board in accordance with Annex D.

“Byelaws” means, in relation to any entity, the corporate byelaws (including any

Contrato Social or Estatuto Social) of that entity.

“Co-gen Products” means: (i) steam and electricity generated from the inputs and by-products from the Sugar production process; (ii) the feedstocks used for such co- generation; and (iii) any related by-products resulting from such co-generation.

“Commencement Announcement” means the publication of the announcement informing the market of the beginning of the distribution of preferred shares issued by the Company (Anúncio de Início de Oferta Pública de Distribuição de Ações Preferenciais de Emissão ▇▇ ▇▇▇▇▇▇).

“Company” means ▇▇▇▇▇▇ ▇.▇. (formerly known as Raízen Combustíveis S.A.), a corporation organized and existing according to the laws of Brazil, with headquarters in the City of Rio de Janeiro, State of Rio de Janeiro, at ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇, ▇▇▇▇ ▇▇▇▇▇, room 36A104, Zip Code 20.031-004, enrolled with the Brazilian tax registry under No. 33.453.598/0001-23, with its Byelaws registered at Commercial Registry of the State of Rio de Janeiro under NIRE 33.3.0029867-3.

“Company’s Byelaws” means the Byelaws of the Company, as amended from time to time.

“Company Securities” means: (i) the common and preferred shares of the Company; (ii) any other equity or equity-linked security issued from time to time by the Company; and (iii) any options, warrants, or other rights to acquire any of the foregoing securities (including, for the avoidance of doubt, the JV Securities).

“Confidential Information” means any information concerning any Party or any of its Subsidiaries, whether or not in the possession of a Party before the date of this Agreement, and which relates to trade secrets, proprietary information, the marketing of goods or services (including names, lists and other details of customers, sales targets, sales statistics, market share statistics, prices, market research reports and surveys, advertising or promotional materials and strategies), future projects, business development or planning, commercial relationships, negotiations and business strategy; provided that “Confidential Information” does not include information that: (a) is or becomes generally available to the public other than as a result of a disclosure by a Party, any of its Affiliates or its or their Representatives in violation of this Agreement; (b) was available to such Party on a non- confidential basis prior to its disclosure to such Party or its Representatives; or (c) becomes available to such Party on a non-confidential basis from a source other than a JV Entity after the disclosure of such information to such Party or any Party’s Representative by the JV Entity, which source is (at the time of receipt of the relevant information) not, to such Party’s knowledge, bound by a confidentiality agreement with (or other confidentiality obligation to) such JV Entity or another Person; provided, further, that, notwithstanding anything to the contrary contained herein, Confidential Information in the possession of Cosan, Shell or any of their respective Subsidiaries prior to the date of this Agreement shall, notwithstanding the foregoing exceptions in paragraphs (a) or (c), remain Confidential Information hereunder and Cosan, Shell or any of their respective Subsidiaries shall be obligated to keep, or to cause to be kept, such information confidential in accordance with the provisions of Section 11.02 as fully as if they did not have access to such information prior to the date of this Agreement but only received it after the date of this Agreement.

“Control” has the meaning given to it in the Joint Venture Agreement.

“Controlled By” has the meaning given to it in the Joint Venture Agreement (in the definition of 'Control').

“Controller” has the meaning given to it in the Joint Venture Agreement (in the definition of 'Control').

“Control Framework” means a control framework to ensure compliance with reporting requirements (including in relation to section 404 of the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act 2002 of the United States of America), as adopted by the Supervisory Board.

“Controlling Interest” means, in relation to an entity, a direct or indirect interest in relation to such entity which confers Control.

“Convenience Business” means a small Shell branded retail business that (i) may be a part of a retail site, (ii) is located within the perimeter of a retail site, which offers a limited range of products, including food, tobacco, alcoholic and nonalcoholic beverage products and magazines, as well as everyday items and food services, with extended opening hours, or (iii) is located within a corporate office;

“Cosan” means, collectively, Cosan S.A. and Cosan Investimentos.

“Cosan S.A.” means Cosan S.A., a corporation organized and existing according to the laws of Brazil, with headquarters in the City of São Paulo, State of São Paulo, at ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇, ▇▇▇▇ floor, room 1, Itaim Bibi, CEP 04538-132, enrolled with the Brazilian tax registry under No.50.746.577/0001-15, with its Byelaws registered at Commercial Registry of the State of São Paulo under NIRE ▇▇.▇▇▇.▇▇▇.▇▇▇.

“Cosan Investimentos” means Cosan Investimentos e Participações S.A., a corporation organized and existing according to the laws of Brazil, with headquarters in the City of São Paulo, State of São Paulo, at ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, room 3, Itaim Bibi, CEP 04538-123, enrolled with the Brazilian tax registry under No. 18.777.673/0001-18, with its Byelaws registered at Commercial Registry of the State of São Paulo under NIRE 3530045617-3.

“CSLL” means the Brazilian Social Contribution on Net Profits (Contribuição Social sobre o ▇▇▇▇▇ ▇▇▇▇▇▇▇).

“Default Interest Rate” means a per annum rate of interest equal to 2 per cent. above SELIC for payments in BRL and equal to 3 per cent. above SOFR for payments in US$.

“Distribution” means a distribution by way of dividend payable in respect of shares, by way of IOC, by way of the redemption of shares or by way of any other distribution of profits or reserves that may be agreed by the Parties, made, or to be made, by the Company in accordance with this Agreement.

“Effective Date” means the date of publication of the Commencement Announcement.

“Ethanol” means ethanol and ethanol-based products, produced in each case from sugar cane.

“Existing Academic Projects” means the research projects and related activities carried out pursuant to: (a) an agreement (or future agreement) with Embrapa Agrobiologia relating to soil “C” balance and greenhouse gas emissions; and (b) an agreement between Shell Brasil Ltda. and Universidade Estadual de Campinas – UNICAMP dated 5 September 2008.

“External Auditors” has the meaning set forth in the Operating and Coordination Agreement.

“Framework Agreement” means the Framework Agreement dated August 25, 2010 between Cosan, Cosan Distribuidora de Combustíveis Ltda. (which has been further merged into Cosan), Cosan Limited (a company which has been further merged into Cosan S.A.), the Company, ▇▇▇▇▇▇ ▇.▇., Shell, Shell Overseas Holdings Limited and the Sugar and Ethanol Co, as amended.

“General Meeting” means any meeting of the shareholders (assembleia geral) (including the Shareholders and Non-Party Holders) of the Company.

“Governmental Authority” means any international, supranational or national government, any state, provincial, local or other political subdivision thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative

functions (including functions relating to the audit, imposition, assessment, management and collection of Taxes) of or pertaining to government, including any government authority, agency, department, board, commission or instrumentality of any nation or jurisdiction or any political subdivision thereof or any court.

“Holding Company” means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary.

“IOC” means interest on capital (juros sobre capital proprio) that may be paid by Brazilian companies to shareholders.

“IPO” means the initial public offering of preferred shares issued by the Company in the B3.

“Joinder Agreement” means an agreement to be bound by this Agreement in the form of ▇▇▇▇▇ ▇ ▇▇▇▇▇▇.

“Joint Venture” means the Company and its Subsidiaries, considered together (including, for the avoidance of doubt, the Sugar and Ethanol Co).

“Joint Venture Agreement” means the joint venture agreement dated 1 June, 2011, between Cosan, the Company, Shell Brazil Holding B.V., Shell Overseas Holdings Limited and the Sugar and Ethanol Co, as amended.

“JV Entity” means, after the Raízen Reorganization, the Company, and each of the Subsidiaries of and equity interests held by, the Company, including the Sugar and Ethanol Co.

“JV Securities” means: (i) the common and preferred shares of the Company; (ii) any other equity or equity-linked security issued from time to time by the Company; and

(iii) any options, warrants, or other rights to acquire any of the foregoing securities, which, in each case, are held (directly or indirectly) by Cosan and Shell (or their Permitted Transferees).

“Key Policies” means all the policies approved by the Supervisory Board from time to time.

“Lubricants” means automotive, marine and industrial lubricants and greases (but excluding aviation lubricants).

“Level 3 Employee” means any employee of the Company or another JV Entity employed at the level that reports directly to any member of the Senior Management.

"Non-Party Holder" means any Person (other than a Shareholder) who holds Company Securities (other than the JV Securities).

“Operating and Coordination Agreement” means the agreement dated as of June 1st, 2011, entered between Cosan, Cosan Distribuidora de Combustíveis Ltda. (a company which has been further merged into Cosan S.A.), the Company, Ispagnac Participações Ltda., ▇▇▇▇▇▇ ▇.▇., Shell Brazil Holding B.V. and the Sugar and Ethanol Co.

“Parties” means the parties to this Agreement from time to time (including any Person who at the relevant time is a party to, or has agreed (by executing a Joinder Agreement) to be bound by this Agreement (and “Party” shall be construed accordingly).

“Permitted Transferees” means any person to whom or which Cosan or Shell is permitted to transfer its interest, whether directly or indirectly, in the Joint Venture, pursuant to the Joint Venture Agreement.

“Person” means an individual, corporation (including a Brazilian sociedade anônima), limited liability company (including a Brazilian sociedade limitada), firm, joint venture, partnership, association, trust or other entity or organization (wherever incorporated), including any type of Brazilian sociedade empresária and sociedade simples or any other entity regulated by Articles 40-69 of the Brazilian Civil Code, and including a Governmental Authority or political subdivision or an agency or instrumentality thereof.

“Proximity Business” means small non-Shell branded standalone retail stores, not following within the definition of Convenience Business, offering a limited range of products usually offered by markets and/or supermarkets for an everyday use. Assortment may also include categories such as: food, tobacco, alcoholic and non-alcoholic beverage products and magazines, as well as everyday items and food services, with extended opening hours.

“Qualifying Person” means any person who has not been convicted of any violation of any Anti-Corruption Law.

“Representatives” means any of a Person’s Affiliates and the directors, officers, employees, agents, counsel, investment advisers and financing sources, subject to customary confidentiality obligations of such Person and/or of any of its Affiliates.

“ROSM” means Rubens Ometto ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, a Brazilian citizen whose principal business address is located at Av. Brigadeiro ▇▇▇▇▇ ▇▇▇▇, 4100, 16º andar - CEP 04538-132 – São Paulo – SP, Brazil.

“SELIC” means the rate assessed by the Brazilian Special Liquidation and Custody System (Sistema Especial de Liquidação e Custódia) – SELIC, published by the Central Bank of Brazil, obtained by calculating the adjusted weighted average rate of one- day financing operations, backed by public federal bonds and traded in such system.

“Shareholder” means, at any time, any Person (other than the Company) who shall then be a Party to or bound by this Agreement for so long as that person Beneficially Owns any JV Securities issued by the Company and, for so long as Cosan S.A. and Cosan Investimentos Beneficially Own any JV Securities issued by the Company, Cosan S.A. and Cosan Investimentos shall be construed as one Shareholder. For the avoidance of doubt, no Non-Party Holder is a Shareholder for the purposes of this Agreement.

“Shareholders’ Agreement Raízen Conveniências” means the shareholders’ agreement of Raízen Conveniências S.A., a subsidiary of the Company, entered into on October 31, 2019 by and among the Company, on one side, and Femco Brazil Participações Ltda, on the other side, and, further, as Femco Brazil Participações Ltda guarantor and primarily obligor of certain obligations, Femsa Comercio, S.A. de C.V. and, further, as intervening-consenting party, Raízen Conveniências S.A.

“Shell” means Shell Brazil Holding B.V., a corporation organized and existing according to the laws of the Netherlands with registered number 27192050 0000, with its principal place of business at ▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ '▇-▇▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, enrolled with the Brazilian tax registry under No.05.717.887/0001-57.

“Shell Trading” means Shell Western Supply and Trading Limited or any of its Affiliates as it may specify.

“Shell Trading Agreement” means the sale and purchase agreement for biofuels dated on or about June 1, 2011 between the Sugar and Ethanol Co and Shell Trading.

"SOFR" means the secured overnight financing rate administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate).

“SOIBV” means Shell Overseas Investments B.V., a company incorporated in The Netherlands whose registered office is at Carel ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇-▇▇▇▇▇▇▇▇▇▇, and with company number 27104660 0000.

“Subsidiary” means, in relation to any Person, a Person: (a) which is Controlled, directly or indirectly, by the first mentioned Person; (b) more than half the issued share capital of which is Beneficially Owned, directly or indirectly, by the first mentioned Person; or (c) which is a Subsidiary of another Subsidiary of the first mentioned Person.

“Sugar” means sugar and sugar by-products.

“Sugar and Ethanol Co” means Raízen Energia S.A., a company organized and existing under the laws of Brazil, with its head office at ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇, ▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇, CEP 04538-132, Brazil, enrolled with the Brazilian tax registry under No.08.070.508/0001-78.

“Tax” means any past, present or future taxes, including (without limitation) IRPJ, CSLL, PIS, COFINS and ICMS and any and all other taxes, surtaxes, additional rates, levies, excise, imposts, duties, charges, contributions, social contributions, contributions on economic domain intervention, charges, tariffs, fees, deductions, or withholdings of whatever nature (including any related fines, penalties, surcharges or interest) that are imposed, levied, collected, withheld, assumed, assessed by or payable to any Governmental Authority, and that are levied (without limitation) on income, net worth, revenues, profits, turnover, capital gains, imports, exports, services, excise, royalties, ownership and transfer of real estate property, donations, bank account deposits and withdrawals, foreign exchange transactions, credit transactions, transactions related to bonds and securities, transactions related to insurance transactions, as well as “green” or environmental taxes, value-added taxes, and any and all other transactional or turnover tax.

“Transaction Document” has the meaning set forth in the Framework Agreement.

“Transfer” means, with respect to any JV Securities: (a) when used as a verb, to sell, assign, dispose of, exchange, pledge, encumber, hypothecate or otherwise transfer any JV  Securities  or  any  participation  or  interest  therein,  whether  directly  or indirectly

(including pursuant to a derivative transaction), or agree or commit to do any of the foregoing; and (b) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge, encumbrance, hypothecation, or other transfer of any JV Securities or any participation or interest therein or any agreement or commitment to do any of the foregoing.

“Usufruct Agreement” means the Instrumento Particular de Reserva Onerosa de Usufruto by means of which Cosan S.A. and Cosan Investimentos agreed, among other matters, that Cosan shall have the right of usufruct over the political rights attached to the common shares of the Company held by ▇▇▇▇▇.

(b)              Each of the following terms is defined in the Section set forth opposite that

term:

Section 1.02. Other Definitional and Interpretative Provisions. A reference to a statutory provision (including, in Brazil, a provision of a Lei Ordinária, Lei Complementar, Decreto, Decreto-Lei, Medida Provisória and any other law under Brazilian law), includes a reference to: (a) the statutory provision as modified or re-enacted or both from time to time (whether before or after the date of this Agreement); and (b) any subordinate legislation made under the statutory provision by any Person (whether before or after the date of this Agreement). A reference to a “regulation” includes any regulation, rule, official directive, request, guideline, portaria, regulamento, decreto, resolução, deliberação, circular, carta-circular, instrução, instrução normativa, regimento, ato declaratório and/or despacho normativo (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organization. The words “hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. References to “globally” shall be deemed to include Brazil. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Annexes, Articles, Sections, Exhibits and Schedules are to Annexes, Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Annexes, Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Annex, Exhibit or Schedule but not otherwise defined therein, shall have the meaning set forth in this Agreement.

Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; provided that with respect to any agreement or contract listed on any schedules hereto, all such amendments, modifications or supplements must also be listed in the appropriate schedule. References to any Person or a Party include the legal personal representatives, Affiliate(s), successors or Permitted Transferees of that Person or Party. References to “Persons acting in concert” means, in relation to a Person, Persons which actively co-operate, pursuant to an agreement or understanding (whether formal or informal) with a view to obtaining or consolidating Control of that Person. References to “he” or “him” shall be deemed to refer, in addition, to “she” and “her”, respectively. References from or to any date mean, unless otherwise specified, from and including and to but excluding, respectively and a time of day is a reference to São Paulo, Brazil time. References to “company”, “corporation” or “entity” include a reference to any association, partnership or business entity (of whatever form) in any jurisdiction (including Brazilian sociedades empresárias and sociedades simples). References to an “agreement” means in relation to that agreement, that agreement as amended from time to time. Italicized terms in parenthesis denote the Portuguese language words for names, concepts and other terms applicable in Brazil.

ARTICLE 2

BOUND SHARES

Section 2.01. Bound Shares. This Agreement shall bind all JV Securities currently owned, directly or indirectly, by the Parties, as well as JV Securities issued by the Company that are subscribed or purchased or in any other way acquired by any of the Parties, their successors or Permitted Transferees, during the term of this Agreement, including, but not limited to, stock dividends deriving from dividend distributions, splitting, reverse splitting, or any shares, quotas or securities received by the Parties in exchange to or substitution of their JV Securities, by virtue of or in connection with any merger or reorganization of the Company or otherwise.

ARTICLE 3

SHAREHOLDERS

Section 3.01. General Meetings. The Company will hold an annual General Meeting of all shareholders within the first four (4) months after the close of each fiscal year and an extraordinary General Meeting (i) if required under the Company’s Byelaws or Brazilian Corporation Law, and (ii) otherwise whenever the Company’s business so requires. Any General Meeting shall be governed by the Company’s Byelaws and Brazilian Corporation Law.

Section 3.02. Shareholders' Prior Meetings. In case: (a) any of the Shareholders wishes to call a meeting between the Shareholders, including to resolve upon matters which are (x) set forth in Annex B or (y) set forth in Annex D or are otherwise reasonably likely to be considered by the Supervisory Board; or (b) a General Meeting is called by any Non-Party Holder, the Supervisory Board or any other body of the Company as provided under the Company’s Byelaws or the Brazilian Corporation Law, the Shareholders shall hold a meeting of the Shareholders, at the Company’s headquarters or at such other place as may be agreed upon in writing by the Shareholders (a "Shareholders' Prior Meeting"), prior to, if applicable, the relevant General Meeting or relevant meeting of the Supervisory Board to discuss and resolve upon the relevant matters.

(a)            A Shareholders' Prior Meeting may be called by any Shareholder and shall be held within fifteen (15) days of such call notice. Subject to Section 3.02(f), the call notice shall be deemed to be withdrawn, and the Shareholders' Prior Meeting shall not be held, if the Shareholders, prior to the date of such Shareholders' Prior Meeting, resolve in writing in respect of the matters proposed for discussion therein.

(b)            The call notice in respect of any Shareholder's Meeting shall set out (i) the matters to be decided upon therein (which, if the Shareholders' Prior Meeting is called in advance of a General Meeting or a meeting of the Supervisory Board, will include the matters to be decided upon at that General Meeting or meeting of the Supervisory Board),

(ii) the proposed date, time and location of the Shareholders' Prior Meeting, including applicable documents and details for videoconference or teleconference facilities which shall be made available in respect of each Shareholders' Prior Meeting.

(c)            The Company shall cooperate with any Shareholder which is seeking to issue a call notice for or attending a Shareholders' Prior Meeting, including by supplying any information or materials that any Shareholder requests (acting reasonably). The Parties shall procure and, without limiting the foregoing, the Company shall ensure, that for the

purposes of preparing a call notice in respect of a Shareholders' Prior Meeting which is being called to resolve upon matters which shall subsequently be subject of a General Meeting, the information and materials in respect of such matters which would be issued to the Shareholders and Non-Party Holders prior to the General Meeting are also issued to the Shareholders prior to the Shareholders' Prior Meeting. Nothing in this paragraph will require the Company to act in contravention of another provision of this Agreement, its Byelaws or applicable law.

(d)            Each Shareholders' Prior Meeting will be instated, on the first call and the second call, with the attendance of all Shareholders. If one or more Shareholders fail to attend the Shareholders' Prior Meeting on the second call, all Shareholders shall, as the case may be:

(i)            vote (or cause its representative to vote), at the corresponding General Meeting the subject(s) of which were purported to be discussed and resolved upon at such Shareholders' Prior Meeting, in the manner necessary to maintain the Company's status quo (as at the time immediately prior to the General Meeting and determined by reference to the then-current Business Plan) in respect of such subject(s), and in no event shall matters set forth in Annex B be voted on at such Shareholders' Prior Meeting; and

(ii)            procure that the Qualifying Persons appointed by it to the Supervisory Board vote, at the corresponding meeting of the Supervisory Board the subject(s) of which were purported to be discussed and resolved upon at such Shareholders' Prior Meeting, in the manner necessary to maintain the Company's status quo (as at the time immediately prior to the meeting of the Supervisory Board and determined by reference to the then-current Business Plan) in respect of such subject(s).

The approval of any of the matters listed in Annex B hereto shall, at any Shareholders’ Prior Meeting whether on first or second call, require the affirmative vote of Shareholders holding at least 75% of the Company’s total voting capital. The resolutions approved at any Shareholders’ Prior Meeting shall be recorded in minutes to be prepared by the Shareholders and delivered to the chairperson of the Supervisory Board prior to the corresponding General Meeting and/or meeting of the Supervisory Board (as the case may be) for purposes of the Brazilian Corporation Law.

(e)            If a matter is resolved upon or determined in a Shareholders' Prior Meeting (whether approved or not approved), each Shareholder shall: (i) at any General Meeting in which such matter is considered, exercise their votes in accordance with that resolution or

determination and (ii) at any meeting of the Supervisory Board in which such matter is considered, cause the Qualifying Persons appointed by it to the Supervisory Board and who attend the relevant meeting thereof to exercise their votes in accordance with that resolution or determination. If any matter has not been approved at a Shareholders' Prior Meeting pursuant to this Agreement, each Shareholder undertakes not to call a General Meeting to resolve on such matter, or, if a General Meeting was called by a Non-Party Holder or other third party, to vote or cause its representative to vote at the General Meeting in the manner necessary to maintain the Company’s status quo (as at the time immediately prior to the General Meeting and determined by reference to the then-current Business Plan) in respect of such matter.

(f)            If a matter is resolved upon or determined in a Shareholders' Prior Meeting and such matter need not be resolved upon in a General Meeting prior to its implementation pursuant to Section 3.01, Cosan and Shell shall cause the Supervisory Board to effect or implement such resolution or determination in respect of the matter.

(g)            If the Shareholders reach a deadlock in any discussion, the Shareholders agree to follow the procedure set forth in Article 4 of this Agreement.

Section 3.03. Supervisory Board and Executive Board. Each of Cosan and Shell shall vote its JV Securities or execute proxies or written consents, as the case may be, and take all other necessary action (including causing the Company to call a Shareholders' Prior Meeting and/or a special General Meeting) in order to ensure that the composition of the Supervisory Board (and the identity of the Chairperson) is as set forth in this Agreement. Each of Cosan and Shell shall cause its nominees to the Supervisory Board to take all necessary action to ensure that the composition of the Executive Board is as set forth in this Agreement.

Section 3.04. Byelaw Provisions. (a) Each Shareholder agrees to vote  its JV Securities or execute proxies or written consents, as the case may be, and to take all other actions necessary: (i) to ensure that the Company’s Byelaws facilitate, and do not at any time conflict with, any provision of this Agreement, and (ii) to permit each Shareholder to receive the benefits, and exercise the rights, to which each such Shareholder is entitled under this Agreement.

(b) The Company’s Byelaws or policies shall provide for indemnification  of  each member of the Supervisory Board and the Executive Board for acts on behalf of the Company to the maximum extent permitted by applicable law.

Section 3.05. Shareholders. Cosan and Shell shall use their respective (direct or indirect) shareholder votes in the Company (and any holding company)

which they Beneficially Own, to procure that the Company shall fully comply with the terms of this Agreement, as further set forth in Article 118 of the Brazilian Corporation Law.

Section 3.06. JV Entities Byelaw Provisions. The Company shall vote the shares that it holds in any JV Entity, and shall procure that each JV Entity shall vote the shares that it holds in any other JV Entity, or execute (or procure the execution of) proxies or written consents, as the case may be, and to take all other actions necessary: (i) to ensure that the Byelaws of the relevant JV Entity facilitate, and do not at any time conflict with, any provision of this Agreement, and (ii) to permit each Shareholder to receive the benefits, and exercise the rights, to which each such Shareholder is entitled under this Agreement.

Section 3.07 . Use of votes. The Company shall use (and shall procure that each other JV Entity uses) its (direct or indirect) shareholder votes in a JV Entity which they Beneficially Own, to procure that the JV Entity shall fully comply with the terms of this Agreement, as further set forth in Article 118 of the Brazilian Corporation Law.

ARTICLE 4

SHAREHOLDER REPRESENTATIVES

Section 4.01. Shareholder Representatives. Each of Cosan and Shell shall appoint one of its respective senior executives as a shareholder representative of that party in respect of the Joint Venture (each such individual, a “Shareholder Representative”).

Section 4.02. Meetings of the Shareholder Representatives. The two Shareholder Representatives shall meet at such times as may be requested by either Shareholder Representative, by ▇▇▇▇▇ or Shell or the Supervisory Board, but only (i) to resolve a deadlock at a Shareholders’ Prior Meeting or at the level of the Supervisory Board over any matters set forth in Annex B or Annex D, respectively, (ii) to resolve any other matter as the Supervisory Board may approve for referral to the Shareholder Representatives or (iii) to resolve any matter as requested by ▇▇▇▇▇ or Shell pursuant to the Joint Venture Agreement. All meetings of the Shareholder Representatives shall take place at a location or via teleconference or videoconference as may be mutually agreed upon by the Shareholder Representatives. Cosan and Shell shall procure that the Shareholder Representatives shall seek to resolve any matter referred to them within a period of 20 Business Days from the date that either of the Shareholders or the Supervisory Board, as the case may be, refers such matter to the Shareholder Representatives.

Section 4.03. Actions by the Shareholder Representatives. Actions or decisions by the Shareholder Representatives shall require the agreement of both Shareholder Representatives. Cosan and Shell shall cause: (i) a Shareholders' Prior Meeting to be called to approve any decision of the Shareholder Representatives which must be approved by vote of the Shareholders or by the Supervisory Board, and/or (ii) if required under the Company’s Byelaws or Brazilian Corporation Law in respect of a decision of the Shareholder Representatives, a General Meeting or a meeting of the Supervisory Board, as applicable, to be called in order for the Shareholders (and, if applicable, Non- Party Holders) or the Supervisory Board (as applicable) to resolve to implement and effect such decision. If the Shareholder Representatives are unable to reach a joint decision, such decision shall not be taken or effected, and the status quo shall prevail.

Section 4.04. Expenses of the Shareholder Representatives. Each of (x)

Cosan and (y) Shell shall pay, respectively, all reasonable out-of-pocket expenses incurred by the Shareholder Representative nominated by it, in connection with the attendance of any meetings or the carrying out of any duties in such capacity as its Shareholder Representative.

ARTICLE 5

SUPERVISORY BOARD

Section 5.01. Composition of the Supervisory Board.

(a)            The Company shall have a supervisory board (Conselho de Administração) (the “Supervisory Board”).

(b)            The Supervisory Board shall have a minimum of eight and a maximum of fourteen voting members. Except in the circumstances to which Section 5.01(f) refers, the Supervisory Board shall have eight voting members comprising:

(i)            three Qualifying Persons designated by Cosan in its sole discretion; provided that one of such three shall be ROSM while he is not Deceased or Disqualified (each as defined in the Joint Venture Agreement) and (subject to Section 5.02(c)) willing to serve as a member of the Supervisory Board;

(ii)            three Qualifying Persons designated by Shell in its sole discretion, who shall each serve, subject to Sections 5.04 and 5.05, for a term of two years; and

(iii)            two independent members appointed in accordance with Section

5.01(e), which vote for avoidance of doubt shall not be bound by the provisions of this Agreement.

(c)            Subject to applicable law, there shall be no restriction on (i) Cosan, or (ii) Shell re-designating any existing member of the Supervisory Board for any subsequent term of office.

(d)            The Shareholders agree to waive to the fullest extent possible, and undertake to refrain from requesting the adoption of, the cumulative voting procedure (voto múltiplo) and/or the election by the special separate voting procedure (eleição em separado), if and when applicable, and further undertake to exercise their voting rights in any such election to give effect to the provisions of this Section 5.01.

(e)            Each of Cosan and Shell shall designate one independent member of the Supervisory Board, provided such person is independent pursuant to the regulatory requirements issued by Comissão de Valores Mobiliários – CVM and B3. If one or more Non-Party Holders elect a member to the Supervisory Board in accordance with the Brazilian Corporation Law, and such member is an independent member of the Supervisory Board (pursuant to the regulatory requirements issued by Comissão de Valores Mobiliários

– CVM and B3), then Cosan and Shell shall jointly designate the remaining independent member to complete the Supervisory Board. If the Shareholders are unable to agree on an independent member for a period of 30 days, then:

(i)            each Shareholder shall propose two candidates to be designated an independent member of the Supervisory Board (provided such persons are independent pursuant to the regulatory requirements issued by Comissão de Valores Mobiliários – CVM and B3), which persons may be vetoed by the other Shareholder (but solely for reasons related to such person’s qualifications, experience, track record, personal profile or his or her failure to satisfy the requirement of independence pursuant to the regulatory requirements issued by Comissão de Valores Mobiliários – CVM and B3);

(ii)            if the candidates proposed by a Shareholder are vetoed pursuant to paragraph (i) above, such Shareholder may propose additional candidates until the Shareholders have agreed on two mutually agreeable candidates; and

(iii)            the Shareholder that has not appointed the Chairperson shall choose one of the proposed candidates and each Shareholder shall vote its JV Securities in order to elect such person as an independent member of the Supervisory Board.

(f)            If one or more Non-Party Holders elect a member to the Supervisory Board in accordance with the Brazilian Corporation Law, and such member is not an independent member of the Supervisory Board (pursuant to the regulatory requirements issued by Comissão de Valores Mobiliários – CVM and B3), then Cosan and Shell shall take all necessary action to promptly increase the number of voting members of the Supervisory Board to fourteen, which will then be comprised as follows:

(i)            the member designated by the Non-Party Holders;

(ii)            five Qualifying Persons designated by Cosan in its sole discretion; provided that one of such five shall be ROSM while he is not Deceased or Disqualified (each as defined in the Joint Venture Agreement) and (subject to Section 5.02(c)) willing to serve as a member of the Supervisory Board;

(iii)            five Qualifying Persons designated by Shell in its sole discretion, who shall each serve, subject to Sections 5.04 and 5.05, for a term of two years; and

(iv)            three independent members, provided that Cosan and Shell shall:

(x)  each designate one independent member of the Supervisory Board, provided such person is independent pursuant to the regulatory requirements issued by Comissão de Valores Mobiliários – CVM and B3; and (y) jointly designate the remaining independent member to complete the Supervisory Board. If the Shareholders are unable to agree on an independent member for a period of 30 days, then:

(A)            each Shareholder shall propose two candidates to be designated an independent member of the Supervisory Board (provided such persons are independent pursuant to the regulatory requirements issued by Comissão de Valores Mobiliários – CVM and B3), which persons may be vetoed by the other Shareholder (but solely for reasons related to such person’s qualifications, experience, track record, personal profile or his or her failure to satisfy the requirement of independence pursuant to the regulatory requirements issued by Comissão de Valores Mobiliários – CVM and B3);

(B)            if the candidates proposed by a Shareholder are vetoed pursuant to paragraph (A) above, such Shareholder may propose additional candidates until the Shareholders have agreed on two mutually agreeable candidates; and

(C)            the Shareholder that has not appointed the Chairperson shall choose one of the proposed candidates and each Shareholder shall vote its JV Securities in order to elect such person as the third independent member of the Supervisory Board.

Section 5.02. Chairperson. (a) Subject to Section 5.02(b) the Shareholders shall appoint ROSM as the chairperson of the Supervisory Board (the “Chairperson”) and shall vote to ensure he is maintained in such position so long as he is willing to serve and neither Deceased nor Disqualified (each as defined in the Joint Venture Agreement) but only for so long as he retains a

Controlling Interest (directly or indirectly) over ▇▇▇▇▇’s interest in the Joint Venture.

(b)            If ROSM is determined Deceased or Disqualified (each as defined in the Joint Venture Agreement) in accordance with the provisions of the Joint Venture Agreement or, subject to Section 5.02(c), if ROSM is no longer willing to serve as the Chairperson, whichever is earlier, the right of Cosan and Shell to appoint the Chairperson shall alternate between Cosan and Shell for three year periods. For the initial three year period, Shell will appoint the Chairperson.

(c)            If ROSM is no longer willing to serve as the Chairperson (and has not been determined Disqualified or Deceased (each as defined in the Joint Venture Agreement), he must provide notice to the Company in writing no less than six months’ prior to the date on which he intends to stand down as Chairperson.

(d)            The responsibilities of the Chairperson are set forth in Annex C hereto. The Chairperson shall not have a casting or tie-breaking vote in the event of deadlock amongst the members of the Supervisory Board.

Section 5.03. Supervisory Board Members. Each of Cosan and Shell will (i) procure that all members of the Supervisory Board shall comply with all applicable law in relation to their eligibility to serve as members of the Supervisory Board and (ii) without limiting the foregoing, promptly replace members appointed by it as independent members of the Supervisory Board if such persons cease to be independent pursuant to the regulatory requirements issued by Comissão de Valores Mobiliários – CVM and B3. The Company and each Shareholder will procure that all members of the supervisory board (or equivalent body) of each JV Entity (other than the Company) shall comply with all applicable law in relation to their eligibility to serve as members of that supervisory board (or equivalent body).

Section 5.04. Removal of the Supervisory Board Members. (a) Each of Cosan and Shell agrees that, if at any time it is then entitled to vote for the removal of a member from the Supervisory Board, it shall not vote any of its JV Securities in favour of the removal of any member who shall have been designated pursuant to Section 5.01 or Section 5.05, unless the Person entitled to designate or nominate that member shall have consented to his or her removal in writing; provided that, if the Person entitled to designate any member pursuant to Section

5.01 shall request in writing the removal of such member, each Shareholder shall vote its JV Securities in favour of such removal.

(b) If a Shareholder ceases to hold any Company Securities, such Shareholder shall procure the resignation of, or remove from office, any members of the Supervisory

Board nominated by such Shareholder, at the time of, or immediately prior to, the time at which it ceases to hold Company Securities.

Section 5.05. Vacancies on the Supervisory Board. If there shall be any vacancy on the Supervisory Board (as a result of death, disability, retirement, resignation, removal or otherwise): (a) the Person or Persons entitled under Section 5.01 to designate the member whose death, disability, retirement, resignation or removal resulted in that vacancy, subject to the provisions of Section 5.01, may designate another individual (for the purposes of this Article 5, the “Replacement Nominee”) to fill that vacancy and serve as a member of the Supervisory Board; and (b) subject to Section 5.01, each of Cosan and Shell shall procure that the Replacement Nominee is elected to the Supervisory Board.

Section 5.06. Meetings of the Supervisory Board. The Supervisory Board shall hold a meeting at least once every calendar quarter and at any other time as may be requested by any four members of the Supervisory Board or the Chairperson. Meetings shall be held at the headquarters of the Company or as may otherwise be agreed by the Supervisory Board. Any member of the Supervisory Board may attend any meeting via teleconference or videoconference.

(a)            Subject to the provisions of this Agreement, the Company’s Byelaws and all applicable law, the members of the Supervisory Board may regulate their proceedings as they think fit. Every member of the Supervisory Board shall receive notice of a meeting at least 30 Business Days for regularly scheduled meetings, 5 Business Days for ad hoc meetings (including meetings to appoint (i) the Interim CEO (as defined below) pursuant to Section 6.05(b), (ii) the Post-ROSM Interim CEO (as defined below) pursuant to Section 6.06(b), (iii) the Post-ROSM Interim CFO (as defined below) pursuant to Section 6.06(c), or (iv) the CEO or CFO (as applicable) pursuant to Section 6.06(a) and/or Section 6.06(d) (as applicable)) (and at least 3 Business Days’ notice for ad hoc meetings where any 3 members of the Supervisory Board or the Chairperson reasonably consider that the matter(s) to be discussed is of a commercially urgent nature) before the intended date of the meeting. Notice of a meeting of the Supervisory Board is deemed to be duly given to a member of the Supervisory Board if it is sent in writing to him at his last known address or other address given by him to the Company for that purpose or given to him by electronic means to an address given by him to the Company for that purpose. The notice shall state the time, date, place and agenda of the meeting, attaching copies, where possible, of the documents or proposals to be considered or discussed. A member of the Supervisory Board may waive the requirement that notice be given to him of a meeting of directors or a committee of directors, either prospectively or retrospectively, and this requirement for

notice can be dispensed with if all the members of the Supervisory Board are present at the meeting.

(b)            The members of the Supervisory Board shall cause to be maintained minutes of all meetings of the Supervisory Board, and of all meetings of all committees of the Supervisory Board.

(c)            The formal language of any meeting of the Supervisory Board shall be English (with contemporaneous interpretation into Portuguese at the request of any member of the Supervisory Board); provided that the minutes of the meetings shall be in English and Portuguese (but the Portuguese shall prevail).

Section 5.07. Proxies for Supervisory Board Members. Any member of the Supervisory Board may appoint any existing member thereof who is willing to act, without the approval of the other members of the Supervisory Board, to attend and vote at meetings in accordance with the instructions of such appointing member of the Supervisory Board. Such appointor may remove from office any such proxy so appointed by him. Any member of the Supervisory Board voting by proxy shall formalize his vote in writing by letter, facsimile or e-mail promptly following the meeting at which the vote was cast by his proxy. Such letter, facsimile or e-mail shall be recorded in the book of minutes of meetings of the Supervisory Board.

Section 5.08. Quorum of the Supervisory Board. The quorum of the Supervisory Board shall be six members of the Supervisory Board (if the Supervisory Board comprises eight members) or ten members of the Supervisory Board (if the Supervisory Board comprises fourteen members), provided in each case that the members in attendance include at least two Qualifying Persons designated by Shell and at least two Qualifying Persons designated by ▇▇▇▇▇. A person voting as a proxy for a member of the Supervisory Board shall, if his appointor is not present, be counted in his own capacity and in his capacity as a proxy for determining whether the requisite number of members are in attendance in aggregate, but not for determining whether the requisite number of Qualifying Persons designated by Shell or Cosan are in attendance.

Section 5.09. Action by the Supervisory Board. Part 1 of Annex D hereto sets forth the functions of the Supervisory Board. Subject to applicable law, all actions of the Supervisory Board (including in respect of the matters set forth in Part 2 of Annex D) shall require the affirmative vote of at least six members of the Supervisory Board (if the Supervisory Board comprises eight members) or at least ten members of the Supervisory Board (if the Supervisory Board comprises fourteen members), in each case at a meeting at which a quorum is present. If the Supervisory Board cannot reach a decision in respect of any matter set forth in

Annex D, such decision will be referred to the Shareholder Representatives for resolution pursuant to Section 4.02 and Section 4.03.

Section 5.10. Expenses and Compensation of Supervisory Board members. The Shareholders shall cause the Company to pay all reasonable out- of-pocket expenses incurred by each member of the Supervisory Board in connection with attending regular and special meetings of the Supervisory Board and any committee thereof, in addition to any further compensation for the members of the Supervisory Board that may be approved from time to time by the Shareholders (and, if such persons are entitled to vote in respect of such matter, the Non-Party Holders) at any General Meeting.

Section 5.11. Committees. The Supervisory Board shall create any committees required by any regulation to which the Company is subject to, pursuant to any agreement between Cosan and Shell and may create and operate any other committees as it may determine; provided that the Supervisory Board shall create and maintain the committees as set out in, and in accordance with the provisions of, Annex G. Designees of Cosan and Shell shall be entitled to equal representation on any committee of the Supervisory Board. The Company shall ensure that each committee is administered in accordance with paragraph 6 of Annex G. No supervisory board (or equivalent body) of any JV entity (other than the Company shall create any committees.

Section 5.12. Conflicts of Interest. (a) Notwithstanding anything in this Agreement to the contrary, if the Company or another JV Entity is an Indemnified Party (as defined in the Framework Agreement) and brings a Claim (as defined in the Framework Agreement) against a Shareholder who is the Indemnifying Party (as defined in the Framework Agreement), in no event shall the members of the Supervisory Board designated by the Indemnifying Party be entitled to vote on any matters presented to the Supervisory Board with respect to the bringing of such Claim; provided, however, that members of the Supervisory Board designated by the Indemnifying Party shall have the right to participate in any and all discussions concerning such Claim and shall have the opportunity to express their views and opinions with respect to such Claim. The members of the Supervisory Board designated by the Indemnified Party shall have the sole power and authority to vote on all matters with respect to the bringing of such Claim.

(b)            In the event that any competitively sensitive information is to be discussed or reviewed at any meeting of the Supervisory Board and the participation in any such discussion or the receipt of any such information by any member of the Supervisory Board would (i) present a conflict of interest in respect of the interests of the Shareholder who

appointed such member, (ii) would risk placing the Company or another JV Entity in a potentially competitively disadvantaged position or (iii) would reasonably be expected to violate applicable antitrust or competition laws, such member shall be required to recuse himself or herself from such discussion and shall not be entitled to receive such information; provided, however, that, on any vote in respect of any such matter, the other designees to the Supervisory Board of the Shareholder who also designated such member shall be entitled to exercise a proxy to vote on behalf of such member on that matter. In connection with this Section 5.12(b), each member of the Supervisory Board shall certify within 20 Business Days of the end of each fiscal year of the Company of the Sugar and Ethanol Co (as applicable) that he or she has not had access to commercially sensitive information of the JV Entities in the preceding fiscal year in violation of this Section.

(c)            Notwithstanding anything in this Agreement to the contrary, in no event shall the members of the Supervisory Board designated by Shell or Cosan have the right to vote on any transactions, actions or agreements between the Company or any of its Subsidiaries, on the one hand, and such Shareholder or any of its Affiliates, on the other.

ARTICLE 6

EXECUTIVE BOARD

Section 6.01. Executive Board. The Company shall have an executive board (Diretoria) (the “Executive Board”). The Executive Board shall consist of the following voting members: (i) the chief executive officer (the “CEO”); (ii) the chief financial officer (the “CFO”); (iii) the chief operating officer in respect of the downstream businesses operated by the Company and its Subsidiaries (the “COO (Downstream)”); (iv) the chief operating officer in respect of the sugar and ethanol businesses operated by the Company and its Subsidiaries, including the Sugar and ▇▇▇▇▇▇▇ ▇▇ (the “COO (Sugar and Ethanol)”); (v) an investor relations officer; and (vi) such additional members as may be determined by approval of at least six members of the Supervisory Board (if the Supervisory Board comprises eight members) or at least ten members of the Supervisory Board (if the Supervisory Board comprises fourteen members); provided that at no time shall there be more than eight members of the Executive Board. The members of the Executive Board and all Joint Venture staff shall serve the interests of the Joint Venture, and no such member shall be deemed to represent any particular Shareholder. Each member of the Executive Board shall be an executive of the Company and shall reside in Brazil. Subject to Section 6.04(a), Section 6.06(a), Section 6.06(d) and Section 6.06(e) each member of the Executive Board shall serve for a term of two years (subject in each case to re- election).

Section 6.02. Meetings of the Executive Board. (a) The Executive Board shall hold a meeting at least once every calendar month and at such other time as may be requested by the CEO. Meetings shall be held at the headquarters of the Joint Venture or as may otherwise be agreed by the members of the Executive Board. Any member of the Executive Board may attend any meeting via teleconference or videoconference unless the CEO notifies the other members that such meeting must be held with the attendance of all members in person.

(b) Subject to the provisions of this Agreement, the Company's Byelaws and all applicable law, the members of the Executive Board may regulate their proceedings as they think fit.

The members of the Executive Board shall cause to be maintained minutes of all meetings thereof.

Section 6.03. Action by the CEO. Annex E hereto sets forth the functions of the CEO in respect to the Company, the Sugar and Ethanol Co and other JV Entities. Except as set forth below, all actions and decisions of the CEO may only be taken in compliance with the responsibilities and powers set forth in the Manual of Authorities. Subject to the above and the limitations set out in Annex F hereto, the CEO may delegate certain decision making powers or duties to the Senior Management (as defined below) in his sole discretion.

Section 6.04. Removal of Executive Board Members. (a) Subject to Section 6.06(e), the CEO may be removed, with or without cause, prior to the end of his or her term, by an affirmative vote of at least six members of the Supervisory Board (if the Supervisory Board comprises eight members) or at least ten members of the Supervisory Board (if the Supervisory Board comprises fourteen members). Subject to Section 6.06(e), any member of the Executive Board (other than the CEO) may be removed from his position on the Executive Board, with or without cause by either the CEO (in which case the Shareholders shall be obligated to cause all of the Supervisory Board members designated by them to vote for such individual’s removal) or upon an affirmative vote of at least six members of the Supervisory Board (if the Supervisory Board comprises eight members) or at least ten members of the Supervisory Board (if the Supervisory Board comprises fourteen members).

(b)            At the end of any term of office of the CEO as determined in accordance

with Section 6.01, Section 6.05(a) or Section 6.06(a) (as applicable), any Shareholder may propose the removal of the CEO to the other Shareholder by providing the other Shareholder with notice setting forth in writing in reasonable detail a fully reasoned and good faith explanation of the reasonable grounds for such removal and evidence why and

how the CEO has failed in his responsibilities (together with any supporting documentation deemed reasonably necessary by such Shareholder to support such removal), and in this case, (i) if the other Shareholder disagrees with this conclusion, it shall provide written notice to the notifying Shareholder of its disagreement, (ii) the Shareholder Representatives shall meet as promptly as practicable to discuss such matter and (iii) if the Shareholder Representatives are unable to resolve such disagreement within 20 Business Days of the initiating notice and the notifying Shareholder still wishes to effect the CEO’s removal, the notified Shareholder shall, upon receipt of notice to this effect, be obligated to cause all of the members of the Supervisory Board that it has appointed to vote for the removal of the CEO pursuant to Section 6.04(a).

Section 6.05. Vacancies on the Executive Board whilst ROSM is Chairperson. (a) Subject to the remainder of this Section 6.05 and to Section 6.06, if ROSM is Chairperson and any individual serving as CEO shall leave the employ of the Company or is otherwise no longer serving in that capacity (whether due to replacement, expiration of term or otherwise), then:

(i)            the Supervisory Board shall discuss and define the profile(s) they consider desirable in a CEO;

(ii)            each Shareholder shall propose two candidates to become the CEO, taking into account such profile(s), which persons may be vetoed by the other Shareholder (but solely for reasons related to such person’s qualifications, experience, track record, personal profile, past compliance with the General Business Principles of the Joint Venture, and such person’s ability to represent the interests of the Joint Venture above those of either Shareholder);

(iii)            if the candidates proposed by a Shareholder are vetoed pursuant to paragraph (ii) above, such Shareholder may propose additional candidates until both Shareholders have agreed on at least two mutually agreeable candidates;

(iv)            the Chairperson shall nominate one of the proposed candidates for approval by the Supervisory Board, and the Shareholders shall procure that their respective appointees to the Supervisory Board shall vote to approve the appointment of the individual nominated by the Chairperson; and

(v)            the individual nominated by the Chairperson shall serve as CEO for a term of two years (subject to re-election) in accordance with Section 6.01.

(b)            Until such time as the Supervisory Board elects the replacement CEO pursuant to Section 6.05(a), an interim CEO (the “Interim CEO”) shall serve in his or her place. The Supervisory Board shall endeavor to appoint the Interim CEO by approval of at least six members of the Supervisory Board (if the Supervisory Board comprises eight members) or at least ten members of the Supervisory Board (if the Supervisory Board comprises fourteen members) within two weeks of such vacancy; provided that if the

Supervisory Board does not approve an Interim CEO within such time, the COO (Sugar and Ethanol), the COO (Downstream) and the CFO shall elect the Interim CEO from among the members of the Executive Board by a simple majority vote, and the Shareholders shall procure that their respective appointees to the Supervisory Board shall vote to approve the appointment of the person so elected. For the avoidance of doubt, there shall be no Interim CEO until a majority is obtained. The Interim CEO shall serve for a maximum of 90 days, at which time, if no replacement CEO has been elected, a new Interim CEO shall be selected using the same procedures described above in this Section 6.05(b). No member of the Executive Board shall serve twice as Interim CEO before every other member of the Executive Board has served once.

(c)            Subject to Section 6.06, if any individual serving: (i) as a member of the Executive Board (other than CEO); or (ii) in any other position of the Joint Venture who reports directly to the CEO (each such individual, a “Direct Report”), shall leave the employ of any JV Entity or is otherwise no longer serving in that capacity (whether due to replacement, expiration of term or otherwise), then the CEO shall submit to the Supervisory Board a nominee, who in the case of the CFO, the COO (Sugar and Ethanol) or the COO (Downstream) shall be selected from among two individuals submitted by: (A) in the case of the CFO, the Shareholder other than the Shareholder who submitted the nominee who was appointed the CEO; (B) in the case of the COO (▇▇▇▇▇ and Ethanol), Cosan; and (C) in the case of the COO (Downstream), Shell. Approval of such nominee shall require an affirmative vote of at least six members of the Supervisory Board (if the Supervisory Board comprises eight members) or at least ten members of the Supervisory Board (if the Supervisory Board comprises fourteen members). The nominee shall be selected based on both individual merits and capabilities as well as potential contribution to the Executive Board (or, in the case of Direct Reports, his or her relevant team), with the objective of assembling the best team capable of delivering the Joint Venture strategy and Business Plan. Members of the Supervisory Board may decline to approve any such nominee based only on lack of relevant qualifications, experience, track record, personal profile, past compliance with the General Business Principles of the Joint Venture, and/or such person’s ability to represent the interests of the Joint Venture above those of either Shareholder. If the Supervisory Board declines to nominate the nominee, the CEO may submit a different candidate (selected from among two new individuals designated by the Shareholder entitled to do so under this paragraph (c)) to be approved pursuant to the procedures specified in this paragraph (c) above until an individual is approved to serve in such capacity by the Supervisory Board. In the case of any other position on the Executive Board not otherwise addressed in this Section 6.05(c), the process set forth above shall be followed save that the CEO shall not be required to select his nominee from any pool of persons selected by any Shareholder.

(d)            Each Shareholder shall, and shall cause each member of the Supervisory Board to, approve the appointment or removal of any individual appointed or removed pursuant to, and in accordance with the other provisions of this Section 6.05.

Section 6.06. Vacancies of the Executive Board post-ROSM. (a) If (i) ROSM is no longer the Chairperson according to the terms and conditions set forth in Section 5.02(b), and (ii) any individual serving as the CEO and/or the CFO shall leave the employ of the Company or is otherwise no longer serving in that capacity (whether due to replacement, expiration of term or otherwise), then the Supervisory Board shall endeavor to appoint the replacement CEO and/or CFO (as applicable) by approval of at least six members of the Supervisory Board (if the Supervisory Board comprises eight members) or at least ten members of the Supervisory Board (if the Supervisory Board comprises fourteen members) within 20 Business Days of such vacancy. Any CEO and/or CFO appointed in accordance with this Section 6.06(a) shall serve for a term of two years (subject in each case to re-election). If no replacement CEO and/or CFO (as applicable) is appointed by the Supervisory Board within such time, a Post-ROSM Interim CEO and/or a Post-ROSM Interim CFO (as applicable) shall be appointed in accordance with the process set out in Section 6.06(b) and/or Section 6.06(c) below (as applicable).

(b)                If no replacement CEO is appointed by the Supervisory Board pursuant to

Section 6.06(a), or a Post-ROSM Interim CEO is removed in accordance with Section 6.04(a), then until such time as the Supervisory Board elects the replacement CEO pursuant to Section 6.06(d), an interim CEO (the “Post-ROSM Interim CEO”) shall serve in his or her place. The Executive Board shall elect the Post-ROSM Interim CEO from among the members of the Executive Board by a simple majority vote, and the Shareholders shall procure that their respective appointees to the Supervisory Board shall vote to approve the appointment of the person so elected. For the avoidance of doubt, there shall be no Post- ROSM Interim CEO until a majority is obtained. The Post-ROSM Interim CEO shall serve for a maximum of one year, at which time, if no replacement CEO has been elected in accordance with Section 6.06(d) the provisions of Section 6.06(e) below shall apply. For the avoidance of doubt (i) Section 6.03 shall apply to any Post-ROSM Interim CEO, and

(ii) the term of the Post-ROSM Interim CEO shall end on the date on which the replacement CEO is appointed in accordance with Section 6.06(d) or Section 6.06(e) (as applicable).

(c)                If no replacement CFO is appointed by the Supervisory Board pursuant to Section 6.06(a), or a Post-ROSM Interim CFO is removed in accordance with Section 6.04(a), then until such time as the Supervisory Board elects the replacement CFO pursuant to Section 6.06(d), an interim CFO (the “Post-ROSM Interim CFO”) shall serve in his or her place. The Executive Board shall elect the Post-ROSM Interim CFO from among the

members of the Executive Board by a simple majority vote, and the Shareholders shall procure that their respective appointees to the Supervisory Board shall vote to approve the appointment of the person so elected. For the avoidance of doubt, there shall be no Post- ROSM Interim CFO until a majority is obtained. The Post-ROSM Interim CFO shall serve for a maximum of one year, at which time, if no replacement CFO has been elected in accordance with Section 6.06(d) the provisions of Section 6.06(e) below shall apply. For the avoidance of doubt the term of the Post-ROSM Interim CFO shall end on the date on which the replacement CFO is appointed in accordance with Section 6.06(d) or Section 6.06(e) (as applicable).