Comgás is Brazil's largest natural gas distributor, serving over 1 million customers across 177 cities. It has grown significantly since being privatized in 1999, increasing revenues 23% annually between 1999-2011. In the first quarter of 2012, Comgás connected 29,000 new residential customers, saw a 24% rise in residential volume, and invested R$121 million, up 14% from the prior year. Financial results were positive, with an 8.4% increase in net income compared to the first quarter of 2011. Going forward, Comgás aims to further expand its customer base, particularly in the residential segment, through new infrastructure projects.

1. 1
Institutional Presentation
Financial and Operational Results
March 31, 2012

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 (March 2011)
Residential: 1.117 thousand householders
Commercial: 10.6 thousand meters
Industrial: 1.010 meters
Cogeneration : 23 meters
Thermal Generation : 2 plants
NGV: 347 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 0.009991 R$/m3 in the 4th year
of the 3rd cycle.
The Concession Agreement foresees tariff reviews every 5 years
P gas + P transport +
Maximum Margin Average (P0)
= Tariff
P0 * (IGPM – X Factor) + K Factor
Tariff review for the 3rd Cycle (2009-2014):
P0 established in 0.3052 R$/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 with no 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 million of m3)
CAGR (00-11)
10.1%
1,676 2,243 2,952 3,418 3,812 4,342 4,761 5,069 5,253 4,261 4,910 4,835
Industrial Segment: Diversified Portfolio (Mar12)
1,188
23.5%
19.2%
14.8%
9.3%
8.8%
7.9%
7.2%
3.8%
2.3%
2.3%
0.7%
0.2%
CHEMICAL / PETROCHEMICAL
CERAMICS
PAPER AND CELLULOSE
DRINKS / FOOD
GLASS / CRYSTALS
METALS / FOUNDRY AND NON-…
AUTOMOTIVE / PNEUMATIC
TEXTILE / LAUNDRY / DRY…
STEEL SECTOR
OTHERS
PHARMACEUTICAL
ELECTRO / ELETCRONIC

17. 17
Financial Graphics (in million of R$)
IFRS
Previous Accountability
CAGR (00-11)
23.7%
NOTE: The calculation of the CAGR is based on the use of previous accountability.
1.197 1.188
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 1T12
Volume

18. 18
Financial Graphics (in million of R$)
CAGR (00-11)
24.2%
NOTE: The calculation of the CAGR is based on the use of previous accountability.
1.197 1.188
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 1T12
Volume
IFRS
Previous Accountability
IFRS
Previous Accountability

19. 19
Highlights: March 2012
Strong growth in Comgás’ residential client base, about 29 thousand new families connected in the
1st quarter of 2012;
Growth in residential volume, 24% raise in 1Q12 compared to 1Q11;
Investment of R$ 121 million this quarter, 14% above 1Q11;
Start of new integrated projects: expansion in the cities of Americana, Hortolândia, Monte Mor and
Capivari;
Renewal of the short term contract with Petrobras which happens in the form of auction, in which
Comgás contracted the quantity of 2.5 millions m3/day for the period of April to July 2012 with a
level of ToP (take or pay) of 60%;
ARSESP DELIBERATION Nº 308 (of 17-02-2012): established a mechanism to recover the balance of the
regulatory current account due to the price of gas and transportation variations.

20. 20
Meters per segment Volume per segment (In thousand of m3
)
Segments
* Excluding Thermal Generation
Note: UDA’s (Householders)
840,915 824,457 771,904 2.0% 8.9%
1,116,688 1,087,705 1,002,252 2.7% 11.4%
10,595 10,381 9,859 2.1% 7.5%
1,010 1,002 989 0.8% 2.1%
2 2 2 0.0% 0.0%
23 23 23 0.0% 0.0%
347 357 368 -2.8% -5.7%
852,892 836,222 783,145 2.0% 8.9%
mar/12
∆
mar12/dec11
INDUSTRIAL
COMMERCIAL
HOUSEHOLDERS*
∆
mar12/mar11
dec/11 mar/11
RESIDENTIAL
NGV
COGENERATION
THERMAL GENERATION
40,882 48,399 32,940 -15.5% 24.1%
26,196 27,993 24,449 -6.4% 7.1%
934,538 932,850 942,503 0.2% -0.8%
86,034 87,553 91,892 -1.7% -6.4%
67,679 75,799 66,642 -10.7% 1.6%
1,155,329 1,172,594 1,158,426 -1.5% -0.3%
12.7 12.7 12.9
32,218 10,478 38,318 N/A -15.9%
1,187,547 1,183,072 1,196,744 0.4% -0.8%
COMMERCIAL
INDUSTRIAL
1Q11
THERMAL GENERATION
1Q12 4Q11
TOTAL
COGENERATION
NGV
MMm³/day*
TOTAL
∆
1Q12/1Q11
∆
1Q12/4Q11
RESIDENTIAL

21. 21
Volume x Margin
1Q11
1Q12

22. 22
Financial Performance
In thousand of R$
1,120,356 1,067,984 925,345 4.9% 21.1%
-801,415 -833,143 -643,925 -3.8% 24.5%
318,941 234,841 281,420 35.8% 13.3%
-95,697 -117,250 -88,424 -18.4% 8.2%
-4,516 -1,496 -618 201.9% 630.7%
218,728 116,095 192,378 88.4% 13.7%
-67,124 -63,437 -57,542 5.8% 16.7%
-39,749 -19,234 -31,677 106.7% 25.5%
111,855 33,424 103,161 234.7% 8.4%
73,553 35,155 68,243 109.2% 7.8%
53,916 155,400 32,150 -65.3% 67.7%
268,735 270,456 229,692 -0.6% 17.0%
109,138 137,719 89,462 -20.8% 22.0%
EBITDA
∆
1Q12/4Q11
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
1Q12 4Q11 1Q11
∆
1Q12/1Q11
Financial Results
NET INCOME
NET INCOME
CURRENT ACCOUNT
EBITDA
Normalized by Current Account (unaudited figures)

23. 23
Financial Indicators
11.0 10.4 12.1
2.5 1.2 0.6
1.5 1.5 1.0
2.7 2.6 1.2
0.3 0.2 0.3
0.6 0.6 0.7
28.5% 22.0% 30.4%
6.6% 3.3% 7.4%
19.5% 10.9% 20.8%
6.5% 3.3% 7.1%
22.3% 11.3% 18.9%
Normalized by Current Account (unaudited figures)
35.4% 39.8% 37.3%
10.5% 14.1% 10.5%
25.8% 27.7% 26.9%EBITDA Margin (%)
Gross Margin (%)
Net Margin (%)
1Q11
Return on Equity (%)
Return on Assets (%)
Gross Margin (%)
Net Margin (%)
Current Ratio (x)
EBITDA Margin (%)
Net Debt over EBITDA (x)
Earnings Per Share ($)
1Q12
Short Term Debt over Total Debt (x)
Equity Per Share ($)
Net Debt over Equity (x)
4Q11

24. 24
Regulatory Current Account Balance Evolution
Balance of Gas Recoverable/ To be Passed On: Cash-Effect
R$million
 R$ 54 million
made
 R$ 155 million
made
 R$ 32 million
passed on

25. Estrutura de EndividamentoDebt Structure
25
Debt (1)
(R$ thousand) Mar 2012 Dec 11 Debt Amortization Schedule(1)
(R$ million)
Debt Composition: Short Term/ Long Term Debt Composition
(1) Includes Debendetures and Derivatives
(2) EBITDA from the last 12 months
Debt in foreign
currency 100% and
fully hedged.
Short Term Debt 708,298 421,104
Long Term Debt 1,437,644 1,452,957
Total Debt 2,145,942 1,874,060
(-) Cash 104,340 41,110
(=) Net Debt 2,041,602 1,832,950
EBITDA (2)
748,554 716,284
Net Debt/ EBITDA 2.7 2.6
Short Term Debt/ Total Debt 0.3 0.2
537
296
194 187 224
708
Debt denominated in
foreign currency is
fully hedged

26. 100
229 200 230
276
474
426 397 403 406 405
510
121
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q12
Investimentos
Main Projects:NETWORK EXTENSIONS (In thousands of Km):
Taubaté
São Bernardo do Campo
Guarulhos
Mogi das Cruzes
Osasco II
Itaquera
New Projects:
Americana II
Santo André
Hortolândia
Investments
26
+ 262 KM in
the QUARTER
R$ million
Over R$ 4.1 billion invested during the period
106
+14%
1Q11 x 1Q12

27. 27
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%

28. 28
Market Performance (Year of 2012)
Financial Volume: Preferred Shares (CGAS5)
Ibovespa
+11.55%
Comgás PNA
+9.58%
Comgás ON
+ 3.34%

29. 29
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.

30. 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
30