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Cosan Limited

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In the last three months, Cosan's American Depository Receipts (ADR) has outperformed the industry. We believe that Cosan constantly strives to improve its production capabilities and services to capitalize on the growing sugar and ethanol demand. Its strategy of expanding its network of service stations and acquiring meaningful businesses aided growth over time. Exiting third-quarter 2017, the company had 6,138 Shell branded service stations. For the crop year April 2017-March 2018, the company anticipates volume of sugarcane crushed to be within 59-63 million. Sugar volume produced is likely to come in a range of 4.3-4.7 million tons.

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