111

COMPANHIA DE GÁS DE SÃO PAULO

Results Presentation

3rd Quarter 2010

222

Comgás adopted International Financial Reporting Standards (IFRS) beginning in 2Q10;

Continuous growth in the residential segment: over 76 thousand new residential connections since

the beginning of the year;

The number of meters grew by 10.2% between 9M09 and 9M10 to reach 746,904 in September

2010;

Sales volume reached 3,622.7 million M3, an 16.2% increase year on year;

As of September 30, a total of R$ 418.4 million had been declared in dividends and interest on

equity, to be paid during 2010;

First tranche of € 100 million, of a long-term loan of € 200 million granted by the European

Investment Bank (EIB), was already paid in full, in which € 68.9 million (R$ 155 million) was disbursed

in June, and the remaining € 31.1 million (R$ 69.6 million) was disbursed in September.

Highlights: September 2010

333

CONTRACTS

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;

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 Firm Contract Firm of Energy Interruptible Contract Auction

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

Gas Source Bolivian Not determinated Not determinated Not determinated

Exceeding contracts of PB with

others distributor / thermal

power plants

DCQ

End of Contract Jun/19 Dec/13 Dec/12 Dec/10 Nov/10

Commodity + TransportationFixed Charge +

Variable Charge

Fixed Charge +

Variable Charge

Fixed Charge +

Variable Charge

Transport: annual adjustment

according to USA Inflation (CPI)

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: 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 4.15 MMm³/day 1.0 MMm³/day 0 to 1.5 MMm³/day 2.5 MMm³/day

444

Volume per Segment

In thousand M3

* Excluding Thermal Generation

46,958 42,090 41,409 11.57% 13.40% 119,893 106,770 12.29%

26,396 25,240 23,774 4.58% 11.03% 74,490 69,005 7.95%

946,874 937,125 914,757 1.04% 3.51% 2,780,285 2,415,280 15.11%

117,238 35,088 101 N.A 168,723 20,584

91,217 76,686 93,649 18.95% -2.60% 238,711 231,325 3.19%

76,594 82,279 88,784 -6.91% -13.73% 240,622 275,852 -12.77%

1,305,277 1,198,508 1,162,474 8.91% 12.28% 3,622,724 3,118,816 16.16%

12.9 12.8 12.6 1.01% 2.21% 12.7 11.3 11.48%

COGENERATION

NGV

RESIDENTIAL

COMMERCIAL

INDUSTRIAL

THERMAL GENERATION

3Q109M10/9M09

9M099M102Q10∆

3Q10/2Q103Q09

3Q10/3Q09

Mi m3/day*

∆ ∆

N.A N.A.

555

* UDAs (Householders)

Meters per Segment

735,967 718,743 667,151 2.40% 10.31%

945,327 910,379 834,303 3.84% 13.31%

9,568 9,425 9,123 1.52% 4.88%

974 971 988 0.31% -1.42%

2 2 2 -

20 20 22 -9.09%

373 375 375 -0.53% -0.53%

746,904 729,536 677,661 2.38% 10.22%

sep10/jun10 sep10/sep09sep/10 jun/10 sep/09

RESIDENTIAL

NGV

COGENERATION

THERMAL GENERATION

INDUSTRIAL

COMMERCIAL

UDAs*

∆ ∆ ∆

-

-

666

3.3%

2.1%

76.7%

4.7%6.6%

6.6%

3.4%

2.2%

77.4%

0.7%7.4%

8.8%RESIDENTIAL

COMMERCIAL

INDUSTRIAL

THERMAL GENERATION

COGENERATION

NGV

Volume per Segment

9M10

In Mi m3

9M09

3,119 3,623

16.2%

777

9.2%

4.0%

74.1%

0.2%

4.7%

7.8% RESIDENTIAL

COMMERCIAL

INDUSTRIAL

THERMAL GENERATION

COGENERATION

NGV

9.7%

4.0%

74.7%

1.4%

4.3%5.8%

Gross Revenue per Segment

In R$ Thousand

9M109M09

3,697,496 3,618,467

-2.1%

888

19.1%

6.8%

66.7%

0.5% 2.7%

4.2%

16.7%

6.4%

67.4%

3.7% 5.9%RESIDENTIAL

COMMERCIAL

INDUSTRIAL

THERMAL GENERATION

COGENERATION

NGV

Margin per Segment

-8.28%

9M109M09

1,247,578 1,144,322

In R$ Thousand

999

Financial Results

R$,Thousand

1,084,078 1,020,993 1,019,461 6.18% 6.34% 3,045,127 3,083,459 -1.24%

-642,142 -633,792 -601,108 1.32% 6.83% -1,898,412 -1,827,544 3.88%

441,936 387,201 418,353 14.14% 5.64% 1,146,715 1,255,915 -8.69%

-85,822 -74,993 -72,509 14.44% 18.36% -229,056 -211,467 8.32%

356,114 312,209 345,844 14.06% 2.97% 917,659 1,044,448 -12.14%

-52,392 -52,383 -46,018 0.02% 13.85% -155,726 -128,097 21.57%

-37,032 -30,526 -44,614 21.31% 16.99% -100,690 -136,619 -26.30%

-4,969 6 0 - -4,963 -26,456 -81.24%

261,721 229,305 255,212 -14.14% 2.55% 656,280 753,276 -12.88%

188,335 151,990 169,210 23.91% 11.30% 452,658 514,065 -11.95%

-102,147 -67,677 -111,212 50.93% -8.15% -186,797 -375,604 -50.27%

255,966 244,634 229,510 4.63% 11.53% 731,511 644,850 13.44%

121,536 108,583 96,577 11.93% 25.84% 332,511 272,061 22.22%NET INCOME

NET INCOME

EBTIDA

Net Sales Revenue

Cost of Goods Sold and/or Services Rendered

Selling General and Adm. Expenses

9M10/9M09

Other operating Result

3Q10 2Q10 3Q09 9M10 9M09

Depreciation and Amortization

Financial Results

EBTIDA

OPERATING RESULT

GROSS RESULT

Current Account

-

D

3Q10/2Q10D

3Q10/3Q09D D

According to the last accountability legislation (unaudited figures)

In R$ Thousand

101010

Comgás: Financial Indicators

11.7 10.5 10.2 11.7 10.2

1.6 1.3 1.4 3.8 4.3

1.0 1.1 1.3 1.0 1.3

1.0 1.1 1.2 1.3 1.1

0.8 0.7 0.6 0.8 0.6

40.8% 37.9% 41.0% 37.7% 40.7%

17.4% 14.9% 16.6% 14.9% 16.7%

32.8% 30.6% 33.9% 30.1% 33.9%

19.2% 15.8% 18.2% 15.4% 18.5%

53.8% 48.4% 55.3% 43.1% 56.0%

33.6% 33.2% 31.5% 33.5% 29.3%

12.0% 11.3% 10.1% 11.6% 9.3%

25.2% 25.4% 23.9% 25.5% 22.0%

(%)

($)

(%)

(x)

(%)

(x)

3Q10 2Q10 3Q09 9M10 9M09

According to the last accountability legislation (unaudited figures)

Note: Results achieved for the period were annualized

Equity per Share ($)

Earnings per Share

Net Debt per Equity (x)

Net Debt per EBITDA

Current Ratio

Gross Margin (%)

Net Margin

EBITDA Margin

Return on Assets

Return on Equity (%)

EBITDA Margin (%)

Gross Margin (%)

Net Margin (%)

111111

278219

182

85 104

30

19

17

35

111

de 09/11 até 09/12

até 09/13 até 09/14 até 09/15 até 09/16

Em moeda estrangeira Em moeda local

367 385

1,163 1,180

jun/10 set/10

Indebtedness Structure

In R$ millionTo

tal I

nd

eb

ted

ne

ssLo

ng

term

De

bts

-A

gin

gIn R$ million

BNDES

Outros

Indebtedness Composition

75%

24%

76%

1,571

1,425 1,419

1,352 1,360

1.14

1.12

1.42

1.08

0.95

1.28

1.091.02

1.080.97

3Q09 4Q09 1Q10 2Q10 3Q10

Net Debt Net Debt / EBITDA Net Debt/ Equity

25%

From 09/11

until 09/12

until 09/13 until 09/14 until 09/15 until 09/16

BNDES 72%

EIB 15%

Others13%

Curto Prazo Longo Prazo

121212

528 469

264

153

2912 -55

-157

D = 61

D = 204

D = 17

R$

Mill

ion

D = 123

D = 68

D = 111

Comgás: Regulatory Current Account Balance Evolution

Balance of Gas bill receivables: Cash Effect

dec/08 dec/09sept/09mar/09 mar/10

D = 102

jun/09 jun/10 sep/10

131313

Total Shareholder Remuneration

2010 YEAR

Dividends also declared :

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 to be paid in 3 installments in 2010: R$ 76.9 million on June 30th; R$ 110.0

million on August 31; and R$ 100.0 million on November 30.

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

Interest on Equity also declared:

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, to be paid on November 30, 2010.

11 16 27 25

303330 334

275 268

418

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

17% 15%

26%

10%

95%

77% 75%

53%

73%

9M10

100

28.1

76.9

110

34.4

9,5

9.5

50

In R$ million

---- PAYOUT

141414

2.5 2.6 2.93.3 3.6 3.9

4.5 4.9 5.15.7

6.26.7

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

100

229200

230276

474426

397 403 406

287

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

Investments

Over R$ 3,4 billion invested in the period

NOTE: UDA’s Added (in 12 months): 111,024

187

CAPEX in R$ million

9M

09

9M10

*Since 2009 values are in IFRS

Taubaté

Campinas

Americana

Guarulhos

Santos

Jundiaí

Santo,André

Piracicaba

Hortolândia

290

Network Extension (in thousand):

Sep/09: 6,098 Km

Sep/10: 6,708 Km

D: 610 Km

Main Projects: New Projects:

151515

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.

161616

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

ROBERTO LAGECFO and

IRO

PAULO POLEZITreasury and

Investor Relations

RENATA OLIVAInvestor Relations

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