Institutional Presentation Sep 2020 Connecting Brazilian agribusiness to rising global demand already accounts for 40% of global grain trade

RELIABLE INFRASTRUCTURE TO INCREASE COMPETITIVENSS BASE SCENARIO POPULATION GROWTH AND HIGHER GRAIN PRODUCTION TO URBANIZATION TO INCREASE GUARANTEE GLOBAL FOOD SUPPLY PROTEIN CONSUMPTION

Corn Soybean GRAINS GLOBAL DEMAND INVESTMENTS More efficiency and 316 mln ton productivity on the field

BRAZILIAN EXPORTS 117 mln ton

Major exporters Major importers INCREASE FOOD EXPENDITURE New agriculture frontiers BETTER PLANNING Rumo Geographic footprint, assets and products transported

 Brazil’s largest independent railway operator  13,470 km rail line distributed among 5 concessions  Present in 8 Brazilian states: MT, MS, SP, PR, SC, RS, TO, GO  Present in Brazil’s 3 key export corridors

AC TO RO MT Porto Nacional  Concession of 2 port terminals in Santos-SP BA 1  Rolling stock: ~1,200 locomotives and 33,000 railcars Rondonópolis GO 3

MG ES MS Pulp & PaperOther Sugar 4% 1% SP 5% RJ Container PR 4 2 PORT OF SANTOS 5% PORT OF PARANAGUÁ SC PORT OF SÃO FRANCISCO Corn PRODUCTS Fertilizer 33% RS TRANSPORTED 6% PORT OF RIO GRANDE Fuel North Operation 8% 1 North and Paulista Networks South Operation 2 South and West Networks Soybean meal Central Operation 11% 3 Central Network Soybean 27% 4 Port Elevations Operational and Financial Results Operational Results Safe and efficient growth

Volume Diesel LTIFR* (RTK Bln) (Liters/1000 RTK)

 Solid Reduction ~BRL 150 mln / year savings 3.20  Better than the average Class +34% railways I in the USA [0.20] 60.1

-21% 2,06 44.9 5.0 2,07 3.9

0,82 0,39 0,25 0,13

2013 2014 2015 2016 2017 2018 2019 2015 2019 2015 2019

*Lost Time Injury Frequency Rate Financial Results Higher profitability and lower leverage

EBITDA & Margin Indebtedness Net Income Cash Generation (BRL mln and %) (Comprehensive Net Debt (BRL mln) (BRL bln) (BRL bln)/ EBITDA)

54% 786 5,1x 40% 4,4x 0.7 2,6x 3.829 2,2x 1,8x +100% 9,9 8,9 1.918 7,2 7,2 6,7

-1.1 -458

2015 2019 2015 2016 2017 2018 2019 2015 2019 2015 2019 Market Recognition Stock performance

RAIL3 – Performance (BRL/share) Market cap (BRL bln) 20.44

38.0 17.00 14.54 26,5 10,33 7.19

1.5 4,2

Feb-16 Jul-16 Jan-17 Mar-18 Dec-18 Sep-20 Feb-16 Dec-18 Sep-20 Growth Strategic Framework Our Roadmap

Growth Efficiency Customers People

Key success factors: SAFETY | INNOVATION | SUSTAINABILITY Increasing footprint Rumo to reach 80% of grains exporting areas

RUMO “AS IS” RUMO “TO BE” 26% of brazil grain exports 35% of brazil grain exports

Brazil’s largest grain exporting states in 2019 (mln ton) 50,3 TO AC AC TO 1 Porto Nacional RO (38%) RO MT Porto Nacional Lucas do Rio Verde MT BA BA 2 Rondonópolis GO Anápolis Rondonópolis GO 17,8 Chapadão do Sul MG ES 14,6 MG ES MSEstrela d’Oeste Fernandópolis MS Votuporanga Barretos 11,9 Pradópolis (13%) Op. Norte SP Araraquara 6,4 5,8 Maracajú SP Jaú Itirapina RJ (11%) RJ Op. Sul Sumaré (9%) 3 Guaíra PR PR PORTO DE SANTOS (5%) (4%) PORTO DE SANTOS Cascavel PORTO DE PARANAGUÁ FERROESTE PORTO DE PARANAGUÁ SC PORTO DE SÃO FRANCISCO SC PORTO DE SÃO FRANCISCO

RS MT PR RS GO MS SP RS 1St 2nd 3rd 4th 5th 6th PORTO DE RIO GRANDE PORTO DE RIO GRANDE States that are or will be served by Rumo North Operation Accretive network extension

RELIABLE LOGISTICS FOR MT

MATO GROSSO EXPORTS Lucas do Rio Verde 68,8 +37% 50,3 Nova Mutum A 43,4 MT

Rondonópolis B

2018 2019 2028 Source: MAPA – Ministry of Agriculture, Livestock and Food Supply of Brazil A Future Nova Mutum terminal B Rondonópolis expansion  Environmental licenses requested  Improving commercial strategy with multiple terminals  High returns on additional volume South Operation New opportunities grounded on Ferroeste deal

West PR grain production (mln ton) MS grain exports (mln ton) 7,7 7,9 6,1 6,3

2018 2019 2018 2019

Source: Agroconsult Source: Agroconsult

Signed agreement with Ferroeste:  State-owned railway serving west Paraná Rumo network  Ferroeste network Access with new locomotives and passthrough fee Ferroeste extension  Possible extension to MS southern area Central Operation Accessing new markets

Addressable market Grains export (mln ton)  Cargo diversification Goiás 25,1 Tocantins  Operational synergies 15,2 13,2 20.4  Higher ROI on lower cost of capital 10.5 12.2 2.7 3.0 4.7 2018 2028 Base 2028 Optimistic Investments scenario scenario Source: MAPA - Ministry of Agriculture, Livestock and Food Supply of Brazil already started: Rio Verde grain terminal:

Rio Verde - GO Container Operation Growing fast with profitability

Volume (RTK) EBITDA Margin (%) Higher capacity and efficiency

2.766 2.305 17.6% 10.0% 5.2%

2018 2019 2018 2019 4Q19

Business Strategy: Diversified customers and cargoes

 Improved profitability  More volume: double stack railcars  Huge market opportunity  Assortment of cargo/customers Cargo diversification Market opportunities well beyond grains

Sugar 2019 exports Fuel Brazil 17,8

Rumo Area 14,0 5,8 Sugar Served by Rumo 4,3 4,3 9.7 Opportunity 3,1 Pulp Pulp 2019 exports Rumo 2019 Brazil 15,3 Volume 2,8 Iron ore (mln ton) 2,8 Rumo Area 8,4 Grains 34,9 2,8 Fertilizers Served by Rumo 3,1 5.3 Opportunity Containers 1,2 Fertilizers 2019 imports Others Brazil 31,1

Rumo Area 19,8

Served by Rumo 2,8 17.0 Opportunity Operational efficiency More efficient trains: higher capacity with lower fuel consumption

Fuel consumption (Liters/GTK ‘000) 120 train in North Operation 4,8 -18% 3,9

Double stack railcars Trip optimizer roll-out 2016 2019

Operational efficiency:  Longer train in North Operation +5% reduction  Double stack railcars for containers fuel consumption  Trip optimizer: more fuel efficiency Operational Efficiency Every hour matters: AI + Machine learning 1 hour = BRL 23 MM/year Network Network optimization AI Scheduling

Yard  Transit time Rondonópolis  Santos = 90h

 Train stopped half of the time: Yards optimization - Crossovers Trip optimizer - Dwell time - Anomaly Customers

As logistics expand RUMO should FARMERS TRADINGS COOPERATIVES INDUSTRIES become more commercial oriented Broader customer perspective

Making difference in the value chain

CAPACITY NEW GEOGRAPHYS ASSORTMENT PARTNERSHIP MARKET INTELLIGENCE INNOVATION People DIFERENT SKILLS DIVERSITY TALENT ATRACTION DEVELOPMENT

Developing and attracting people to support our Transformational project for logistics in Brazil growth

High growth / Different geographies / New competences

LEADERSHIP BRANDING CULTURE PERFORMANCE ESG Safety - LTIF

24% reduction of CO emission 3.20 2  Consistent performance since 2016 over years  Better than average of Class I Railways in US [0,20] CDP participant 2.07 2.06

Compliance with GRI methodology 0.82 0.39 Participant company 0.25 0.13

2013 2014 2015 2016 2017 2018 2019 First participation in 2020

Note: LTIF = “Lost Time Injury Frequency”, measured by the number of accidents with leave by the total hours worked with risk exposure (in millions hours) Final Remarks

Safety is our license to operate People committed to the improvement of Brazilian logistics Building value with customers High operational efficiency to capture market growth Return to shareholders with capital discipline Appendix Timeline Rumo & ALL Rumo & ALL Rumo is created agreement Rumo TPG and Gávea 2008 2009 capitalization Rumo issues 2010 Rumo wins 1st green North- bond of Latin Proposal to merge South America 2nd capital Rumo & ALL Rumo & ALL railway railways increase 2014 merger is auction concluded 2015 2017 2019 Jun/20

Rondonópolis ALL is created ALL IPO Project 2018 May/20 Aug/20 1999 2004 2008 2016 1st capital Net income Renewal of 3rd capital increase generation Paulista increase Network 2013 Rondonópolis project is concluded 1999 2006 2010 Brazilian rail system Brasil Ferrovias ALL joins is privatized acquisition Novo Mercado Corporate Structure