1

Financial Results September 2011

2

Highlights

792 km network built since the beginning of the year;

More than 118,000 UDA's connected in 12 months;

Volume of gas in the residential segment was 12.3% higher than 9M10;

9.8% increase in the number of meters compared to 9M10;

Disbursement of $ 365 million for investment in expansion; and

Approval of R$ 417.8 million as shareholder remuneration.

3

Volume per Segment

3Q11 2Q11 3Q10 ∆

3Q11/2Q11 ∆

3Q11/3Q10

9M11 9M10 ∆

9M11/9M10

53,289 48,400 46,958 10.10% 13.48% RESIDENTIAL 134,629 119,893 12.29%

28,822 27,008 26,396 6.72% 9.19% COMMERCIAL 80,279 74,490 7.77%

991,916 983,661 946,873 0.84% 4.76% INDUSTRIAL 2,918,080 2,780,285 4.96%

762 6,326 117,238 -87.95% -99.35% THERMAL GENERATION 45,405 168,723 -73.09%

83,530 82,779 91,217 0.91% -8.43% COGENERATION 258,201 238,711 8.16%

73,313 75,124 76,593 -2.41% -4.28% NGV 215,079 240,622 -10.62%

1,231,632 1,223,298 1,305,275 0.68% -5.64% 3,651,673 3,622,724 0.80%

13.4 13.4 12.9 0.04% 3.61% Mi m³/day* 13.2 12.7 4.41%

In thousand M3

4

Meters per Segment

* UDAs (Householders)

Sep/11 Jun/11 Sep/10 ∆

Sep11/Jun11 ∆

Sep11/Sep10

808,314 790,047 735,967 RESIDENTIAL 2.31% 9.83%

1,063,364 1,031,610 945,327 UDAs* 3.08% 12.49%

10,206 10,014 9,568 COMMERCIAL 1.92% 6.67%

1,002 998 974 INDUSTRIAL 0.40% 2.87%

2 2 2 THERMAL GENERATION 0.00% 0.00%

23 24 20 COGENERATION -4.17% 15.00%

360 363 373 NGV -0.83% -3.49%

819,907 801,448 746,904 2.30% 9.77%

5

Volume x Margin

2010

9M11

3,623 3,652

1,676

2,243

2,952 3,418

3,812

4,342 4,761

5,069 5,253

4,261

4,910

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

Volume

6

Key Financial Figures – Millions of m³

9M

107 177

347 330

549 668

860 925

1,035

838 934

727 600

1,363 1,188

913

835

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 9M10 9M11

EBITDA

7

Key Financial Figures – BRL million

Considers impact of IFRS adoption

45 64 108 103

242

319

427 443

514

368 413

333

201

690 580

453

352

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 9M10 9M11

Net Income

8

Considers impact of IFRS adoption

Key Financial Figures – BRL million

Fornecimento de Gás Natural: CONTRATOS Natural Gas Supply

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;

10

Financial Results

In BRL thousand

1,097,862 1,011,469 1,084,078 8.54% 1.27% 3,034,676 3,045,127 -0.34%

-814,483 -705,066 -642,142 15.52% 26.84% -2,163,474 -1,898,412 13.96%

283,379 306,403 441,936 -7.51% -35.88% 871,202 1,146,715 -24.03%

-96,867 -85,203 -85,822 13.69% 12.87% -270,494 -229,056 18.09%

219 -122 -4,969 N.A. N.A. -519 -4,963 N.A.

186,731 221,078 351,145 -15.54% -46.82% 600,189 912,696 -34.24%

-60,860 -58,756 -52,392 3.58% 16.16% -177,158 -155,726 13.76%

-66,174 -42,875 -37,032 54.34% 78.69% -140,726 -100,690 39.76%

59,697 119,447 261,721 -50.02% -77.19% 282,305 656,280 -56.98%

40,397 92,344 188,335 -56.25% -78.55% 200,984 452,658 -55.60%

According to the last accounting legislation (unaudited figures)

122,469 69,910 102,147 75.18% 19.89% 224,820 186,797 20.36%

311,432 294,184 250,997 5.86% 24.08% 835,311 726,548 14.97%

122,166 139,614 121,536 -12.50% 0.52% 352,183 332,511 5.92%

3Q11 2Q11 3Q10 D

3Q11/2Q11

D

3Q11/3Q10 9M11 9M10

D

9M11/9M10

Net Sales Revenue

Cost of Goods Sold and/ or Services Rendered

GROSS RESULT

Selling General and Adm. Expenses

Other Operating Result

EBTIDA

EBITDA

Depreciation and Amortization

Financial Results

NET INCOME

OPERATING RESULT

NET INCOME

Current Account

3Q11 2Q11 3Q10 9M11 9M10

10.4 10.0 11.7 Equity per Share ($) 10.4 11.7

0.3 0.8 1.6 Earnings per Share ($) 1.7 3.8

1.4 1.2 1.0 Net Debt per Equity (x) 1.4 1.0

2.3 1.7 1.0 Net Debt per EBITDA (x) 1.9 1.1

0.7 0.6 0.8 Current Ratio (x) 0.7 0.8

25.8% 30.3% 40.8% Gross Margin (%) 28.7% 37.7%

3.7% 9.1% 17.4% Net Margin (%) 6.6% 14.9%

17.0% 21.9% 32.4% EBITDA Margin (%) 19.8% 30.0%

3.8% 9.4% 19.2% Return on Assets (%) 6.3% 15.4%

13.0% 30.7% 53.8% Return on Equity (%) 21.6% 43.1%

According to the last accountability legislation (unauditaed figures)

40.3% 40.7% 33.6% Gross Margin (%) 39.5% 33.5%

12.1% 15.0% 12.0% Net Margin (%) 12.6% 11.6%

30.7% 31.5% 24.7% EBITDA Margin (%) 29.8% 25.3%

11

Financial Indicators

1,533

In BRL Million

To

tal I

nd

eb

ted

ne

ss

Estrutura de Endividamento A

gin

g

Indebtedness Composition

In BRL million

Indebtedness Structure

1,864

D = 111

Evolução do Saldo do Conta Corrente

D = 102

D = 73

D = 61

D = 204

D = 17

In R

$ M

illo

ns

D = 123

D = 68

Regulatory Current Account Balance Evolution

D = 32

D = 70

Balance of Gas bill receivables: Cash Effect

D = 123

Investimentos

In R$ millions

Main Projects: Network Extension (in thousands):

Dec /10: 6,900 Km

Sep/11: 7,692 Km

D: 792 Km

New Projects:

Investments

Over R$ 3.9 billion invested in the period

*Note: From 2009 amounts accounted on IFRS

Taubaté

Campinas

São Bernardo do Campo

Guarulhos

Santos

Mogi das Cruzes

Jundiaí

Santo André

Piracicaba

Hortolândia

9M

7.7

11 16 27 25

303 330 334

275 268

427 418

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

17% 15%

26%

10%

95%

77% 75%

53%

73%

104%

15

Shareholders Remuneration – In BRL Millions

PAY OUT BRGAAP

PAY OUT IFRS

74%

16

Stock Data

BRL Volume traded

Comgás ON -16.01%

Comgás PNA

-15.04%

-24.50% Ibovespa

17

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 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