1

Financial and Operational Results

March 31, 2012

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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.

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: CONTRATOS Natural Gas Supply: Contracts

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4

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

5

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/mar11dec/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

6

Volume x Margin

1Q11

1Q12

7

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

8

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

9

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)

10

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

11

Regulatory Current Account Balance Evolution

Balance of Gas Recoverable/ To be Passed On: Cash-Effect

R$

mill

ion

R$ 54 million

made

R$ 155 million

made R$ 32 million

passed on

Estrutura de Endividamento Debt Structure

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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

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

13

+ 262 KM in the QUARTER

R$ million

Over R$ 4.1 billion invested during the period

106

+14% 1Q11 x 1Q12

14

Market Performance (Year of 2012)

Financial Volume: Preferred Shares (CGAS5)

Ibovespa +11.55%

Comgás PNA +9.58%

Comgás ON + 3.34%

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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.

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

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