UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant To Rule 13a-16 Or 15d-16

of the Securities Exchange Act of 1934

For the month of May, 2019

Commission File Number: 1-33659

COSAN LIMITED

(Translation of registrant’s name into English)

Av. Brigadeiro Faria Lima, 4100, – 16^th floor

São Paulo, SP 04538-132 Brazil

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F             X             Form 40-F                           

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes                            No             X            

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes                            No             X            

Contents

Independent Auditor’s report on review of interim financial information	F-3
Consolidated statements of financial position	F-4
Consolidated statements of profit or loss and other comprehensive income	F-6
Consolidated statements of changes in equity	F-8
Consolidated statements of cash flows	F-10
Notes to the consolidated financial statements	F-13

F-2

Cosan Limited

Interim consolidated financial statements

March 31, 2019

KPMG Auditores Independentes

Rua Arquiteto Olavo Redig de Campos, 105, 6º andar – Torre A

Caixa Postal 79518 – CEP 04707-970 – São Paulo/SP – Brasil

Telefone +55 (11) 3940-1500, Fax +55 (11) 3940-1501

www.kpmg.com.br

Report on Review of the Interim Financial Information

To the Management, Board of Directors and Shareholders of

Cosan Limited

Bermuda

Introduction

We have reviewed the accompanying consolidated interim financial information of Cosan Limited (“Company”) contained in the Quarterly Information Form—ITR for the quarter ended March 31, 2019, which comprises the statement of financial position as of March 31, 2019, and the respective statements of profit and loss, comprehensive income, changes in equity and cash flows for the three-month period then ended, including the explanatory notes.

The Company’s management is responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 – “Interim Financial Reporting”, issued by the International Accounting Standards Board – IASB. Our responsibility is to express a conclusion on this consolidated interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and international standards on review engagements of interim financial information (NBC TR 2410—Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE 2410—Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for the financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with audit standards and, consequently, does not enabled us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the interim information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the Quarterly Information Form – ITR referred to above has not been prepared, in all material respects, in accordance with IAS 34 – Interim Financial Reporting, issued by the International Accounting Standards Board – IASB.

São Paulo, May 15, 2019

KPMG Auditores Independentes

CRC 2SP014428/O-6

Rogério Hernandez Garcia

Accountant CRC 1SP213431/O-5

F-3

Cosan Limited

Consolidated statements of financial position

(In thousands of Brazilian Reais—R$)

	Note		March 31, 2019		December 31, 2018
Assets
Cash and cash equivalents		5.1		4,661,559		3,621,798
Marketable securities		5.2		2,769,792		4,202,835
Trade receivables		5.3		1,852,741		1,545,643
Derivative financial instruments		5.8		185,855		181,815
Inventories		7		735,604		716,290
Receivables from related parties		5.4		49,312		44,680
Income tax receivable				191,893		279,157
Other current tax receivable		6		821,955		796,199
Dividends receivable				14,797		27,320
Other current assets				562,921		543,853
Total current assets				11,846,429		11,959,590
Trade non-current receivables		5.3		39,565		42,549
Restricted cash		5.2		126,219		115,124
Deferred tax assets		13		1,614,897		1,540,693
Receivables from related parties		5.4		87,785		90,390
Income taxes receivable				260,330		260,330
Other non-current tax receivable		6		836,798		851,492
Judicial deposits		14		905,042		878,807
Derivative financial instruments		5.8		2,583,605		2,367,042
Other non-current assets				562,273		407,916
Investments in associates		8.1		373,857		378,519
Investments in joint ventures		9		7,987,127		8,077,907
Right-of-use assets		10.3		2,028,659		—
Property, plant and equipment		10.1		11,711,326		12,417,822
Intangible assets and goodwill		10.2		16,937,287		16,972,535
Total non-current assets				46,054,770		44,401,126
Total assets				57,901,199		56,360,716

The accompanying notes are an integral part of these interim financial statements.

F-4

Cosan Limited

Consolidated statements of financial position

(In thousands of Brazilian Reais—R$)

	Note		March 31, 2019			December 31, 2018
Liabilities
Loans, borrowings and debentures		5.5		2,670,584			2,115,305
Leases		5.6		283,452			120,491
Derivative financial instruments		5.8		—			3,880
Trade payables		5.7		1,984,966			1,923,920
Employee benefits payable				227,553			339,968
Income tax payables				34,071			36,164
Other taxes payable		12		353,301			245,587
Dividends payable				184,917			187,415
Concessions payable		11		29,634			28,797
Payables to related parties		5.4		379,616			355,971
Deferred revenue				7,548			9,473
Other financial liabilities				358,644			455,702
Other current liabilities				328,541			418,145
Total current liabilities				6,842,827			6,240,818
Loans, borrowings and debentures		5.5		21,645,216			20,459,008
Leases		5.6		1,941,257			432,859
Preferred shareholders payable in subsidiaries				1,113,523			1,097,490
Derivative financial instruments		5.8		22,308			21,834
Other taxes payable		12		153,061			154,599
Provision for legal proceedings		14		1,449,088			1,363,168
Concessions payable		11		3,251,547			3,179,771
Post-employment benefits		22		585,512			579,870
Deferred tax liabilities		13		4,047,826			4,093,019
Deferred revenue				40,464			42,044
Other non-current liabilities				714,791			726,880
Total non-current liabilities				34,964,593			32,150,542
Total liabilities				41,807,420			38,391,360
Shareholders’ equity		15
Share capital				5,328			5,328
Additional paid-in capital				2,209,133			3,112,274
Accumulated other comprehensive loss				(723,413	)		(587,173	)
Retained earnings				3,974,086			4,083,974
Profit for the period				190,216			—
Equity attributable to:
Owners of the Company				5,655,350			6,614,403
Non-controlling interests		8.2		10,438,429			11,354,953
Total shareholders’ equity				16,093,779			17,969,356
Total shareholders’ equity and liabilities				57,901,199			56,360,716

The accompanying notes are an integral part of these interim financial statements.

F-5

Cosan Limited

Consolidated statement of profit or loss and other comprehensive income

(In thousands of Brazilian Reais—R$, except earnings per share)

	Note		March 31, 2019			March 31, 2018
Net sales		17		4,720,212			3,543,428
Cost of sales		18		(3,469,327	)		(2,512,680	)
Gross profit				1,250,885			1,030,748
Selling expenses		18		(264,022	)		(245,069	)
General and administrative expenses		18		(258,485	)		(213,350	)
Other income (expenses), net		19		(5,069	)		(22,661	)
Operating expenses				(527,576	)		(481,080	)
Income before equity in earnings of investees, financial results and taxes				723,309			549,668
Interest in earnings of associates		8		(26,798	)		(2,807	)
Interest in earnings of joint ventures		9		303,833			297,657
Equity in earnings of investees				277,035			294,850
Finance expense				(807,381	)		(499,883	)
Finance income				126,796			188,848
Foreign exchange, net				(71,144	)		(75,957	)
Derivatives				229,102			(133,688	)
Finance results, net		20		(522,627	)		(520,680	)
Profit before taxes				477,717			323,838
Income tax (expenses), benefits		13
Current				(152,270	)		52,385
Deferred				70,982			(135,436	)
				(81,288	)		(83,051	)
Profit for the period				396,429			240,787
Other comprehensive income (loss)
Items that will never be reclassified to profit or loss
Actuarial loss on defined benefit plan				—			(54	)
				—			(54	)
Items that are or may subsequently be reclassified to profit or loss:
Foreign currency translation effect				(33,094	)		(23,847	)
(Loss) / gain on cash flow hedge in joint ventures				(179,877	)		3,317
Changes in fair value of financial assets				10			32
				(212,961	)		(20,498	)

F-6

Cosan Limited

Consolidated statement of profit or loss and other comprehensive income

(In thousands of Brazilian Reais—R$, except earnings per share)

Total other comprehensive (loss) income, net of tax			(212,961	)		(20,552	)
Total comprehensive income			183,468			220,235
Total net income attributable to:
Owners of the Company			190,216			106,304
Non-controlling interests			206,213			134,483
			396,429			240,787
Total comprehensive income attributable to:
Owners of the Company			53,976			129,578
Non-controlling interests			129,492			90,657
			183,468			220,235
Basic earnings (loss) per share from:
Continuing operations	16	R$	0.8254		R$	0.4371
Basic earnings (loss) per share from:		R$	0.8254		R$	0.4371
Diluted earnings (loss) per share from:
Continuing operations	16	R$	0.7900		R$	0.4124
Diluted earnings (loss) per share from:		R$	0.7900		R$	0.4124

The accompanying notes are an integral part of these interim financial statements.

F-7

Cosan Limited

Consolidated statement of changes in equity

(In thousands of Brazilian Reais—R$)

	Share capital		Additional paid-in capital			Accumulated other comprehensive loss			Retained earnings			Equity attributable to owners of the Company			Non-controlling interest			Total equity
At December 31, 2018		5,328		3,112,274			(587,173	)		4,083,974			6,614,403			11,354,953			17,969,356
Initial adoption of IFRS 16, net of tax—Note 3.1		—		—			—			(109,888	)		(109,888	)		(422,462	)		(532,350	)
At January 1, 2019		5,328		3,112,274			(587,173	)		3,974,086			6,504,515			10,932,491			17,437,006
Net income for the period		—		—			—			190,216			190,216			206,213			396,429
Other comprehensive income: Note 15
Loss on cash flow hedge in joint ventures		—		—			(108,387	)		—			(108,387	)		(71,490	)		(179,877	)
Foreign currency translation effects		—		—			(27,859	)		—			(27,859	)		(5,235	)		(33,094	)
Change in fair value of financial assets		—		—			6			—			6			4			10
Total comprehensive income for the year		—		—			(136,240	)		190,216			53,976			129,492			183,468
Contributions by and distributions to owners of the Company:
Dividends—non-controlling interests		—		(243	)		—			—			(243	)		243			—
Dividends		—		—			—			—			—			(1,762	)		(1,762	)
Treasury shares acquired		—		(473,456	)		—			—			(473,456	)		—			(473,456	)
Share-based payment transactions		—		11,547			—			—			11,547			2,814			14,361
Total contributions by and distributions to owners of the Company		—		(462,152	)		—			—			(462,152	)		1,295			(460,857	)
Transactions with owners of the Company
Change of shareholding interest in subsidiary		—		(440,989	)		—			—			(440,989	)		(624,849	)		(1,065,839	)
At March 31, 2019		5,328		2,209,133			(723,413	)		4,164,302			5,655,350			10,438,429			16,093,779

The accompanying notes are an integral part of these interim financial statements.

F-8

Cosan Limited

Consolidated statement of changes in equity

(In thousands of Brazilian Reais—R$)

	Share capital		Additional paid-in capital			Accumulated other comprehensive loss			Retained earnings			Equity attributable to owners of the Company			Non-controlling interest			Total equity
At December 31, 2017		5,328		3,245,543			(394,212	)		3,182,098			6,038,757			11,020,656			17,059,413
Adjustment on initial application of IFRS 9, net of tax		—		—			—			(3,163	)		(3,163	)		(4,185	)		(7,348	)
At January 1, 2018		5,328		3,245,543			(394,212	)		3,178,935			6,035,594			11,016,471			17,052,065
Net income for the year		—		—			—			106,304			106,304			134,483			240,787
Other comprehensive income: Note 15
Gain on cash flow hedge in joint ventures		—		—			1,940			—			1,940			1,377			3,317
Foreign currency translation effects		—		—			(17,594	)		—			(17,594	)		(6,253	)		(23,847	)
Actuarial loss on defined benefit plan		—		—			(11	)		—			(11	)		(43	)		(54	)
Change in fair value of financial assets		—		—			18			—			18			14			32
Total comprehensive income for the year		—		—			(15,647	)		106,304			90,657			129,578			220,235
Contributions by and distributions to owners of the Company:
Dividends—non-controlling interests		—		(270	)		—			—			(270	)		270			—
Share options exercised—Subsidiaries		—		9,035			—			—			9,035			6,096			15,131
Dividends		—		—			—			—			—			(960	)		(960	)
Share-based payment transactions		—		9,909			—			—			9,909			2,294			12,203
Total contributions by and distributions to owners of the Company		—		18,674			—			—			18,674			7,700			26,374
Transactions with owners of the Company
Change of shareholding interest in subsidiary		—		(10,764	)		—			—			(10,764	)		667			(10,097	)
At March 31, 2018		5,328		3,253,453			(409,859	)		3,285,239			6,134,161			11,154,416			17,288,577

The accompanying notes are an integral part of these interim financial statements.

F-9

Cosan Limited

Consolidated statement of cash flows

(In thousands of Brazilian Reais—R$)

	Note		March 31, 2019			At March 31, 2018
Cash flows from operating activities
Profit before taxes				477,717			323,838
Adjustments for:
Depreciation and amortization				562,804			473,293
Lease and concession				—			49,643
Interest in earnings of associates		8.1		26,798			2,807
Interest in earnings of joint ventures		9		(303,833	)		(297,657	)
Loss on disposals assets				6,363			2,777
Share-based payment				14,831			12,679
Legal proceedings provision				45,734			30,762
Indexation charges, interest and exchange, net				567,385			549,394
Deferred revenue				(3,505	)		(2,437	)
Provisions for employee benefits				49,707			39,578
Allowance for doubtful accounts				2,124			5,930
Other				(99,098	)		(4,317	)
				1,347,027			1,186,290
Changes in:
Trade receivables				(271,634	)		(31,035	)
Inventories				(23,622	)		21,218
Other current tax receivable				105,359			(21,452	)
Income tax receivable				(57,342	)		(74,861	)
Related parties, net				1,469			(70,271	)
Trade payables				45,153			(85,479	)
Employee benefits				(165,487	)		(136,970	)
Provision for legal proceedings				(20,292	)		(29,147	)
Other financial assets				(74,132	)		(57,970	)
Judicial deposits				(20,107	)		(22,065	)
Cash received on sale of credit rights				—			1,340,000
Post-employment benefits				(8,893	)		(7,764	)
Concessions payable				(3,505	)		(26,548	)
Other assets and liabilities, net				(99,398	)		(122,530	)
				(592,431	)		675,126
Net cash generated by operating activities				754,596			1,861,416
Cash flows from investing activities
Capital contribution in associates				(26,045	)		—
Acquisition of subsidiary, net of cash acquired				—			(35,869	)
Marketable securities				1,470,693			334,734
Restricted cash				(10,900	)		28,795
Dividends received from associates				1,949			347
Dividends received from joint ventures				230,470			408,151
Acquisition of property, plant and equipment, intangible assets, right-of-use assets and contract assets				(693,862	)		(623,479	)
Cash received on sale of fixed assets, and intangible assets				28			1,123
Net cash generated in investing activities				972,333			113,802

F-10

Cosan Limited

Consolidated statement of cash flows

(In thousands of Brazilian Reais—R$)

Cash flows from financing activities
Loans, borrowings and debentures raised	5.5	3,027,460		2,176,875
Amortization of principal on loans, borrowings and debentures	5.5	(1,469,202	)	(1,837,194	)
Payment of interest on loans, borrowings and debentures	5.5	(468,768	)	(428,324	)
Payment of derivative financial instruments		(107,279	)	(595,404	)
Receipt of derivative financial instruments		106,529		585,425
Amortization of principal on leases	5.6	(58,075	)	(262,602	)
Payment of interest on leases	5.6	(39,917	)	(43,494	)
Real estate credit certificates		—		(29,439	)
Capital contribution from non-controlling interest	8.1	434,000		—
Payments to redeem entity’s shares	1	(473,456	)	(9,996	)
Acquisition of non-controlling interests	8.1	(1,627,773	)	—
Dividends paid		(2,668	)	(37,721	)
Share options exercised		—		15,131
Net cash used in financing activities		(679,149	)	(466,743	)
Increase in cash and cash equivalents		1,047,780		1,508,475
Cash and cash equivalents at beginning of period		3,621,798		4,555,177
Effect of exchange rate fluctuations on cash held		(8,019	)	38,952
Cash and cash equivalents at end of period		4,661,559		6,102,604
Additional information
Income tax paid		46,037		44,024

The accompanying notes are an integral part of these interim financial statements.

F-11

Cosan Limited

Consolidated statement of cash flows

(In thousands of Brazilian Reais—R$)

Non-cash transaction

During the period ended March 31, 2019, the Company carried out the following transactions that did not involve cash and are therefore not reflected in the statement of cash flows:

i. Acquisitions of construction assets for the distribution network with payment of term in the amount of R$35,035.

ii. Contingent consideration asset in the subsidiary Moove, with a down payment in the amount of R$128,000 (Note 8.2).

iii. Recognition of litigation indemnification in the amount of R$50,284 (Note 19).

Disclosure of interest and dividends

The Company discloses the dividends and interest on shareholders’ equity received as cash flow from investing activities, with the purpose of avoiding distortions in its cash flows from operation activities.

Interest received or paid is classified as cash flow from financing activities, as it is considered to refer to the costs of obtaining financial resources.

F-12

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais—R$, unless otherwise stated)

1 Operations

Cosan Limited (“Cosan”) was incorporated in Bermuda on April 30, 2007. Cosan’s class A common shares are traded on the New York Stock Exchange, or “NYSE,” (ticker—CZZ). Mr. Rubens Ometto Silveira Mello is the ultimate controlling shareholder of Cosan. Cosan controls its subsidiaries Cosan S.A. and Cosan Logística S.A. (“Cosan Logística”) through a 60.25% and 72.50% interest, respectively. Cosan, Cosan S.A., Cosan Logística and its subsidiaries are collectively referred to as the “Company.”

On December 21, 2018, the subsidiary Cosan Lubes Investments Limited (“CLI” or “Moove”) and CVC Fund VII (“CVC”) entered into an investment agreement pursuant to which CVC will subscribe for shares in CLI’s capital in a total amount of R$562 million (which is equivalent to approximately 30% of CLI’s capital). Considering all conditions precedent provided in the investment agreement were satisfied, the transaction was concluded on March 29, 2019. As a result and pursuant to the terms of the investment agreement, Moove received R$434 million at the closing of the transaction and may receive up to approximately R$128 million until 2021. Additional information see Note 8.2.

On January 3, 2019, the Company acquired 14,228,134 of our Class A common shares pursuant to a tender offer at a purchase price of U.S.$8.88 per share, for a total cost of approximately R$473,456 excluding fees and other related expenses. These shares represented 9.6% of the issued and outstanding Class A common stock of Cosan Limited as of December 31, 2018. The shares accepted for purchase included 2,966,873 additional shares that Cosan Limited elected to purchase pursuant to its right to purchase up to an additional 2% of its outstanding Class A common shares. After giving effect to the purchase, we had 134,115,534 outstanding Class A common shares remaining.

On March 8, 2019, Cosan S.A. announced the conclusion of the voluntary tender offer (“Voluntary TO”) held on the same date for acquisition of class A preferred shares issued by Comgás. A total of 19,496,165 preferred shares of Comgás were acquired by Cosan S.A. in the tender offer at a price of R$82.00 per preferred share, representing approximately 14.77% of Comgás’s capital stock. As a result, we increased our interest in Comgás from 80.12% prior to the tender offer to 94.88% following the conclusion of the tender offer. Additional information see Note 8.2.

On March 28, 2019, Rumo S.A. (“Rumo”) announced that it has won the tender (International Bidding No. 02/2018) organized by ANTT to operate the railway network located between the cities of Porto Nacional, in the state of Tocantis and Estrela d’Oeste, in the state of São Paulo. Rumos bid was of R$2,719,000. The final granting of the concession to Rumo is subject to the completion of the remaining stages of the tender detailed in the tender notice, including an analysis of Rumos licensing documents. Rumo will be required to pay (i) 5% of the value of its bid within 45 days of the publication of the ANTT’s final decision, and (ii) the remainder in 120 quarterly installments calculated pursuant to the terms of the concession agreement to be entered into in connection with the concession.

2 Statement of compliance

The consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB). They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company’s financial position and performance since the last annual consolidated financial statements as at and for the year ended December 31, 2018.

The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2018, except for the adoption of IFRS 16 Leases, whose effects and changes are disclosed in Note 3.1, effective as of January 1, 2019. The Company has not early adopted any other standard, interpretation or amendment that has been issued.

All own relevant information of the interim financial statements, and only they, are being highlighted, and these correspond to those used by management in its management.

F-13

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

These interim consolidated financial statements were authorized for issue by the Board of Directors on May 10, 2019.

3 Accounting policies

These interim consolidated financial statements were prepared based on the preparation basis and accounting policies consistent with those adopted in the preparation of the financial statements as of December 31, 2018, except for the adoption of IFRS 16—Leases, whose effects and changes are disclosed in Note 3.1 effective as of January 1, 2019. The Company has not adopted in advance any other standard or interpretation issued that is not yet in force.

3.1 New standards, interpretations and changes adopted by the Company

IFRS 16 Leases

IFRS 16 introduced a single model for the accounting of leases in the balance sheet of lessees. As a result, the Company, as a lessee, recognized the rights to use assets that represent its rights to use the underlying assets and the lease liabilities that represent its obligation to make lease payments. The lessor’s accounting remains similar to previous accounting policies.

The Company has chosen to use the modified retrospective approach in which the cumulative effect of the initial adoption is recognized as an adjustment to the opening balance of retained earnings on January 1, 2019. Therefore, the comparative information presented for the year ended December 31, 2018 has not been restated—or and is presented as previously reported in accordance with IAS 17 and related interpretations. The details of the changes in accounting policies are disclosed below:

(a) In the definition of lease

Previously, the Company determined, at the inception of the agreement, whether it was or contained a lease under IFRIC 4—Complementary Aspects of Leasing Operations. The Company now assesses whether a lease is or contains a lease based on the new lease definition. According to IFRS 16, a contract is or contains a lease if it transfers the right to control the use of an identified asset for a period of time in exchange for consideration.

In the transition to IFRS 16, the Company opted to apply the practical case of maintaining the evaluation of which transactions are leases, to which IFRS 16 applied. The contracts that were not identified as leases in accordance with IAS 17 and IFRIC 4 were not revalued. Accordingly, the new lease definition in accordance with IFRS 16 was applied only to contracts entered into or amended on or after January 1, 2019.

At the inception or revaluation of a lease component, the Company allocates the lease consideration to each lease component rather than lease based on its individual lease price.

(b) In the treatment as a lessee

The company leases assets, including real estate, rail infrastructure, port, rolling stock (locomotives and wagons), vehicles and IT equipment. As a lessee, the Company previously classified operating or financial leases based on its assessment as to whether the lease substantially transferred all the risks and benefits of the property. In accordance with IFRS 16, the Company recognizes the right to use assets and the lease liabilities for most leases—that is, these leases are recorded in the balance sheet.

However, the Company has elected not to recognize right-of-use assets and lease liabilities for some leases of low value assets (eg IT equipment). The Company recognizes the payments associated with these leases as an expense under the straight-line method over the lease term.

F-14

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

The Company presents the carrying amounts of the right-of-use assets (including assets previously classified as financial leases) in a specific balance sheet line called “Right-of-use assets”. Likewise, it records the liabilities in a separate account called “Leases”.

(i) Accounting policy adopted as of January 1, 2019 meaning:

Previously, the Company determined at the inception of the agreement whether it was or contained a lease under IFRIC 4—Complementary Aspects of Leasing Operations. The company now assesses whether a lease is or contains a lease based on the new lease definition. According to IFRS 16, a contract is or contains a lease if it transfers the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company recognizes a right-of-use assets and a lease liability at the date of commencement of the lease.

The right-of-use assets is initially measured at cost and subsequently at cost less any accumulated depreciation and impairment, and adjusted for certain measurements of lease liabilities.

The lease liability is initially measured at the present value of the lease payments that were not paid at the commencement date, discounted using the interest rate implied in the lease or, if that rate can not be determined immediately, the incremental loan rate of Company and its subsidiaries. Generally, the Company uses its incremental loan rate as the discount rate.

The Company has applied a judgment to determine the lease term of some contracts that include renewal options. The evaluation of whether the Company is reasonably certain to exercise these options has an impact on the term of the lease, which significantly affects the value of lease liabilities and recognized right-of-use assets. The extension and termination options are included in several lease agreements throughout the Company. These terms are used to maximize operational flexibility in terms of contract management. Most of the extension and termination options exercised are exercisable by both participants (lessor and lessee).

(ii) Transition

Previously, the Company classified leases of railway infrastructure and rolling stock as operating leases in accordance with IAS 17. Some leases are adjusted by inflation indexes such as IGP-M or IPCA.

Lease liabilities were measured at the present value of the remaining payments, discounted by the incremental loan rate of the Company on January 1, 2019. The rights to use assets are measured:

i. At its book value as if IFRS 16 had been applied since the commencement date, discounted by the lessee’s incremental borrowing rate at the date of initial application—the company applied this approach to its larger property leases infrastructure , port and rolling stock; or

ii. At the amount equivalent to the lease liability, adjusted for the amount of any prepayment or accumulated rent—the Company applied this approach to all other leases.

The Company used the following practical arrangements when applying IFRS 16 to leases previously classified as operating leases in accordance with IAS 17:

i. It applied the exemption for not recognizing rights-of-use assets and liabilities for leases with terms less than 12 months.

ii. Excluded the initial direct costs of measuring the right to use asset at the date of initial application.

iii. It used late perception when determining the term of the lease if the contract contained options to extend or terminate the lease.

Leases classified and previously recorded as finance leases under IAS 17 had the book value of the right to use the asset and the lease liability on January 1, 2019 determined by the carrying amount of the lease and liability assets lease immediately prior to that date. Extension and termination options are included in various lease agreements throughout the Company. These terms are used to maximize operational flexibility in terms of contract management. Most of the extension and termination options exercised are exercisable by both participants (lessor and lessee).

F-15

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

(c) Impact on statement of financial position on January 1, 2019:

	January 1, 2019
Current assets
Other current assets		2,490
Non-current assets
Other non-current assets		8,030
Deferred tax assets		45,650
Right-of-use assets		1,137,061
Total on non-current assets		1,198,226
Total on assets		1,200,716
Current liabilities
Leases		(165,714	)
Non-current liabilities
Leases		(1,567,352	)
Total on liabilities		(1,733,066	)
Shareholders’ equity
Retained earnings		(532,350	)
Total on shareholders’ equity		(532,350	)

The joint ventures Raízen Energia S.A. and Raízen Combustíveis S.A. recognized the lease liability and the right to use asset at the date of the initial application for leases previously classified as operating leases, retrospectively, with cumulative effect. These joint ventures used as a practical expedient the use of a single discount rate on the lease portfolio with similar characteristics.

When measuring lease liabilities for those leases previously classified as operating leases, the Company discounted lease payments using its incremental loan rate on January 1, 2019. The weighted average rates applied follow a range from 4.00% to 8.11% per year.

3.2 Other standards and interpretations effective as of January 1, 2019, without effects on the financial statements

IFRIC Interpretation 23 Uncertainty over Income Tax Treatment

The Interpretation addresses the accounting of income taxes when tax treatment involves uncertainty that affects the application of IAS 12 and does not apply to taxes or charges outside the scope of IAS 12, nor does it specifically treatment of interest and penalties associated with uncertain taxes.

The Company is subject to examination by the tax authorities, with the five fiscal years open in general. The Company has audits in progress at various stages of completion, one of which may be completed within the next 12 months. However, at that time, the Company had no uncertainties regarding the treatment of income tax.

Have not been identified effects of interpretation adoption IFRIC 23 that could affect the Company accounting policies and its interim consolidated financial statements.

4 Segment information

The following segment information is used by Cosan’s senior management (the “Chief Operating Decision Maker”) to assess the performance of the operating segments and to make decisions with regards to the allocation of resources. This information is prepared on a basis consistent with the accounting policies used in the preparation of the financial statements. Cosan evaluates the performance of its operating segments based on the measure of Earnings Before Interest Tax, Depreciation and Amortization (“EBITDA”).

F-16

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

Reported segments:

i. Raízen Energia: production and marketing of a variety of products derived from sugar cane, including raw sugar (Very High Polarization, or “VHP”), anhydrous and hydrated ethanol, and activities related to energy cogeneration from sugarcane bagasse. In addition, this segment holds interests in companies engaged in research and development on new technology;

ii. Raízen Combustíveis: distribution and marketing of fuels, mainly through a franchised network of service stations under the “Shell” brand throughout Brazil, petroleum refining, the operation of fuel resellers, the manufacture and sale of automotive and industrial lubricants, and the production and sale of liquefied petroleum gas throughout Argentina;

iii. Comgás: distribution of piped natural gas to part of the State of São Paulo to customers in the industrial, residential, commercial, automotive and cogeneration sectors;

iv. Logistic: logistics services for rail transportation, storage and port loading of commodities, mainly for grains and sugar, leasing of locomotives, wagons and another railway equipment; and

v. Moove: Production and distribution of lubricants licensed under the Mobil brand in Brazil, Bolivia, Uruguay, Paraguay, Argentina, the United States and European market through the subsidiaries CLE, Stanbridge, TTA, LubrigrupoII, Cosan Lubrificantes S.R.L (“Cosan S.R.L”) and Moove Lubricants under the Comma brand for the European and Asian market and corporate activities (“Moove”).

Reconciliation:

i. Cosan Corporate: digital wallet platform and other investments, in addition to the corporate activities of the Company. The Cosan corporate segment includes the financing subsidiaries for the Cosan group.

Although, Raízen Energia and Raízen Combustíveis are equity accounted joint ventures and are no longer proportionally consolidated, senior management continues to review segment information. A reconciliation of these segments is presented in the column “Deconsolidation of joint ventures”.

F-17

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

	March 31, 2019
	Reported segments																		Reconciliation									Consolidated
	Raízen Energia			Raízen Combustíveis						Comgás			Moove			Logistic			Cosan Corporate			Deconsolidated effects			Segment elimination
				Brazil			Argentina
Statement of profit or loss:
Gross sales		7,560,998			21,073,405			4,390,694			2,607,433			1,282,348			1,722,438			306			(33,025,097	)		(9,432	)		5,603,093
Domestic market (i)		2,353,942			21,073,405			4,390,694			2,607,433			1,143,979			1,722,438			306			(27,818,041	)		(9,432	)		5,464,724
External market		5,207,056			—			—			—			138,369			—			—			(5,207,056	)		—			138,369
Net sales		7,120,028			20,033,141			3,128,122			2,060,052			1,034,341			1,634,946			306			(30,281,291	)		(9,432	)		4,720,213
Cost of sales		(6,651,275	)		(19,120,447	)		(2,779,020	)		(1,498,927	)		(826,358	)		(1,153,474	)		—			28,550,742			9,432			(3,469,327	)
Gross profit		468,753			912,694			349,102			561,125			207,983			481,472			306			(1,730,549	)		—			1,250,886
Selling expenses		(235,450	)		(342,945	)		(163,613	)		(149,238	)		(112,024	)		(2,843	)		83			742,008			—			(264,022	)
General and administrative expenses		(124,437	)		(130,697	)		(31,874	)		(83,607	)		(37,643	)		(83,226	)		(54,009	)		287,008			—			(258,485	)
Other income (expenses), net		48,030			260,632			20,006			3,469			1,038			(21,527	)		11,951			(328,668	)		—			(5,069	)
Interest in earnings of associates		—			110,742			—			—			1,725			4,750			363,958			(110,742	)		(397,231	)		(26,798	)
Interest in earnings of joint ventures		4,689			1			—			—			—			—			303,833			(4,690	)		—			303,833
Financial results		(155,050	)		33,868			(104,908	)		(52,477	)		(3,118	)		(324,445	)		(142,587	)		226,090			—			(522,627	)
Finance expense		(316,305	)		(176,802	)		(17,291	)		(99,040	)		(10,703	)		(435,118	)		(262,520	)		510,398			—			(807,381	)
Finance Income		125,371			61,695			5,273			46,634			3,509			41,876			34,777			(192,339	)		—			126,796
Foreign exchange losses, net		26,488			58,706			(92,890	)		(3,316	)		(9,252	)		(26,945	)		(31,631	)		7,696			—			(71,144	)
Derivatives		9,396			90,269			—			3,245			13,328			95,742			116,787			(99,665	)		—			229,102
Income tax (expense)benefit		6,890			(225,469	)		42,029			(99,332	)		(15,371	)		(27,811	)		61,226			176,550			—			(81,288	)
Profit (loss) from continuing operations		13,425			618,826			110,742			179,940			42,590			26,370			544,761			(742,993	)		(397,231	)		396,430
Net income attributable to:
Owners of the Parent		12,645			598,014			110,742			159,830			29,390			5,084			541,164			(721,401	)		(545,252	)		190,216
Non-controlling interests		780			20,812			—			20,110			13,200			21,286			3,597			(21,592	)		148,021			206,214
		13,425			618,826			110,742			179,940			42,590			26,370			544,761			(742,993	)		(397,231	)		396,430
Other select data:
Depreciation and amortization		728,597			83,315			102,530			115,395			20,480			422,455			4,474			(914,442	)		—			562,804
EBITDA		890,182			893,742			276,151			447,144			81,559			801,081			630,596			(2,060,075	)		(397,231	)		1,563,149
Additions to PP&E, intangible and Contracts assets		1,078,021			72,995			18,480			146,182			3,282			542,608			1,790			(1,169,496	)		—			693,862
Reconciliation of EBITDA:
Profit (loss) for the period		13,425			618,826			110,742			179,940			42,590			26,370			544,761			(742,993	)		(397,231	)		396,430
Income tax and social contribution		(6,890	)		225,469			(42,029	)		99,332			15,371			27,811			(61,226	)		(176,550	)		—			81,288
Financial results, net		155,050			(33,868	)		104,908			52,477			3,118			324,445			142,587			(226,090	)		—			522,627
Depreciation and amortization		728,597			83,315			102,530			115,395			20,480			422,455			4,474			(914,442	)		—			562,804
EBITDA		890,182			893,742			276,151			447,144			81,559			801,081			630,596			(2,060,075	)		(397,231	)		1,563,149

(i) Domestic markets: sales within the countries where each entity is located; external markets: sales export.

F-18

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

		March 31, 2018
	Reported segments															Reconciliation
	Raízen Energia			Raízen Combustíveis			Comgás			Moove			Logistic			Cosan Corporate			Deconsolidated effects			Segment eliminations / adjustments			Consolidated
Statement of profit or loss:
Gross sales		4,512,938			19,494,972			1,430,876			724,572			1,396,683			400			(24,007,910	)		(9,103	)		3,543,428
Domestic market		2,926,654			19,494,972			1,430,876			710,294			1,350,752			400			(22,421,626	)		(9,103	)		3,483,219
External market		1,586,284			—			—			14,278			45,931			—			(1,586,284	)		—			60,209
Cost of sales		(3,945,052	)		(18,521,684	)		(942,432	)		(578,497	)		(1,000,714	)		(140	)		22,466,736			9,103			(2,512,680	)
Gross profit		567,886			973,288			488,444			146,075			395,969			260			(1,541,174	)		—			1,030,748
Selling expenses		(155,094	)		(345,102	)		(154,465	)		(86,776	)		(3,828	)		—			500,196			—			(245,069	)
General and administrative expenses		(173,414	)		(135,328	)		(76,772	)		(22,643	)		(69,615	)		(44,320	)		308,742			—			(213,350	)
Other income (expense), net		108,456			99,384			(252	)		(1,109	)		(4,396	)		(16,904	)		(207,840	)		—			(22,661	)
Financial results		(36,292	)		(72,366	)		(21,631	)		(9,032	)		(348,825	)		(141,192	)		108,658			—			(520,680	)
Finance expense		(198,882	)		5,972			(96,864	)		(7,128	)		(342,905	)		(54,525	)		192,910			1,538			(499,884	)
Finance income		138,776			48,796			73,331			2,967			75,599			38,490			(187,572	)		(1,538	)		188,849
Foreign exchange losses, net		6,344			(87,080	)		5,415			(1,833	)		(12,973	)		(66,566	)		80,736			—			(75,957	)
Derivatives		17,470			(40,054	)		(3,513	)		(3,038	)		(68,546	)		(58,591	)		22,584			—			(133,688	)
Interest in earnings of associates		(4,158	)		—			—			(5,059	)		1,380			326,998			4,158			(326,126	)		(2,807	)
Interest in earnings of joint ventures		—			—			—			—			—			297,657			—			—			297,657
Income tax expense benefit		(72,394	)		(142,856	)		(76,348	)		(8,478	)		(28,385	)		30,160			215,250			—			(83,051	)
Profit (loss) from continuing operations		234,990			377,020			158,976			12,978			(57,700	)		452,659			(612,010	)		(326,126	)		240,787
Total net income attributable to:
Owners of the Company		234,976			361,806			126,978			12,978			(16,225	)		448,101			(596,782	)		(465,528	)		106,304
Non-controlling interests		14			15,214			31,998			—			(41,475	)		4,558			(15,228	)		139,402			134,483
		234,990			377,020			158,976			12,978			(57,700	)		452,659			(612,010	)		(326,126	)		240,787
Other selected data:
Depreciation and amortization		611,588			70,203			117,416			20,853			331,120			3,904			(681,791	)		—			473,293
EBITDA		955,264			662,445			374,371			51,341			650,630			567,595			(1,617,709	)		(326,126	)		1,317,811
Additions to PP&E, intangible and biological assets		1,016,207			88,767			97,201			11,198			483,743			223			(1,104,974	)		—			592,365
Reconciliation of EBITDA:
Profit (loss) for the period		234,990			377,020			158,976			12,978			(57,700	)		452,659			(612,010	)		(326,126	)		240,787
Income tax and social contribution		72,394			142,856			76,348			8,478			28,385			(30,160	)		(215,250	)		—			83,051
Financial result, net		36,292			72,366			21,631			9,032			348,825			141,192			(108,658	)		—			520,680
Depreciation and amortization		611,588			70,203			117,416			20,853			331,120			3,904			(681,791	)		—			473,293
EBITDA		955,264			662,445			374,371			51,341			650,630			567,595			(1,617,709	)		(326,126	)		1,317,811

F-19

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

	March 31, 2019
	Reported segments																		Reconciliation									Consolidated
	Raízen Energia			Raízen Combustíveis						Comgás			Moove			Logistic			Cosan Corporate			Deconsolidated effects			Segment elimination
				Brazil			Argentina
Statement of financial position:
Cash and cash equivalents		3,189,859			2,316,713			501,878			864,906			601,175			959,794			2,235,684			(6,008,450	)		—			4,661,559
Marketable securities		—			—			—			931,854			11,682			1,600,457			225,799			—			—			2,769,792
Trade receivables		974,025			2,563,163			337,721			905,827			522,964			453,242			10,273			(3,874,909	)		—			1,892,306
Derivative financial instruments		1,350,963			786,149			9,017			374,796			38,491			1,013,182			1,342,991			(2,146,129	)		—			2,769,460
Inventories		797,083			2,168,125			1,110,063			63,452			402,428			267,471			2,253			(4,075,271	)		—			735,604
Other current assets		3,551,789			2,655,735			1,045,979			492,312			232,423			449,350			988,547			(7,253,503	)		(521,754	)		1,640,878
Other non-current assets		4,710,342			3,671,795			57,424			353,033			844,472			2,719,169			1,613,066			(8,439,561	)		(1,136,396	)		4,393,344
Investments in associates		—			3,202,864			—			—			15,647			39,277			13,767,917			(3,202,864	)		(13,448,984	)		373,857
Investments in joint ventures		572,918			—			268			—			—			—			7,987,127			(573,186	)		—			7,987,127
Biological assets		812,965			—			—			—			—			—			—			(812,965	)		—			—
Property, plant and equipment		11,834,699			2,609,988			3,252,383			—			311,198			11,226,530			173,598			(17,697,070	)		—			11,711,326
Intangible assets and goodwill		3,630,418			2,543,256			9,664			8,271,564			1,192,674			7,465,172			7,877			(6,183,338	)		—			16,937,287
Right-of-use assets		4,009,474			135,979			430,878			14,662			24,077			1,953,000			36,920			(4,576,331	)		—			2,028,659
Loans, borrowings and debentures		(12,161,698	)		(4,698,497	)		(392,614	)		(3,627,166	)		(796,741	)		(10,602,345	)		(9,289,548	)		17,252,809			—			(24,315,800	)
Derivative financial instruments		(1,145,599	)		(88,624	)		—			—			—			(173	)		(22,135	)		1,234,223			—			(22,308	)
Trade payables		(4,189,363	)		(2,563,631	)		(1,272,561	)		(1,052,190	)		(501,202	)		(428,632	)		(2,942	)		8,025,555			—			(1,984,966	)
Employee benefits payable		(399,418	)		(104,768	)		(39,578	)		(35,699	)		(33,292	)		(139,578	)		(18,984	)		543,764			—			(227,553	)
Preferred shareholders payable in subsidiaries		—			—			—			—			—			—			(1,113,523	)		—			—			(1,113,523	)
Lease		(3,831,635	)		(136,794	)		(423,009	)		(14,842	)		(34,800	)		(2,137,573	)		(37,494	)		4,391,438			—			(2,224,709	)
Other current liabilities		(1,033,667	)		(4,920,054	)		(623,303	)		(207,377	)		(480,268	)		(665,728	)		(874,860	)		6,577,024			551,961			(1,676,272	)
Other non-current liabilities		(1,274,413	)		(5,223,068	)		(801,346	)		(1,991,773	)		(786,264	)		(6,376,559	)		(2,193,886	)		7,298,827			1,106,193			(10,242,289	)
Total assets (net of liabilities) allocated by segment		11,398,742			4,918,331			3,202,864			5,343,359			1,564,664			7,796,056			14,838,680			(19,519,937	)		(13,448,980	)		16,093,779
Total assets		35,434,535			22,653,767			6,755,275			12,272,406			4,197,231			28,146,644			28,392,052			(64,843,577	)		(15,107,134	)		57,901,199
Equity attributable to owners of the Company		11,363,480			4,677,467			3,202,864			5,109,180			1,114,198			1,565,365			14,834,835			(19,243,811	)		(16,968,228	)		5,655,350
Non-controlling interests		35,262			240,864			—			234,179			450,466			6,230,691			3,845			(276,126	)		3,519,248			10,438,429
Total shareholders’ equity		11,398,742			4,918,331			3,202,864			5,343,359			1,564,664			7,796,056			14,838,680			(19,519,937	)		(13,448,980	)		16,093,779

F-20

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

		December 31, 2018
	Reported segments																		Reconciliation
	Raízen Energia			Raízen Combustíveis						Comgás			Moove			Logistic			Cosan Corporate			Deconsolidated effects			Segment elimination			Consolidated
				Brasil			Argentina
Statement of financial position:
Cash and cash equivalents		2,437,571			864,105			490,960			602,618			206,702			143,710			2,668,768			(3,792,636	)		—			3,621,798
Marketable securities		—			—			—			1,124,723			13,033			2,843,435			221,644			—			—			4,202,835
Trade receivables		1,061,297			2,747,503			372,202			695,147			446,645			438,062			8,338			(4,181,002	)		—			1,588,192
Derivative financial instruments		1,956,616			639,976			—			368,928			29,976			892,461			1,257,492			(2,596,592	)		—			2,548,857
Inventories		3,618,573			2,078,003			1,284,087			65,259			385,901			263,386			1,744			(6,980,663	)		—			716,290
Other financial assets		516,519			—			—			—			—			—			—			(516,519	)		—			—
Other current assets		3,203,838			3,045,745			1,122,633			641,042			161,076			413,267			1,016,569			(7,372,216	)		(540,745	)		1,691,209
Other non-current assets		4,141,547			3,508,485			66,117			282,572			750,088			2,693,158			1,536,566			(7,716,149	)		(1,117,633	)		4,144,751
Investments in associates		—			3,056,025			266			—			13,799			44,001			13,111,569			(3,056,291	)		(12,790,850	)		378,519
Investments in joint ventures		567,785			—			—			—			—			—			8,077,907			(567,785	)		—			8,077,907
Biological assets		740,473			—			—			—			—			—			—			(740,473	)		—			—
Property, plant and equipment		10,912,819			2,292,355			3,182,272			—			321,746			11,916,818			179,258			(16,387,446	)		—			12,417,822
Intangible assets and goodwill		3,626,819			2,513,923			8,591			8,279,593			1,191,627			7,493,882			7,434			(6,149,333	)		—			16,972,536
Loans, borrowings and debentures		(12,702,418	)		(4,665,127	)		(971,268	)		(3,651,545	)		(759,169	)		(10,594,381	)		(7,569,218	)		18,338,813			—			(22,574,313	)
Derivative financial instruments		(1,223,260	)		(31,469	)		—			—			(3,880	)		—			(21,834	)		1,254,729			—			(25,714	)
Trade payables		(3,090,299	)		(1,603,481	)		(1,003,917	)		(1,012,895	)		(452,300	)		(451,637	)		(7,088	)		5,697,697			—			(1,923,920	)
Employee benefits payable		(343,670	)		(73,481	)		(36,829	)		(63,520	)		(37,850	)		(207,397	)		(31,201	)		453,980			—			(339,968	)
Preferred shareholders payable in subsidiaries		—			—			—			—			—			—			(1,097,490	)		—			—			(1,097,490	)
Lease		—			—			—			—			—			(553,350	)		—			—			—			(553,350	)
Other current liabilities		(2,448,741	)		(4,520,490	)		(624,633	)		(159,060	)		(499,759	)		(770,695	)		(849,832	)		7,593,864			542,092			(1,737,254	)
Other non-current liabilities		(1,305,251	)		(5,028,754	)		(834,456	)		(2,009,997	)		(794,110	)		(6,263,836	)		(2,187,599	)		7,168,461			1,116,191			(10,139,351	)
Total assets (net of liabilities) allocated by segment		11,670,218			4,823,318			3,056,025			5,162,865			973,525			8,300,884			16,323,027			(19,549,561	)		(12,790,945	)		17,969,356
Total assets		32,783,857			17,690,095			6,527,128			12,059,882			3,520,593			27,142,180			28,087,289			(57,001,080	)		(14,449,228	)		56,360,716
Equity attributable to owners of the Company		11,632,885			4,589,628			3,056,025			4,175,508			966,465			1,661,512			16,322,616			(19,278,538	)		(16,511,698	)		6,614,403
Non-controlling interests		37,333			233,690			—			987,357			7,060			6,639,372			411			(271,023	)		3,720,753			11,354,953
Total shareholders’ equity		11,670,218			4,823,318			3,056,025			5,162,865			973,525			8,300,884			16,323,027			(19,549,561	)		(12,790,945	)		17,969,356

F-21

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

4.1 Net sales by segment

	March 31, 2019			March 31, 2018
Reported segment
Raízen Energia
Ethanol		2,950,545			2,423,694
Sugar		1,581,597			1,350,250
Gas		623,530			121,722
Diesel		1,199,276			—
Cogeneration		735,880			108,995
Other		29,200			508,277
	7,120,028			4,512,938
Raízen Combustíveis
Fuels		22,298,950			19,494,972
Other		862,313			—
	23,161,263			19,494,972
Comgás
Industrial		1,388,407			941,881
Residential		210,928			190,196
Cogeneration		103,523			58,675
Automotive		79,969			55,194
Commercial		103,927			81,550
Construction revenue		159,936			89,493
Other		13,362			13,887
	2,060,052			1,430,876
Moove
Finished goods		936,818			646,081
Basic oil		90,757			71,009
Services		6,766			7,482
	1,034,341			724,572
Logistic
North operations		1,240,003			1,053,358
South operations		328,422			288,153
Container operations		66,521			55,172
	1,634,946			1,396,683
Reconciliation
Cosan Corporate		306			400
Deconsolidated of joint ventures and eliminations		(30,290,723	)		(24,017,013	)
Total		4,720,213			3,543,428

F-22

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

5 Financial assets and liabilities

The carrying amount of financial assets and financial liabilities are as follows:

	Note		March 31, 2019		December 31, 2018
Assets
Fair value through profit or loss
Cash and cash equivalents		5.1		1,729,318		1,600,590
Marketable securities		5.2		2,769,792		4,202,835
Contingent consideration asset		5.9		128,000		—
Derivate financial instruments		5.8		2,769,460		2,548,857
			7,396,570		8,352,282
Amortized cost
Cash and cash equivalents		5.1		2,932,241		2,021,208
Trade receivables		5.3		1,892,306		1,588,192
Restricted cash		5.2		126,219		115,124
Receivables from related parties		5.4		137,097		135,070
Dividends receivable				14,797		27,320
				5,102,660		3,886,914
Total				12,499,230		12,239,196
	Note		March 31, 2019		December 31, 2018
Liabilities
Amortized cost
Loans, borrowings and debentures		5.5		13,748,672		10,005,187
Leases		5.6		2,224,709		553,350
Trade payables		5.7		1,984,966		1,923,920
Other financial liabilities				358,644		455,702
Payables to related parties		5.4		379,616		355,971
Dividends payable				184,917		187,415
Tax installments—REFIS		12		213,524		216,984
Preferred shareholders payable in subsidiaries				1,113,523		1,097,490
				20,208,571		14,796,019
Fair value through profit or loss
Loans, borrowings and debentures		5.5		10,567,128		12,569,126
Contingent consideration payable		5.9		72,467		64,969
Derivative financial instruments		5.8		22,308		25,714
				10,661,903		12,659,809
				30,870,474		27,455,828

(i) Refers to contingent consideration assets related the investment agreement between CLI with CVC fund, as disclosed in Note 1.

F-23

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

5.1 Cash and cash equivalents

	March 31, 2019		December 31, 2018
Cash and bank accounts		654,141		111,410
Savings account		1,185,956		1,335,774
Financial investments		2,821,462		2,174,614
		4,661,559		3,621,798

Financial investments are composed as follows:

	March 31, 2019		December 31, 2018
Investment fund
Repurchase agreements		1,091,847		1,179,503
Bank certificate of deposits—CDB		637,471		421,087
		1,729,318		1,600,590
Bank investments
Repurchase agreements		103,846		—
Bank certificate of deposits—CDB		981,258		571,840
Other		7,040		2,184
		1,092,144		574,024
		2,821,462		2,174,614

The Company’s onshore financial investments are remunerated at rates around 100% of the interbank deposit certificate (“CDI”) in March 31, 2019 (100% of CDI in December 31, 2018) and offshore financial investments are remunerated at rates around 100% of Fed Funds. The sensitivity analysis on interest rate risks is in note 21.

5.2 Marketable securities and restricted cash

	March 31, 2019		December 31, 2018
Marketable securities
Government security(i)		2,769,792		4,144,797
Bank certificate of deposit—CDB		—		58,038
		2,769,792		4,202,835
Restricted cash
Investments linked to loans		42,039		31,254
Securities pledged as collateral		84,180		83,870
		126,219		115,124

(i) Government securities have stated interest connected to Special System for Settlement and Custody (Sistema Especial de Liquidação e de Custódia), or “SELIC”.

F-24

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

5.3 Trade receivables

	March 31, 2019			December 31, 2018
Domestic – Brazilian Reais		1,912,423			1,609,421
Export – Foreign currency		101,953			104,355
		2,014,376			1,713,776
Allowance for doubtful accounts		(122,070	)		(125,584	)
		1,892,306			1,588,192
Current		1,852,741			1,545,643
Non-current		39,565			42,549

5.4 Related parties

a) Receivables from and payables to related parties

	March 31, 2019		December 31, 2018
Current Asset
Corporate operation / Agreements
Raízen Energia S.A.(i)		41,399		38,205
Aguassanta Participações S.A.		92		29
Raízen Combustíveis S.A.(i)		7,821		6,263
Other		—		183
		49,312		44,680
Non-current assets
Comercial operations
Raízen Combustíveis S.A. (i)		28,899		27,523
		28,899		27,523
Preferred shares
Raízen Energia S.A.(i)		37,592		37,470
		37,592		37,470
Financial operations
Rezende Barbosa(ii)		21,144		23,144
Other		150		2,253
		21,294		25,397
		87,785		90,390

F-25

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

	March 31, 2019		December 31, 2018
Current liabilities
Corporate operations / agreements
Raízen Energia S.A.(i)		229,272		215,582
Raízen Combustíveis S.A.(i)		149,579		136,779
Other		765		3,610
		379,616		355,971

(i) Current and non-current assets receivable from Raízen Energia and Raízen Combustíveis are, primarily, tax credits which will be reimbursed to the Company when realized. The preferred shares are used to Raízen reimburse Cosan, with preferential dividends, when the net operating loss is consumed in Raízen.

Current liabilities represent reimburse to Raízen Energia and Raízen Combustíveis related to expenses regarding legal disputes and other liabilities, generated before the formation of joint ventures, which are responsibility of Cosan S.A.

(ii) The Company has receivables with Rezende Barbosa for the repayment of loans taken prior to the acquisition of the subsidiaries in 2009. These receivables are secured by Cosan S.A. shares.

b) Related party transactions

	March 31, 2019			March 31, 2018
Product sales
Raízen Energia S.A.		107,803			77,858
Raízen Combustíveis S.A		49,785			38,570
Other		3,939			7,439
		161,527			123,867
Purchase of goods / inputs
Raízen Energia S.A.		(197	)		(14	)
Raízen Combustíveis S.A		(278,333	)		(252,505	)
		(278,530	)		(252,519	)
Shared income (expense)
Raízen Energia S.A.		(19,034	)		(18,525	)
		(19,034	)		(18,525	)
Financial result
Raízen Energia S.A.		1,368			2,051
Other		(71	)		(59	)
		1,297			1,992

c) Officers’ and directors’ compensation

The Company has a compensation policy approved by the Board of Directors. Compensation of the Company’s key management personnel includes salaries, non-cash benefits and contributions to a post-employment defined benefit plan.

	March 31, 2019		March 31, 2018
Short-term benefits to officers and directors		23,273		16,149
Post-employment benefits		169		71
Other long-term benefits		—		35
Stock option expense		2,534		12,404
		25,976		28,659

F-26

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

5.5 Loans, borrowings and debentures

	Interest
Description	Index		Annual interest rate		March 31, 2019		December 31, 2018		Maturity		Objective
With guarantee
BNDES		URTJLP		9.29%		2,616,967		2,584,347		Dec-29		Expansion project
		Fixed		5.33%		999,081		1,055,281		Feb-25		Expansion project
		TJ462		9.92%		274,476		316,854		Oct-20		Investment
		Selic		8.32%		133,784		152,562		Oct-20		Investment
		Selic		8.49%		61,220		63,852		Jun-23		Investment
		TJLP		9.11%		102,039		107,731		Jun-23		Investment
		Selic		13.65%		2,646		3,930		Sep-20		Expansion project
		Fixed		4.75%		5,290		2,261		Jan-24		Expansion project
		IPCA		11.91%		2,278		2,211		Nov-21		Expansion project
Export credit agreement (ECA)		Euribor + 0.58%		0.58%		72,253		—		Sep-26		Investment
EIB		U.S.$		3.88%		91,105		89,003		Jun-20		Investment
		U.S.$		2.94%		42,769		54,508		Sep-20		Investment
		U.S.$ + LIBOR		3.43%		116,642		115,581		May-21		Investment
		U.S.$ + LIBOR		3.29%		108,462		130,402		Sep-21		Investment
FINEP		Fixed		5.00%		93,357		93,309		Nov-22		Investment
						4,722,369		4,771,832
Without guarantee
Foreign loans		GBP + Libor		4.22%		378,696		363,250		Dec-22		Acquisition
		GBP + Libor		2.47%		219,760		199,794		Nov-20		Acquisition
		126% of CDI		8.13%		—		514,817		Dec-23		Exportation
		CDI + 0.80%		7.25%		497,925		—		Dec-23		Exportation
		125% of CDI		8.06%		—		646,024		Dec-23		Exportation
Perpetual Notes		U.S.$		8.25%		1,972,907		1,961,819		Nov-40		Acquisition
Resolution 4131		U.S.$		4.79%		40,438		39,738		Oct-20		Working capital
		U.S.$ + Libor		3.79%		157,847		156,387		Feb-20		Working capital
		U.S.$		3.67%		298,988		292,172		May-23		Working capital
		U.S.$		4.34%		41,184		41,033		Dec-20		Working capital
		U.S.$		3.43%		210,627		209,987		Nov-22		Working capital
Senior Notes Due 2023		U.S.$		5.00%		410,958		409,590		Mar-23		Acquisition
Senior Notes Due 2027		U.S.$		7.00%		2,985,388		2,977,721		Jan-27		Acquisition
Senior Notes Due 2024		U.S.$		7.38%		3,067,536		3,061,566		Feb-24		Acquisition
Senior Notes Due 2024		U.S.$		5.95%		2,025,299		2,022,793		Sep-24		Acquisition
Senior Notes Due 2025		U.S.$		5.88%		2,011,579		1,997,394		Jan-25		Acquisition
Commercial banks		Fixed U.S.$		5.33%		7,793		15,499		Jun-19		Working capital
Working capital		120.25% of CDI		7.74%		31,389		30,828		Aug-20		Working capital
		124.60% of CDI		8.04%		15,125		—		Feb-20		Working capital
		125% of CDI		8.06%		5,114		5,018		Dec-19		Working capital
		122% of CDI		7.86%		—		15,402		Feb-19		Working capital
Prepayment		U.S.$+Libor		4.10%		7,869		11,706		Apr-19		Working capital
Debentures		IGPM + 6,10%		11.64%		233,449		228,010		May-28		Working capital
		IPCA + 5.57%		9.68%		208,376		203,613		Sep-20		Working capital
		IPCA + 7.14%		11.31%		314,849		305,894		Dec-20		Working capital
		IPCA + 7.48%		11.66%		283,281		275,014		Dec-22		Working capital
		IPCA + 7.36%		11.54%		93,355		90,656		Dec-25		Working capital
		IPCA + 5.87%		9.99%		797,528		767,638		Dec-23		Working capital
		IPCA + 4.33%		8.39%		424,084		414,583		Oct-24		Working capital
		IPCA + 4.68%		8.75%		512,798		—		Feb-26		Working capital
		IPCA + 4.50%		8.57%		595,574		—		Feb-29		Working capital
		106 % of CDI		6.80%		1,700,956		—		Feb-21		Acquisition
		128 % of CDI		8.26%		—		501,064		Dec-25		Working capital
		CDI + 0.90%		7.36%		42,759		43,471		Sep-19		Working capital
						19,593,431		17,802,481
Total						24,315,800		22,574,313
Current						2,670,584		2,115,305
Non-current						21,645,216		20,459,008

F-27

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

Non-current borrowings are scheduled to fall due as follows:

	March 31, 2019		December 31, 2018
13 to 24 months		2,936,091		2,113,502
25 to 36 months		1,191,420		1,310,790
37 to 48 months		1,440,957		1,201,227
49 to 60 months		4,751,565		2,429,146
61 to 72 months		4,917,816		5,783,465
73 to 84 months		346,164		2,332,961
85 to 96 months		3,331,725		475,964
Thereafter		2,729,478		4,811,953
		21,645,216		20,459,008

The carrying amounts of loans, borrowings and debentures are denominated in the following currencies:

	March 31, 2019		December 31, 2018
Reais (R$)		10,047,700		8,424,373
Dollar (U.S.$)		13,597,391		13,586,897
Pound (GBP)		598,456		563,043
Euro (€)		72,253		—
		24,315,800		22,574,313

At March 31, 2019, all dated debts denominated in U.S. Dollars, in the subsidiaries, have currency risk protection through derivatives (Note 5.9). For the 5th Issuance of debentures denominated in R$ of the Comgás subsidiary, a derivative operation was carried out in which its future cash flow was protected, and the IPCA interest rate risk was changed by percentage of the CDI.

Below are the movements that occurred for the period ended March 31, 2019:

At December 31, 2018	22,574,313
Raised	3,027,460
Repayment of principal on loans, borrowings and debentures	(1,469,202	)
Payment of interest on loans, borrowings and debentures	(468,768	)
Interest, exchange rate and fair value	651,997
At March 31, 2019	24,315,800

a) Guarantees

Some financing agreements with the Brazilian National Economic and Social Development Bank (Banco Nacional de Desenvolvimento Econômico e Social), or “BNDES,” of the subsidiaries Comgás and Rumo, are guaranteed by bank guarantee, or by real guarantees (assets) and escrow account. On March 31, 2019, the balance of bank guarantees contracted was R$1,134,519 and R$2,327,308 with an average cost of 0.97% p.a. and 2.32% p.a., respectively (R$1,195,048 and R$2,475,175 as of December 31, 2018).

F-28

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

b) Available credit line

As of March 31, 2019, the subsidiary Rumo had available credit lines from BNDES, which were not used, in the total amount of R$1,935,490 (R$ 2,108,824 on December 31, 2018).

As of March 31, 2019, the subsidiary Cosan S.A. had available credit lines from financial institutions AA, which were not used, in the total amount of R$501,000 (R$ 501,000 on December 31, 2018).

The use of these credit lines is subject to certain contractual conditions.

c) Financial Covenants

Under the terms of the major borrowing facilities, the Company is required to comply with the following financial covenants:

Debit	Triggers	Ratios
Debenture 3rd issue – Comgás	Net onerous debt / EBITDA can not exceed 4.00		0.71
	Short-term indebtedness / Total indebtedness can not exceed 0.6		0.17
Debenture 4th issue—Comgás	Net onerous debt / EBITDA can not exceed 4.00		0.71
	Short-term indebtedness / Total indebtedness can not exceed 0.6		0.17
Debenture 5th issue—Comgás	Net onerous debt / EBITDA can not exceed 4.00		0.71
Debenture 6th issue—Comgás	Net onerous debt / EBITDA can not exceed 4.00		0.71
Debenture 7th Issue—Comgás	Net onerous debt / EBITDA can not exceed 4.00		0.71
Debenture 2nd issue—Cosan	Net debt / EBITDA not higher than or equal to 4.5		2.2
Senior Notes Due 2024 – Cosan Limited	Pro forma(i) / EBITDA not higher than or equal to 3.5		2.3
Senior Notes Due 2024 – Rumo	Net debt / EBITDA not higher than or equal to 4.0		2.2
Senior Notes Due 2025—Rumo	Net debt / EBITDA not higher than or equal to 4.0		2.2
Senior Notes Due 2027(ii) Cosan	Pro forma(i) / EBITDA not higher than or equal to 3.5		2.1
BNDES – Rumo	Net Financial Debt / EBITDA not higher than or equal 4.0x in December 2018		2.06
BNDES—Rumo	EBITDA / Consolidated Financial Result higher than or equal 1.40x in December 2018		2.68

(i) Included joint ventures.

(ii) The effects of initial recognition of IFRS 16 are not part of triggers measures for financial covenants purposes.

For the other loans, borrowings and debentures of the Company there are no financial clauses.

As at March 31, 2019, the Company and its subsidiaries were in compliance with all debt financial covenants.

d) Fair value and exposure to financial risk

The fair value of the loans is based on the discounted cash flow using its implicit discount rate. They are classified as a level 2 fair value in the hierarchy (Note 5.9) due to the use of unobservable data, including own credit risk.

The details of the Company’s exposure to risks arising from loans are shown in note 21.

F-29

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

5.6 Leases

Leases liabilities are payable as follows:

	March 31, 2019												December 31, 2018
	Less than one year			Between one and five years			More than five years			Total			Total
Future value of minimum payments lease		455,096			1,500,584			1,084,315			3,039,995			764,428
Rolling stock		154,356			359,995			101,418			615,769			600,142
Concession		231,980			924,516			845,490			2,001,986			161,085
Land, buildings and improvements		46,231			161,464			95,595			303,290			—
Machinery, equipment and facilities		3,019			6,155			—			9,174			—
Software		10,492			41,955			41,812			94,259			—
Other		9,018			6,499			—			15,517			3,201
Interest		(172,207	)		(472,062	)		(171,017	)		(815,286	)		(211,078	)
Rolling stock		(45,258	)		(99,197	)		(16,668	)		(161,123	)		(159,648	)
Concession		(104,145	)		(310,562	)		(134,928	)		(549,635	)		(51,143	)
Land, buildings and improvements		(16,917	)		(47,818	)		(13,625	)		(78,360	)		—
Machinery, equipment and facilities		(636	)		(827	)		—			(1,463	)		—
Software		(4,447	)		(13,441	)		(5,796	)		(23,684	)		—
Other		(804	)		(217	)		—			(1,021	)		(287	)
Present value of minimum lease payments		282,889			1,028,522			913,298			2,224,709			553,350
Current											283,452			120,491
Non-current											1,941,257			432,859

The lease agreements have varying expirations, with last due to expire in June 2043. The amounts are adjusted annually for inflation rates (as general market price index—IGP-M or Brazilian consumer price index—IPCA) or may incur interest based on the TJLP or CDI and some contracts have renewal or purchase options.

Below are the movements that occurred for the period ended March 31, 2019:

	March 31, 2019
At the beginning of the period		553,350
Initial recognition of IFRS 16		1,715,061
Recognition of interest		54,290
Payment of principal		(58,075	)
Payment of interest		(39,917	)
At the end of the period		2,224,709

5.7 Trade payables

The carrying amounts of trade and other payables are the same as their fair values, due to their short-term nature.

	March 31, 2019		December 31, 2018
Natural gas suppliers		854,288		838,105
Materials and service suppliers		1,118,088		1,073,227
Other		12,590		12,588
	1,984,966		1,923,920

F-30

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

5.8 Derivative financial instruments

To protect the Company’s exposure to risk were are using observable data such as quoted prices in active markets, or discounted cash flow based on market curves, and the consolidated data are presented below:

	Notional				Fair value
	March 31, 2019		December 31, 2018		March 31, 2019			December 31, 2018
Exchange rate derivatives
Forward agreements		501,670		907,832		10,431			1,719
Interest rate and exchange rate risk
Swap agreements (interest rate)		2,804,503		2,114,926		437,039			394,497
Swap agreements (exchange and interest rate)		12,300,892		11,896,908		2,299,682			2,126,927
		15,105,395		14,011,834		2,736,721			2,521,424
Total financial instruments						2,747,152			2,523,143
Assets						2,769,460			2,548,857
Liabilities						(22,308	)		(25,714	)

Derivatives are only used for economic hedging purposes and not as speculative investments.

Currently the Company has adopted the hedge accounting of fair value for some its operations that both the hedging instruments and the hedged items are accounted for at fair value through profit or loss. Operations and accounting effects of this adoption are as follows:

	Debt(i)			Derivative(ii)		Total
At December 31, 2018		(8,464,516	)		1,344,589		(7,119,927	)
Interest amortization		232,392			11,675		244,067
Fair value		(273,969	)		150,511		(123,458	)
At March 31, 2019		(8,506,093	)		1,506,775		(6,999,318	)

(i) Loans, borrowings and debentures (Note 5.5)

(ii) Derivate financial instruments

5.9 Recognized fair value measurements

The market value of the Senior Notes are listed on the Luxembourg Stock Exchange (Note 5.5) is based on their quoted market price are as follows:

	Company	March 31, 2019			December 31, 2018
Senior Notes 2023	Cosan S.A.		99.02	%		96.86	%
Senior Notes 2024	Rumo Luxembourg		106.39	%		104.27	%
Senior Notes 2024	Cosan Limited		101.91	%		98.55	%
Senior Notes 2025	Rumo Luxembourg		100.69	%		94.94	%
Senior Notes 2027	Cosan S.A.		105.45	%		101.15	%
Perpetual Notes	Cosan S.A.		102.42	%		101.21	%

F-31

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

All of the resulting fair value estimates are included in level 2 except for a contingent consideration payable where the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk.

The carrying amounts and fair value of financial assets and financial liabilities are as follows:

									Assets and liabilities measured at fair value
			Carrying amount						March 31, 2019						December 31, 2018
	Note		March 31, 2019			December 31, 2018			Level 2			Level 3			Level 2			Level 3
Assets
Investment funds		5.1		1,729,318			1,600,590			1,729,318			—			1,600,590			—
Marketable securities		5.2		2,769,792			4,202,835			2,769,792			—			4,202,835			—
Contingent consideration asset (i)		5.9		128,000			—			—			128,000			—			—
Derivate financial instruments		5.8		2,769,460			2,548,857			2,769,460			—			2,548,857			—
Total				7,396,570			8,352,282			7,268,570			128,000			8,352,282			—
Liabilities
Loans, borrowings and debentures		5.5		(10,567,128	)		(12,569,126	)		(10,567,128	)		—			(12,569,126	)		—
Contingent consideration payable (ii)		5.9		(72,467	)		(64,969	)		—			(72,467	)		—			(64,969	)
Derivative financial instruments		5.8		(22,308	)		(25,714	)		(22,308	)		—			(25,714	)		—
Total				(10,661,903	)		(12,659,809	)		(10,589,436	)		(72,467	)		(12,594,840	)		(64,969	)

(i) The contingent consideration asset considers the Company ability to reach the Moove budget EBTIDA for the fiscal years of 2018 and 2019. Also, considering that EBTIDA of fiscal year 2018 was reached and the current fiscal year 2019 budget EBTIDA is expect to be reached, we determined the fair value as the fully contingent consideration receivable and recognized it as an asset.

(ii) The valuation of the contingent consideration payable considers the present value of expected payment, discounted using a risk-adjusted discount rate. The expected payment is determined by considering the probable scenarios of forecast revenue and EBITDA, the amount to be paid under each scenario and the probability of each scenario. The significant unobservable inputs are the forecast of the annual growth rate of revenue, EBITDA margin forecast and the 13% discount rate adjusted for risk.

6 Other current tax receivables

	March 31, 2019		December 31, 2018
COFINS—Revenue tax		673,640		646,135
ICMS—State VAT		593,012		575,494
ICMS CIAP—State VAT		164,539		183,845
PIS—Revenue tax		147,476		169,460
Credit installment		40,261		40,261
Other		39,825		32,496
	1,658,753		1,647,691
Current		821,955		796,199
Non-Current		836,798		851,492

7 Inventories

	March 31, 2019		December 31, 2018
Finished goods		406,156		389,896
Raw material for construction process		45,513		45,397
Fuels and lubricants		6,917		6,224
Spare parts and accessories		226,866		224,005
Warehouse and others		50,152		50,768
	735,604		716,290

F-32

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

8 Investments in associates

8.1 Investments in subsidiaries and associates

Cosan’s subsidiaries are listed below:

	March 31, 2019			December 31, 2018
Directly owned subsidiaries
Cosan Logística S.A.		72.87	%		72.50	%
Cosan S.A.(i)		60.25	%		60.25	%
Interest of Cosan S.A. in its subsidiaries
Comgás(ii)		94.88	%		80.12	%
Cosan Lubes Investments Limited		70.00	%		100.00	%
Cosan Biomassa S.A.(i)		100.00	%		100.00	%
Cosan Cayman II Limited		100.00	%		100.00	%
Cosan Global Limited		100.00	%		100.00	%
Cosan Investimentos e Participações S.A.		100.00	%		100.00	%
Cosan Luxembourg S.A.(i)		100.00	%		100.00	%
Cosan Overseas Limited		100.00	%		100.00	%
Pasadena Empreendimentos e Participações S.A.(i)		100.00	%		100.00	%
Payly Soluções de Pagamentos S.A.		100.00	%		100.00	%
Rumo S.A.		1.71	%		1.71	%
Interest of Cosan Lubes Investments Limited in its subsidiaries
Moove Lubricants Limited		100.00	%		100.00	%
Cosan Cinco S.A.		100.00	%		100.00	%
Airport Energy Limited		100.00	%		100.00	%
Airport Energy Services Limited		100.00	%		100.00	%
Wessesx Petroleum Limited		100.00	%		100.00	%
Stanbridge		100.00	%		100.00	%
TTA(iii)		75.00	%		75.00	%
Cosan Lubrificantes S.R.L.(iii)		100.00	%		100.00	%
LubrigrupoII(iii)		100.00	%		100.00	%
Commercial Lubricants Moove Corp(iii)		100.00	%		100.00	%
Cosan Lubrificantes e Especialidades S.A.		100.00	%		100.00	%
Cosan Paraguay S.A.		100.00	%		100.00	%
Cosan US, Inc.		100.00	%		100.00	%
Ilha Terminal Distribuição de Produtos Químicos		100.00	%		100.00	%
Zip Lube S.A.		100.00	%		100.00	%

F-33

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

	March 31, 2019			December 31, 2018
Interest of Cosan Logística S.A. in its subsidiaries
Rumo S.A.		28.47	%		28.47	%
Logispot Armazéns Gerais S.A.		14.52	%		14.52	%
Elevações Portuárias S.A.		28.47	%		28.47	%
Rumo Luxembourg Sarl		28.47	%		28.47	%
Rumo Intermodal S.A.		28.47	%		28.47	%
Rumo Malha Oeste S.A.		28.47	%		28.47	%
Rumo Malha Paulista S.A.		28.47	%		28.47	%
Rumo Malha Sul S.A.		28.47	%		28.47	%
Rumo Malha Norte S.A.		28.40	%		28.40	%
Boswells S.A.		28.47	%		28.47	%
ALL Argentina S.A.		28.47	%		28.47	%
Paranaguá S.A.		28.47	%		28.47	%
ALL Armazéns Gerais Ltda.		28.47	%		28.47	%
Portofer Ltda.		28.47	%		28.47	%
Brado Logística e Participações S.A.		17.71	%		17.71	%
Brado Logística S.A.		17.71	%		17.71	%
ALL Mesopotâmica S.A.		20.09	%		20.09	%
ALL Central S.A.		20.94	%		20.94	%
Servicios de Inversión Logística Integrales S.A		28.47	%		28.47	%

i. Management has concluded that there are no material uncertainties that cast doubt on the continuity of the subsidiaries. Although they had a combined amount of uncovered liabilities of R$112,641 as of March 31, 2019, no events or conditions were identified that individually or collectively could raise significant doubts related to their ability to maintain their operational continuity. The subsidiaries have the financial support of the Company.

ii. On March 8, 2019, Cosan S.A. performed a voluntary tender offer (Voluntary TO) acquiring 19,496,165 Class A preferred shares of its subsidiary Comgás, which represent 14.77% of its share capital. See detail of transaction below.

iii. On March 29, 2019, Cosan S.A. conclude the investment agreement between Cosan Lubes and CVC Fund VII, which represent 30% of its share capital. See detail of transaction below.

Set out below are the associates as at March 31, 2019 which are material to the Company:

	Shares issued by the associate		Shares held by Cosan		Cosan ownership interest			Economic benefit (%)
Radar II Propriedades Agrícolas S.A.		81,440,221		24,920,708		51.00	%		3.00	%
Radar Propriedades Agrícolas S.A.		1,735,703		531,125		51.00	%		2.51	%
Tellus Brasil Participações S.A.		120,920,492		61,359,624		50.74	%		5.00	%
Janus Brasil Participações S.A.		207,712,545		105,461,644		50.77	%		5.00	%
Novvi Limited Liability Company		1,011,000		202,200		17.82	%		17.82	%

F-34

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

	At January 1, 2019		Interest in earnings (losses) of subsidiaries			Other comprehensive income (losses)		Increase/ reduction of capital		Other			At March 31, 2019		Interest in earnings (losses) of associates in March 31, 2018
Tellus Brasil Participações S.A.		101,109		717			—		—		—			101,826		716
Novvi Limited Liability Company		13,449		1,826			124		—		—			15,399		(5,008	)
Janus Brasil Participações S.A.		93,821		(163	)		—		26,045		—			119,703		933
Radar Propriedades Agrícolas S.A		59,584		263			9		—		—			59,856		329
Radar II Propriedades Agrícolas S.A		32,236		175			2		—		—			32,413		245
Usina Santa Luiza S.A.		29,209		(29,209	)		—		—		—			—		(1,411	)
Other		49,111		(407	)		—		—		(4,044	)		44,660		1,389
		378,519		(26,798	)		135		26,045		(4,044	)		373,857		(2,807	)

8.2 Non-controlling interests in subsidiaries

Set out below is summarized financial information for each subsidiary that has non-controlling interests that are material to the group. The amounts disclosed for each subsidiary are before inter-company elimination.

	Shares issued by the subsidiary		Shares held by non-controlling shareholders		Non-controlling interest
Comgás		132,023,251		26,243,394		19.88	%
Logispot		2,040,816		1,000,000		49.00	%
Rumo		1,559,015,898		1,088,431,798		69.82	%
Brado Participações		12,962,963		4,897,407		37.78	%
Rumo Malha Norte		1,189,412,363		5,709,179		0.48	%
Cosan Lubes Investment		34,963,764		10,489,129		30.00	%
Cosan S.A.		398,904,353		156,000,696		39.11	%
Cosan Logística S.A.		463,224,241		125,570,897		27.11	%

F-35

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

The following table summarizes the information relating to each of the Company’s subsidiaries that has material non-controlling interests, before any intra-group elimination.

	At January 1, 2019		Interest in earnings (losses) of subsidiaries		Sales or purchase of interests			Other comprehensive income (losses)			Dividends			New standards adopted by Company-Note 3.1			Other		At March 31, 2019		Interest in earnings (losses) of associates in March 31, 2018
Cosan S.A.		3,765,964		148,073		(277,325	)		(73,228	)		—			—			956		3,564,458		143,862
Cosan Logística S.A.		630,333		1,841		(8,053	)		24			—			(41,670	)		174		582,631		(4,460	)
Comgás(i)		987,358		23,287		(776,549	)		—			—			—			83		234,179		31,998
Cosan Lubes Investment(ii)		—		9,419		437,078			(4,188	)		—			—			—		442,309		—
Rumo S.A.		5,929,151		19,234		—			195			(1,357	)		(380,792	)		1,601		5,568,032		(41,637	)
Logispot Armazéns Agrícolas S.A.		34,656		159		—			—			—			—			—		34,815		162
Other		7,491		4,200		—			476			(162	)		—			—		12,005		4,558
		11,354,953		206,213		(624,849	)		(76,721	)		(1,519	)		(422,462	)		2,814		10,438,429		134,483

(i) As disclosed in Note 1, on March 13, 2019, the subsidiary Cosan S.A. concluded the voluntary tender offer (Voluntary TO) for acquisition of class A preferred shares issued by its subsidiary Companhia de Gás de São Paulo (Comgás), with acquisition of 19.496.165 Class A preferred shares for R$82.00 per share (Price per Share), which represents 14.77% of subsidiary capital. . As result of the acquisition of more than 2/3 (two thirds) Class A preferred shares, Cosan S.A. may be required to acquire the outstanding Class A preferred shares, in case of holder exercise its rights during period from March 8, 2019 to June 8, 2019. The purchase price of shares will be the same Price per Share determined in Voluntary TO, adjusted by the Brazilian basic interest rate Selic, computed from the offer period to the date of settlement.

As result of transaction, Cosan S.A. disbursed amount of R$1,599,237 that generate an increase in investments of R$776,549, changing the ownership interest at subsidiary from 80.12% to 94.88%.

(ii) As disclosed in Note 1, an investment agreement was entered into between Cosan Lubes Investments Limited (“CLI” or “Moove”), and CVC, in which an amount of R$562,000 was made through the issuance of new common shares representing approximately 30% of Moove’s capital stock. Of this total, Moove received R$434,000, in addition to an amount related to a fair value of approximately R$128,000 until 2021, once the targets agreed upon in the agreement were met, without any change in the ownership interest. The effect of the change of participation recognized by the Company was R$124,905, consisting of the loss of participation with the entry of a new investor in the amount of R$(268,495) and the capital contribution in its new proportion of participation, in the amount of R$393,400.

F-36

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

9 Investments in joint ventures

Changes to investments in joint ventures were as follows:

	Raízen Combustíveis S.A.			Raízen Energia S.A.			Total
Shares issued by the joint venture		1,661,418,472			7,243,283,198
Shares held by Cosan		830,709,236			3,621,641,599
Cosan ownership interest		50%			50%
Interest in earnings of joint ventures as at March 31, 2018		180,906			116,751			297,657
At January 1, 2019		3,104,613			4,973,294			8,077,907
Interest in earnings of joint ventures(i)		298,258			5,575			303,833
Other comprehensive (losses) income		(34,538	)		(140,275	)		(174,813	)
Interest on capital		(23,500	)		—			(23,500	)
Dividends		(196,300	)		—			(196,300	)
At March 31, 2019		3,148,533			4,838,594			7,987,127

(i) Includes amount of R$30,040, related to the effect of the adoption of IFRS 16 by the joint ventures, as described in Note 3.1.

The statement of financial position and statement of profit or loss of the joint ventures are disclosed in Note 4 – Segment information.

At March 31, 2019, the Company was in compliance with the covenants of the agreements governing the Joint Ventures.

10 Property, plant and equipment, intangible assets, goodwill and right-of-use assets

10.1 Property, plant and equipment

a) Reconciliation of carrying amount

	Consolidated
	Land, buildings and improvements			Machinery, equipment and facilities			Railcars and locomotives(i)			Permanent railways			Construction in progress			Other			Total
Cost
At December 31, 2018		1,243,427			1,045,570			6,508,748			6,127,139			1,054,128			400,767			16,379,779
Transfers to right-of-use assets		(130,000	)		(2,538	)		(1,244,787	)		—			—			—			(1,377,325	)
At January 01, 2019		1,113,427			1,043,032			5,263,826			6,127,139			1,054,128			400,767			15,002,454
Additions		14			820			10			—			534,326			2,422			537,592
Disposals		(921	)		1,606			(77,038	)		—			(1,046	)		(8,629	)		(86,028	)
Transfers		56,572			57,390			129,893			178,392			(444,248	)		4,152			(17,849	)
Effect of exchange rate fluctuations		1,207			1,282			—			—			436			1,446			4,371
At March 31, 2019		1,170,299			1,104,130			5,316,826			6,305,531			1,143,596			400,158			15,440,540
Depreciation
At December 31, 2018		(351,161	)		(443,209	)		(1,743,714	)		(1,406,964	)		(10,842	)		(6,067	)		(3,961,957	)
Transfers to right-of-use assets		50,450			2,532			462,748			—			—			—			515,730
At January 01, 2019		(300,711	)		(440,677	)		(1,280,966	)		(1,406,964	)		(10,842	)		(6,067	)		(3,446,227	)
Additions		(17,392	)		(29,724	)		(136,143	)		(175,172	)		—			(9,624	)		(368,055	)
Disposals		—			4,675			76,518			—			—			2,245			83,438
Transfers		(252	)		(2,007	)		—			656			—			5,137			3,534
Effect of exchange rate fluctuations		(278	)		(786	)		—			—			—			(840	)		(1,904	)
At March 31, 2019		(318,633	)		(468,519	)		(1,340,591	)		(1,581,480	)		(10,842	)		(9,149	)		(3,729,214	)
At December 31, 2018		892,266			602,361			4,765,034			4,720,175			1,043,286			394,700			12,417,822
At March 31, 2019		851,666			635,611			3,976,235			4,724,051			1,132,754			391,009			11,711,326

(i) On March 31, 2019 and December 31, 2018, railcars and locomotives in the amount of R$745,203 were placed on bail to guarantee bank loans (Note 5).

F-37

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

10.2 Intangible assets and goodwill

	Consolidated
	Goodwill		Concession rights			Operating license			Trademarks		Customer relationships			Other			Total
Cost
At December 31, 2018		883,234		17,510,303			435,624			37,877		742,863			491,769			20,101,670
Additions		—		(16,523	)		—			—		21,281			17,484			22,242
Disposals		—		(9,959	)		—			—		(56	)		—			(10,015	)
Transfers		—		98,998			—			—		(4,339	)		11,181			105,840
Effect of exchange rate fluctuations		3,421		—			—			889		1,435			609			6,354
At March 31, 2019		886,655		17,582,819			435,624			38,766		761,184			521,043			20,226,091
Amortization
At December 31, 2018		—		(2,383,823	)		(224,356	)		—		(314,619	)		(206,337	)		(3,129,135	)
Additions		—		(121,815	)		(2,935	)		—		(26,459	)		(12,860	)		(164,069	)
Disposals		—		4,912			—			—		42			—			4,954
Transfers		—		(1	)		—			—		(84	)		—			(85	)
Effect of exchange rate fluctuations		—		—			—			—		(296	)		(173	)		(469	)
At March 31, 2019		—		(2,500,727	)		(227,291	)		—		(341,416	)		(219,370	)		(3,288,804	)
At December 31, 2018		883,234		15,126,480			211,268			37,877		428,244			285,432			16,972,535
At March 31, 2019		886,655		15,082,092			208,333			38,766		419,768			301,673			16,937,287

a) Capitalization of borrowing costs

Capitalized borrowing costs for the period ended March 31, 2019, R$3,202 was capitalized at an average rate of 8.60% p.a. (R$2,123 and 8.11% p.a. on March 31, 2018).

b) Amortization methods and useful lives

Intangible assets (excluding goodwill)	Annual rate of amortization %	March 31, 2019		December 31, 2018
Comgás(i)	Concession term		7,993,250		8,007,412
Rumo(ii)	Concession term		7,088,842		7,119,068
			15,082,092		15,126,480
Operating license for port terminal (iii)	3.70%		208,333		211,268
Trademarks:
Comma	Undefined		38,766		37,877
			38,766		37,877
Customers relationship:
Comgás	20.00%		145,817		149,890
Moove	6.00%		273,951		278,354
			419,768		428,244
Other
Software license	20.00%		173,198		168,892
Other			128,475		116,540
			301,673		285,432
Total			16,050,632		16,089,301

(i) Refers to the intangible asset for the public gas distribution service concession, which represents the right to charge users for the supply of gas, comprised of: (i) the concession rights recognized in the business combination and (ii) concession assets;

(ii) Refers to the concession right agreement of Rumo Malha Norte S.A., which will be amortized until the end of the concession in 2079;

(iii) Port operating license and customer relationships of Rumo S.A., from the business combinations.

F-38

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

c) Impairment testing of cash-generating units (“CGU”) goodwill

The Company annually tests recoverable amounts of goodwill arising from business combination operations. Property, plant and equipment and defined-intangible assets that are subject to depreciation and amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

During the period ended March 31, 2019, no impairment indicators were identified that would require the review of the last test conducted at December 31, 2018.

10.3 Right-of-use assets

	Land, buildings and improvements			Machinery, equipment and facilities			Railcars and locomotives			Software			Vehicles			Port and rail infrastructure			Total
Cost:
Initial recognition of IFRS 16		112,639			8,270			43,880			69,449			13,603			1,083,385			1,331,226
Transfers from property, plant and equipment and other assets(i)		130,000			2,538			1,244,787			—			—			50,168			1,427,493
At January 1, 2019		242,639			10,808			1,288,667			69,449			13,603			1,133,553			2,758,719
Additions		—			—			—			—			—			—			—
At March 31, 2019		242,639			10,808			1,288,667			69,449			13,603			1,133,553			2,758,719
Amortization:
Transfers from property, plant and equipment (i)		(50,450	)		(2,532	)		(462,748	)		—			—			—			(515,730	)
Impairment (ii)		—			—			—			—			—			(179,167	)		(179,167	)
At January 1, 2019		(50,450	)		(2,532	)		(462,748	)		—			—			(179,167	)		(694,897	)
Additions		(4,443	)		(649	)		(2,369	)		(1,736	)		(1,602	)		(30,129	)		(40,928	)
Impairment (ii)		—			—			—			—			—			5,772			5,772
Effect of exchange rate fluctuations		(7	)		—			—			—			—			—			(7	)
At March 31, 2019		(54,900	)		(3,181	)		(465,117	)		(1,736	)		(1,602	)		(203,524	)		(730,060	)
At January 1, 2019		192,189			8,276			825,919			69,449			13,603			954,386			2,063,822
At March 31, 2019		187,739			7,627			823,550			67,713			12,001			930,029			2,028,659

(i) As at January 1, 2019, the Company transferred property, plant and equipment in the amount of R$861,595 (R$1,377,325 as cost and R$515,730 of cumulated depreciation) to the right-of-use assets, as result of initial recognition of IFRS 16. Transferred assets also consider amount of R$50,168 related to advances performed at the beginning of concession, previously presented as other assets.

(ii) During year ended December 31, 2018, Malha Oeste, a Rumo subsidiary, recognized impairment on its long lived assets. As result of initial recognition of IFRS 16, Malha Oeste also recognized impairment on its related right-of-use assets.

F-39

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

11 Concession payables

	March 31, 2019						December 31, 2018
	Leases		Concessions		Total		Total
Payables
Rumo Malha Sul		25,668		25,725		51,393		60,761
Rumo Malha Paulista		33,065		25,187		58,252		45,892
	58,733		50,912		109,645		106,653
Court discussion
Rumo Malha Paulista		1,737,025		—		1,737,025		1,695,770
Rumo Malha Oeste		1,352,892		81,619		1,434,511		1,406,145
	3,089,917		81,619		3,171,536		3,101,915
Total		3,148,650		132,531		3,281,181		3,208,568
Current						29,634		28,797
Non-current						3,251,547		3,179,771

Judicial deposits at March 31, 2019 and December 31, 2018 concerning the above claims totaled:

	March 31, 2019		December 31, 2018
Rumo Malha Paulista		119,806		119,806
Rumo Malha Oeste		20,690		20,690
	140,496		140,496

The judicial deposits are recorded in the “regulatory” group, as described in Note 14.

12 Other taxes payable

	March 31, 2019		December 31, 2018
Tax amnesty and refinancing program – Refis		213,524		216,984
ICMS – State VAT		173,584		96,793
COFINS – Revenue tax		63,903		47,017
PIS – Revenue tax		12,654		7,654
ISS – Service tax		4,189		4,666
IOF – Financial tax		1,392		1,318
INSS – Social security		5,579		7,337
Other		31,537		18,417
	506,362		400,186
Current		353,301		245,587
Non-Current		153,061		154,599

F-40

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

13 Income tax and social contribution

a) Reconciliation of income and social contribution tax expenses

	March 31, 2019			March 31, 2018
Profit before taxes		477,717			323,838
Income tax and social contribution nominal rate (34%)		(162,424	)		(110,105	)
Adjustments to determine the effective rate					—
Interest in earnings of investees (non-taxable income)		94,192			100,249
Differences in tax rates on earnings / losses of overseas companies		(11,497	)		(35,370	)
Granted income tax incentive		27,974			4,830
Share-based payment transactions		(277	)		(1,035	)
Interest on shareholders’ equity		(7,990	)		(5,270	)
Non-deductible expenses (donations, gifts, etc.)		(4,657	)		(1,211	)
Tax losses not recorded(i)		(39,413	)		(39,250	)
Goodwill amortization effect		318			463
Tax effects of discounts granted – PERT		—			110
Other		22,486			3,538
Income tax and social contribution benefit (expense) – current and deferred		(81,288	)		(83,051	)
Effective rate—%		17.02%			25.65%

(i) Refers mainly to tax losses not recorded in subsidiaries of Rumo which under current conditions do not attend the requirements of future taxable profits that justify the recognition of the deferred tax assets. In accordance with Brazilian Federal Taxes rules those losses do not expire.

F-41

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

b) Deferred income tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are presented below:

	March 31, 2019			March 31, 2018
Assets credit of:
Income tax loss carry forwards		2,248,871			2,190,068
Social contribution tax loss carry forwards		822,942			801,866
Temporary differences
Foreign exchange – Loans and borrowings		807,856			789,220
Legal proceedings provision		438,155			396,577
Impairment provision		231,583			241,083
Provisions for employee benefits		186,860			175,178
Allowance for doubtful accounts		28,824			30,327
Regulatory asset (liability)		58,166			59,597
Impairment of tax credit		75,361			74,900
Share-based payment transactions		6,196			5,246
Profit sharing		20,876			51,601
Interest on preferred shareholders payable in subsidiaries		141,833			155,562
Property, plant and equipment – useful life review		304,980			277,925
Temporary differences		205,149			208,104
Other		57,254			67,991
Total		5,634,906			5,525,245
(-) Deferred taxes assets not recognized		(2,290,588	)		(2,104,742	)
Liabilities credit of:
Temporary differences
Business combination – property, plant and equipment		53,965			63,574
Tax deductible goodwill		(390,249	)		(389,679	)
Lease		(39,161	)		(228,055	)
Concession contract		(6,261	)		(6,745	)
Unrealized gains on derivatives instruments		(703,596	)		(664,841	)
Fair value option in loans		87,796			57,298
Income on formation of joint ventures		(1,135,036	)		(1,135,036	)
Business combination – Intangible asset		(3,717,505	)		(3,725,546	)
Other		72,800			56,201
Total		(5,777,247	)		(5,972,829	)
Total of deferred taxes recorded		(2,432,929	)		(2,552,326	)
Deferred income tax – Assets		1,614,897			1,540,693
Deferred income tax – Liabilities		(4,047,826	)		(4,093,019	)

c) Changes in deferred income tax

At December 31, 2018	(2,552,326	)
Recorded through profit and loss	70,982
Initial recognition of IFRS 16(i)	45,650
Other	2,765
At March 31, 2019	(2,432,929	)

(i) Refers to deferred tax assets effects on impairment of right-use-assets of Rumo, as result of first time adoption of IFRS 16, disclosed in Note 3.1.

F-42

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

The Company expects to realize the full deferred tax on tax losses and social contribution.

14 Provision for legal proceedings

The Company had provision for legal proceedings and judicial deposits recorded in the financial position at March 31, 2019 and December 31, 2018 in respect of:

	Provision for legal proceedings				Judicial deposit
	March 31, 2019		December 31, 2018		March 31, 2019		December 31, 2018
Tax		600,364		534,131		474,585		460,484
Civil, environmental and regulatory		379,782		362,725		205,913		199,526
Labor		468,942		466,312		224,544		218,797
	1,449,088		1,363,168		905,042		878,807

Changes in provision for legal proceedings:

	Tax			Civil, environmental and regulatory			Labor			Total
At December 31, 2018		534,131			362,725			466,312			1,363,168
Provisions		30,056			6,411			23,225			59,692
Settlement / Write-offs		(8,099	)		(13,145	)		(29,828	)		(51,072	)
Monetary variation(i)		44,276			23,791			9,233			77,300
At March 31, 2019		600,364			379,782			468,942			1,449,088

(i) Includes interest reversal.

The Company’s debts with legal proceedings are secured by assets, cash deposit, bank guarantee or insurance guarantee.

a) Probable losses

Tax: The principal tax proceedings for which the risk of loss is probable are described below:

	March 31, 2019		December 31, 2018
Compensation with FINSOCIAL		288,566		286,929
INSS – Social security		94,418		80,134
State VAT – ICMS credit		95,104		72,941
PIS and COFINS		2,332		171
IPI – Excise tax credit – NT(i)		68,338		28,931
Federal income tax		1,761		1,589
Other		49,845		63,436
	600,364		534,131

(i) During the period ended March 31, 2019, the Company recorded provision for lawsuits IPI Seletividade, related to period from November 1992 to December 1995, judged by the Brazilian Federal Supreme Court (“STF”), using the General Repercussion method (RE n ° 592,145, item 080), in the amount of R$39,407, with unfavorable scenario for the Company.

Civil, regulatory, environmental and other claims: Company and its subsidiaries are parties to a number of civil legal claims related to (i) indemnity for material and moral damages; (ii) termination of different kinds of agreements (iii) public civil claims related to sugarcane stubble burning; and (iv) compliance with terms of conduct adjustment, among other issues.

F-43

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

Labor claims: Cosan and its subsidiaries are also parties to a number of labor claims filed by former employees and service providers challenging, among other matters, the payment of overtime, night shift premiums and risk premiums, the recognition of employment relationships and the reimbursement of discounts from payroll, such as social contribution and trade union charges. Additionally, we are involved in several labor administrative and judicial proceedings such as labor investigations and class actions filed by the labor prosecutor’s office regarding alleged non-compliance with certain labor regulations, including work and safety rules, labor conditions and work environment, and social assistance plans. Moreover, we entered into certain consent orders (Termos de Ajustamento de Conduta) with Brazilian authorities and in the event, we fail to comply with such consent orders, we could be subject to fines.

b) Possible losses

The principal proceedings for which we deem the risk of loss as possible are described below:

	March 31, 2019		December 31, 2018
Civil		3,354,311		3,258,113
Labor		981,271		990,913
Regulatory		734,849		699,301
Environmental		472,785		460,911
	5,543,216		5,409,238

	March 31, 2019		December 31, 2018
ICMS – State VAT		2,713,642		2,684,248
Federal income taxes		3,335,609		3,372,743
IRRF – Withholding tax		953,978		982,134
PIS and COFINS – Revenue taxes		1,353,747		1,408,519
INSS – Social security and other		260,473		260,712
Goodwill Rumo		534,057		529,788
IPI – Excise tax credit – NT(ii)		430,245		490,500
Penalties related to tax positions		453,821		449,039
MP 470 – Tax installments		299,718		297,902
Foreign financial operation		28,050		290,220
Compensation with IPI – IN 67/98		135,215		134,642
Stock option		68,526		67,991
Financial transactions tax on loan		52,889		52,585
Social security contributions		4,154		4,121
Compensation credit award		43,548		43,121
Other		492,637		417,598
	11,160,309		11,485,863

(ii) The reduction in IPI amounts, classified as possible losses, during the period ended March 31, 2019, is related to the decision to provide the lawsuits over the same period, as described above in section “a) – Probable losses – Tax”.

F-44

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

15 Shareholders’ equity

a) Share capital

At March 31, 2019 and December 31, 2018, Cosan Limited’s share capital is composed of the following:

Shareholders – Common shares	Class A common shares		%		Class B common shares		%
Controlling group		19,514,418		11.19%		96,332,044		100.00%
Renaissance Technologies LLC		1,549,696		0,89%		—		—
M&G Investment Management Limited		3,222,113		1.85%		—		—
Eastspring Investments (Singapore) Limited		3,805,730		2.18%		—		—
Free Float		106,023,577		60.81%		—		—
Total shares outstanding		134,115,534		76.92%		96,332,044		100.00%
Treasury shares		40,239,807		23.08%		—		—
Total		174,355,341		100.00%		96,332,044		100.00%

b) Treasury shares

The Company holds 40,239,807 Class A treasury shares as of March 31, 2019 and December 31, 2018 with a market value of U.S$11.59 per share as of March 31, 2019 (U.S.$8.80 per share as of December 31, 2018).

c) Other comprehensive (loss) income

	December 31, 2018			Comprehensive (loss) income			March 31, 2019
Foreign currency translation effects		(533,917	)		(33,094	)		(567,011	)
Loss on cash flow hedge in joint ventures		21,493			(179,877	)		(158,384	)
Actuarial loss on defined benefit plan		(99,246	)		—			(99,246	)
Financial instruments with subsidiaries		15,000			—			15,000
Change in fair values of financial assets		1,085			10			1,095
Total		(595,585	)		(212,961	)		(808,546	)
Attributable to:
Owners of the Company		(587,173	)		(136,240	)		(735,467	)
Non-controlling interests		(8,412	)		(76,721	)		(85,133	)
	December 31, 2017			Comprehensive (loss) income			March 31, 2018
Foreign currency translation effects		(372,343	)		(23,847	)		(396,190	)
Gain on cash flow hedge in joint ventures		14,610			3,317			17,927
Actuarial loss on defined benefit plan		(44,937	)		(54	)		(44,991	)
Financial instruments with subsidiaries		15,000			—			15,000
Change in fair values of financial assets		841			32			873
Total		(386,829	)		(20,552	)		(407,381	)
Attributable to:
Owners of the Company		(394,212	)		(15,647	)		(409,859	)
Non-controlling interests		7,383			(4,905	)		2,478

F-45

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

16 Earnings per share

The following table sets forth the calculation of earnings per share (in thousands of Brazilian Reais, except per share amounts):

	March 31, 2019			March 31, 2018
Profit attributable from continued operation to ordinary equity holders for basic earnings		190,216			106,304
Effect of dilution:
Dilutive effect of subsidiary’s stock option plan		(705	)		(558	)
Profit from continued operation attributable to ordinary equity holders adjusted for the effect of dilution		189,511			105,746
Basic number of shares outstanding – In thousands of shares		230,448			243,199
Effect of dilution:
Dilutive effect of stock option plan		9,451			13,212
Diluted number of shares outstanding – In thousands of shares		239,899			256,411
Basic earnings (loss) per share from:
Continuing operations	R$	0.8254		R$	0.4371
	R$ 0.8254			R$ 0.4371
Diluted earnings (loss) per share from:
Continuing operations	R$	0.7900		R$	0.4124
	R$ 0.7900			R$ 0.4124

The non-controlling interests of the indirect subsidiary Brado Logística S.A. (Brado) have the right to exercise a liquidity option provided for in the shareholders agreement signed on August 5, 2013. This option would exchange all Brado shares held by such minority shareholders by shares of Rumo. The exchange ratio shall take into account the economic value for both Brado and Rumo shares. At the Companys exclusive discretion, an equivalent cash payment is also possible.

17 Net sales

The following is an analysis of the Company’s revenue for the period from continuing operations:

	March 31, 2019			March 31, 2018
Gross revenue from sales of products and services		5,443,157			4,163,010
Construction revenue		159,936			89,493
Indirect taxes and deductions		(882,881	)		(709,075	)
Net sales		4,720,212			3,543,428

F-46

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

In the following table, revenue is disaggregated by products and service lines and timing of revenue recognition:

	March 31, 2019			March 31, 2018
At a point in time
Comgás – Gas distribution		1,886,754			1,327,496
Moove – Lubricants and basic oil		1,027,575			717,090
Other		13,668			14,288
		2,927,997			2,058,874
Over time
Logistic – Transportation		1,568,425			1,341,511
Logistic – Port elevation		66,521			55,172
Comgás – Construction revenue		159,936			89,493
Other services		6,765			7,482
		1,801,647			1,493,658
Elimination		(9,432	)		(9,104	)
Total of net sales		4,720,212			3,543,428

18 Costs and expenses by nature

The costs and expenses are presented in the statement of profit and loss by function. The reconciliation of income by nature/purpose is as follows:

	March 31, 2019			March 31, 2018
Raw materials and consumables used(i)		(1,999,158	)		(1,266,830	)
Construction cost		(159,936	)		(89,493	)
Expenses with third-party services		(140,716	)		(138,165	)
Employee benefit expense		(374,956	)		(318,663	)
Selling expenses		(8,874	)		(6,201	)
Transportation expenses		(608,338	)		(504,918	)
Leases and concessions expenses		—			(51,686	)
Depreciation and amortization		(562,804	)		(473,293	)
Other		(137,052	)		(121,850	)
		(3,991,834	)		(2,971,099	)
Cost of sales		(3,469,327	)		(2,512,680	)
Selling		(264,022	)		(245,069	)
General and administrative		(258,485	)		(213,350	)
		(3,991,834	)		(2,971,099	)

(i) The increase in costs with raw materials during the period ended March 31, 2019 is related to the impact of Moove segment, of production and distribution of lubricants, represented by business of Cosan S.R.L, TTA, LubrigrupoII and Metrolube and increase in unit cost of gas, from Comgás segment.

F-47

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

19 Other income (expenses), net

	March 31, 2019			March 31, 2018
Gain on litigation indemnification		50,284			—
Revenue from sale of scrap		9,234			12,947
Insurance reimbursement income		—			3,588
Loss on disposal of non-current assets and intangibles		(6,251	)		(770	)
Net effect of legal proceedings, recoverable and tax installments		(45,734	)		(31,398	)
Other		(12,602	)		(7,028	)
		(5,069	)		(22,661	)

20 Finance results

Details of finance income and costs are as follows:

	March 31, 2019			March 31, 2018
Cost of gross debt
Interest on debt		(364,874	)		(433,492	)
Monetary and exchange rate variation		(71,779	)		(56,561	)
Derivatives and fair value measurement		64,488			56,443
Amortization of borrowing costs		(14,313	)		(9,975	)
Guarantees and warranties on debt		(20,305	)		(35,662	)
		(406,783	)		(479,247	)
Income from financial investment and exchange rate in cash and cash equivalents		88,236			117,346
Cost of debt, net		(318,547	)		(361,901	)
Other charges and monetary variations
Interest on other receivables		22,006			47,013
Interest on other liabilities		(39,159	)		(36,212	)
Monetary variation on leases and concessions agreements		(48,611	)		(45,231	)
Monetary variation on leases		(48,268	)		(52,319	)
Advances on real state credits		—			(1,206	)
Interest on shareholders’ equity		—			722
Interest on contingencies and contracts		(65,493	)		(27,044	)
Bank charges and other		(24,445	)		(22,963	)
Exchange variation		(110	)		(21,539	)
		(204,080	)		(158,779	)
Finance results, net		(522,627	)		(520,680	)
Reconciliation
Finance expense		(807,381	)		(499,883	)
Finance income		126,796			188,848
Foreign exchange (losses) gain, net		(71,144	)		(75,957	)
Derivatives		229,102			(133,688	)
Finance results, net		(522,627	)		(520,680	)

F-48

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

21 Financial risk management

a) Market risk

The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

The Company uses derivatives to manage market risks. All such transactions are carried out within the guidelines set by the risk management committee. Generally, the Company seeks to apply hedge accounting to manage volatility in profit or loss.

i. Foreign exchange risk

As at March 31, 2019 and December 31, 2018, the Company had the following net exposure to the exchange rate variations on assets and liabilities denominated in Dollar (US$) and Euro (€):

	March 31, 2019			December 31, 2018
Cash and cash equivalents		705,415			1,285,156
Trade receivables		33,890			51,734
Trade payables		(63,840	)		(245,885	)
Loans, borrowings and debentures		(13,669,644	)		(13,480,808	)
Contingent consideration payable		(72,467	)		(64,969	)
Derivative financial instruments (notional)		11,655,087			11,064,567
Foreign exchange exposure, net		(1,411,559	)		(1,390,205	)

The sensitivity of profit or loss to changes in the exchange rates arises mainly from U.S. Dollar denominated financial instruments and the impact on other components of equity arises from foreign forward exchange contracts designated as cash flow hedges though its joint ventures.

A reasonably possible strengthening (weakening) of the Real to U.S. Dollar and Euro at March, 2019 would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. Stressed scenarios (positive and negative effects, before tax effects) were defined based on changes of a 25% and 50% to the U.S. Dollar and Euro (E$) exchange rates used in the probable scenario. The Company’s exposure to foreign currency changes for all other currencies is not material.

						Variation scenario
Instrument	Risk factor		Probable			25%			50%			-25%			-50%
Cash and cash equivalents		U.S.$ fluctuation		(23,841	)		170,373			340,749			(170,373	)		(340,749	)
Trade receivables		U.S.$ fluctuation		(1,145	)		8,186			16,372			(8,186	)		(16,372	)
Trade payables		U.S.$ fluctuation		2,158			(15,421	)		(30,841	)		15,421			30,841
Exchange rate derivatives		U.S.$ fluctuation		(459,619	)		3,173,696			6,347,390			(3,173,696	)		(6,347,390	)
Loans, borrowings and debentures		U.S.$ fluctuation		446,815			(3,309,689	)		(6,619,377	)		3,309,689			6,619,377
Contingent consideration payable		U.S.$ fluctuation		2,449			(17,505	)		(35,009	)		17,505			35,009
Impacts on profit or loss				(33,183	)		9,640			19,284			(9,640	)		(19,284	)

The probable scenario considers the estimated exchange rates, made by a specialized third part, at the due date of the transactions for the companies with functional currency Real (positive and negative, before tax effects), as follows:

	Exchange rate sensitivity analysis (R$/US$) and (R$/Euro)
	March 31, 2019		Scenario
			Probable		25%		50%		-25%		-50%
U.S.$		3.8967		3.7500		4.6875		5.6250		2.8125		1.8750
Euro		4.3760		4.4600		5.5750		6.6900		3.3450		2.2300

F-49

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

ii. Interest rate risk

The Company and its subsidiaries monitor the fluctuations in variable interest rates in connection with its borrowings, especially those that accrue interest using LIBOR, and uses derivative instruments in order to minimize variable interest rate fluctuation risks.

A sensitivity analysis on the interest rates on loans and borrowings in compensation for the CDI investments with pre-tax increases and decreases of 25% and 50% is presented below:

	March 31, 2019
Exposure interest rate	Probable			25%			50%			-25%			-50%
Cash and cash equivalents		245,875			61,468			122,931			(61,468	)		(122,931	)
Marketable securities		184,226			46,057			92,113			(46,057	)		(92,113	)
Contingent consideration asset		4,256			1,062			2,131			(1,062	)		(2,131	)
Restricted cash		8,393			2,098			4,197			(2,098	)		(4,197	)
Leases		(15,710	)		(3,124	)		(6,248	)		3,124			6,248
Derivative financial instruments		(362,910	)		(1,233,177	)		(2,306,744	)		1,429,960			3,081,216
Loans, borrowings and debentures		(1,049,093	)		(159,575	)		(286,223	)		159,575			286,479
Impacts on profit or loss		(984,963	)		(1,285,191	)		(2,377,843	)		1,481,974			3,152,571

The probable scenario considers the estimated interest rate, made by a specialized third part and Central Bank of Brazil (Banco Central do Brasil), or BACEN, as follows:

	Probable			25%			50%			-25%			-50%
SELIC		6.65	%		8.31	%		9.98	%		4.99	%		3.33	%
CDI		6.65	%		8.31	%		9.98	%		4.99	%		3.33	%
TJLP462 (TJLP + 1% p.a.)		6.80	%		8.25	%		9.70	%		5.35	%		3.90	%
TJLP		5.80	%		7.25	%		8.70	%		4.35	%		2.90	%
IGPM		3.38	%		4.23	%		5.07	%		2.54	%		1.69	%
IPCA		3.70	%		4.63	%		5.55	%		2.78	%		1.85	%
Fed Funds		2.40	%		3.00	%		3.60	%		1.80	%		1.20	%
Libor		2.38	%		2.98	%		3.57	%		1.79	%		1.19	%

b) Credit risk

The Company’s regular operations expose it to potential defaults when customers, suppliers and counterparties are unable to comply with their financial or other commitments. The Company seeks to mitigate this risk by entering into transactions with a diverse pool of counterparties. However, the Company continues to remain subject to unexpected third party financial failures that could disrupt its operations. The exposure to credit risk was as follows:

	March 31, 2019		December 31, 2018
Cash and cash equivalents		4,661,559		3,621,798
Trade receivables		1,892,306		1,588,192
Marketable securities		2,769,792		4,202,835
Derivative financial instruments		2,769,460		2,548,857
Receivables from related parties		137,097		135,070
Dividends receivable		14,797		27,320
Restricted cash		126,219		115,124
		12,371,230		12,239,196

F-50

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

The Company is also exposed to risks in connection with its cash management activities and temporary investments.

Liquid assets are invested primarily in government security and other investments in Banks with a minimum grade of “A.” Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in accordance with the Company’s policy.

Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed on an annual basis and may be updated throughout the year. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through potential counterparty’s failure to make payments. The credit risk on cash and cash equivalents, marketable securities, restricted cash and derivative financial instruments are determined by rating instruments widely accepted by the market and are arranged as follows:

	March 31, 2019		December 31, 2018
AAA		8,010,326		8,911,418
AA		2,318,715		1,577,196
	10,329,041		10,488,614

c) Liquidity risk

The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

The financial liabilities of the Company sorted by due dates (based on undiscounted cash flows contracted) are as follows:

	March 31, 2019															December 31, 2018
	Up to 1 year			1—2 years			3—5 years			More than 5 years			Total			Total
Loans, borrowings and debentures		(3,828,654	)		(4,251,407	)		(12,104,548	)		(13,528,393	)		(33,713,002	)		(31,569,411	)
Trade payables		(1,984,966	)		—			—			—			(1,984,966	)		(1,923,920	)
Other financial liabilities		(358,644	)		—			—			—			(358,644	)		(455,702	)
Tax installments—REFIS		(12,247	)		(6,948	)		(10,976	)		(200,051	)		(230,222	)		(232,358	)
Leases		(450,534	)		(420,776	)		(1,089,359	)		(1,106,650	)		(3,067,319	)		(837,662	)
Derivative financial instruments		101,984			(84,602	)		181,201			2,199,268			2,397,851			3,453,882
Payables to related parties		(379,616	)		—			—			—			(379,616	)		(355,971	)
Dividends payable		(184,917	)		—			—			—			(184,917	)		(187,415	)
		(7,097,594	)		(4,763,733	)		(13,023,682	)		(12,635,826	)		(37,520,835	)		(32,108,557	)

22 Post-employment benefits

	March 31, 2019		December 31, 2018
Futura		77,174		75,298
Futura II		214		252
Comgás		508,124		504,320
		585,512		579,870

During the period ended March 31, 2019, the amount of sponsor contributions to the plans was R$8,462 (R$7,442 on March 31 2018).

F-51

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

23 Share-based payment

The Company and its subsidiaries have two active share-based payment plans. (i) “Stock Option Plan” provides the distribution of stock options to executives of the Company and its subsidiaries. (ii) “Stock-Based Compensation Plan” provides the granting of shares to the Company’s officers and employees.

The plans have been administered by the Board of Directors, at its option, by a Committee, within the limits established in the guidelines for the elaboration and structuring of each plan and in the applicable legislation.

The detail of plans, including the quantity of granted shares and expected life in years is as follow:

Type of award / Grant date	Company		Expected life (years)		Granted
Stock option programs
August 18, 2011—(A)		Cosan S.A.		1 to 7		4,825,000
August 18, 2011—(B)		Cosan S.A.		1 to 12		5,000,000
December 12, 2012—(C)		Cosan S.A.		1 to 7		700,000
April 24, 2013		Cosan S.A.		5 to 7		970,000
April 25, 2014		Cosan S.A.		5 to 7		960,000
August 31, 2015		Cosan S.A.		5 to 7		759,000
						13,214,000
Stock grant programs
April 27, 2017		Cosan S.A.		5		274,000
July 31, 2017		Cosan S.A.		5		298,107
July 31, 2018		Cosan S.A.		5		210,602
April 20, 2017		Comgás		5		61,300
August 12, 2017		Comgás		5		97,780
August 1, 2018		Comgás		5		96,787
August 18, 2017		Cosan Limited		5		2,053,632
October 1, 2015		Rumo S.A		5		1,485,900
January 2, 2017		Rumo S.A		5		1,476,000
September 1, 2017		Rumo S.A		5		870,900
August 1, 2018		Rumo S.A		5		1,149,544
						8,074,552
Cash-settled transactions
September 21, 2017		Cosan Limited		5		255,000

a) Reconciliation of outstanding share options

The movement in the number of awards outstanding and their related weighted-average exercise prices are as follows:

	Stock option programs		Stock grant programs			Total			Weighted-average exercise price
At December 31, 2018		5,029,000		5,695,601			10,724,601			33.77
Vested		—		(31,515	)		(31,515	)		—
Cancelled		—		(50,028	)		(50,028	)		—
At March 31, 2019		5,029,000		5,614,058			10,643,058			36.19

F-52

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

b) Expense recognized in profit or loss

Share-based compensation expense included in the statement of profit and loss for the period ended March 31, 2019 and 2018 was as follows:

	Stock option programs		Stock grant programs		Total
Period ended March 31, 2018		1,706		11,343		13,049
Period ended March 31, 2019		814		14,424		15,238

24 Subsequent events

24.1 Dividend distribution of Cosan S.A.

On April 26, 2019, the Ordinary and Extraordinary General Meeting, of the subsidiary Cosan S.A, approved the distribution of mandatory minimum dividends in the amount of R$392,426.

24.2 Capital increase of Cosan S.A.

On April 26, 2019, the Ordinary and Extraordinary General Meeting approved the increase of the Cosan S.A’s share capital in the amount of R$626,738, without the issuance of new shares, by converting the existing balance of the Legal reserve and part of the existing balance of capital reserve and retained earnings reserve.

24.3 Cancellation of treasury shares of Cosan S.A.

On April 26, 2019, it was ratified at the Ordinary and Extraordinary Shareholders’ Meeting and the cancellation of 9,000,0000 shares issued by the Company that were held in treasury, previously performed by the Board of Directors on March 26, 2019.

24.4 Capital increase – Comgás—goodwill reserve

On April 25, 2019, the Ordinary and Extraordinary General Meeting approved the increase of the Comgás share capital in the amount of R$56,276, through the capitalization of the Special Goodwill reserve.

24.5 Capital increase – Comgás – legal reserve

On April 25, 2019, the Ordinary and Extraordinary General Meeting approved the increase of the Comgás share capital in the amount of R$300,007, through the capitalization of the Legal reserve.

24.6 Cancellation of treasury shares of Cosan Limited

On April 24, 2019, the Company announced the cancellation of 32,239,807 Class A common shares held in treasury, representing 11.91% of Cosan Limited’s share capital. After the cancellation, remaining142,115,534 total Class A common shares.

24.7 Voluntary public tender offer for the acquisition of common shares issued by its subsidiary Comgás

On April 30, 2019, Cosan S.A. announces a voluntary public tender offer (“Voluntary TO ON”) for the acquisition of common shares issued by its subsidiary Comgás, at the price of R$82.00 (eighty two Reais) per share. The Voluntary TO ON object will be the acquisition of up to all outstanding common shares issued by Comgás and traded on B3, currently amounting to 2,683,835 common shares, accounting for 2.03% of the total capital stock of Comgás, on the condition that two thirds (2/3) of all shareholders of outstanding common shares adhere to it. The Voluntary TO ON will not be registered at the CVM and will not require cancellation of Comgáss registration as issuer of Category A securities.

F-53

Cosan Limited

Notes to the interim consolidated financial statements

(In thousands of Brazilian Reais - R$, unless otherwise stated)

Cosan S.A. also signed, on this date, a private agreement with shareholders of 1,700,795 common shares issued by Comgás, under which Cosan undertakes to acquire, and the shareholders undertake to sell, all said common shares under the Voluntary TO ON. The common shares subject to this private agreement account for approximately 63.37% of the Comgás’s outstanding common shares.

25 New standards and interpretations not yet effective

The following new standards, interpretations and amendments were issued by the IASB, but are not effective for annual periods beginning after January 1, 2019. Although early adoption is permitted, the Company did not adopt them in advance in the preparation of these interim consolidated financial statements.

25.1 IFRS 17 Insurance Contracts

This standard introduces a new model for accounting for insurance contracts. IFRS 17 is effective for reporting periods beginning on or after January 1, 2021, with comparative figures required. Based on preliminary work we estimate the impact will be immaterial, we are in the process of reviewing our existing arrangements to determine the impact on adoption.

No other new accounting standards issued or in force during the fiscal year had or should have a material impact on these interim consolidated financial statements.

F-54

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 15, 2019

COSAN LIMITED
By:	/s/ Marcelo Eduardo Martins
	Name: Marcelo Eduardo Martins Title: Chief Financial and Investor Relations Officer