1

Financial and Operational Results

December 31, 2011

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Highlights – December 2011

Record Expansion: More than 1.1 thousand kilometers of network installed during the period;

Strong growth in Comgás client base, more than 69 thousand meters connected in 2011;

Record investments of R$ 510 millions during the year;

R$ 450 millions were declared throughout the year in the form of dividends and interest on equity;

The rating agency, Moody’s, confirmed a Baa3 issuer rating in local currency on the global scale and

Aa1.br issuer rating on the national scale;

Possibility of migration to Bovespa's Novo Mercado, corporate governance highest, which was

announced by the Company at the end of the year through a Relevant Fact;

Extraordinary Readjustment: ARSESP (Regulatory Agency), readjusted Comgás’ tariff’s from 3.27% to

11.20% according to the segment and consumed volume. There was no tariff readjustment for

residential costumers.

Firm GSA: The daily quantity of Bolivian gas contracted is 8.75 million m³/day. This quantity will reduce periodically until the volume of 8.10 million m3/day is

reached in August 2012.

Interruptible Agreement: The daily quantity contracted is of 4.27 million m³/day. This quantity will raise periodically until the volume of 5.22 million m³/day

is reached in August 2012.

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. Petrobras may decide to interrupt gas supply, but with no risk of there not being an alternative fuel available for Comgás

clients. All financial impacts incurred to Comgás and to clients due to this sort of operation will be covered by Petrobras.

Fornecimento de Gás Natural: CONTRATOS Natural Gas Supply: Contracts

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Operational Performance

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Continuous growth in the residential segment, more than 109 thousand householders connected this year;

Complete range of natural gas applications in the commercial segment (air conditioning);

Sales volume reached an average distribution of 13 million m³/day;

Total volume grew 3.8% without considering the thermal generation segment (back to back contracts).

3.8%

2.1%

Volume without Thermal Generation (in millions of m3)

4Q10 4Q11 2010 2011

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Segments

Volume (in millions of m3)

CAGR 10.1%

Industrial Segment: Diversified Portfolio (2011)

1,676 2,243 2,952 3,418 3,812 4,342 4,761 5,069 5,253 4,261 4,910 4,835

756,080

977,750

9,760 982 2 23 367

767,214824,457

1,087,705

10,381 1,002 2 23 357

836,222

RESIDENTIAL UDA's COMMERCIAL INDUSTRIAL THERMAL GENERATION COGENERATION AUTOMOTIVE TOTAL

2010 2011

9.0%

11.2%

6.4% 2.0% 0% 0% -2.7%

9.0%

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Meters per Segment

(Ho

use

ho

lder

s)

7

Volume per Segment

(In thousands of m³)

*Excluding Thermal Generation

8

Volume x Margin

2010

2011

107 177

347 330

549 668

860 925

1,035

838 928

1,107

1,363 1,182

716

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

EBITDA

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Financial Graphics (in millions of R$)

NOTE: The Calculation of the CAGR is Based on the Use of Previous Accountability

1.676

2.243

2.952

3.418

3.812

4.342

4.761

5.069 5.253

4.261

4.910 4.779

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

Volume

IFRS Previous Accountability

CAGR 23.7%

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Financial Graphics (in millions of R$)

NOTE: The Calculation of the CAGR is Based on the Use of Previous Accountability

1.676

2.243

2.952

3.418

3.812

4.342

4.761

5.069 5.253

4.261

4.910 4.779

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

Volume

IFRS

Previous Accountability

IFRS

Previous Accountability CAGR 24.2%

107 177

347 330

549 668

860 925

1,035

838 928

1,107

1,363 1,182

716

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

EBITDA

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Financial Performance

In thousands of R$

1,067,984 1,097,862 1,050,216 -2.7% 1.7% 4,102,660 4,095,343 0.2%

-833,143 -814,483 -677,148 2.3% 23.0% -2,996,617 -2,575,560 16.3%

234,841 283,379 373,068 -17.1% -37.1% 1,106,043 1,519,783 -27.2%

-117,250 -96,867 -102,752 21.0% 14.1% -387,744 -331,809 16.9%

-1,496 219 -1,483 -783.1% 0.9% -2,015 -6,446 -68.7%

116,095 186,731 268,833 -37.8% -56.8% 716,284 1,181,528 -39.4%

-63,437 -60,860 -53,976 4.2% 17.5% -240,595 -209,702 14.7%

-19,234 -66,174 -33,900 -70.9% -43.3% -159,960 -134,590 18.8%

33,424 59,697 180,957 -44.0% -81.5% 315,729 837,236 -62.3%

35,155 40,397 127,322 -13.0% -72.4% 236,139 579,980 -59.3%

155,400 122,703 -72,391 26.6% -314.7% 380,205 -259,594 -246.5%

270,456 312,169 201,146 -13.4% 34.5% 1,107,120 927,693 19.3%

137,719 121,381 79,544 13.5% 73.1% 487,075 408,648 19.2%

EBITDA

2011

OPERATIONAL RESULT

NET SALES

Cost of Assets and/or Services Rendered

Expenditures with Sales, General and Adm.

GROSS BALANCE

Depreciation and Amortization

Other Operational Results

4Q11 3Q11 4Q10∆

4Q11/3Q11

∆

4Q11/4Q10∆ 2011/20102010

Financial Results

NET INCOME

NET INCOME

CURRENT ACCOUNT

EBITDA

Normalized by Current Account (unaudited figures)

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Financial Indicators

10.4 10.4 11.5 10.4 11.5

1.2 1.3 4.3 2.0 4.8

1.5 1.3 1.0 1.5 1.0

3.9 2.2 1.3 2.6 1.1

0.2 0.2 0.3 0.2 0.3

0.6 0.7 0.7 0.6 0.7

22.0% 25.8% 35.5% 27.0% 37.1%

3.3% 3.7% 12.1% 5.8% 14.2%

10.9% 17.0% 25.6% 17.5% 28.9%

3.3% 3.8% 13.2% 5.5% 15.1%

11.3% 13.0% 37.0% 18.9% 42.1%

Normalized by Current Account (unaudited figures)

39.8% 40.3% 31.8% 39.6% 33.1%

14.1% 12.0% 8.3% 12.9% 10.7%

27.7% 30.8% 21.0% 29.3% 24.2%EBITDA Margin (%)

Gross Margin (%)

Net Margin (%)

4Q10

Return on Equity (%)

Return on Assets (%)

Gross Margin (%)

Net Margin (%)

Current Ratio (x)

EBITDA Margin (%)

Net Debt over EBITDA (x)

Earnings per Share ($)

4Q11 3Q11

Short Term Debt over Total Debt (x)

Equity per Share ($)

Net Debt over Equity (x)

2011 2010

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Regulatory Current Account Balance Evolution

Balance of Gas Recoverable/ To be Passed On: Cash-Effect

R$

mill

ion

Estrutura de Endividamento Debt Structure

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Debt (1) (R$ thousand) 2011 2010 Debt Amortization Schedule(1) (R$ million)

Debt Composition: Short Term/Long Term Debt Composition

(1) Includes Debentures and Derivatives

421

513

343

168

429

Debt denominated

in foreign currency is

fully hedged

Investimentos

Main Projects: EXTENSÃO DE REDE (Em Mil Km):

Taubaté

Campinas

São Bernardo do Campo

Guarulhos

Santos

Mogi das Cruzes

New Projects:

Jundiaí

Santo André

Piracicaba

Hortolândia

Investments

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+16%

NETWORK EXTENSIONS (In thousands of Km):

R$ million +26%

* Since 2009 values are in IFRS

Over R$ 4.0 billion invested during the period

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Shareholder Remuneration (in millions of R$)

PAY OUT

Previous Accounting

PAY OUT IFRS

NOTE: Payout calculated based on remuneration declared by the Company during the period.

11 16 27 25

303 330 334 275 268

427 450

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

17% 15% 26%

10%

95% 77% 75%

53% 73%

104% 92%

74%

190%

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Market Performance (Year of 2011)

Comgás ON +14.5%

Comgás PNA +8.2%

-18.1% Ibovespa

Financial Volume: Preferred Shares (CGAS5)

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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

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