- Comgás reported strong financial results for the third quarter and first nine months of 2008, with increases in volume sold, net revenue, net income, and EBITDA compared to the same periods in 2007. - Residential and industrial sales volumes increased year-over-year, while commercial volumes were flat and NGV volumes declined. - The number of residential and commercial meters also grew compared to the prior year. - Comgás declared dividends of R$275 million for 2008 to be paid out over the remainder of 2008 and into 2009.

1. 111
COMPANHIA DE GÁS
DE SÃO PAULO
Financial Results
- September 2008 -

2. 222
Highlights: September, 2008
 Volume sold of 1.3 billion Cu.M. in 3Q08 and 4.0 billion Cu.M. in 9M08, up 1.4% and 7.8% when compared
to 3Q07 and 9M07, respectively;
 Net Revenue of R$ 1.1 billion in 3Q08 and R$ 2.9 billion at the end of September 2008, an increase of
32.0% and 23.5% related to 3Q07 and 9M07, respectively;
 Net Income of R$ 167.5 million in 3Q08 and R$ 411.2 million in 9M08, 28.4% and 20.1% growth compared
to 3Q08 and 9M07, respectively;
 EBITDA of R$ 321.8 million in 3Q08 and R$ 809.1 million at the end of September 2008, 23.1% and 17.1%
growth compared to 3Q07 and 9M07, respectively.
 R$ 275.4 million in dividends declared to 2008, related to 2007 results, in which R$ 150 million and R$ 62.7
million were paid in Jun/08 and Aug/08 respectively;
 Over 83.7 thousand residential units added in 12 months, reflecting the focus of the company in the
expansion of residential market;
 In August the company concluded the emission of a simple debenture, non-convertible into shares, in
which R$ 100 million will be amortized with larger payments in the years 2012, 2013 and 2014.

3. 333
Comgás: Sales per Segment
In Thousand Cu.M.
* MMm3/day excluding thermal generation
3Q08 2Q08 3Q07
D
3Q08/2Q08
D
3Q08/3Q07
9M08 9M07
D
9M08/9M07
38,334 34,041 35,165 12.6% 9.0% Residential 99,946 88,987 12.3%
26,087 24,742 26,153 5.4% -0.3% Commercial 74,204 73,116 1.5%
1,003,070 1,004,294 1,041,212 -0.1% -3.7% Industrial 2,972,836 2,998,906 -0.9%
55,439 72,414 4,054 -23.4% N.A. Thermal generation 261,841 4,995 N.A.
75,028 78,547 50,617 -4.5% 48.2% Cogeneration 230,994 150,019 54.0%
127,288 138,015 149,169 -7.8% -14.7% NGV 400,369 431,699 -7.3%
1,325,246 1,352,053 1,306,370 -2.0% 1.4% 4,040,190 3,747,722 7.8%
13.8 14.1 14.2 MMm3/day * 13.8 13.7

4. 444
Comgás: Meters per Segment
* UDAs (Householders).
sep-08 jun-08 sep-07
D
Sep08/Jun08
D
Sep08/Set07
604,430 588,708 546,457 Residential 2.7% 10.6%
745,144 723,271 661,433 Number of UDAs * 3.0% 12.7%
8,755 8,662 8,514 Commercial 1.1% 2.8%
1,011 1,005 981 Industrial 0.6% 3.1%
2 2 2 Thermal Generation 0.0% 0.0%
19 19 13 Cogeneration 0.0% 46.2%
403 396 381 NGV 1.8% 5.8%
614,620 598,792 556,348 2.6% 10.5%

5. 555
Volumes per Segment
MM Cu.M.
3,748 4,040
+ 7.8%

6. 666
Gross Revenue per Segment
R$ thousand+ 22.8%
2,988,791 3,669,787

7. 777
Margin per Segment
R$ thousand
899,777 1,076,255
+ 19.6%

8. 888
Comgás: Financial Results
R$ thousand
3Q08 2Q08 3Q07
D
3Q08/2Q08
D
3Q08/3Q07 9M08 9M07
D
9M08/9M07
1,130,233 961,275 856,523 17.6% 32.0% Net Sales Revenue 2,934,273 2,375,535 23.5%
-727,908 -629,653 -522,870 15.6% 39.2% Cost of Goods Sold and/or Services Rendered -1,894,255 -1,483,264 27.7%
402,325 331,622 333,653 21.3% 20.6% Gross Income 1,040,018 892,271 16.6%
-115,218 -119,002 -99,400 -3.2% 15.9% Selling, General and Administrative Expenses -330,376 -280,291 17.9%
-3,772 -33,158 -27,266 4.9% 27.5% Depreciation and Amortization -99,546 -78,902 26.2%
-32,199 -27,562 -33,280 16.8% -3.2% Financial Results -87,285 -95,618 -8.7%
254,908 185,058 200,973 37.7% 26.8% Operating Income 622,357 516,362 20.5%
-16,816 -15,127 -14,373 11.2% 17.0% Non Operating Result -46,383 -41,178 12.6%
167,550 123,800 130,534 35.3% 28.4% Net Income 411,239 342,496 20.1%
321,879 245,778 261,519 31.0% 23.1% EBITDA 809,188 690,882 17.1%

9. 999
Comgás: Financial Indicators
Note:
(1) Results achieved during the period were annualized;
(2) 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 3Q07 and 9M07;
3Q08 2Q08 3Q07 9M08 9M07
9.7 8.3 8.7 Equity per shares ($) 9.7 8.7
1.4 1.0 1.1 Earnings per shares ($) 3.4 2.9
109.0% 142.3% 109.8% Net Debt/ Equity (%) 107.0% 109.8%
0.8 0.7 0.8 Current Ratio (x) 0.8 0.8
35.6% 34.5% 39.0% Gross Margin (%) 35.4% 37.6%
14.8% 12.9% 15.2% Net Margin (%) 14.0% 14.4%
28.5% 25.6% 30.5% EBITDA Margin (%) 27.6% 29.1%
18.2% 14.2% 16.9% Return on Assets (%) 15.7% 15.3%
57.4% 49.5% 50.3% Return on Equity (%) 47.0% 44.0%

10. 101010
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)
62.7(b)
62.7(b) Dividends declared to be
paid in 21/11
Dividends Paid
(c) Intermediate dividends over retained earnings
(b) Dividends referring to previous year
(a) Interpolate dividends over the current year result
10% 77%95%26%15%17% 75% PAYOUT

11. 111111
Investiments – 2000 to Sep08
Over R$ 2.6 billion invested in the period
Network Extension:
Sep/07: 5,096 km’s
Sep/08: 5,590 km’s
Main Projects:
Campinas Project
Castelo Branco Project
Santos/ São Vicente Project
254
9M07
CAPEX
R$ MM

12. 121212
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