London and São Paulo, February 1, 2010 – Shell International Petroleum Company
Limited (Shell) and Cosan S.A. (Cosan) announced today they have signed a non-binding
memorandum of understanding (MoU), with the intention to form a circa $12 billion
joint venture (JV) in Brazil for the production of ethanol, sugar and power, and the
supply, distribution and retail of transportation fuels.

Under the terms of the MoU, both companies would contribute certain existing Brazilian
assets to the JV (see notes to editors). In addition, Shell would contribute a total of $1.625
billion in cash, payable over two years.


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