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COMPANHIA DE GÁS DE SÃO PAULO

Financial and Operational Results

December 31st, 2012

Disclaimer

The statements contained in this report regarding the outlook on business,

estimations on financial and operational results and growth prospects for COMGÁS

are merely estimations and, as such, are based exclusively on management

expectations regarding future events and tendencies, that affect or may affect the

business. These estimations are subject to many risks and uncertainties and are

made considering the information currently available, and depend, substancially on

market conditions, the Brazilian economys performance, the business sector and

international markets, and are therefore subject to change without pior notice.

Because of these uncertainties, the investor should not make any investment

decisions based on these estimations and declarations on future operations.

Financial and Operational Results

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Highlights

Record volume: the total volume distributed was 5,259mm³, 8.8% above that of 2011;

Record investments: R$ 616 million in 2012, in which R$ 189 million were invested during the 4Q2012;

Record residential connections: 115 thousand new households connected during the year;

Record network extension: 1,282 km of network built during the year;

Record revenue: R$ 6,5bi of gross revenue and R$ 5,3bi of net sales during the year;

Extraordinary tariff adjustment: because of the dollar volatility and consequent raise of gas cost, on 11/29

ARSESP authorized new tariffs. Despite the adjustment, the account balance closed the year in R$ 381mm;

Funding: on October 2nd, a long term funding contract was signed with BNDES, of the sum total of R$ 1.1

billion;

ARSESP’s approval: transfer of 60.1% of BG’s participation in Comgás to Provence Participações S.A.

(company controlled by Cosan S.A. Indústria e Comércio);

Incorporation: in December, Provence Participações S.A. was incorporated by Comgás, resulting in the

amount of R$ 844mm recorded as a deferred tax.

Year of 2012

Fornecimento de Gás Natural: CONTRATOS

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Daily quantity contracted:

approximately 14.3 millions of m³/day, besides auction contracts.

Daily quantity demanded:

approximately 12.9 millions of m³.

Contracts

Natural Gas Supply

Contracts TCQ Firm Contract Firm of Energy Auction

Contract Models Firm Firm Firm of Energy Firm of Short Term

Gas Source Bolivian Undetermined UndeterminedSurplus of PB's contracts with other

distributors / thermal power plants

DQC

End of Contract Jun/19 Dec/13 Dec/12 Sep/13

Commodity +

Transportation

Fixed Charge +

Variable Charge

Fixed Charge +

Variable Charge

Transportation: annual

readjustment according to USA

Inflation: CPI

Fixed Charge: annual readjustment

by IGP-M

Fixed Charge: annual readjustment

by IGP-M

Commodity: quarterly correction

based on Oil Basket

+ Exchange Rate

Variable Charge: quarterly

correction based on Oil Basket

Variable Charge: quarterly

correction based on Oil Basket

Price

8.10 MMm3/day for Aug/2012

forward

5.22 MMm3/day for Aug/2012

forward1.0 MMm³/day according to bids

According to the bid made by the

Auction Winner

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

Industrial Segment: Sector Composition

CAGR (00-12)

10.0%

1,676

2,243

2,952

3,418

3,812

4,342

4,761

5,069

4,261

5,253 5,259

4,8354,910

+8.8%

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Volumein million of m3

72,0%

6,8%

5,2%

3,8%

2,1%

10,0%

Industrial Cogeneration NGV Residential Commercial Thermal Generation

22.7%

19.0%

14.4%

12.3%

10.1%

7.6%

6.4%

3.4%

2.2%

1.0%

0.7%

0.2%

CHEMICAL / PETROCHEMICAL

CERAMICS

PAPER AND CELLULOSE

METALS / FOUNDRY AND NON

FERROUS

GLASS / CRYSTALS

DRINKS / FOOD

AUTOMOTIVE / PNEUMATIC

TEXTILE / LAUNDRY / DRY

CLEANING

OTHERS

STEEL SECTOR

PHARMACEUTICAL

ELECTRO / ELECTRONIC

Meters

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Total per Segment

*UDA’s (Householders)

887.162 871.934 824.457 1,7% 7,6%

1.202.805 1.177.761 1.087.705 2,1% 10,6%

11.268 11.106 10.381 1,5% 8,5%

1.008 1.012 1.002 -0,4% 0,6%

2 2 2 0,0% 0,0%

25 23 23 8,7% 8,7%

324 329 357 -1,5% -9,2%

899.789 884.406 836.222 1,74% 7,60%

1.215.432 1.190.233 1.099.470 2,1% 10,5%

4Q12 4Q11

THERMAL GENERATION

INDUSTRIAL

3Q12 4Q12 x 4Q11

RESIDENTIAL

NUMBER OF UDA's*

COMMERCIAL

4Q12 x 3Q12

COGENERATION

AUTOMOTIVE

TOTAL METERS

TOTAL CUSTOMERS

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Volume per Segmentin thousands of m3

*Excluding Thermal Generation

50,469 56,789 48,399 -11.1% 4.3% 198,872 183,028 8.7%

28,274 29,293 27,993 -3.5% 1.0% 111,662 108,272 3.1%

937,275 970,248 932,850 -3.4% 0.5% 3,788,744 3,850,930 -1.6%

89,344 92,440 87,553 -3.3% 2.0% 357,530 345,754 3.4%

66,759 70,081 75,799 -4.7% -11.9% 274,809 290,878 -5.5%

1,172,121 1,218,851 1,172,594 -3.8% 0.0% 4,731,617 4,778,862 -1.0%

12.7 13.2 12.7 12.9 13.1

256,790 75,356 10,479 240.8% 2350.5% 527,014 55,884 843.0%

1,428,911 1,294,207 1,183,073 10.4% 20.8% 5,258,631 4,834,746 8.8%

AUTOMOTIVE

4Q12 x 3Q12 4Q12 x 4Q11

COMMERCIAL

TOTAL

INDUSTRIAL

COGENERATION

4Q11

TOTAL

MMm³/day*

THERMAL GENERATION

4Q12 3Q12

RESIDENTIAL

2012 2011 2012 x 2011

72%

7%

5%

4%

2%

10%

56%

4%

3%

27%

9%

1%

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Margin x Volume

Margin Volume

in IFRS

5.3 bi m³1.4 bi R$

72,0%

6,8%

5,2%

3,8%

2,1%

10,0%

Industrial Cogeneration NGV Residential Commercial Thermal Generation

107 177

347 330

549 668

860 925

1.035

838 928

1.107

962

1.363 1.182

716

1.170

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

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CAGR (00-12)22.1%

EBTIDAin million of R$

Normalized IFRS

Note: Calculation of CAGR using normalized results

45 64 108 103

242

319

427 443

514

368 413

487

367

690

580

236

523

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

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Net Incomein million of R$

CAGR (00-12)22.7%

Normalized IFRS

Note: Calculation of CAGR using normalized results

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Financial Performancein thousand of R$

1.467.168 1.413.476 1.067.984 3,8% 37,4% 5.279.523 4.102.660 28,7%

-1.083.253 -990.012 -833.143 9,4% 30,0% -3.881.871 -2.996.617 29,5%

383.915 423.464 234.841 -9,3% 63,5% 1.397.652 1.106.043 26,4%

-124.929 -104.439 -117.250 19,6% 6,5% -426.442 -387.744 10,0%

-1.520 -2.217 -1.496 -31,4% 1,6% -9.450 -2.015 369,0%

257.466 316.808 116.095 -18,7% 121,8% 961.760 716.284 34,3%

-73.438 -77.293 -63.437 -5,0% 15,8% -290.008 -240.595 20,5%

-28.957 -47.312 -19.234 -38,8% 50,6% -163.650 -159.960 2,3%

155.071 192.203 33.424 -19,3% 364,0% 508.102 315.729 60,9%

129.280 127.087 35.155 1,7% 267,7% 366.655 236.139 55,3%

Normalized by Current Account (unaudited figures)

18.757 2.486 155.205 654,5% -87,9% 230.528 380.025 -39,3%

269.935 312.348 270.455 -13,6% -0,2% 1.169.892 1.107.120 5,7%

142.598 129.670 138.529 10,0% 2,9% 522.561 490.712 6,5%

4Q12

EBITDA

4Q12 x 3Q12

OPERATIONAL RESULT

NET SALES

Cost of Assets and / or Services Rendered

Expenditures with Sales, General and Adm.

GROSS MARGIN

Depreciation and Amortization

3Q12 4Q11

Financial Results

Other Operational Results

NET INCOME

NET INCOME

CURRENT ACCOUNT

EBITDA

4Q12 x 4Q11 2012 x 20112012 2011

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Financial IndicatorsAnnualized figures

18,84 12,38 10,40 18,84 10,40

3,06 4,24 1,97 3,06 1,97

0,97 1,35 1,47 0,97 1,47

2,28 2,45 2,56 2,28 2,56

0,39 0,40 0,22 0,39 0,22

0,58 0,59 0,59 0,58 0,59

26,2% 30,0% 22,0% 26,5% 27,0%

17,5% 22,4% 10,9% 18,2% 17,5%

8,8% 9,0% 3,3% 6,9% 5,8%

6,1% 10,3% 5,5% 6,1% 5,5%

16,2% 34,3% 18,9% 16,2% 18,9%

Normalized by Current Account (unaudited figures)

30,1% 32,0% 39,8% 33,2% 39,6%

20,5% 23,9% 27,7% 24,2% 29,3%

10,8% 9,9% 14,2% 10,8% 13,0%

4Q12 3Q12 4Q11

Return on Assets (%)

Return on Equity (%)

Gross Margin (%)

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 (%)

2012 2011

Equity per share ($)

Earnings per share ($)

EBITDA Margin (%)

Net Margin (%)

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Current Accountin million of R$

528

469

264

153

2912

-55

-157

-230-198

-128

-5

150

204

360 362 381

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 sep.12 dec.12

EIB 24%

BNDES46%

Others 30%

Long Term61%

Short Term39%

638

277 135 170 114 164

287

52

85 91 184163

2013 2014 2015 2016 2017 2018

forward

Local Currency Foreign Currency

Estrutura de Endividamento

329

220261

298 327

925

Debt Structurein million of R$

Debt Amortization Schedule (R$ mm) Debt Composition - 2012

Debt 2012 2011 2012 x 2011

Short Term Debt 925.305 421.104 120%

Long Term Debt 1.435.120 1.452.956 -1%

Total Debt 2.360.425 1.874.060 26%

(-) Cash 169.725 41.110 313%

(=) Net Debt 2.190.700 1.832.950 20%

EBITDA 961.760 716.284 34%

Net Debt / EBITDA 2,28 2,56 -11%

Short Term Debt / Total Debt 0,39 0,22 74%

2.6 2.93.3 3.6 3.9

4.54.9 5.1

5.76.2

6.9

8.0

9.3

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

100

229200

230

276

474

426397 403 406 405

510

616

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

Investimentos

Main Projects:Network Extension (in thousand of km):

Mogi das CruzesTaubatéOsasco IIGuarulhos

São José dos CamposItaquera

São Bernardo do CampoRio Claro

Jabaquara IIHortolândiaCampinas IIPiracicaba

New Projects:

SJBV / AguaíTaboão da Serra

Santo AndréSantos Noroeste

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71 municipalities

connected

Investmentsin million of R$ +21%

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PAY OUT Previous Accountability

PAY OUT IFRS

Shareholder Remunerationin million of R$

Nota: Payout calculated based on remuneration deliberated by the Company during the period

11 1627 25

303330 334

275 268

427450

200

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

17% 15%26%

10%

95%77% 75%

53%

73%

105%92%

38%

74%

190%

55%

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

80

90

100

110

120

130

140

150

CGAS5 - Volume IBOV CGAS5 CGAS3

Ibovespa7.4%

Comgás PNA

33.6%

Comgás ON

27.8%

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Market Performance(Jan – Dec 2012)

INVESTOR RELATIONS

investidores@comgas.com.br

www.comgas.com.br/en/investors

ROBERTO LAGE CFO and

IRO

PAULO POLEZITreasury and

Investor Relations

ANDRÉ SALGUEIROInvestor Relations

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

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