Cosan S A : Demonstrações Financeiras em Padrões Internacionais - Versão em Inglês

Cosan S.A.

Financial statements as of

(Free translation from the original prepared in Portuguese)

December 31, 2021

Contents

Independent auditor's report on individual and consolidated financial statements ....................	3
Statement of financial position .................................................................................................	12
Statement of profit or loss ........................................................................................................	14
Statement of other comprehensive income ..............................................................................	15
Statement of changes in equity ................................................................................................	16
Statement of cash flows ...........................................................................................................	18
Statement of value added ........................................................................................................	21
Notes to the financial statements .............................................................................................	22

São Paulo Corporate Towers

Av. Presidente Juscelino Kubitschek, 1.909 Vila Nova Conceição

04543-011 - São Paulo - SP - Brasil

Tel: [phone] ey.com.br

Independent auditor's report on individual and consolidated financial statements

To the Shareholders, Board of Directors and Officers

Cosan S.A.

São Paulo - SP

Opinion

We have audited the individual and consolidated financial statements of Cosan S.A. ("Company"), identified as Individual and Consolidated, respectively, which comprise the statement of financial position as at December 31, 2021, and the respective statements of profit or loss, of comprehensive income, of changes in equity, and of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the financial statements referred to above present fairly, in all material respects, the individual and consolidated financial position of the Company as at December 31, 2021, and its individual and consolidated financial performance and cash flows for the year then ended, in accordance with accounting practices adopted in Brazil and with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

Basis for opinion

We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the individual and consolidated financial statements section of our report. We are independent of the Company and its subsidiaries in accordance with the relevant ethical principles set forth in the Code of Professional Ethics for Accountants and the professional standards issued by Brazil's National Association of State Boards of Accountancy (CFC), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for audit opinion.

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Emphasis of matter

Restatement of earnings per share and disclosure of operating segments

As mentioned in Note 17, as a result of the stock split, the Company adjusted the earnings per share and the respective explanatory notes corresponding to the year ended December 31, 2020, as provided for in NBC TG 41 - Resultado por Ação (IAS 33 - Earnings per share). Additionally, as mentioned in Note 4, as a result of the change in the operating segment structure, the Company adjusted the disclosure of operating segments for the year ended December 31, 2020, as provided for in NBC TG 22 - Informações por Segmento (IFRS 8 - Operating segments). Our opinion is not modified in respect of these matters.

Key audit matters

Key audit matters are those that, in our professional judgment, were of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the individual and consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide an individual opinion on these matters. For each matter below, our description of how our audit addressed the matter, including any commentary on the findings or outcome of our procedures, is provided in that context.

We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the individual and consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the Company's financial statements.

Recognition of unbilled revenue from supply of gas

As mentioned in Notes 5.3 and 18 to the financial statements, unbilled revenue from supply of gas refers to the portion of gas supplied for which metering and billing to customers have not yet taken place. This amount is estimated by the Company based on the period between the date of the last measurement and the last day of the month. In the year ended December 31, 2021, total unbilled revenue and the respective accounts receivable balance, on this same date, is R$975,588 thousand.

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The monitoring of this matter was considered significant for our audit due to the materiality of the amounts involved in relation to the accounts receivable balance and the matching entry in profit or loss, in addition to the uncertainties inherent in determining the estimate of the amounts recorded, given the use of information by segment of customers with different tariffs, and the degree of management's judgment in allocating the volume of gas distributed by segment. A change in any of these assumptions could have a significant impact on the Company's consolidated financial statements.

How our audit addressed this matter:

Our audit procedures included the following, among others: (i) understanding of the internal control environment related to the allocation of estimated volumes of gas by segment and the respective tariffs for each segment, in accordance with the regulated tariffs; (ii) evaluation of the design of internal controls implemented by the Company to ensure the proper recording of revenue transactions; (iii) the involvement of more experienced audit professionals in defining the testing strategy, evaluating supporting audit documentation, and supervising the audit procedures performed.

We also i) documented, on a sampling basis, the information that feeds the calculation for allocation of the volume of gas supplied by segment; ii) performed the recalculation of unbilled revenue from supply of gas by segment, including an evaluation of the key assumptions used; iii) made an independent estimate of the allocation of the volume of gas between the segments considering the consumption history at the end of the period and the comparison with the estimated volume by segment calculated by the Company; iv) compared, on a sampling basis, the tariffs used to measure revenue by segment with the tariffs determined by the regulatory agency; v) compared the average consumption assumption estimated by the Company with the actual average consumption referring to the billing of the subsequent cycle occurring in January 2022; vi) carried out analytical procedures to develop an independent expectation based on the historical behavior of the balances under analysis; vii) reconciled the balance of unbilled revenue from supply of gas with accounting records; and (viii) analyzed the accuracy of the arithmetic calculations. Lastly, we evaluated the adequacy of disclosures in Notes 5.3 and 18 to the financial statements as of December 31, 2021.

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