ResultsPresentation1Q11

COMPANHIA DE GÁS DE SÃO PAULO

Customer connection 1,000,000;

More than 24,000 housing units added in the last quarter, reflecting the Company's

focus on maintaining the expansion of the residential market;

The number of meters grew 11.4% in 12 months, reaching the milestone of 783,145 in

March 2011;

Schedule of Investments totaled R $ 106 million in the first quarter of 2011, 36% more

than the same period last year;

On 12 Feb/10 ratings agency Moody's has ratified the Baa3 issuer in local currency on a

global scale issuer rating and Aa1.br national scale to Comgás;

Highlights: March 2011

Firm GSA: Comgás buys natural gas from Petrobras and distributes to existing markets receiving its distribution margin, the Natural Gas

couldn’t be interrupted;

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, Gas supply may be interrupted at the discretion of Petrobras, but with no risk

of supply cuts for Comgás consumers, Petrobras will also bear the cost of the financial impacts incurred by Comgás and the clients in

question;

Natural Gas Supply

CONTRACTS

* Excluindo Termogeração

Volume per Segment

1Q11 4Q10 1Q10∆

1Q11/4Q10∆

1Q11/1Q10

32,940 42,956 30,845 RESIDENTIAL -23.32% 6.79%

24,449 26,679 22,854 COMMERCIAL -8.36% 6.98%

942,503 907,780 896,287 INDUSTRIAL 3.82% 5.16%

38,318 138,897 16,397 THERMAL GENERATION -72.41% 133.69%

91,892 93,870 70,808 COGENERATION -2.11% 29.78%

66,642 77,051 81,750 NGV -13.51% -18.48%

1,196,744 1,287,234 1,118,941 -7.03% 6.95%

12.9 12.5 12.3 Mi m³/day* 3.12% 5.07%

*ExcludingThermal

Generation

* UDAs (Unidade Domiciliar Autônoma).

Meters per Segment

mar/11 dec/10 mar/10∆

mar11/dec10∆

mar11/mar10

771.904 756.080 701.007 RESIDENTIAL 2,09% 10,11%

1.002.252 977.750 885.194 UDAs* 2,51% 13,22%

9.859 9.760 9.267 COMMERCIAL 1,01% 6,39%

989 982 970 INDUSTRIAL 0,71% 1,96%

2 2 2 THERMAL GENERATION 0,00% 0,00%

23 23 19 COGENERATION 0,00% 21,05%

368 367 377 NGV 0,27% -2,39%

783.145 767.214 703.084 2,08% 11,39%

* UDAs (Householders)

1Q10 1Q11

1,119 1,197

+6.95%

Volume per Segment

In R$ Thousand

1T10 1T11

1,124 1,077

-4.2%

Gross Revenue per Segment

In R$ Thousand

1Q09 1Q10

316 278

-12,07%

Margin per Segment

In R$ Thousand

1Q11 4Q10 1Q10∆

1Q11/4Q10∆

1Q11/1Q10

925,345 1,050,216 940,057 Net Sales Revenue -11.89% -1.57%

-643,925 -677,148 -622,478Cost of Goods Sold and/ or Services

Rendered-4.91% 3.45%

281,420 373,068 317,579 GROSS RESULT -24.57% -11.39%

-88,424 -102,752 -68,243 Selling General and Adm. Expenses -13.94% 29.57%

192,996 270,316 249,336 EBTIDA -28.60% -22.60%

-57,542 -53,976 -50,951 Depreciation and Amortization 6.61% 12.94%

-31,677 -33,900 -33,133 Financial Results -6.56% -4.39%

-616 -1,483 1 Other operating Result -58.46% -61700.00%

103,161 180,957 165,253 OPERATING RESULT -42.99% -37.57%

68,244 127,322 112,333 NET INCOME -46.40% -39.25%

According to the last accountability legislation (unauditaed figures)

32,150 -72,211 -16,973 Current Account -144.52% -289.42%

230,311 202,628 230,911 EBTIDA 13.66% -0.26%

90,403 80,281 102,391 NET INCOME 12.61% -11.71%

In R$ Thousand

Financial Results

Note:

Results achieved for the period were annualized.

Financial Indicators

1Q11 4Q10 1Q10

Equity per Share ($) 12.1 11.5 11.6

Earnings per Share ($) 0.6 1.1 0.9

Net Debt per Equity (x) 1.0 1.0 1.0

Net Debt per EBITDA (x) 1.2 1.1 1.1

Current Ratio (x) 0.7 0.7 0.7

Gross Margin (%) 30.4% 35.5% 33.8%

Net Margin (%) 7.4% 12.1% 11.9%

EBITDA Margin (%) 20.9% 25.7% 26.5%

Return on Assets (%) 7.1% 13.2% 12.1%

Return on Equity (%) 18.9% 37.0% 32.3%

According to the last accountability legislation (unauditaed figures)

Gross Margin (%) 37.3% 31.8% 33.7%

Net Margin (%) 10.6% 8.4% 11.5%

EBITDA Margin (%) 27.0% 21.1% 26.0%

24% 25%

76% 75%

0%

10%

20%

30%

40%

50%

60%

70%

80%

dec/10 mar/11

Short Term Long Term

BNDES

Outros

37%

1,4581,453

1,419

1,352 1,360

1,308

1,412

1.07 1.10 1.10 1.10

1.25

1.021.08

0.970.95

1.01

1Q10 2Q10 3Q10 4Q10 1Q11

Net Debt Net Debt / EBITDA Net Debt / Equity

In R$ millionIn R$ million

Indebtedness Composition

BNDES76%

Others11%

EIB13%

Lon

g te

rm D

eb

ts -

Agi

ng

Indebtedness Structure

295 252 251 233

71 107

64

8 6 23

31

116

2011 2012 2013 2014 2015 2016 and beyondIn Foreign Currency In Nacional Currency

D = 111

Balance of Gas bill receivables: Cash Effect

D = 102

D = 73

D = 61

D = 204

D = 17

In M

illio

ns

of

R$

D = 123

D = 68

D = 32

Regulatory Current Account Balance Evolution

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

Total Shareholder Remuneration

11 16 27 25

303330 334

275 268

427

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

In R$ million

2010 YEAR

Dividends:

R$ 28.1 million related to 2009 results, paid on May 31, 2010;

R$ 286.9 million related to the retained earnings of the previous years, paid in 3 installments in 2010: R$ 76.9 million on June 30th; R$ 110.0million on August 31; and R$ 100.0 million paid on November 30,

R$ 50 million related to 2009 retained earnings, paid on December 17, 2010,

Interest on Equity:

R$ 34.4 million from 2010 results, paid on July 30, 2010;

R$ 9.5 million from 2010 results, paid on September 30, 2010;

R$ 9.5 million from 2010 results, paid on November 30, 2010;

R$ 8.9 million from 2010 results, paid on January 31, 2011,

17% 15%

26%

10%

95%

77% 75%

53%

73% 74%

---- PAYOUT

OBS: UDA’ s ADICIONADAS (em 12 meses): 117.058

In Millions of R$

NETWORK EXTENSION (in thousands):

Dez/10: 6.900 Km

Mar/11: 7066 Km

D: 166 Km

*Note: From 2009 amounts accounted on IFRS

1Q

10

Taubaté

Campinas

Americana

Guarulhos

Santos

Jundiaí

Santo André

Piracicaba

Hortolândia

Main Projects: New Projects:

Investments

Over R$ 3.6 billion invested in the period

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 Relationsinvestidores@comgas.com.brwww.comgas.com.br/en/investors

ROBERTO LAGECFO and

IRO

PAULO POLEZITreasury and

Investor Relations

RENATA OLIVAInvestor Relations

ALEXANDRE PALHARESInvestor Relations

Rua Olimpíadas nº 205 10º floor – Vila Olímpia – CEP 04551-000 / São Paulo – SP -Brazil