1. 1
Financial and Operational Results
December 31, 2011

2. 2
Highlights – December 2011
Record Expansion: More than 1.1 thousand kilometers of network installed during the period;
Strong growth in Comgás client base, more than 69 thousand meters connected in 2011;
Record investments of R$ 510 millions during the year;
R$ 450 millions were declared throughout the year in the form of dividends and interest on equity;
The rating agency, Moody’s, confirmed a Baa3 issuer rating in local currency on the global scale and
Aa1.br issuer rating on the national scale;
Possibility of migration to Bovespa's Novo Mercado, corporate governance highest, which was
announced by the Company at the end of the year through a Relevant Fact;
Extraordinary Readjustment: ARSESP (Regulatory Agency), readjusted Comgás’ tariff’s from 3.27% to
11.20% according to the segment and consumed volume. There was no tariff readjustment for
residential costumers.

3. 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: CONTRATOSNatural Gas Supply: Contracts
3

4. Operational Performance
4
 Continuous growth in the residential segment,
more than 109 thousand householders
connected this year;
 Complete range of natural gas applications in
the commercial segment (air conditioning);
 Sales volume reached an average distribution
of 13 million m³/day;
 Total volume grew 3.8% without considering
the thermal generation segment (back to back
contracts).
3.8%
2.1%
Volume without Thermal
Generation (in millions of m3)
4Q10 4Q11 2010 2011

5. 5
Segments
Volume (in millions of m3)
CAGR
10.1%
Industrial Segment: Diversified Portfolio (2011)
1,676 2,243 2,952 3,418 3,812 4,342 4,761 5,069 5,253 4,261 4,910 4,835

6. 756,080
977,750
9,760 982 2 23 367
767,214
824,457
1,087,705
10,381 1,002 2 23 357
836,222
RESIDENTIAL UDA's COMMERCIAL INDUSTRIAL THERMALGENERATION COGENERATION AUTOMOTIVE TOTAL
2010 2011
9.0%
11.2%
6.4% 2.0% 0% 0% -2.7%
9.0%
6
Meters per Segment
(Householders)

7. 7
Volume per Segment (In thousands of m³)
*Excluding Thermal Generation

8. 8
Volume x Margin
2010
2011

9. 107
177
347 330
549
668
860
925
1,035
838
928
1,107
1,363
1,182
716
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
EBITDA
9
Financial Graphics (in millions of R$)
NOTE: The Calculation of the CAGR is Based on the Use of Previous Accountability
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
Volume
IFRS
Previous Accountability
CAGR
23.7%

10. 10
Financial Graphics (in millions of R$)
NOTE: The Calculation of the CAGR is Based on the Use of Previous Accountability
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
Volume
IFRS
Previous Accountability
IFRS
Previous Accountability
CAGR
24.2%
107
177
347 330
549
668
860
925
1,035
838
928
1,107
1,363
1,182
716
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
EBITDA

11. 11
Financial Performance
In thousands of R$
1,067,984 1,097,862 1,050,216 -2.7% 1.7% 4,102,660 4,095,343 0.2%
-833,143 -814,483 -677,148 2.3% 23.0% -2,996,617 -2,575,560 16.3%
234,841 283,379 373,068 -17.1% -37.1% 1,106,043 1,519,783 -27.2%
-117,250 -96,867 -102,752 21.0% 14.1% -387,744 -331,809 16.9%
-1,496 219 -1,483 -783.1% 0.9% -2,015 -6,446 -68.7%
116,095 186,731 268,833 -37.8% -56.8% 716,284 1,181,528 -39.4%
-63,437 -60,860 -53,976 4.2% 17.5% -240,595 -209,702 14.7%
-19,234 -66,174 -33,900 -70.9% -43.3% -159,960 -134,590 18.8%
33,424 59,697 180,957 -44.0% -81.5% 315,729 837,236 -62.3%
35,155 40,397 127,322 -13.0% -72.4% 236,139 579,980 -59.3%
155,400 122,703 -72,391 26.6% -314.7% 380,205 -259,594 -246.5%
270,456 312,169 201,146 -13.4% 34.5% 1,107,120 927,693 19.3%
137,719 121,381 79,544 13.5% 73.1% 487,075 408,648 19.2%
EBITDA
2011
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
4Q11 3Q11 4Q10
∆
4Q11/3Q11
∆
4Q11/4Q10
∆ 2011/20102010
Financial Results
NET INCOME
NET INCOME
CURRENT ACCOUNT
EBITDA
Normalized by Current Account (unaudited figures)

12. 12
Financial Indicators
10.4 10.4 11.5 10.4 11.5
1.2 1.3 4.3 2.0 4.8
1.5 1.3 1.0 1.5 1.0
3.9 2.2 1.3 2.6 1.1
0.2 0.2 0.3 0.2 0.3
0.6 0.7 0.7 0.6 0.7
22.0% 25.8% 35.5% 27.0% 37.1%
3.3% 3.7% 12.1% 5.8% 14.2%
10.9% 17.0% 25.6% 17.5% 28.9%
3.3% 3.8% 13.2% 5.5% 15.1%
11.3% 13.0% 37.0% 18.9% 42.1%
Normalized by Current Account (unaudited figures)
39.8% 40.3% 31.8% 39.6% 33.1%
14.1% 12.0% 8.3% 12.9% 10.7%
27.7% 30.8% 21.0% 29.3% 24.2%EBITDA Margin (%)
Gross Margin (%)
Net Margin (%)
4Q10
Return on Equity (%)
Return on Assets (%)
Gross Margin (%)
Net Margin (%)
Current Ratio (x)
EBITDA Margin (%)
Net Debt over EBITDA (x)
Earnings per Share ($)
4Q11 3Q11
Short Term Debt over Total Debt (x)
Equity per Share ($)
Net Debt over Equity (x)
2011 2010

13. 13
Regulatory Current Account Balance Evolution
Balance of Gas Recoverable/ To be Passed On: Cash-Effect
R$million

14. Estrutura de EndividamentoDebt Structure
14
Debt (1)
(R$ thousand) 2011 2010 Debt Amortization Schedule(1)
(R$ million)
Debt Composition: Short Term/Long Term Debt Composition
(1) Includes Debentures and Derivatives
421
513
343
168
429
Debt denominated
in foreign currency is
fully hedged

15. Investimentos
Main Projects:
EXTENSÃO DE REDE (Em Mil Km):
Taubaté
Campinas
São Bernardo do Campo
Guarulhos
Santos
Mogi das Cruzes
New Projects:
Jundiaí
Santo André
Piracicaba
Hortolândia
Investments
15
+16%
NETWORK EXTENSIONS (In thousands of Km):
R$ million +26%
* Since 2009 values are in IFRS
Over R$ 4.0 billion invested during the period

16. 16
Shareholder Remuneration (in millions of R$)
PAY OUT
Previous
Accounting
PAY OUT IFRS
NOTE: Payout calculated based on remuneration declared by the Company during the period.
11 16
27 25
303 330 334
275 268
427 450
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
17% 15%
26%
10%
95%
77% 75%
53%
73%
104%
92%
74%
190%

17. 17
Market Performance (Year of 2011)
Comgás ON
+14.5%
Comgás PNA
+8.2%
-18.1%
Ibovespa
Financial Volume: Preferred Shares (CGAS5)

18. 18
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.

19. 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
19