Comgás is Brazil's largest natural gas distributor, serving over 1 million customers across 177 cities. It has experienced significant growth since being privatized in 1999, increasing revenues 23% annually. In 2011, Comgás connected over 69,000 new meters, expanded its pipeline network by over 1,100 km, and invested a record R$510 million. Financially, Comgás grew revenues 0.2% in 2011 while reducing costs 16.3%, increasing EBITDA 27.2% and net income 19.3% over 2010. Operationally, distribution volume grew 3.8% excluding thermal generation contracts.

1. 1
Institutional Presentation
Financial and Operational Results
December 31, 2011

2. Company Overview

3. History
3
1872: The British company San Paulo Gas receives
authorization to explore the concession of public services of
ilumination in São Paulo;
1912: The Canadian company Light assumes ownership;
1959: The company is nationalized and renamed Companhia
Paulista de Serviços de Gás (Comgás);
1968: The joint-stock company is incorporated under the control of the city government
and is named Comgás;
1984: Comgás is taken over by Companhia Energética de São Paulo (CESP), the state-
owned power utility;
1996: The company goes public and is traded on the São Paulo Stock Exchange (Bovespa)
beginning in 1997;
1999: PRIVATIZATION: The consortium formed by British Gas and Shell obtain a controlling stake in Comgás;
2010: Comgás is consolidated as Brazil’s largest natural gas distributor responsible for more than 30% of the sales of
natural gas in the country;
2011: Comgás reached customer 1,000,000.

4. A Comgás é uma Companhia Regulada ...Comgás Highlights
4
Premium asset located
in a strategic concession
area
Substantial growth in the
residential segment
Diversified client base
Impressive track record:
Significant growth with
profibility and sound
capital structure
Solid regulatory framework
and transparent concession
scheme
Favorable prospects
for natural gas in
Brazil

5. 177 Cities
27% of Brazil’s GDP
Área de concessão
Segments (December 2011)
Residential: 1.088 thousand householders
Commercial: 10.4 thousand meters
Industrial: 1.002 meters
Cogeneration : 23 meters
Thermal Generation : 2 plants
NGV: 357 gas stations
Gas Brasiliano
PresidentePresidente
PrudentePrudente
AraçatubaAraçatuba
S.J. RioS.J. RioPretoPreto
MaríliaMarília
BauruBauru
CentralCentral
(Araraquara)(Araraquara)
RibeirãoRibeirãoPretoPreto
FrancaFrancaBarretosBarretos
Natural Gas
SPS
RegistroRegistro
SorocabaSorocaba COMGÁS
Concession Area
5
Concession Area Advantages
Pipeline intersection (GASBOL, GASAN, GASPAL)
Short distance to supply (Santos Basin)
High demographic density
Population 29.6 Mi
Homes 8.2 Mi
Vehicles 10.0 Mi
POTENTIAL (approximate data)

6. Comgás’ main shareholder is Integral Investments, in which BG Group and Shell Group hold 83.5% and
16.5% of shares respectively:
Comgás: uma combinação de competências e princípiosComgás: Combination of Strength and Principles
SHELL BRAZIL
HOLDING BV
6.34%
INTEGRAL
INVESTMENTS BV
71.91%
SHELL GAS BV
16.49%
BG SÃO PAULO
INVESTMENTS BV
83.51%
OTHERS
(free float)
21.75%
6
Operating in Brazil since 1994:
Operations in more than 20
countries. Experience in Exploration
& Production, Liquefied Natural Gas,
Transmission & Distribution and
Power Generation.
Operating in Brazil since 1913:
Experiencie in Distribution of
Petroleum Components, Operations
in the Gas Sector, Power &
Exploration and Offshore Production.

7. Regulated framework
7
Note: With the opening trading, in 2011, the users with consumption over 300,000 m3/month are considered potentially free.
Market Customers
Residential and Commercial
(small volumes)
Trading and distribution during the concession period
Other Markets Customers
(large volumes)
Trading up to 12 years (starting on contract subscription
date) and distribution for the entire concession period
Production and Transportation:
ANP (Federal Parts)
..................
Distribution:
ARSESP (Government Parts)
www.arsesp.sp.gov.br
As a public service provider, Comgás’ activities
are regulated by ARSESP, a government
institution of São Paulo State, which delegated
to Comgás a 30-year term, starting in May 1999
for public service exploration with a one-time
renewal possibility for 20 more years.
REGULATED PRICES AND TARIFFS RULES

8. Tariff Settlement Process
8
Maximum Margin Review
•Considering the WACC over
the Regulatory Asset Base +
Investments
•Operational Costs
•Depreciation
•Sales Volume
Maximum Pre-defined
Tariffs
(discounts may be applied)
• Initial Tariff Structure
includes:
Tariffs Readjustments
•Annual Margin adjustment
by inflation index (IGPM)
excluding the X Factor and
the K Factor:
•Gas Costs pass through
(comoddity & transport)
every May 31st (or
eventually before, as
defined by the regulator).
In Tariff Reviews, The X
Factor and The K Factor
are also Defined
• X Factor: Fixed efficiency factor
to be considered in the PO annual
update. In this 3rd tariff cycle, the
X Factor was set at 0.82 per year.
•K Factor: Adjustment factor that
compensates deviations from the
maximum margin earned
regarding the maximum margin
permitted. The K Factor was set
at 0.006453 R$/m3 in the 2nd year
of the 3rd cycle.
The Concession Agreement foresees tariff reviews every 5 years
P gas + P transport +
Maximum Margin Average (P0)
= Tariff
P0 * (IGPM – X Factor) + K Factor
Tariff review for the 3rd Cycle (2009-2014):
P0 established in 0.3052 R$/m3
Commercialization Margin set at 1.9%

9. Firm GSA: The daily quantity of Bolivian gas contracted is 8.75 million m³/day. This quantity will reduce periodically until the volume of 8.10 million m3/day is
reached in August 2012.
Interruptible Agreement: The daily quantity contracted is of 4.27 million m³/day. This quantity will raise periodically until the volume of 5.22 million m³/day
is reached in August 2012.
Firm Flexible Agreement: Under this type of agreement, Petrobras supplies natural gas or indemnifies clients for the additional costs incurred due to the
consumption of an alternative fuel. Petrobras may decide to interrupt gas supply, but without any risk of there not being an alternative fuel available for
Comgás clients. All financial impacts incurred to Comgás and to clients due to this sort of operation will be covered by Petrobras.
Fornecimento de Gás Natural: CONTRATOSNatural Gas Supply: Contracts
9

10. 1999 2011 CAGR
(1999 - 2011)
R$ 341mm Net Revenue R$ 4,102mm 23%
1.3 bi m3 Volume 4.8 bi m3 11%
R$ 50mm CAPEX R$ 510mm 21%
2,500 km Network 8,000 km 10%
17 # Municipalities 70 12%
314,034 # Meters 836,222 8%
10
Growth since Privatization

11. Industrial Segment
Comgás is present in all of the relevant industries in the concession area;
A diversified customer base with more than 1,000 corporate clients;
A multi-use product: from the production of heat and low-pressure steam to more complex
processes;
Many advantages compared to other fuels:
No storage requirements
Environmental issues
Guarantee of supply
Low operational costs
Growth Strategy:
Maintain a strong consumer base with future growth in line with growth in GDP / industrial
production
Approach small and medium enterprises (SMEs) to anchor expansion projects
Bring new industrial corporate clients into the concession area
Description
11

12. Residential Segment
Key growth strategy for Comgás:
Geographic expansion, capturing the existing potential and maintaining the connection level
around 100,000 clients per year
Increase average unit consumption by optimizing and expanding customer base
High potential market, with growth driven by:
New real estate developments
Gas conversions in residences
Large customer base with more than 1 million residential clients;
Alternative for LPG and electricity
Description
12

13. Natural gas vehicle (NGV) may be used as fuel for both individual and mass transportation;
Stands out for savings and environmental benefits:
Currently, it is more cost competitive than gasoline and ethanol
Strong economic benefit for heavy users
Comgás is currently working with the government to implement public policies that should
benefit the sector:
Fiscal incentives (IPVA reduction)
Public transportation policy
Growth Strategy:
Project in development: use of NGV in public transportation and other heavy users
Description
Natural Gas Vehicle (NGV) Segment
13

14. Other Markets
More than 10.3 thousand clients;
Focus on medium and large establishments;
Growth platform integrated with the expansion of
the residential segment;
New applications have a high development
potential:
Emerging market with high consumption
potential
Structure dedicated in developing non
conventional application development:
acclimatization, commercial cogeneration
and generation during peak hours
Commercial Thermal Generation and Cogeneration
Thermal Generation:
Demand depends on the level of thermal
dispatch (determined by the government)
Back to back gas contracts
Cogeneration:
Industrial strategic decision aiming
efficiency and energy security in the
medium and long term
Sustainable growth depends on firm gas
supply and price visibility vis-a-vis
electricity
Market with a high potential development
14

15. Financial and Operational Highlights

16. 16
Segments
Volume (in millions of m3)
CAGR
10.1%
Industrial Segment: Diversified Portfolio (2011)
1,676 2,243 2,952 3,418 3,812 4,342 4,761 5,069 5,253 4,261 4,910 4,835

17. 17
Financial Graphics (in millions of R$)
NOTE: The Calculation of the CAGR is Based on the Use of Previous Accountability
1.676
2.243
2.952
3.418
3.812
4.342
4.761
5.069
5.253
4.261
4.910
4.779
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Volume
IFRS
Previous Accountability
CAGR
23.7%
107 177
347 330
549
668
860 925
1,035
838
928
1,107
1,363
1,182
716
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
EBITDA

18. 18
Financial Graphics (in millions of R$)
NOTE: The Calculation of the CAGR is Based on the Use of Previous Accountability
1.676
2.243
2.952
3.418
3.812
4.342
4.761
5.069
5.253
4.261
4.910
4.779
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Volume
IFRS
Previous Accountability
IFRS
Previous Accountability
CAGR
24.2%
107
177
347 330
549
668
860
925
1.035
838
928
1.107
1.363
1.182
716
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
LAJIDA

19. 19
Highlights – December 2011
Record Expansion: More than 1.1 thousand kilometers of network installed during the period;
Strong growth in Comgás client base, more than 69 thousand meters connected in 2011;
Record investments of R$ 510 million during the year;
R$ 450 million were declared throughout the year in the form of dividends and interest on equity;
The rating agency, Moody’s, confirmed a Baa3 issuer rating in local currency on the global scale and
Aa1.br issuer rating on the national scale;
Possibility of migration to Bovespa's Novo Mercado, corporate governance highest, which was
announced by the Company at the end of the year through a Relevant Fact;
Extraordinary Readjustment: ARSESP (Regulatory Agency), readjusted Comgás’ tariff’s from 3.27% to
11.20% according to the segment and consumed volume. There was no tariff readjustment for
residential costumers.

20. Operational Performance
20
 Continuous growth in the residential segment,
more than 109 thousand householders
connected this year;
 Bigger diversification of natural gas applications
in the commercial segment (acclimitization);
 Sales volume reached an average distribution
of 13 million m³/day;
 Total volume grew 3.8% without considering
the thermal generation segment (back to back
contracts).
3.8%
2.1%
Volume without
Thermal Generation
(in millions of m3)
4Q10 4Q11 2010 2011

21. 756,080
977,750
9,760 982 2 23 367
767,214
824,457
1,087,705
10,381 1,002 2 23 357
836,222
RESIDENTIAL UDA's COMMERCIAL INDUSTRIAL THERMALGENERATION COGENERATION AUTOMOTIVE TOTAL
2010 2011
9.0%
11.2%
6.4% 2.0% 0% 0% -2.7%
9.0%
21
Meters per Segment
(Householders)

22. 22
Volume per Segment (In thousands of m³)
*Excluding Thermal Generation

23. 23
Volume x Margin
2010
2011

24. 24
Financial Performance
In thousands of R$
1,067,984 1,097,862 1,050,216 -2.7% 1.7% 4,102,660 4,095,343 0.2%
-833,143 -814,483 -677,148 2.3% 23.0% -2,996,617 -2,575,560 16.3%
234,841 283,379 373,068 -17.1% -37.1% 1,106,043 1,519,783 -27.2%
-117,250 -96,867 -102,752 21.0% 14.1% -387,744 -331,809 16.9%
-1,496 219 -1,483 -783.1% 0.9% -2,015 -6,446 -68.7%
116,095 186,731 268,833 -37.8% -56.8% 716,284 1,181,528 -39.4%
-63,437 -60,860 -53,976 4.2% 17.5% -240,595 -209,702 14.7%
-19,234 -66,174 -33,900 -70.9% -43.3% -159,960 -134,590 18.8%
33,424 59,697 180,957 -44.0% -81.5% 315,729 837,236 -62.3%
35,155 40,397 127,322 -13.0% -72.4% 236,139 579,980 -59.3%
155,400 122,703 -72,391 26.6% -314.7% 380,205 -259,594 -246.5%
270,456 312,169 201,146 -13.4% 34.5% 1,107,120 927,693 19.3%
137,719 121,381 79,544 13.5% 73.1% 487,075 408,648 19.2%
Financial Results
NET INCOME
NET INCOME
CURRENT ACCOUNT
EBITDA
Normalized by Current Account (unaudited figures)
4Q11 3Q11 4Q10
∆
4Q11/3Q11
∆
4Q11/4Q10
∆ 2011/20102010
EBITDA
2011
OPERATIONAL RESULT
NET SALES
Cost of Assets and/or Services Rendered
Expenditures with Sales, General and Adm.
GROSS BALANCE
Depreciation and Amortization
Other Operational Results

25. 25
Financial Indicators
10.4 10.4 11.5 10.4 11.5
1.2 1.3 4.3 2.0 4.8
1.5 1.3 1.0 1.5 1.0
3.9 2.2 1.3 2.6 1.1
0.2 0.2 0.3 0.2 0.3
0.6 0.7 0.7 0.6 0.7
22.0% 25.8% 35.5% 27.0% 37.1%
3.3% 3.7% 12.1% 5.8% 14.2%
10.9% 17.0% 25.6% 17.5% 28.9%
3.3% 3.8% 13.2% 5.5% 15.1%
11.3% 13.0% 37.0% 18.9% 42.1%
Normalized by Current Account (unaudited figures)
39.8% 40.3% 31.8% 39.6% 33.1%
14.1% 12.0% 8.3% 12.9% 10.7%
27.7% 30.8% 21.0% 29.3% 24.2%
Equity per Share ($)
Net Debt over Equity (x)
2011 2010
Net Margin (%)
Current Ratio (x)
EBITDA Margin (%)
Net Debt over EBITDA (x)
Earnings per Share ($)
4Q11 3Q11
Short Term Debt over Total Debt (x)
EBITDA Margin (%)
Gross Margin (%)
Net Margin (%)
4Q10
Return on Equity (%)
Return on Assets (%)
Gross Margin (%)

26. 26
Regulatory Current Account Balance Evolution
Balance of Gas Recoverable/ To be Passed On: Cash-Effect
R$million

27. Estrutura de EndividamentoDebt Structure
27
Debt (1)
(R$ thousand) 2011 2010
Debt Composition: Short Term/Long Term Debt Composition
(1) Includes Debentures and Derivatives
421
513
343
168
429
Debt denominated
in foreign currency is
fully hedged

28. Investimentos
Main Projects:
EXTENSÃO DE REDE (Em Mil Km):
Taubaté
Campinas
São Bernardo do Campo
Guarulhos
Santos
Mogi das Cruzes
New Projects:
Jundiaí
Santo André
Piracicaba
Hortolândia
Investments
28
+16%
NETWORK EXTENSIONS (In thousands of Km):
R$ million +26%
* Values are in IFRS since 2009
Over R$ 4.0 billion invested during the period

29. 29
Shareholder Remuneration (in millions of R$)
PAY OUT
Previous
Accounting
PAY OUT IFRS
NOTE: Payout calculated based on remuneration declared by the Company during the period.
11 16
27 25
303 330 334
275 268
427 450
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
17% 15%
26%
10%
95%
77% 75%
53%
73%
104%
92%
74%
190%

30. 30
Market Performance (Year of 2011)
Comgás ON
+14.5%
Comgás PNA
+8.2%
-18.1%
Ibovespa
Financial Volume: Preferred Shares (CGAS5)

31. 31
The forward-looking statements in this report related to
the outlook for the business, estimated financial and
operating results and growth prospects of COMGAS are
merely projections and, as such, are based exclusively on
management expectations regarding future performance.
These expectations depend substantially on market
conditions and the performance of the Brazilian economy,
the business sector and the international markets, and
are therefore subject to change without prior notice.

32. Investor Relations
investidores@comgas.com.br
www.comgas.com.br/en/investors
ROBERTO LAGE
CFO and
IRO
PAULO POLEZI
Treasury and
Investor Relations
RENATA OLIVA
Investor Relations
Rua Olimpíadas, nº 205, 10º floor - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil
32