1. 1
COMPANHIA DE GÁS DE SÃO PAULO
Financial and Operational Results
June 30, 2012

2. 2
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.

3. 3
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.

4. Fornecimento de Gás Natural: CONTRATOSNatural Gas Supply: Contracts
4
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.

5. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
forecast
1S11 1S12
Industrial Residential Commercial NGV Cogeneration Thermal Generation
5
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 / FOUNDRYAND 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
2,5362,420
5,159
Industrial Segment: Sector Composition

6. 6
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
∆
2Q12/2Q11
1H12 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/jun11
mar/12
* Not considering Thermal Generation

7. 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
7
Volume x Margin
1st Semester
of 2011
1st Semester
of 2012

8. 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
8
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
)

9. 9
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
)

10. 10
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

11. 11
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).

12. 528
469
264
153
29
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
12
Regulatory Current Account Balance Evolution
Balance of Gas Recoverable/ To be Passed On: Cash-Effect
R$million
 R$ 156 millions
made
 R$ 54 millions
made
 R$ 70 millions
made

13. 725
277
212
113 113
78
224
38
64 75 235
2012 2013 2014 2015 2016 2017
forward
Local Currency Foreign Currency
Estrutura de EndividamentoDebt Structure
13
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
803Short 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%
Long
Term
63%
Short
Term
22%
Long
Term
78%
EIB
25%
BNDES
44%
Others
31%

14. 2.5 2.6 2.9
3.3 3.6 3.9
4.5 4.9 5.1
5.7
6.2
6.9
8.0 7.4 8,6
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jun11 Jun12
100
229
200
230
276
474
426
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
1S11

15. 15
Market Performance (June 2012)
Financial Volume: Preferred Shares (CGAS5)
Ibovespa
-4.23%
Comgás PNA
-0.69%
Comgás ON
- 9.41%

16. 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
16