Companhia de Gás de São Paulo (Comgás) reported financial results for the second quarter and first half of 2008. Key highlights include a 7.8% increase in gas volumes sold in 2Q08 compared to the previous year, a 21.9% rise in net revenue for 2Q08, and net income growth of 2.7% and 15% for 2Q08 and 1H08 respectively. EBITDA increased 4.8% in 2Q08 and 13.5% for the first half. Comgás also achieved over 700 thousand gas customers in 1H08 and invested over R$2.5 billion between 2000 and June 2008 to expand its gas network and infrastructure.

1. 111
COMPANHIA DE GÁS
DE SÃO PAULO
Financial Results for
Second Quarter
2008

2. 222
Highlights: First Half 2008
 Volume sold of 1.3 billion in 2Q08 and 2.7 billion Cu.M. in 1H08, increase of 7.8% related to 2Q07 and 11.2%
related to 1H07;
 Net Revenue of R$ 961 million in 2Q08 and R$ 1,804 million in the first half, growth of 21.9% and 18.8%
when compared to 2Q07 and 1H07 respectively;
 Net Income of R$ 124 million in 2Q08 and R$ 244 in 1H08, 2.7% and 15.0% of growth in 2Q07 and 1H07
respectively;
 EBITDA of R$ 246 million in 2Q08 and R$ 487 million in the first half, increase of 4.8% related to 2Q07 and
13.5% related to 1H07;
 Over 700 thousand clients achieved with attending more than 39 thousands additional residential units in
the first half of 2008, reflecting the focus of the company in the expansion of residential market;
 R$ 275.4 million in dividends declared to 2008, related to 2007 results, in which R$ 150 million was paid in
Jun/08.

3. 333
Contracts:
Natural Gas Supply – Year 2008
• DCQ: 0.6 MM Cu.M./day
• Contract Expiration: May 2011
 Commodity:
Oil Basket (Brent)
+ Exchange Rate
 Transport:
USA Inflation (CPI)
 TCQ CONTRACT: Natural Gas coming from Bolivia
• DCQ: 8.7 MM Cu.M./day
• Contract Expiration: July 2019
 BG CONTRACT: Natural Gas coming from Bolivia
FIRM GSA “NOVO CONTRATO FIRME”
• DCQ: 3.5 MM Cu.M./day
• Contract Expiration : December 2012
 70%
Oil Basket (Brent) +
Exchange Rate
 30%
Brazilian PPI (IGPM)
FIRM ENERGY GSA “CONTRATO FIRME FLEXÍVEL”
• DCQ: 1.0 MM Cu.M./day
•Contract Expiration: December 2012
PREFERENCIAL GSA “CONTRATO INTERRUPTÍVEL”
• DCQ: 0 to 1.5 MM Cu.M./day
• Contract Expiration: December 2010
PRICE:
 70%
Oil Basket (Brent) +
Exchange Rate
 30%
Brazilian PPI (IGPM)
FIRM

4. 444
Type of Contracts:
Natural Gas Supply – Year 2008
 For the Firm GSA (“Contrato Firme”), the business model is the traditional one: Comgás buys natural gas from Petrobras and
distributes to existing markets receiving its distribution margin. Natural Gas distribution couldn’t be interrupted.
 In Firm Energy GSA (“Contrato Firme Flexível”) model, customer has the guarantee of operational continuity, once the gas
supply interruption will only happen after Oil Distribution Company delivers an alternative fuel at customer installation. Beyond
this guarantee, customer does not take the risk of fuel alternative additional costs related to natural gas. Petrobras will bear those
cost. Under this agreement, gas can be interrupted by power plant dispatch, technical restriction and major force affecting the
gas system. A government measures is not applicable in this case Comgás will manage gas supply interruption and alternative
supply by Oil Distribution Company, receiving its distribution margin for this service as if there was the continuity of natural gas
supply. In this modality, customer interruption produces only the operational conversion to the alternative fuel. Two business
structures were analyzed to make viable the implementation of such agreement and the more adherent to the Comgás reality
relies on the above-explained option.
 For the Preferential GSA, (“Contrato Interruptível”) the business model is based on a call for Comgás to interrupt the gas flow
by Petrobras upon any power plant dispatch called by ONS (Electricity National Grid Operator) in area of influence of the gas
pipeline system (West, South and Southeast regions). This is the unique situation where Petrobras can limit molecule flow to
Comgás under this agreement. In case of interruption, Comgás must reduce market demand accordingly to avoid penalties and
interrupted customers must revert to alternative fuel with no financial compensation either by Comgás or Petrobras. In case of
non-availability of the alternative in the market, the risk is only and exclusively of the customers.

5. 555
Comgás: Sales by Segment
In thousand Cu.M.
* MM Cu.M./day excluding thermal generation
2Q08 1Q08 2Q07
D
2Q08/1Q08
D
2Q08/2Q07 1H08 1H07
D
1H08/1H07
34,041 27,571 29,701 23.5% 14.6% Residential 61,612 53,822 14.5%
24,742 23,375 24,322 5.8% 1.7% Commercial 48,117 46,963 2.5%
1,004,294 965,472 1,007,124 4.0% -0.3% Industrial 1,969,766 1,957,694 0.6%
72,414 133,988 152 -46.0% N.A. Thermal Generation 206,402 941 N.A.
78,547 77,419 46,310 1.5% 69.6% Cogeneration 155,966 99,402 56.9%
138,015 135,067 147,074 2.2% -6.2% NGV 273,081 282,530 -3.3%
1,352,053 1,362,892 1,254,683 -0.8% 7.8% 2,714,944 2,441,352 11.2%
14.1 13.5 13.8 MM Cu.M./day* 13.8 13.5

6. 666
Comgás: Meters by Segments
* UDAs (Householders).
Jun-08 Mar-08 Jun-07
D
Jun08/Mar08
D
Jun08/Jun07
588,708 574,435 531,212 Residential 2.5% 10.8%
723,271 700,782 643,153 Number of UDAs * 3.2% 12.5%
8,662 8,567 8,441 Commercial 1.1% 2.6%
1,005 992 982 Industrial 1.3% 2.3%
2 2 2 Thermal Generation 0.0% 0.0%
19 16 12 Cogeneration 18.8% 58.3%
396 391 370 NGV 1.3% 7.0%
598,792 584,403 541,019 2.5% 10.7%

7. 777
Volume per Segment
MM Cu.M.
2,441 2,715
+ 11.2%
80.2%
72.6%
2.2%
2.3%
1.9%
1.8%
11.6%
10.1%
4.1%
5.7%
0.0%
7.6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1H07 1H08
Thermal Generation
Cogeneration
NGV
Commercial
Residential
Industrial

8. 888
Gross Revenue
R$ thousand
+ 17.0%
1,921,809 2,247,624
75.4% 72.5%
8.3%
8.4%
4.1%
3.7%
9.4%
8.5%
2.8%
4.2%
0.0% 2.6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1H07 1H08
Thermal Generation
Cogeneration
NGV
Commercial
Residential
Industrial

9. 999
Margin per Segment
R$ thousand
558,569 661,041
+ 18.3%
66.0% 65.2%
18.7% 18.6%
7.7% 7.0%
5.6% 5.2%
2.0% 3.0%
0.0% 1.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1H07 1H08
Thermal Generation
Cogeneration
NGV
Commercial
Residential
Industrial

10. 101010
Comgás: Financial Results
R$ thousand
13.5%429,363487,309EBITDA4.8%1.8%234,600241,532245,778
15.0%211,962243,689Net Income2.7%3.3%120,496119,890123,800
10.3%-26,805-29,567Non Operating Result16.0%4.8%-13,039-14,440-15,127
16.5%315,389367,449Operating Income5.0%1.5%176,309182,392185,058
-11.6%-62,338-55,086Financial Results-13.3%0.1%-31,799-27,524-27,562
25.4%-51,636-64,774Depreciation and Amortization25.2%4.9%-26,492-31,616-33,158
18.9%-180,891-215,158Selling, General and Administrative Expenses28.8%23.8%-92,426-96,155-119,002
14.2%558,618637,693Gross Income10.3%8.3%300,534306.071331.622
21.4%-960,394-1,166,347
Cost of Goods Sold and/or Services
Rendered
29.0%17.3%-487,921-536,694-629,653
18.8%1,519,0121,804,040Net Sales Revenue21.9%14.1%788,455842,765961,275
2Q08 2Q071Q08
D
1H08/1H07
D
2Q08/1Q08
1H08 1H07
D
2Q08/2Q07

11. 111111
Comgás: Financial Indicators
Note:
(1) Results achieved during the period were annualized
(2) Note: In relation to Net Income per Thousand Shares, it is worth highlighting that from October 2, 2007, the shares started being traded grouped at the ratio of 100 to 1.
This grouping was used to calculate the pro-forma value of the Net Income per Share in the 2Q07 and 1H07.
2Q08 1Q08 2Q07 1H08 1H07
8.3 7.3 8.5 Equity per share ($) 8.3 8.5
1.0 1.0 1.0 Earnings per share ($) 2.0 1.8
142.3% 145.2% 106.2% Net Debit / Equity (%) 142.3% 106.2%
0.7 0.6 0.8 Current Ratio (x) 0.7 0.8
34.5% 36.3% 38.1% Gross Margin (%) 35.3% 36.8%
12.9% 14.2% 15.3% Net Margin (%) 13.5% 14.0%
25.6% 28.7% 29.8% EBITDA Margin (%) 27.0% 28.3%
14.2% 14.8% 16.1% Return on Assets (%) 13.9% 14.2%
49.5% 54.7% 47.1% Return on Equity (%) 48.7% 41.4%

12. 121212
Dividends Paid
(c) Intermediate dividends over retained earnings
(b) Dividends referring to previous year
(a) Interpolate dividends over the current year result
Also declared to be paid
in Aug/08 and Nov/08.
R$ MM
153(b)
100(c)
50(a)
152(b)
178(a)
120(b)
59.5(b)
46(a)
59.4(b)
49(a)
150(b)
10% 77%95%26%15%17% 75% PAYOUT
62.7(b)
62.7(b)

13. 131313
100
229
200
230
276
474
426
397
187
2000 2001 2002 2003 2004 2005 2006 2007 1S08
Investments – 2000 to Jun08
Over R$ 2.5 billion invested in the period
Network Extension:
Jun/07: 4,933 km’s
Jun/08: 5,464 km’s
Main Projects:
Campinas Project
Castelo Branco Project
Santos/ São Vicente Project
153
1H07
CAPEX
R$ MM
CAPEXCAPEX
1H08

14. 141414
Investor Relations
Companhia de Gás de São Paulo – COMGÁS
www.comgas.com.br/en/investors/
Roberto Lage
CFO and IRO
Patricia Sonageri
Treasury and Investor Relations
Renata Oliva
Investor Relations
Rua Olimpíadas, nº 205, 10º andar - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil