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COMPANHIA DE GÁS DE SÃO PAULO

Financial and Operational Results

June 30, 2012

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Disclaimer

Statement on Future Declarations:

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.

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Highlights: 1ST Half of 2012

Continuous focus in the residential segment, 60 thousand new households connected since the

beginning of the year;

Investment of R$ 268 million in the first semester, 20% above 1Q11;

New record in network extensions, 555 km built since the beginning of the year;

Tariff readjustments made in December 2011 and May 2012 contributed to recuperate the current

account balance compensating the increase in the cost of gas;

In February 2012, ARSESP established a mechanism to recuperate the graphic account balance

because of the variation of the price of gas and transportation (ARSESP DELIBERATION Nr. 308);

On May 28, 2012, a Relevant Fact was presented informing that a Sale Contract was signed between

Provence Participações S.A. (controlled by Cosan S.A. Indústria e Comércio) and BG Gas SP

Investments BV, for the sale of 60.1% of indirect participation in Comgás, currently held by BG, for

the total cost of R$3.4 billion. The conclusion of the operation is awaiting ARSESP’s approval and

CADE’s analasis.

Fornecimento de Gás Natural: CONTRATOS Natural Gas Supply: Contracts

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Daily quantity contracted:

approximately 14.3 million m³/day, besides auction contracts.

Daily quantity demanded:

approximately 13.0 milllion m³/day during the 1st semester in 2012.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 forecast

1S11 1S12

Industrial Residential Commercial NGV Cogeneration Thermal Generation

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Segments

Volume (in million of m3)

CAGR (00-11)

10.1%

22.6%

19.7%

15.2%

9.8%

8.0%

6.7%

7.0%

3.9%

3.8%

2.3%

0.7%

0.2%

CHEMICAL / PETROCHEMICAL

CERAMICS

PAPER AND CELLULOSE

GLASS / CRYSTALS

METALS / FOUNDRY AND NON

FERROUS

DRINKS / FOOD

AUTOMOTIVE / PNEUMATIC

STEEL SECTOR

TEXTILE / LAUNDRY / DRY CLEANING

OTHERS

PHARMACEUTICAL

ELECTRO / ELECTRONIC

+4.8%

1,676

2,243

2,952

3,418

3,812

4,342

4,761

5,069 5,253

4,261

4,910 4,835

2,536 2,420

5,159

Industrial Segment: Sector Composition

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Markets

Note: UDA’s (Householders)

Volume per segment (In thousands of m3)

50,732 40,882 48,400 24.1% 4.8% 91,614 81,340 12.6%

27,899 26,196 27,008 6.5% 3.3% 54,095 51,457 5.1%

946,683 934,538 983,661 1.3% -3.8% 1,881,221 1,926,164 -2.3%

89,712 86,034 82,779 4.3% 8.4% 175,746 174,671 0.6%

70,290 67,679 75,124 3.9% -6.4% 137,969 141,766 -2.7%

1,185,316 1,155,329 1,216,972 2.6% -2.6% 2,340,645 2,375,398 -1.5%

13.0 12.7 13.4 12.9 13.1

162,650 32,218 6,325 N/A N/A 194,868 44,643 336.5%

1,347,966 1,187,547 1,223,297 13.5% 10.2% 2,535,513 2,420,041 4.8%

2Q12 1Q12 2Q11∆

2Q12/1Q12

∆

2Q12/2Q111H12 1H11

∆

1S12/1S11

RESIDENTIAL

COMMERCIAL

INDUSTRIAL

COGENERATION

TOTAL

NGV

TOTAL

MMm³/day*

THERMAL GENERATION

Meters per segment

855,988 840,915 790,047 1.8% 8.3%

1,147,384 1,116,688 1,031,610 2.7% 11.2%

10,855 10,595 10,014 2.5% 8.4%

1,006 1,010 998 -0.4% 0.8%

2 2 2 0.0% 0.0%

23 23 24 0.0% -4.2%

338 347 363 -2.6% -6.9%

868,212 852,892 801,448 1.8% 8.3%

jun/11

RESIDENTIAL

NGV

COGENERATION

THERMAL GENERATION

jun/12∆

jun12/mar12

INDUSTRIAL

COMMERCIAL

NUMBER OF UDAs*

∆

jun12/jun11mar/12

* Not considering Thermal Generation

80%

7% 6% 3% 2% 2%

60%

4% 3%

25%

8%

0%

Industrial Cogeneration NGV Residential Commercial Thermal Generation

74%

7% 5% 4% 2%8%

54%

4% 3%

28%

9%

1%

Industrial Cogeneration NGV Residential Commercial Thermal Generation

Volume Margin

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Volume x Margin

1st Semester of 2011

1st Semester of 2012

107 177

347 330

549 668

860 925

1,035

838 928

1,107

413

387

1,363 1,182

716

525

588

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1S11 1S12

EBITDA

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Financial Graphics (in million of R$)

CAGR (00-11)

23.7%

NOTE: The calculation of the CAGR is based on the use of previous accountability.

IFRS

Previous Accountability

2,375 2,341

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 1S12

Volume

IFRS -6%

Previous Accountability

+12%

(In thousands of m3)

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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.

IFRS

Previous Accountability

2,375 2,341

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 1S12

Volume

107 177

347 330

549 668

860 925

1,035

838 928

1,107

413

387

1,363 1,182

716

525

588

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1S11 1S12

EBITDA

IFRS -32%

Previous Accountability

+9%

(In thousands of m3)

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Financial Performance

In thousand of R$

1,278,522 1,120,356 1,011,469 14.1% 26.4% 2,398,878 1,936,814 23.9%

-1,007,191 -801,415 -705,066 25.7% 42.9% -1,808,606 -1,348,991 34.1%

271,331 318,941 306,403 -14.9% -11.4% 590,272 587,823 0.4%

-101,377 -95,697 -85,203 5.9% 19.0% -197,074 -173,628 13.5%

-1,197 -4,516 -120 -73.5% 897.5% -5,713 -738 674.1%

168,757 218,728 221,080 -22.8% -23.7% 387,485 413,457 -6.3%

-72,153 -67,124 -58,756 7.5% 22.8% -139,277 -116,297 19.8%

-47,632 -39,749 -42,875 19.8% 11.1% -87,381 -74,552 17.2%

48,972 111,855 119,449 -56.2% -59.0% 160,827 222,608 -27.8%

36,733 73,553 92,344 -50.1% -60.2% 110,286 160,587 -31.3%

155,369 53,916 70,201 188.2% 121.3% 209,285 102,060 105.1%

318,874 268,735 294,800 18.7% 8.2% 587,609 525,234 11.9%

140,216 110,077 139,614 27.4% 0.4% 250,293 230,017 8.8%

EBITDA

NET INCOME

Financial Results

OPERATIONAL RESULT

NET INCOME

Normalized by Current Account (unaudited figures)

CURRENT ACCOUNT

Cost of Assets and / or Services Rendered

GROSS BALANCE

Expenditures with Sales, General and Adm.

Other Operational Results

EBITDA

Depreciation and Amortization

1S12 1S11∆

1S12/1S11

NET SALES

2Q12 1Q12 2Q11∆

2Q12/1Q12

∆

2T12/2T11

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Financial Indicators

11,32 11,02 10,04 11,32 10,04

1,23 2,46 3,08 1,84 2,68

1,53 1,55 1,28 1,53 1,28

3,01 2,73 1,49 3,01 1,49

0,37 0,33 0,24 0,37 0,24

0,56 0,62 0,57 0,56 0,57

21,2% 28,5% 30,3% 24,6% 30,3%

2,9% 6,6% 9,1% 4,6% 8,3%

13,2% 19,5% 21,9% 16,2% 21,3%

3,1% 6,5% 9,4% 4,6% 8,1%

10,8% 22,3% 30,7% 16,3% 26,7%

Normalized by Current Account (unaudited figures)

35,9% 35,4% 40,7% 35,6% 39,1%

11,9% 10,5% 13,8% 11,3% 10,8%

27,1% 25,8% 29,2% 26,5% 24,4%

2Q12 1Q12 2Q11 1H12 1H11

Equity Per Share($)

Earnings Per Share ($)

Net Debt over Equity (x)

Net Debt over EBITDA (x)

Short Term Debt over Total Debt (x)

Current Ratio (x)

Gross Margin (%)

Net Margin (%)

EBITDA Margin (%)

Return on Assets (%)

Return on Equity (%)

Gross Margin (%)

Net Margin (%)

EBITDA Margin (%)

NOTE:

Annualized Indicators (LAJIDA from the last 12 months).

528469

264

15329

12

-55

-157-230 -198

-128-5

150 204

360

dec-08 mar-09 jun-09 sep-09 dec-09 mar-10 jun-10 sep-10 dec-10 mar-11 jun-11 sep-11 dec-11 mar-12 jun-12

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Regulatory Current Account Balance Evolution

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

R$

mill

ion

R$ 156 millions

made

R$ 54 millions

made

R$ 70 millions

made

725

277 212

113 113

78

224

38

64 75 235

2012 2013 2014 2015 2016 2017 forward

Local Currency Foreign Currency

Estrutura de Endividamento Debt Structure

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Debt (1) (R$ thousand) Jun 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.

501

250 177 188

235

803 Short Term Debt 803,540 421,104

Long Term Debt 1,350,925 1,452,957

Total Debt 2,154,465 1,874,061

(-) Cash 79,544 41,110

(=) Net Debt 2,074,921 1,832,951

EBITDA (2) 690,311 716,284

Net Debt/EBITDA 3.0 2.6

Short Term Debt/Total Debt 0.4 0.2

Jun 12 Dec 11

Short Term 37%

LongTerm 63%

Short Term 22%

Long Term 78%

EIB

25%

BNDES 44%

Others 31%

2.5 2.6 2.93.3 3.6 3.9

4.5 4.9 5.15.7

6.26.9

8.0 7.4 8,6

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jun 11 Jun 12

100

229200

230276

474426

397 403 406 405

509

268

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 jun/12

Investimentos

Main Projects: NETWORK EXTENSIONS (In thousands of Km): Taubaté

São José dos Campos II

Guarulhos

Mogi das Cruzes

Osasco II

Itaquera

New projects:

Diadema I

Tucuruvi

Investments

14

+ 1,200 KM built in the last 12

months

Over R$ 4.2 billion invested during the period

R$ million

223

+20% 2Q11 x 2Q12

1S1

1

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Market Performance (June 2012)

Financial Volume: Preferred Shares (CGAS5)

Ibovespa -4.23%

Comgás PNA -0.69%

Comgás ON - 9.41%

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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