Comgás, a natural gas company in São Paulo, Brazil, reported strong financial results for 2008. Net revenue increased 24.2% to R$4 billion while net income grew 16% to R$514 million. Volumes sold rose 3.6% to over 5.2 billion cubic meters. The company added over 81,000 new residential customers and invested R$403 million in capital expenditures. Looking forward, Comgás is focused on expanding its residential customer base and increasing supply through new contracts and infrastructure projects.

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

2. 222
Highlights: 2008
 Volume sold 5.2 billion Cu.M. in 2008, up 3.6% when compared to 2007;
 Net Revenue of R$ 4.0 billion in 2008, an increase of 24.2% related to 2007;
 Net Income of R$ 514.0 million in 2008, 16.0% growth compared to 2007;
 EBITDA of R$ 1,035 billion in 2008, 11.9% growth compared 2007;
 R$ 275.4 million in dividends paid in 2008, related to 2007 results;
 Over 81.4 thousand residential units added in 12 months, reflecting the focus of the company in the
expansion of residential market;
 Annual CAPEX totaled R$ 403 million.

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: June 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
Comgás: Sales per Segment
In Thousand Cu.M.
* MMm3/day excluding thermal generation
4Q08 3Q08 4Q07
D
4Q08/3Q08
D
4Q08/4Q07
2008 2007
D
2008/2007
35,999 38,334 31,755 -6.1% 13.4% Residential 135,944 120,742 12.6%
25,429 26,087 25,484 -2.5% -0.2% Commercial 99,633 98,600 1.0%
882,194 1,003,070 961,239 -12.1% -8.2% Industrial 3,855,030 3,960,145 -2.7%
71,459 55,439 76,942 28.9% -7.1% Thermal generation 333,301 81,937 N.A.
73,408 75,028 75,856 -2.2% -3.2% Cogeneration 304,403 225,875 34.8%
124,356 127,288 150,367 -2.3% -17.3% NGV 524,725 582,066 -9.9%
1,212,846 1,325,246 1,321,643 -8.5% -8.2% 5,253,036 5,069,365 3.6%
12.4 13.8 13.5 MMm3/day* 13.4 13.7

5. 555
Comgás: Meters per Segment
* UDAs (Householders).
Dec-08 Sep-08 Dec-07
D
Dec08/Sep08
D
Dec08/Dec07
Residential
Number of UDAs *
Commercial
Industrial
Thermal Generation
Cogeneration
NGV
620,191 604,430 562,175 2.6% 10.3%
765,103 745,144 683,692 2.7% 11.9%
8,885 8,755 8,563 1.5% 3.8%
1,004 1,011 989 -0.7% 1.5%
2 2 2 0.0% 0.0%
20 19 16 5.3% 25.0%
401 403 384 -0.5% 4.4%
630,503 614,620 572,129 2.6% 10.2%
NGV401 403 384

6. 666
78.1%
73.4%
2.4%
2.6%
1.9%
1.9%
11.5%
10.0%
4.5%
5.8%
1.6%
6.3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008
Thermal Generation
Cogeneration
NGV
Commercial
Residential
Industrial
Volumes per Segment
MM Cu.M.
5,069 5,253
+ 3.6%

7. 777
74.0% 72.7%
8.9% 8.9%
4.1% 3.8%
9.4%
8.5%
3.0% 4.0%
0.6% 2.1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008
Thermal Generation
Cogeneration
NGV
Commercial
Residential
Industrial
Gross Revenue per Segment
R$ thousand+ 24.2%
4,025,920 4,999,759

8. 888
65.0% 64.8%
19.4% 19.9%
7.5% 7.1%
5.7% 4.7%
2.2% 2.8%
0.3%
0.7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008
Thermal Generation
Cogeneration
NGV
Commercial
Residential
Industrial
Margin per Segment
R$ thousand
1,223,359 1,415,535
+ 15.7%

9. 999
Comgás: Financial Results
R$ thousand
1,054,801 1,130,233 836,377 -6.7% 26.1% 3,989,074 3,211,912 24.2%
(728,483) (727,908) (514,817) 0.1% 41.5% (2,622,738) (1,998,081) 31.3%
326,318 402,325 321,560 -18.9% 1.5% 1,366,336 1,213,831 12.6%
(135,915) (115,218) (117,348) 18.0% 15.8% (466,291) (397,639) 17.3%
(35,400) (34,772) (30,223) 1.8% 17.1% (134,946) (109,125) 23,7%
(34,874) (32,199) (38,502) 8.3% -9.4% (122,159) (134,120) -8.9%
155,529 254,908 165,710 -39.0% -6.1% 777,886 682,072 14.0%
(14,902) (16,816) (18,241) -11.4% -18.3% (61,285) (59,419) 3.1%
225,803 321,879 234,435 -29.8% -3.7% 1,034,991 925,317 11.9%
Net Sales Revenue
Cost of Goods Sold and/or Services Rendered
Gross Income
Selling, General and Administrative Expenses
Depreciation and Amortization
Financial Results
Operating Income
Net Income
EBITDA
2.3%-38.6%100,495167,550102,806 514,045 442,991 16.0%
Non Operating Result
23.7%
4Q08 3Q08 4Q07 4Q08/3Q08 4Q08/4Q07 2008 2007 2008/2007
DD D

10. 101010
Comgás: Financial Indicators
Note:
(1) Results achieved during the period were annualized;
4Q08 3Q08 4Q07 2008 2007
9.5 9.7 8.9 Equity per shares ($) 9.5 9.0
0.9 1.4 0.8 Earnings per shares ($) 4.3 3.7
124.7% 109.0% 108.5% Net Debt/ Equity (%) 124.7% 108.5%
0.8 0.8 0.7 Current Ratio (x) 0.8 0.7
30.9% 35.6% 38.4% Gross Margin (%) 34.3% 37.8%
9.7% 14.8% 12.0% Net Margin (%) 12.9% 13.8%
21.4% 28.5% 28.0% EBITDA Margin (%) 25.9% 28.8%
10.2% 18.2% 12.8% Return on Assets (%) 12.8% 14.1%
36.2% 57.4% 37.3% Return on Equity (%) 45.2% 41.2%
4Q08 3Q08 4Q07 2008 2007
9.5 9.7 8.9 Equity per shares ($) 9.5 9.0
0.9 1.4 0.8 Earnings per shares ($) 4.3 3.7
124.7% 109.0% 108.5% Net Debt/ Equity (%) 124.7% 108.5%
0.8 0.8 0.7 Current Ratio (x) 0.8 0.7
30.9% 35.6% 38.4% Gross Margin (%) 34.3% 37.8%
9.7% 14.8% 12.0% Net Margin (%) 12.9% 13.8%
21.4% 28.5% 28.0% EBITDA Margin (%) 25.9% 28.8%
10.2% 18.2% 12.8% Return on Assets (%) 12.8% 14.1%
36.2% 57.4% 37.3% Return on Equity (%) 45.2% 41.2%
4Q08 3Q08 4Q07 2008 2007
9.5 9.7 8.9 Equity per shares ($) 9.5 9.0
0.9 1.4 0.8 4.3 3.7
126.5% 109.0% 108.5% Net Debt/ Equity (%) 126.5% 108.5%
0.8 0.8 0.7 0.8 0.7
30.9% 35.6% 38.4% Gross Margin (%) 34.3% 37.8%
9.7% 14.8% 12.0% 12.9% 13.8%
21.4% 28.5% 28.0% EBITDA Margin (%) 25.9% 28.8%
10.2% 18.2% 12.8% 12.8% 14.1%
36.2% 57.4% 37.3% Return on Equity (%) 45.2% 41.2%

11. 111111
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 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% PAYOUT53%

12. 121212
Investments – 2000 to 2008
Over R$ 2.7 billion invested in the period
Network Extension:
Dec/07: 5,255 km’s
Dec/08: 5,704 km’s
Main Projects:
Campinas Project
Castelo Branco Project
Santos/ São Vicente Project
CAPEX
R$ MM

13. 131313
Investor Relations
Companhia de Gás de São Paulo – COMGÁS
www.comgas.com.br/en/investors/
Roberto Lage
CFO and IRO
Renata Oliva
Investor Relations
Rua Olimpíadas, nº 205, 10º andar - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil