111

FINANCIALRESULTSMarch 2010

COMPANHIA DE GÁS DE SÃO PAULO

222

Highlights: March 2010

Over 16 thousand residential units in the last quarter, reflecting the aim focus of the Company in

the residential market expansion;

The number of meters grew 10.3% in 12 months, closing the first quarter with 711,642 total

meters;

Consistent Reduction in the Regulatory Current Account: recovering of R$ 456 million since

march 2009;

In February 2010 , Moody's assigned a Baa3 local currency issuer rating on the global scale and

Aa1.br issuer rating on the Brazilian national scale to Comgás, with a stable outlook;

In March 2010, Comgás celebrated the first tranche of € 100 million long-term financing

contract, offered by the European Investment Bank (EIB), in which the total limit is € 200

million;

In March 2010, the Company declared R$ 28,1 million in dividends, related to 2009 results.

333

Natural Gas SupplyCONTRACTS

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;

Interruptible Agreement: under this type of agreement, Comgás may request a given volume of gas and Petrobras may or may not comply with

this request. Once the request has been complied with, however, supply may only be interrupted in order to meet demand for the dispatch of

thermal power.

Contracts TCQ BG Firm Contract Firm of Energy Interruptible Contract Auction

Contract Models Firm Firm Firm Firm of Energy Interruptible Firm of Short Term

Gas Source Bolivian Bolivian Not determinated Not determinated Not determinated

Exceeding contracts of PB with

others distributor / thermal

power plants

DCQ

End of Contract Jun/19 May/11 Dec/12 Dec/12 Dec/10 sep/10

Commodity + TransportationFixed Charge +

Variable Charge

Fixed Charge +

Variable Charge

Fixed Charge +

Variable Charge

Fixed Charge +

Variable Charge

Transport: annual adjustment

according to USA Inflation (CPI)

Fixed Charge: annual adjustment

according to USA Inflation (PPI)

Fixed Charge: annual adjusted

by IGP-M

Fixed Charge: annual adjusted

by IGP-M

Fixed Charge: annual adjusted

by IGP-M

Commodity: quarterly adjusted

based on Oil Basket (Brent)

+ Exchange Rate

Variable Charge: monthly

adjusted based on oil basket

(including diesel)

+ Exchange Rate

Variable Charge: quarterly

adjusted based on Oil Basket

Variable Charge: quarterly

adjusted based on Oil Basket

Variable Charge: quarterly

adjusted based on Oil Basket

Price According to the Auction

Winner

8.75 MMm3/day until may/2011

8.10 MMm3/day until jun/2019 0.65 MMm³/day 3.5 MMm³/day 1.0 MMm³/day 0 to 1.5 MMm³/day 2.5 MMm³/day

444

Comgás: Sales per Segment

1Q10 4Q09 1Q09D

1Q10/4Q09D

1Q10/1Q09

30,845 37,209 29,212 Residential -17.10% 5.59%

22,854 26,395 21,806 Commercial -13.42% 21.05%

896,287 898,656 702,347 Industrial -0.26% 27.61%

16,397 123 18,250 Thermal Generation - -10.16%

70,808 86,815 58,766 Cogeneration -18.44% 20.49%

81,750 92,953 93,866 NGV -12.05% -12.91%

1,118,941 1,142,151 924,247 -1.72% 21.45%

12.3 12.4 10.2 MM Cu.M./day* -0.99% 20.58%

In thousand Cu.M.

* Excluding Thermal Generation

555

Comgás: Meters by Segment

mar/10 dec/09 mar/09D

mar10/dec09

9

D mar10/mar09

9701,007 692,448 635,104 Residential 1.2% 10.4%

885,194 869,138 787,815 UDAs* 1.8% 12.4%

9,267 9,265 8,911 Commercial 0.0% 4.0%

970 973 993 Industrial -0.3% -2.3%

2 2 2 Thermal Generation 0.0% 0.0%

19 23 20 Cogeneration -17.4% -5.0%

377 373 392 NGV 1.1% -3.8%

711,642 703,084 645,422 1.2% 10.3%

* UDAs (Householders).

666

3.2%

2.4%

10.2%

76.0%

6.4% 2.0%

Volumes per Segment

In MM Cu.M.

1Q09 1Q10

924 1,119

+21.1%

2.8%2.0%

7.3%80.1%

6.3% 1.5%Residential

Commercial

NGV

Industrial

Cogeneration

Thermal Generation

777

8.1%

4.0%

6.4%

77.5%

3.6% 0.5%Residential

Commercial

NGV

Industrial

Cogeneration

Thermal Generation

8.1%

4.1%

8.6%

73.5%

5.1%

0.5%

Gross Revenue per Segment

R$ Thousand

1Q09 1Q10

1,242 1,124

-9.4%

888

Margin per Segment

R$ thousand

17.3%

7.4%

4.4%

67.1%

3.6%

0.2%

1Q09 1Q10

306 305

-0.3%

20.,1%

7.7%

3.7%

66.3%

2.1%0.1%

Residential

Commercial

NGV

Industrial

Cogeneration

Thermal Generation

999

Comgás: Financial Results

R$ Thousand

1Q10 4Q09 1Q09

888,116 958,536 979,593 Net Sales Revenue -7.3% -9.3%

-588,962 -667,796 -683,959 Cost of Goods Sold and/or Services Rendered -11.8% -13.9%

299,154 290,740 295,634 Gross Result 2.9% 1.2%

-68,242 -97,351 -74,178 Selling, General and Adm. Expenses -29.9% -8.0%

230,912 193,389 221,456 EBITDA 19.4% 4.3%

-49,042 -47,629 -38,253 Depreciation and Amortization 3.0% 28.2%

-31,681 -105,868 -37,055 Financial Results -70.1% -14.5%

1 -4,034 -16,119 Other Operating Result -100.0% -100.0%

150,190 35,858 130,028 Operating Result 318.8% 15.5%

102,392 95,806 95,805 Net Income 6.9% 6.9%

D 1Q10/4Q09

D 1Q10/1Q09

Note:

For the Ebitda calculation, Comgás has not considered other operating income, since property, plant and equipment write-offs were considered in the operational results according to the Law 11.638.

101010

Comgás: Financial Indicators

1Q10 4Q09 1Q09

Equity per Share($) 11.3 10.7 9.2

Earnings per Share ($) 0.9 0.8 0.8

Net Debt per Equity (x) 1.0 1.1 1.5

Net Debt per EBITDA (x) 1.5 1.9 1.8

Current Ratio (x) 0.7 0.7 0.7

Gross Margin (%) 33.7% 30.3% 30.2%

Net Margin (%) 11.5% 10.0% 9.8%

EBITDA Margin (%) 26.0% 20.2% 22.6%

Return on Assets (%) 11.1% 10.0% 9.8%

Return on Equity (%) 30.2% 30.0% 34.7%

Note:

Results achieved for the period were annualized.

111111

529468

264

153

29 12

dec/08 mar/09 jun/09 sep/09 dec/09 mar/10

D = 61

D = 204

D = 17

R$

Mill

ion

D = 123

Comgás: Regulatory Current Account Balance Evolution

D = 111

Balance of Gas bill receivables: Cash Effect

121212

Total Shareholders Remuneration2010: Declared Dividends

R$ 28.1 million related to 2009 results to be paid in March 31st, 2010;

R$ 286.9 million related to the retained earnings of the previous years to be paid in 3 installments in 2010: R$ 76.9 million in June 30th; R$

110.0 million in August 31st; and R$ 100.0 million in November 30th.

In R$ million

---- PAYOUT

28,1

76,9

110

100

2010

131313

Investments

NETWORK EXTENSION:

Mar /08: 5,801 Kms

Mar/09: 6,373 Kms

D: 572 Kms

MAIN PROJECTS:

São Bernardo do Campo

Mogi das Cruzes

Alphaville

Guarulhos

HOUSEHOLDERS ADDED:

97,379

CAPEX(Million)

Over R$ 3.2 billion invested in the períod

84100

229 200

230

276

474

426 397 403 406

80

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1T101Q10

1Q

09 84

141414

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.

151515

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

ROBERTO LAGE CFO and

IRO

PAULO POLEZITreasury and

Investor Relations

RENATA OLIVAInvestor Relations

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