Mario da Silva - Chief Executive Officer Paula Kovarsky - Investor Relations Officer Joao Arthur Souza - Chief Financial Officer Phillipe Casale - Investor Relations Manager

Good morning, ladies and gentlemen. At this time, we would like to welcome everyone to Cosan SA’s First Quarter of 2017 Results Conference Call. Today with us we have Mr. Mario da Silva, CEO; Mrs. Paula Kovarsky, IRO; Mr. Joao Arthur Souza, CFO; and Mr. Phillipe Casale, Investor Relations Manager of Cosan SA. We would like to inform you that this event is recorded. [Operator Instructions] The audio and slideshow of this presentation is available through live webcast at ir.cosan.com.br. The slides can also be downloaded from the webcast platform. Before proceeding, let me mention that forward-looking statements will be made under the Safe Harbor of the Securities Litigation Reform Act of 1996. Forward-looking statements are based on the beliefs and assumptions of Cosan’s management and on information currently available to the company. They involve risks, uncertainties and assumptions, because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Cosan and could cause results to differ materially from those expressed in such forward-looking statements. Now, I will turn the conference over to Ms. Kovarsky. Ms. Kovarsky, you may begin your presentation.

Good morning, everyone. Welcome to Cosan SA’s first quarter 2017 results conference call. As usual, let’s start the presentation by talking about its business line and then consolidate its results. So, we can go straight to Slide #4 to talk about Raizen Combustiveis. 2007 started with a few signs of deceleration of the downward trend in fuel consumption same in the past few years in Brazil. The comparison base is few weeks, but the volume in gasoline equivalent, for example, and this is where we adjust ethanol for its energy efficiency. Closed the quarter with a 1% growth year-on-year and total volume sold decreased only 1% this quarter and this compares to a market that shrank 5% in 2016 compared to 2015. All those numbers are based on the ANP data. A quick recap of our strategy. Over the last 4 years, we focused on the expansion of our network through the conversion of new stations and equally important the renewal of existing contracts privileging a long-term partnership with our dealers. In the meantime, we invested to increase the logistics efficiency when supply in our growing network in a changing environment and once again, Raizen outperformed the market. We call this consistency. Let’s look at the numbers. Raizen Otto-cycle sales grew 3% in the first quarter of 2017 versus ‘16, while the ANP figures remain virtually flat. Diesel sales remain affected by slow industrial activity in the country. The total volumes sold dropped at 6.1% according to Sindicom and ANP respectively. But despite the lower demand during the intercrop period, Raizen sales grew 3% due to new contracts on energy and mining industries. Aviation volumes were hit again by lower demand for air transportation. The number of departures fell 7% year-on-year this quarter according to [indiscernible] data. The results. First…

Well, thank you all for joining the call. If you have any further questions, please feel free to contact our IIR team and see you next quarter.

That does conclude the Cosan audio conference for today. Thank you very much for your participation and have a good day.